UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:811-23117
JPMorgan Trust IV
(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, 2018 through April 30, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-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. |
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).
Semi-Annual Report
J.P. Morgan International Equity Funds
April 30, 2019 (Unaudited)
JPMorgan Emerging Economies Fund
JPMorgan Emerging Markets Equity Fund
JPMorgan Emerging Markets Research Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
JPMorgan Global Research Enhanced Index Fund
JPMorgan International Advantage Fund
JPMorgan International Equity Fund
JPMorgan International Equity Income Fund
JPMorgan International Hedged Equity Fund
JPMorgan International Research Enhanced Equity Fund
JPMorgan International Unconstrained Equity Fund
JPMorgan International Value Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.
You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).
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. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
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 at1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
CEO’S LETTER
June 18, 2019 (Unaudited)
Dear Shareholders,
Global economic growth slowed in late 2018 and early 2019 amid trade tensions, political uncertainty in parts of Europe and the inherent challenges of a late-cycle economic expansion. While financial markets slumped in late 2018, equity and bond prices rebounded and broadly provided positive returns for the six months ended April 30, 2019.
| | |
 | | “While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.” — George C.W. Gatch |
Leading central banks reacted to flagging economic growth by adopting more accommodative policies, which helped to generally control global interest rates and bolstered global financial markets.
In the U.S., gross domestic product (GDP) rose by a better-than-expected rate of 3.1% in the first quarter of 2019 amid a temporary boost from an inventory buildup and net exports. Corporate profit growth slowed from record levels in 2018, but overall remained stronger than expected for the first quarter of 2019. Unemployment remained near 50-year lows and inflation held below 2% throughout the six month reporting period. Notably, a 35-day partial shutdown of the U.S. government that ended in late January 2019 added to investor uncertainty but appeared to have limited immediate impact on the U.S. economy.
Elsewhere, slowing growth in China and global trade tensions appeared to curb manufacturing growth in Europe, Taiwan, South Korea and other economies heavily dependent on manufacturing for export. Though Chinese authorities enacted a package of tax cuts, infrastructure spending and credit expansion to bolster growth in early 2019, trade negotiations between the U.S. and China failed to fully address reciprocal tariffs.
In the European Union (EU), consumer and business sentiment weakened during the reporting period and auto manufacturing, particularly in Germany, declined. The inability of the U.K. government to agree on the final terms of Britain’s planned exit from the EU further added to investor uncertainty. First
quarter 2019 GDP in the 19-nation euro area rose by 1.2%. However, euro area unemployment continued to decline during the reporting period and by the end of April 2019 had fallen to 7.6%, its lowest level since August 2008.
Emerging markets generally benefitted from lower interest rates, a decline in the relative value of the U.S. dollar and China’s efforts to bolster economic growth in 2019. Overall, emerging markets equity and bonds broadly outperformed financial markets in developed markets during the reporting period. The MSCI Emerging Markets Index returned 13.9% and the Bloomberg Barclays Emerging Markets Aggregate Index returned 7.13% for the six months ended April 30, 2019.
Subsequent to the end of the reporting period, the Organization for Economic Cooperation and Development (OECD) reduced its estimate for 2019 global GDP growth to 3.2% and its estimate for GDP growth in the world’s 20 largest economies to 3.4%. “The global economy was expanding in sync less than two years ago, but challenges to existing trade relationships and the multilateral rules-based trade system have now derailed global growth by raising uncertainty that is depressing investment and trade,” the OECD said in its May 2019 economic outlook.
While global economic growth is expected to slow this year, leading central banks have indicated they will consider more accommodative actions to support continued economic growth, which should also bolster financial markets.
Investors who remain fully invested in a diversified portfolio can, we believe, continue to benefit over time from market opportunities in a growing global economy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
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| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 1 | |
J.P. Morgan International Equity Funds
MARKET OVERVIEW
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
Global equity prices generally declined in the final months of 2018 only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed other leading developed equity markets, the largest returns for the six month reporting period came from emerging markets equity and emerging markets debt.
Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Eurozone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The global sell-off became particularly acute in December 2018. In the U.S., the S&P 500 Index returned -9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.
In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the European Union served to further erode business and investor confidence.
However, by the end of December 2018, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.
Global equity and bond markets began to stabilize in January 2019 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, the global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.
Among equity markets, the MSCI Emerging Markets Index returned 13.90%, the MSCI EAFE Index returned 7.73% and the S&P 500 Index returned 9.76% for the six months ended April 30, 2019.
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| 2 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan Emerging Economies Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| Reporting Period Return: | |
| Fund (Class I Shares)* | | | 10.24% | |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | | | 13.76% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | $ | 1,409,567 | |
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Economies Fund (the “Fund”) seeks long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
The Fund’s security selection and overweight position in the materials sector and its security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the financials sector and its underweight position in the health care sector were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s underweight position in Naspers Ltd. and its overweight positions in Catcher Technology Co. and President Chain Store Corp. Shares of Naspers, a South African media ande-commerce company not held by the Fund, rose after the company forecast strong earnings growth for its fiscal first half ended September 30, 2018. Shares of Catcher Technology, a Taiwan computer and electronic parts manufacturer, fell after the company reported lower-than-expected sales for December 2018 and forecast weak demand for 2019. Shares of President Chain Store, a Taiwan convenience store operator, fell amid investor concerns about competition from a partnership between Starbucks Corp. and Alibaba Group Holding Ltd.
Leading individual contributors to relative performance included the Fund’s underweight positions in Taiwan
Semiconductor Manufacturing Co. and Itau Unibanco Holding SA, and its overweight position in Grupo Financiero Banorte SAB. Shares of Taiwan Semiconductor Manufacturing, a maker of integrated circuits and wafer semiconductor devices, fell in the early part of the reporting period amid a slowdown in global demand for semiconductors. Shares of Itau Unibanco Holding, a Brazilian financial services company, underperformed its sector peers amid continued investor concerns over increased competition in the credit card market. Shares of Grupo Financiero Banorte, a Mexican banking company, rose after the company reported strong earnings growth for the first quarter of 2019.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers used a combination oftop-down andbottom-up research, seeking what they believed to be attractively priced countries, sectors and securities with positive catalysts. As a result of this process, the Fund’s largest overweight country positions relative to the Benchmark during the six months ended April 30, 2019, were in Russia and China and its largest underweight country positions were in India and South Africa. From a sector perspective, the Fund’s largest overweight allocations relative to the Benchmark were in the financials and materials sectors, while its largest underweight allocations were to the consumer discretionary and communication services sectors.
| * | | 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. |
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| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 3 | |
JPMorgan Emerging Economies Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
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| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Tencent Holdings Ltd. (China) | | | 5.9 | % |
| | 2. | | | Alibaba Group Holding Ltd., ADR (China) | | | 5.1 | |
| | 3. | | | Samsung Electronics Co. Ltd. (South Korea) | | | 4.0 | |
| | 4. | | | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | | 3.4 | |
| | 5. | | | China Construction Bank Corp., Class H (China) | | | 2.4 | |
| | 6. | | | Industrial & Commercial Bank of China Ltd., Class H (China) | | | 2.1 | |
| | 7. | | | LUKOIL PJSC, ADR (Russia) | | | 1.6 | |
| | 8. | | | China Merchants Bank Co. Ltd., Class H (China) | | | 1.5 | |
| | 9. | | | Housing Development Finance Corp. Ltd. (India) | | | 1.5 | |
| | 10. | | | Grupo Financiero Banorte SAB de CV, Class O (Mexico) | | | 1.4 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| China | | | 34.3 | % |
| South Korea | | | 15.9 | |
| Taiwan | | | 12.8 | |
| Russia | | | 7.2 | |
| India | | | 6.4 | |
| Brazil | | | 6.3 | |
| Mexico | | | 4.0 | |
| Thailand | | | 3.3 | |
| South Africa | | | 2.2 | |
| Hungary | | | 1.9 | |
| Turkey | | | 1.4 | |
| Indonesia | | | 1.0 | |
| Others (each less than 1.0%) | | | 2.1 | |
| Short-Term Investments | | | 1.2 | |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
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| 4 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
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AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | February 28, 2008 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | 4.36 | % | | | (15.04 | )% | | | 0.52 | % | | | 6.54 | % |
Without Sales Charge | | | | | 10.13 | | | | (10.35 | ) | | | 1.60 | | | | 7.12 | |
CLASS C SHARES | | February 28, 2008 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 8.89 | | | | (11.76 | ) | | | 1.11 | | | | 6.59 | |
Without CDSC | | | | | 9.89 | | | | (10.76 | ) | | | 1.11 | | | | 6.59 | |
CLASS I SHARES | | February 28, 2008 | | | 10.24 | | | | (10.15 | ) | | | 1.86 | | | | 7.38 | |
CLASS R5 SHARES | | February 28, 2008 | | | 10.35 | | | | (10.02 | ) | | | 2.02 | | | | 7.58 | |
CLASS R6 SHARES | | September 1, 2015 | | | 10.34 | | | | (9.95 | ) | | | 2.08 | | | | 7.61 | |
| ** | | 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 PERFORMANCE(4/30/09 TO 4/30/19)
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. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from April 30, 2009 to April 30, 2019. 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 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 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 the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These
expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. 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 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 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 United States 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.
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| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 5 | |
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| Reporting Period Return: | | | |
| Fund (Class L Shares)* | | | 23.43% | |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | | | 13.76% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | $ | 5,962,263 | |
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 outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
By sector, the Fund’s security selection in the financials sector and its security selection and overweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark. The Fund’s lack of holdings in the real estate sector and its underweight position in the communication services sector were leading detractors from relative performance.
By country, the Fund’s security selection and overweight positions in China and India were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in South Africa and lack of holdings in the Philippines were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in AIA Group Ltd., MercadoLibre Inc. and HDFC Bank Ltd. Shares of AIA Group, a Hong Kong life insurer not held in the Benchmark, rose after the company reported better-than-expected results for 2018. Shares of MercadoLibre, an Argentinian provider ofe-commerce and related services, rose after the company reported better-than-expected revenue for the fourth quarter of 2018. Shares of HDFC Bank, an Indian banking and financial services company, rose after the company reported record high earnings for the fourth quarter of 2018.
Leading individual detractors from relative performance included the Fund’s underweight position in Naspers Ltd. and its overweight positions in President Chain Store Corp. and
Kroton Educacional SA. Shares of Naspers, a South African media ande-commerce company that was not held by the Fund, rose after the company forecast strong earnings growth for its fiscal first half ended September 30, 2018. Shares of President Chain Store, a Taiwan convenience store operator, fell amid investor concerns about competition from a partnership between Starbucks Corp. and Alibaba Group Holding Ltd. Shares of Kroton Educacional, a Brazilian educational services provider, fell after the company reported lower-than-expected revenue and a decline in student enrollments.
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 usedbottom-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 sector overweight positions relative to the Benchmark were in the financials, consumer discretionary and consumer staples sectors and its largest relative underweight positions were in the energy, materials and communication services sectors. The Fund’s largest country overweight positions relative to the Benchmark were in India, China and Argentina and its largest relative underweight positions were in South Korea, Taiwan and Thailand.
| * | | 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. |
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| 6 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
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| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Tencent Holdings Ltd. (China) | | | 5.9 | % |
| | 2. | | | Alibaba Group Holding Ltd., ADR (China) | | | 5.8 | |
| | 3. | | | AIA Group Ltd. (Hong Kong) | | | 5.3 | |
| | 4. | | | Ping An Insurance Group Co. of China Ltd., Class H (China) | | | 4.8 | |
| | 5. | | | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | | 4.7 | |
| | 6. | | | Housing Development Finance Corp. Ltd. (India) | | | 4.3 | |
| | 7. | | | Samsung Electronics Co. Ltd. (South Korea) | | | 3.8 | |
| | 8. | | | Sberbank of Russia PJSC (Russia) | | | 3.2 | |
| | 9. | | | HDFC Bank Ltd. (India) | | | 2.5 | |
| | 10. | | | Grupo Financiero Banorte SAB de CV, Class O (Mexico) | | | 2.0 | |
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PORTFOLIO COMPOSITION BY COUNTRY*** | |
| China | | | 30.2 | % |
| India | | | 16.6 | |
| Hong Kong | | | 7.1 | |
| Brazil | | | 6.9 | |
| Taiwan | | | 6.5 | |
| South Korea | | | 5.2 | |
| South Africa | | | 4.1 | |
| Mexico | | | 3.8 | |
| Russia | | | 3.2 | |
| United States | | | 2.4 | |
| Indonesia | | | 2.3 | |
| Argentina | | | 1.7 | |
| Macau | | | 1.4 | |
| Peru | | | 1.2 | |
| Portugal | | | 1.2 | |
| Hungary | | | 1.1 | |
| Others (each less than 1.0%) | | | 2.8 | |
| Short-Term Investments | | | 2.3 | |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
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| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 7 | |
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
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AVERAGE ANNUAL TOTAL RETURNSAS OFAPRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | September 28, 2001 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | 16.72 | % | | | (1.78 | )% | | | 4.53 | % | | | 7.62 | % |
Without Sales Charge | | | | | 23.19 | | | | 3.66 | | | | 5.66 | | | | 8.20 | |
CLASS C SHARES | | February 28, 2006 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 21.91 | | | | 2.20 | | | | 5.14 | | | | 7.67 | |
Without CDSC | | | | | 22.91 | | | | 3.20 | | | | 5.14 | | | | 7.67 | |
CLASS I SHARES | | September 10, 2001 | | | 23.33 | | | | 3.94 | | | | 5.93 | | | | 8.48 | |
CLASS L SHARES | | November 15, 1993 | | | 23.43 | | | | 4.04 | | | | 6.07 | | | | 8.64 | |
CLASS R2 SHARES | | July 31, 2017 | | | 22.99 | | | | 3.39 | | | | 5.48 | | | | 8.11 | |
CLASS R3 SHARES | | July 31, 2017 | | | 23.16 | | | | 3.64 | | | | 5.65 | | | | 8.20 | |
CLASS R4 SHARES | | July 31, 2017 | | | 23.29 | | | | 3.89 | | | | 5.91 | | | | 8.47 | |
CLASS R5 SHARES | | September 9, 2016 | | | 23.41 | | | | 4.04 | | | | 6.08 | | | | 8.64 | |
CLASS R6 SHARES | | December 23, 2013 | | | 23.50 | | | | 4.15 | | | | 6.18 | | | | 8.69 | |
| ** | | 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 PERFORMANCE(4/30/09 TO 4/30/19)
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. Forup-to-datemonth-end performance information pleasecall 1-800-480-4111.
Returns for Class R5 Shares and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 Shares have different expenses than Class L Shares.
Returns shown for Class R2 Shares and Class R3 Shares prior to their inception 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, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from April 30, 2009 to April 30, 2019. 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 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 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 the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
| | | | | | |
| | | |
| 8 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the 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 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 United States 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.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 9 | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
FUND COMMENTARY
FOR DECEMBER 11, 2018 (FUND INCEPTION DATE) TO APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | | | |
| Fund (Class R6 Shares)* | | | 13.60% | |
| MSCI Emerging Markets Index (net of foreign withholding taxes) | | | 12.63% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | $ | 372,312 | |
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 outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the period from Fund inception on December 11, 2018 to April 30, 2019.
By sector, the Fund’s underweight positions in the information technology and financials sectors were leading contributors to performance relative to the Benchmark. The Fund’s underweight positions in the communication services and consumer discretionary sectors were leading detractors from relative performance.
By country, the Fund’s security selection in China and India was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in South Africa and the Fund’s underweight position in the Philippines were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s underweight positions in Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Co. and its overweight position in Luxshare Precision Industry Co. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, fell amid weakening global demand for smartphones. Shares of Taiwan Semiconductor Manufacturing, a maker of integrated circuits and wafer semiconductor devices, rebounded from a slowdown in global demand for semiconductors during the early part of the reporting period. Shares of Luxshare Precision Industry, a China-based manufacturer of electronic components, rose after the company forecast a 61% increase in net income for 2018.
Leading individual detractors from relative performance included the Fund’s underweight position in Tencent Holdings Ltd., Alibaba Group Holding Ltd. and Naspers Ltd. Shares of Tencent Holdings, a China-based provider of online advertising and services, rose early in the reporting period amid continued earnings growth. Shares of Alibaba Group Holding, a China-basede-commerce provider, rose after the company reported a 41% jump in revenue for the fourth quarter of 2018. Shares of Naspers, a South African media ande-commerce company not held by the Fund, rose after the company forecast strong earnings growth for its fiscal first half ended September 30, 2018.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a combination of disciplined portfolio construction within-depth fundamental research
conducted by a global network of research analysts to identify what they believed to be overvalued and undervalued stocks
As a result of this process, the Fund’s sole overweight sector position relative to the Benchmark was in the consumer discretionary sector and its largest relative underweight positions were in the financials and information technology sectors. By country, the Fund’s largest overweight positions relative to the Benchmark were in Hungary and the Czech Republic and the largest underweight positions were in China and Taiwan.
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | iShares MSCI India ETF (United States) | | | 9.4 | % |
| | 2. | | | Tencent Holdings Ltd (China). | | | 5.6 | |
| | 3. | | | Alibaba Group Holding Ltd., ADR (China) | | | 4.8 | |
| | 4. | | | Samsung Electronics Co. Ltd. (South Korea) | | | 4.3 | |
| | 5. | | | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | | 4.1 | |
| | 6. | | | Naspers Ltd., Class N (South Africa) | | | 2.0 | |
| | 7. | | | China Construction Bank Corp., Class H (China) | | | 1.8 | |
| | 8. | | | Ping An Insurance Group Co. of China Ltd., Class H (China) | | | 1.5 | |
| | 9. | | | Industrial & Commercial Bank of China Ltd., Class H (China) | | | 1.2 | |
| | 10. | | | Itau Unibanco Holding SA (Preference) (Brazil) | | | 1.0 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| China | | | 33.1 | % |
| South Korea | | | 13.0 | |
| Taiwan | | | 10.8 | |
| United States | | | 9.4 | |
| Brazil | | | 7.1 | |
| South Africa | | | 6.3 | |
| Russia | | | 4.4 | |
| Mexico | | | 3.8 | |
| Indonesia | | | 2.4 | |
| Thailand | | | 2.3 | |
| Malaysia | | | 1.4 | |
| Philippines | | | 1.1 | |
| Others (each less than 1.0%) | | | 4.3 | |
Short-Term Investments | | | 0.6 | |
| * | | 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. |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | |
| | | |
| 10 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | |
| | | INCEPTION DATE OF
CLASS | | SINCE
INCEPTION | |
CLASS I SHARES | | January 30, 2019 | | | 13.54 | % |
CLASS R6 SHARES | | December 11, 2018 | | | 13.60 | |
LIFE OF FUND PERFORMANCE(12/11/18 TO 4/30/19)
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. For up-to-date month-end performance information pleasecall 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 from December 11, 2018 to April 30, 2019. 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 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 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 Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. 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 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 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.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 11 | |
JPMorgan Europe Dynamic Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class A Shares, without a sales charge)* | | | 6.00% | |
| MSCI Europe Index (net of foreign withholding taxes) | | | 8.48% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | $ | 583,226 | |
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, underperformed the MSCI Europe Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
The Fund’s security selection in the food, beverage and tobacco sector and its security selection in the food and staples retailing sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the pharmaceuticals, biotechnology and life sciences sector and its security selection in the utilities sector were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Saipem SpA, Thales SA and ArcelorMittal SA. Shares of Saipem, an Italian oil field services company, fell amid news reports that the company was negotiating to sell its core drilling business. Shares of Thales, a French maker of electronics and systems for the aeronautics
and defense industries, fell after the company unveiled plans to acquire Gemalto NV. Shares of ArcelorMittal, a Luxembourg steelmaker, fell after the company reported a decline in earnings for the third quarter of 2018.
Leading individual contributors to relative performance included the Fund’s overweight positions in Rio Tinto PLC, Kering SA and Neste Oyj. Shares of Rio Tinto, an Australian mining and minerals company, rose after the company reported better-than-expected earnings for 2018 and amid signs of improved demand from China. Shares of Kering, a French maker of luxury branded apparel and accessories, including the Gucci brand, rose after the company reported strong results for the fourth quarter and full year 2018. Shares of Neste, a Finnish petroleum refiner and biofuels producer, rose after the company reported strong growth in its renewable products business.
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 onbottom-up security selection rather thantop-down asset allocation decisions.
| | | | | | |
| | | |
| 12 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Nestle SA (Registered) (Switzerland) | | | 4.7 | % |
| | 2. | | | Roche Holding AG (Switzerland) | | | 4.2 | |
| | 3. | | | Novartis AG (Registered) (Switzerland) | | | 3.8 | |
| | 4. | | | Allianz SE (Registered) (Germany) | | | 3.2 | |
| | 5. | | | Kering SA (France) | | | 2.7 | |
| | 6. | | | GlaxoSmithKline plc (United Kingdom) | | | 2.7 | |
| | 7. | | | Zurich Insurance Group AG (Switzerland) | | | 2.4 | |
| | 8. | | | Neste OYJ (Finland) | | | 2.4 | |
| | 9. | | | Enel SpA (Italy) | | | 2.3 | |
| | 10. | | | Rio Tinto plc (Australia) | | | 2.3 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| Switzerland | | | 18.1 | % |
| France | | | 15.4 | |
| United Kingdom | | | 14.2 | |
| United States | | | 10.3 | |
| Germany | | | 8.4 | |
| Netherlands | | | 7.6 | |
| Spain | | | 5.4 | |
| Italy | | | 5.0 | |
| Australia | | | 3.6 | |
| Finland | | | 3.0 | |
| Sweden | | | 2.8 | |
| Belgium | | | 1.7 | |
| South Africa | | | 1.3 | |
| Denmark | | | 1.2 | |
| Norway | | | 1.1 | |
| Short-Term Investments | | | 0.9 | |
| * | | 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. |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 13 | |
JPMorgan Europe Dynamic Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | November 2, 1995 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | 0.45 | % | | | (12.45 | )% | | | (1.48 | )% | | | 7.56 | % |
Without Sales Charge | | | | | 6.00 | | | | (7.61 | ) | | | (0.41 | ) | | | 8.14 | |
CLASS C SHARES | | November 1, 1998 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 4.74 | | | | (9.10 | ) | | | (0.91 | ) | | | 7.60 | |
Without CDSC | | | | | 5.74 | | | | (8.10 | ) | | | (0.91 | ) | | | 7.60 | |
CLASS I SHARES | | September 10, 2001 | | | 6.11 | | | | (7.41 | ) | | | (0.13 | ) | | | 8.43 | |
CLASS L SHARES | | September 10, 2001 | | | 6.16 | | | | (7.30 | ) | | | 0.03 | | | | 8.64 | |
CLASS R6 SHARES | | October 1, 2018 | | | 6.21 | | | | (7.25 | ) | | | 0.04 | | | | 8.65 | |
| ** | | 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 PERFORMANCE(4/30/09 TO 4/30/19)
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. For up-to-date month-end performance information please call 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, the MSCI Europe Index and the Lipper European Region Funds Index from April 30, 2009 to April 30, 2019. 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 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 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 the Lipper European Region Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI
Europe Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The Lipper European Region Funds Index represents the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. 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 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 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.
| | | | | | |
| | | |
| 14 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan Global Research Enhanced Index Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class I Shares)* | | | 9.63% | |
| MSCI World Index (net of foreign withholding taxes) | | | 8.83% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | $ | 4,605,579 | |
INVESTMENT OBJECTIVE**
The JPMorgan Global Research Enhanced Index 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 outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
By sector, the Fund’s security selection in the retail and industrial cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology and technology-software sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in Europe and North America was a leading contributor to relative performance, while the Fund’s overweight position in Japan and its security selection in the Asia Pacific, excluding Japan, were modest detractors from relative performance.
Due to the Fund holding a relatively large number of securities during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.
HOW WAS THE FUND POSITIONED?
The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took marginally overweight positions in securities that they considered undervalued, while being marginally underweight in or not holding securities in the Benchmark that they considered overvalued.
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Microsoft Corp. (United States) | | | 2.6 | % |
| | 2. | | | Apple, Inc. (United States) | | | 2.3 | |
| | 3. | | | Amazon.com, Inc. (United States) | | | 2.0 | |
| | 4. | | | Alphabet, Inc., Class C (United States) | | | 1.1 | |
| | 5. | | | Bank of America Corp. (United States) | | | 1.0 | |
| | 6. | | | Alphabet, Inc., Class A (United States) | | | 0.9 | |
| | 7. | | | Facebook, Inc., Class A (United States) | | | 0.8 | |
| | 8. | | | Coca-Cola Co. (The) (United States) | | | 0.8 | |
| | 9. | | | Mastercard, Inc., Class A (United States) | | | 0.8 | |
| | 10. | | | Home Depot, Inc. (The) (United States) | | | 0.8 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| United States | | | 62.9 | % |
| Japan | | | 7.9 | |
| United Kingdom | | | 5.0 | |
| France | | | 4.0 | |
| Canada | | | 3.5 | |
| Australia | | | 3.0 | |
| Germany | | | 2.7 | |
| Switzerland | | | 2.7 | |
| Netherlands | | | 2.0 | |
| Hong Kong | | | 1.3 | |
| Spain | | | 1.0 | |
| Others (each less than 1.0%) | | | 3.9 | |
| Short-Term Investments | | | 0.1 | |
| * | | 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. |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 15 | |
JPMorgan Global Research Enhanced Index Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | SINCE
INCEPTION | |
CLASS I SHARES | | February 28, 2013 | | | 9.63 | % | | | 6.86 | % | | | 7.39 | % | | | 9.67 | % |
CLASS R6 SHARES | | November 1, 2017 | | | 9.66 | | | | 6.91 | | | | 7.41 | | | | 9.68 | |
LIFE OF FUND PERFORMANCE(2/28/13 TO 4/30/19)
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. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on February 28, 2013.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of 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 $1,000,000 invested in Class I Shares of the JPMorgan Global Research Enhanced Index Fund, the MSCI World Index and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to April 30, 2019. 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 World 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 the securities included in the benchmark, if applicable. The performance of the Lipper Global Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. 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 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 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 United States 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, 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)
| | | | | | |
| | | |
| 16 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Advantage Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class A Shares, without a sales charge)* | | | 3.67% | |
| MSCI EAFE Index (net of foreign withholding taxes) | | | 7.45% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | | $3,482,175 | |
INVESTMENT OBJECTIVE**
The JPMorgan International Advantage Fund (the “Fund”) seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
By sector, the Fund’s security selection in the materials and industrials sectors were a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health care and consumer discretionary sectors were a leading contributor to relative performance. By country, the Fund’s security selection in Japan and Australia was a leading detractor from relative performance, while the Funds security selection in Germany and the U.K. contributed to relative performance.
The Fund targeted investments in companies that exhibited specific growth, value and quality characteristics during the period. Due to the relatively large number of securities held in the Fund during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.
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 were attractive based on their proprietary multifactor model.
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Nestle SA (Registered) (Switzerland) | | | 2.1 | % |
| | 2. | | | Roche Holding AG (Switzerland) | | | 2.1 | |
| | 3. | | | Novartis AG (Registered) (Switzerland) | | | 2.0 | |
| | 4. | | | Royal Dutch Shell plc, Class B (Netherlands) | | | 1.9 | |
| | 5. | | | BHP Group Ltd. (Australia) | | | 1.6 | |
| | 6. | | | Allianz SE (Registered) (Germany) | | | 1.6 | |
| | 7. | | | GlaxoSmithKline plc (United Kingdom) | | | 1.6 | |
| | 8. | | | Toyota Motor Corp. (Japan) | | | 1.4 | |
| | 9. | | | Rio Tinto plc (Australia) | | | 1.4 | |
| | 10. | | | Kering SA (France) | | | 1.2 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| |
| Japan | | | 21.5 | % |
| United Kingdom | | | 13.3 | |
| Australia | | | 9.0 | |
| Switzerland | | | 8.2 | |
| France | | | 7.5 | |
| Netherlands | | | 7.4 | |
| Germany | | | 7.0 | |
| United States | | | 4.9 | |
| Spain | | | 4.4 | |
| Norway | | | 2.6 | |
| Hong Kong | | | 2.1 | |
| Belgium | | | 1.8 | |
| Italy | | | 1.3 | |
| Finland | | | 1.3 | |
| Sweden | | | 1.2 | |
| Singapore | | | 1.0 | |
| Others (each less than 1.0%) | | | 3.9 | |
| Short-Term Investments | | | 1.6 | |
| * | | 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. |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 17 | |
JPMorgan International Advantage Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | April 30, 2001 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (1.78 | )% | | | (13.51 | )% | | | 0.11 | % | | | 6.50 | % |
Without Sales Charge | | | | | 3.67 | | | | (8.70 | ) | | | 1.20 | | | | 7.08 | |
CLASS C SHARES | | February 28, 2006 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 2.41 | | | | (10.14 | ) | | | 0.69 | | | | 6.55 | |
Without CDSC | | | | | 3.41 | | | | (9.14 | ) | | | 0.69 | | | | 6.55 | |
CLASS I SHARES | | February 28, 2006 | | | 3.79 | | | | (8.43 | ) | | | 1.50 | | | | 7.38 | |
CLASS R2 SHARES | | November 3, 2008 | | | 3.51 | | | | (8.95 | ) | | | 0.92 | | | | 6.81 | |
CLASS R6 SHARES | | May 29, 2015 | | | 3.91 | | | | (8.28 | ) | | | 1.70 | | | | 7.62 | |
| ** | | 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 PERFORMANCE(4/30/09 TO 4/30/19)
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. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of the now liquidated Institutional Class Shares. The actual returns of R6 Shares would have been different than those shown because R6 Shares have different expenses than Institutional Class Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan International Advantage Fund, the MSCI EAFE Index and the Lipper InternationalMulti-Cap Core Funds Index from April 30, 2009 to April 30, 2019. 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 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 dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper InternationalMulti-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI
EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper InternationalMulti-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. 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 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 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.
| | | | | | |
| | | |
| 18 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class I Shares)* | | | 10.82% | |
| MSCI EAFE Index (net of foreign withholding taxes) | | | 7.45% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | $ | 4,568,599 | |
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 outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
By sector, the Fund’s security selection in the financials and consumer staples sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the utilities sector, where the Fund had no holdings, was the sole sector detractor from relative performance.
By region, the Fund’s security selection and underweight position in Japan and its overweight position in emerging markets were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the U.K. and Europe was the smallest contributor to relative performance.
Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in AIA Group Ltd., HDFC Bank Ltd. and Sands China Ltd. Shares of AIA Group, a Hong Kong life insurer, rose after the company reported better-than-expected results for 2018. Shares of HDFC Bank, an Indian banking and financial services company that was not held in the Benchmark, rose after the company reported record high earnings for the fourth quarter of 2018. Shares of Sands China, a Macau casino and resorts operator, rose amid an increase in gross gaming revenue for all Macau casinos in the final two months of 2018.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Sumitomo Mitsui Financial Group Ltd. and Accor SA, and its underweight position in Rio Tinto PLC. Shares of Sumitomo Mitsui Financial Group, a Japanese financial services provider, fell as yields on its foreign bond holdings declined in the early part of the reporting period. Shares of Accor, a French hotels operator, fell after the company reported weakness in its Asian and North American markets had hurtper-room revenues. Shares of Rio Tinto, an Australian mining and minerals company not held by the Fund, rose after the company reported better-than-expected earnings for 2018 and amid signs of improved demand from China.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They usedbottom-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.
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Nestle SA (Registered) (Switzerland) | | | 3.7 | % |
| | 2. | | | Royal Dutch Shell plc, Class A (Netherlands) | | | 2.5 | |
| | 3. | | | AIA Group Ltd. (Hong Kong) | | | 2.4 | |
| | 4. | | | Novartis AG (Registered) (Switzerland) | | | 2.3 | |
| | 5. | | | Diageo plc (United Kingdom) | | | 2.3 | |
| | 6. | | | Unilever plc (United Kingdom) | | | 2.2 | |
| | 7. | | | SAP SE (Germany) | | | 2.1 | |
| | 8. | | | Roche Holding AG (Switzerland) | | | 2.1 | |
| | 9. | | | GlaxoSmithKline plc (United Kingdom) | | | 1.8 | |
| | 10. | | | ASML Holding NV (Netherlands) | | | 1.8 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| Japan | | | 16.9 | % |
| United Kingdom | | | 16.0 | |
| France | | | 12.9 | |
| Switzerland | | | 9.7 | |
| United States | | | 8.6 | |
| Germany | | | 7.9 | |
| Netherlands | | | 5.4 | |
| Hong Kong | | | 4.1 | |
| China | | | 2.5 | |
| Sweden | | | 2.3 | |
| Australia | | | 2.0 | |
| Denmark | | | 1.5 | |
| India | | | 1.4 | |
| Singapore | | | 1.4 | |
| Spain | | | 1.0 | |
| South Korea | | | 1.0 | |
| Others (each less than 1.0%) | | | 3.7 | |
| Short-Term Investments | | | 1.7 | |
| * | | 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. |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 19 | |
JPMorgan International Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | February 28, 2002 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | 4.88 | % | | | (9.22 | )% | | | 1.43 | % | | | 7.00 | % |
Without Sales Charge | | | | | 10.68 | | | | (4.16 | ) | | | 2.53 | | | | 7.58 | |
CLASS C SHARES | | January 31, 2003 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 9.47 | | | | (5.61 | ) | | | 2.02 | | | | 7.02 | |
Without CDSC | | | | | 10.47 | | | | (4.61 | ) | | | 2.02 | | | | 7.02 | |
CLASS I SHARES | | January 1, 1997 | | | 10.82 | | | | (3.94 | ) | | | 2.78 | | | | 7.85 | |
CLASS R2 SHARES | | November 3, 2008 | | | 10.51 | | | | (4.41 | ) | | | 2.26 | | | | 7.48 | |
CLASS R5 SHARES | | May 15, 2006 | | | 10.93 | | | | (3.82 | ) | | | 2.95 | | | | 8.08 | |
CLASS R6 SHARES | | November 30, 2010 | | | 10.99 | | | | (3.70 | ) | | | 3.03 | | | | 8.13 | |
| ** | | 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 PERFORMANCE(4/30/09 TO 4/30/19)
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. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper InternationalLarge-Cap Core Funds Index from April 30, 2009 to April 30, 2019. 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 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 dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper InternationalLarge-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are
not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper InternationalLarge-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. 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 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 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 United States 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.
| | | | | | |
| | | |
| 20 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class I Shares)* | | | 9.48% | |
| MSCI EAFE Index (net of foreign withholding taxes) | | | 7.45% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | $ | 134,388 | |
INVESTMENT OBJECTIVE**
The JPMorgan International Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
By sector, the Fund’s security selection in the banks and energy sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the auto parts and pharmaceutical/medical technology sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in Europe and the U.K. was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the Asia-Pacific, excluding Japan, was the sole regional detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Rio Tinto PLC, TransCanada Corp. and LMVH Moet Hennessy Louis Vuitton SE. Shares of Rio Tinto, an Australian mining and minerals company, rose after the company reported better-than-expected earnings for 2018 and amid signs of improved demand from China. Shares of TransCanada, a Canadian operator of natural gas and petroleum pipelines that was not held in the Benchmark, rose amid earnings growth and investor expectations that the Keystone XL Pipeline project will move forward. Shares of LMVH Moet Hennessy Louis Vuitton, a French luxury goods
maker, rose after the company reported better-than-expected earnings and sales for the first quarter of 2019.
Leading individual detractors from relative performance included the Fund’s overweight positions in JXTG Holdings Inc. and Imperial Brands PLC, and its underweight position in AIA Group Ltd. Shares of JXTG Holdings, a Japanese petroleum, natural gas and materials producer, fell amid weakness in global oil prices during the first half of the reporting period. Shares of Imperial Brands, a U.K. maker and distributor of tobacco products, fell after the U.S. Food and Drug Administration planned tighter regulations one-cigarettes. Shares of AIA Group, a Hong Kong life insurer not held in the Fund, rose after the company reported better-than-expected results for 2018.
HOW THE FUND WAS MANAGED?
The Fund’s portfolio managers employed abottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. The Fund’s portfolio managers looked for dividend yielding equity securities that they believed were undervalued and possessed the long-term earnings power and strong cash flow generation that would enable them to grow their dividends.
| * | | 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. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 21 | |
JPMorgan International Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Unilever NV, CVA (United Kingdom) | | | 2.9 | % |
| | 2. | | | Royal Dutch Shell plc, Class A (Netherlands) | | | 2.8 | |
| | 3. | | | Roche Holding AG (Switzerland) | | | 2.7 | |
| | 4. | | | Rio Tinto plc (Australia) | | | 2.5 | |
| | 5. | | | Vinci SA (France) | | | 2.4 | |
| | 6. | | | LVMH Moet Hennessy Louis Vuitton SE (France) | | | 2.3 | |
| | 7. | | | Novartis AG (Registered) (Switzerland) | | | 2.3 | |
| | 8. | | | Novo Nordisk A/S, Class B (Denmark) | | | 2.2 | |
| | 9. | | | Imperial Brands plc (United Kingdom) | | | 2.1 | |
| | 10. | | | Telenor ASA (Norway) | | | 2.1 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
Japan | | | 16.2 | % |
United Kingdom | | | 14.6 | |
France | | | 14.5 | |
Switzerland | | | 10.6 | |
Netherlands | | | 9.5 | |
Germany | | | 5.0 | |
Australia | | | 4.6 | |
Finland | | | 2.8 | |
United States | | | 2.3 | |
Denmark | | | 2.2 | |
Hong Kong | | | 2.2 | |
Norway | | | 2.1 | |
Spain | | | 1.8 | |
Italy | | | 1.7 | |
Taiwan | | | 1.5 | |
Singapore | | | 1.4 | |
Sweden | | | 1.2 | |
Austria | | | 1.1 | |
Canada | | | 1.1 | |
South Korea | | | 1.0 | |
Others (each less than 1.0%) | | | 1.6 | |
Short-Term Investments | | | 1.0 | |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | |
| | | |
| 22 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES | | February 28, 2011 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | 3.57 | % | | | (6.19 | )% | | | 1.98 | % | | | 4.07 | % |
Without Sales Charge | | | | | 9.30 | | | | (1.00 | ) | | | 3.08 | | | | 4.75 | |
CLASS C SHARES | | February 28, 2011 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 8.04 | | | | (2.51 | ) | | | 2.57 | | | | 4.23 | |
Without CDSC | | | | | 9.04 | | | | (1.51 | ) | | | 2.57 | | | | 4.23 | |
CLASS I SHARES | | February 28, 2011 | | | 9.48 | | | | (0.77 | ) | | | 3.39 | | | | 5.05 | |
CLASS R2 SHARES | | February 28, 2011 | | | 9.18 | | | | (1.31 | ) | | | 2.81 | | | | 4.48 | |
CLASS R5 SHARES | | February 28, 2011 | | | 9.53 | | | | (0.68 | ) | | | 3.51 | | | | 5.20 | |
CLASS R6 SHARES | | January 30, 2015 | | | 9.59 | | | | (0.59 | ) | | | 3.56 | | | | 5.23 | |
| ** | | 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(2/28/11 TO 4/30/19)
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. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on February 28, 2011.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index and the Lipper International Equity Income Funds Index from February 28, 2011 to April 30, 2019. Return information prior to July 31, 2013 for the Lipper International Equity Income Funds Index is not provided by Lipper, Inc. 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 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 dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Equity Income Funds Index includes expenses associated with a mutual
fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. 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 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 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 United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States 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
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 23 | |
JPMorgan International Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
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)
| | | | | | |
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| 24 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Hedged Equity Fund
FUND SUMMARY
FOR THE PERIOD MARCH 15, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class I Shares)* | | | 1.53% | |
| MSCI EAFE Index (net of foreign withholding taxes) | | | 7.45% | |
| ICE BofAML 3-Month US Treasury Bill Index | | | 1.18% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | | $51,286 | |
INVESTMENT OBJECTIVES** AND STRATEGIES
The JPMorgan International Hedged Equity Fund seeks to provide capital appreciation through participation in international equity markets while hedging overall market exposure relative to traditional long-only equity strategies.
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Nestle SA (Registered) (Switzerland) | | | 2.7 | % |
| | 2. | | | Roche Holding AG (Switzerland) | | | 1.9 | |
| | 3. | | | SAP SE (Germany) | | | 1.8 | |
| | 4. | | | TOTAL SA (France) | | | 1.5 | |
| | 5. | | | Toyota Motor Corp. (Japan) | | | 1.5 | |
| | 6. | | | Iberdrola SA (Spain) | | | 1.5 | |
| | 7. | | | Novartis AG (Registered) (Switzerland) | | | 1.5 | |
| | 8. | | | BP plc (United Kingdom) | | | 1.4 | |
| | 9. | | | Air Liquide SA (France) | | | 1.3 | |
| | 10. | | | Anheuser-Busch InBev SA/NV (Belgium) | | | 1.3 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| Japan | | | 22.2 | % |
| United Kingdom | | | 14.6 | |
| France | | | 12.7 | |
| Switzerland | | | 9.7 | |
| Germany | | | 9.1 | |
| Netherlands | | | 5.3 | |
| Australia | | | 5.2 | |
| Spain | | | 3.5 | |
| Hong Kong | | | 3.1 | |
| Italy | | | 1.8 | |
| Denmark | | | 1.7 | |
| Finland | | | 1.6 | |
| Belgium | | | 1.3 | |
| Sweden | | | 1.2 | |
| Singapore | | | 1.1 | |
| Others (each less than 1.0%) | | | 3.2 | |
| Short-Term Investments | | | 2.7 | |
| * | | 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. |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 25 | |
JPMorgan International Hedged Equity Fund
FUND COMMENTARY
FOR THE PERIOD MARCH 15, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OFAPRIL 30, 2019 | |
| | |
| | | INCEPTION DATE OF
CLASS | | | SINCE
INCEPTION | |
| |
CLASS A SHARES | | | March 15, 2019 | | | | | |
With Sales Charge* | | | | | | | (3.85 | )% |
Without Sales Charge | | | | | | | 1.47 | |
CLASS C SHARES | | | March 15, 2019 | | | | | |
With CDSC** | | | | | | | 0.40 | |
Without CDSC | | | | | | | 1.40 | |
CLASS I SHARES | | | March 15, 2019 | | | | 1.53 | |
CLASS R5 SHARES | | | March 15, 2019 | | | | 1.53 | |
CLASS R6 SHARES | | | March 15, 2019 | | | | 1.53 | |
| * | | Sales Charge for Class A Shares is 5.25%. |
| ** | | Assumes a 1% CDSC (contingent deferred sales charge) for the period. |
LIFE OF FUND PERFORMANCE(3/15/19 TO 4/30/19)
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. Forup-to-datemonth-end performance information please call1-800-480-4111.
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 and the ICE BofAML3-Month US Treasury Bill Index from March 15, 2019 to April 30, 2019. 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 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 dividend is reinvested after deduction of withholding tax, applying the maximum rate tonon-resident institutional investors who do not benefit from double taxation treaties. The performance of the ICE BofAML3-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 is a free float-adjusted market capitalization weighted index that is designed to
measure the equity market performance of developed markets, excluding the U.S. and Canada. The ICE BofAML3-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 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 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.
| | | | | | |
| | | |
| 26 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class I Shares)* | | | 7.67% | |
| MSCI EAFE Index (net of foreign withholding taxes) | | | 7.45% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | $ | 4,608,140 | |
INVESTMENT OBJECTIVE**
The JPMorgan International 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 I Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
By sector, the Fund’s security selection in the utilities and basic industries sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the retail and industrial cyclical sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in the Pacific, excluding Japan, and Europe were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in Japan was the sole regional detractor from relative performance.
Due to the Fund holding a relatively large number of securities during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.
HOW WAS THE FUND POSITIONED?
The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while marginally underweighting or not holding securities in the Benchmark that they considered overvalued.
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Nestle SA (Registered) (Switzerland) | | | 2.5 | % |
| | 2. | | | Roche Holding AG (Switzerland) | | | 1.8 | |
| | 3. | | | SAP SE (Germany) | | | 1.7 | |
| | 4. | | | TOTAL SA (France) | | | 1.5 | |
| | 5. | | | Toyota Motor Corp. (Japan) | | | 1.4 | |
| | 6. | | | Iberdrola SA (Spain) | | | 1.4 | |
| | 7. | | | Novartis AG (Registered) (Switzerland) | | | 1.4 | |
| | 8. | | | BP plc (United Kingdom) | | | 1.3 | |
| | 9. | | | Air Liquide SA (France) | | | 1.3 | |
| | 10. | | | Anheuser-Busch InBev SA/NV (Belgium) | | | 1.2 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
Japan | | | 20.9 | % |
United Kingdom | | | 13.9 | |
France | | | 12.0 | |
Switzerland | | | 9.2 | |
Germany | | | 8.7 | |
United States | | | 5.2 | |
Netherlands | | | 5.1 | |
Australia | | | 4.9 | |
Spain | | | 3.4 | |
Hong Kong | | | 2.9 | |
Italy | | | 1.8 | |
Denmark | | | 1.6 | |
Finland | | | 1.5 | |
Belgium | | | 1.2 | |
Sweden | | | 1.2 | |
Singapore | | | 1.0 | |
Others (each less than 1.0%) | | | 2.0 | |
Short-Term Investments | | | 3.5 | |
| * | | 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. |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 27 | |
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
| |
CLASS A SHARES | | April 23, 1993 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | 1.91 | % | | | (9.48 | )% | | | 1.12 | % | | | 6.51 | % |
Without Sales Charge | | | | | 7.55 | | | | (4.45 | ) | | | 2.22 | | | | 7.09 | |
CLASS I SHARES | | October 28, 1992 | | | 7.67 | | | | (4.22 | ) | | | 2.46 | | | | 7.36 | |
CLASS R6 SHARES | | November 1, 2017 | | | 7.72 | | | | (4.09 | ) | | | 2.50 | | | | 7.38 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
TEN YEAR PERFORMANCE(4/30/09 TO 4/30/19)
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. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of 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 $1,000,000 invested in Class I Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index and the Lipper InternationalLarge-Cap Core Funds Index from April 30, 2009 to April 30, 2019. 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 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 dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper InternationalLarge-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper InternationalLarge-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. 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 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 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 of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States 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, 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)
| | | | | | |
| | | |
| 28 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class I Shares)* | | | 15.24% | |
| MSCI All Country World Index,Ex-U.S. (net of foreign withholding taxes) | | | 9.12% | |
| |
| Net Assets as of 4/30/2019 (In Thousands) | | | $528,900 | |
INVESTMENT OBJECTIVE**
The JPMorgan International Unconstrained 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 I Shares outperformed the MSCI All Country World Index,Ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
By sector, the Fund’s security selection in the financials and consumer staples sectors was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the consumer discretionary sector and its underweight position in the utilities sector were modest detractors from relative performance.
By region, the Fund’s security selection across all regions made a positive contribution to relative performance.
Leading individual contributors to the Fund’s relative performance included its overweight positions in AIA Group Ltd., HDFC Bank Ltd. and Tencent Holdings Ltd. Shares of AIA Group, a Hong Kong life insurer not held in the Benchmark, rose after the company reported better-than-expected results for 2018. Shares of HDFC Bank, an Indian banking and financial services company, rose after the company reported record high earnings for the fourth quarter of 2018. Shares of Tencent Holdings, a China-based provider of online advertising and services, rose early in the reporting period amid continued earnings growth.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Zalando SE, NN Group NV and Royal Dutch Shell PLC. Shares of Zalando, a German online retailer of apparel and accessories, fell amid weak sales for fall 2018. Shares of NN Group, a financial services and insurance provider based in the Netherlands, fell after the company reported a decline in revenue for the fourth quarter of 2018. Shares of Royal Dutch Shell, an integrated oil and gas producer based in the Netherlands, fell early in the reporting period amid a drop in global energy prices.
HOW WAS THE FUND POSITIONED?
By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and unique companies, whose future prospects, the 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 the share price.
| * | | 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. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 29 | |
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Nestle SA (Registered) (Switzerland) | | | 4.4 | % |
| | 2. | | | AIA Group Ltd. (Hong Kong) | | | 3.8 | |
| | 3. | | | Ping An Insurance Group Co. of China Ltd., Class H (China) | | | 3.6 | |
| | 4. | | | HDFC Bank Ltd., ADR (India) | | | 3.5 | |
| | 5. | | | Tencent Holdings Ltd. (China) | | | 3.5 | |
| | 6. | | | Diageo plc (United Kingdom) | | | 2.6 | |
| | 7. | | | Unilever NV, CVA (United Kingdom) | | | 2.6 | |
| | 8. | | | LVMH Moet Hennessy Louis Vuitton SE (France) | | | 2.5 | |
| | 9. | | | SAP SE (Germany) | | | 2.4 | |
| | 10. | | | GlaxoSmithKline plc (United Kingdom) | | | 2.2 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| United Kingdom | | | 19.5 | % |
| Japan | | | 10.2 | |
| China | | | 9.1 | |
| Germany | | | 8.7 | |
| Canada | | | 7.9 | |
| Switzerland | | | 6.8 | |
| United States | | | 6.3 | |
| Hong Kong | | | 5.5 | |
| France | | | 5.4 | |
| India | | | 3.5 | |
| Taiwan | | | 2.1 | |
| Netherlands | | | 2.1 | |
| Australia | | | 1.9 | |
| Austria | | | 1.9 | |
| Denmark | | | 1.8 | |
| Indonesia | | | 1.7 | |
| Others (each less than 1.0%) | | | 1.8 | |
| Short-Term Investments | | | 3.8 | |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | |
| | | |
| 30 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| | | INCEPTION DATE OF CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES | | November 30, 2011 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | 9.07 | % | | | (5.80 | )% | | | 3.21 | % | | | 6.95 | % |
Without Sales Charge | | | | | 15.10 | | | | (0.58 | ) | | | 4.33 | | | | 7.73 | |
CLASS C SHARES | | November 30, 2011 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 13.85 | | | | (2.06 | ) | | | 3.81 | | | | 7.19 | |
Without CDSC | | | | | 14.85 | | | | (1.06 | ) | | | 3.81 | | | | 7.19 | |
CLASS I SHARES | | November 30, 2011 | | | 15.24 | | | | (0.34 | ) | | | 4.64 | | | | 8.04 | |
CLASS R2 SHARES | | November 30, 2011 | | | 14.97 | | | | (0.88 | ) | | | 4.05 | | | | 7.45 | |
CLASS R5 SHARES | | November 30, 2011 | | | 15.32 | | | | (0.22 | ) | | | 4.77 | | | | 8.19 | |
CLASS R6 SHARES | | November 30, 2011 | | | 15.39 | | | | (0.10 | ) | | | 4.84 | | | | 8.26 | |
| ** | | 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(11/30/11 TO 4/30/19)
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. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on November 30, 2011.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S. and the Lipper International Large-Cap Growth Funds Index from November 30, 2011 to April 30, 2019. 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, ex-U.S. 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 dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and
emerging markets, excluding the United States. The Lipper International Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception date of the Fund and through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the 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 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 of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States 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.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 31 | |
JPMorgan International Value Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
Fund (Class L Shares)* | | | 3.35% | |
MSCI EAFE Value Index (net of foreign withholding taxes) | | | 4.45% | |
| |
Net Assets as of 4/30/2019 (In Thousands) | | | $431,633 | |
INVESTMENT OBJECTIVE**
The JPMorgan 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 underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2019.
By sector, the Fund’s underweight position and security selection in the utilities sector and its security selection in the banks sector were leading detractors from performance relative to the Benchmark. 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 region, the Fund’s security selection in Japan and continental Europe was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the U.K. and its underweight position in the Pacific region, excluding Japan, were the smallest detractors from relative performance.
Leading individual detractors from relative performance included the Fund’s underweight positions in HSBC Holdings PLC and Sands China Ltd., and its overweight position in Kansai Electric Power Co. Shares of HSBC Holdings, a U.K. banking and financial services provider, rose after the company reported better-than-expected earnings for the first quarter of 2019. Shares of Sands China, a Macau casino and resorts operator not held in the Fund, rose amid an increase in gross gaming revenue for all Macau casinos in the final two months of 2018. Shares of Kansai Electric Power, a Japanese electric, natural gas and telecommunications utility, fell after regulators ruled
that nuclear plants must be shut down if they fail to make counter-terrorism upgrades by next year’s deadlines.
Leading individual contributors to relative performance included the Fund’s overweight positions in Daiwa House Industry Co., BHP Group Ltd. and Dialog Semiconductor PLC. Shares of Daiwa House Industry, a Japanese provider of construction and real estate services, rose after the company reported an increase in revenue for the third quarter of 2018 and consistent growth in orders for commercial facilities. Shares of BHP Group, an Australian mining and minerals company, rose after the company reported an 87% jump in earnings for the second half of 2018. Shares of Dialog Semiconductor, a U.K. maker of integrated circuit products not held in the Benchmark, rose after the company reported better-than-expected earnings for the third quarter of 2018 and issued a better-than-expected revenue forecast for the fourth quarter.
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 had attractive valuations. As a result of this process, the Fund’s largest overweight sector positions relative to the Benchmark were in the materials and capital goods sectors, while the largest underweight sector positions were in the real estate and utilities sectors.
| * | | 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. |
| | | | | | |
| | | |
| 32 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | |
| | 1. | | | Royal Dutch Shell plc, Class A (Netherlands) | | | 4.1 | % |
| | 2. | | | Toyota Motor Corp. (Japan) | | | 2.3 | |
| | 3. | | | TOTAL SA (France) | | | 2.2 | |
| | 4. | | | Allianz SE (Registered) (Germany) | | | 1.8 | |
| | 5. | | | GlaxoSmithKline plc (United Kingdom) | | | 1.6 | |
| | 6. | | | BP plc (United Kingdom) | | | 1.5 | |
| | 7. | | | Rio Tinto plc (Australia) | | | 1.5 | |
| | 8. | | | British American Tobacco plc (United Kingdom) | | | 1.5 | |
| | 9. | | | Novartis AG (Registered) (Switzerland) | | | 1.4 | |
| | 10. | | | BHP Group Ltd. (Australia) | | | 1.4 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| Japan | | | 20.8 | % |
| United Kingdom | | | 16.0 | |
| Netherlands | | | 7.6 | |
| France | | | 7.5 | |
| Germany | | | 6.9 | |
| Australia | | | 6.9 | |
| Switzerland | | | 5.5 | |
| Sweden | | | 3.2 | |
| Norway | | | 3.1 | |
| Spain | | | 3.0 | |
| Italy | | | 3.0 | |
| Hong Kong | | | 2.9 | |
| United States | | | 2.1 | |
| Singapore | | | 1.2 | |
| Austria | | | 1.2 | |
| Finland | | | 1.0 | |
| Others (each less than 1.0%) | | | 5.1 | |
| Short-Term Investments | | | 3.0 | |
| *** | | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 33 | |
JPMorgan International Value Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | September 28, 2001 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (2.28 | )% | | | (15.48 | )% | | | (1.75 | )% | | | 5.14 | % |
Without Sales Charge | | | | | 3.14 | | | | (10.77 | ) | | | (0.69 | ) | | | 5.72 | |
CLASS C SHARES | | July 11, 2006 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 1.94 | | | | (12.18 | ) | | | (1.19 | ) | | | 5.18 | |
Without CDSC | | | | | 2.94 | | | | (11.18 | ) | | | (1.19 | ) | | | 5.18 | |
CLASS I SHARES | | September 10, 2001 | | | 3.30 | | | | (10.46 | ) | | | (0.40 | ) | | | 6.00 | |
CLASS L SHARES | | November 4, 1993 | | | 3.35 | | | | (10.41 | ) | | | (0.29 | ) | | | 6.14 | |
CLASS R2 SHARES | | November 3, 2008 | | | 3.02 | | | | (10.99 | ) | | | (0.96 | ) | | | 5.44 | |
CLASS R5 SHARES | | September 9, 2016 | | | 3.31 | | | | (10.43 | ) | | | (0.30 | ) | | | 6.14 | |
CLASS R6 SHARES | | November 30, 2010 | | | 3.41 | | | | (10.32 | ) | | | (0.15 | ) | | | 6.25 | |
| ** | | 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 PERFORMANCE(4/30/09 TO 4/30/19)
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. Forup-to-datemonth-end performance information please call1-800-480-4111. 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 and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares and Class R6 Shares would have been different than those shown because Class R5 Shares and Class R6 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 International Value Fund, the MSCI EAFE Value Index and the Lipper InternationalLarge-Cap Value Funds Average from April 30, 2009 to April 30, 2019. 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 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 dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper InternationalLarge-Cap
Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper InternationalLarge-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.
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 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 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 United States 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.
| | | | | | |
| | | |
| 34 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 98.7% | |
|
Argentina — 0.5% | |
| | |
Banco Macro SA, ADR | | | 163 | | | | 6,627 | |
| | | | | | | | |
|
Brazil — 6.3% | |
| | |
Banco do Brasil SA * | | | 1,092 | | | | 13,811 | |
| | |
Banco Santander Brasil SA | | | 900 | | | | 10,384 | |
| | |
Cia Brasileira de Distribuicao (Preference) * | | | 457 | | | | 11,274 | |
| | |
Cia de Transmissao de Energia Eletrica Paulista (Preference) | | | 530 | | | | 2,848 | |
| | |
Cia Paranaense de Energia (Preference) | | | 319 | | | | 3,339 | |
| | |
Estacio Participacoes SA | | | 995 | | | | 6,968 | |
| | |
IRB Brasil Resseguros SA | | | 316 | | | | 7,621 | |
| | |
Kroton Educacional SA | | | 1,515 | | | | 3,792 | |
| | |
MRV Engenharia e Participacoes SA | | | 1,524 | | | | 5,665 | |
| | |
SLC Agricola SA | | | 359 | | | | 3,771 | |
| | |
Telefonica Brasil SA (Preference) | | | 322 | | | | 3,823 | |
| | |
Vale SA, ADR | | | 1,218 | | | | 15,566 | |
| | | | | | | | |
| | |
| | | | | | | 88,862 | |
| | | | | | | | |
|
China — 34.2% | |
| | |
Alibaba Group Holding Ltd., ADR * | | | 386 | | | | 71,675 | |
| | |
Anhui Conch Cement Co. Ltd., Class H | | | 1,347 | | | | 8,222 | |
| | |
Anhui Expressway Co. Ltd., Class A | | | 1,356 | | | | 1,323 | |
| | |
ANTA Sports Products Ltd. | | | 850 | | | | 5,978 | |
| | |
Bank of Beijing Co. Ltd., Class A | | | 1,512 | | | | 1,432 | |
| | |
Baoshan Iron & Steel Co. Ltd., Class A | | | 3,598 | | | | 3,833 | |
| | |
Beijing Enterprises Holdings Ltd. | | | 515 | | | | 2,744 | |
| | |
China Communications Services Corp. Ltd., Class H | | | 4,192 | | | | 3,381 | |
| | |
China Construction Bank Corp., Class H | | | 38,427 | | | | 33,876 | |
| | |
China Maple Leaf Educational Systems Ltd. | | | 4,770 | | | | 2,231 | |
| | |
China Merchants Bank Co. Ltd., Class H | | | 4,280 | | | | 21,180 | |
| | |
China National Medicines Corp. Ltd., Class A | | | 335 | | | | 1,236 | |
| | |
China Overseas Land & Investment Ltd. | | | 1,948 | | | | 7,298 | |
| | |
China Petroleum & Chemical Corp., Class H | | | 21,050 | | | | 16,181 | |
| | |
China Railway Construction Corp. Ltd., Class H | | | 5,236 | | | | 6,187 | |
| | |
China Railway Group Ltd., Class H | | | 10,206 | | | | 8,050 | |
| | |
China Resources Cement Holdings Ltd. | | | 6,436 | | | | 6,453 | |
| | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | | | 383 | | | | 1,677 | |
| | |
China Shenhua Energy Co. Ltd., Class H | | | 1,825 | | | | 4,038 | |
| | |
China State Construction Engineering Corp. Ltd., Class A | | | 1,480 | | | | 1,348 | |
| | |
China Vanke Co. Ltd., Class H | | | 3,479 | | | | 13,462 | |
| | |
Chlitina Holding Ltd. | | | 285 | | | | 2,332 | |
| | |
Chongqing Department Store Co. Ltd., Class A | | | 282 | | | | 1,464 | |
| | |
CNOOC Ltd. | | | 5,822 | | | | 10,575 | |
| | |
Country Garden Holdings Co. Ltd. | | | 9,329 | | | | 15,033 | |
| | |
Daqin Railway Co. Ltd., Class A | | | 1,086 | | | | 1,374 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
China — continued | |
| | |
Dongfeng Motor Group Co. Ltd., Class H | | | 2,754 | | | | 2,676 | |
| | |
GD Power Development Co. Ltd., Class A | | | 3,573 | | | | 1,439 | |
| | |
Geely Automobile Holdings Ltd. | | | 2,824 | | | | 5,689 | |
| | |
Grandblue Environment Co. Ltd., Class A | | | 669 | | | | 1,594 | |
| | |
Great Wall Motor Co. Ltd., Class H | | | 2,424 | | | | 1,974 | |
| | |
Hengan International Group Co. Ltd. | | | 791 | | | | 6,950 | |
| | |
Huadian Power International Corp. Ltd., Class H | | | 3,228 | | | | 1,379 | |
| | |
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | | | 244 | | | | 1,307 | |
| | |
Industrial & Commercial Bank of China Ltd., Class H | | | 39,229 | | | | 29,506 | |
| | |
Kunlun Energy Co. Ltd. | | | 6,166 | | | | 6,522 | |
| | |
Nexteer Automotive Group Ltd. | | | 1,770 | | | | 2,775 | |
| | |
North Huajin Chemical Industries Co. Ltd., Class A * | | | 1,289 | | | | 1,375 | |
| | |
Ping An Bank Co. Ltd., Class A | | | 2,228 | | | | 4,590 | |
| | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 1,528 | | | | 18,496 | |
| | |
Postal Savings Bank of China Co. Ltd., Class H (a) | | | 11,753 | | | | 7,152 | |
| | |
Qingdao Haier Co. Ltd., Class A | | | 1,737 | | | | 4,439 | |
| | |
Sany Heavy Industry Co. Ltd., Class A | | | 1,432 | | | | 2,606 | |
| | |
SDIC Power Holdings Co. Ltd., Class A | | | 1,095 | | | | 1,316 | |
| | |
Shanghai Tunnel Engineering Co. Ltd., Class A | | | 1,231 | | | | 1,262 | |
| | |
Shanxi Lanhua Sci-Tech Venture Co. Ltd., Class A | | | 1,137 | | | | 1,318 | |
| | |
Shenzhen Expressway Co. Ltd., Class H | | | 3,966 | | | | 4,831 | |
| | |
Sinopec Shanghai Petrochemical Co. Ltd., Class A | | | 5,340 | | | | 4,069 | |
| | |
STO Express Co. Ltd., Class A | | | 519 | | | | 1,855 | |
| | |
Tencent Holdings Ltd. | | | 1,698 | | | | 83,690 | |
| | |
Want Want China Holdings Ltd. | | | 8,663 | | | | 6,878 | |
| | |
Weichai Power Co. Ltd., Class H | | | 1,780 | | | | 2,915 | |
| | |
Weifu High-Technology Group Co. Ltd., Class A | | | 431 | | | | 1,315 | |
| | |
Yanzhou Coal Mining Co. Ltd., Class H | | | 4,228 | | | | 4,514 | |
| | |
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H (a) | | | 703 | | | | 3,488 | |
| | |
Yihua Lifestyle Technology Co. Ltd., Class A | | | 1,985 | | | | 1,277 | |
| | |
Zhejiang Juhua Co. Ltd., Class A | | | 1,288 | | | | 1,544 | |
| | |
Zhejiang Semir Garment Co. Ltd., Class A | | | 930 | | | | 1,539 | |
| | |
Zhongsheng Group Holdings Ltd. | | | 1,347 | | | | 3,542 | |
| | |
Zijin Mining Group Co. Ltd., Class H | | | 10,984 | | | | 4,291 | |
| | | | | | | | |
| | |
| | | | | | | 482,696 | |
| | | | | | | | |
|
Hungary — 1.9% | |
| | |
MOL Hungarian Oil & Gas plc | | | 682 | | | | 7,850 | |
| | |
OTP Bank Nyrt. | | | 424 | | | | 18,835 | |
| | | | | | | | |
| | |
| | | | | | | 26,685 | |
| | | | | | | | |
|
India — 6.4% | |
| | |
Bharat Petroleum Corp. Ltd. | | | 1,481 | | | | 8,110 | |
| | |
Graphite India Ltd. | | | 288 | | | | 1,587 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 35 | |
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
India — continued | |
| | |
HCL Technologies Ltd. | | | 1,065 | | | | 18,124 | |
| | |
HDFC Bank Ltd., ADR | | | 128 | | | | 14,682 | |
| | |
HEG Ltd. | | | 46 | | | | 1,080 | |
| | |
Housing Development Finance Corp. Ltd. | | | 730 | | | | 20,948 | |
| | |
Indian Oil Corp. Ltd. | | | 2,957 | | | | 6,731 | |
| | |
NIIT Technologies Ltd. | | | 390 | | | | 7,254 | |
| | |
Oil & Natural Gas Corp. Ltd. | | | 3,367 | | | | 8,192 | |
| | |
Tech Mahindra Ltd. | | | 228 | | | | 2,746 | |
| | | | | | | | |
| | |
| | | | | | | 89,454 | |
| | | | | | | | |
|
Indonesia — 1.0% | |
| | |
Bank Rakyat Indonesia Persero Tbk. PT * | | | 44,888 | | | | 13,801 | |
| | | | | | | | |
|
Mexico — 4.0% | |
| | |
Alfa SAB de CV, Class A | | | 3,670 | | | | 3,697 | |
| | |
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | | | 4,935 | | | | 8,286 | |
| | |
Grupo Aeroportuario del Centro Norte SAB de CV | | | 772 | | | | 4,752 | |
| | |
Grupo Financiero Banorte SAB de CV, Class O | | | 3,185 | | | | 20,182 | |
| | |
Wal-Mart de Mexico SAB de CV | | | 6,434 | | | | 18,903 | |
| | | | | | | | |
| | |
| | | | | | | 55,820 | |
| | | | | | | | |
|
Poland — 0.9% | |
| | |
Grupa Lotos SA | | | 114 | | | | 2,476 | |
| | |
Polski Koncern Naftowy ORLEN SA | | | 407 | | | | 10,457 | |
| | | | | | | | |
| | |
| | | | | | | 12,933 | |
| | | | | | | | |
|
Russia — 7.2% | |
| | |
Alrosa PJSC | | | 7,072 | | | | 10,317 | |
| | |
LUKOIL PJSC, ADR | | | 261 | | | | 22,184 | |
| | |
Magnit PJSC | | | 67 | | | | 3,865 | |
| | |
Magnitogorsk Iron & Steel Works PJSC | | | 3,775 | | | | 2,584 | |
| | |
MMC Norilsk Nickel PJSC, ADR | | | 704 | | | | 15,661 | |
| | |
Novolipetsk Steel PJSC, GDR (a) | | | 129 | | | | 3,418 | |
| | |
RusHydro PJSC | | | 239,477 | | | | 2,002 | |
| | |
Sberbank of Russia PJSC, ADR | | | 1,355 | | | | 19,416 | |
| | |
Sberbank of Russia PJSC, ADR | | | 346 | | | | 5,004 | |
| | |
Severstal PJSC, GDR (a) | | | 253 | | | | 4,097 | |
| | |
Surgutneftegas PJSC (Preference) | | | 11,458 | | | | 6,945 | |
| | |
Tatneft PJSC, ADR | | | 93 | | | | 6,568 | |
| | |
Tatneft PJSC, ADR | | | — | (b) | | | 2 | |
| | | | | | | | |
| | |
| | | | | | | 102,063 | |
| | | | | | | | |
|
Singapore — 0.2% | |
| | |
BOC Aviation Ltd. (a) (c) | | | 316 | | | | 2,712 | |
| | | | | | | | |
|
South Africa — 2.2% | |
| | |
Absa Group Ltd. | | | 669 | | | | 7,706 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
South Africa — continued | |
| | |
AngloGold Ashanti Ltd. | | | 389 | | | | 4,625 | |
| | |
Nedbank Group Ltd. | | | 650 | | | | 12,128 | |
| | |
SPAR Group Ltd. (The) | | | 438 | | | | 5,941 | |
| | | | | | | | |
| | |
| | | | | | | 30,400 | |
| | | | | | | | |
|
South Korea — 15.9% | |
| | |
Cheil Worldwide, Inc. | | | 158 | | | | 3,440 | |
| | |
Daelim Industrial Co. Ltd. | | | 80 | | | | 6,611 | |
| | |
Doosan Bobcat, Inc. | | | 89 | | | | 2,453 | |
| | |
Doosan Infracore Co. Ltd. * | | | 488 | | | | 3,039 | |
| | |
GS Engineering & Construction Corp. | | | 177 | | | | 6,171 | |
| | |
GS Holdings Corp. | | | 89 | | | | 3,954 | |
| | |
GS Retail Co. Ltd. | | | 77 | | | | 2,579 | |
| | |
Hana Financial Group, Inc. | | | 473 | | | | 14,907 | |
| | |
Hyosung Corp. | | | 53 | | | | 3,403 | |
| | |
Hyundai Glovis Co. Ltd. | | | 48 | | | | 6,533 | |
| | |
Hyundai Marine & Fire Insurance Co. Ltd. | | | 111 | | | | 3,646 | |
| | |
Industrial Bank of Korea | | | 815 | | | | 9,888 | |
| | |
KEPCO Plant Service & Engineering Co. Ltd. | | | 80 | | | | 2,502 | |
| | |
KT Corp. | | | 94 | | | | 2,218 | |
| | |
KT&G Corp. | | | 162 | | | | 14,195 | |
| | |
Kumho Petrochemical Co. Ltd. | | | 49 | | | | 3,820 | |
| | |
LG Display Co. Ltd. | | | 346 | | | | 5,888 | |
| | |
LG Uplus Corp. | | | 613 | | | | 7,509 | |
| | |
Lotte Chemical Corp. | | | 27 | | | | 6,189 | |
| | |
POSCO | | | 45 | | | | 9,946 | |
| | |
Samsung Electronics Co. Ltd. | | | 1,447 | | | | 56,890 | |
| | |
Samsung SDS Co. Ltd. | | | 37 | | | | 6,910 | |
| | |
Shinhan Financial Group Co. Ltd. | | | 458 | | | | 17,321 | |
| | |
SK Holdings Co. Ltd. | | | 31 | | | | 6,833 | |
| | |
SK Telecom Co. Ltd. | | | 25 | | | | 5,229 | |
| | |
Woori Financial Group, Inc. | | | 1,014 | | | | 12,020 | |
| | | | | | | | |
| | |
| | | | | | | 224,094 | |
| | | | | | | | |
|
Taiwan — 12.8% | |
| | |
AU Optronics Corp. | | | 11,217 | | | | 4,012 | |
| | |
Catcher Technology Co. Ltd. | | | 895 | | | | 7,096 | |
| | |
Chailease Holding Co. Ltd. | | | 1,531 | | | | 6,527 | |
| | |
Chilisin Electronics Corp. | | | 549 | | | | 1,756 | |
| | |
Chipbond Technology Corp. | | | 2,589 | | | | 5,875 | |
| | |
CTBC Financial Holding Co. Ltd. | | | 25,367 | | | | 17,378 | |
| | |
E.Sun Financial Holding Co. Ltd. | | | 9,570 | | | | 7,858 | |
| | |
Elite Material Co. Ltd. | | | 1,335 | | | | 4,304 | |
| | |
Far Eastern New Century Corp. | | | 4,186 | | | | 4,571 | |
| | |
FLEXium Interconnect, Inc. | | | 1,299 | | | | 4,084 | |
| | |
Globalwafers Co. Ltd. | | | 624 | | | | 6,840 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 36 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Taiwan — continued | |
| | |
Merry Electronics Co. Ltd. | | | 982 | | | | 5,656 | |
| | |
Novatek Microelectronics Corp. | | | 1,146 | | | | 7,497 | |
| | |
Radiant Opto-Electronics Corp. | | | 1,273 | | | | 4,302 | |
| | |
Sino-American Silicon Products, Inc. * | | | 2,680 | | | | 5,811 | |
| | |
Taiwan Cement Corp. | | | 3,412 | | | | 4,640 | |
| | |
Taiwan Mobile Co. Ltd. | | | 1,580 | | | | 5,778 | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 1,103 | | | | 48,350 | |
| | |
TCI Co. Ltd. | | | 168 | | | | 2,508 | |
| | |
Uni-President Enterprises Corp. | | | 4,031 | | | | 9,580 | |
| | |
Yageo Corp. | | | 257 | | | | 2,552 | |
| | |
Yuanta Financial Holding Co. Ltd. | | | 14,950 | | | | 8,671 | |
| | |
Zhen Ding Technology Holding Ltd. | | | 1,444 | | | | 5,166 | |
| | | | | | | | |
| | |
| | | | | | | 180,812 | |
| | | | | | | | |
|
Thailand — 3.3% | |
| | |
PTT Exploration & Production PCL | | | 3,251 | | | | 13,585 | |
| | |
PTT Global Chemical PCL | | | 3,853 | | | | 8,307 | |
| | |
PTT PCL | | | 9,931 | | | | 15,162 | |
| | |
Quality Houses PCL | | | 28,508 | | | | 2,645 | |
| | |
Star Petroleum Refining PCL, NVDR | | | 11,104 | | | | 3,687 | |
| | |
Tisco Financial Group PCL | | | 1,111 | | | | 2,915 | |
| | | | | | | | |
| | |
| | | | | | | 46,301 | |
| | | | | | | | |
|
Turkey — 1.4% | |
| | |
Ford Otomotiv Sanayi A/S | | | 239 | | | | 2,111 | |
| | |
KOC Holding A/S | | | 1,253 | | | | 3,403 | |
| | |
Petkim Petrokimya Holding A/S | | | 6,474 | | | | 4,857 | |
| | |
Soda Sanayii A/S | | | 1,982 | | | | 2,578 | |
| | |
Tekfen Holding A/S | | | 861 | | | | 3,846 | |
| | |
Turkiye Sise ve Cam Fabrikalari A/S | | | 2,980 | | | | 3,049 | |
| | | | | | | | |
| | |
| | | | | | | 19,844 | |
| | | | | | | | |
|
United Kingdom — 0.5% | |
| | |
Mondi Ltd. | | | 340 | | | | 7,495 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $1,199,943) | | | | | | | 1,390,599 | |
| | | | | | | | |
Short-Term Investments — 1.2% | |
|
Investment Companies — 1.2% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (d) (e) (Cost $17,075) | | | 17,070 | | | | 17,075 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Investment of Cash Collateral from Securities Loaned — 0.0%(f) | |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) (Cost $143) | | | 143 | | | | 143 | |
| | | | | | | | |
Total Investments — 99.9%
(Cost $1,217,161) | | | | | | | 1,407,817 | |
Other Assets Less Liabilities — 0.1% | | | | | | | 1,750 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 1,409,567 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 23.5 | % |
| |
Oil, Gas & Consumable Fuels | | | 11.3 | |
| |
Interactive Media & Services | | | 5.9 | |
| |
Semiconductors & Semiconductor Equipment | | | 5.6 | |
| |
Metals & Mining | | | 5.3 | |
| |
Internet & Direct Marketing Retail | | | 5.1 | |
| |
Technology Hardware, Storage & Peripherals | | | 4.6 | |
| |
Food & Staples Retailing | | | 3.0 | |
| |
Real Estate Management & Development | | | 2.7 | |
| |
IT Services | | | 2.5 | |
| |
Construction & Engineering | | | 2.4 | |
| |
Electronic Equipment, Instruments & Components | | | 2.4 | |
| |
Chemicals | | | 2.3 | |
| |
Insurance | | | 2.1 | |
| |
Industrial Conglomerates | | | 1.8 | |
| |
Thrifts & Mortgage Finance | | | 1.5 | |
| |
Food Products | | | 1.4 | |
| |
Construction Materials | | | 1.4 | |
| |
Diversified Telecommunication Services | | | 1.2 | |
| |
Tobacco | | | 1.0 | |
| |
Others (each less than 1.0%) | | | 11.8 | |
| |
Short-Term Investments | | | 1.2 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 37 | |
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| GDR | | Global Depositary Receipt |
| NVDR | | Non-voting depository receipt |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| PT | | Limited liability company |
| |
| (a) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and |
| | |
| | do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (b) | | Amount rounds to less than one thousand. |
| (c) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $136,000. |
| (d) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (e) | | The rate shown is the current yield as of April 30, 2019. |
| (f) | | Amount rounds to less than 0.1% of net assets. |
| * | | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 38 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common stocks — 97.5% | |
|
Argentina — 1.7% | |
| | |
MercadoLibre, Inc. * | | | 210 | | | | 101,668 | |
| | | | | | | | |
|
Australia — 0.4% | |
| | |
Oil Search Ltd. | | | 4,335 | | | | 23,738 | |
| | | | | | | | |
|
Brazil — 7.0% | |
| | |
Ambev SA, ADR | | | 17,355 | | | | 81,740 | |
| | |
B3 SA — Brasil Bolsa Balcao * | | | 10,120 | | | | 89,169 | |
| | |
Itau Unibanco Holding SA, ADR | | | 9,466 | | | | 81,883 | |
| | |
Kroton Educacional SA | | | 21,708 | | | | 54,311 | |
| | |
Lojas Renner SA | | | 5,651 | | | | 66,750 | |
| | |
Raia Drogasil SA * | | | 1,331 | | | | 23,274 | |
| | |
Ultrapar Participacoes SA | | | 2,935 | | | | 15,740 | |
| | |
WEG SA | | | 658 | | | | 3,135 | |
| | | | | | | | |
| | |
| | | | | | | 416,002 | |
| | | | | | | | |
|
China — 30.4% | |
| | |
Alibaba Group Holding Ltd., ADR * (a) | | | 1,870 | | | | 346,941 | |
| | |
Baidu, Inc., ADR * | | | 345 | | | | 57,356 | |
| | |
Hangzhou Robam Appliances Co. Ltd., Class A | | | 8,294 | | | | 36,023 | |
| | |
Han’s Laser Technology Industry Group Co. Ltd., Class A | | | 9,281 | | | | 54,042 | |
| | |
Huazhu Group Ltd., ADR | | | 2,044 | | | | 86,661 | |
| | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | | 17,400 | | | | 80,198 | |
| | |
JD.com, Inc., ADR * | | | 1,825 | | | | 55,245 | |
| | |
Kweichow Moutai Co. Ltd., Class A | | | 522 | | | | 75,446 | |
| | |
Meituan Dianping, Class B * (b) | | | 3,090 | | | | 22,508 | |
| | |
Midea Group Co. Ltd., Class A | | | 12,494 | | | | 97,271 | |
| | |
New Oriental Education & Technology Group, Inc., ADR * | | | 1,001 | | | | 95,534 | |
| | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 23,798 | | | | 288,067 | |
| | |
Shenzhou International Group Holdings Ltd. | | | 4,471 | | | | 60,094 | |
| | |
Tencent Holdings Ltd. | | | 7,146 | | | | 352,205 | |
| | |
Yum China Holdings, Inc. | | | 2,205 | | | | 104,819 | |
| | | | | | | | |
| | |
| | | | | | | 1,812,410 | |
| | | | | | | | |
|
Egypt — 0.9% | |
| | |
Commercial International Bank Egypt SAE (Registered), GDR (b) | | | 12,154 | | | | 53,274 | |
| | | | | | | | |
|
Hong Kong — 7.1% | |
| | |
AIA Group Ltd. | | | 30,166 | | | | 308,885 | |
| | |
AIA Group Ltd. | | | 795 | | | | 8,109 | |
| | |
Jardine Matheson Holdings Ltd. | | | 350 | | | | 23,008 | |
| | |
Techtronic Industries Co. Ltd. | | | 11,907 | | | | 86,161 | |
| | | | | | | | |
| | |
| | | | | | | 426,163 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Hungary — 1.1% | |
| | |
OTP Bank Nyrt. | | | 1,535 | | | | 68,255 | |
| | | | | | | | |
|
India — 16.7% | |
| | |
Asian Paints Ltd. | | | 1,940 | | | | 40,807 | |
| | |
HDFC Bank Ltd. | | | 4,463 | | | | 148,254 | |
| | |
HDFC Bank Ltd., ADR | | | 874 | | | | 100,239 | |
| | |
HDFC Life Insurance Co. Ltd. (b) | | | 10,544 | | | | 61,350 | |
| | |
Housing Development Finance Corp. Ltd. | | | 8,903 | | | | 255,423 | |
| | |
IndusInd Bank Ltd. | | | 3,262 | | | | 75,387 | |
| | |
ITC Ltd. | | | 17,048 | | | | 73,890 | |
| | |
Kotak Mahindra Bank Ltd. | | | 3,885 | | | | 77,481 | |
| | |
Tata Consultancy Services Ltd. | | | 3,235 | | | | 105,155 | |
| | |
UltraTech Cement Ltd. | | | 870 | | | | 57,727 | |
| | | | | | | | |
| | |
| | | | | | | 995,713 | |
| | | | | | | | |
|
Indonesia — 2.3% | |
| | |
Bank Central Asia Tbk. PT | | | 37,575 | | | | 75,903 | |
| | |
Bank Rakyat Indonesia Persero Tbk. PT * | | | 203,387 | | | | 62,533 | |
| | | | | | | | |
| | |
| | | | | | | 138,436 | |
| | | | | | | | |
|
Macau — 1.4% | |
| | |
Sands China Ltd. | | | 14,911 | | | | 82,071 | |
| | | | | | | | |
|
Mexico — 3.8% | |
| | |
Fomento Economico Mexicano SAB de CV, ADR | | | 627 | | | | 61,229 | |
| | |
Grupo Financiero Banorte SAB de CV, Class O | | | 19,399 | | | | 122,914 | |
| | |
Infraestructura Energetica Nova SAB de CV | | | 9,739 | | | | 42,563 | |
| | | | | | | | |
| | |
| | | | | | | 226,706 | |
| | | | | | | | |
|
Panama — 0.9% | |
| | |
Copa Holdings SA, Class A (a) | | | 662 | | | | 55,149 | |
| | | | | | | | |
|
Peru — 1.2% | |
| | |
Credicorp Ltd. | | | 303 | | | | 71,682 | |
| | | | | | | | |
|
Portugal — 1.2% | |
| | |
Jeronimo Martins SGPS SA (a) | | | 4,345 | | | | 70,759 | |
| | | | | | | | |
|
Russia — 3.2% | |
| | |
Sberbank of Russia PJSC | | | 44,468 | | | | 155,788 | |
| | |
Sberbank of Russia PJSC | | | 10,497 | | | | 36,775 | |
| | | | | | | | |
| | |
| | | | | | | 192,563 | |
| | | | | | | | |
|
South Africa — 4.1% | |
| | |
Bid Corp. Ltd. | | | 4,954 | | | | 104,724 | |
| | |
Capitec Bank Holdings Ltd. (a) | | | 510 | | | | 47,615 | |
| | |
Mr Price Group Ltd. | | | 2,518 | | | | 38,159 | |
| | |
Sanlam Ltd. | | | 9,956 | | | | 53,311 | |
| | | | | | | | |
| | |
| | | | | | | 243,809 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 39 | |
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
South Korea — 5.3% | |
| | |
NAVER Corp. | | | 404 | | | | 41,370 | |
| | |
NCSoft Corp. | | | 100 | | | | 44,814 | |
| | |
Samsung Electronics Co. Ltd. | | | 5,778 | | | | 227,183 | |
| | | | | | | | |
| | |
| | | | | | | 313,367 | |
| | | | | | | | |
|
Spain — 0.4% | |
| | |
Prosegur Cia de Seguridad SA | | | 4,899 | | | | 25,485 | |
| | | | | | | | |
|
Taiwan — 6.5% | |
| | |
Largan Precision Co. Ltd. | | | 356 | | | | 53,444 | |
| | |
President Chain Store Corp. | | | 5,411 | | | | 50,485 | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 6,498 | | | | 284,744 | |
| | | | | | | | |
| | |
| | | | | | | 388,673 | |
| | | | | | | | |
|
Turkey — 0.2% | |
| | |
Ford Otomotiv Sanayi A/S | | | 1,070 | | | | 9,459 | |
| | | | | | | | |
|
United States — 1.7% | |
| | |
EPAM Systems, Inc. * | | | 563 | | | | 101,013 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $4,271,749) | | | | | | | 5,816,395 | |
| | | | | | | | |
| | |
| | | NO. OF
WARRANTS
(000) | | | | |
Warrants — 0.3% | |
|
United States — 0.3% | |
| | |
Almarai Co. | | | | | | | | |
| | |
expiring 7/11/2019, price 1.00 USD *
(Cost $19,204) | | | 1,070 | | | | 16,964 | |
| | | | | | | | |
| | |
| | | SHARES
(000) | | | | |
Short-Term Investments — 2.3% | |
|
Investment Companies — 2.3% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d)
(Cost $138,231) | | | 138,189 | | | | 138,231 | |
| | | | | | | | |
|
Investment of Cash Collateral from Securities Loaned — 0.4% | |
| | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | | | 14,004 | | | | 14,005 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | | | 9,440 | | | | 9,440 | |
| | | | | | | | |
| | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $23,445) | | | | | | | 23,445 | |
| | | | | | | | |
Total Investments — 100.5%
(Cost $4,452,629) | | | | | | | 5,995,035 | |
Liabilities in Excess of
Other Assets — (0.5)% | | | | | | | (32,772 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 5,962,263 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 19.6 | % |
| |
Insurance | | | 12.0 | |
| |
Internet & Direct Marketing Retail | | | 8.8 | |
| |
Interactive Media & Services | | | 7.5 | |
| |
Semiconductors & Semiconductor Equipment | | | 4.7 | |
| |
Hotels, Restaurants & Leisure | | | 4.6 | |
| |
Thrifts & Mortgage Finance | | | 4.3 | |
| |
Food & Staples Retailing | | | 4.2 | |
| |
Technology Hardware, Storage & Peripherals | | | 3.8 | |
| |
Household Durables | | | 3.7 | |
| |
Beverages | | | 3.6 | |
| |
IT Services | | | 3.4 | |
| |
Diversified Consumer Services | | | 2.5 | |
| |
Food Products | | | 1.6 | |
| |
Capital Markets | | | 1.5 | |
| |
Tobacco | | | 1.2 | |
| |
Multiline Retail | | | 1.1 | |
| |
Textiles, Apparel & Luxury Goods | | | 1.0 | |
| |
Construction Materials | | | 1.0 | |
| |
Machinery | | | 1.0 | |
| |
Others (each less than 1.0%) | | | 6.6 | |
| |
Short-Term Investments | | | 2.3 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 40 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| GDR | | Global Depositary Receipt |
| PT | | Limited liability company |
| SGPS | | Holding company |
| USD | | United States Dollar |
| |
| (a) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $22,871,000. |
| | |
| (b) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (d) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 41 | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 89.7% | |
|
Brazil — 7.1% | |
| | |
Ambev SA | | | 370 | | | | 1,743 | |
| | |
Atacadao SA * | | | 104 | | | | 564 | |
| | |
B3 SA — Brasil Bolsa Balcao * | | | 184 | | | | 1,620 | |
| | |
Banco Bradesco SA (Preference) * | | | 250 | | | | 2,270 | |
| | |
Cielo SA | | | 218 | | | | 430 | |
| | |
CVC Brasil Operadora e Agencia de Viagens SA * | | | 39 | | | | 572 | |
| | |
Engie Brasil Energia SA | | | 67 | | | | 767 | |
| | |
Equatorial Energia SA * | | | 50 | | | | 1,054 | |
| | |
Gerdau SA (Preference) | | | 307 | | | | 1,112 | |
| | |
Itau Unibanco Holding SA (Preference) | | | 426 | | | | 3,685 | |
| | |
Kroton Educacional SA | | | 470 | | | | 1,177 | |
| | |
Lojas Renner SA | | | 131 | | | | 1,550 | |
| | |
Petroleo Brasileiro SA (Preference) | | | 498 | | | | 3,447 | |
| | |
Raia Drogasil SA * | | | 66 | | | | 1,147 | |
| | |
Telefonica Brasil SA (Preference) | | | 118 | | | | 1,398 | |
| | |
TIM Participacoes SA, ADR * | | | 63 | | | | 933 | |
| | |
Vale SA, ADR | | | 232 | | | | 2,969 | |
| | | | | | | | |
| | |
| | | | | | | 26,438 | |
| | | | | | | | |
|
Chile — 0.2% | |
| | |
Cencosud SA | | | 194 | | | | 368 | |
| | |
Cia Cervecerias Unidas SA, ADR | | | 16 | | | | 436 | |
| | | | | | | | |
| | |
| | | | | | | 804 | |
| | | | | | | | |
|
China — 33.0% | |
| | |
3SBio, Inc.(a) | | | 394 | | | | 728 | |
| | |
51job, Inc., ADR * | | | 10 | | | | 912 | |
| | |
AAC Technologies Holdings, Inc. | | | 66 | | | | 429 | |
| | |
Alibaba Group Holding Ltd., ADR * | | | 96 | | | | 17,730 | |
| | |
ANTA Sports Products Ltd. | | | 163 | | | | 1,146 | |
| | |
Baidu, Inc., ADR * | | | 16 | | | | 2,588 | |
| | |
Bank of China Ltd., Class H | | | 6,691 | | | | 3,195 | |
| | |
Baoshan Iron & Steel Co. Ltd., Class A | | | 616 | | | | 657 | |
| | |
BOE Technology Group Co. Ltd., Class A | | | 691 | | | | 371 | |
| | |
CGN Power Co. Ltd., Class H (a) | | | 2,882 | | | | 760 | |
| | |
China Conch Venture Holdings Ltd. | | | 185 | | | | 625 | |
| | |
China Construction Bank Corp., Class H | | | 7,489 | | | | 6,602 | |
| | |
China Everbright International Ltd. | | | 996 | | | | 977 | |
| | |
China Life Insurance Co. Ltd., Class H | | | 861 | | | | 2,447 | |
| | |
China Longyuan Power Group Corp. Ltd., Class H | | | 1,259 | | | | 868 | |
| | |
China Merchants Bank Co. Ltd., Class H | | | 465 | | | | 2,299 | |
| | |
China Mobile Ltd. | | | 297 | | | | 2,834 | |
| | |
China Oilfield Services Ltd., Class H | | | 708 | | | | 758 | |
| | |
China Overseas Land & Investment Ltd. | | | 530 | | | | 1,986 | |
| | |
China Pacific Insurance Group Co. Ltd., Class H | | | 392 | | | | 1,607 | |
| | |
China Petroleum & Chemical Corp., Class H | | | 2,934 | | | | 2,255 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
China — continued | |
| | |
China Railway Group Ltd., Class H | | | 729 | | | | 575 | |
| | |
China Shenhua Energy Co. Ltd., Class H | | | 564 | | | | 1,247 | |
| | |
China State Construction International Holdings Ltd. | | | 260 | | | | 270 | |
| | |
China Unicom Hong Kong Ltd. | | | 1,188 | | | | 1,411 | |
| | |
China Vanke Co. Ltd., Class H | | | 371 | | | | 1,434 | |
| | |
Chongqing Rural Commercial Bank Co. Ltd., Class H | | | 861 | | | | 504 | |
| | |
CNOOC Ltd. | | | 402 | | | | 730 | |
| | |
Country Garden Holdings Co. Ltd. | | | 1,127 | | | | 1,816 | |
| | |
Country Garden Services Holdings Co. Ltd. * | | | 516 | | | | 953 | |
| | |
CSPC Pharmaceutical Group Ltd. | | | 530 | | | | 1,023 | |
| | |
Ctrip.com International Ltd., ADR * | | | 36 | | | | 1,582 | |
| | |
ENN Energy Holdings Ltd. | | | 111 | | | | 1,051 | |
| | |
Far East Horizon Ltd. | | | 592 | | | | 657 | |
| | |
Focus Media Information Technology Co. Ltd., Class A | | | 292 | | | | 265 | |
| | |
Fosun International Ltd. | | | 331 | | | | 514 | |
| | |
Geely Automobile Holdings Ltd. | | | 793 | | | | 1,597 | |
| | |
Greentown Service Group Co. Ltd. (a) | | | 394 | | | | 340 | |
| | |
Guangdong Haid Group Co. Ltd., Class A | | | 113 | | | | 513 | |
| | |
Hangzhou Robam Appliances Co. Ltd., Class A | | | 159 | | | | 690 | |
| | |
Han’s Laser Technology Industry Group Co. Ltd., Class A | | | 77 | | | | 447 | |
| | |
Industrial & Commercial Bank of China Ltd., Class H | | | 5,763 | | | | 4,335 | |
| | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | | 100 | | | | 459 | |
| | |
JD.com, Inc., ADR * | | | 13 | | | | 388 | |
| | |
Jiangsu Hengrui Medicine Co. Ltd., Class A | | | 103 | | | | 1,009 | |
| | |
Kingdee International Software Group Co. Ltd. | | | 879 | | | | 1,079 | |
| | |
Kweichow Moutai Co. Ltd., Class A | | | 7 | | | | 969 | |
| | |
KWG Group Holdings Ltd. | | | 575 | | | | 674 | |
| | |
Longfor Group Holdings Ltd. | | | 208 | | | | 767 | |
| | |
Luxshare Precision Industry Co. Ltd., Class A | | | 187 | | | | 727 | |
| | |
Midea Group Co. Ltd., Class A | | | 135 | | | | 1,050 | |
| | |
NetEase, Inc., ADR | | | 5 | | | | 1,528 | |
| | |
Nexteer Automotive Group Ltd. | | | 265 | | | | 416 | |
| | |
PetroChina Co. Ltd., Class H | | | 1,508 | | | | 956 | |
| | |
PICC Property & Casualty Co. Ltd., Class H | | | 1,064 | | | | 1,195 | |
| | |
Pinduoduo, Inc., ADR * | | | 29 | | | | 653 | |
| | |
Ping An Bank Co. Ltd., Class A | | | 596 | | | | 1,228 | |
| | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 465 | | | | 5,623 | |
| | |
Postal Savings Bank of China Co. Ltd., Class H (a) | | | 1,991 | | | | 1,212 | |
| | |
SAIC Motor Corp. Ltd., Class A | | | 228 | | | | 928 | |
| | |
Shenzhou International Group Holdings Ltd. | | | 107 | | | | 1,440 | |
| | |
Sinopharm Group Co. Ltd., Class H | | | 313 | | | | 1,231 | |
| | |
Sunny Optical Technology Group Co. Ltd. | | | 119 | | | | 1,459 | |
| | |
Tencent Holdings Ltd. | | | 421 | | | | 20,760 | |
| | |
Wuxi Biologics Cayman, Inc. * (a) | | | 133 | | | | 1,335 | |
| | |
Yum China Holdings, Inc. | | | 46 | | | | 2,193 | |
| | | | | | | | |
| | |
| | | | | | | 123,007 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 42 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | | | | | | | | |
|
Colombia — 0.3% | |
| | |
Bancolombia SA | | | 105 | | | | 1,282 | |
| | | | | | | | |
|
Czech Republic — 0.4% | |
| | |
Komercni banka A/S | | | 22 | | | | 822 | |
| | |
Moneta Money Bank A/S (a) | | | 187 | | | | 600 | |
| | | | | | | | |
| | |
| | | | | | | 1,422 | |
| | | | | | | | |
|
Hong Kong — 0.2% | |
| | |
Haier Electronics Group Co. Ltd. | | | 197 | | | | 563 | |
| �� | | | | | | | |
|
Hungary — 0.9% | |
| | |
MOL Hungarian Oil & Gas plc | | | 86 | | | | 995 | |
| | |
OTP Bank Nyrt. | | | 36 | | | | 1,607 | |
| | |
Richter Gedeon Nyrt. | | | 39 | | | | 784 | |
| | | | | | | | |
| | |
| | | | | | | 3,386 | |
| | | | | | | | |
|
Indonesia — 2.4% | |
| | |
Astra International Tbk. PT | | | 2,440 | | | | 1,306 | |
| | |
Bank Central Asia Tbk. PT | | | 1,073 | | | | 2,168 | |
| | |
Bank Rakyat Indonesia Persero Tbk. PT * | | | 6,578 | | | | 2,022 | |
| | |
Hanjaya Mandala Sampoerna Tbk. PT | | | 2,984 | | | | 734 | |
| | |
Telekomunikasi Indonesia Persero Tbk. PT | | | 6,049 | | | | 1,611 | |
| | |
Unilever Indonesia Tbk. PT | | | 216 | | | | 689 | |
| | |
United Tractors Tbk. PT | | | 152 | | | | 291 | |
| | | | | | | | |
| | |
| | | | | | | 8,821 | |
| | | | | | | | |
|
Malaysia — 1.4% | |
| | |
AirAsia Group Bhd. | | | 643 | | | | 425 | |
| | |
CIMB Group Holdings Bhd. | | | 482 | | | | 615 | |
| | |
IHH Healthcare Bhd | | | 412 | | | | 554 | |
| | |
Petronas Chemicals Group Bhd. | | | 530 | | | | 1,153 | |
| | |
Public Bank Bhd. | | | 305 | | | | 1,659 | |
| | |
Tenaga Nasional Bhd. | | | 292 | | | | 868 | |
| | | | | | | | |
| | |
| | | | | | | 5,274 | |
| | | | | | | | |
|
Mexico — 3.8% | |
| | |
Alfa SAB de CV, Class A | | | 568 | | | | 572 | |
| | |
America Movil SAB de CV, Series L | | | 3,164 | | | | 2,348 | |
| | |
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | | | 490 | | | | 822 | |
| | |
Cemex SAB de CV, ADR * | | | 77 | | | | 353 | |
| | |
Fomento Economico Mexicano SAB de CV, ADR | | | 21 | | | | 2,095 | |
| | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | | | 108 | | | | 1,098 | |
| | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | | 57 | | | | 936 | |
| | |
Grupo Financiero Banorte SAB de CV, Class O | | | 361 | | | | 2,290 | |
| | |
Grupo Mexico SAB de CV, Series B | | | 518 | | | | 1,522 | |
| | |
Wal-Mart de Mexico SAB de CV | | | 759 | | | | 2,231 | |
| | | | | | | | |
| | |
| | | | | | | 14,267 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Peru — 0.5% | |
| | |
Credicorp Ltd. | | | 8 | | | | 1,946 | |
| | | | | | | | |
|
Philippines — 1.1% | |
| | |
Ayala Corp. | | | 34 | | | | 586 | |
| | |
Ayala Land, Inc. | | | 815 | | | | 767 | |
| | |
Bank of the Philippine Islands | | | 198 | | | | 323 | |
| | |
International Container Terminal Services, Inc. | | | 295 | | | | 717 | |
| | |
Jollibee Foods Corp. | | | 117 | | | | 682 | |
| | |
Security Bank Corp. | | | 83 | | | | 288 | |
| | |
Universal Robina Corp. | | | 211 | | | | 615 | |
| | | | | | | | |
| | |
| | | | | | | 3,978 | |
| | | | | | | | |
|
Poland — 0.9% | |
| | |
CCC SA | | | 12 | | | | 656 | |
| | |
CD Projekt SA * | | | 16 | | | | 883 | |
| | |
Dino Polska SA * (a) | | | 31 | | | | 1,025 | |
| | |
Polski Koncern Naftowy ORLEN SA | | | 36 | | | | 936 | |
| | | | | | | | |
| | |
| | | | | | | 3,500 | |
| | | | | | | | |
|
Qatar — 0.2% | |
| | |
Qatar National Bank QPSC | | | 14 | | | | 731 | |
| | | | | | | | |
|
Russia — 4.4% | |
| | |
Alrosa PJSC | | | 729 | | | | 1,063 | |
| | |
Gazprom PJSC, ADR | | | 159 | | | | 794 | |
| | |
LUKOIL PJSC, ADR | | | 43 | | | | 3,645 | |
| | |
Magnitogorsk Iron & Steel Works PJSC | | | 505 | | | | 346 | |
| | |
MMC Norilsk Nickel PJSC, ADR | | | 52 | | | | 1,164 | |
| | |
Mobile TeleSystems PJSC, ADR | | | 121 | | | | 951 | |
| | |
Moscow Exchange MICEX-RTS PJSC | | | 616 | | | | 869 | |
| | |
Novatek PJSC, GDR (a) | | | 6 | | | | 1,125 | |
| | |
Rosneft Oil Co. PJSC, GDR (a) | | | 69 | | | | 462 | |
| | |
Sberbank of Russia PJSC, ADR | | | 245 | | | | 3,537 | |
| | |
Severstal PJSC, GDR (a) | | | 38 | | | | 619 | |
| | |
Tatneft PJSC, ADR | | | 12 | | | | 819 | |
| | |
X5 Retail Group NV, GDR (a) | | | 28 | | | | 859 | |
| | | | | | | | |
| | |
| | | | | | | 16,253 | |
| | | | | | | | |
|
South Africa — 6.3% | |
| | |
Absa Group Ltd. | | | 112 | | | | 1,293 | |
| | |
AngloGold Ashanti Ltd., ADR | | | 96 | | | | 1,129 | |
| | |
Bid Corp. Ltd. | | | 67 | | | | 1,406 | |
| | |
Capitec Bank Holdings Ltd. | | | 13 | | | | 1,257 | |
| | |
Clicks Group Ltd. | | | 67 | | | | 917 | |
| | |
FirstRand Ltd. | | | 428 | | | | 2,037 | |
| | |
Growthpoint Properties Ltd., REIT | | | 497 | | | | 865 | |
| | |
Mr Price Group Ltd. | | | 78 | | | | 1,187 | |
| | |
MTN Group Ltd. | | | 55 | | | | 398 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 43 | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | | | | | | | | |
|
South Africa — continued | |
| | |
Naspers Ltd., Class N | | | 29 | | | | 7,483 | |
| | |
Netcare Ltd. | | | 259 | | | | 436 | |
| | |
Pick n Pay Stores Ltd. | | | 143 | | | | 693 | |
| | |
Sanlam Ltd. | | | 208 | | | | 1,113 | |
| | |
Sappi Ltd. | | | 106 | | | | 506 | |
| | |
Shoprite Holdings Ltd. | | | 49 | | | | 597 | |
| | |
SPAR Group Ltd. (The) | | | 62 | | | | 845 | |
| | |
Vodacom Group Ltd. | | | 142 | | | | 1,149 | |
| | | | | | | | |
| | |
| | | | | | | 23,311 | |
| | | | | | | | |
|
South Korea — 13.0% | |
| | |
BGF retail Co. Ltd. | | | 4 | | | | 793 | |
| | |
CJ Logistics Corp. * | | | 4 | | | | 542 | |
| | |
Daelim Industrial Co. Ltd. | | | 7 | | | | 610 | |
| | |
Hana Financial Group, Inc. | | | 43 | | | | 1,369 | |
| | |
Hankook Tire Co. Ltd. | | | 14 | | | | 487 | |
| | |
HDC Hyundai Development Co-Engineering & Construction, Class E | | | 7 | | | | 291 | |
| | |
Hyundai Glovis Co. Ltd. | | | 4 | | | | 567 | |
| | |
Hyundai Heavy Industries Holdings Co. Ltd. | | | 2 | | | | 544 | |
| | |
Hyundai Mobis Co. Ltd. | | | 8 | | | | 1,580 | |
| | |
Hyundai Motor Co. | | | 16 | | | | 1,860 | |
| | |
Industrial Bank of Korea | | | 60 | | | | 727 | |
| | |
KB Financial Group, Inc. | | | 53 | | | | 2,084 | |
| | |
Kia Motors Corp. | | | 31 | | | | 1,199 | |
| | |
Korea Electric Power Corp. | | | 22 | | | | 539 | |
| | |
KT&G Corp. | | | 17 | | | | 1,443 | |
| | |
LG Chem Ltd. | | | 4 | | | | 1,336 | |
| | |
Lotte Chemical Corp. | | | 5 | | | | 1,056 | |
| | |
Mando Corp. | | | 20 | | | | 563 | |
| | |
NAVER Corp. | | | 17 | | | | 1,764 | |
| | |
NCSoft Corp. | | | 4 | | | | 1,642 | |
| | |
POSCO | | | 9 | | | | 1,871 | |
| | |
Samsung Electronics Co. Ltd. | | | 407 | | | | 16,016 | |
| | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 4 | | | | 1,139 | |
| | |
Samsung SDI Co. Ltd. | | | 9 | | | | 1,766 | |
| | |
Shinhan Financial Group Co. Ltd. | | | 50 | | | | 1,886 | |
| | |
SK Holdings Co. Ltd. | | | 5 | | | | 1,078 | |
| | |
SK Hynix, Inc. | | | 28 | | | | 1,897 | |
| | |
SK Innovation Co. Ltd. | | | 4 | | | | 601 | |
| | |
S-Oil Corp. | | | 14 | | | | 1,080 | |
| | |
Woori Financial Group, Inc. | | | 1 | | | | 10 | |
| | | | | | | | |
| | |
| | | | | | | 48,340 | |
| | | | | | | | |
|
Taiwan — 10.7% | |
| | |
Advantech Co. Ltd. | | | 51 | | | | 413 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Taiwan — continued | |
| | |
Asustek Computer, Inc. | | | 132 | | | | 1,009 | |
| | |
Catcher Technology Co. Ltd. | | | 166 | | | | 1,316 | |
| | |
Chailease Holding Co. Ltd. | | | 288 | | | | 1,228 | |
| | |
Chicony Electronics Co. Ltd. | | | 132 | | | | 325 | |
| | |
China Life Insurance Co. Ltd. | | | 1,059 | | | | 882 | |
| | |
CTBC Financial Holding Co. Ltd. | | | 2,519 | | | | 1,726 | |
| | |
Delta Electronics, Inc. | | | 333 | | | | 1,758 | |
| | |
E.Sun Financial Holding Co. Ltd. | | | 1,920 | | | | 1,577 | |
| | |
Far EasTone Telecommunications Co. Ltd. | | | 258 | | | | 633 | |
| | |
Formosa Chemicals & Fibre Corp. | | | 265 | | | | 954 | |
| | |
Formosa Plastics Corp. | | | 532 | | | | 1,931 | |
| | |
Fubon Financial Holding Co. Ltd. | | | 929 | | | | 1,373 | |
| | |
Globalwafers Co. Ltd. | | | 67 | | | | 734 | |
| | |
Hon Hai Precision Industry Co. Ltd. | | | 463 | | | | 1,304 | |
| | |
Inventec Corp. | | | 1,109 | | | | 891 | |
| | |
Largan Precision Co. Ltd. | | | 10 | | | | 1,501 | |
| | |
Mega Financial Holding Co. Ltd. | | | 793 | | | | 761 | |
| | |
Quanta Computer, Inc. | | | 532 | | | | 1,020 | |
| | |
Taiwan Mobile Co. Ltd. | | | 183 | | | | 669 | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 348 | | | | 15,246 | |
| | |
Uni-President Enterprises Corp. | | | 396 | | | | 941 | |
| | |
Vanguard International Semiconductor Corp. | | | 396 | | | | 880 | |
| | |
Yuanta Financial Holding Co. Ltd. | | | 1,564 | | | | 907 | |
| | | | | | | | |
| | |
| | | | | | | 39,979 | |
| | | | | | | | |
|
Thailand — 2.2% | |
| | |
Kasikornbank PCL | | | 272 | | | | 1,623 | |
| | |
Minor International PCL | | | 775 | | | | 911 | |
| | |
PTT Exploration & Production PCL | | | 126 | | | | 526 | |
| | |
PTT PCL | | | 1,302 | | | | 1,988 | |
| | |
Siam Cement PCL (The) (Registered) | | | 86 | | | | 1,240 | |
| | |
Siam Commercial Bank PCL (The) | | | 279 | | | | 1,133 | |
| | |
Thai Oil PCL | | | 436 | | | | 945 | |
| | | | | | | | |
| | |
| | | | | | | 8,366 | |
| | | | | | | | |
|
Turkey — 0.4% | |
| | |
BIM Birlesik Magazalar A/S | | | 21 | | | | 297 | |
| | |
Ford Otomotiv Sanayi A/S | | | 40 | | | | 350 | |
| | |
Tofas Turk Otomobil Fabrikasi A/S | | | 128 | | | | 385 | |
| | |
Turkcell Iletisim Hizmetleri A/S | | | 206 | | | | 432 | |
| | | | | | | | |
| | |
| | | | | | | 1,464 | |
| | | | | | | | |
|
United Arab Emirates — 0.2% | |
| | |
DP World plc | | | 28 | | | | 559 | |
| | | | | | | | |
|
United Kingdom — 0.1% | |
| | |
Mondi Ltd. | | | 15 | | | | 335 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $321,640) | | | | | | | 334,026 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 44 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Exchange Traded Funds — 9.4% | | | | | | | | |
|
United States | |
| | |
iShares MSCI India ETF
(Cost $31,948) | | | 985 | | | | 34,994 | |
| | | | | | | | |
| | |
| | | NO. OF
WARRANTS (000) | | | | |
Warrants — 0.0% | | | | | | | | |
| | |
Thailand — 0.0% | | | | | | | | |
| | |
Minor International PCL expiring 12/31/2021, price 1.00 THB *
(Cost $—) | | | 39 | | | | — | |
| | | | | | | | |
| | |
| | | SHARES (000) | | | | |
Short-Term Investments — 0.7% | | | | | | | | |
| | |
Investment Companies — 0.7% | | | | | | | | |
| | |
JPMorgan Prime Money Market Fund
Class Institutional Shares,
2.48% (b) (c) (Cost $2,387) | | | 2,386 | | | | 2,387 | |
| | | | | | | | |
Total Investments — 99.8%
(Cost $355,975) | | | | | | | 371,407 | |
Other Assets Less Liabilities — 0.2% | | | | | | | 905 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 372,312 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 16.6 | % |
| |
Mutual Funds | | | 9.4 | |
| |
Internet & Direct Marketing Retail | | | 7.5 | |
| |
Interactive Media & Services | | | 6.8 | |
| |
Oil, Gas & Consumable Fuels | | | 6.1 | |
| |
Technology Hardware, Storage & Peripherals | | | 5.7 | |
| |
Semiconductors & Semiconductor Equipment | | | 5.0 | |
| |
Insurance | | | 4.1 | |
| |
Metals & Mining | | | 3.4 | |
| |
Food & Staples Retailing | | | 3.2 | |
| |
Wireless Telecommunication Services | | | 2.8 | |
| |
Electronic Equipment, Instruments & Components | | | 2.3 | |
| |
Automobiles | | | 2.1 | |
| |
Real Estate Management & Development | | | 2.0 | |
| |
Chemicals | | | 1.7 | |
| |
Beverages | | | 1.4 | |
| |
Diversified Financial Services | | | 1.2 | |
| |
Diversified Telecommunication Services | | | 1.2 | |
| |
Hotels, Restaurants & Leisure | | | 1.2 | |
| |
Entertainment | | | 1.1 | |
| |
Others (each less than 1.0%) | | | 14.6 | |
| |
Short-Term Investments | | | 0.6 | |
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| ETF | | Exchange Traded Fund |
| GDR | | Global Depositary Receipt |
| MSCI | | Morgan Stanley Capital International |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| PJSC | | Public Joint Stock Company |
| PT | | Limited liability company |
| REIT | | Real Estate Investment Trust |
| THB | | Thai Baht |
| |
| (a) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (b) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (c) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 45 | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | EXPIRATION
DATE | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
| | | | | |
Long Contracts | | | | | | | | | | | | | | | | |
| | | | | |
| MSCI Emerging MarketsE-Mini Index | | 35 | | 06/2019 | | | USD | | | | 1,889 | | | | 41 | |
| | | | | | | | | | | | | | | | |
Abbreviations
| | |
| MSCI | | Morgan Stanley Capital International |
| USD | | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 46 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 97.4% | |
|
Australia — 3.9% | |
| | |
BHP Group plc | | | 358 | | | | 8,446 | |
| | |
Rio Tinto plc | | | 248 | | | | 14,449 | |
| | | | | | | | |
| | |
| | | | | | | 22,895 | |
| | | | | | | | |
|
Belgium — 1.9% | |
| | |
KBC Group NV | | | 147 | | | | 10,917 | |
| | | | | | | | |
|
Denmark — 1.3% | |
| | |
Royal Unibrew A/S | | | 108 | | | | 7,746 | |
| | | | | | | | |
|
Finland — 3.2% | |
| | |
Neste OYJ (a) | | | 452 | | | | 14,953 | |
| | |
UPM-Kymmene OYJ | | | 140 | | | | 3,954 | |
| | | | | | | | |
| | |
| | | | | | | 18,907 | |
| | | | | | | | |
|
France — 16.7% | |
| | |
Air France-KLM * | | | 687 | | | | 7,928 | |
| | |
Airbus SE (a) | | | 78 | | | | 10,717 | |
| | |
Capgemini SE | | | 55 | | | | 6,662 | |
| | |
Casino Guichard Perrachon SA (a) | | | 16 | | | | 653 | |
| | |
Cie Generale des Etablissements Michelin SCA | | | 62 | | | | 8,063 | |
| | |
Eiffage SA | | | 77 | | | | 8,010 | |
| | |
Faurecia SA | | | 110 | | | | 5,575 | |
| | |
Kering SA (a) | | | 29 | | | | 17,127 | |
| | |
LVMH Moet Hennessy Louis Vuitton SE (a) | | | 13 | | | | 5,078 | |
| | |
Peugeot SA (a) | | | 280 | | | | 7,342 | |
| | |
Safran SA | | | 69 | | | | 10,091 | |
| | |
TOTAL SA | | | 186 | | | | 10,348 | |
| | | | | | | | |
| | |
| | | | | | | 97,594 | |
| | | | | | | | |
|
Germany — 9.1% | |
| | |
Allianz SE (Registered) | | | 83 | | | | 19,994 | |
| | |
Deutsche Telekom AG (Registered) | | | 664 | | | | 11,121 | |
| | |
Hannover Rueck SE | | | 37 | | | | 5,580 | |
| | |
MTU Aero Engines AG | | | 32 | | | | 7,646 | |
| | |
Volkswagen AG (Preference) | | | 49 | | | | 8,539 | |
| | | | | | | | |
| | |
| | | | | | | 52,880 | |
| | | | | | | | |
|
Italy — 5.4% | |
| | |
Enel SpA | | | 2,323 | | | | 14,713 | |
| | |
Eni SpA | | | 695 | | | | 11,841 | |
| | |
Poste Italiane SpA (b) | | | 479 | | | | 5,123 | |
| | | | | | | | |
| | |
| | | | | | | 31,677 | |
| | | | | | | | |
|
Netherlands — 8.3% | |
| | |
ABN AMRO Group NV, CVA (a) (b) | | | 335 | | | | 7,896 | |
| | |
Adyen NV * (b) | | | 10 | | | | 7,826 | |
| | |
ASML Holding NV (a) | | | 25 | | | | 5,304 | |
| | |
ASR Nederland NV | | | 180 | | | | 8,007 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Netherlands — continued | |
| | |
ING Groep NV | | | 504 | | | | 6,425 | |
| | |
Koninklijke Ahold Delhaize NV | | | 268 | | | | 6,453 | |
| | |
NN Group NV | | | 145 | | | | 6,346 | |
| | | | | | | | |
| | |
| | | | | | | 48,257 | |
| | | | | | | | |
|
Norway — 1.2% | |
| | |
DNB ASA * | | | 375 | | | | 7,202 | |
| | | | | | | | |
|
South Africa — 1.4% | |
| | |
Anglo American plc | | | 308 | | | | 7,982 | |
| | | | | | | | |
|
Spain — 5.8% | |
| | |
ACS Actividades de Construccion y Servicios SA | | | 261 | | | | 12,013 | |
| | |
Repsol SA | | | 791 | | | | 13,422 | |
| | |
Telefonica SA | | | 1,027 | | | | 8,563 | |
| | | | | | | | |
| | |
| | | | | | | 33,998 | |
| | | | | | | | |
|
Sweden — 3.1% | |
| | |
Evolution Gaming Group AB (b) | | | 27 | | | | 2,771 | |
| | |
Telefonaktiebolaget LM Ericsson, Class B | | | 1,021 | | | | 10,102 | |
| | |
Volvo AB, Class B | | | 317 | | | | 5,076 | |
| | | | | | | | |
| | |
| | | | | | | 17,949 | |
| | | | | | | | |
|
Switzerland — 19.7% | |
| | |
Alcon, Inc. * | | | 59 | | | | 3,424 | |
| | |
Logitech International SA (Registered) | | | 152 | | | | 5,956 | |
| | |
Nestle SA (Registered) | | | 310 | | | | 29,828 | |
| | |
Novartis AG (Registered) | | | 297 | | | | 24,360 | |
| | |
Roche Holding AG | | | 102 | | | | 26,917 | |
| | |
Swisscom AG (Registered) (a) | | | 20 | | | | 9,229 | |
| | |
Zurich Insurance Group AG | | | 47 | | | | 15,088 | |
| | | | | | | | |
| | |
| | | | | | | 114,802 | |
| | | | | | | | |
|
United Kingdom — 15.4% | |
| | |
Ashtead Group plc | | | 249 | | | | 6,918 | |
| | |
BP plc | | | 1,431 | | | | 10,405 | |
| | |
BT Group plc | | | 2,071 | | | | 6,181 | |
| | |
Diageo plc | | | 260 | | | | 10,972 | |
| | |
Fevertree Drinks plc | | | 88 | | | | 3,602 | |
| | |
GlaxoSmithKline plc | | | 831 | | | | 17,063 | |
| | |
HSBC Holdings plc | | | 653 | | | | 5,692 | |
| | |
Imperial Brands plc | | | 268 | | | | 8,539 | |
| | |
Linde plc | | | 46 | | | | 8,346 | |
| | |
Micro Focus International plc | | | 146 | | | | 3,713 | |
| | |
Persimmon plc | | | 135 | | | | 3,942 | |
| | |
Taylor Wimpey plc | | | 1,873 | | | | 4,442 | |
| | | | | | | | |
| | |
| | | | | | | 89,815 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 47 | |
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
United States — 1.0% | |
| | |
Burford Capital Ltd. | | | 259 | | | | 5,532 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $535,172) | | | | | | | 568,153 | |
| | | | | | | | |
Short-Term Investments — 1.0% | | | | | |
|
Investment Companies — 1.0% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d)
(Cost $5,721) | | | 5,720 | | | | 5,721 | |
| | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 10.3% | |
| | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | | | 45,995 | | | | 46,000 | |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | | | 14,001 | | | | 14,001 | |
| | | | | | | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $60,001) | | | | | | | 60,001 | |
| | | | | | | | |
Total Investments — 108.7%
(Cost $600,894) | | | | | | | 633,875 | |
Liabilities in Excess of
Other Assets — (8.7)% | | | | | | | (50,649 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 583,226 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Pharmaceuticals | | | 10.8 | % |
| |
Oil, Gas & Consumable Fuels | | | 9.6 | |
| |
Insurance | | | 9.5 | |
| |
Investment of cash collateral from securities loaned | | | 9.5 | |
| |
Banks | | | 6.0 | |
| |
Diversified Telecommunication Services | | | 5.5 | |
| |
Metals & Mining | | | 4.9 | |
| |
Food Products | | | 4.7 | |
| |
Aerospace & Defense | | | 4.5 | |
| |
Beverages | | | 3.5 | |
| |
Textiles, Apparel & Luxury Goods | | | 3.5 | |
| |
Construction & Engineering | | | 3.2 | |
| |
Automobiles | | | 2.5 | |
| |
Electric Utilities | | | 2.3 | |
| |
IT Services | | | 2.3 | |
| |
Auto Components | | | 2.2 | |
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Communications Equipment | | | 1.6 | % |
| |
Tobacco | | | 1.3 | |
| |
Household Durables | | | 1.3 | |
| |
Chemicals | | | 1.3 | |
| |
Airlines | | | 1.3 | |
| |
Food & Staples Retailing | | | 1.1 | |
| |
Trading Companies & Distributors | | | 1.1 | |
| |
Others (each less than 1.0%) | | | 5.6 | |
| |
Short-Term Investments | | | 0.9 | |
Abbreviations
| | |
| CVA | | Dutch Certification |
| OYJ | | Public Limited Company |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| SCA | | Limited partnership with share capital |
| |
| (a) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $50,821,000. |
| (b) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (d) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 48 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 99.6% | |
|
Argentina — 0.0% (a) | |
| | |
MercadoLibre, Inc. * | | | 4 | | | | 2,160 | |
| | | | | | | | |
|
Australia — 3.0% | |
| | |
AGL Energy Ltd. | | | 63 | | | | 981 | |
| | |
Alumina Ltd. | | | 647 | | | | 1,024 | |
| | |
Amcor Ltd. | | | 182 | | | | 2,054 | |
| | |
AMP Ltd. | | | 342 | | | | 549 | |
| | |
APA Group | | | 176 | | | | 1,194 | |
| | |
Aristocrat Leisure Ltd. | | | 42 | | | | 781 | |
| | |
ASX Ltd. | | | 16 | | | | 856 | |
| | |
Aurizon Holdings Ltd. | | | 388 | | | | 1,301 | |
| | |
Australia & New Zealand Banking Group Ltd. | | | 379 | | | | 7,269 | |
| | |
Bendigo & Adelaide Bank Ltd. | | | 64 | | | | 462 | |
| | |
BHP Group Ltd. | | | 384 | | | | 10,174 | |
| | |
BHP Group plc | | | 213 | | | | 5,017 | |
| | |
Boral Ltd. | | | 161 | | | | 550 | |
| | |
Brambles Ltd. | | | 184 | | | | 1,568 | |
| | |
Caltex Australia Ltd. | | | 45 | | | | 856 | |
| | |
Challenger Ltd. | | | 72 | | | | 415 | |
| | |
Coca-Cola Amatil Ltd. | | | 138 | | | | 856 | |
| | |
Cochlear Ltd. | | | 11 | | | | 1,404 | |
| | |
Coles Group Ltd. * | | | 130 | | | | 1,152 | |
| | |
Commonwealth Bank of Australia | | | 202 | | | | 10,617 | |
| | |
Computershare Ltd. | | | 102 | | | | 1,284 | |
| | |
Crown Resorts Ltd. | | | 10 | | | | 95 | |
| | |
CSL Ltd. | | | 54 | | | | 7,591 | |
| | |
Dexus, REIT | | | 156 | | | | 1,374 | |
| | |
Fortescue Metals Group Ltd. | | | 139 | | | | 702 | |
| | |
Goodman Group, REIT | | | 292 | | | | 2,713 | |
| | |
GPT Group (The), REIT | | | 134 | | | | 544 | |
| | |
Incitec Pivot Ltd. | | | 204 | | | | 484 | |
| | |
Insurance Australia Group Ltd. | | | 245 | | | | 1,362 | |
| | |
Lendlease Group | | | 70 | | | | 652 | |
| | |
Macquarie Group Ltd. | | | 41 | | | | 3,923 | |
| | |
Medibank Pvt Ltd. | | | 330 | | | | 664 | |
| | |
Mirvac Group, REIT | | | 940 | | | | 1,882 | |
| | |
National Australia Bank Ltd. | | | 334 | | | | 5,962 | |
| | |
Newcrest Mining Ltd. | | | 86 | | | | 1,514 | |
| | |
Oil Search Ltd. | | | 195 | | | | 1,070 | |
| | |
Orica Ltd. | | | 75 | | | | 979 | |
| | |
Origin Energy Ltd. | | | 182 | | | | 948 | |
| | |
QBE Insurance Group Ltd. | | | 214 | | | | 1,950 | |
| | |
Ramsay Health Care Ltd. (b) | | | 22 | | | | 1,018 | |
| | |
REA Group Ltd. | | | 14 | | | | 798 | |
| | |
Rio Tinto Ltd. | | | 60 | | | | 4,053 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Australia — continued | |
| | |
Rio Tinto plc | | | 220 | | | | 12,851 | |
| | |
Santos Ltd. | | | 215 | | | | 1,086 | |
| | |
Scentre Group, REIT | | | 976 | | | | 2,631 | |
| | |
SEEK Ltd. | | | 6 | | | | 80 | |
| | |
Sonic Healthcare Ltd. | | | 36 | | | | 656 | |
| | |
South32 Ltd. | | | 786 | | | | 1,857 | |
| | |
Stockland, REIT | | | 371 | | | | 987 | |
| | |
Suncorp Group Ltd. | | | 206 | | | | 1,928 | |
| | |
Sydney Airport | | | 208 | | | | 1,117 | |
| | |
Tabcorp Holdings Ltd. | | | 295 | | | | 995 | |
| | |
Telstra Corp. Ltd. | | | 522 | | | | 1,242 | |
| | |
TPG Telecom Ltd. | | | 118 | | | | 563 | |
| | |
Transurban Group | | | 298 | | | | 2,822 | |
| | |
Treasury Wine Estates Ltd. | | | 74 | | | | 901 | |
| | |
Vicinity Centres, REIT | | | 510 | | | | 915 | |
| | |
Wesfarmers Ltd. | | | 130 | | | | 3,290 | |
| | |
Westpac Banking Corp. | | | 389 | | | | 7,552 | |
| | |
Woodside Petroleum Ltd. | | | 85 | | | | 2,131 | |
| | |
Woolworths Group Ltd. | | | 180 | | | | 4,032 | |
| | | | | | | | |
| | |
| | | | | | | 138,278 | |
| | | | | | | | |
|
Austria — 0.1% | |
| | |
Erste Group Bank AG * | | | 170 | | | | 6,804 | |
| | | | | | | | |
|
Belgium — 0.3% | |
| | |
Anheuser-Busch InBev SA/NV | | | 59 | | | | 5,250 | |
| | |
KBC Group NV | | | 85 | | | | 6,293 | |
| | | | | | | | |
| | |
| | | | | | | 11,543 | |
| | | | | | | | |
|
Canada — 3.5% | |
| | |
Agnico Eagle Mines Ltd. | | | 30 | | | | 1,248 | |
| | |
Alimentation Couche-Tard, Inc., Class B | | | 60 | | | | 3,557 | |
| | |
ARC Resources Ltd. (b) | | | 51 | | | | 327 | |
| | |
Bank of Montreal | | | 90 | | | | 7,085 | |
| | |
Bank of Nova Scotia (The) | | | 162 | | | | 8,938 | |
| | |
Barrick Gold Corp. | | | 159 | | | | 2,027 | |
| | |
BCE, Inc. | | | 22 | | | | 990 | |
| | |
Brookfield Asset Management, Inc., Class A | | | 128 | | | | 6,163 | |
| | |
Canadian Imperial Bank of Commerce | | | 57 | | | | 4,777 | |
| | |
Canadian National Railway Co. | | | 109 | | | | 10,095 | |
| | |
Canadian Natural Resources Ltd. | | | 156 | | | | 4,697 | |
| | |
Canadian Pacific Railway Ltd. | | | 21 | | | | 4,661 | |
| | |
Canadian Tire Corp. Ltd., Class A (b) | | | 10 | | | | 1,095 | |
| | |
Cenovus Energy, Inc. | | | 121 | | | | 1,199 | |
| | |
CGI, Inc. * | | | 32 | | | | 2,282 | |
| | |
Constellation Software, Inc. | | | 3 | | | | 2,405 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 49 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Canada — continued | |
| | |
Dollarama, Inc. | | | 50 | | | | 1,498 | |
| | |
Enbridge, Inc. | | | 112 | | | | 4,149 | |
| | |
Encana Corp. | | | 122 | | | | 847 | |
| | |
Fairfax Financial Holdings Ltd. | | | 3 | | | | 1,526 | |
| | |
Fortis, Inc. | | | 40 | | | | 1,477 | |
| | |
Franco-Nevada Corp. | | | 25 | | | | 1,766 | |
| | |
George Weston Ltd. | | | 4 | | | | 326 | |
| | |
Gildan Activewear, Inc. | | | 35 | | | | 1,276 | |
| | |
Great-West Lifeco, Inc. | | | 42 | | | | 1,052 | |
| | |
Imperial Oil Ltd. | | | 42 | | | | 1,233 | |
| | |
Intact Financial Corp. | | | 19 | | | | 1,534 | |
| | |
Inter Pipeline Ltd. (b) | | | 51 | | | | 830 | |
| | |
Kinross Gold Corp. * | | | 179 | | | | 569 | |
| | |
Loblaw Cos. Ltd. (b) | | | 32 | | | | 1,587 | |
| | |
Magna International, Inc. | | | 57 | | | | 3,167 | |
| | |
Manulife Financial Corp. | | | 281 | | | | 5,180 | |
| | |
Metro, Inc. | | | 36 | | | | 1,308 | |
| | |
National Bank of Canada (b) | | | 48 | | | | 2,266 | |
| | |
Nutrien Ltd. | | | 95 | | | | 5,126 | |
| | |
Open Text Corp. | | | 36 | | | | 1,398 | |
| | |
Pembina Pipeline Corp. | | | 54 | | | | 1,931 | |
| | |
Power Corp. of Canada | | | 54 | | | | 1,228 | |
| | |
Power Financial Corp. | | | 38 | | | | 895 | |
| | |
Restaurant Brands International, Inc. | | | 31 | | | | 2,045 | |
| | |
Rogers Communications, Inc., Class B | | | 52 | | | | 2,604 | |
| | |
Royal Bank of Canada | | | 194 | | | | 15,491 | |
| | |
Saputo, Inc. | | | 37 | | | | 1,251 | |
| | |
Shaw Communications, Inc., Class B | | | 58 | | | | 1,179 | |
| | |
SNC-Lavalin Group, Inc. | | | 22 | | | | 558 | |
| | |
Sun Life Financial, Inc. | | | 88 | | | | 3,653 | |
| | |
Suncor Energy, Inc. | | | 222 | | | | 7,307 | |
| | |
Teck Resources Ltd., Class B | | | 77 | | | | 1,818 | |
| | |
Thomson Reuters Corp. | | | 49 | | | | 3,036 | |
| | |
Toronto-Dominion Bank (The) | | | 245 | | | | 13,978 | |
| | |
TransCanada Corp. | | | 101 | | | | 4,830 | |
| | |
Wheaton Precious Metals Corp. | | | 60 | | | | 1,291 | |
| | | | | | | | |
| | |
| | | | | | | 162,756 | |
| | | | | | | | |
|
China — 0.1% | |
| | |
BOC Hong Kong Holdings Ltd. | | | 538 | | | | 2,409 | |
| | |
Yangzijiang Shipbuilding Holdings Ltd. | | | 347 | | | | 401 | |
| | | | | | | | |
| | |
| | | | | | | 2,810 | |
| | | | | | | | |
|
Denmark — 0.5% | |
| | |
Carlsberg A/S, Class B | | | 30 | | | | 3,900 | |
| | |
Chr Hansen Holding A/S | | | 34 | | | | 3,470 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Denmark — continued | |
| | |
Novo Nordisk A/S, Class B | | | 276 | | | | 13,503 | |
| | |
Novozymes A/S, Class B | | | 93 | | | | 4,322 | |
| | | | | | | | |
| | |
| | | | | | | 25,195 | |
| | | | | | | | |
|
Finland — 0.5% | |
| | |
Elisa OYJ | | | 114 | | | | 4,855 | |
| | |
Nokia OYJ | | | 592 | | | | 3,112 | |
| | |
Nordea Bank Abp | | | 812 | | | | 6,392 | |
| | |
UPM-Kymmene OYJ | | | 212 | | | | 5,996 | |
| | |
Wartsila OYJ Abp | | | 285 | | | | 4,571 | |
| | | | | | | | |
| | |
| | | | | | | 24,926 | |
| | | | | | | | |
|
France — 4.1% | |
| | |
Accor SA | | | 123 | | | | 5,179 | |
| | |
Air Liquide SA | | | 66 | | | | 8,802 | |
| | |
Airbus SE | | | 95 | | | | 13,043 | |
| | |
Alstom SA | | | 108 | | | | 4,749 | |
| | |
Arkema SA | | | 53 | | | | 5,407 | |
| | |
AXA SA (b) | | | 278 | | | | 7,404 | |
| | |
BioMerieux | | | 51 | | | | 4,053 | |
| | |
BNP Paribas SA | | | 208 | | | | 11,066 | |
| | |
Capgemini SE | | | 43 | | | | 5,255 | |
| | |
Eiffage SA | | | 47 | | | | 4,925 | |
| | |
Kering SA (b) | | | 10 | | | | 5,625 | |
| | |
L’Oreal SA (b) | | | 20 | | | | 5,614 | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | | 44 | | | | 17,225 | |
| | |
Orange SA | | | 420 | | | | 6,562 | |
| | |
Pernod Ricard SA | | | 41 | | | | 7,164 | |
| | |
Renault SA | | | 112 | | | | 7,658 | |
| | |
Sanofi | | | 95 | | | | 8,276 | |
| | |
Schneider Electric SE (b) | | | 149 | | | | 12,607 | |
| | |
Thales SA | | | 57 | | | | 6,789 | |
| | |
TOTAL SA | | | 340 | | | | 18,910 | |
| | |
Valeo SA | | | 138 | | | | 5,013 | |
| | |
Vinci SA | | | 127 | | | | 12,792 | |
| | |
Vivendi SA | | | 123 | | | | 3,584 | |
| | | | | | | | |
| | |
| | | | | | | 187,702 | |
| | | | | | | | |
|
Germany — 2.8% | |
| | |
adidas AG | | | 38 | | | | 9,844 | |
| | |
Allianz SE (Registered) | | | 61 | | | | 14,710 | |
| | |
BASF SE | | | 47 | | | | 3,860 | |
| | |
Bayer AG (Registered) | | | 80 | | | | 5,332 | |
| | |
Daimler AG (Registered) * | | | 73 | | | | 4,800 | |
| | |
Deutsche Post AG (Registered) * | | | 254 | | | | 8,821 | |
| | |
Deutsche Telekom AG (Registered) | | | 494 | | | | 8,272 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 50 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Germany — continued | |
| | |
Fresenius SE & Co. KGaA | | | 126 | | | | 7,176 | |
| | |
Infineon Technologies AG | | | 329 | | | | 7,810 | |
| | |
Merck KGaA | | | 43 | | | | 4,577 | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) * | | | 34 | | | | 8,502 | |
| | |
RWE AG * | | | 235 | | | | 6,021 | |
| | |
SAP SE | | | 124 | | | | 15,955 | |
| | |
Siemens AG (Registered) | | | 98 | | | | 11,722 | |
| | |
Volkswagen AG (Preference) | | | 57 | | | | 9,922 | |
| | | | | | | | |
| | |
| | | | | | | 127,324 | |
| | | | | | | | |
|
Hong Kong — 1.3% | |
| | |
AIA Group Ltd. | | | 1,442 | | | | 14,761 | |
| | |
ASM Pacific Technology Ltd. | | | 50 | | | | 581 | |
| | |
Bank of East Asia Ltd. (The) | | | 41 | | | | 129 | |
| | |
CK Asset Holdings Ltd. | | | 255 | | | | 2,049 | |
| | |
CK Hutchison Holdings Ltd. | | | 385 | | | | 4,046 | |
| | |
CK Infrastructure Holdings Ltd. | | | 127 | | | | 1,030 | |
| | |
CLP Holdings Ltd. | | | 265 | | | | 3,008 | |
| | |
Hang Lung Properties Ltd. | | | 59 | | | | 139 | |
| | |
Hang Seng Bank Ltd. | | | 120 | | | | 3,161 | |
| | |
Henderson Land Development Co. Ltd. | | | 234 | | | | 1,442 | |
| | |
HKT Trust & HKT Ltd. | | | 414 | | | | 642 | |
| | |
Hong Kong & China Gas Co. Ltd. | | | 1,278 | | | | 3,051 | |
| | |
Hong Kong Exchanges & Clearing Ltd. | | | 132 | | | | 4,568 | |
| | |
Hongkong Land Holdings Ltd. | | | 140 | | | | 976 | |
| | |
Jardine Matheson Holdings Ltd. | | | 14 | | | | 915 | |
| | |
Kerry Properties Ltd. | | | 198 | | | | 845 | |
| | |
Link REIT, REIT | | | 257 | | | | 2,997 | |
| | |
MTR Corp. Ltd. | | | 150 | | | | 894 | |
| | |
New World Development Co. Ltd. | | | 457 | | | | 757 | |
| | |
NWS Holdings Ltd. | | | 305 | | | | 634 | |
| | |
Power Assets Holdings Ltd. | | | 161 | | | | 1,120 | |
| | |
Sino Land Co. Ltd. | | | 676 | | | | 1,189 | |
| | |
Sun Hung Kai Properties Ltd. | | | 210 | | | | 3,616 | |
| | |
Swire Pacific Ltd., Class A | | | 118 | | | | 1,494 | |
| | |
Techtronic Industries Co. Ltd. | | | 83 | | | | 601 | |
| | |
WH Group Ltd. (c) | | | 773 | | | | 914 | |
| | |
Wharf Holdings Ltd. (The) | | | 259 | | | | 744 | |
| | |
Wharf Real Estate Investment Co. Ltd. | | | 210 | | | | 1,609 | |
| | |
Wheelock & Co. Ltd. | | | 194 | | | | 1,383 | |
| | |
Yue Yuen Industrial Holdings Ltd. | | | 186 | | | | 599 | |
| | | | | | | | |
| | |
| | | | | | | 59,894 | |
| | | | | | | | |
|
Ireland — 0.5% | |
| | |
CRH plc | | | 233 | | | | 7,829 | |
| | |
James Hardie Industries plc, CHDI | | | 77 | | | | 1,049 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Ireland — continued | |
| | |
Kerry Group plc, Class A | | | 53 | | | | 5,976 | |
| | |
Kingspan Group plc | | | 108 | | | | 5,656 | |
| | |
Ryanair Holdings plc, ADR * | | | 50 | | | | 3,853 | |
| | | | | | | | |
| | |
| | | | | | | 24,363 | |
| | | | | | | | |
|
Israel — 0.1% | |
| | |
Teva Pharmaceutical Industries Ltd., ADR * | | | 155 | | | | 2,355 | |
| | | | | | | | |
|
Italy — 0.7% | |
| | |
Davide Campari-Milano SpA | | | 481 | | | | 4,851 | |
| | |
Enel SpA | | | 1,913 | | | | 12,114 | |
| | |
Intesa Sanpaolo SpA | | | 832 | | | | 2,179 | |
| | |
Snam SpA | | | 789 | | | | 4,015 | |
| | |
UniCredit SpA | | | 482 | | | | 6,677 | |
| | | | | | | | |
| | |
| | | | | | | 29,836 | |
| | | | | | | | |
|
Japan — 8.0% | |
| | |
AEON Financial Service Co. Ltd. | | | 26 | | | | 544 | |
| | |
AGC, Inc. | | | 40 | | | | 1,361 | |
| | |
Ajinomoto Co., Inc. | | | 98 | | | | 1,579 | |
| | |
Alfresa Holdings Corp. | | | 25 | | | | 706 | |
| | |
Amada Holdings Co. Ltd. | | | 131 | | | | 1,473 | |
| | |
Asahi Group Holdings Ltd. | | | 81 | | | | 3,523 | |
| | |
Asahi Kasei Corp. | | | 81 | | | | 836 | |
| | |
Astellas Pharma, Inc. | | | 147 | | | | 1,996 | |
| | |
Bandai Namco Holdings, Inc. | | | 66 | | | | 3,155 | |
| | |
Bridgestone Corp. | | | 109 | | | | 4,324 | |
| | |
Canon, Inc. | | | 93 | | | | 2,592 | |
| | |
Central Japan Railway Co. | | | 13 | | | | 2,710 | |
| | |
Chubu Electric Power Co., Inc. | | | 120 | | | | 1,748 | |
| | |
Chugai Pharmaceutical Co. Ltd. | | | 19 | | | | 1,211 | |
| | |
Concordia Financial Group Ltd. | | | 347 | | | | 1,354 | |
| | |
Dai Nippon Printing Co. Ltd. | | | 29 | | | | 681 | |
| | |
Daicel Corp. | | | 174 | | | | 1,946 | |
| | |
Dai-ichi Life Holdings, Inc. | | | 95 | | | | 1,376 | |
| | |
Daiichi Sankyo Co. Ltd. | | | 105 | | | | 5,167 | |
| | |
Daikin Industries Ltd. | | | 43 | | | | 5,449 | |
| | |
Daito Trust Construction Co. Ltd. | | | 10 | | | | 1,393 | |
| | |
Daiwa House Industry Co. Ltd. | | | 109 | | | | 3,044 | |
| | |
Daiwa House REIT Investment Corp., REIT | | | — | (d) | | | 636 | |
| | |
Denso Corp. | | | 29 | | | | 1,250 | |
| | |
Dentsu, Inc. | | | 8 | | | | 336 | |
| | |
East Japan Railway Co. | | | 52 | | | | 4,938 | |
| | |
Eisai Co. Ltd. | | | 27 | | | | 1,578 | |
| | |
Electric Power Development Co. Ltd. | | | 91 | | | | 2,104 | |
| | |
FANUC Corp. | | | 16 | | | | 2,987 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 51 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Japan — continued | |
| | |
Fast Retailing Co. Ltd. | | | 7 | | | | 4,166 | |
| | |
FUJIFILM Holdings Corp. | | | 71 | | | | 3,326 | |
| | |
Fujitsu Ltd. | | | 7 | | | | 485 | |
| | |
Hakuhodo DY Holdings, Inc. | | | 47 | | | | 786 | |
| | |
Hankyu Hanshin Holdings, Inc. | | | 19 | | | | 699 | |
| | |
Hino Motors Ltd. | | | 110 | | | | 1,038 | |
| | |
Hisamitsu Pharmaceutical Co., Inc. | | | 7 | | | | 315 | |
| | |
Hitachi High-Technologies Corp. | | | 32 | | | | 1,426 | |
| | |
Hitachi Ltd. | | | 168 | | | | 5,584 | |
| | |
Honda Motor Co. Ltd. | | | 239 | | | | 6,674 | |
| | |
Hoya Corp. | | | 24 | | | | 1,681 | |
| | |
Inpex Corp. | | | 41 | | | | 394 | |
| | |
ITOCHU Corp. | | | 244 | | | | 4,403 | |
| | |
J Front Retailing Co. Ltd. | | | 136 | | | | 1,663 | |
| | |
Japan Airlines Co. Ltd. | | | 63 | | | | 2,058 | |
| | |
Japan Exchange Group, Inc. | | | 83 | | | | 1,349 | |
| | |
Japan Post Holdings Co. Ltd., ADR | | | 55 | | | | 618 | |
| | |
Japan Prime Realty Investment Corp., REIT | | | — | (d) | | | 668 | |
| | |
Japan Real Estate Investment Corp., REIT | | | — | (d) | | | 704 | |
| | |
Japan Retail Fund Investment Corp., REIT | | | — | (d) | | | 845 | |
| | |
Japan Tobacco, Inc. | | | 120 | | | | 2,778 | |
| | |
JFE Holdings, Inc. | | | 58 | | | | 995 | |
| | |
JTEKT Corp. | | | 46 | | | | 595 | |
| | |
JXTG Holdings, Inc. | | | 608 | | | | 2,960 | |
| | |
Kao Corp. | | | 81 | | | | 6,261 | |
| | |
Kawasaki Heavy Industries Ltd. | | | 70 | | | | 1,642 | |
| | |
KDDI Corp. | | | 158 | | | | 3,644 | |
| | |
Keikyu Corp. | | | 34 | | | | 572 | |
| | |
Keyence Corp. | | | 13 | | | | 7,935 | |
| | |
Kikkoman Corp. | | | 7 | | | | 345 | |
| | |
Kintetsu Group Holdings Co. Ltd. | | | 16 | | | | 702 | |
| | |
Kirin Holdings Co. Ltd. | | | 100 | | | | 2,266 | |
| | |
Komatsu Ltd. | | | 121 | | | | 3,123 | |
| | |
Kose Corp. | | | 5 | | | | 899 | |
| | |
Kubota Corp. | | | 37 | | | | 559 | |
| | |
Kyocera Corp. | | | 19 | | | | 1,209 | |
| | |
Kyowa Hakko Kirin Co. Ltd. | | | 102 | | | | 1,975 | |
| | |
M3, Inc. | | | 77 | | | | 1,371 | |
| | |
Marui Group Co. Ltd. | | | 99 | | | | 2,022 | |
| | |
Mazda Motor Corp. | | | 68 | | | | 804 | |
| | |
Mebuki Financial Group, Inc. | | | 448 | | | | 1,143 | |
| | |
MEIJI Holdings Co. Ltd. | | | 7 | | | | 583 | |
| | |
MINEBEA MITSUMI, Inc. | | | 68 | | | | 1,218 | |
| | |
Mitsubishi Corp. | | | 207 | | | | 5,705 | |
| | |
Mitsubishi Electric Corp. | | | 304 | | | | 4,353 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Japan — continued | |
| | |
Mitsubishi Estate Co. Ltd. | | | 240 | | | | 4,063 | |
| | |
Mitsubishi Tanabe Pharma Corp. | | | 25 | | | | 320 | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | | 1,531 | | | | 7,598 | |
| | |
Mitsui & Co. Ltd. | | | 214 | | | | 3,455 | |
| | |
Mitsui Chemicals, Inc. | | | 81 | | | | 1,986 | |
| | |
Mitsui Fudosan Co. Ltd. | | | 123 | | | | 2,851 | |
| | |
Mizuho Financial Group, Inc. | | | 1,539 | | | | 2,404 | |
| | |
MS&AD Insurance Group Holdings, Inc. | | | 46 | | | | 1,417 | |
| | |
Murata Manufacturing Co. Ltd. | | | 86 | | | | 4,308 | |
| | |
Nexon Co. Ltd. * | | | 68 | | | | 974 | |
| | |
NGK Spark Plug Co. Ltd. | | | 69 | | | | 1,351 | |
| | |
Nidec Corp. | | | 36 | | | | 5,099 | |
| | |
Nintendo Co. Ltd. | | | 16 | | | | 5,476 | |
| | |
Nippon Building Fund, Inc., REIT | | | — | (d) | | | 818 | |
| | |
Nippon Prologis REIT, Inc., REIT | | | — | (d) | | | 552 | |
| | |
Nippon Steel Corp. | | | 121 | | | | 2,171 | |
| | |
Nippon Telegraph & Telephone Corp. | | | 122 | | | | 5,089 | |
| | |
Nippon Yusen KK | | | 57 | | | | 974 | |
| | |
Nissan Motor Co. Ltd. | | | 256 | | | | 2,054 | |
| | |
Nitori Holdings Co. Ltd. | | | 13 | | | | 1,503 | |
| | |
Nitto Denko Corp. | | | 38 | | | | 2,044 | |
| | |
Nomura Holdings, Inc. | | | 274 | | | | 1,039 | |
| | |
Nomura Real Estate Master Fund, Inc., REIT | | | — | (d) | | | 661 | |
| | |
Nomura Research Institute Ltd. | | | 55 | | | | 2,687 | |
| | |
NSK Ltd. | | | 67 | | | | 696 | |
| | |
NTT DOCOMO, Inc. | | | 206 | | | | 4,467 | |
| | |
Obayashi Corp. | | | 190 | | | | 1,871 | |
| | |
Obic Co. Ltd. | | | 6 | | | | 673 | |
| | |
Oji Holdings Corp. | | | 118 | | | | 709 | |
| | |
Olympus Corp. | | | 140 | | | | 1,576 | |
| | |
Ono Pharmaceutical Co. Ltd. | | | 64 | | | | 1,210 | |
| | |
Oriental Land Co. Ltd. | | | 13 | | | | 1,405 | |
| | |
ORIX Corp. | | | 246 | | | | 3,486 | |
| | |
Otsuka Corp. | | | 63 | | | | 2,462 | |
| | |
Otsuka Holdings Co. Ltd. | | | 82 | | | | 2,942 | |
| | |
Panasonic Corp. | | | 399 | | | | 3,678 | |
| | |
Persol Holdings Co. Ltd. | | | 102 | | | | 1,921 | |
| | |
Rakuten, Inc. | | | 51 | | | | 566 | |
| | |
Recruit Holdings Co. Ltd. | | | 120 | | | | 3,620 | |
| | |
Renesas Electronics Corp. * | | | 222 | | | | 1,187 | |
| | |
Resona Holdings, Inc. | | | 173 | | | | 733 | |
| | |
Ricoh Co. Ltd. | | | 35 | | | | 354 | |
| | |
Rohm Co. Ltd. | | | 23 | | | | 1,659 | |
| | |
Ryohin Keikaku Co. Ltd. | | | 6 | | | | 1,068 | |
| | |
Santen Pharmaceutical Co. Ltd. | | | 52 | | | | 791 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 52 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Japan — continued | |
| | |
SBI Holdings, Inc. | | | 33 | | | | 710 | |
| | |
Secom Co. Ltd. | | | 8 | | | | 707 | |
| | |
Seibu Holdings, Inc. | | | 126 | | | | 2,051 | |
| | |
Seiko Epson Corp. | | | 63 | | | | 1,010 | |
| | |
Sekisui House Ltd. | | | 83 | | | | 1,341 | |
| | |
Seven & i Holdings Co. Ltd. | | | 124 | | | | 4,288 | |
| | |
Shimano, Inc. | | | 7 | | | | 1,058 | |
| | |
Shimizu Corp. | | | 75 | | | | 644 | |
| | |
Shin-Etsu Chemical Co. Ltd. | | | 56 | | | | 5,305 | |
| | |
Shinsei Bank Ltd. | | | 66 | | | | 922 | |
| | |
Shionogi & Co. Ltd. | | | 14 | | | | 818 | |
| | |
Shiseido Co. Ltd. | | | 54 | | | | 4,255 | |
| | |
Showa Denko KK | | | 18 | | | | 628 | |
| | |
SMC Corp. | | | 7 | | | | 3,007 | |
| | |
SoftBank Group Corp. | | | 88 | | | | 9,288 | |
| | |
Sompo Holdings, Inc. | | | 24 | | | | 895 | |
| | |
Sony Corp. | | | 159 | | | | 8,004 | |
| | |
Stanley Electric Co. Ltd. | | | 23 | | | | 626 | |
| | |
Subaru Corp. | | | 14 | | | | 336 | |
| | |
SUMCO Corp. | | | 50 | | | | 665 | |
| | |
Sumitomo Chemical Co. Ltd. | | | 134 | | | | 671 | |
| | |
Sumitomo Electric Industries Ltd. | | | 104 | | | | 1,382 | |
| | |
Sumitomo Metal Mining Co. Ltd. | | | 43 | | | | 1,346 | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | | 188 | | | | 6,826 | |
| | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 60 | | | | 2,087 | |
| | |
Sumitomo Realty & Development Co. Ltd. | | | 19 | | | | 702 | |
| | |
Suntory Beverage & Food Ltd. | | | 15 | | | | 654 | |
| | |
Suzuken Co. Ltd. | | | 25 | | | | 1,453 | |
| | |
Suzuki Motor Corp. | | | 70 | | | | 3,208 | |
| | |
T&D Holdings, Inc. | | | 151 | | | | 1,632 | |
| | |
Takeda Pharmaceutical Co. Ltd. | | | 160 | | | | 5,886 | |
| | |
TDK Corp. | | | 9 | | | | 806 | |
| | |
Terumo Corp. | | | 10 | | | | 296 | |
| | |
THK Co. Ltd. | | | 31 | | | | 814 | |
| | |
Tohoku Electric Power Co., Inc. | | | 84 | | | | 960 | |
| | |
Tokio Marine Holdings, Inc. | | | 107 | | | | 5,406 | |
| | |
Tokyo Electric Power Co. Holdings, Inc. * | | | 83 | | | | 468 | |
| | |
Tokyo Electron Ltd. | | | 9 | | | | 1,381 | |
| | |
Tokyo Gas Co. Ltd. | | | 71 | | | | 1,796 | |
| | |
Tokyu Corp. | | | 162 | | | | 2,650 | |
| | |
Tokyu Fudosan Holdings Corp. | | | 162 | | | | 916 | |
| | |
Toppan Printing Co. Ltd. | | | 33 | | | | 531 | |
| | |
Toray Industries, Inc. | | | 350 | | | | 2,392 | |
| | |
Toshiba Corp. | | | 58 | | | | 1,926 | |
| | |
Toyota Industries Corp. | | | 10 | | | | 578 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Japan — continued | |
| | |
Toyota Motor Corp. | | | 276 | | | | 17,056 | |
| | |
Toyota Tsusho Corp. | | | 23 | | | | 767 | |
| | |
Unicharm Corp. | | | 20 | | | | 663 | |
| | |
United Urban Investment Corp., REIT | | | — | (d) | | | 631 | |
| | |
Yahoo Japan Corp. | | | 165 | | | | 439 | |
| | |
Yakult Honsha Co. Ltd. | | | 7 | | | | 505 | |
| | |
Yamato Holdings Co. Ltd. | | | 46 | | | | 991 | |
| | |
Yaskawa Electric Corp. | | | 21 | | | | 793 | |
| | |
ZOZO, Inc. | | | 19 | | | | 339 | |
| | | | | | | | |
| | |
| | | | | | | 370,015 | |
| | | | | | | | |
|
Luxembourg — 0.1% | |
| | |
Eurofins Scientific SE (b) | | | 8 | | | | 3,755 | |
| | | | | | | | |
|
Macau — 0.1% | |
| | |
Galaxy Entertainment Group Ltd. | | | 322 | | | | 2,411 | |
| | |
Sands China Ltd. | | | 378 | | | | 2,083 | |
| | |
Wynn Macau Ltd. | | | 235 | | | | 677 | |
| | | | | | | | |
| | |
| | | | | | | 5,171 | |
| | | | | | | | |
|
Netherlands — 2.0% | |
| | |
Akzo Nobel NV (b) | | | 77 | | | | 6,506 | |
| | |
ASML Holding NV (b) | | | 64 | | | | 13,301 | |
| | |
Heineken NV (b) | | | 50 | | | | 5,448 | |
| | |
ING Groep NV | | | 771 | | | | 9,841 | |
| | |
Koninklijke Ahold Delhaize NV | | | 207 | | | | 4,997 | |
| | |
Koninklijke Philips NV | | | 123 | | | | 5,290 | |
| | |
NN Group NV | | | 129 | | | | 5,647 | |
| | |
NXP Semiconductors NV | | | 42 | | | | 4,488 | |
| | |
Royal Dutch Shell plc, Class A | | | 623 | | | | 19,855 | |
| | |
Royal Dutch Shell plc, Class B | | | 315 | | | | 10,161 | |
| | |
Wolters Kluwer NV | | | 96 | | | | 6,682 | |
| | | | | | | | |
| | |
| | | | | | | 92,216 | |
| | | | | | | | |
|
New Zealand — 0.1% | |
| | |
Auckland International Airport Ltd. | | | 199 | | | | 1,059 | |
| | |
Fletcher Building Ltd. | | | 178 | | | | 612 | |
| | |
Ryman Healthcare Ltd. | | | 88 | | | | 715 | |
| | |
Spark New Zealand Ltd. | | | 381 | | | | 934 | |
| | | | | | | | |
| | |
| | | | | | | 3,320 | |
| | | | | | | | �� |
|
Norway — 0.1% | |
| | |
Telenor ASA (b) | | | 324 | | | | 6,505 | |
| | | | | | | | |
|
Singapore — 0.5% | |
| | |
Ascendas, REIT | | | 447 | | | | 988 | |
| | |
CapitaLand Ltd. | | | 498 | | | | 1,295 | |
| | |
CapitaLand Mall Trust, REIT | | | 334 | | | | 595 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 53 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Singapore — continued | |
| | |
ComfortDelGro Corp. Ltd. | | | 290 | | | | 574 | |
| | |
DBS Group Holdings Ltd. | | | 269 | | | | 5,590 | |
| | |
Genting Singapore Ltd. | | | 650 | | | | 471 | |
| | |
Jardine Cycle & Carriage Ltd. | | | 14 | | | | 369 | |
| | |
Keppel Corp. Ltd. | | | 246 | | | | 1,226 | |
| | |
Oversea-Chinese Banking Corp. Ltd. | | | 466 | | | | 4,152 | |
| | |
Singapore Exchange Ltd. | | | 67 | | | | 363 | |
| | |
Singapore Press Holdings Ltd. | | | 153 | | | | 283 | |
| | |
Singapore Telecommunications Ltd. | | | 961 | | | | 2,241 | |
| | |
United Overseas Bank Ltd. | | | 149 | | | | 3,053 | |
| | |
Wilmar International Ltd. | | | 446 | | | | 1,194 | |
| | | | | | | | |
| | |
| | | | | | | 22,394 | |
| | | | | | | | |
|
Spain — 1.0% | |
| | |
Amadeus IT Group SA | | | 98 | | | | 7,799 | |
| | |
Banco Bilbao Vizcaya Argentaria SA (b) | | | 501 | | | | 3,048 | |
| | |
Banco Santander SA (b) | | | 1,620 | | | | 8,212 | |
| | |
Endesa SA | | | 235 | | | | 5,869 | |
| | |
Iberdrola SA | | | 1,456 | | | | 13,228 | |
| | |
Industria de Diseno Textil SA | | | 70 | | | | 2,124 | |
| | |
Repsol SA | | | 208 | | | | 3,525 | |
| | |
Telefonica SA | | | 352 | | | | 2,933 | |
| | | | | | | | |
| | |
| | | | | | | 46,738 | |
| | | | | | | | |
|
Sweden — 0.5% | |
| | |
Lundin Petroleum AB | | | 153 | | | | 4,976 | |
| | |
Sandvik AB | | | 291 | | | | 5,385 | |
| | |
SKF AB, Class B (b) | | | 227 | | | | 4,210 | |
| | |
Svenska Handelsbanken AB, Class A | | | 295 | | | | 3,217 | |
| | |
Volvo AB, Class B | | | 213 | | | | 3,406 | |
| | | | | | | | |
| | |
| | | | | | | 21,194 | |
| | | | | | | | |
|
Switzerland — 2.7% | |
| | |
ABB Ltd. (Registered) * | | | 159 | | | | 3,264 | |
| | |
Alcon, Inc. * | | | 58 | | | | 3,319 | |
| | |
Cie Financiere Richemont SA (Registered) | | | 61 | | | | 4,477 | |
| | |
Credit Suisse Group AG (Registered) * | | | 628 | | | | 8,345 | |
| | |
Glencore plc * | | | 2,232 | | | | 8,855 | |
| | |
Lonza Group AG (Registered) * | | | 23 | | | | 7,175 | |
| | |
Nestle SA (Registered) | | | 364 | | | | 35,055 | |
| | |
Novartis AG (Registered) | | | 288 | | | | 23,614 | |
| | |
Roche Holding AG | | | 92 | | | | 24,271 | |
| | |
UBS Group AG (Registered) * | | | 322 | | | | 4,315 | |
| | |
Zurich Insurance Group AG | | | 9 | | | | 2,871 | |
| | | | | | | | |
| | |
| | | | | | | 125,561 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
United Kingdom — 5.0% | |
| | |
3i Group plc | | | 494 | | | | 6,910 | |
| | |
AstraZeneca plc | | | 93 | | | | 6,906 | |
| | |
Barclays plc | | | 1,419 | | | | 3,045 | |
| | |
Beazley plc | | | 531 | | | | 4,001 | |
| | |
BP plc | | | 2,145 | | | | 15,598 | |
| | |
British American Tobacco plc | | | 162 | | | | 6,342 | |
| | |
Burberry Group plc | | | 235 | | | | 6,182 | |
| | |
Compass Group plc | | | 154 | | | | 3,494 | |
| | |
DCC plc | | | 39 | | | | 3,466 | |
| | |
Diageo plc | | | 388 | | | | 16,363 | |
| | |
Fiat Chrysler Automobiles NV | | | 126 | | | | 1,943 | |
| | |
GlaxoSmithKline plc | | | 402 | | | | 8,253 | |
| | |
HSBC Holdings plc | | | 1,810 | | | | 15,770 | |
| | |
Imperial Brands plc | | | 229 | | | | 7,299 | |
| | |
InterContinental Hotels Group plc | | | 93 | | | | 6,007 | |
| | |
Intertek Group plc | | | 73 | | | | 5,113 | |
| | |
Johnson Matthey plc | | | 91 | | | | 3,949 | |
| | |
Liberty Global plc, Class A * | | | 8 | | | | 219 | |
| | |
Liberty Global plc, Class C * | | | 44 | | | | 1,161 | |
| | |
Linde plc | | | 60 | | | | 10,876 | |
| | |
Lloyds Banking Group plc | | | 6,197 | | | | 5,068 | |
| | |
London Stock Exchange Group plc | | | 94 | | | | 6,143 | |
| | |
Prudential plc | | | 604 | | | | 13,722 | |
| | |
Reckitt Benckiser Group plc | | | 57 | | | | 4,594 | |
| | |
RELX plc | | | 335 | | | | 7,692 | |
| | |
Rolls-Royce Holdings plc * | | | 161 | | | | 1,930 | |
| | |
SSE plc | | | 325 | | | | 4,856 | |
| | |
St James’s Place plc | | | 284 | | | | 4,173 | |
| | |
Standard Chartered plc | | | 858 | | | | 7,847 | |
| | |
Taylor Wimpey plc | | | 2,728 | | | | 6,468 | |
| | |
Tesco plc | | | 2,599 | | | | 8,481 | |
| | |
Unilever NV, CVA (b) | | | 297 | | | | 17,972 | |
| | |
Unilever plc | | | 94 | | | | 5,698 | |
| | |
Vodafone Group plc | | | 2,269 | | | | 4,208 | |
| | | | | | | | |
| | |
| | | | | | | 231,749 | |
| | | | | | | | |
|
United States — 62.0% | |
| | |
3M Co. | | | 10 | | | | 1,801 | |
| | |
Abbott Laboratories | | | 68 | | | | 5,402 | |
| | |
AbbVie, Inc. | | | 82 | | | | 6,478 | |
| | |
Accenture plc, Class A | | | 73 | | | | 13,387 | |
| | |
Adobe, Inc. * | | | 52 | | | | 14,990 | |
| | |
Advance Auto Parts, Inc. | | | 31 | | | | 5,236 | |
| | |
AES Corp. | | | 76 | | | | 1,300 | |
| | |
Akamai Technologies, Inc. * | | | 11 | | | | 911 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 54 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
United States — continued | |
| | |
Alexion Pharmaceuticals, Inc. * | | | 68 | | | | 9,293 | |
| | |
Alleghany Corp. * | | | 1 | | | | 493 | |
| | |
Allergan plc | | | 49 | | | | 7,265 | |
| | |
Alliance Data Systems Corp. | | | 23 | | | | 3,603 | |
| | |
Allstate Corp. (The) | | | 73 | | | | 7,259 | |
| | |
Alphabet, Inc., Class A * | | | 34 | | | | 41,297 | |
| | |
Alphabet, Inc., Class C * | | | 42 | | | | 50,226 | |
| | |
Altice USA, Inc., Class A | | | 174 | | | | 4,092 | |
| | |
Altria Group, Inc. | | | 203 | | | | 11,012 | |
| | |
Amazon.com, Inc. * | | | 49 | | | | 94,145 | |
| | |
American Electric Power Co., Inc. | | | 170 | | | | 14,524 | |
| | |
American Express Co. | | | 143 | | | | 16,762 | |
| | |
American Financial Group, Inc. | | | 10 | | | | 1,070 | |
| | |
American International Group, Inc. | | | 242 | | | | 11,515 | |
| | |
American Tower Corp., REIT | | | 7 | | | | 1,391 | |
| | |
Amgen, Inc. | | | 27 | | | | 4,888 | |
| | |
Analog Devices, Inc. | | | 165 | | | | 19,229 | |
| | |
Anthem, Inc. | | | 56 | | | | 14,769 | |
| | |
Apple, Inc. | | | 542 | | | | 108,718 | |
| | |
Aramark | | | 29 | | | | 891 | |
| | |
Arch Capital Group Ltd. * | | | 17 | | | | 562 | |
| | |
Arrow Electronics, Inc. * | | | 10 | | | | 877 | |
| | |
AT&T, Inc. | | | 358 | | | | 11,096 | |
| | |
Automatic Data Processing, Inc. | | | 132 | | | | 21,664 | |
| | |
AutoZone, Inc. * | | | 12 | | | | 11,921 | |
| | |
AvalonBay Communities, Inc., REIT | | | 45 | | | | 9,000 | |
| | |
Avery Dennison Corp. | | | 58 | | | | 6,415 | |
| | |
Bank of America Corp. | | | 1,485 | | | | 45,412 | |
| | |
Bank of New York Mellon Corp. (The) | | | 289 | | | | 14,344 | |
| | |
BB&T Corp. (b) | | | 87 | | | | 4,437 | |
| | |
Becton Dickinson and Co. | | | 48 | | | | 11,523 | |
| | |
Berkshire Hathaway, Inc., Class B * | | | 140 | | | | 30,238 | |
| | |
Best Buy Co., Inc. | | | 157 | | | | 11,695 | |
| | |
Biogen, Inc. * | | | 34 | | | | 7,808 | |
| | |
BioMarin Pharmaceutical, Inc. * | | | 18 | | | | 1,529 | |
| | |
BlackRock, Inc. | | | 18 | | | | 8,729 | |
| | |
Boeing Co. (The) | | | 42 | | | | 16,009 | |
| | |
Booking Holdings, Inc. * | | | 5 | | | | 8,349 | |
| | |
BorgWarner, Inc. | | | 94 | | | | 3,921 | |
| | |
Boston Properties, Inc., REIT | | | 23 | | | | 3,133 | |
| | |
Boston Scientific Corp. * | | | 484 | | | | 17,971 | |
| | |
Bristol-Myers Squibb Co. | | | 57 | | | | 2,658 | |
| | |
Broadcom, Inc. | | | 62 | | | | 19,786 | |
| | |
Camden Property Trust, REIT | | | 8 | | | | 818 | |
| | |
Capital One Financial Corp. | | | 98 | | | | 9,098 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
United States — continued | |
| | |
Carnival plc | | | 79 | | | | 4,212 | |
| | |
Caterpillar, Inc. | | | 64 | | | | 8,956 | |
| | |
CBRE Group, Inc., Class A * | | | 38 | | | | 2,001 | |
| | |
CDK Global, Inc. | | | 15 | | | | 913 | |
| | |
CDW Corp. | | | 17 | | | | 1,756 | |
| | |
Celanese Corp. | | | 95 | | | | 10,239 | |
| | |
Celgene Corp. * | | | 102 | | | | 9,682 | |
| | |
Charles Schwab Corp. (The) | | | 218 | | | | 10,000 | |
| | |
Charter Communications, Inc., Class A * | | | 52 | | | | 19,258 | |
| | |
Cheniere Energy, Inc. * | | | 12 | | | | 788 | |
| | |
Chevron Corp. | | | 202 | | | | 24,221 | |
| | |
Chubb Ltd. | | | 39 | | | | 5,592 | |
| | |
Cigna Corp. | | | 91 | | | | 14,503 | |
| | |
Cisco Systems, Inc. | | | 257 | | | | 14,369 | |
| | |
Citigroup, Inc. | | | 480 | | | | 33,959 | |
| | |
Citizens Financial Group, Inc. | | | 209 | | | | 7,559 | |
| | |
CME Group, Inc. | | | 9 | | | | 1,557 | |
| | |
Coca-Cola Co. (The) | | | 743 | | | | 36,441 | |
| | |
Comcast Corp., Class A | | | 683 | | | | 29,745 | |
| | |
CommScope Holding Co., Inc. * | | | 21 | | | | 511 | |
| | |
Concho Resources, Inc. | | | 73 | | | | 8,439 | |
| | |
Constellation Brands, Inc., Class A | | | 7 | | | | 1,403 | |
| | |
Cooper Cos., Inc. (The) | | | 5 | | | | 1,328 | |
| | |
Crown Holdings, Inc. * | | | 60 | | | | 3,513 | |
| | |
CSX Corp. | | | 19 | | | | 1,521 | |
| | |
Cummins, Inc. | | | 68 | | | | 11,349 | |
| | |
CVS Health Corp. | | | 115 | | | | 6,274 | |
| | |
Danaher Corp. | | | 69 | | | | 9,091 | |
| | |
Darden Restaurants, Inc. | | | 12 | | | | 1,409 | |
| | |
DaVita, Inc. * | | | 61 | | | | 3,382 | |
| | |
Deere & Co. | | | 84 | | | | 13,909 | |
| | |
Dell Technologies, Inc., Class C * | | | 16 | | | | 1,062 | |
| | |
Delta Air Lines, Inc. | | | 161 | | | | 9,409 | |
| | |
DexCom, Inc. * | | | 4 | | | | 459 | |
| | |
Diamondback Energy, Inc. | | | 93 | | | | 9,886 | |
| | |
Digital Realty Trust, Inc., REIT | | | 33 | | | | 3,856 | |
| | |
Discovery, Inc., Class A *(b) | | | 180 | | | | 5,558 | |
| | |
Discovery, Inc., Class C * | | | 216 | | | | 6,203 | |
| | |
DISH Network Corp., Class A * | | | 25 | | | | 878 | |
| | |
Dollar General Corp. | | | 51 | | | | 6,421 | |
| | |
Dow, Inc. * | | | 123 | | | | 6,962 | |
| | |
DowDuPont, Inc. | | | 368 | | | | 14,156 | |
| | |
Duke Realty Corp., REIT | | | 44 | | | | 1,366 | |
| | |
DXC Technology Co. | | | 30 | | | | 1,997 | |
| | |
E*TRADE Financial Corp. | | | 28 | | | | 1,394 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 55 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
United States — continued | |
| | |
East West Bancorp, Inc. | | | 17 | | | | 850 | |
| | |
Eastman Chemical Co. | | | 128 | | | | 10,124 | |
| | |
Eaton Corp. plc | | | 189 | | | | 15,685 | |
| | |
Edison International | | | 144 | | | | 9,210 | |
| | |
Elanco Animal Health, Inc. * | | | 19 | | | | 600 | |
| | |
Electronic Arts, Inc. * | | | 105 | | | | 9,915 | |
| | |
Eli Lilly & Co. | | | 169 | | | | 19,821 | |
| | |
Emerson Electric Co. | | | 76 | | | | 5,369 | |
| | |
EOG Resources, Inc. | | | 196 | | | | 18,806 | |
| | |
Equinix, Inc., REIT | | | 9 | | | | 3,946 | |
| | |
Equity Residential, REIT | | | 90 | | | | 6,908 | |
| | |
Essex Property Trust, Inc., REIT | | | 12 | | | | 3,286 | |
| | |
Estee Lauder Cos., Inc. (The), Class A | | | 9 | | | | 1,475 | |
| | |
Everest Re Group Ltd. | | | 5 | | | | 1,207 | |
| | |
Exelon Corp. | | | 318 | | | | 16,200 | |
| | |
Expedia Group, Inc. | | | 85 | | | | 11,007 | |
| | |
Exxon Mobil Corp. | | | 294 | | | | 23,569 | |
| | |
F5 Networks, Inc. * | | | 6 | | | | 961 | |
| | |
Facebook, Inc., Class A * | | | 201 | | | | 38,959 | |
| | |
Federal Realty Investment Trust, REIT | | | 49 | | | | 6,577 | |
| | |
Ferguson plc | | | 98 | | | | 6,983 | |
| | |
Fidelity National Financial, Inc. | | | 13 | | | | 515 | |
| | |
Fidelity National Information Services, Inc. | | | 56 | | | | 6,547 | |
| | |
First Data Corp., Class A * | | | 145 | | | | 3,748 | |
| | |
FirstEnergy Corp. | | | 118 | | | | 4,968 | |
| | |
Flex Ltd. * | | | 29 | | | | 319 | |
| | |
Ford Motor Co. | | | 470 | | | | 4,908 | |
| | |
Fortinet, Inc. * | | | 16 | | | | 1,512 | |
| | |
Freeport-McMoRan, Inc. | | | 153 | | | | 1,878 | |
| | |
General Dynamics Corp. | | | 94 | | | | 16,757 | |
| | |
General Motors Co. | | | 72 | | | | 2,800 | |
| | |
Gilead Sciences, Inc. | | | 129 | | | | 8,371 | |
| | |
H&R Block, Inc. | | | 22 | | | | 599 | |
| | |
Hartford Financial Services Group, Inc. (The) | | | 207 | | | | 10,825 | |
| | |
HD Supply Holdings, Inc. * | | | 117 | | | | 5,324 | |
| | |
Hewlett Packard Enterprise Co. | | | 166 | | | | 2,629 | |
| | |
Hilton Worldwide Holdings, Inc. | | | 94 | | | | 8,220 | |
| | |
Hologic, Inc. * | | | 32 | | | | 1,481 | |
| | |
Home Depot, Inc. (The) | | | 176 | | | | 35,902 | |
| | |
Honeywell International, Inc. | | | 169 | | | | 29,417 | |
| | |
Host Hotels & Resorts, Inc., REIT | | | 240 | | | | 4,614 | |
| | |
HP, Inc. | | | 470 | | | | 9,382 | |
| | |
Huntington Bancshares, Inc. | | | 334 | | | | 4,656 | |
| | |
Illumina, Inc. * | | | 16 | | | | 4,877 | |
| | |
Ingersoll-Rand plc | | | 114 | | | | 13,964 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
United States — continued | |
| | |
Intel Corp. | | | 275 | | | | 14,046 | |
| | |
Intercontinental Exchange, Inc. | | | 228 | | | | 18,575 | |
| | |
International Business Machines Corp. | | | 3 | | | | 474 | |
| | |
Intuit, Inc. | | | 68 | | | | 17,024 | |
| | |
Intuitive Surgical, Inc. * | | | 13 | | | | 6,385 | |
| | |
Invitation Homes, Inc., REIT | | | 22 | | | | 544 | |
| | |
JM Smucker Co. (The) | | | 12 | | | | 1,503 | |
| | |
Johnson & Johnson | | | 235 | | | | 33,123 | |
| | |
Jones Lang LaSalle, Inc. | | | 4 | | | | 638 | |
| | |
KeyCorp | | | 466 | | | | 8,172 | |
| | |
Kimberly-Clark Corp. | | | 38 | | | | 4,896 | |
| | |
Kraft Heinz Co. (The) | | | 83 | | | | 2,766 | |
| | |
Las Vegas Sands Corp. | | | 37 | | | | 2,473 | |
| | |
Lear Corp. | | | 5 | | | | 733 | |
| | |
Lennar Corp., Class A | | | 105 | | | | 5,478 | |
| | |
Liberty Broadband Corp., Class C * | | | 13 | | | | 1,234 | |
| | |
Liberty Media Corp-Liberty Formula One, Class C * | | | 7 | | | | 286 | |
| | |
Liberty Property Trust, REIT | | | 15 | | | | 763 | |
| | |
Lincoln National Corp. | | | 145 | | | | 9,669 | |
| | |
Lowe’s Cos., Inc. | | | 179 | | | | 20,292 | |
| | |
Lyft, Inc., Class A *(b) | | | 9 | | | | 537 | |
| | |
ManpowerGroup, Inc. | | | 8 | | | | 732 | |
| | |
Marathon Petroleum Corp. | | | 275 | | | | 16,756 | |
| | |
Marvell Technology Group Ltd. | | | 287 | | | | 7,186 | |
| | |
Masco Corp. | | | 208 | | | | 8,137 | |
| | |
Mastercard, Inc., Class A | | | 142 | | | | 36,120 | |
| | |
Maxim Integrated Products, Inc. | | | 30 | | | | 1,778 | |
| | |
McDonald’s Corp. | | | 37 | | | | 7,287 | |
| | |
McKesson Corp. | | | 22 | | | | 2,637 | |
| | |
Medtronic plc | | | 240 | | | | 21,342 | |
| | |
Merck & Co., Inc. | | | 402 | | | | 31,603 | |
| | |
MetLife, Inc. | | | 256 | | | | 11,811 | |
| | |
Microsoft Corp. | | | 914 | | | | 119,401 | |
| | |
Molson Coors Brewing Co., Class B | | | 105 | | | | 6,740 | |
| | |
Mondelez International, Inc., Class A | | | 388 | | | | 19,725 | |
| | |
Morgan Stanley | | | 420 | | | | 20,252 | |
| | |
Motorola Solutions, Inc. | | | 7 | | | | 1,015 | |
| | |
National Retail Properties, Inc., REIT | | | 16 | | | | 816 | |
| | |
Nektar Therapeutics * | | | 19 | | | | 613 | |
| | |
Netflix, Inc. * | | | 64 | | | | 23,814 | |
| | |
Newmont Goldcorp Corp. | | | 21 | | | | 645 | |
| | |
Newmont Mining Corp. * | | | 38 | | | | 1,161 | |
| | |
NextEra Energy, Inc. | | | 100 | | | | 19,385 | |
| | |
Nielsen Holdings plc | | | 61 | | | | 1,560 | |
| | |
NIKE, Inc., Class B | | | 139 | | | | 12,226 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 56 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
United States — continued | |
| | |
Nordstrom, Inc. | | | 14 | | | | 574 | |
| | |
Norfolk Southern Corp. | | | 103 | | | | 21,108 | |
| | |
Northrop Grumman Corp. | | | 52 | | | | 15,043 | |
| | |
Nucor Corp. | | | 36 | | | | 2,034 | |
| | |
NVIDIA Corp. | | | 99 | | | | 17,944 | |
| | |
Occidental Petroleum Corp. | | | 118 | | | | 6,929 | |
| | |
ON Semiconductor Corp. * | | | 153 | | | | 3,517 | |
| | |
ONEOK, Inc. | | | 129 | | | | 8,765 | |
| | |
Oracle Corp. | | | 537 | | | | 29,688 | |
| | |
O’Reilly Automotive, Inc. * | | | 27 | | | | 10,044 | |
| | |
Owens Corning | | | 12 | | | | 596 | |
| | |
PACCAR, Inc. | | | 160 | | | | 11,493 | |
| | |
Packaging Corp. of America | | | 36 | | | | 3,594 | |
| | |
Palo Alto Networks, Inc. * | | | 8 | | | | 2,084 | |
| | |
Parsley Energy, Inc., Class A * | | | 175 | | | | 3,484 | |
| | |
PayPal Holdings, Inc. * | | | 244 | | | | 27,517 | |
| | |
PepsiCo, Inc. | | | 113 | | | | 14,463 | |
| | |
Pfizer, Inc. | | | 839 | | | | 34,071 | |
| | |
Philip Morris International, Inc. | | | 287 | | | | 24,855 | |
| | |
Phillips 66 | | | 105 | | | | 9,878 | |
| | |
Pioneer Natural Resources Co. | | | 104 | | | | 17,379 | |
| | |
Principal Financial Group, Inc. | | | 52 | | | | 2,951 | |
| | |
Procter & Gamble Co. (The) | | | 241 | | | | 25,616 | |
| | |
Prologis, Inc., REIT | | | 142 | | | | 10,909 | |
| | |
Prudential Financial, Inc. | | | 101 | | | | 10,706 | |
| | |
Public Service Enterprise Group, Inc. | | | 62 | | | | 3,717 | |
| | |
Public Storage, REIT | | | 6 | | | | 1,378 | |
| | |
PVH Corp. | | | 34 | | | | 4,404 | |
| | |
QUALCOMM, Inc. | | | 68 | | | | 5,836 | |
| | |
Qurate Retail, Inc. * | | | 21 | | | | 358 | |
| | |
Regeneron Pharmaceuticals, Inc. * | | | 18 | | | | 6,145 | |
| | |
Regions Financial Corp. | | | 68 | | | | 1,063 | |
| | |
Reinsurance Group of America, Inc. | | | 7 | | | | 1,023 | |
| | |
Ross Stores, Inc. | | | 150 | | | | 14,629 | |
| | |
Royal Caribbean Cruises Ltd. | | | 67 | | | | 8,079 | |
| | |
RPM International, Inc. | | | 52 | | | | 3,124 | |
| | |
Sabre Corp. | | | 29 | | | | 597 | |
| | |
salesforce.com, Inc. * | | | 170 | | | | 28,098 | |
| | |
SBA Communications Corp., REIT * | | | 13 | | | | 2,649 | |
| | |
Sempra Energy | | | 65 | | | | 8,296 | |
| | |
ServiceNow, Inc. * | | | 19 | | | | 5,228 | |
| | |
Sherwin-Williams Co. (The) | | | 5 | | | | 2,140 | |
| | |
Snap-on, Inc. | | | 54 | | | | 9,132 | |
| | |
Spirit AeroSystems Holdings, Inc., Class A | | | 6 | | | | 532 | |
| | |
Square, Inc., Class A * | | | 17 | | | | 1,258 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
United States — continued | |
| | |
Stanley Black & Decker, Inc. | | | 79 | | | | 11,511 | |
| | |
Steel Dynamics, Inc. | | | 12 | | | | 376 | |
| | |
SunTrust Banks, Inc. | | | 216 | | | | 14,123 | |
| | |
Synchrony Financial | | | 76 | | | | 2,640 | |
| | |
TD Ameritrade Holding Corp. | | | 127 | | | | 6,701 | |
| | |
Teradyne, Inc. | | | 161 | | | | 7,896 | |
| | |
Tesla, Inc. *(b) | | | 12 | | | | 2,895 | |
| | |
Texas Instruments, Inc. | | | 228 | | | | 26,846 | |
| | |
Thermo Fisher Scientific, Inc. | | | 61 | | | | 16,949 | |
| | |
TJX Cos., Inc. (The) | | | 288 | | | | 15,830 | |
| | |
T-Mobile US, Inc. * | | | 121 | | | | 8,803 | |
| | |
Trimble, Inc. * | | | 13 | | | | 515 | |
| | |
Tyson Foods, Inc., Class A | | | 34 | | | | 2,560 | |
| | |
Union Pacific Corp. | | | 145 | | | | 25,733 | |
| | |
United Continental Holdings, Inc. * | | | 6 | | | | 567 | |
| | |
United Parcel Service, Inc., Class B | | | 13 | | | | 1,391 | |
| | |
United Rentals, Inc. * | | | 9 | | | | 1,198 | |
| | |
United Technologies Corp. | | | 167 | | | | 23,805 | |
| | |
UnitedHealth Group, Inc. | | | 145 | | | | 33,688 | |
| | |
Unum Group | | | 12 | | | | 443 | |
| | |
Ventas, Inc., REIT | | | 63 | | | | 3,820 | |
| | |
VEREIT, Inc., REIT | | | 133 | | | | 1,101 | |
| | |
Verizon Communications, Inc. | | | 516 | | | | 29,525 | |
| | |
Vertex Pharmaceuticals, Inc. * | | | 54 | | | | 9,149 | |
| | |
Visa, Inc., Class A | | | 182 | | | | 29,893 | |
| | |
Vornado Realty Trust, REIT | | | 57 | | | | 3,916 | |
| | |
Walmart, Inc. | | | 47 | | | | 4,835 | |
| | |
Walt Disney Co. (The) | | | 164 | | | | 22,520 | |
| | |
Wells Fargo & Co. | | | 625 | | | | 30,257 | |
| | |
Westrock Co. | | | 28 | | | | 1,060 | |
| | |
Weyerhaeuser Co., REIT | | | 50 | | | | 1,337 | |
| | |
Willis Towers Watson plc | | | 4 | | | | 763 | |
| | |
Workday, Inc., Class A * | | | 30 | | | | 6,261 | |
| | |
Xcel Energy, Inc. | | | 248 | | | | 14,016 | |
| | |
Yum! Brands, Inc. | | | 133 | | | | 13,932 | |
| | |
Zimmer Biomet Holdings, Inc. | | | 124 | | | | 15,291 | |
| | |
Zoetis, Inc. | | | 21 | | | | 2,165 | |
| | | | | | | | |
| | |
| | | | | | | 2,853,690 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $3,295,591) | | | | | | | 4,588,254 | |
| | | | | | | | |
Preferred Stocks — 0.0% (a) | |
|
United Kingdom — 0.0% (a) | |
| | |
Rolls-Royce Holdings plc (Preference) *
(Cost $15) | | | 11,441 | | | | 15 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 57 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Short-term Investments — 0.1% | |
|
Investment Companies — 0.1% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (e) (f)
(Cost $3,058) | | | 3,057 | | | | 3,058 | |
| | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 1.9% | |
| | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (e) (f) | | | 63,998 | | | | 64,004 | |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (e) (f) | | | 24,969 | | | | 24,969 | |
| | | | | | | | |
| | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $88,973) | | | | | | | 88,973 | |
| | | | | | | | |
Total Investments — 101.6%
(Cost $3,387,637) | | | | | | | 4,680,300 | |
Liabilities in Excess of
Other Assets — (1.6)% | | | | | | | (74,721 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 4,605,579 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 7.9 | % |
| |
Oil, Gas & Consumable Fuels | | | 5.6 | |
| |
Pharmaceuticals | | | 5.4 | |
| |
Software | | | 5.2 | |
| |
Insurance | | | 3.9 | |
| |
IT Services | | | 3.6 | |
| |
Semiconductors & Semiconductor Equipment | | | 3.3 | |
| |
Specialty Retail | | | 2.8 | |
| |
Interactive Media & Services | | | 2.8 | |
| |
Capital Markets | | | 2.8 | |
| |
Technology Hardware, Storage & Peripherals | | | 2.8 | |
| |
Electric Utilities | | | 2.7 | |
| |
Machinery | | | 2.6 | |
| |
Internet & Direct Marketing Retail | | | 2.5 | |
| |
Chemicals | | | 2.5 | |
| |
Beverages | | | 2.4 | |
| |
Health Care Equipment & Supplies | | | 2.3 | |
| |
Aerospace & Defense | | | 2.0 | |
| |
Equity Real Estate Investment Trusts (REITs) | | | 2.0 | |
| |
Investment of cash collateral from securities loaned | | | 1.9 | |
| |
Health Care Providers & Services | | | 1.9 | |
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Diversified Telecommunication Services | | | 1.7 | % |
| |
Road & Rail | | | 1.7 | |
| |
Food Products | | | 1.6 | |
| |
Hotels, Restaurants & Leisure | | | 1.5 | |
| |
Media | | | 1.5 | |
| |
Biotechnology | | | 1.5 | |
| |
Entertainment | | | 1.4 | |
| |
Metals & Mining | | | 1.4 | |
| |
Automobiles | | | 1.4 | |
| |
Textiles, Apparel & Luxury Goods | | | 1.3 | |
| |
Industrial Conglomerates | | | 1.2 | |
| |
Tobacco | | | 1.1 | |
| |
Electrical Equipment | | | 1.0 | |
| |
Others (each less than 1.0%) | | | 12.7 | |
| |
Short-Term Investments | | | 0.1 | |
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| CHDI | | Clearing House Electronic Subregister System (CHESS) Depository Interest |
| CVA | | Dutch Certification |
| OYJ | | Public Limited Company |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | | Real Estate Investment Trust |
| |
| (a) | | Amount rounds to less than 0.1% of net assets. |
| (b) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $85,387,000. |
| (c) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (d) | | Amount rounds to less than one thousand. |
| (e) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (f) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 58 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
| | | | | |
Long Contracts | | | | | | | | | | | | | | | | | | | | |
| | | | | |
S&P 500E-Mini Index | | | 50 | | | | 06/2019 | | | | USD | | | | 7,374 | | | | 154 | |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 59 | |
JPMorgan International Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 97.2% | |
|
Australia — 9.4% | |
| | |
AGL Energy Ltd. | | | 701 | | | | 10,995 | |
| | |
Alumina Ltd. | | | 8,287 | | | | 13,113 | |
| | |
Aurizon Holdings Ltd. | | | 1,559 | | | | 5,231 | |
| | |
BHP Group Ltd. | | | 2,145 | | | | 56,759 | |
| | |
BlueScope Steel Ltd. | | | 2,106 | | | | 20,014 | |
| | |
CIMIC Group Ltd. | | | 352 | | | | 12,549 | |
| | |
Computershare Ltd. | | | 886 | | | | 11,144 | |
| | |
Evolution Mining Ltd. | | | 4,720 | | | | 10,639 | |
| | |
Fortescue Metals Group Ltd. | | | 1,430 | | | | 7,225 | |
| | |
JB Hi-Fi Ltd. | | | 198 | | | | 3,603 | |
| | |
Macquarie Group Ltd. | | | 410 | | | | 39,007 | |
| | |
Magellan Financial Group Ltd. | | | 279 | | | | 8,797 | |
| | |
Metcash Ltd. | | | 3,184 | | | | 6,443 | |
| | |
Qantas Airways Ltd. | | | 5,455 | | | | 21,579 | |
| | |
Regis Resources Ltd. | | | 1,969 | | | | 6,662 | |
| | |
Rio Tinto plc | | | 856 | | | | 49,910 | |
| | |
South32 Ltd. | | | 12,174 | | | | 28,754 | |
| | |
St Barbara Ltd. | | | 1,789 | | | | 4,041 | |
| | |
Whitehaven Coal Ltd. | | | 3,563 | | | | 10,566 | |
| | | | | | | | |
| | |
| | | | | | | 327,031 | |
| | | | | | | | |
|
Austria — 0.7% | |
| | |
OMV AG | | | 413 | | | | 22,160 | |
| | |
Verbund AG * | | | 52 | | | | 2,593 | |
| | | | | | | | |
| | |
| | | | | | | 24,753 | |
| | | | | | | | |
|
Belgium — 1.8% | |
| | |
Ageas | | | 619 | | | | 32,685 | |
| | |
Telenet Group Holding NV | | | 103 | | | | 5,445 | |
| | |
UCB SA | | | 329 | | | | 26,111 | |
| | | | | | | | |
| | |
| | | | | | | 64,241 | |
| | | | | | | | |
|
Denmark — 0.8% | |
| | |
Novo Nordisk A/S, Class B | | | 326 | | | | 15,957 | |
| | |
Royal Unibrew A/S | | | 84 | | | | 6,023 | |
| | |
Topdanmark A/S | | | 140 | | | | 7,550 | |
| | | | | | | | |
| | |
| | | | | | | 29,530 | |
| | | | | | | | |
|
Finland — 1.3% | |
| | |
Neste OYJ (a) | | | 951 | | | | 31,423 | |
| | |
Valmet OYJ | | | 516 | | | | 14,227 | |
| | | | | | | | |
| | |
| | | | | | | 45,650 | |
| | | | | | | | |
|
France — 7.8% | |
| | |
Capgemini SE | | | 269 | | | | 32,700 | |
| | |
Casino Guichard Perrachon SA (a) | | | 329 | | | | 13,465 | |
| | |
Dassault Aviation SA | | | 7 | | | | 10,547 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
France — continued | |
| | |
Edenred | | | 293 | | | | 13,796 | |
| | |
Eiffage SA | | | 252 | | | | 26,263 | |
| | |
Eutelsat Communications SA | | | 480 | | | | 8,681 | |
| | |
Kering SA (a) | | | 72 | | | | 42,328 | |
| | |
L’Oreal SA (a) | | | 128 | | | | 35,188 | |
| | |
Peugeot SA (a) | | | 1,327 | | | | 34,783 | |
| | |
Sanofi | | | 76 | | | | 6,617 | |
| | |
Societe BIC SA | | | 102 | | | | 8,747 | |
| | |
Thales SA | | | 243 | | | | 29,011 | |
| | |
TOTAL SA | | | 142 | | | | 7,873 | |
| | | | | | | | |
| | |
| | | | | | | 269,999 | |
| | | | | | | | |
|
Germany — 7.3% | |
| | |
adidas AG | | | 58 | | | | 15,061 | |
| | |
Allianz SE (Registered) | | | 235 | | | | 56,727 | |
| | |
Aroundtown SA | | | 1,003 | | | | 8,148 | |
| | |
CANCOM SE | | | 31 | | | | 1,580 | |
| | |
Deutsche Lufthansa AG (Registered) | | | 393 | | | | 9,515 | |
| | |
E.ON SE | | | 2,191 | | | | 23,553 | |
| | |
Hannover Rueck SE | | | 110 | | | | 16,568 | |
| | |
HUGO BOSS AG | | | 248 | | | | 17,352 | |
| | |
Jenoptik AG | | | 76 | | | | 3,020 | |
| | |
LEG Immobilien AG | | | 88 | | | | 10,304 | |
| | |
METRO AG | | | 286 | | | | 4,865 | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) * | | | 142 | | | | 35,326 | |
| | |
RWE AG * | | | 1,273 | | | | 32,641 | |
| | |
Siltronic AG * | | | 175 | | | | 17,124 | |
| | |
Stabilus SA | | | 37 | | | | 2,040 | |
| | | | | | | | |
| | |
| | | | | | | 253,824 | |
| | | | | | | | |
|
Ghana — 0.3% | |
| | |
Tullow Oil plc | | | 4,110 | | | | 12,050 | |
| | | | | | | | |
|
Hong Kong — 2.2% | |
| | |
CK Asset Holdings Ltd. | | | 1,801 | | | | 14,477 | |
| | |
CLP Holdings Ltd. | | | 1,746 | | | | 19,811 | |
| | |
Hang Seng Bank Ltd. | | | 1,261 | | | | 33,118 | |
| | |
Kerry Properties Ltd. | | | 1,017 | | | | 4,351 | |
| | |
NWS Holdings Ltd. | | | 1,604 | | | | 3,335 | |
| | | | | | | | |
| | |
| | | | | | | 75,092 | |
| | | | | | | | |
|
Israel — 0.5% | |
| | |
Bank Leumi Le-Israel BM | | | 1,234 | | | | 8,448 | |
| | |
Israel Discount Bank Ltd., Class A | | | 2,157 | | | | 8,419 | |
| | | | | | | | |
| | |
| | | | | | | 16,867 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 60 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Italy — 1.4% | |
| | |
A2A SpA | | | 4,052 | | | | 6,782 | |
| | |
Eni SpA | | | 2,146 | | | | 36,565 | |
| | |
Snam SpA | | | 1,114 | | | | 5,671 | |
| | | | | | | | |
| | |
| | | | | | | 49,018 | |
| | | | | | | | |
|
Japan — 22.4% | |
| | |
Advantest Corp. | | | 572 | | | | 16,227 | |
| | |
Alfresa Holdings Corp. | | | 260 | | | | 7,249 | |
| | |
Astellas Pharma, Inc. | | | 1,518 | | | | 20,556 | |
| | |
Bridgestone Corp. | | | 426 | | | | 16,915 | |
| | |
Brother Industries Ltd. | | | 672 | | | | 13,275 | |
| | |
Capcom Co. Ltd. | | | 559 | | | | 12,613 | |
| | |
Central Japan Railway Co. | | | 109 | | | | 23,353 | |
| | |
Chubu Electric Power Co., Inc. | | | 588 | | | | 8,555 | |
| | |
Daicel Corp. | | | 589 | | | | 6,608 | |
| | |
Dai-ichi Life Holdings, Inc. | | | 894 | | | | 12,898 | |
| | |
DMG Mori Co. Ltd. | | | 616 | | | | 8,887 | |
| | |
FCC Co. Ltd. | | | 72 | | | | 1,493 | |
| | |
Fuji Electric Co. Ltd. | | | 389 | | | | 13,776 | |
| | |
FUJIFILM Holdings Corp. | | | 461 | | | | 21,546 | |
| | |
Fujitsu Ltd. | | | 170 | | | | 12,495 | |
| | |
Hitachi Ltd. | | | 681 | | | | 22,662 | |
| | |
Idemitsu Kosan Co. Ltd. | | | 173 | | | | 5,622 | |
| | |
Isuzu Motors Ltd. | | | 1,141 | | | | 16,434 | |
| | |
ITOCHU Corp. | | | 1,232 | | | | 22,226 | |
| | |
Japan Aviation Electronics Industry Ltd. | | | 208 | | | | 3,365 | |
| | |
Japan Retail Fund Investment Corp., REIT | | | 4 | | | | 7,848 | |
| | |
JXTG Holdings, Inc. | | | 2,057 | | | | 10,005 | |
| | |
Kaken Pharmaceutical Co. Ltd. | | | 53 | | | | 2,253 | |
| | |
Kansai Electric Power Co., Inc. (The) | | | 1,076 | | | | 13,013 | |
| | |
KDDI Corp. | | | 966 | | | | 22,264 | |
| | |
Kumagai Gumi Co. Ltd. | | | 83 | | | | 2,447 | |
| | |
Marubeni Corp. | | | 2,411 | | | | 17,279 | |
| | |
Medipal Holdings Corp. | | | 170 | | | | 3,823 | |
| | |
Mitsubishi Chemical Holdings Corp. | | | 1,010 | | | | 7,203 | |
| | |
Mitsubishi Corp. | | | 659 | | | | 18,159 | |
| | |
Mitsubishi Heavy Industries Ltd. | | | 55 | | | | 2,284 | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | | 4,201 | | | | 20,842 | |
| | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | | | 446 | | | | 2,272 | |
| | |
Mitsui & Co. Ltd. | | | 832 | | | | 13,464 | |
| | |
Mizuho Financial Group, Inc. | | | 13,459 | | | | 21,020 | |
| | |
Nexon Co. Ltd. * | | | 512 | | | | 7,293 | |
| | |
Nihon Unisys Ltd. | | | 172 | | | | 4,420 | |
| | |
Nippon Telegraph & Telephone Corp. | | | 491 | | | | 20,409 | |
| | |
Nomura Real Estate Holdings, Inc. | | | 238 | | | | 5,057 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Japan — continued | |
| | |
Oji Holdings Corp. | | | 1,752 | | | | 10,513 | |
| | |
Open House Co. Ltd. | | | 181 | | | | 6,635 | |
| | |
ORIX Corp. | | | 1,048 | | | | 14,839 | |
| | |
Resona Holdings, Inc. | | | 1,889 | | | | 8,018 | |
| | |
Sankyu, Inc. | | | 101 | | | | 4,853 | |
| | |
SBI Holdings, Inc. | | | 627 | | | | 13,442 | |
| | |
Shionogi & Co. Ltd. | | | 297 | | | | 17,354 | |
| | |
Ship Healthcare Holdings, Inc. | | | 62 | | | | 2,559 | |
| | |
Showa Denko KK | | | 428 | | | | 14,602 | |
| | |
SoftBank Group Corp. | | | 38 | | | | 4,029 | |
| | |
Sojitz Corp. | | | 1,950 | | | | 6,713 | |
| | |
Sony Corp. | | | 652 | | | | 32,830 | |
| | |
Sumitomo Corp. | | | 689 | | | | 9,878 | |
| | |
Sumitomo Dainippon Pharma Co. Ltd. | | | 245 | | | | 5,413 | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | | 675 | | | | 24,537 | |
| | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 446 | | | | 15,575 | |
| | |
Suzuki Motor Corp. | | | 81 | | | | 3,710 | |
| | |
Taiheiyo Cement Corp. | | | 308 | | | | 9,929 | |
| | |
Taisei Corp. | | | 374 | | | | 16,469 | |
| | |
Takeda Pharmaceutical Co. Ltd. | | | 49 | | | | 1,820 | |
| | |
Tokuyama Corp. | | | 242 | | | | 6,017 | |
| | |
Toyota Boshoku Corp. | | | 255 | | | | 3,774 | |
| | |
Toyota Motor Corp. | | | 823 | | | | 50,971 | |
| | |
Toyota Tsusho Corp. | | | 309 | | | | 10,260 | |
| | |
TS Tech Co. Ltd. | | | 201 | | | | 6,049 | |
| | |
V Technology Co. Ltd. | | | 30 | | | | 3,992 | |
| | |
Yokohama Rubber Co. Ltd. (The) | | | 367 | | | | 6,917 | |
| | | | | | | | |
| | |
| | | | | | | 779,808 | |
| | | | | | | | |
|
Luxembourg — 0.4% | |
| | |
SES SA, FDR | | | 723 | | | | 12,295 | |
| | | | | | | | |
|
Netherlands — 7.7% | |
| | |
ABN AMRO Group NV, CVA (a) (b) | | | 1,237 | | | | 29,138 | |
| | |
Adyen NV *(a) (b) | | | 19 | | | | 15,364 | |
| | |
ASR Nederland NV | | | 632 | | | | 28,134 | |
| | |
Euronext NV (b) | | | 154 | | | | 10,734 | |
| | |
EXOR NV | | | 266 | | | | 17,705 | |
| | |
Flow Traders (b) | | | 122 | | | | 3,496 | |
| | |
Intertrust NV (b) | | | 152 | | | | 2,894 | |
| | |
Koninklijke Ahold Delhaize NV | | | 1,466 | | | | 35,333 | |
| | |
Koninklijke BAM Groep NV | | | 800 | | | | 3,905 | |
| | |
NN Group NV | | | 74 | | | | 3,224 | |
| | |
Royal Dutch Shell plc, Class B | | | 2,142 | | | | 69,122 | |
| | |
Signify NV (b) | | | 399 | | | | 11,960 | |
| | |
Wolters Kluwer NV | | | 517 | | | | 36,052 | |
| | | | | | | | |
| | |
| | | | | | | 267,061 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 61 | |
JPMorgan International Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Norway — 2.7% | |
| | |
Austevoll Seafood ASA | | | 287 | | | | 3,347 | |
| | |
DNB ASA * (a) | | | 1,728 | | | | 33,227 | |
| | |
Equinor ASA | | | 516 | | | | 11,510 | |
| | |
Salmar ASA | | | 306 | | | | 13,916 | |
| | |
Telenor ASA | | | 1,593 | | | | 32,022 | |
| | | | | | | | |
| | |
| | | | | | | 94,022 | |
| | | | | | | | |
|
Russia — 0.4% | |
| | |
Evraz plc | | | 1,583 | | | | 13,001 | |
| | | | | | | | |
|
Singapore — 1.0% | |
| | |
DBS Group Holdings Ltd. | | | 666 | | | | 13,841 | |
| | |
Jardine Cycle & Carriage Ltd. | | | 99 | | | | 2,590 | |
| | |
United Overseas Bank Ltd. | | | 905 | | | | 18,533 | |
| | | | | | | | |
| | |
| | | | | | | 34,964 | |
| | | | | | | | |
|
South Africa — 0.9% | |
| | |
Anglo American plc | | | 1,266 | | | | 32,841 | |
| | | | | | | | |
|
Spain — 4.6% | |
| | |
ACS Actividades de Construccion y Servicios SA | | | 736 | | | | 33,842 | |
| | |
Cia de Distribucion Integral Logista Holdings SA | | | 157 | | | | 3,716 | |
| | |
CIE Automotive SA | | | 193 | | | | 5,407 | |
| | |
Enagas SA | | | 771 | | | | 21,995 | |
| | |
Endesa SA | | | 1,340 | | | | 33,437 | |
| | |
Mediaset Espana Comunicacion SA | | | 445 | | | | 3,448 | |
| | |
Red Electrica Corp. SA | | | 1,218 | | | | 25,288 | |
| | |
Repsol SA | | | 623 | | | | 10,579 | |
| | |
Siemens Gamesa Renewable Energy SA | | | 1,186 | | | | 21,310 | |
| | | | | | | | |
| | |
| | | | | | | 159,022 | |
| | | | | | | | |
|
Sweden — 1.2% | |
| | |
Betsson AB * | | | 343 | | | | 2,605 | |
| | |
Hemfosa Fastigheter AB | | | 212 | | | | 1,754 | |
| | |
JM AB (a) | | | 364 | | | | 6,941 | |
| | |
Nyfosa AB * | | | 104 | | | | 621 | |
| | |
Sandvik AB | | | 647 | | | | 11,989 | |
| | |
Skandinaviska Enskilda Banken AB, Class A | | | 1,783 | | | | 17,023 | |
| | |
Swedbank AB, Class A | | | 132 | | | | 2,150 | |
| | | | | | | | |
| | |
| | | | | | | 43,083 | |
| | | | | | | | |
|
Switzerland — 8.6% | |
| | |
Adecco Group AG (Registered) | | | 107 | | | | 6,150 | |
| | |
Alcon, Inc. * | | | 175 | | | | 10,093 | |
| | |
Huber + Suhner AG (Registered) | | | 27 | | | | 2,133 | |
| | |
Logitech International SA (Registered) | | | 495 | | | | 19,407 | |
| | |
Nestle SA (Registered) | | | 809 | | | | 77,859 | |
| | |
Novartis AG (Registered) | | | 876 | | | | 71,803 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Switzerland — continued | |
| | |
Roche Holding AG | | | 295 | | | | 77,734 | |
| | |
Swiss Life Holding AG (Registered) * | | | 70 | | | | 32,880 | |
| | | | | | | | |
| | |
| | | | | | | 298,059 | |
| | | | | | | | |
|
United Kingdom — 13.8% | |
| | |
3i Group plc | | | 990 | | | | 13,850 | |
| | |
Ashtead Group plc | | | 897 | | | | 24,920 | |
| | |
Barratt Developments plc | | | 1,547 | | | | 12,169 | |
| | |
Berkeley Group Holdings plc | | | 288 | | | | 14,145 | |
| | |
Bovis Homes Group plc | | | 224 | | | | 3,242 | |
| | |
BP plc | | | 577 | | | | 4,195 | |
| | |
Britvic plc | | | 329 | | | | 3,927 | |
| | |
Coca-Cola European Partners plc | | | 613 | | | | 32,872 | |
| | |
Computacenter plc | | | 180 | | | | 2,840 | |
| | |
Diageo plc | | | 186 | | | | 7,822 | |
| | |
Dialog Semiconductor plc * | | | 415 | | | | 16,136 | |
| | |
Dunelm Group plc | | | 355 | | | | 3,958 | |
| | |
Fiat Chrysler Automobiles NV | | | 1,745 | | | | 26,900 | |
| | |
GlaxoSmithKline plc | | | 2,747 | | | | 56,442 | |
| | |
Greene King plc | | | 460 | | | | 3,856 | |
| | |
Howden Joinery Group plc | | | 493 | | | | 3,271 | |
| | |
HSBC Holdings plc | | | 1,897 | | | | 16,529 | |
| | |
Imperial Brands plc | | | 1,046 | | | | 33,290 | |
| | |
International Consolidated Airlines Group SA | | | 3,214 | | | | 22,710 | |
| | |
Legal & General Group plc | | | 9,507 | | | | 34,571 | |
| | |
Lloyds Banking Group plc | | | 40,164 | | | | 32,848 | |
| | |
Micro Focus International plc | | | 933 | | | | 23,640 | |
| | |
National Express Group plc | | | 332 | | | | 1,779 | |
| | |
Next plc | | | 422 | | | | 31,791 | |
| | |
Pearson plc | | | 1,225 | | | | 13,275 | |
| | |
Persimmon plc | | | 359 | | | | 10,481 | |
| | |
Redrow plc | | | 2,111 | | | | 16,990 | |
| | |
Tate & Lyle plc | | | 644 | | | | 6,450 | |
| | |
Unilever plc | | | 107 | | | | 6,461 | |
| | | | | | | | |
| | |
| | | | | | | 481,360 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $3,274,851) | | | | | | | 3,383,571 | |
| | | | | | | | |
Short-term Investments — 1.6% | |
|
Investment Companies — 1.6% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares,
2.48% (c) (d)
(Cost $57,922) | | | 57,905 | | | | 57,922 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 62 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Investment of Cash Collateral from Securities Loaned — 5.1% | |
| | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | | | 127,990 | | | | 128,003 | |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | | | 48,375 | | | | 48,375 | |
| | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $176,378) | | | | | | | 176,378 | |
| | | | | | | | |
Total Investments — 103.9%
(Cost $3,509,151) | | | | | | | 3,617,871 | |
Liabilities in Excess of
Other Assets — (3.9)% | | | | | | | (135,696 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 3,482,175 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 8.4 | % |
| |
Pharmaceuticals | | | 8.3 | |
| |
Insurance | | | 7.2 | |
| |
Oil, Gas & Consumable Fuels | | | 7.2 | |
| |
Metals & Mining | | | 6.7 | |
| |
Investment of cash collateral from securities loaned | | | 4.9 | |
| |
Automobiles | | | 3.7 | |
| |
Trading Companies & Distributors | | | 3.5 | |
| |
Electric Utilities | | | 2.8 | |
| |
Food Products | | | 2.8 | |
| |
Household Durables | | | 2.7 | |
| |
Construction & Engineering | | | 2.6 | |
| |
Capital Markets | | | 2.5 | |
| |
IT Services | | | 2.2 | |
| |
Textiles, Apparel & Luxury Goods | | | 2.1 | |
| |
Multi-Utilities | | | 2.0 | |
| |
Food & Staples Retailing | | | 1.7 | |
| |
Technology Hardware, Storage & Peripherals | | | 1.5 | |
| |
Airlines | | | 1.5 | |
| |
Diversified Telecommunication Services | | | 1.4 | |
| |
Real Estate Management & Development | | | 1.4 | |
| |
Beverages | | | 1.4 | |
| |
Semiconductors & Semiconductor Equipment | | | 1.4 | |
| |
Electrical Equipment | | | 1.4 | |
| |
Professional Services | | | 1.2 | |
| |
Media | | | 1.2 | |
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Personal Products | | | 1.1 | % |
| |
Auto Components | | | 1.1 | |
| |
Aerospace & Defense | | | 1.1 | |
| |
Machinery | | | 1.1 | |
| |
Road & Rail | | | 1.0 | |
| |
Diversified Financial Services | | | 1.0 | |
| |
Chemicals | | | 1.0 | |
| |
Others (each less than 1.0%) | | | 7.3 | |
| |
Short-Term Investments | | | 1.6 | |
Abbreviations
| | |
| CVA | | Dutch Certification |
| FDR | | Finnish Depository Receipt |
| OYJ | | Public Limited Company |
| REIT | | Real Estate Investment Trust |
| |
| (a) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $163,187,000. |
| (b) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (d) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 63 | |
JPMorgan International Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
|
Long Contracts | |
| | | | | |
| EURO STOXX 50 Index | | | 581 | | | | 06/2019 | | | | EUR | | | | 22,528 | | | | 1,428 | |
| | | | | |
| FTSE 100 Index | | | 172 | | | | 06/2019 | | | | GBP | | | | 16,554 | | | | 649 | |
| | | | | |
| TOPIX Index | | | 111 | | | | 06/2019 | | | | JPY | | | | 16,177 | | | | 271 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | 2,348 | |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations
| | |
| EUR | | Euro |
| FTSE | | Financial Times and the London Stock Exchange |
| GBP | | British Pound |
| JPY | | Japanese Yen |
| TOPIX | | Tokyo Stock Price Index |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 64 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 97.0% | |
|
Australia — 2.1% | |
| | |
BHP Group Ltd. | | | 2,176 | | | | 57,569 | |
| | |
BHP Group plc | | | 1,643 | | | | 38,794 | |
| | | | | | | | |
| | |
| | | | | | | 96,363 | |
| | | | | | | | |
|
Austria — 0.5% | |
| | |
Erste Group Bank AG * | | | 609 | | | | 24,393 | |
| | | | | | | | |
|
Belgium — 0.5% | |
| | |
KBC Group NV | | | 344 | | | | 25,511 | |
| | | | | | | | |
|
Brazil — 0.7% | |
| | |
Itau Unibanco Holding SA, ADR | | | 3,511 | | | | 30,373 | |
| | | | | | | | |
|
China — 2.7% | |
| | |
Alibaba Group Holding Ltd., ADR * | | | 170 | | | | 31,568 | |
| | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 4,731 | | | | 57,261 | |
| | |
Tencent Holdings Ltd. | | | 701 | | | | 34,571 | |
| | | | | | | | |
| | |
| | | | | | | 123,400 | |
| | | | | | | | |
|
Denmark — 1.6% | |
| | |
Novo Nordisk A/S, Class B | | | 1,466 | | | | 71,840 | |
| | | | | | | | |
|
France — 13.8% | |
| | |
Accor SA (a) | | | 962 | | | | 40,520 | |
| | |
Airbus SE (a) | | | 451 | | | | 61,710 | |
| | |
AXA SA (a) | | | 1,494 | | | | 39,839 | |
| | |
Capgemini SE | | | 293 | | | | 35,499 | |
| | |
EssilorLuxottica SA * (a) | | | 275 | | | | 33,463 | |
| | |
Legrand SA | | | 51 | | | | 3,746 | |
| | |
L’Oreal SA (a) | | | 200 | | | | 54,978 | |
| | |
LVMH Moet Hennessy Louis Vuitton SE (a) | | | 200 | | | | 78,565 | |
| | |
Orange SA | | | 3,106 | | | | 48,537 | |
| | |
Pernod Ricard SA | | | 314 | | | | 54,706 | |
| | |
Safran SA | | | 362 | | | | 52,778 | |
| | |
Schneider Electric SE (a) | | | 545 | | | | 46,148 | |
| | |
TOTAL SA | | | 1,479 | | | | 82,202 | |
| | | | | | | | |
| | |
| | | | | | | 632,691 | |
| | | | | | | | |
|
Germany — 8.4% | |
| | |
adidas AG | | | 181 | | | | 46,722 | |
| | |
Allianz SE (Registered) | | | 332 | | | | 80,223 | |
| | |
Continental AG | | | 288 | | | | 47,694 | |
| | |
Deutsche Boerse AG | | | 289 | | | | 38,673 | |
| | |
Fresenius Medical Care AG & Co. KGaA | | | 406 | | | | 34,185 | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) * | | | 141 | | | | 35,050 | |
| | |
SAP SE | | | 785 | | | | 101,154 | |
| | | | | | | | |
| | |
| | | | | | | 383,701 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Hong Kong — 4.4% | |
| | |
AIA Group Ltd. | | | 11,669 | | | | 119,484 | |
| | |
CK Asset Holdings Ltd. | | | 6,072 | | | | 48,822 | |
| | |
Hong Kong Exchanges & Clearing Ltd. | | | 911 | | | | 31,654 | |
| | | | | | | | |
| | |
| | | | | | | 199,960 | |
| | | | | | | | |
|
India — 1.5% | |
| | |
HDFC Bank Ltd., ADR | | | 594 | | | | 68,118 | |
| | | | | | | | |
|
Japan — 18.1% | |
| | |
Asahi Group Holdings Ltd. | | | 1,167 | | | | 50,903 | |
| | |
Daikin Industries Ltd. | | | 404 | | | | 51,437 | |
| | |
FANUC Corp. | | | 236 | | | | 44,339 | |
| | |
Honda Motor Co. Ltd. | | | 1,285 | | | | 35,858 | |
| | |
Kao Corp. | | | 720 | | | | 55,605 | |
| | |
Keyence Corp. | | | 109 | | | | 67,790 | |
| | |
Komatsu Ltd. | | | 1,516 | | | | 39,164 | |
| | |
Kubota Corp. | | | 2,754 | | | | 41,929 | |
| | |
Makita Corp. | | | 1,094 | | | | 39,924 | |
| | |
Mitsui Fudosan Co. Ltd. | | | 1,739 | | | | 40,272 | |
| | |
Nidec Corp. | | | 354 | | | | 50,622 | |
| | |
Recruit Holdings Co. Ltd. | | | 1,207 | | | | 36,359 | |
| | |
Shin-Etsu Chemical Co. Ltd. | | | 636 | | | | 60,216 | |
| | |
Shiseido Co. Ltd. | | | 746 | | | | 58,695 | |
| | |
SMC Corp. | | | 116 | | | | 48,324 | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | | 1,985 | | | | 72,140 | |
| | |
Tokyo Electron Ltd. | | | 199 | | | | 31,651 | |
| | | | | | | | |
| | |
| | | | | | | 825,228 | |
| | | | | | | | |
|
Macau — 0.9% | |
| | |
Sands China Ltd. | | | 7,577 | | | | 41,704 | |
| | | | | | | | |
|
Netherlands — 5.8% | |
| | |
ASML Holding NV (a) | | | 409 | | | | 85,446 | |
| | |
ING Groep NV (a) | | | 4,328 | | | | 55,225 | |
| | |
Royal Dutch Shell plc, Class A | | | 3,882 | | | | 123,690 | |
| | | | | | | | |
| | |
| | | | | | | 264,361 | |
| | | | | | | | |
|
Singapore — 1.4% | |
| | |
DBS Group Holdings Ltd. | | | 3,207 | | | | 66,691 | |
| | | | | | | | |
|
South Africa — 0.3% | |
| | |
Naspers Ltd., Class N | | | 62 | | | | 15,957 | |
| | | | | | | | |
|
South Korea — 1.1% | |
| | |
Samsung Electronics Co. Ltd., GDR (b) | | | 50 | | | | 49,315 | |
| | | | | | | | |
|
Spain — 1.1% | |
| | |
Industria de Diseno Textil SA | | | 1,658 | | | | 50,204 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 65 | |
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Sweden — 2.5% | |
| | |
Atlas Copco AB, Class A | | | 1,343 | | | | 41,926 | |
| | |
Epiroc AB, Class A * | | | 1,814 | | | | 18,749 | |
| | |
Lundin Petroleum AB | | | 673 | | | | 21,928 | |
| | |
Svenska Handelsbanken AB, Class A | | | 2,829 | | | | 30,904 | |
| | | | | | | | |
| | |
| | | | | | | 113,507 | |
| | | | | | | | |
|
Switzerland — 10.4% | |
| | |
ABB Ltd. (Registered) * | | | 1,323 | | | | 27,209 | |
| | |
Alcon, Inc. * | | | 273 | | | | 15,747 | |
| | |
Cie Financiere Richemont SA (Registered) | | | 571 | | | | 41,759 | |
| | |
Nestle SA (Registered) | | | 1,854 | | | | 178,490 | |
| | |
Novartis AG (Registered) | | | 1,367 | | | | 112,030 | |
| | |
Roche Holding AG | | | 383 | | | | 101,066 | |
| | | | | | | | |
| | |
| | | | | | | 476,301 | |
| | | | | | | | |
|
Taiwan — 1.0% | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 1,045 | | | | 45,777 | |
| | | | | | | | |
|
United Kingdom — 17.1% | |
| | |
AstraZeneca plc | | | 867 | | | | 64,595 | |
| | |
Aviva plc | | | 6,476 | | | | 36,367 | |
| | |
Burberry Group plc | | | 2,085 | | | | 54,960 | |
| | |
Diageo plc | | | 2,636 | | | | 111,116 | |
| | |
GlaxoSmithKline plc | | | 4,300 | | | | 88,335 | |
| | |
Legal & General Group plc | | | 10,488 | | | | 38,140 | |
| | |
Linde plc | | | 303 | | | | 54,691 | |
| | |
London Stock Exchange Group plc | | | 635 | | | | 41,641 | |
| | |
Prudential plc | | | 2,212 | | | | 50,254 | |
| | |
RELX plc | | | 2,572 | | | | 58,939 | |
| | |
Smith & Nephew plc | | | 2,096 | | | | 40,529 | |
| | |
Standard Chartered plc | | | 1,048 | | | | 9,586 | |
| | |
Unilever plc | | | 1,745 | | | | 105,758 | |
| | |
WPP plc | | | 1,965 | | | | 24,518 | |
| | | | | | | | |
| | |
| | | | | | | 779,429 | |
| | | | | | | | |
|
United States — 1.1% | |
| | |
Ferguson plc | | | 681 | | | | 48,481 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $3,612,173) | | | | | | | 4,433,305 | |
| | | | | | | | |
Short-Term Investments — 1.8% | |
|
Investment Companies — 1.8% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d)
(Cost $82,881) | | | 82,856 | | | | 82,881 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Investment of Cash Collateral from Securities Loaned — 8.2% | |
| | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | | | 278,972 | | | | 279,000 | |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | | | 93,445 | | | | 93,445 | |
| | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $372,445) | | | | | | | 372,445 | |
| | | | | | | | |
Total Investments — 107.0% (Cost $4,067,499) | | | | | | | 4,888,631 | |
Liabilities in Excess of
Other Assets — (7.0)% | | | | | | | (320,032 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 4,568,599 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Insurance | | | 9.3 | % |
| |
Pharmaceuticals | | | 9.0 | |
| |
Banks | | | 7.8 | |
| |
Investment of cash collateral from securities loaned | | | 7.6 | |
| |
Personal Products | | | 5.6 | |
| |
Machinery | | | 5.6 | |
| |
Textiles, Apparel & Luxury Goods | | | 5.2 | |
| |
Oil, Gas & Consumable Fuels | | | 4.7 | |
| |
Beverages | | | 4.4 | |
| |
Food Products | | | 3.7 | |
| |
Semiconductors & Semiconductor Equipment | | | 3.3 | |
| |
Electrical Equipment | | | 2.6 | |
| |
Chemicals | | | 2.4 | |
| |
Aerospace & Defense | | | 2.3 | |
| |
Capital Markets | | | 2.3 | |
| |
Software | | | 2.1 | |
| |
Metals & Mining | | | 2.0 | |
| |
Professional Services | | | 1.9 | |
| |
Real Estate Management & Development | | | 1.8 | |
| |
Hotels, Restaurants & Leisure | | | 1.7 | |
| |
Electronic Equipment, Instruments & Components | | | 1.4 | |
| |
Health Care Equipment & Supplies | | | 1.1 | |
| |
Building Products | | | 1.1 | |
| |
Specialty Retail | | | 1.0 | |
| |
Technology Hardware, Storage & Peripherals | | | 1.0 | |
| |
Diversified Telecommunication Services | | | 1.0 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 66 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Trading Companies & Distributors | | | 1.0 | % |
| |
Auto Components | | | 1.0 | |
| |
Internet & Direct Marketing Retail | | | 1.0 | |
| |
Others (each less than 1.0%) | | | 3.4 | |
| |
Short-Term Investments | | | 1.7 | |
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| GDR | | Global Depositary Receipt |
| |
| (a) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $355,310,000. |
| (b) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (d) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 67 | |
JPMorgan International Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 98.0% | |
|
Australia — 4.6% | |
| | |
Goodman Group, REIT | | | 146 | | | | 1,360 | |
| | |
Rio Tinto plc | | | 56 | | | | 3,280 | |
| | |
Transurban Group | | | 158 | | | | 1,500 | |
| | | | | | | | |
| | |
| | | | | | | 6,140 | |
| | | | | | | | |
|
Austria — 1.1% | |
| | |
Erste Group Bank AG * | | | 38 | | | | 1,503 | |
| | | | | | | | |
|
Canada — 1.1% | |
| | |
TransCanada Corp. | | | 30 | | | | 1,442 | |
| | | | | | | | |
|
China — 0.8% | |
| | |
China Construction Bank Corp., Class H | | | 1,180 | | | | 1,040 | |
| | | | | | | | |
|
Denmark — 2.2% | |
| | |
Novo Nordisk A/S, Class B | | | 61 | | | | 2,972 | |
| | | | | | | | |
|
Finland — 2.8% | |
| | |
Nordea Bank Abp | | | 243 | | | | 1,910 | |
| | |
UPM-Kymmene OYJ | | | 65 | | | | 1,825 | |
| | | | | | | | |
| | |
| | | | | | | 3,735 | |
| | | | | | | | |
|
France — 14.3% | |
| | |
Accor SA | | | 29 | | | | 1,234 | |
| | |
Airbus SE | | | 20 | | | | 2,722 | |
| | |
BNP Paribas SA | | | 25 | | | | 1,356 | |
| | |
Capgemini SE | | | 7 | | | | 800 | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | | 8 | | | | 3,071 | |
| | |
Natixis SA | | | 144 | | | | 846 | |
| | |
Orange SA | | | 76 | | | | 1,191 | |
| | |
Renault SA | | | 21 | | | | 1,400 | |
| | |
TOTAL SA | | | 47 | | | | 2,623 | |
| | |
Unibail-Rodamco-Westfield, REIT | | | 5 | | | | 875 | |
| | |
Vinci SA | | | 31 | | | | 3,174 | |
| | | | | | | | |
| | |
| | | | | | | 19,292 | |
| | | | | | | | |
|
Germany — 5.0% | |
| | |
Allianz SE (Registered) | | | 5 | | | | 1,168 | |
| | |
Deutsche Boerse AG | | | 7 | | | | 938 | |
| | |
Deutsche Post AG (Registered) * | | | 54 | | | | 1,864 | |
| | |
Infineon Technologies AG | | | 45 | | | | 1,075 | |
| | |
Volkswagen AG (Preference) | | | 9 | | | | 1,642 | |
| | | | | | | | |
| | |
| | | | | | | 6,687 | |
| | | | | | | | |
|
Hong Kong — 2.2% | |
| | |
HKT Trust & HKT Ltd. | | | 1,071 | | | | 1,660 | |
| | |
Hong Kong Exchanges & Clearing Ltd. | | | 37 | | | | 1,272 | |
| | | | | | | | |
| | |
| | | | | | | 2,932 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
|
| |
|
Italy — 1.7% | |
| | |
Enel SpA | | | 354 | | | | 2,245 | |
| | | | | | | | |
|
Japan — 16.0% | |
| | |
Amada Holdings Co. Ltd. | | | 137 | | | | 1,537 | |
| | |
Bandai Namco Holdings, Inc. | | | 33 | | | | 1,563 | |
| | |
Bridgestone Corp. | | | 43 | | | | 1,698 | |
| | |
Japan Airlines Co. Ltd. | | | 42 | | | | 1,363 | |
| | |
Japan Exchange Group, Inc. | | | 62 | | | | 1,019 | |
| | |
JXTG Holdings, Inc. | | | 238 | | | | 1,157 | |
| | |
Marui Group Co. Ltd. | | | 54 | | | | 1,104 | |
| | |
Mitsubishi Corp. | | | 87 | | | | 2,399 | |
| | |
Mitsui & Co. Ltd. | | | 72 | | | | 1,160 | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | | 48 | | | | 1,745 | |
| | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 30 | | | | 1,057 | |
| | |
Tokio Marine Holdings, Inc. | | | 40 | | | | 2,027 | |
| | |
Toyota Motor Corp. | | | 41 | | | | 2,532 | |
| | |
Trend Micro, Inc. | | | 24 | | | | 1,215 | |
| | | | | | | | |
| | |
| | | | | | | 21,576 | |
| | | | | | | | |
|
Macau — 0.8% | |
| | |
Sands China Ltd. | | | 192 | | | | 1,059 | |
| | | | | | | | |
|
Netherlands — 9.4% | |
| | |
Akzo Nobel NV | | | 23 | | | | 1,947 | |
| | |
ASML Holding NV | | | 7 | | | | 1,500 | |
| | |
ING Groep NV | | | 139 | | | | 1,779 | |
| | |
Koninklijke Ahold Delhaize NV | | | 62 | | | | 1,500 | |
| | |
NN Group NV | | | 50 | | | | 2,174 | |
| | |
Royal Dutch Shell plc, Class A | | | 116 | | | | 3,700 | |
| | | | | | | | |
| | |
| | | | | | | 12,600 | |
| | | | | | | | |
|
Norway — 2.1% | |
| | |
Telenor ASA | | | 142 | | | | 2,848 | |
| | | | | | | | |
|
Singapore — 1.4% | |
| | |
DBS Group Holdings Ltd. | | | 89 | | | | 1,855 | |
| | | | | | | | |
|
South Korea — 0.9% | |
| | |
Samsung Electronics Co. Ltd. | | | 32 | | | | 1,267 | |
| | | | | | | | |
|
Spain — 1.8% | |
| | |
Iberdrola SA | | | 261 | | | | 2,369 | |
| | | | | | | | |
|
Sweden — 1.2% | |
| | |
Svenska Handelsbanken AB, Class A | | | 146 | | | | 1,592 | |
| | | | | | | | |
|
Switzerland — 10.5% | |
| | |
Glencore plc * | | | 420 | | | | 1,668 | |
| | |
Nestle SA (Registered) | | | 28 | | | | 2,698 | |
| | |
Novartis AG (Registered) | | | 37 | | | | 3,019 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 68 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Switzerland — continued | |
| | |
Roche Holding AG | | | 14 | | | | 3,572 | |
| | |
Swiss Re AG | | | 21 | | | | 2,016 | |
| | |
Zurich Insurance Group AG | | | 4 | | | | 1,164 | |
| | | | | | | | |
| | |
| | | | | | | 14,137 | |
| | | | | | | | |
|
Taiwan — 1.5% | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 46 | | | | 2,031 | |
| | | | | | | | |
|
United Kingdom — 14.4% | |
| | |
3i Group plc | | | 93 | | | | 1,303 | |
| | |
Diageo plc | | | 56 | | | | 2,373 | |
| | |
HSBC Holdings plc | | | 137 | | | | 1,193 | |
| | |
Imperial Brands plc | | | 90 | | | | 2,849 | |
| | |
Lloyds Banking Group plc | | | 2,194 | | | | 1,794 | |
| | |
Prudential plc | | | 105 | | | | 2,377 | |
| | |
Severn Trent plc | | | 58 | | | | 1,557 | |
| | |
Taylor Wimpey plc | | | 895 | | | | 2,122 | |
| | |
Unilever NV, CVA | | | 64 | | | | 3,856 | |
| | | | | | | | |
| | |
| | | | | | | 19,424 | |
| | | | | | | | |
|
United States — 2.2% | |
| | |
Carnival plc | | | 23 | | | | 1,241 | |
| | |
Ferguson plc | | | 25 | | | | 1,786 | |
| | | | | | | | |
| | |
| | | | | | | 3,027 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $121,547) | | | | | | | 131,773 | |
| | | | | | | | |
Short-term Investments — 1.0% | |
|
Investment Companies — 1.0% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (a) (b)
(Cost $1,314) | | | 1,314 | | | | 1,314 | |
| | | | | | | | |
Total Investments — 99.0%
(Cost $122,861) | | | | | | | 133,087 | |
Other Assets Less Liabilities — 1.0% | | | | | | | 1,301 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 134,388 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 12.6 | % |
| |
Insurance | | | 8.2 | |
| |
Pharmaceuticals | | | 7.2 | |
| |
Oil, Gas & Consumable Fuels | | | 6.7 | |
| |
Diversified Telecommunication Services | | | 4.3 | |
| |
Automobiles | | | 4.2 | |
| |
Capital Markets | | | 4.0 | |
| |
Trading Companies & Distributors | | | 4.0 | |
| |
Metals & Mining | | | 3.7 | |
| |
Electric Utilities | | | 3.5 | |
| |
Semiconductors & Semiconductor Equipment | | | 3.5 | |
| |
Personal Products | | | 2.9 | |
| |
Hotels, Restaurants & Leisure | | | 2.7 | |
| |
Construction & Engineering | | | 2.4 | |
| |
Textiles, Apparel & Luxury Goods | | | 2.3 | |
| |
Tobacco | | | 2.1 | |
| |
Aerospace & Defense | | | 2.0 | |
| |
Food Products | | | 2.0 | |
| |
Beverages | | | 1.8 | |
| |
Equity Real Estate Investment Trusts (REITs) | | | 1.7 | |
| |
Household Durables | | | 1.6 | |
| |
Chemicals | | | 1.5 | |
| |
Air Freight & Logistics | | | 1.4 | |
| |
Paper & Forest Products | | | 1.4 | |
| |
Auto Components | | | 1.3 | |
| |
Leisure Products | | | 1.2 | |
| |
Water Utilities | | | 1.2 | |
| |
Machinery | | | 1.2 | |
| |
Food & Staples Retailing | | | 1.1 | |
| |
Transportation Infrastructure | | | 1.1 | |
| |
Airlines | | | 1.0 | |
| |
Technology Hardware, Storage & Peripherals | | | 0.9 | |
| |
Others (each less than 1.0%) | | | 2.3 | |
| |
Short-Term Investments | | | 1.0 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 69 | |
JPMorgan International Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| CVA | | Dutch Certification |
| OYJ | | Public Limited Company |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| | |
| REIT | | Real Estate Investment Trust |
| |
| (a) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (b) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
| | | | | | | | | | | | | | | | | | | | | | |
| Forward foreign currency exchange contracts outstanding as of April 30, 2019 (amounts in thousands): | |
| CURRENCY PURCHASED | | | CURRENCY SOLD | | | COUNTERPARTY | | SETTLEMENT
DATE | | | UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
| | USD | | | | 542 | | | JPY | | | 60,130 | | | Barclays Bank plc | | | 5/7/2019 | | | | 2 | |
| | USD | | | | 161 | | | JPY | | | 17,824 | | | Merrill Lynch International | | | 5/7/2019 | | | | 1 | |
| | USD | | | | 122 | | | JPY | | | 13,565 | | | Royal Bank of Canada | | | 5/7/2019 | | | | — | (a) |
| | EUR | | | | 563 | | | USD | | | 633 | | | BNP Paribas | | | 5/29/2019 | | | | — | (a) |
| | JPY | | | | 985,126 | | | USD | | | 8,830 | | | BNP Paribas | | | 5/29/2019 | | | | 34 | |
| | JPY | | | | 60,706 | | | USD | | | 544 | | | Standard Chartered Bank | | | 5/29/2019 | | | | 3 | |
| | USD | | | | 1,531 | | | CHF | | | 1,554 | | | Barclays Bank plc | | | 5/29/2019 | | | | 1 | |
| | USD | | | | 5,294 | | | EUR | | | 4,705 | | | Citibank, NA | | | 5/29/2019 | | | | 3 | |
| | USD | | | | 2,166 | | | NOK | | | 18,557 | | | TD Bank Financial Group | | | 5/29/2019 | | | | 13 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | Total unrealized appreciation | | | | | | | 57 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | JPY | | | | 1,076,645 | | | USD | | | 9,781 | | | Credit Suisse International | | | 5/7/2019 | | | | (111 | ) |
| | USD | | | | 8,815 | | | JPY | | | 985,126 | | | BNP Paribas | | | 5/7/2019 | | | | (32 | ) |
| | AUD | | | | 8,914 | | | USD | | | 6,346 | | | BNP Paribas | | | 5/29/2019 | | | | (58 | ) |
| | CHF | | | | 484 | | | USD | | | 476 | | | BNP Paribas | | | 5/29/2019 | | | | (1 | ) |
| | GBP | | | | 224 | | | USD | | | 293 | | | Citibank, NA | | | 5/29/2019 | | | | — | (a) |
| | USD | | | | 866 | | | CAD | | | 1,164 | | | BNP Paribas | | | 5/29/2019 | | | | (3 | ) |
| | USD | | | | 4,220 | | | GBP | | | 3,255 | | | Citibank, NA | | | 5/29/2019 | | | | (31 | ) |
| | USD | | | | 1,243 | | | GBP | | | 958 | | | State Street Corp. | | | 5/29/2019 | | | | (8 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | Total unrealized depreciation | | | | | | | (244 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | Net unrealized depreciation | | | | (187 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Abbreviations
| | |
| AUD | | Australian Dollar |
| CAD | | Canadian Dollar |
| CHF | | Swiss Franc |
| EUR | | Euro |
| GBP | | British Pound |
| JPY | | Japanese Yen |
| NOK | | Norwegian Krone |
| USD | | United States Dollar |
| |
| (a) | | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 70 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 96.2% | |
|
Australia — 5.1% | |
| | |
Australia & New Zealand Banking Group Ltd. | | | 28 | | | | 528 | |
| | |
BHP Group Ltd. | | | 21 | | | | 550 | |
| | |
Commonwealth Bank of Australia | | | 2 | | | | 94 | |
| | |
CSL Ltd. | | | 1 | | | | 208 | |
| | |
Dexus, REIT | | | 30 | | | | 267 | |
| | |
Goodman Group, REIT | | | 28 | | | | 260 | |
| | |
Macquarie Group Ltd. | | | — | (a) | | | 47 | |
| | |
National Australia Bank Ltd. | | | 3 | | | | 52 | |
| | |
Rio Tinto Ltd. | | | 6 | | | | 406 | |
| | |
Rio Tinto plc | | | 2 | | | | 119 | |
| | |
Westpac Banking Corp. | | | 5 | | | | 91 | |
| | | | | | | | |
| | |
| | | | | | | 2,622 | |
| | | | | | | | |
|
Austria — 0.7% | |
| | |
Erste Group Bank AG * | | | 9 | | | | 347 | |
| | | | | | | | |
|
Belgium — 1.3% | |
| | |
Anheuser-Busch InBev SA/NV | | | 7 | | | | 666 | |
| | | | | | | | |
|
Denmark — 1.6% | |
| | |
Chr Hansen Holding A/S | | | 2 | | | | 187 | |
| | |
Novo Nordisk A/S, Class B | | | 13 | | | | 653 | |
| | | | | | | | |
| | |
| | | | | | | 840 | |
| | | | | | | | |
|
Finland — 1.6% | |
| | |
Cargotec OYJ, Class B | | | 4 | | | | 154 | |
| | |
Nokia OYJ | | | 21 | | | | 110 | |
| | |
Outokumpu OYJ | | | 48 | | | | 185 | |
| | |
Wartsila OYJ Abp | | | 22 | | | | 357 | |
| | | | | | | | |
| | |
| | | | | | | 806 | |
| | | | | | | | |
|
France — 12.5% | |
| | |
Air Liquide SA | | | 5 | | | | 677 | |
| | |
Airbus SE | | | 3 | | | | 471 | |
| | |
Alstom SA | | | 7 | | | | 313 | |
| | |
AXA SA | | | 9 | | | | 253 | |
| | |
BNP Paribas SA | | | 10 | | | | 547 | |
| | |
Capgemini SE | | | 2 | | | | 288 | |
| | |
Orange SA | | | 16 | | | | 253 | |
| | |
Pernod Ricard SA | | | 3 | | | | 529 | |
| | |
Renault SA | | | 6 | | | | 399 | |
| | |
Sanofi | | | 7 | | | | 640 | |
| | |
Schneider Electric SE | | | 6 | | | | 509 | |
| | |
Sodexo SA | | | 2 | | | | 244 | |
| | |
Thales SA | | | 2 | | | | 270 | |
| | |
TOTAL SA | | | 14 | | | | 778 | |
| | |
Unibail-Rodamco-Westfield, REIT | | | 1 | | | | 154 | |
| | |
Vinci SA | | | 1 | | | | 115 | |
| | | | | | | | |
| | |
| | | | | | | 6,440 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Germany — 9.0% | |
| | |
adidas AG | | | 1 | | | | 249 | |
| | |
Allianz SE (Registered) | | | — | (a) | | | 106 | |
| | |
BASF SE | | | 1 | | | | 115 | |
| | |
Bayer AG (Registered) | | | 4 | | | | 242 | |
| | |
Brenntag AG | | | 6 | | | | 322 | |
| | |
Daimler AG (Registered) * | | | 8 | | | | 535 | |
| | |
Deutsche Bank AG (Registered) | | | 8 | | | | 64 | |
| | |
Deutsche Boerse AG | | | 2 | | | | 305 | |
| | |
Deutsche Post AG (Registered) * | | | 10 | | | | 345 | |
| | |
Deutsche Telekom AG (Registered) | | | 25 | | | | 415 | |
| | |
Henkel AG & Co. KGaA (Preference) | | | 3 | | | | 304 | |
| | |
Infineon Technologies AG | | | 13 | | | | 319 | |
| | |
RWE AG * | | | 10 | | | | 265 | |
| | |
SAP SE | | | 7 | | | | 920 | |
| | |
Siemens AG (Registered) | | | 1 | | | | 137 | |
| | | | | | | | |
| | |
| | | | | | | 4,643 | |
| | | | | | | | |
|
Hong Kong — 3.1% | |
| | |
AIA Group Ltd. | | | 64 | | | | 651 | |
| | |
CK Asset Holdings Ltd. | | | 24 | | | | 189 | |
| | |
CK Hutchison Holdings Ltd. | | | 25 | | | | 257 | |
| | |
Hong Kong Exchanges & Clearing Ltd. | | | 14 | | | | 490 | |
| | | | | | | | |
| | |
| | | | | | | 1,587 | |
| | | | | | | | |
|
Ireland — 0.8% | |
| | |
CRH plc | | | 3 | | | | 94 | |
| | |
Ryanair Holdings plc, ADR * | | | 4 | | | | 304 | |
| | | | | | | | |
| | |
| | | | | | | 398 | |
| | | | | | | | |
|
Israel — 0.2% | |
| | |
Teva Pharmaceutical Industries Ltd., ADR * | | | 7 | | | | 100 | |
| | | | | | | | |
|
Italy — 1.8% | |
| | |
Assicurazioni Generali SpA | | | 14 | | | | 277 | |
| | |
Enel SpA | | | 98 | | | | 618 | |
| | |
UniCredit SpA | | | 3 | | | | 42 | |
| | | | | | | | |
| | |
| | | | | | | 937 | |
| | | | | | | | |
|
Japan — 22.0% | |
| | |
Asahi Group Holdings Ltd. | | | 3 | | | | 131 | |
| | |
Bridgestone Corp. | | | 9 | | | | 361 | |
| | |
Central Japan Railway Co. | | | 1 | | | | 301 | |
| | |
Daicel Corp. | | | 27 | | | | 301 | |
| | |
Daikin Industries Ltd. | | | 4 | | | | 522 | |
| | |
DMG Mori Co. Ltd. | | | 19 | | | | 278 | |
| | |
Electric Power Development Co. Ltd. | | | 4 | | | | 81 | |
| | |
Hitachi Ltd. | | | 5 | | | | 153 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 71 | |
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Japan — continued | |
| | |
Honda Motor Co. Ltd. | | | 16 | | | | 455 | |
| | |
Japan Airlines Co. Ltd. | | | 5 | | | | 176 | |
| | |
Japan Tobacco, Inc. | | | 11 | | | | 257 | |
| | |
Kao Corp. | | | 6 | | | | 455 | |
| | |
Keyence Corp. | | | — | (a) | | | 125 | |
| | |
Kyowa Hakko Kirin Co. Ltd. | | | 7 | | | | 134 | |
| | |
Mabuchi Motor Co. Ltd. | | | 9 | | | | 326 | |
| | |
Marui Group Co. Ltd. | | | 11 | | | | 218 | |
| | |
Mitsubishi Corp. | | | 12 | | | | 325 | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | | 85 | | | | 423 | |
| | |
Mitsui Fudosan Co. Ltd. | | | 11 | | | | 257 | |
| | |
NGK Spark Plug Co. Ltd. | | | 11 | | | | 211 | |
| | |
Nintendo Co. Ltd. | | | 2 | | | | 517 | |
| | |
Nippon Telegraph & Telephone Corp. | | | 10 | | | | 399 | |
| | |
Nomura Research Institute Ltd. | | | 4 | | | | 176 | |
| | |
Olympus Corp. | | | 7 | | | | 76 | |
| | |
Otsuka Corp. | | | 7 | | | | 264 | |
| | |
Otsuka Holdings Co. Ltd. | | | 10 | | | | 343 | |
| | |
Panasonic Corp. | | | 26 | | | | 240 | |
| | |
Persol Holdings Co. Ltd. | | | 9 | | | | 175 | |
| | |
Renesas Electronics Corp. * | | | 24 | | | | 130 | |
| | |
Seven & i Holdings Co. Ltd. | | | 11 | | | | 377 | |
| | |
Sony Corp. | | | 4 | | | | 202 | |
| | |
Sumitomo Electric Industries Ltd. | | | 11 | | | | 145 | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | | 11 | | | | 403 | |
| | |
T&D Holdings, Inc. | | | 25 | | | | 270 | |
| | |
Tokio Marine Holdings, Inc. | | | 7 | | | | 350 | |
| | |
Tokyo Gas Co. Ltd. | | | 4 | | | | 102 | |
| | |
Tokyu Corp. | | | 22 | | | | 351 | |
| | |
Toray Industries, Inc. | | | 32 | | | | 220 | |
| | |
Toyota Motor Corp. | | | 12 | | | | 762 | |
| | |
West Japan Railway Co. | | | 2 | | | | 171 | |
| | |
Yamato Holdings Co. Ltd. | | | 5 | | | | 100 | |
| | | | | | | | |
| | |
| | | | | | | 11,263 | |
| | | | | | | | |
|
Luxembourg — 0.5% | |
| | |
ArcelorMittal | | | 11 | | | | 239 | |
| | | | | | | | |
|
Netherlands — 5.3% | |
| | |
Akzo Nobel NV | | | 4 | | | | 350 | |
| | |
ASML Holding NV | | | 3 | | | | 535 | |
| | |
Heineken NV | | | 2 | | | | 202 | |
| | |
ING Groep NV | | | 30 | | | | 387 | |
| | |
Koninklijke Philips NV | | | 4 | | | | 155 | |
| | |
Royal Dutch Shell plc, Class A | | | 16 | | | | 514 | |
| | |
Royal Dutch Shell plc, Class B | | | 18 | | | | 575 | |
| | | | | | | | |
| | |
| | | | | | | 2,718 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Singapore — 1.1% | |
| | |
DBS Group Holdings Ltd. | | | 25 | | | | 512 | |
| | |
United Overseas Bank Ltd. | | | 2 | | | | 47 | |
| | | | | | | | |
| | |
| | | | | | | 559 | |
| | | | | | | | |
|
Spain — 3.5% | |
| | |
Banco Santander SA | | | 48 | | | | 245 | |
| | |
Bankia SA | | | 76 | | | | 211 | |
| | |
Iberdrola SA | | | 83 | | | | 751 | |
| | |
Industria de Diseno Textil SA | | | 16 | | | | 483 | |
| | |
Telefonica SA | | | 13 | | | | 106 | |
| | | | | | | | |
| | |
| | | | | | | 1,796 | |
| | | | | | | | |
|
Sweden — 1.2% | |
| | |
Lundin Petroleum AB | | | 8 | | | | 251 | |
| | |
Svenska Handelsbanken AB, Class A | | | 35 | | | | 383 | |
| | | | | | | | |
| | |
| | | | | | | 634 | |
| | | | | | | | |
|
Switzerland — 9.6% | |
| | |
Alcon, Inc. * | | | 2 | | | | 104 | |
| | |
Cie Financiere Richemont SA (Registered) | | | 5 | | | | 372 | |
| | |
Credit Suisse Group AG (Registered) * | | | 35 | | | | 462 | |
| | |
LafargeHolcim Ltd. (Registered) * | | | 8 | | | | 431 | |
| | |
Nestle SA (Registered) | | | 14 | | | | 1,353 | |
| | |
Novartis AG (Registered) | | | 9 | | | | 744 | |
| | |
Roche Holding AG | | | 4 | | | | 961 | |
| | |
Swiss Re AG | | | 4 | | | | 365 | |
| | |
Zurich Insurance Group AG | | | — | (a) | | | 117 | |
| | | | | | | | |
| | |
| | | | | | | 4,909 | |
| | | | | | | | |
|
United Kingdom — 14.5% | |
| | |
3i Group plc | | | 32 | | | | 442 | |
| | |
AstraZeneca plc | | | 2 | | | | 176 | |
| | |
Aviva plc | | | 48 | | | | 272 | |
| | |
Barratt Developments plc | | | 33 | | | | 261 | |
| | |
BP plc | | | 97 | | | | 702 | |
| | |
British American Tobacco plc | | | 16 | | | | 617 | |
| | |
Burberry Group plc | | | 12 | | | | 307 | |
| | |
Diageo plc | | | 2 | | | | 79 | |
| | |
Dixons Carphone plc | | | 82 | | | | 155 | |
| | |
GlaxoSmithKline plc | | | 27 | | | | 559 | |
| | |
HSBC Holdings plc | | | 53 | | | | 464 | |
| | |
InterContinental Hotels Group plc | | | 8 | | | | 520 | |
| | |
ITV plc | | | 148 | | | | 264 | |
| | |
Lloyds Banking Group plc | | | 242 | | | | 198 | |
| | |
Prudential plc | | | 27 | | | | 624 | |
| | |
Standard Chartered plc | | | 46 | | | | 423 | |
| | |
Taylor Wimpey plc | | | 90 | | | | 214 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 72 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
United Kingdom — continued | |
| | |
Unilever NV, CVA | | | 10 | | | | 595 | |
| | |
Vodafone Group plc | | | 239 | | | | 444 | |
| | |
Whitbread plc | | | 2 | | | | 128 | |
| | | | | | | | |
| | |
| | | | | | | 7,444 | |
| | | | | | | | |
|
United States — 0.8% | |
| | |
Ferguson plc | | | 6 | | | | 397 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $48,629) | | | | | | | 49,345 | |
| | | | | | | | |
| | |
| | | NO. OF
CONTRACTS | | | MARKET
VALUE ($000) | |
Options Purchased — 0.2% | |
|
Put Options Purchased — 0.2% | |
| | |
Mauritius — 0.2% | | | | | | | | |
| | |
MSCI EAFE Index 6/21/2019 at USD 1,770.00, Vanilla, European Style Notional Amount: USD 51,303,890 Exchange Traded *
(Cost $470) | | | 267 | | | | 115 | |
| | | | | | | | |
| | |
| | | SHARES
(000) | | | VALUE
($000) | |
Short-Term Investments — 2.7% | |
|
Investment Companies — 2.7% | |
| | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c)
(Cost $1,374) | | | 1,374 | | | | 1,374 | |
| | | | | | | | |
Total Investments — 99.1%
(Cost $50,473) | | | | | | | 50,834 | |
Other Assets Less Liabilities — 0.9% | | | | | | | 452 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 51,286 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 10.6 | % |
| |
Pharmaceuticals | | | 9.0 | |
| |
Insurance | | | 6.5 | |
| |
Oil, Gas & Consumable Fuels | | | 5.6 | |
| |
Automobiles | | | 4.2 | |
| |
Chemicals | | | 3.6 | |
| |
Capital Markets | | | 3.6 | |
| |
Beverages | | | 3.2 | |
| |
Metals & Mining | | | 2.9 | |
| |
Electric Utilities | | | 2.7 | |
| |
Food Products | | | 2.7 | |
| |
Diversified Telecommunication Services | | | 2.3 | |
| |
Machinery | | | 2.2 | |
| |
Personal Products | | | 2.1 | |
| |
Trading Companies & Distributors | | | 2.1 | |
| |
Semiconductors & Semiconductor Equipment | | | 1.9 | |
| |
Textiles, Apparel & Luxury Goods | | | 1.8 | |
| |
Software | | | 1.8 | |
| |
Household Durables | | | 1.8 | |
| |
Hotels, Restaurants & Leisure | | | 1.8 | |
| |
Tobacco | | | 1.7 | |
| |
Electrical Equipment | | | 1.6 | |
| |
Road & Rail | | | 1.6 | |
| |
Aerospace & Defense | | | 1.5 | |
| |
IT Services | | | 1.4 | |
| |
Auto Components | | | 1.4 | |
| |
Equity Real Estate Investment Trusts (REITs) | | | 1.3 | |
| |
Specialty Retail | | | 1.3 | |
| |
Construction Materials | | | 1.0 | |
| |
Building Products | | | 1.0 | |
| |
Entertainment | | | 1.0 | |
| |
Others (each less than 1.0%) | | | 10.1 | |
| |
Short-Term Investments | | | 2.7 | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 73 | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| CVA | | Dutch Certification |
| EAFE | | Europe, Australasia and Far East |
| MSCI | | Morgan Stanley Capital International |
| OYJ | | Public Limited Company |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| | |
| USD | | United States Dollar |
| |
| (a) | | Amount rounds to less than one thousand. |
| (b) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (c) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
| | | | | |
Long Contracts | | | | | | | | | | | | | | | | | | | | |
| | | | | |
EURO STOXX 50 Index | | | 11 | | | | 06/2019 | | | | EUR | | | | 427 | | | | 3 | |
| | | | | |
FTSE 100 Index | | | 2 | | | | 06/2019 | | | | GBP | | | | 192 | | | | (1 | ) |
| | | | | |
SPI 200 Index | | | 8 | | | | 06/2019 | | | | AUD | | | | 890 | | | | 12 | |
| | | | | |
TOPIX Index | | | 3 | | | | 06/2019 | | | | JPY | | | | 437 | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | 16 | |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations
| | |
| AUD | | Australian Dollar |
| EUR | | Euro |
| FTSE | | Financial Times and the London Stock Exchange |
| GBP | | British Pound |
| JPY | | Japanese Yen |
| SPI | | Australian Securities Exchange |
| TOPIX | | Tokyo Stock Price Index |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Written Call Options Contracts as of April 30, 2019 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | COUNTERPARTY | | | NUMBER OF
CONTRACTS | | | NOTIONAL
AMOUNT | | | EXERCISE
PRICE | | | EXPIRATION
DATE | | | VALUE ($) | |
| | | | | | |
MSCI EAFE Index | | | Exchange Traded | | | | 267 | | | | USD 51,304 | | | | USD 1,940 | | | | 6/21/2019 | | | | (456 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Written Put Options Contracts as of April 30, 2019 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | COUNTERPARTY | | | NUMBER OF
CONTRACTS | | | NOTIONAL
AMOUNT | | | EXERCISE
PRICE | | | EXPIRATION
DATE | | | VALUE ($) | |
| | | | | | |
MSCI EAFE Index | | | Exchange Traded | | | | 267 | | | | USD 51,304 | | | | USD 1,500 | | | | 6/21/2019 | | | | (11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
Total Written Options Contracts (Premiums Received $478) | | | | | | | | | | | | | | | | (467 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Abbreviations
| | |
| EAFE | | Europe, Australasia, and Far East |
| MSCI | | Morgan Stanley Capital International |
| USD | | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 74 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 95.8% | |
|
Australia — 5.1% | |
| | |
Australia & New Zealand Banking Group Ltd. | | | 2,452 | | | | 47,048 | |
| | |
BHP Group Ltd. | | | 1,853 | | | | 49,031 | |
| | |
Commonwealth Bank of Australia | | | 163 | | | | 8,563 | |
| | |
CSL Ltd. | | | 132 | | | | 18,531 | |
| | |
Dexus, REIT | | | 2,700 | | | | 23,841 | |
| | |
Goodman Group, REIT | | | 2,495 | | | | 23,217 | |
| | |
Macquarie Group Ltd. | | | 45 | | | | 4,298 | |
| | |
National Australia Bank Ltd. | | | 265 | | | | 4,737 | |
| | |
Rio Tinto Ltd. | | | 537 | | | | 36,198 | |
| | |
Rio Tinto plc | | | 183 | | | | 10,663 | |
| | |
Westpac Banking Corp. | | | 425 | | | | 8,247 | |
| | | | | | | | |
| | |
| | | | | | | 234,374 | |
| | | | | | | | |
|
Austria — 0.7% | |
| | |
Erste Group Bank AG * | | | 776 | | | | 31,087 | |
| | |
IMMOFINANZ AG * | | | 1 | | | | 36 | |
| | | | | | | | |
| | |
| | | | | | | 31,123 | |
| | | | | | | | |
|
Belgium — 1.3% | |
| | |
Anheuser-Busch InBev SA/NV | | | 671 | | | | 59,687 | |
| | | | | | | | |
|
Denmark — 1.6% | |
| | |
Chr Hansen Holding A/S | | | 164 | | | | 16,770 | |
| | |
Novo Nordisk A/S, Class B | | | 1,192 | | | | 58,419 | |
| | | | | | | | |
| | |
| | | | | | | 75,189 | |
| | | | | | | | |
|
Finland — 1.6% | |
| | |
Cargotec OYJ, Class B | | | 336 | | | | 13,792 | |
| | |
Nokia OYJ | | | 1,873 | | | | 9,840 | |
| | |
Outokumpu OYJ (a) | | | 4,331 | | | | 16,584 | |
| | |
Wartsila OYJ Abp | | | 1,999 | | | | 32,004 | |
| | | | | | | | |
| | |
| | | | | | | 72,220 | |
| | | | | | | | |
|
France — 12.5% | |
| | |
Air Liquide SA | | | 456 | | | | 60,634 | |
| | |
Airbus SE | | | 308 | | | | 42,192 | |
| | |
Alstom SA | | | 638 | | | | 28,053 | |
| | |
AXA SA (a) | | | 850 | | | | 22,670 | |
| | |
BNP Paribas SA | | | 920 | | | | 48,979 | |
| | |
Capgemini SE | | | 213 | | | | 25,799 | |
| | |
Orange SA | | | 1,451 | | | | 22,677 | |
| | |
Pernod Ricard SA | | | 271 | | | | 47,340 | |
| | |
Renault SA | | | 524 | | | | 35,744 | |
| | |
Sanofi (a) | | | 657 | | | | 57,289 | |
| | |
Schneider Electric SE (a) | | | 539 | | | | 45,581 | |
| | |
Sodexo SA | | | 191 | | | | 21,865 | |
| | |
Thales SA | | | 202 | | | | 24,118 | |
| | |
TOTAL SA | | | 1,254 | | | | 69,707 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
France — continued | | | | | | | | |
| | |
Unibail-Rodamco-Westfield, REIT | | | 80 | | | | 13,808 | |
| | |
Vinci SA | | | 104 | | | | 10,494 | |
| | | | | | | | |
| | |
| | | | | | | 576,950 | |
| | | | | | | | |
|
Germany — 9.0% | |
| | |
adidas AG | | | 87 | | | | 22,291 | |
| | |
Allianz SE (Registered) | | | 40 | | | | 9,676 | |
| | |
BASF SE | | | 129 | | | | 10,508 | |
| | |
Bayer AG (Registered) | | | 325 | | | | 21,659 | |
| | |
Brenntag AG | | | 535 | | | | 28,817 | |
| | |
Daimler AG (Registered) * | | | 730 | | | | 47,942 | |
| | |
Deutsche Bank AG (Registered) | | | 705 | | | | 5,849 | |
| | |
Deutsche Boerse AG | | | 204 | | | | 27,288 | |
| | |
Deutsche Post AG (Registered) * | | | 889 | | | | 30,889 | |
| | |
Deutsche Telekom AG (Registered) | | | 2,219 | | | | 37,176 | |
| | |
Henkel AG & Co. KGaA (Preference) | | | 269 | | | | 27,243 | |
| | |
Infineon Technologies AG | | | 1,206 | | | | 28,581 | |
| | |
RWE AG * | | | 925 | | | | 23,726 | |
| | |
SAP SE | | | 639 | | | | 82,413 | |
| | |
Siemens AG (Registered) | | | 102 | | | | 12,282 | |
| | | | | | | | |
| | |
| | | | | | | 416,340 | |
| | | | | | | | |
|
Hong Kong — 3.1% | |
| | |
AIA Group Ltd. | | | 5,669 | | | | 58,043 | |
| | |
CK Asset Holdings Ltd. | | | 2,100 | | | | 16,882 | |
| | |
CK Hutchison Holdings Ltd. | | | 2,164 | | | | 22,754 | |
| | |
Hong Kong Exchanges & Clearing Ltd. | | | 1,256 | | | | 43,632 | |
| | |
I-CABLE Communications Ltd. * (a) | | | 254 | | | | 4 | |
| | | | | | | | |
| | |
| | | | | | | 141,315 | |
| | | | | | | | |
| | |
Ireland — 0.8% | | | | | | | | |
| | |
CRH plc | | | 256 | | | | 8,599 | |
| | |
Ryanair Holdings plc, ADR * | | | 351 | | | | 27,225 | |
| | | | | | | | |
| | |
| | | | | | | 35,824 | |
| | | | | | | | |
|
Israel — 0.2% | |
| | |
Teva Pharmaceutical Industries Ltd., ADR * | | | 601 | | | | 9,142 | |
| | | | | | | | |
|
Italy — 1.8% | |
| | |
Assicurazioni Generali SpA | | | 1,280 | | | | 24,834 | |
| | |
Enel SpA | | | 8,732 | | | | 55,290 | |
| | |
UniCredit SpA (a) | | | 278 | | | | 3,850 | |
| | | | | | | | |
| | |
| | | | | | | 83,974 | |
| | | | | | | | |
|
Japan — 21.7% | |
| | |
Asahi Group Holdings Ltd. | | | 262 | | | | 11,433 | |
| | |
Bridgestone Corp. | | | 811 | | | | 32,177 | |
| | |
Central Japan Railway Co. | | | 123 | | | | 26,471 | |
| | |
Daicel Corp. | | | 2,391 | | | | 26,828 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 75 | |
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | | | | | | | | |
| | |
Japan — continued | | | | | | | | |
| | |
Daikin Industries Ltd. | | | 368 | | | | 46,903 | |
| | |
DMG Mori Co. Ltd. | | | 1,719 | | | | 24,793 | |
| | |
Electric Power Development Co. Ltd. | | | 316 | | | | 7,344 | |
| | |
Hitachi Ltd. | | | 407 | | | | 13,539 | |
| | |
Honda Motor Co. Ltd. | | | 1,453 | | | | 40,535 | |
| | |
Japan Airlines Co. Ltd. | | | 477 | | | | 15,566 | |
| | |
Japan Tobacco, Inc. | | | 992 | | | | 22,925 | |
| | |
Kao Corp. | | | 522 | | | | 40,282 | |
| | |
Keyence Corp. | | | 17 | | | | 10,434 | |
| | |
Kyowa Hakko Kirin Co. Ltd. | | | 619 | | | | 12,034 | |
| | |
Mabuchi Motor Co. Ltd. | | | 784 | | | | 29,062 | |
| | |
Marui Group Co. Ltd. | | | 950 | | | | 19,320 | |
| | |
Mitsubishi Corp. | | | 1,050 | | | | 28,920 | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | | 7,603 | | | | 37,722 | |
| | |
Mitsui Fudosan Co. Ltd. | | | 990 | | | | 22,937 | |
| | |
NGK Spark Plug Co. Ltd. | | | 961 | | | | 18,729 | |
| | |
Nintendo Co. Ltd. | | | 130 | | | | 44,636 | |
| | |
Nippon Telegraph & Telephone Corp. | | | 861 | | | | 35,804 | |
| | |
Nomura Research Institute Ltd. | | | 321 | | | | 15,693 | |
| | |
Olympus Corp. | | | 630 | | | | 7,066 | |
| | |
Otsuka Corp. | | | 594 | | | | 23,344 | |
| | |
Otsuka Holdings Co. Ltd. | | | 856 | | | | 30,616 | |
| | |
Panasonic Corp. | | | 2,325 | | | | 21,410 | |
| | |
Persol Holdings Co. Ltd. | | | 827 | | | | 15,592 | |
| | |
Renesas Electronics Corp. * | | | 2,164 | | | | 11,590 | |
| | |
Seven & i Holdings Co. Ltd. | | | 974 | | | | 33,715 | |
| | |
Sony Corp. | | | 358 | | | | 18,041 | |
| | |
Sumitomo Electric Industries Ltd. | | | 968 | | | | 12,884 | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | | 986 | | | | 35,852 | |
| | |
T&D Holdings, Inc. | | | 2,219 | | | | 24,036 | |
| | |
Tokio Marine Holdings, Inc. | | | 612 | | | | 31,012 | |
| | |
Tokyo Gas Co. Ltd. | | | 366 | | | | 9,299 | |
| | |
Tokyu Corp. | | | 1,916 | | | | 31,278 | |
| | |
Toray Industries, Inc. | | | 2,861 | | | | 19,577 | |
| | |
Toyota Motor Corp. | | | 1,098 | | | | 67,985 | |
| | |
West Japan Railway Co. | | | 205 | | | | 15,269 | |
| | |
Yamato Holdings Co. Ltd. | | | 418 | | | | 9,085 | |
| | | | | | | | |
| | |
| | | | | | | 1,001,738 | |
| | | | | | | | |
|
Luxembourg — 0.5% | |
| | |
ArcelorMittal | | | 982 | | | | 21,374 | |
| | | | | | | | |
|
Malta — 0.0%(b) | |
| | |
BGP Holdings plc * ‡ | | | 449 | | | | — | (c) |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Netherlands — 5.3% | |
| | |
Akzo Nobel NV | | | 369 | | | | 31,313 | |
| | |
ASML Holding NV (a) | | | 229 | | | | 47,892 | |
| | |
Heineken NV (a) | | | 167 | | | | 18,099 | |
| | |
ING Groep NV | | | 2,715 | | | | 34,640 | |
| | |
Koninklijke Philips NV | | | 323 | | | | 13,877 | |
| | |
Royal Dutch Shell plc, Class A | | | 1,446 | | | | 46,061 | |
| | |
Royal Dutch Shell plc, Class B | | | 1,597 | | | | 51,533 | |
| | | | | | | | |
| | |
| | | | | | | 243,415 | |
| | | | | | | | |
|
Singapore — 1.1% | |
| | |
DBS Group Holdings Ltd. | | | 2,194 | | | | 45,622 | |
| | |
United Overseas Bank Ltd. | | | 209 | | | | 4,274 | |
| | | | | | | | |
| | |
| | | | | | | 49,896 | |
| | | | | | | | |
|
Spain — 3.5% | |
| | |
Banco Santander SA (a) | | | 4,337 | | | | 21,986 | |
| | |
Bankia SA | | | 6,810 | | | | 18,860 | |
| | |
Iberdrola SA | | | 7,400 | | | | 67,250 | |
| | |
Industria de Diseno Textil SA | | | 1,428 | | | | 43,247 | |
| | |
Telefonica SA | | | 1,160 | | | | 9,670 | |
| | | | | | | | |
| | |
| | | | | | | 161,013 | |
| | | | | | | | |
|
Sweden — 1.2% | |
| | |
Lundin Petroleum AB | | | 690 | | | | 22,487 | |
| | |
Svenska Handelsbanken AB, Class A | | | 3,137 | | | | 34,262 | |
| | | | | | | | |
| | |
| | | | | | | 56,749 | |
| | | | | | | | |
|
Switzerland — 9.5% | |
| | |
Alcon, Inc. * | | | 166 | | | | 9,561 | |
| | |
Cie Financiere Richemont SA (Registered) | | | 455 | | | | 33,297 | |
| | |
Credit Suisse Group AG (Registered) * | | | 3,114 | | | | 41,407 | |
| | |
LafargeHolcim Ltd. (Registered) * | | | 751 | | | | 38,567 | |
| | |
Nestle SA (Registered) | | | 1,259 | | | | 121,190 | |
| | |
Novartis AG (Registered) | | | 813 | | | | 66,591 | |
| | |
Roche Holding AG | | | 326 | | | | 86,036 | |
| | |
Swiss Re AG | | | 339 | | | | 32,659 | |
| | |
Zurich Insurance Group AG | | | 34 | | | | 10,698 | |
| | | | | | | | |
| | |
| | | | | | | 440,006 | |
| | | | | | | | |
|
United Kingdom — 14.5% | |
| | |
3i Group plc | | | 2,827 | | | | 39,563 | |
| | |
AstraZeneca plc | | | 212 | | | | 15,774 | |
| | |
Aviva plc | | | 4,340 | | | | 24,373 | |
| | |
Barratt Developments plc | | | 2,969 | | | | 23,354 | |
| | |
BP plc | | | 8,651 | | | | 62,904 | |
| | |
British American Tobacco plc | | | 1,411 | | | | 55,237 | |
| | |
Burberry Group plc | | | 1,042 | | | | 27,467 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 76 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | | | | | | | | |
| | |
United Kingdom — continued | | | | | | | | |
| | |
Diageo plc | | | 171 | | | | 7,189 | |
| | |
Dixons Carphone plc | | | 7,310 | | | | 13,858 | |
| | |
GlaxoSmithKline plc | | | 2,438 | | | | 50,079 | |
| | |
HSBC Holdings plc | | | 4,773 | | | | 41,591 | |
| | |
InterContinental Hotels Group plc | | | 719 | | | | 46,585 | |
| | |
ITV plc | | | 13,236 | | | | 23,635 | |
| | |
Lloyds Banking Group plc | | | 21,668 | | | | 17,720 | |
| | |
Prudential plc | | | 2,460 | | | | 55,886 | |
| | |
Standard Chartered plc | | | 4,147 | | | | 37,916 | |
| | |
Taylor Wimpey plc | | | 8,103 | | | | 19,210 | |
| | |
Unilever NV, CVA (a) | | | 881 | | | | 53,328 | |
| | |
Vodafone Group plc | | | 21,415 | | | | 39,722 | |
| | |
Whitbread plc | | | 197 | | | | 11,449 | |
| | | | | | | | |
| | |
| | | | | | | 666,840 | |
| | | | | | | | |
|
United States — 0.8% | |
| | |
Ferguson plc | | | 500 | | | | 35,578 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $4,321,197) | | | | | | | 4,412,747 | |
| | | | | | | | |
| | |
| | | NO. OF
RIGHTS (000) | | | | |
Rights — 0.0% (b) | |
|
Hong Kong — 0.0% (b) | |
| | |
I-CABLE Communications Ltd., expiring 5/24/2019 *
(Cost $—) | | | 191 | | | | — | (c) |
| | | | | | | | |
| | |
| | | SHARES
(000) | | | | |
Short-Term Investments — 3.6% | |
|
Investment Companies — 3.6% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (d) (e)
(Cost $168,624) | | | 168,574 | | | | 168,625 | |
| | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 4.7% | |
| | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e) | | | 154,989 | | | | 155,004 | |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) | | | 60,785 | | | | 60,785 | |
| | | | | | | | |
| | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $215,789) | | | | | | | 215,789 | |
| | | | | | | | |
Total Investments — 104.1%
(Cost $4,705,610) | | | | | | | 4,797,161 | |
Liabilities in Excess of
Other Assets — (4.1)% | | | | | | | (189,021 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 4,608,140 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 10.1 | % |
| |
Pharmaceuticals | | | 8.5 | |
| |
Insurance | | | 6.1 | |
| |
Oil, Gas & Consumable Fuels | | | 5.3 | |
| |
Investment of cash collateral from securities loaned | | | 4.5 | |
| |
Automobiles | | | 4.0 | |
| |
Chemicals | | | 3.5 | |
| |
Capital Markets | | | 3.4 | |
| |
Beverages | | | 3.0 | |
| |
Metals & Mining | | | 2.8 | |
| |
Electric Utilities | | | 2.6 | |
| |
Food Products | | | 2.5 | |
| |
Diversified Telecommunication Services | | | 2.2 | |
| |
Machinery | | | 2.1 | |
| |
Personal Products | | | 1.9 | |
| |
Trading Companies & Distributors | | | 1.9 | |
| |
Semiconductors & Semiconductor Equipment | | | 1.8 | |
| |
Textiles, Apparel & Luxury Goods | | | 1.7 | |
| |
Software | | | 1.7 | |
| |
Household Durables | | | 1.7 | |
| |
Hotels, Restaurants & Leisure | | | 1.7 | |
| |
Tobacco | | | 1.6 | |
| |
Electrical Equipment | | | 1.6 | |
| |
Road & Rail | | | 1.5 | |
| |
Aerospace & Defense | | | 1.4 | |
| |
IT Services | | | 1.3 | |
| |
Auto Components | | | 1.3 | |
| |
Equity Real Estate Investment Trusts (REITs) | | | 1.3 | |
| |
Specialty Retail | | | 1.2 | |
| |
Construction Materials | | | 1.0 | |
| |
Building Products | | | 1.0 | |
| |
Others (each less than 1.0%) | | | 10.3 | |
| |
Short-Term Investments | | | 3.5 | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 77 | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| CVA | | Dutch Certification |
| OYJ | | Public Limited Company |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | | Real Estate Investment Trust |
(a) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $206,403,000. |
| | |
| (b) | | Amount rounds to less than 0.1% of net assets. |
| (c) | | Amount rounds to less than one thousand. |
| (d) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (e) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
| ‡ | | Value determined using significant unobservable inputs. |
| | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | EXPIRATION
DATE | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
| | | | | |
Long Contracts | | | | | | | | | | | | | | | | |
| | | | | |
| EURO STOXX 50 Index | | 688 | | 06/2019 | | | EUR | | | | 26,677 | | | | 920 | |
| | | | | |
| FTSE 100 Index | | 141 | | 06/2019 | | | GBP | | | | 13,570 | | | | 94 | |
| | | | | |
| SPI 200 Index | | 825 | | 06/2019 | | | AUD | | | | 91,730 | | | | 1,234 | |
| | | | | |
| TOPIX Index | | 273 | | 06/2019 | | | JPY | | | | 39,788 | | | | 418 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | 2,666 | |
| | | | | | | | | | | | | | | | |
Abbreviations
| | |
| AUD | | Australian Dollar |
| EUR | | Euro |
| FTSE | | Financial Times and the London Stock Exchange |
| GBP | | British Pound |
| JPY | | Japanese Yen |
| SPI | | Australian Securities Exchange |
| TOPIX | | Tokyo Stock Price Index |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 78 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 96.8% | |
|
Australia — 2.0% | |
| | |
BHP Group plc | | | 457 | | | | 10,785 | |
| | | | | | | | |
|
Austria — 2.0% | |
| | |
Erste Group Bank AG * | | | 266 | | | | 10,667 | |
| | | | | | | | |
|
Brazil — 1.0% | |
| | |
Itau Unibanco Holding SA (Preference) | | | 598 | | | | 5,175 | |
| | | | | | | | |
|
Canada — 8.3% | |
| | |
Alimentation Couche-Tard, Inc., Class B | | | 209 | | | | 12,330 | |
| | |
Canadian National Railway Co. | | | 127 | | | | 11,826 | |
| | |
Canadian Pacific Railway Ltd. | | | 45 | | | | 10,012 | |
| | |
Toronto-Dominion Bank (The) | | | 173 | | | | 9,864 | |
| | | | | | | | |
| | |
| | | | | | | 44,032 | |
| | | | | | | | |
|
China — 9.6% | |
| | |
Alibaba Group Holding Ltd., ADR * | | | 62 | | | | 11,422 | |
| | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 1,664 | | | | 20,136 | |
| | |
Tencent Holdings Ltd. | | | 394 | | | | 19,424 | |
| | | | | | | | |
| | |
| | | | | | | 50,982 | |
| | | | | | | | |
|
Denmark — 2.0% | |
| | |
Novo Nordisk A/S, Class B | | | 210 | | | | 10,284 | |
| | | | | | | | |
|
France — 5.7% | |
| | |
Airbus SE (a) | | | 67 | | | | 9,138 | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | | 35 | | | | 13,761 | |
| | |
Safran SA | | | 49 | | | | 7,124 | |
| | | | | | | | |
| | |
| | | | | | | 30,023 | |
| | | | | | | | |
|
Germany — 9.2% | |
| | |
Continental AG | | | 65 | | | | 10,800 | |
| | |
Delivery Hero SE *(b) | | | 162 | | | | 7,468 | |
| | |
Deutsche Boerse AG | | | 63 | | | | 8,458 | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) * | | | 34 | | | | 8,350 | |
| | |
SAP SE | | | 106 | | | | 13,606 | |
| | | | | | | | |
| | |
| | | | | | | 48,682 | |
| | | | | | | | |
|
Hong Kong — 5.8% | |
| | |
AIA Group Ltd. | | | 2,092 | | | | 21,417 | |
| | |
CK Asset Holdings Ltd. | | | 1,152 | | | | 9,263 | |
| | | | | | | | |
| | |
| | | | | | | 30,680 | |
| | | | | | | | |
|
India — 3.7% | |
| | |
HDFC Bank Ltd., ADR | | | 170 | | | | 19,440 | |
| | | | | | | | |
|
Indonesia — 1.8% | |
| | |
Bank Central Asia Tbk. PT | | | 4,814 | | | | 9,724 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Japan — 10.8% | |
| | |
Asahi Group Holdings Ltd. | | | 164 | | | | 7,142 | |
| | |
FANUC Corp. | | | 45 | | | | 8,361 | |
| | |
Keyence Corp. | | | 14 | | | | 8,497 | |
| | |
Komatsu Ltd. | | | 308 | | | | 7,948 | |
| | |
Shin-Etsu Chemical Co. Ltd. | | | 114 | | | | 10,761 | |
| | |
Shiseido Co. Ltd. | | | 97 | | | | 7,661 | |
| | |
SMC Corp. | | | 16 | | | | 6,516 | |
| | | | | | | | |
| | |
| | | | | | | 56,886 | |
| | | | | | | | |
|
Netherlands — 2.2% | |
| | |
ASML Holding NV (a) | | | 55 | | | | 11,578 | |
| | | | | | | | |
|
Sweden — 1.0% | |
| | |
Svenska Handelsbanken AB, Class A | | | 480 | | | | 5,244 | |
| | | | | | | | |
|
Switzerland — 7.2% | |
| | |
Alcon, Inc. * | | | 29 | | | | 1,650 | |
| | |
Nestle SA (Registered) | | | 258 | | | | 24,859 | |
| | |
Novartis AG (Registered) | | | 143 | | | | 11,740 | |
| | | | | | | | |
| | |
| | | | | | | 38,249 | |
| | | | | | | | |
|
Taiwan — 2.3% | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 271 | | | | 11,893 | |
| | | | | | | | |
|
United Kingdom — 20.7% | |
| | |
AstraZeneca plc | | | 104 | | | | 7,768 | |
| | |
Burberry Group plc | | | 368 | | | | 9,691 | |
| | |
Diageo plc | | | 351 | | | | 14,797 | |
| | |
GlaxoSmithKline plc | | | 602 | | | | 12,371 | |
| | |
Legal & General Group plc | | | 3,234 | | | | 11,761 | |
| | |
Linde plc | | | 53 | | | | 9,507 | |
| | |
London Stock Exchange Group plc | | | 132 | | | | 8,667 | |
| | |
RELX plc | | | 431 | | | | 9,865 | |
| | |
Smith & Nephew plc | | | 537 | | | | 10,383 | |
| | |
Unilever NV, CVA (a) | | | 242 | | | | 14,635 | |
| | | | | | | | |
| | |
| | | | | | | 109,445 | |
| | | | | | | | |
|
United States — 1.5% | |
| | |
Ferguson plc | | | 111 | | | | 7,907 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $451,749) | | | | | | | 511,676 | |
| | | | | | | | |
Short-term Investments — 4.0% | |
|
Investment Companies — 4.0% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (c) (d)
(Cost $21,161) | | | 21,155 | | | | 21,161 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 79 | |
JPMorgan International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Investment of Cash Collateral from Securities Loaned — 5.2% | |
| | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | | | 14,999 | | | | 15,000 | |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | | | 12,556 | | | | 12,556 | |
| | | | | | | | |
| | |
Total Investment of Cash Collateral from
Securities Loaned
(Cost $27,556) | | | | | | | 27,556 | |
| | | | | | | | |
Total Investments — 106.0%
(Cost $500,466) | | | | | | | 560,393 | |
Liabilities in Excess of
Other Assets — (6.0)% | | | | | | | (31,493 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 528,900 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Insurance | | | 11.0 | % |
| |
Banks | | | 10.7 | |
| |
Pharmaceuticals | | | 7.5 | |
| |
Investment of cash collateral from securities loaned | | | 4.9 | |
| |
Food Products | | | 4.4 | |
| |
Semiconductors & Semiconductor Equipment | | | 4.2 | |
| |
Textiles, Apparel & Luxury Goods | | | 4.2 | |
| |
Machinery | | | 4.1 | |
| |
Personal Products | | | 4.0 | |
| |
Beverages | | | 3.9 | |
| |
Road & Rail | | | 3.9 | |
| |
Chemicals | | | 3.6 | |
| |
Interactive Media & Services | | | 3.5 | |
| |
Internet & Direct Marketing Retail | | | 3.4 | |
| |
Capital Markets | | | 3.1 | |
| |
Aerospace & Defense | | | 2.9 | |
| |
Software | | | 2.4 | |
| |
Food & Staples Retailing | | | 2.2 | |
| |
Health Care Equipment & Supplies | | | 2.1 | |
| |
Auto Components | | | 1.9 | |
| |
Metals & Mining | | | 1.9 | |
| |
Professional Services | | | 1.8 | |
| |
Real Estate Management & Development | | | 1.7 | |
| |
Electronic Equipment, Instruments & Components | | | 1.5 | |
| |
Trading Companies & Distributors | | | 1.4 | |
| |
Short-Term Investments | | | 3.8 | |
Abbreviations
| | |
| ADR | | American Depositary Receipt |
| CVA | | Dutch Certification |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| PT | | Limited liability company |
| |
| (a) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $26,465,000. |
| (b) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (d) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 80 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — 95.9% | |
|
Australia — 6.9% | |
| | |
AGL Energy Ltd. | | | 84 | | | | 1,314 | |
| | |
Alumina Ltd. | | | 567 | | | | 897 | |
| | |
Australia & New Zealand Banking Group Ltd. | | | 235 | | | | 4,508 | |
| | |
BHP Group Ltd. | | | 224 | | | | 5,930 | |
| | |
BlueScope Steel Ltd. | | | 80 | | | | 762 | |
| | |
Fortescue Metals Group Ltd. | | | 259 | | | | 1,309 | |
| | |
Harvey Norman Holdings Ltd. | | | 263 | | | | 774 | |
| | |
Iluka Resources Ltd. | | | 76 | | | | 464 | |
| | |
IOOF Holdings Ltd. | | | 117 | | | | 534 | |
| | |
JB Hi-Fi Ltd. (a) | | | 43 | | | | 773 | |
| | |
Metcash Ltd. | | | 417 | | | | 844 | |
| | |
Qantas Airways Ltd. | | | 205 | | | | 811 | |
| | |
Rio Tinto plc | | | 109 | | | | 6,364 | |
| | |
Santos Ltd. | | | 106 | | | | 535 | |
| | |
South32 Ltd. | | | 688 | | | | 1,626 | |
| | |
St Barbara Ltd. | | | 141 | | | | 319 | |
| | |
Telstra Corp. Ltd. | | | 535 | | | | 1,274 | |
| | |
Whitehaven Coal Ltd. | | | 286 | | | | 848 | |
| | | | | | | | |
| | |
| | | | | | | 29,886 | |
| | | | | | | | |
|
Austria — 1.2% | |
| | |
AT&S Austria Technologie & Systemtechnik AG | | | 38 | | | | 759 | |
| | |
BAWAG Group AG (b) | | | 18 | | | | 861 | |
| | |
Erste Group Bank AG * | | | 24 | | | | 952 | |
| | |
EVN AG | | | 31 | | | | 467 | |
| | |
OMV AG | | | 27 | | | | 1,473 | |
| | |
Telekom Austria AG * | | | 65 | | | | 488 | |
| | | | | | | | |
| | |
| | | | | | | 5,000 | |
| | | | | | | | |
|
Belgium — 0.8% | |
| | |
Ageas | | | 24 | | | | 1,252 | |
| | |
bpost SA | | | 46 | | | | 557 | |
| | |
KBC Group NV | | | 24 | | | | 1,761 | |
| | | | | | | | |
| | |
| | | | | | | 3,570 | |
| | | | | | | | |
|
China — 0.4% | |
| | |
BOC Hong Kong Holdings Ltd. | | | 349 | | | | 1,564 | |
| | | | | | | | |
|
Denmark — 0.6% | |
| | |
Matas A/S | | | 85 | | | | 842 | |
| | |
Pandora A/S | | | 14 | | | | 581 | |
| | |
Scandinavian Tobacco Group A/S, Class A (b) | | | 63 | | | | 754 | |
| | |
TCM Group A/S (b) | | | 16 | | | | 256 | |
| | | | | | | | |
| | |
| | | | | | | 2,433 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Finland — 1.0% | |
| | |
Cramo OYJ | | | 44 | | | | 928 | |
| | |
Metsa Board OYJ | | | 81 | | | | 455 | |
| | |
Ramirent OYJ | | | 76 | | | | 531 | |
| | |
Sanoma OYJ | | | 85 | | | | 862 | |
| | |
Tokmanni Group Corp. | | | 70 | | | | 615 | |
| | |
UPM-Kymmene OYJ | | | 19 | | | | 543 | |
| | |
YIT OYJ (a) | | | 78 | | | | 477 | |
| | | | | | | | |
| | |
| | | | | | | 4,411 | |
| | | | | | | | |
|
France — 7.6% | |
| | |
Air France-KLM * | | | 53 | | | | 612 | |
| | |
ALD SA (b) | | | 41 | | | | 598 | |
| | |
Arkema SA | | | 5 | | | | 556 | |
| | |
Atos SE | | | 7 | | | | 767 | |
| | |
AXA SA (a) | | | 165 | | | | 4,400 | |
| | |
Cie Generale des Etablissements Michelin SCA | | | 17 | | | | 2,226 | |
| | |
CNP Assurances (a) | | | 34 | | | | 803 | |
| | |
Credit Agricole SA | | | 118 | | | | 1,616 | |
| | |
Derichebourg SA | | | 124 | | | | 540 | |
| | |
Europcar Mobility Group (a) (b) | | | 51 | | | | 423 | |
| | |
Eutelsat Communications SA | | | 43 | | | | 785 | |
| | |
Faurecia SA | | | 13 | | | | 661 | |
| | |
Groupe Crit | | | 9 | | | | 698 | |
| | |
Kaufman & Broad SA | | | 21 | | | | 851 | |
| | |
Metropole Television SA | | | 8 | | | | 162 | |
| | |
Neopost SA | | | 30 | | | | 739 | |
| | |
Orange SA | | | 161 | | | | 2,520 | |
| | |
Peugeot SA (a) | | | 52 | | | | 1,358 | |
| | |
Publicis Groupe SA | | | 10 | | | | 590 | |
| | |
Rexel SA | | | 29 | | | | 390 | |
| | |
Rothschild & Co. | | | 18 | | | | 603 | |
| | |
Sopra Steria Group | | | 5 | | | | 642 | |
| | |
SPIE SA | | | 1 | | | | 29 | |
| | |
Television Francaise 1 | | | 50 | | | | 543 | |
| | |
TOTAL SA | | | 171 | | | | 9,522 | |
| | | | | | | | |
| | |
| | | | | | | 32,634 | |
| | | | | | | | |
|
Georgia — 0.3% | |
| | |
Bank of Georgia Group plc | | | 29 | | | | 641 | |
| | |
TBC Bank Group plc | | | 40 | | | | 857 | |
| | | | | | | | |
| | |
| | | | | | | 1,498 | |
| | | | | | | | |
|
Germany — 7.0% | |
| | |
ADLER Real Estate AG | | | 33 | | | | 470 | |
| | |
Allianz SE (Registered) | | | 32 | | | | 7,622 | |
| | |
CECONOMY AG * | | | 94 | | | | 630 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 81 | |
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Germany — continued | |
| | |
Covestro AG (b) | | | 22 | | | | 1,194 | |
| | |
CropEnergies AG | | | 87 | | | | 573 | |
| | |
Deutsche Lufthansa AG (Registered) | | | 37 | | | | 905 | |
| | |
Deutsche Pfandbriefbank AG (b) | | | 45 | | | | 623 | |
| | |
Deutsche Telekom AG (Registered) | | | 265 | | | | 4,441 | |
| | |
Evonik Industries AG | | | 39 | | | | 1,164 | |
| | |
Freenet AG | | | 23 | | | | 545 | |
| | |
HeidelbergCement AG | | | 13 | | | | 1,084 | |
| | |
JOST Werke AG (b) | | | 25 | | | | 917 | |
| | |
METRO AG | | | 44 | | | | 749 | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) * | | | 7 | | | | 1,792 | |
| | |
RWE AG * | | | 52 | | | | 1,334 | |
| | |
Siltronic AG * | | | 6 | | | | 571 | |
| | |
Takkt AG | | | 55 | | | | 871 | |
| | |
Volkswagen AG (Preference) | | | 18 | | | | 3,140 | |
| | |
Wuestenrot & Wuerttembergische AG | | | 45 | | | | 918 | |
| | |
Zeal Network SE | | | 20 | | | | 447 | |
| | | | | | | | |
| | |
| | | | | | | 29,990 | |
| | | | | | | | |
|
Ghana — 0.1% | |
| | |
Tullow Oil plc | | | 216 | | | | 634 | |
| | | | | | | | |
|
Hong Kong — 2.9% | |
| | |
CK Hutchison Holdings Ltd. | | | 223 | | | | 2,345 | |
| | |
Hongkong Land Holdings Ltd. | | | 202 | | | | 1,408 | |
| | |
Hysan Development Co. Ltd. | | | 196 | | | | 1,098 | |
| | |
Kerry Properties Ltd. | | | 186 | | | | 796 | |
| | |
New World Development Co. Ltd. | | | 763 | | | | 1,264 | |
| | |
NWS Holdings Ltd. | | | 473 | | | | 984 | |
| | |
Sun Hung Kai Properties Ltd. | | | 133 | | | | 2,287 | |
| | |
Wharf Holdings Ltd. (The) | | | 243 | | | | 698 | |
| | |
Wheelock & Co. Ltd. | | | 179 | | | | 1,276 | |
| | |
Xinyi Glass Holdings Ltd. | | | 462 | | | | 528 | |
| | | | | | | | |
| | |
| | | | | | | 12,684 | |
| | | | | | | | |
|
India — 0.1% | |
| | |
Rhi Magnesita NV | | | 8 | | | | 543 | |
| | | | | | | | |
|
Ireland — 0.1% | |
| | |
Smurfit Kappa Group plc | | | 18 | | | | 527 | |
| | | | | | | | |
|
Isle of Man — 0.1% | |
| | |
Strix Group plc | | | 180 | | | | 400 | |
| | | | | | | | |
|
Israel — 0.5% | |
| | |
Bank Leumi Le-Israel BM | | | 175 | | | | 1,196 | |
| | |
Israel Discount Bank Ltd., Class A | | | 268 | | | | 1,047 | |
| | | | | | | | |
| | |
| | | | | | | 2,243 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Italy — 3.0% | |
| | |
ASTM SpA | | | 39 | | | | 987 | |
| | |
Banca Farmafactoring SpA (b) | | | 139 | | | | 823 | |
| | |
Cairo Communication SpA | | | 217 | | | | 898 | |
| | |
Eni SpA | | | 219 | | | | 3,726 | |
| | |
Esprinet SpA | | | 142 | | | | 578 | |
| | |
Immobiliare Grande Distribuzione SIIQ SpA, REIT | | | 69 | | | | 523 | |
| | |
Maire Tecnimont SpA * | | | 125 | | | | 448 | |
| | |
Mediobanca Banca di Credito Finanziario SpA | | | 134 | | | | 1,423 | |
| | |
Poste Italiane SpA (b) | | | 97 | | | | 1,037 | |
| | |
Rizzoli Corriere Della Sera Mediagroup SpA * | | | 601 | | | | 874 | |
| | |
Unieuro SpA *(b) | | | 61 | | | | 1,009 | |
| | |
Unipol Gruppo SpA | | | 102 | | | | 521 | |
| | | | | | | | |
| | |
| | | | | | | 12,847 | |
| | | | | | | | |
|
Japan — 20.9% | |
| | |
77 Bank Ltd. (The) | | | 36 | | | | 518 | |
| | |
Acom Co. Ltd. | | | 150 | | | | 526 | |
| | |
Advantest Corp. | | | 42 | | | | 1,185 | |
| | |
Bridgestone Corp. | | | 52 | | | | 2,079 | |
| | |
Brother Industries Ltd. | | | 68 | | | | 1,341 | |
| | |
Concordia Financial Group Ltd. | | | 197 | | | | 769 | |
| | |
Credit Saison Co. Ltd. | | | 48 | | | | 614 | |
| | |
Daicel Corp. | | | 99 | | | | 1,107 | |
| | |
Dai-ichi Life Holdings, Inc. | | | 124 | | | | 1,794 | |
| | |
DMG Mori Co. Ltd. | | | 75 | | | | 1,081 | |
| | |
FUJIFILM Holdings Corp. | | | 11 | | | | 528 | |
| | |
Fujitsu Ltd. | | | 8 | | | | 565 | |
| | |
Gunma Bank Ltd. (The) | | | 178 | | | | 707 | |
| | |
Hitachi Capital Corp. | | | 33 | | | | 771 | |
| | |
Hitachi Ltd. | | | 89 | | | | 2,960 | |
| | |
Honda Motor Co. Ltd. | | | 137 | | | | 3,828 | |
| | |
Isuzu Motors Ltd. | | | 82 | | | | 1,187 | |
| | |
ITOCHU Corp. | | | 140 | | | | 2,530 | |
| | |
Jafco Co. Ltd. | | | 15 | | | | 568 | |
| | |
Japan Airlines Co. Ltd. | | | 21 | | | | 695 | |
| | |
Kajima Corp. | | | 90 | | | | 1,336 | |
| | |
Kansai Electric Power Co., Inc. (The) | | | 98 | | | | 1,182 | |
| | |
KDDI Corp. | | | 136 | | | | 3,125 | |
| | |
Kumagai Gumi Co. Ltd. | | | 27 | | | | 789 | |
| | |
Maeda Corp. | | | 54 | | | | 535 | |
| | |
Marubeni Corp. | | | 219 | | | | 1,571 | |
| | |
Mitsubishi Corp. | | | 118 | | | | 3,237 | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | | 931 | | | | 4,620 | |
| | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | | | 205 | | | | 1,047 | |
| | |
Mitsui & Co. Ltd. | | | 161 | | | | 2,606 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 82 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Japan — continued | |
| | |
Mizuho Financial Group, Inc. | | | 2,124 | | | | 3,317 | |
| | |
MS&AD Insurance Group Holdings, Inc. | | | 37 | | | | 1,141 | |
| | |
Nippon Telegraph & Telephone Corp. | | | 65 | | | | 2,696 | |
| | |
Nishi-Nippon Financial Holdings, Inc. | | | 56 | | | | 466 | |
| | |
NTT DOCOMO, Inc. | | | 107 | | | | 2,315 | |
| | |
Obayashi Corp. | | | 95 | | | | 938 | |
| | |
Open House Co. Ltd. | | | 14 | | | | 525 | |
| | |
Shimizu Corp. | | | 83 | | | | 707 | |
| | |
Shinsei Bank Ltd. | | | 71 | | | | 984 | |
| | |
Shizuoka Bank Ltd. (The) | | | 82 | | | | 632 | |
| | |
Showa Denko KK | | | 15 | | | | 515 | |
| | |
Sompo Holdings, Inc. | | | 32 | | | | 1,208 | |
| | |
Sony Corp. | | | 17 | | | | 871 | |
| | |
Sumitomo Chemical Co. Ltd. | | | 238 | | | | 1,187 | |
| | |
Sumitomo Corp. | | | 108 | | | | 1,549 | |
| | |
Sumitomo Heavy Industries Ltd. | | | 28 | | | | 981 | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | | 111 | | | | 4,034 | |
| | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 44 | | | | 1,528 | |
| | |
T&D Holdings, Inc. | | | 84 | | | | 905 | |
| | |
Taiheiyo Cement Corp. | | | 34 | | | | 1,103 | |
| | |
Taisei Corp. | | | 19 | | | | 845 | |
| | |
Teijin Ltd. | | | 42 | | | | 728 | |
| | |
Tokuyama Corp. | | | 27 | | | | 681 | |
| | |
Tosoh Corp. | | | 49 | | | | 782 | |
| | |
Toyota Boshoku Corp. | | | 52 | | | | 761 | |
| | |
Toyota Motor Corp. | | | 163 | | | | 10,073 | |
| | |
Toyota Tsusho Corp. | | | 42 | | | | 1,392 | |
| | |
TS Tech Co. Ltd. | | | 23 | | | | 697 | |
| | |
Ube Industries Ltd. | | | 17 | | | | 357 | |
| | |
Yokohama Rubber Co. Ltd. (The) | | | 51 | | | | 967 | |
| | | | | | | | |
| | |
| | | | | | | 90,286 | |
| | | | | | | | |
|
Luxembourg — 0.3% | |
| | |
Aperam SA | | | 16 | | | | 497 | |
| | |
RTL Group SA | | | 15 | | | | 868 | |
| | | | | | | | |
| | |
| | | | | | | 1,365 | |
| | | | | | | | |
|
Malta — 0.1% | |
| | |
Kindred Group plc, SDR | | | 62 | | | | 542 | |
| | | | | | | | |
|
Netherlands — 7.7% | |
| | |
ABN AMRO Group NV, CVA (b) | | | 62 | | | | 1,450 | |
| | |
Aegon NV (a) | | | 216 | | | | 1,127 | |
| | |
ASR Nederland NV | | | 20 | | | | 903 | |
| | |
BE Semiconductor Industries NV | | | 19 | | | | 548 | |
| | |
Flow Traders (b) | | | 26 | | | | 743 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Netherlands — continued | |
| | |
Heijmans NV, CVA * | | | 80 | | | | 908 | |
| | |
ING Groep NV | | | 327 | | | | 4,171 | |
| | |
Intertrust NV (b) | | | 49 | | | | 932 | |
| | |
NIBC Holding NV (b) | | | 89 | | | | 852 | |
| | |
NN Group NV | | | 40 | | | | 1,764 | |
| | |
Randstad NV | | | 18 | | | | 1,039 | |
| | |
Royal Dutch Shell plc, Class A | | | 557 | | | | 17,737 | |
| | |
Signify NV (b) | | | 35 | | | | 1,055 | |
| | | | | | | | |
| | |
| | | | | | | 33,229 | |
| | | | | | | | |
|
New Zealand — 0.3% | |
| | |
Air New Zealand Ltd. | | | 386 | | | | 691 | |
| | |
Z Energy Ltd. | | | 123 | | | | 520 | |
| | | | | | | | |
| | |
| | | | | | | 1,211 | |
| | | | | | | | |
|
Norway — 3.2% | |
| | |
DNB ASA * | | | 111 | | | | 2,132 | |
| | |
DNO ASA | | | 276 | | | | 626 | |
| | |
Elkem ASA *(b) | | | 145 | | | | 601 | |
| | |
Equinor ASA | | | 113 | | | | 2,523 | |
| | |
Europris ASA *(b) | | | 179 | | | | 560 | |
| | |
Komplett Bank ASA * | | | 298 | | | | 442 | |
| | |
Kvaerner ASA | | | 285 | | | | 396 | |
| | |
Norwegian Finans Holding ASA * | | | 99 | | | | 813 | |
| | |
Olav Thon Eiendomsselskap ASA | | | 27 | | | | 497 | |
| | |
Scottish Salmon Co. Plc (The) | | | 267 | | | | 596 | |
| | |
Selvaag Bolig ASA | | | 106 | | | | 600 | |
| | |
SpareBank 1 Nord Norge | | | 105 | | | | 801 | |
| | |
SpareBank 1 SMN | | | 81 | | | | 880 | |
| | |
SpareBank 1 SR-Bank ASA | | | 74 | | | | 859 | |
| | |
Stolt-Nielsen Ltd. | | | 29 | | | | 363 | |
| | |
Storebrand ASA | | | 58 | | | | 489 | |
| | |
Telenor ASA (a) | | | 25 | | | | 493 | |
| | | | | | | | |
| | |
| | | | | | | 13,671 | |
| | | | | | | | |
|
Portugal — 0.3% | |
| | |
Altri SGPS SA | | | 98 | | | | 769 | |
| | |
Semapa-Sociedade de Investimento e Gestao | | | 36 | | | | 585 | |
| | | | | | | | |
| | |
| | | | | | | 1,354 | |
| | | | | | | | |
|
Russia — 0.3% | |
| | |
Evraz plc | | | 139 | | | | 1,139 | |
| | |
Petropavlovsk plc * | | | 2,612 | | | | 286 | |
| | | | | | | | |
| | |
| | | | | | | 1,425 | |
| | | | | | | | |
|
Singapore — 1.2% | |
| | |
DBS Group Holdings Ltd. | | | 70 | | | | 1,454 | |
| | |
Jardine Cycle & Carriage Ltd. | | | 18 | | | | 478 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 83 | |
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
Singapore — continued | |
| | |
Oversea-Chinese Banking Corp. Ltd. | | | 163 | | | | 1,449 | |
| | |
United Overseas Bank Ltd. | | | 90 | | | | 1,843 | |
| | | | | | | | |
| | |
| | | | | | | 5,224 | |
| | | | | | | | |
|
South Africa — 0.6% | |
| | |
Anglo American plc | | | 106 | | | | 2,740 | |
| | | | | | | | |
|
Spain — 3.0% | |
| | |
ACS Actividades de Construccion y Servicios SA | | | 38 | | | | 1,763 | |
| | |
Banco Bilbao Vizcaya Argentaria SA (a) | | | 507 | | | | 3,081 | |
| | |
Enagas SA | | | 45 | | | | 1,270 | |
| | |
Mediaset Espana Comunicacion SA | | | 77 | | | | 598 | |
| | |
Repsol SA | | | 141 | | | | 2,384 | |
| | |
Talgo SA *(b) | | | 80 | | | | 528 | |
| | |
Telefonica SA | | | 404 | | | | 3,372 | |
| | | | | | | | |
| | |
| | | | | | | 12,996 | |
| | | | | | | | |
|
Sweden — 3.2% | |
| | |
Betsson AB * | | | 96 | | | | 731 | |
| | |
Boliden AB * | | | 31 | | | | 929 | |
| | |
Dometic Group AB (c) | | | 60 | | | | 550 | |
| | |
Granges AB | | | 57 | | | | 615 | |
| | |
Lindab International AB | | | 64 | | | | 726 | |
| | |
Mycronic AB | | | 35 | | | | 497 | |
| | |
Nobia AB * | | | 86 | | | | 544 | |
| | |
Peab AB | | | 84 | | | | 770 | |
| | |
Resurs Holding AB (b) | | | 133 | | | | 826 | |
| | |
Skandinaviska Enskilda Banken AB, Class A | | | 189 | | | | 1,802 | |
| | |
Skanska AB, Class B | | | 48 | | | | 836 | |
| | |
SKF AB, Class B | | | 27 | | | | 504 | |
| | |
SSAB AB, Class A | | | 121 | | | | 458 | |
| | |
Svenska Handelsbanken AB, Class A | | | 143 | | | | 1,566 | |
| | |
Swedbank AB, Class A | | | 59 | | | | 957 | |
| | |
Tethys Oil AB | | | 107 | | | | 873 | |
| | |
Volvo AB, Class B | | | 33 | | | | 531 | |
| | | | | | | | |
| | |
| | | | | | | 13,715 | |
| | | | | | | | |
|
Switzerland — 5.6% | |
| | |
ABB Ltd. (Registered) * | | | 26 | | | | 528 | |
| | |
Adecco Group AG (Registered) | | | 19 | | | | 1,117 | |
| | |
Alcon, Inc. * | | | 15 | | | | 849 | |
| | |
ALSO Holding AG (Registered) * | | | 8 | | | | 944 | |
| | |
Dufry AG (Registered) * | | | 5 | | | | 497 | |
| | |
Glencore plc * | | | 829 | | | | 3,290 | |
| | |
Novartis AG (Registered) | | | 74 | | | | 6,039 | |
| | |
Orior AG* | | | 11 | | | | 856 | |
| | |
Roche Holding AG | | | 3 | | | | 858 | |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
| | | | | | | | |
|
Switzerland — continued | |
| | |
Swiss Life Holding AG (Registered) * | | | 4 | | | | 1,833 | |
| | |
Swiss Re AG | | | 29 | | | | 2,768 | |
| | |
Vetropack Holding AG | | | — | (d) | | | 431 | |
| | |
Zurich Insurance Group AG | | | 13 | | | | 4,014 | |
| | | | | | | | |
| | |
| | | | | | | 24,024 | |
| | | | | | | | |
|
Ukraine — 0.2% | |
| | |
Ferrexpo plc | | | 260 | | | | 704 | |
| | | | | | | | |
|
United Kingdom — 16.2% | |
| | |
Barratt Developments plc | | | 203 | | | | 1,600 | |
| | |
Berkeley Group Holdings plc | | | 18 | | | | 899 | |
| | |
Biffa plc (b) | | | 205 | | | | 635 | |
| | |
Bovis Homes Group plc | | | 63 | | | | 916 | |
| | |
BP plc | | | 901 | | | | 6,553 | |
| | |
British American Tobacco plc | | | 161 | | | | 6,299 | |
| | |
BT Group plc | | | 713 | | | | 2,128 | |
| | |
Card Factory plc | | | 218 | | | | 583 | |
| | |
Centrica plc | | | 675 | | | | 938 | |
| | |
Charter Court Financial Services Group plc (b) | | | 262 | | | | 1,213 | |
| | |
Dart Group plc | | | 50 | | | | 611 | |
| | |
Derwent London plc, REIT | | | 13 | | | | 520 | |
| | |
Dialog Semiconductor plc * | | | 35 | | | | 1,359 | |
| | |
Dixons Carphone plc | | | 269 | | | | 511 | |
| | |
EI Group plc * | | | 213 | | | | 593 | |
| | |
Fiat Chrysler Automobiles NV | | | 48 | | | | 733 | |
| | |
Firstgroup plc * | | | 453 | | | | 652 | |
| | |
Forterra plc (b) | | | 296 | | | | 1,205 | |
| | |
G4S plc | | | 194 | | | | 548 | |
| | |
Genel Energy plc * | | | 251 | | | | 754 | |
| | |
GlaxoSmithKline plc | | | 342 | | | | 7,028 | |
| | |
Greene King plc | | | 71 | | | | 596 | |
| | |
Gulf Keystone Petroleum Ltd. * | | | 153 | | | | 507 | |
| | |
Imperial Brands plc | | | 89 | | | | 2,819 | |
| | |
Inchcape plc | | | 117 | | | | 942 | |
| | |
International Consolidated Airlines Group SA | | | 130 | | | | 916 | |
| | |
International Personal Finance plc | | | 298 | | | | 712 | |
| | |
ITV plc | | | 750 | | | | 1,340 | |
| | |
J Sainsbury plc | | | 252 | | | | 732 | |
| | |
JPJ Group plc * | | | 106 | | | | 988 | |
| | |
Legal & General Group plc | | | 671 | | | | 2,439 | |
| | |
Lloyds Banking Group plc | | | 5,229 | | | | 4,277 | |
| | |
Marks & Spencer Group plc | | | 244 | | | | 909 | |
| | |
McBride plc * | | | 141 | | | | 197 | |
| | |
McBride plc (Preference) * | | | 2,115 | | | | 3 | |
| | |
Micro Focus International plc | | | 38 | | | | 971 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 84 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Common Stocks — continued | |
|
United Kingdom — continued | |
| | |
Mitchells & Butlers plc * | | | 214 | | | | 712 | |
| | |
Morgan Sindall Group plc | | | 44 | | | | 750 | |
| | |
National Express Group plc | | | 96 | | | | 515 | |
| | |
OneSavings Bank plc | | | 183 | | | | 1,039 | |
| | |
Persimmon plc | | | 38 | | | | 1,107 | |
| | |
Reach plc | | | 217 | | | | 210 | |
| | |
Royal Bank of Scotland Group plc | | | 608 | | | | 1,903 | |
| | |
St Modwen Properties plc | | | 96 | | | | 516 | |
| | |
Staffline Group plc | | | 34 | | | | 387 | |
| | |
Taylor Wimpey plc | | | 677 | | | | 1,605 | |
| | |
U & I Group plc | | | 318 | | | | 739 | |
| | |
Vodafone Group plc | | | 1,960 | | | | 3,635 | |
| | |
WPP plc | | | 158 | | | | 1,977 | |
| | | | | | | | |
| | |
| | | | | | | 69,721 | |
| | | | | | | | |
|
United States — 0.2% | |
| | |
TI Fluid Systems plc (b) | | | 259 | | | | 716 | |
| | | | | | | | |
| | |
Total Common Stocks
(Cost $424,215) | | | | | | | 413,787 | |
| | | | | | | | |
Short-term Investments — 3.0% | |
|
Investment Companies — 3.0% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48% (e) (f)
(Cost $12,915) | | | 12,911 | | | | 12,915 | |
| | | | | | | | |
Investment of Cash Collateral from Securities Loaned — 1.9% | |
| | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (e) (f)
(Cost $8,406) | | | 8,406 | | | | 8,406 | |
| | | | | | | | |
Total Investments — 100.8%
(Cost $445,536) | | | | | | | 435,108 | |
Liabilities in Excess of
Other Assets — (0.8)% | | | | | | | (3,475 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 431,633 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
| |
Banks | | | 14.9 | % |
| |
Oil, Gas & Consumable Fuels | | | 11.7 | |
| |
Insurance | | | 8.9 | |
| |
Metals & Mining | | | 6.5 | |
| |
Automobiles | | | 4.7 | |
| |
Diversified Telecommunication Services | | | 4.0 | |
| |
Trading Companies & Distributors | | | 3.4 | |
| |
Pharmaceuticals | | | 3.2 | |
| |
Real Estate Management & Development | | | 2.8 | |
| |
Construction & Engineering | | | 2.6 | |
| |
Tobacco | | | 2.3 | |
| |
Media | | | 2.2 | |
| |
Wireless Telecommunication Services | | | 2.2 | |
| |
Auto Components | | | 2.1 | |
| |
Chemicals | | | 2.0 | |
| |
Household Durables | | | 2.0 | |
| |
Investment of cash collateral from securities loaned | | | 1.9 | |
| |
Electronic Equipment, Instruments & Components | | | 1.4 | |
| |
Airlines | | | 1.2 | |
| |
Specialty Retail | | | 1.1 | |
| |
Hotels, Restaurants & Leisure | | | 1.1 | |
| |
Machinery | | | 1.0 | |
| |
Professional Services | | | 1.0 | |
| |
Others (each less than 1.0%) | | | 12.8 | |
| |
Short-Term Investments | | | 3.0 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 85 | |
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Abbreviations
| | |
| CVA | | Dutch Certification |
| OYJ | | Public Limited Company |
| Preference | | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | | Real Estate Investment Trust |
| SDR | | Swedish Depositary Receipt |
| SCA | | Limited partnership with share capital |
| SGPS | | Holding company |
| |
| (a) | | The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $8,046,000. |
| | |
| (b) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (d) | | Amount rounds to less than one thousand. |
| (e) | | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (f) | | The rate shown is the current yield as of April 30, 2019. |
| * | | Non-income producing security. |
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of April 30, 2019 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
| | | | | |
Long Contracts | | | | | | | | | | | | | | | | | | | | |
| | | | | |
EURO STOXX 50 Index | | | 129 | | | | 06/2019 | | | | EUR | | | | 5,002 | | | | 222 | |
| | | | | |
FTSE 100 Index | | | 35 | | | | 06/2019 | | | | GBP | | | | 3,368 | | | | 53 | |
| | | | | |
TOPIX Index | | | 33 | | | | 06/2019 | | | | JPY | | | | 4,810 | | | | 45 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | 320 | |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations
| | |
| EUR | | Euro |
| FTSE | | Financial Times and the London Stock Exchange |
| GBP | | British Pound |
| JPY | | Japanese Yen |
| TOPIX | | Tokyo Stock Price Index |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 86 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
THIS PAGE IS INTENTIONALLY LEFT BLANK
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 87 | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2019 (Unaudited)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | | |
| | | JPMorgan
Emerging
Economies
Fund | | | JPMorgan
Emerging
Markets
Equity Fund | | |
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund | | | JPMorgan
Europe
Dynamic
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments innon-affiliates, at value | | $ | 1,390,599 | | | $ | 5,833,359 | | | $ | 369,020 | | | $ | 568,153 | |
Investments in affiliates, at value | | | 17,075 | | | | 138,231 | | | | 2,387 | | | | 5,721 | |
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | | | 143 | | | | 23,445 | | | | — | | | | 60,001 | |
Cash | | | 1,627 | | | | 2,154 | | | | 218 | | | | 96 | |
Foreign currency, at value | | | 1,760 | | | | 21,748 | | | | 1,880 | | | | 77 | |
Deposits at broker for futures contracts | | | — | | | | — | | | | 224 | | | | — | |
Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 795 | | | | 2,937 | | | | 13,045 | | | | 6,836 | |
Fund shares sold | | | 49 | | | | 11,313 | | | | — | (a) | | | 59 | |
Dividends fromnon-affiliates | | | 1,184 | | | | 4,005 | | | | 424 | | | | 1,672 | |
Dividends from affiliates | | | 38 | | | | 239 | | | | 3 | | | | 20 | |
Tax reclaims | | | 11 | | | | 16 | | | | — | | | | 4,596 | |
Securities lending income (See Note 2.C.) | | | 7 | | | | 64 | | | | — | | | | 61 | |
Deferred offering cost (See Note 2.G.) | | | — | | | | — | | | | 29 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 1,413,288 | | | | 6,037,511 | | | | 387,230 | | | | 647,292 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Investment securities purchased | | | 2,339 | | | | 30,225 | | | | 13,194 | | | | 2,938 | |
Collateral received on securities loaned (See Note 2.C.) | | | 143 | | | | 23,445 | | | | — | | | | 60,001 | |
Fund shares redeemed | | | 24 | | | | 3,036 | | | | 1,571 | | | | 530 | |
Variation margin on futures contracts | | | — | | | | — | | | | 4 | | | | — | |
Accrued liabilities: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 695 | | | | 3,398 | | | | 55 | | | | 315 | |
Administration fees | | | — | | | | — | | | | 13 | | | | 37 | |
Distribution fees | | | 4 | | | | 132 | | | | — | | | | 38 | |
Service fees | | | 3 | | | | 321 | | | | 1 | | | | 39 | |
Custodian and accounting fees | | | 362 | | | | 954 | | | | 53 | | | | 68 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) | | | 1 | | | | — | (a) | | | — | (a) |
Deferred foreign capital gains tax | | | 26 | | | | 13,531 | | | | — | | | | — | |
Other | | | 125 | | | | 205 | | | | 27 | | | | 100 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 3,721 | | | | 75,248 | | | | 14,918 | | | | 64,066 | |
| | | | | | | | | | | | | | | | |
Net Assets | | $ | 1,409,567 | | | $ | 5,962,263 | | | $ | 372,312 | | | $ | 583,226 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 88 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | | | |
| | | JPMorgan
Emerging
Economies
Fund | | | JPMorgan
Emerging
Markets
Equity Fund | | |
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund | | | JPMorgan
Europe
Dynamic
Fund | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in-Capital | | $ | 1,343,103 | | | $ | 4,508,487 | | | $ | 352,030 | | | $ | 648,578 | |
Total distributable earnings (loss) | | | 66,464 | | | | 1,453,776 | | | | 20,282 | | | | (65,352 | ) |
| | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 1,409,567 | | | $ | 5,962,263 | | | $ | 372,312 | | | $ | 583,226 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Class A | | $ | 11,814 | | | $ | 487,212 | | | $ | — | | | $ | 110,188 | |
Class C | | | 1,696 | | | | 55,930 | | | | — | | | | 24,278 | |
Class I | | | 9,287 | | | | 1,193,154 | | | | 9,931 | | | | 102,292 | |
Class L | | | — | | | | 663,335 | | | | — | | | | 72,248 | |
Class R2 | | | — | | | | 113 | | | | — | | | | — | |
Class R3 | | | — | | | | 1,365 | | | | — | | | | — | |
Class R4 | | | — | | | | 1,359 | | | | — | | | | — | |
Class R5 | | | 235 | | | | 37,001 | | | | — | | | | — | |
Class R6 | | | 1,386,535 | | | | 3,522,794 | | | | 362,381 | | | | 274,220 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 1,409,567 | | | $ | 5,962,263 | | | $ | 372,312 | | | $ | 583,226 | |
| | | | | | | | | | | | | | | | |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | | | | | |
Class A | | | 897 | | | | 16,671 | | | | — | | | | 4,636 | |
Class C | | | 133 | | | | 1,974 | | | | — | | | | 1,151 | |
Class I | | | 714 | | | | 39,916 | | | | 586 | | | | 4,223 | |
Class L | | | — | | | | 22,032 | | | | — | | | | 2,948 | |
Class R2 | | | — | | | | 4 | | | | — | | | | — | |
Class R3 | | | — | | | | 47 | | | | — | | | | — | |
Class R4 | | | — | | | | 46 | | | | — | | | | — | |
Class R5 | | | 18 | | | | 1,232 | | | | — | | | | — | |
Class R6 | | | 107,627 | | | | 117,196 | | | | 21,385 | | | | 11,239 | |
| | | | |
Net Asset Value (a): | | | | | | | | | | | | | | | | |
Class A — Redemption price per share | | $ | 13.16 | | | $ | 29.22 | | | $ | — | | | $ | 23.77 | |
Class C — Offering price per share (b) | | | 12.75 | | | | 28.33 | | | | — | | | | 21.09 | |
Class I — Offering and redemption price per share | | | 13.01 | | | | 29.89 | | | | 16.94 | | | | 24.22 | |
Class L — Offering and redemption price per share | | | — | | | | 30.11 | | | | — | | | | 24.51 | |
Class R2 — Offering and redemption price per share | | | — | | | | 28.99 | | | | — | | | | — | |
Class R3 — Offering and redemption price per share | | | — | | | | 29.13 | | | | — | | | | — | |
Class R4 — Offering and redemption price per share | | | — | | | | 29.79 | | | | — | | | | — | |
Class R5 — Offering and redemption price per share | | | 13.09 | | | | 30.04 | | | | — | | | | — | |
Class R6 — Offering and redemption price per share | | | 12.88 | | | | 30.06 | | | | 16.95 | | | | 24.40 | |
Class A maximum sales charge | | | 5.25 | % | | | 5.25 | % | | | — | % | | | 5.25 | % |
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)] | | $ | 13.89 | | | $ | 30.84 | | | $ | — | | | $ | 25.09 | |
| | | | | | | | | | | | | | | | |
| | | | |
Cost of investments innon-affiliates | | $ | 1,199,943 | | | $ | 4,290,953 | | | $ | 353,588 | | | $ | 535,172 | |
Cost of investments in affiliates | | | 17,075 | | | | 138,231 | | | | 2,387 | | | | 5,721 | |
Cost of foreign currency | | | 1,577 | | | | 21,803 | | | | 1,882 | | | | 77 | |
Investment securities on loan, at value | | | 136 | | | | 22,871 | | | | — | | | | 50,821 | |
Cost of investment of cash collateral | | | 143 | | | | 23,445 | | | | — | | | | 60,001 | |
| (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.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 89 | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | | |
| | |
JPMorgan
Global
Research
Enhanced
Index Fund | | | JPMorgan
International
Advantage
Fund | | | JPMorgan
International
Equity Fund | | | JPMorgan
International
Equity
Income Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments innon-affiliates, at value | | $ | 4,588,269 | | | $ | 3,383,571 | | | $ | 4,433,305 | | | $ | 131,773 | |
Investments in affiliates, at value | | | 3,058 | | | | 57,922 | | | | 82,881 | | | | 1,314 | |
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | | | 88,973 | | | | 176,378 | | | | 372,445 | | | | — | |
Cash | | | 160 | | | | 32 | | | | 10 | | | | 28 | |
Foreign currency, at value | | | 1,176 | | | | — | | | | 15 | | | | 104 | |
Deposits at broker for futures contracts | | | 894 | | | | 3,280 | | | | — | | | | — | |
Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 7,704 | | | | 29,797 | | | | 35,239 | | | | 542 | |
Fund shares sold | | | 222 | | | | 159 | | | | 1,190 | | | | 178 | |
Dividends fromnon-affiliates | | | 8,835 | | | | 20,607 | | | | 17,683 | | | | 587 | |
Dividends from affiliates | | | 49 | | | | 122 | | | | 186 | | | | 3 | |
Tax reclaims | | | 7,724 | | | | 10,474 | | | | 10,921 | | | | 599 | |
Securities lending income (See Note 2.C.) | | | 102 | | | | 139 | | | | — | | | | — | |
Variation margin on futures contracts | | | — | | | | 280 | | | | — | | | | — | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 57 | |
Other assets | | | — | | | | — | | | | — | | | | 51 | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 4,707,166 | | | | 3,682,761 | | | | 4,953,875 | | | | 135,236 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Foreign currency due to custodian, at value | | | — | | | | 3,537 | | | | — | | | | — | |
Investment securities purchased | | | 7,692 | | | | 18,525 | | | | 9,245 | | | | 3 | |
Collateral received on securities loaned (See Note 2.C.) | | | 88,973 | | | | 176,378 | | | | 372,445 | | | | — | |
Fund shares redeemed | | | 3,634 | | | | 440 | | | | 1,419 | | | | 307 | |
Variation margin on futures contracts | | | 5 | | | | — | | | | — | | | | — | |
Unrealized depreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 244 | |
Accrued liabilities: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 631 | | | | 1,339 | | | | 1,746 | | | | 89 | |
Administration fees | | | 206 | | | | — | | | | — | | | | — | |
Distribution fees | | | — | | | | 46 | | | | 68 | | | | 78 | |
Service fees | | | 29 | | | | 36 | | | | 74 | | | | 68 | |
Custodian and accounting fees | | | 166 | | | | 202 | | | | 207 | | | | 21 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) | | | — | | | | — | | | | — | |
Other | | | 251 | | | | 83 | | | | 72 | | | | 38 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 101,587 | | | | 200,586 | | | | 385,276 | | | | 848 | |
| | | | | | | | | | | | | | | | |
Net Assets | | $ | 4,605,579 | | | $ | 3,482,175 | | | $ | 4,568,599 | | | $ | 134,388 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 90 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | | | |
| | |
JPMorgan
Global Research
Enhanced Index Fund | | | JPMorgan
International
Advantage Fund | | | JPMorgan
International
Equity Fund | | | JPMorgan
International
Equity
Income Fund | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in-Capital | | $ | 3,128,718 | | | $ | 3,466,655 | | | $ | 3,900,940 | | | $ | 126,547 | |
Total distributable earnings (loss) | | | 1,476,861 | | | | 15,520 | | | | 667,659 | | | | 7,841 | |
| | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 4,605,579 | | | $ | 3,482,175 | | | $ | 4,568,599 | | | $ | 134,388 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Class A | | $ | — | | | $ | 155,312 | | | $ | 276,199 | | | $ | 57,006 | |
Class C | | | — | | | | 1,466 | | | | 18,032 | | | | 11,914 | |
Class I | | | 387,770 | | | | 66,799 | | | | 171,251 | | | | 47,455 | |
Class R2 | | | — | | | | 32,232 | | | | 1,801 | | | | 301 | |
Class R5 | | | — | | | | — | | | | 21,760 | | | | 185 | |
Class R6 | | | 4,217,809 | | | | 3,226,366 | | | | 4,079,556 | | | | 17,527 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 4,605,579 | | | $ | 3,482,175 | | | $ | 4,568,599 | | | $ | 134,388 | |
| | | | | | | | | | | | | | | | |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | | | | | |
Class A | | | — | | | | 7,867 | | | | 16,586 | | | | 3,650 | |
Class C | | | — | | | | 73 | | | | 1,145 | | | | 769 | |
Class I | | | 17,848 | | | | 3,254 | | | | 10,126 | | | | 3,029 | |
Class R2 | | | — | | | | 1,658 | | | | 109 | | | | 19 | |
Class R5 | | | — | | | | — | | | | 1,284 | | | | 12 | |
Class R6 | | | 196,518 | | | | 159,730 | | | | 240,832 | | | | 1,119 | |
| | | | |
Net Asset Value (a): | | | | | | | | | | | | | | | | |
Class A — Redemption price per share | | $ | — | | | $ | 19.74 | | | $ | 16.65 | | | $ | 15.62 | |
Class C — Offering price per share (b) | | | — | | | | 20.03 | | | | 15.75 | | | | 15.49 | |
Class I — Offering and redemption price per share | | | 21.73 | | | | 20.53 | | | | 16.91 | | | | 15.67 | |
Class R2 — Offering and redemption price per share | | | — | | | | 19.45 | | | | 16.55 | | | | 15.58 | |
Class R5 — Offering and redemption price per share | | | — | | | | — | | | | 16.94 | | | | 15.68 | |
Class R6 — Offering and redemption price per share | | | 21.46 | | | | 20.20 | | | | 16.94 | | | | 15.67 | |
Class A maximum sales charge | | | – | % | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % |
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)] | | $ | — | | | $ | 20.83 | | | $ | 17.57 | | | $ | 16.49 | |
| | | | | | | | | | | | | | | | |
Cost of investments innon-affiliates | | $ | 3,295,606 | | | $ | 3,274,851 | | | $ | 3,612,173 | | | $ | 121,547 | |
Cost of investments in affiliates | | | 3,058 | | | | 57,922 | | | | 82,881 | | | | 1,314 | |
Cost of foreign currency | | | 1,174 | | | | — | | | | 18 | | | | 103 | |
Investment securities on loan, at value | | | 85,387 | | | | 163,187 | | | | 355,310 | | | | — | |
Cost of investment of cash collateral | | | 88,973 | | | | 176,378 | | | | 372,445 | | | | — | |
| (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.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 91 | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | | |
| | | JPMorgan
International
Hedged
Equity Fund | | |
JPMorgan
International
Research
Enhanced
Equity Fund | | | JPMorgan
International
Unconstrained
Equity Fund | | | JPMorgan
International
Value Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments innon-affiliates, at value | | $ | 49,345 | | | $ | 4,412,747 | | | $ | 511,676 | | | $ | 413,787 | |
Investments in affiliates, at value | | | 1,374 | | | | 168,625 | | | | 21,161 | | | | 12,915 | |
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | | | — | | | | 215,789 | | | | 27,556 | | | | 8,406 | |
Options purchased, at value | | | 115 | | | | — | | | | — | | | | — | |
Cash | | | 281 | | | | 25 | | | | 289 | | | | 47 | |
Foreign currency, at value | | | 67 | | | | 3,897 | | | | — | | | | 664 | |
Deposits at broker for futures contracts | | | 100 | | | | 8,427 | | | | — | | | | 911 | |
Deposits at broker for written options contracts | | | 8 | | | | — | | | | — | | | | — | |
Receivables: | | | | | | | | | | | | | | | | |
Due from custodian | | | — | | | | — | | | | 4,495 | | | | 444 | |
Investment securities sold | | | 231 | | | | 14,782 | | | | 2 | | | | — | |
Fund shares sold | | | 1 | | | | 2,490 | | | | 1,059 | | | | 401 | |
Dividends fromnon-affiliates | | | 208 | | | | 19,817 | | | | 1,556 | | | | 2,646 | |
Dividends from affiliates | | | 1 | | | | 331 | | | | 41 | | | | 28 | |
Tax reclaims | | | 17 | | | | 14,753 | | | | 552 | | | | 2,744 | |
Securities lending income (See Note 2.C.) | | | — | | | | 29 | | | | 4 | | | | 5 | |
Variation margin on futures contracts | | | — | | | | — | | | | — | | | | 83 | |
Due from adviser | | | 19 | | | | — | | | | — | | | | — | |
Deferred offering cost (See Note 2.G.) | | | 88 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 51,855 | | | | 4,861,712 | | | | 568,391 | | | | 443,081 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Foreign currency due to custodian, at value | | | — | | | | — | | | | 243 | | | | — | |
Investment securities purchased | | | 66 | | | | 5,929 | | | | 10,961 | | | | 1,531 | |
Collateral received on securities loaned (See Note 2.C.) | | | — | | | | 215,789 | | | | 27,556 | | | | 8,406 | |
Fund shares redeemed | | | — | | | | 30,126 | | | | 413 | | | | 754 | |
Variation margin on futures contracts | | | 2 | | | | 342 | | | | — | | | | — | |
Outstanding options written, at fair value | | | 467 | | | | — | | | | — | | | | — | |
Accrued liabilities: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | — | | | | 623 | | | | 179 | | | | 162 | |
Administration fees | | | — | | | | 205 | | | | — | | | | — | |
Distribution fees | | | — | (a) | | | 42 | | | | 32 | | | | 48 | |
Service fees | | | 10 | | | | 26 | | | | 45 | | | | 45 | |
Custodian and accounting fees | | | 6 | | | | 256 | | | | 34 | | | | 71 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) | | | — | (a) | | | — | (a) | | | — | |
Other | | | 18 | | | | 234 | | | | 28 | | | | 431 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 569 | | | | 253,572 | | | | 39,491 | | | | 11,448 | |
| | | | | | | | | | | | | | | | |
Net Assets | | $ | 51,286 | | | $ | 4,608,140 | | | $ | 528,900 | | | $ | 431,633 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 92 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | | | |
| | | JPMorgan
International
Hedged
Equity Fund | | | JPMorgan
International
Research
Enhanced
Equity Fund | | | JPMorgan
International
Unconstrained
Equity Fund | | | JPMorgan
International
Value Fund | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Paid-in-Capital | | $ | 50,532 | | | $ | 4,613,279 | | | $ | 518,449 | | | $ | 464,819 | |
Total distributable earnings (loss) | | | 754 | | | | (5,139 | ) | | | 10,451 | | | | (33,186 | ) |
| | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 51,286 | | | $ | 4,608,140 | | | $ | 528,900 | | | $ | 431,633 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Class A | | $ | 20 | | | $ | 203,351 | | | $ | 96,665 | | | $ | 194,441 | |
Class C | | | 20 | | | | — | | | | 20,361 | | | | 11,095 | |
Class I | | | 51,205 | | | | 170,571 | | | | 177,585 | | | | 55,236 | |
Class L | | | — | | | | — | | | | — | | | | 38,815 | |
Class R2 | | | — | | | | — | | | | 989 | | | | 1,159 | |
Class R5 | | | 20 | | | | — | | | | 3,307 | | | | 76 | |
Class R6 | | | 21 | | | | 4,234,218 | | | | 229,993 | | | | 130,811 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 51,286 | | | $ | 4,608,140 | | | $ | 528,900 | | | $ | 431,633 | |
| | | | | | | | | | | | | | | | |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | | | | | |
Class A | | | 1 | | | | 11,639 | | | | 4,699 | | | | 15,778 | |
Class C | | | 1 | | | | — | | | | 1,001 | | | | 929 | |
Class I | | | 3,363 | | | | 9,647 | | | | 8,528 | | | | 4,375 | |
Class L | | | — | | | | — | | | | — | | | | 3,093 | |
Class R2 | | | — | | | | — | | | | 48 | | | | 96 | |
Class R5 | | | 1 | | | | — | | | | 159 | | | | 6 | |
Class R6 | | | 2 | | | | 240,429 | | | | 11,054 | | | | 10,464 | |
| | | | |
Net Asset Value (a): | | | | | | | | | | | | | | | | |
Class A — Redemption price per share | | $ | 15.22 | | | $ | 17.47 | | | $ | 20.57 | | | $ | 12.32 | |
Class C — Offering price per share (b) | | | 15.21 | | | | — | | | | 20.35 | | | | 11.94 | |
Class I — Offering and redemption price per share | | | 15.23 | | | | 17.68 | | | | 20.82 | | | | 12.63 | |
Class L — Offering and redemption price per share | | | — | | | | — | | | | — | | | | 12.55 | |
Class R2 — Offering and redemption price per share | | | — | | | | — | | | | 20.45 | | | | 12.08 | |
Class R5 — Offering and redemption price per share | | | 15.23 | | | | — | | | | 20.80 | | | | 12.48 | |
Class R6 — Offering and redemption price per share | | | 15.23 | | | | 17.61 | | | | 20.81 | | | | 12.50 | |
Class A maximum sales charge | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % |
Class A maximum public offering price per share
[net asset value per share/(100% — maximum
sales charge)] | | $ | 16.06 | | | $ | 18.44 | | | $ | 21.71 | | | $ | 13.00 | |
| | | | | | | | | | | | | | | | |
| | | | |
Cost of investments innon-affiliates | | $ | 48,629 | | | $ | 4,321,197 | | | $ | 451,749 | | | $ | 424,215 | |
Cost of investments in affiliates | | | 1,374 | | | | 168,624 | | | | 21,161 | | | | 12,915 | |
Cost of options purchased | | | 470 | | | | — | | | | — | | | | — | |
Cost of foreign currency | | | 67 | | | | 3,887 | | | | — | | | | 662 | |
Investment securities on loan, at value | | | — | | | | 206,403 | | | | 26,465 | | | | 8,046 | |
Cost of investment of cash collateral | | | — | | | | 215,789 | | | | 27,556 | | | | 8,406 | |
Premiums received from options written | | | 478 | | | | — | | | | — | | | | — | |
| (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.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 93 | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | | |
| | | JPMorgan
Emerging
Economies
Fund | | | JPMorgan
Emerging
Markets
Equity Fund | | | JPMorgan
Emerging Markets
Research
Enhanced
Equity Fund (a) | | | JPMorgan
Europe
Dynamic Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | | | | | |
Interest income fromnon-affiliates | | $ | 2 | | | $ | 10 | | | $ | 1 | | | $ | 10 | |
Interest income from affiliates | | | 5 | | | | 6 | | | | 4 | | | | — | (b) |
Dividend income fromnon-affiliates | | | 14,978 | | | | 25,566 | | | | 1,384 | | | | 12,988 | |
Dividend income from affiliates | | | 164 | | | | 757 | | | | 87 | | | | 202 | |
Income from securities lending (net) | | | 8 | | | | 513 | | | | — | | | | 97 | |
Foreign taxes withheld | | | (2,366 | ) | | | (1,629 | ) | | | (120 | ) | | | (1,003 | ) |
| | | | | | | | | | | | | | | | |
Total investment income | | | 12,791 | | | | 25,223 | | | | 1,356 | | | | 12,294 | |
| | | | | | | | | | | | | | | | |
|
EXPENSES: | |
Investment advisory fees | | | 6,293 | | | | 21,092 | | | | 222 | | | | 1,977 | |
Administration fees | | | 572 | | | | 1,911 | | | | 67 | | | | 235 | |
Distribution fees: | | | | | | | | | | | | | | | | |
Class A | | | 14 | | | | 471 | | | | — | | | | 141 | |
Class C | | | 7 | | | | 179 | | | | — | | | | 99 | |
Class R2 | | | — | | | | — | (b) | | | — | | | | — | |
Class R3 | | | — | | | | 1 | | | | — | | | | — | |
Service fees: | | | | | | | | | | | | | | | | |
Class A | | | 14 | | | | 471 | | | | — | | | | 141 | |
Class C | | | 2 | | | | 60 | | | | — | | | | 33 | |
Class I (c) | | | 17 | | | | 1,118 | | | | 4 | | | | 140 | |
Class L | | | — | | | | 269 | | | | — | | | | 45 | |
Class R2 | | | — | | | | — | (b) | | | — | | | | — | |
Class R3 | | | — | | | | 1 | | | | — | | | | — | |
Class R4 | | | — | | | | 1 | | | | — | | | | — | |
Class R5 | | | — | (b) | | | 14 | | | | — | | | | — | |
Custodian and accounting fees | | | 573 | | | | 1,461 | | | | 62 | | | | 91 | |
Interest expense to affiliates | | | 53 | | | | 55 | | | | — | (b) | | | 9 | |
Professional fees | | | 62 | | | | 68 | | | | 35 | | | | 52 | |
Trustees’ and Chief Compliance Officer’s fees | | | 16 | | | | 23 | | | | 9 | | | | 14 | |
Printing and mailing costs | | | 28 | | | | 220 | | | | 7 | | | | 22 | |
Registration and filing fees | | | 40 | | | | 120 | | | | 3 | | | | 46 | |
Transfer agency fees (See Note 2.I.) | | | 20 | | | | 81 | | | | 1 | | | | 17 | |
Offering costs (See Note 2.G.) | | | — | | | | — | | | | 19 | | | | — | |
Other | | | 13 | | | | 36 | | | | 6 | | | | 11 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 7,724 | | | | 27,652 | | | | 435 | | | | 3,073 | |
| | | | | | | | | | | | | | | | |
Less fees waived | | | (2,532 | ) | | | (5,771 | ) | | | (71 | ) | | | (117 | ) |
Less expense reimbursements | | | (6 | ) | | | (15 | ) | | | (59 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net expenses | | | 5,186 | | | | 21,866 | | | | 305 | | | | 2,956 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 7,605 | | | | 3,357 | | | | 1,051 | | | | 9,338 | |
| | | | | | | | | | | | | | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | |
Net realized gain (loss) on transactions from: | |
Investments innon-affiliates | | | (49,403 | ) | | | 57,327 | (d) | | | 528 | | | | (47,716 | ) |
Investments in affiliates | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Futures contracts | | | 1,803 | | | | 2,644 | | | | 3,261 | | | | 187 | |
Foreign currency transactions | | | (152 | ) | | | (285 | ) | | | 4 | | | | 61 | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | (47,752 | ) | | | 59,686 | | | | 3,793 | | | | (47,468 | ) |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation on: | |
Investments innon-affiliates | | | 191,447 | (e) | | | 992,353 | (f) | | | 15,432 | | | | 71,097 | |
Investments in affiliates | | | — | | | | — | (b) | | | — | (b) | | | — | (b) |
Futures contracts | | | — | | | | — | | | | 41 | | | | (201 | ) |
Foreign currency translations | | | 46 | | | | (69 | ) | | | (9 | ) | | | (21 | ) |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation | | | 191,493 | | | | 992,284 | | | | 15,464 | | | | 70,875 | |
| | | | | | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | 143,741 | | | | 1,051,970 | | | | 19,257 | | | | 23,407 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | 151,346 | | | $ | 1,055,327 | | | $ | 20,308 | | | $ | 32,745 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of operations was December 11, 2018. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund. |
| (d) | Net of foreign capital gains tax of approximately $189,000 for JPMorgan Emerging Markets Equity Fund. |
| (e) | Net of change in foreign capital gains tax of approximately $(26,000) for JPMorgan Emerging Economies Fund. |
| (f) | Net of change in foreign capital gains tax of approximately $(10,729,000) for JPMorgan Emerging Markets Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 94 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | | | |
| | | JPMorgan
Global
Research
Enhanced
Index Fund | | | JPMorgan
International
Advantage
Fund | | | JPMorgan
International
Equity Fund | | | JPMorgan
International
Equity
Income Fund | |
INVESTMENT INCOME: | |
Interest income fromnon-affiliates | | $ | 29 | | | $ | 24 | | | $ | — | (a) | | $ | — | (a) |
Interest income from affiliates | | | 4 | | | | 1 | | | | — | (a) | | | — | (a) |
Dividend income fromnon-affiliates | | | 63,824 | | | | 61,015 | | | | 61,961 | | | | 3,167 | |
Dividend income from affiliates | | | 319 | | | | 652 | | | | 874 | | | | 13 | |
Income from securities lending (net) | | | 350 | | | | 293 | | | | 1 | | | | — | |
Foreign taxes withheld | | | (2,744 | ) | | | (3,966 | ) | | | (4,878 | ) | | | (293 | ) |
| | | | | | | | | | | | | | | | |
Total investment income | | | 61,782 | | | | 58,019 | | | | 57,958 | | | | 2,887 | |
| | | | | | | | | | | | | | | | |
|
EXPENSES: | |
Investment advisory fees | | | 4,869 | | | | 10,008 | | | | 14,072 | | | | 456 | |
Administration fees | | | 1,884 | | | | 1,286 | | | | 1,631 | | | | 50 | |
Distribution fees: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | 190 | | | | 310 | | | | 73 | |
Class C | | | — | | | | 6 | | | | 67 | | | | 44 | |
Class R2 | | | — | | | | 77 | | | | 4 | | �� | | — | (a) |
Service fees: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | 190 | | | | 310 | | | | 73 | |
Class C | | | — | | | | 2 | | | | 22 | | | | 15 | |
Class I | | | 492 | | | | 77 | | | | 208 | | | | 55 | |
Class R2 | | | — | | | | 39 | | | | 2 | | | | — | (a) |
Class R5 | | | — | | | | — | | | | 10 | | | | — | (a) |
Custodian and accounting fees | | | 233 | | | | 292 | | | | 306 | | | | 36 | |
Interest expense to affiliates | | | 103 | | | | 3 | | | | 3 | | | | 5 | |
Professional fees | | | 92 | | | | 69 | | | | 74 | | | | 68 | |
Trustees’ and Chief Compliance Officer’s fees | | | 23 | | | | 19 | | | | 21 | | | | 12 | |
Printing and mailing costs | | | 117 | | | | 43 | | | | 46 | | | | 10 | |
Registration and filing fees | | | 53 | | | | 47 | | | | 47 | | | | 35 | |
Transfer agency fees (See Note 2.I.) | | | 27 | | | | 57 | | | | 40 | | | | 12 | |
Other | | | 40 | | | | 28 | | | | 30 | | | | 5 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 7,933 | | | | 12,433 | | | | 17,203 | | | | 949 | |
| | | | | | | | | | | | | | | | |
Less fees waived | | | (1,590 | ) | | | (3,070 | ) | | | (5,879 | ) | | | (388 | ) |
Less expense reimbursements | | | — | | | | — | | | | — | | | | — | (a) |
| | | | | | | | | | | | | | | | |
Net expenses | | | 6,343 | | | | 9,363 | | | | 11,324 | | | | 561 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 55,439 | | | | 48,656 | | | | 46,634 | | | | 2,326 | |
| | | | | | | | | | | | | | | | |
| | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on transactions from: | |
Investments innon-affiliates | | | 231,748 | | | | (93,709 | ) | | | (176,599 | ) | | | (2,089 | ) |
Investments in affiliates | | | — | (a) | | | — | | | | (1 | ) | | | — | |
Futures contracts | | | (1,118 | ) | | | (663 | ) | | | — | | | | — | |
Foreign currency transactions | | | 856 | | | | (201 | ) | | | (199 | ) | | | (11 | ) |
Forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 603 | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 231,486 | | | | (94,573 | ) | | | (176,799 | ) | | | (1,497 | ) |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation on: | |
Investments innon-affiliates | | | 100,555 | | | | 174,869 | | | | 583,151 | | | | 12,063 | |
Investments in affiliates | | | — | | | | — | (a) | | | — | | | | — | |
Futures contracts | | | (774 | ) | | | 3,200 | | | | — | | | | — | |
Foreign currency translations | | | (53 | ) | | | (58 | ) | | | (35 | ) | | | (13 | ) |
Forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | (513 | ) |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation | | | 99,728 | | | | 178,011 | | | | 583,116 | | | | 11,537 | |
| | | | | | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | 331,214 | | | | 83,438 | | | | 406,317 | | | | 10,040 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | 386,653 | | | $ | 132,094 | | | $ | 452,951 | | | $ | 12,366 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 95 | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | | |
| | | JPMorgan
International
Hedged
Equity Fund (a) | | | JPMorgan
International
Research
Enhanced
Equity Fund | | | JPMorgan
International
Unconstrained
Equity Fund | | | JPMorgan
International
Value Fund | |
INVESTMENT INCOME: | |
Interest income fromnon-affiliates | | $ | — | (b) | | $ | 45 | | | $ | — | (b) | | $ | 5 | |
Interest income from affiliates | | | 1 | | | | 1 | | | | — | (b) | | | — | (b) |
Dividend income fromnon-affiliates | | | 402 | | | | 86,164 | | | | 5,870 | | | | 9,456 | |
Dividend income from affiliates | | | 1 | | | | 1,062 | | | | 97 | | | | 94 | |
Income from securities lending (net) | | | — | | | | 381 | | | | 9 | | | | 55 | |
Foreign taxes withheld | | | (43 | ) | | | (7,195 | ) | | | (444 | ) | | | (654 | ) |
| | | | | | | | | | | | | | | | |
Total investment income | | | 361 | | | | 80,458 | | | | 5,532 | | | | 8,956 | |
| | | | | | | | | | | | | | | | |
|
EXPENSES: | |
Investment advisory fees | | | 15 | | | | 4,528 | | | | 1,572 | | | | 1,323 | |
Administration fees | | | 5 | | | | 1,747 | | | | 178 | | | | 170 | |
Distribution fees: | | | | | | | | | | | | | | | | |
Class A | | | — | (b) | | | 247 | | | | 106 | | | | 247 | |
Class C | | | — | (b) | | | — | | | | 77 | | | | 45 | |
Class R2 | | | — | | | | — | | | | 2 | | | | 3 | |
Service fees: | | | | | | | | | | | | | | | | |
Class A | | | — | (b) | | | 247 | | | | 106 | | | | 247 | |
Class C | | | — | (b) | | | — | | | | 26 | | | | 15 | |
Class I | | | 15 | | | | 193 | | | | 210 | | | | 73 | |
Class L | | | — | | | | — | | | | — | | | | 25 | |
Class R2 | | | — | | | | — | | | | 1 | | | | 1 | |
Class R5 | | | — | (b) | | | — | | | | 1 | | | | — | (b) |
Custodian and accounting fees | | | 6 | | | | 330 | | | | 64 | | | | 68 | |
Interest expense to affiliates | | | — | (b) | | | 4 | | | | 2 | | | | 17 | |
Professional fees | | | 16 | | | | 86 | | | | 37 | | | | 58 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (b) | | | 21 | | | | 14 | | | | 14 | |
Printing and mailing costs | | | 5 | | | | 114 | | | | 22 | | | | 15 | |
Registration and filing fees | | | — | (b) | | | 47 | | | | 63 | | | | 52 | |
Transfer agency fees (See Note 2.I.) | | | — | (b) | | | 48 | | | | 18 | | | | 13 | |
Offering costs (See Note 2.G.) | | | 15 | | | | — | | | | — | | | | — | |
Other | | | 5 | | | | 49 | | | | 6 | | | | 11 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 82 | | | | 7,661 | | | | 2,505 | | | | 2,397 | |
| | | | | | | | | | | | | | | | |
Less fees waived | | | (20 | ) | | | (1,639 | ) | | | (780 | ) | | | (583 | ) |
Less expense reimbursements | | | (25 | ) | | | — | | | | — | (b) | | | — | (b) |
| | | | | | | | | | | | | | | | |
Net expenses | | | 37 | | | | 6,022 | | | | 1,725 | | | | 1,814 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 324 | | | | 74,436 | | | | 3,807 | | | | 7,142 | |
| | | | | | | | | | | | | | | | |
| | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on transactions from: | |
Investments innon-affiliates | | | 30 | | | | (94,056 | ) | | | (23,093 | ) | | | (29,252 | ) |
Investments in affiliates | | | — | | | | — | | | | — | | | | — | (b) |
Futures contracts | | | — | | | | 4,121 | | | | — | | | | 995 | |
Foreign currency transactions | | | 13 | | | | (352 | ) | | | 212 | | | | 227 | |
Forward foreign currency exchange contracts | | | — | | | | — | | | | (711 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 43 | | | | (90,287 | ) | | | (23,592 | ) | | | (28,030 | ) |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation on: | |
Investments innon-affiliates | | | 716 | | | | 350,538 | | | | 85,427 | | | | 30,909 | |
Investments in affiliates | | | — | | | | 1 | | | | — | (b) | | | — | |
Options purchased | | | (355 | ) | | | — | | | | — | | | | — | |
Futures contracts | | | 16 | | | | 4,817 | | | | — | | | | 320 | |
Foreign currency translations | | | (1 | ) | | | (48 | ) | | | 9 | | | | (25 | ) |
Options written | | | 11 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation | | | 387 | | | | 355,308 | | | | 85,436 | | | | 31,204 | |
| | | | | | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | 430 | | | | 265,021 | | | | 61,844 | | | | 3,174 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | 754 | | | $ | 339,457 | | | $ | 65,651 | | | $ | 10,316 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of operations was March 15, 2019. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 96 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan
Emerging Economies Fund | | | JPMorgan
Emerging Markets Equity Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS: | |
Net investment income (loss) | | $ | 7,605 | | | $ | 54,858 | | | $ | 3,357 | | | $ | 45,111 | |
Net realized gain (loss) | | | (47,752 | ) | | | 3,639 | | | | 59,686 | | | | (15,331 | ) |
Change in net unrealized appreciation/depreciation | | | 191,493 | | | | (408,284 | ) | | | 992,284 | | | | (763,494 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 151,346 | | | | (349,787 | ) | �� | | 1,055,327 | | | | (733,714 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | (3,219 | ) | | | (1,554 | ) | | | (788 | ) |
Class C | | | (36 | ) | | | (37 | ) | | | (59 | ) | | | (4 | ) |
Class I | | | (392 | ) | | | (1,440 | ) | | | (6,646 | ) | | | (2,829 | ) |
Class L | | | — | | | | — | | | | (4,471 | ) | | | (2,054 | ) |
Class R2 | | | — | | | | — | | | | (1 | ) | | | — | (a) |
Class R3 | | | — | | | | — | | | | (1 | ) | | | — | (a) |
Class R4 | | | — | | | | — | | | | (11 | ) | | | — | (a) |
Class R5 | | | (6 | ) | | | (8 | ) | | | (296 | ) | | | (1 | ) |
Class R6 | | | (49,198 | ) | | | (39,227 | ) | | | (30,900 | ) | | | (16,464 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (49,632 | ) | | | (43,931 | ) | | | (43,939 | ) | | | (22,140 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (247,804 | ) | | | (88,320 | ) | | | 349,670 | | | | 909,171 | |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | (146,090 | ) | | | (482,038 | ) | | | 1,361,058 | | | | 153,317 | |
Beginning of period | | | 1,555,657 | | | | 2,037,695 | | | | 4,601,205 | | | | 4,447,888 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,409,567 | | | $ | 1,555,657 | | | $ | 5,962,263 | | | $ | 4,601,205 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 97 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | |
| | | JPMorgan
Emerging Markets
Research Enhanced
Equity Fund (a) | | | JPMorgan Europe Dynamic Fund | |
| | | Period Ended
April 30, 2019 (unaudited) | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | |
Net investment income (loss) | | $ | 1,051 | | | $ | 9,338 | | | $ | 16,413 | |
Net realized gain (loss) | | | 3,793 | | | | (47,468 | ) | | | 2,070 | |
Change in net unrealized appreciation/depreciation | | | 15,464 | | | | 70,875 | | | | (138,449 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from operations | | | 20,308 | | | | 32,745 | | | | (119,966 | ) |
| | | | | | | | | | | | |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | |
Class A | | | — | | | | (2,841 | ) | | | (2,283 | ) |
Class C | | | — | | | | (583 | ) | | | (435 | ) |
Class I (b) | | | — | | | | (3,245 | ) | | | (2,988 | ) |
Class L | | | — | | | | (2,456 | ) | | | (9,949 | ) |
Class R6 (c) | | | (26 | ) | | | (7,813 | ) | | | — | |
| | | | | | | | | | | | |
Total distributions to shareholders | | | (26 | ) | | | (16,938 | ) | | | (15,655 | ) |
| | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | 352,030 | | | | (117,928 | ) | | | (156,528 | ) |
| | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | 372,312 | | | | (102,121 | ) | | | (292,149 | ) |
Beginning of period | | | — | | | | 685,347 | | | | 977,496 | |
| | | | | | | | | | | | |
End of period | | $ | 372,312 | | | $ | 583,226 | | | $ | 685,347 | |
| | | | | | | | | | | | |
| (a) | Commencement of operations was December 11, 2018. |
| (b) | Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund. |
| (c) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 98 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan
Global Research Enhanced Index Fund | | | JPMorgan
International Advantage Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 55,439 | | | $ | 165,412 | | | $ | 48,656 | | | $ | 90,413 | |
Net realized gain (loss) | | | 231,486 | | | | 641,468 | | | | (94,573 | ) | | | (37,511 | ) |
Change in net unrealized appreciation/depreciation | | | 99,728 | | | | (659,780 | ) | | | 178,011 | | | | (455,595 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 386,653 | | | | 147,100 | | | | 132,094 | | | | (402,693 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | (3,427 | ) | | | (4,177 | ) |
Class C | | | — | | | | — | | | | (25 | ) | | | (19 | ) |
Class I | | | (40,598 | ) | | | (14,541 | ) | | | (1,458 | ) | | | (1,091 | ) |
Class R2 | | | — | | | | — | | | | (638 | ) | | | (172 | ) |
Class R6 (a) | | | (509,050 | ) | | | (144,723 | ) | | | (82,457 | ) | | | (61,869 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (549,648 | ) | | | (159,264 | ) | | | (88,005 | ) | | | (67,328 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (1,078,402 | ) | | | (2,804,320 | ) | | | 34,830 | | | | 717,668 | |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | (1,241,397 | ) | | | (2,816,484 | ) | | | 78,919 | | | | 247,647 | |
Beginning of period | | | 5,846,976 | | | | 8,663,460 | | | | 3,403,256 | | | | 3,155,609 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 4,605,579 | | | $ | 5,846,976 | | | $ | 3,482,175 | | | $ | 3,403,256 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 99 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan International Equity Fund | | | JPMorgan
International Equity Income Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 46,634 | | | $ | 105,451 | | | $ | 2,326 | | | $ | 6,142 | |
Net realized gain (loss) | | | (176,799 | ) | | | 91,823 | | | | (1,497 | ) | | | 14,139 | |
Change in net unrealized appreciation/depreciation | | | 583,116 | | | | (738,163 | ) | | | 11,537 | | | | (30,002 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 452,951 | | | | (540,889 | ) | | | 12,366 | | | | (9,721 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | (7,817 | ) | | | (4,237 | ) | | | (2,792 | ) | | | (2,651 | ) |
Class C | | | (504 | ) | | | (224 | ) | | | (540 | ) | | | (380 | ) |
Class I | | | (5,707 | ) | | | (2,341 | ) | | | (2,064 | ) | | | (2,728 | ) |
Class R2 | | | (54 | ) | | | (26 | ) | | | (13 | ) | | | (8 | ) |
Class R5 | | | (688 | ) | | | (355 | ) | | | (8 | ) | | | (11 | ) |
Class R6 | | | (137,191 | ) | | | (59,589 | ) | | | (682 | ) | | | (515 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (151,961 | ) | | | (66,772 | ) | | | (6,099 | ) | | | (6,293 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (1,485 | ) | | | 869,664 | | | | (13,330 | ) | | | (42,991 | ) |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | 299,505 | | | | 262,003 | | | | (7,063 | ) | | | (59,005 | ) |
Beginning of period | | | 4,269,094 | | | | 4,007,091 | | | | 141,451 | | | | 200,456 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 4,568,599 | | | $ | 4,269,094 | | | $ | 134,388 | | | $ | 141,451 | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 100 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | |
| | |
| | | JPMorgan
International
Hedged Equity Fund (a) | | | JPMorgan International Research
Enhanced Equity Fund | |
| | | Period Ended
April 30, 2019
(unaudited) | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | |
Net investment income (loss) | | $ | 324 | | | $ | 74,436 | | | $ | 155,204 | |
Net realized gain (loss) | | | 43 | | | | (90,287 | ) | | | (30,100 | ) |
Change in net unrealized appreciation/depreciation | | | 387 | | | | 355,308 | | | | (588,793 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from operations | | | 754 | | | | 339,457 | | | | (463,689 | ) |
| | | | | | | | | | | | |
| | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | |
Class A | | | — | | | | (6,271 | ) | | | (6,079 | ) |
Class I | | | — | | | | (5,060 | ) | | | (22,656 | ) |
Class R6 (b) | | | — | | | | (149,729 | ) | | | (79,541 | ) |
| | | | | | | | | | | | |
Total distributions to shareholders | | | — | | | | (161,060 | ) | | | (108,276 | ) |
| | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | 50,532 | | | | (270,875 | ) | | | 233,881 | |
| | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | 51,286 | | | | (92,478 | ) | | | (338,084 | ) |
Beginning of period | | | — | | | | 4,700,618 | | | | 5,038,702 | |
| | | | | | | | | | | | |
End of period | | $ | 51,286 | | | $ | 4,608,140 | | | $ | 4,700,618 | |
| | | | | | | | | | | | |
| (a) | Commencement of operations was March 15, 2019. |
| (b) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 101 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan International
Unconstrained Equity Fund | | | JPMorgan International Value Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31,
2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 3,807 | | | $ | 10,358 | | | $ | 7,142 | | | $ | 19,670 | |
Net realized gain (loss) | | | (23,592 | ) | | | (26,039 | ) | | | (28,030 | ) | | | 29,907 | |
Change in net unrealized appreciation/depreciation | | | 85,436 | | | | (65,981 | ) | | | 31,204 | | | | (113,795 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 65,651 | | | | (81,662 | ) | | | 10,316 | | | | (64,218 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | (1,618 | ) | | | (451 | ) | | | (7,451 | ) | | | (6,784 | ) |
Class C | | | (296 | ) | | | (86 | ) | | | (419 | ) | | | (316 | ) |
Class I | | | (3,745 | ) | | | (1,315 | ) | | | (2,481 | ) | | | (3,872 | ) |
Class L | | | — | | | | — | | | | (2,611 | ) | | | (4,302 | ) |
Class R2 | | | (15 | ) | | | (2 | ) | | | (40 | ) | | | (27 | ) |
Class R5 | | | (72 | ) | | | (1 | ) | | | (3 | ) | | | (2 | ) |
Class R6 | | | (4,394 | ) | | | (1,288 | ) | | | (5,309 | ) | | | (2,922 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (10,140 | ) | | | (3,143 | ) | | | (18,314 | ) | | | (18,225 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (1,841 | ) | | | 202,406 | | | | (81,938 | ) | | | (189,775 | ) |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | 53,670 | | | | 117,601 | | | | (89,936 | ) | | | (272,218 | ) |
Beginning of period | | | 475,230 | | | | 357,629 | | | | 521,569 | | | | 793,787 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 528,900 | | | $ | 475,230 | | | $ | 431,633 | | | $ | 521,569 | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 102 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan
Emerging Economies Fund | | | JPMorgan
Emerging Markets Equity Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 1,775 | | | $ | 47,288 | | | $ | 192,714 | | | $ | 170,141 | |
Distributions reinvested | | | — | | | | 3,218 | | | | 1,529 | | | | 781 | |
Cost of shares redeemed | | | (1,742 | ) | | | (200,853 | ) | | | (155,979 | ) | | | (268,020 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 33 | | | $ | (150,347 | ) | | $ | 38,264 | | | $ | (97,098 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 40 | | | $ | 597 | | | $ | 9,627 | | | $ | 18,903 | |
Distributions reinvested | | | 36 | | | | 37 | | | | 58 | | | | 4 | |
Cost of shares redeemed | | | (388 | ) | | | (1,042 | ) | | | (7,258 | ) | | | (15,849 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | (312 | ) | | $ | (408 | ) | | $ | 2,427 | | | $ | 3,058 | |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 3,013 | | | $ | 31,661 | | | $ | 461,535 | | | $ | 573,932 | |
Distributions reinvested | | | 373 | | | | 785 | | | | 5,945 | | | | 2,460 | |
Cost of shares redeemed | | | (8,017 | ) | | | (74,945 | ) | | | (227,576 | ) | | | (295,493 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | $ | (4,631 | ) | | $ | (42,499 | ) | | $ | 239,904 | | | $ | 280,899 | |
| | | | | | | | | | | | | | | | |
Class L | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 204,527 | | | $ | 284,033 | |
Distributions reinvested | | | — | | | | — | | | | 3,845 | | | | 1,682 | |
Cost of shares redeemed | | | — | | | | — | | | | (130,692 | ) | | | (159,480 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class L capital transactions | | $ | — | | | $ | — | | | $ | 77,680 | | | $ | 126,235 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 20 | | | $ | 94 | |
Distributions reinvested | | | — | | | | — | | | | 1 | | | | — | (a) |
Cost of shares redeemed | | | — | | | | — | | | | (23 | ) | | | (5 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | — | | | $ | — | | | $ | (2 | ) | | $ | 89 | |
| | | | | | | | | | | | | | | | |
Class R3 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 1,061 | | | $ | 460 | |
Distributions reinvested | | | — | | | | — | | | | 1 | | | | — | (a) |
Cost of shares redeemed | | | — | | | | — | | | | (154 | ) | | | (40 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R3 capital transactions | | $ | — | | | $ | — | | | $ | 908 | | | $ | 420 | |
| | | | | | | | | | | | | | | | |
Class R4 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 1,363 | | | $ | 42 | |
Distributions reinvested | | | — | | | | — | | | | 11 | | | | — | (a) |
Cost of shares redeemed | | | — | | | | — | | | | (277 | ) | | | (30 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R4 capital transactions | | $ | — | | | $ | — | | | $ | 1,097 | | | $ | 12 | |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 15 | | | $ | 160 | | | $ | 34,703 | | | $ | 2,991 | |
Distributions reinvested | | | 6 | | | | 8 | | | | 296 | | | | 1 | |
Cost of shares redeemed | | | (89 | ) | | | (234 | ) | | | (5,282 | ) | | | (1,077 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | (68 | ) | | $ | (66 | ) | | $ | 29,717 | | | $ | 1,915 | |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 3,972 | | | $ | 260,203 | | | $ | 554,480 | | | $ | 968,052 | |
Distributions reinvested | | | 49,198 | | | | 39,227 | | | | 30,363 | | | | 16,155 | |
Cost of shares redeemed | | | (295,996 | ) | | | (194,430 | ) | | | (625,168 | ) | | | (390,566 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | (242,826 | ) | | $ | 105,000 | | | $ | (40,325 | ) | | $ | 593,641 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (247,804 | ) | | $ | (88,320 | ) | | $ | 349,670 | | | $ | 909,171 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 103 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan
Emerging Economies Fund | | | JPMorgan
Emerging Markets Equity Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
SHARE TRANSACTIONS: | |
Class A | |
Issued | | | 145 | | | | 3,245 | | | | 7,191 | | | | 5,977 | |
Reinvested | | | — | | | | 220 | | | | 64 | | | | 28 | |
Redeemed | | | (140 | ) | | | (14,776 | ) | | | (6,082 | ) | | | (9,556 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 5 | | | | (11,311 | ) | | | 1,173 | | | | (3,551 | ) |
| | | | | | | | | | | | | | | | |
Class C | |
Issued | | | 3 | | | | 40 | | | | 369 | | | | 679 | |
Reinvested | | | 3 | | | | 2 | | | | 3 | | | | — | (a) |
Redeemed | | | (31 | ) | | | (75 | ) | | | (288 | ) | | | (598 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (25 | ) | | | (33 | ) | | | 84 | | | | 81 | |
| | | | | | | | | | | | | | | | |
Class I | |
Issued | | | 242 | | | | 2,182 | | | | 16,773 | | | | 19,902 | |
Reinvested | | | 32 | | | | 53 | | | | 243 | | | | 84 | |
Redeemed | | | (630 | ) | | | (5,448 | ) | | | (8,726 | ) | | | (10,613 | ) |
| | | | | | | | | | | | | | | | |
Change in Class I Shares | | | (356 | ) | | | (3,213 | ) | | | 8,290 | | | | 9,373 | |
| | | | | | | | | | | | | | | | |
Class L | |
Issued | | | — | | | | — | | | | 7,547 | | | | 9,765 | |
Reinvested | | | — | | | | — | | | | 156 | | | | 57 | |
Redeemed | | | — | | | | — | | | | (4,995 | ) | | | (5,623 | ) |
| | | | | | | | | | | | | | | | |
Change in Class L Shares | | | — | | | | — | | | | 2,708 | | | | 4,199 | |
| | | | | | | | | | | | | | | | |
Class R2 | |
Issued | | | — | | | | — | | | | 1 | | | | 3 | |
Reinvested | | | — | | | | — | | | | — | (a) | | | — | (a) |
Redeemed | | | — | | | | — | | | | (1 | ) | | | — | (a) |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | — | | | | — | | | | — | (a) | | | 3 | |
| | | | | | | | | | | | | | | | |
Class R3 | |
Issued | | | — | | | | — | | | | 39 | | | | 15 | |
Reinvested | | | — | | | | — | | | | — | (a) | | | — | (a) |
Redeemed | | | — | | | | — | | | | (6 | ) | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R3 Shares | | | — | | | | — | | | | 33 | | | | 13 | |
| | | | | | | | | | | | | | | | |
Class R4 | |
Issued | | | — | | | | — | | | | 55 | | | | 1 | |
Reinvested | | | — | | | | — | | | | — | (a) | | | — | (a) |
Redeemed | | | — | | | | — | | | | (10 | ) | | | (1 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R4 Shares | | | — | | | | — | | | | 45 | | | | — | (a) |
| | | | | | | | | | | | | | | | |
Class R5 | |
Issued | | | 1 | | | | 9 | | | | 1,346 | | | | 100 | |
Reinvested | | | 1 | | | | 1 | | | | 12 | | | | — | (a) |
Redeemed | | | (7 | ) | | | (15 | ) | | | (194 | ) | | | (39 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R5 Shares | | | (5 | ) | | | (5 | ) | | | 1,164 | | | | 61 | |
| | | | | | | | | | | | | | | | |
Class R6 | |
Issued | | | 325 | | | | 17,691 | | | | 19,680 | | | | 33,718 | |
Reinvested | | | 4,274 | | | | 2,667 | | | | 1,233 | | | | 550 | |
Redeemed | | | (23,765 | ) | | | (13,961 | ) | | | (23,080 | ) | | | (13,768 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | (19,166 | ) | | | 6,397 | | | | (2,167 | ) | | | 20,500 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 104 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | |
| | |
| | | JPMorgan
Emerging Markets
Research Enhanced
Equity Fund (a) | | | JPMorgan Europe Dynamic Fund | |
| | | Period Ended
April 30, 2019 (unaudited) | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | |
Class A | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | 4,283 | | | $ | 26,652 | |
Distributions reinvested | | | — | | | | 2,752 | | | | 2,203 | |
Cost of shares redeemed | | | — | | | | (24,815 | ) | | | (46,333 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | — | | | $ | (17,780 | ) | | $ | (17,478 | ) |
| | | | | | | | | | | | |
Class C | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | 120 | | | $ | 6,854 | |
Distributions reinvested | | | — | | | | 552 | | | | 395 | |
Cost of shares redeemed | | | — | | | | (8,129 | ) | | | (16,722 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | — | | | $ | (7,457 | ) | | $ | (9,473 | ) |
| | | | | | | | | | | | |
Class I(b) | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 9,633 | | | $ | 6,883 | | | $ | 40,086 | |
Distributions reinvested | | | — | | | | 3,023 | | | | 2,739 | |
Cost of shares redeemed | | | — | | | | (49,067 | ) | | | (63,918 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | $ | 9,633 | | | $ | (39,161 | ) | | $ | (21,093 | ) |
| | | | | | | | | | | | |
Class L | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | 8,918 | | | $ | 55,265 | |
Distributions reinvested | | | — | | | | 2,405 | | | | 8,412 | |
Cost of shares redeemed | | | — | | | | (333,852 | ) | | | (172,181 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from Class L capital transactions | | $ | — | | | $ | (322,529 | ) | | $ | (108,504 | ) |
| | | | | | | | | | | | |
Class R6(c) | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 345,498 | | | $ | 292,634 | | | $ | 20 | |
Distributions reinvested | | | 26 | | | | 7,813 | | | | — | |
Cost of shares redeemed | | | (3,127 | ) | | | (31,448 | ) | | | — | |
| | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | 342,397 | | | $ | 268,999 | | | $ | 20 | |
| | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 352,030 | | | $ | (117,928 | ) | | $ | (156,528 | ) |
| | | | | | | | | | | | |
| (a) | Commencement of operations was December 11, 2018. |
| (b) | Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund. |
| (c) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 105 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | |
| | |
| | | JPMorgan
Emerging Markets
Research Enhanced
Equity Fund (a) | | | JPMorgan Europe Dynamic Fund | |
| | | Period Ended
April 30, 2019
(unaudited) | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
SHARE TRANSACTIONS: | |
Class A | |
Issued | | | — | | | | 192 | | | | 1,011 | |
Reinvested | | | — | | | | 131 | | | | 83 | |
Redeemed | | | — | | | | (1,106 | ) | | | (1,777 | ) |
| | | | | | | | | | | | |
Change in Class A Shares | | | — | | | | (783 | ) | | | (683 | ) |
| | | | | | | | | | | | |
Class C | |
Issued | | | — | | | | 6 | | | | 288 | |
Reinvested | | | — | | | | 30 | | | | 17 | |
Redeemed | | | — | | | | (411 | ) | | | (721 | ) |
| | | | | | | | | | | | |
Change in Class C Shares | | | — | | | | (375 | ) | | | (416 | ) |
| | | | | | | | | | | | |
Class I(b) | |
Issued | | | 586 | | | | 307 | | | | 1,455 | |
Reinvested | | | — | | | | 141 | | | | 102 | |
Redeemed | | | — | | | | (2,181 | ) | | | (2,401 | ) |
| | | | | | | | | | | | |
Change in Class I Shares | | | 586 | | | | (1,733 | ) | | | (844 | ) |
| | | | | | | | | | | | |
Class L | |
Issued | | | — | | | | 391 | | | | 2,041 | |
Reinvested | | | — | | | | 111 | | | | 310 | |
Redeemed | | | — | | | | (13,998 | ) | | | (6,665 | ) |
| | | | | | | | | | | | |
Change in Class L Shares | | | — | | | | (13,496 | ) | | | (4,314 | ) |
| | | | | | | | | | | | |
Class R6(c) | |
Issued | | | 21,568 | | | | 12,204 | | | | 1 | |
Reinvested | | | 2 | | | | 363 | | | | — | |
Redeemed | | | (185 | ) | | | (1,329 | ) | | | — | |
| | | | | | | | | | | | |
Change in Class R6 Shares | | | 21,385 | | | | 11,238 | | | | 1 | |
| | | | | | | | | | | | |
| (a) | Commencement of operations was December 11, 2018. |
| (b) | Commencement of offering of class of shares effective January 30, 2019 for JPMorgan Emerging Markets Research Enhanced Equity Fund. |
| (c) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Europe Dynamic Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 106 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan Global
Research Enhanced Index Fund | | | JPMorgan
International Advantage Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 20,612 | | | $ | 51,817 | |
Distributions reinvested | | | — | | | | — | | | | 3,422 | | | | 4,173 | |
Cost of shares redeemed | | | — | | | | — | | | | (26,890 | ) | | | (109,134 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | — | | | $ | — | | | $ | (2,856 | ) | | $ | (53,144 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 81 | | | $ | 733 | |
Distributions reinvested | | | — | | | | — | | | | 25 | | | | 19 | |
Cost of shares redeemed | | | — | | | | — | | | | (309 | ) | | | (631 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | — | | | $ | — | | | $ | (203 | ) | | $ | 121 | |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 33,116 | | | $ | 388,984 | | | $ | 11,350 | | | $ | 29,375 | |
Distributions reinvested | | | 38,256 | | | | 14,320 | | | | 1,457 | | | | 1,088 | |
Cost of shares redeemed | | | (116,307 | ) | | | (8,753,055 | ) | | | (7,686 | ) | | | (15,042 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | $ | (44,935 | ) | | $ | (8,349,751 | ) | | $ | 5,121 | | | $ | 15,421 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 3,691 | | | $ | 36,008 | |
Distributions reinvested | | | — | | | | — | | | | 631 | | | | 165 | |
Cost of shares redeemed | | | — | | | | — | | | | (4,151 | ) | | | (8,962 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | — | | | $ | — | | | $ | 171 | | | $ | 27,211 | |
| | | | | | | | | | | | | | | | |
Class R6(a) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 41,670 | | | $ | 9,245,823 | | | $ | 96,161 | | | $ | 857,123 | |
Distributions reinvested | | | 505,892 | | | | 144,635 | | | | 82,457 | | | | 61,869 | |
Cost of shares redeemed | | | (1,581,029 | ) | | | (3,845,027 | ) | | | (146,021 | ) | | | (190,933 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | (1,033,467 | ) | | $ | 5,545,431 | | | $ | 32,597 | | | $ | 728,059 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (1,078,402 | ) | | $ | (2,804,320 | ) | | $ | 34,830 | | | $ | 717,668 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 107 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan Global
Research Enhanced Index Fund | | | JPMorgan
International Advantage Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
SHARE TRANSACTIONS: | |
Class A | |
Issued | | | — | | | | — | | | | 1,079 | | | | 2,376 | |
Reinvested | | | — | | | | — | | | | 193 | | | | 191 | |
Redeemed | | | — | | | | — | | | | (1,428 | ) | | | (5,011 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | — | | | | — | | | | (156 | ) | | | (2,444 | ) |
| | | | | | | | | | | | | | | | |
Class C | |
Issued | | | — | | | | — | | | | 3 | | | | 33 | |
Reinvested | | | — | | | | — | | | | 2 | | | | 1 | |
Redeemed | | | — | | | | — | | | | (16 | ) | | | (29 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | — | | | | — | | | | (11 | ) | | | 5 | |
| | | | | | | | | | | | | | | | |
Class I | |
Issued | | | 1,665 | | | | 17,041 | | | | 578 | | | | 1,323 | |
Reinvested | | | 1,954 | | | | 633 | | | | 79 | | | | 48 | |
Redeemed | | | (5,730 | ) | | | (388,734 | ) | | | (396 | ) | | | (665 | ) |
| | | | | | | | | | | | | | | | |
Change in Class I Shares | | | (2,111 | ) | | | (371,060 | ) | | | 261 | | | | 706 | |
| | | | | | | | | | | | | | | | |
Class R2 | |
Issued | | | — | | | | — | | | | 197 | | | | 1,658 | |
Reinvested | | | — | | | | — | | | | 36 | | | | 7 | |
Redeemed | | | — | | | | — | | | | (221 | ) | | | (418 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | — | | | | — | | | | 12 | | | | 1,247 | |
| | | | | | | | | | | | | | | | |
Class R6(a) | |
Issued | | | 2,121 | | | | 411,331 | | | | 5,032 | | | | 37,675 | |
Reinvested | | | 26,123 | | | | 6,466 | | | | 4,558 | | | | 2,771 | |
Redeemed | | | (80,234 | ) | | | (169,289 | ) | | | (7,489 | ) | | | (8,343 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | (51,990 | ) | | | 248,508 | | | | 2,101 | | | | 32,103 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan Global Research Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 108 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan
International Equity Fund | | | JPMorgan
International Equity Income Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 54,816 | | | $ | 100,845 | | | $ | 5,755 | | | $ | 22,501 | |
Distributions reinvested | | | 7,729 | | | | 4,198 | | | | 2,791 | | | | 2,651 | |
Cost of shares redeemed | | | (45,345 | ) | | | (131,999 | ) | | | (22,491 | ) | | | (33,621 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 17,200 | | | $ | (26,956 | ) | | $ | (13,945 | ) | | $ | (8,469 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 1,061 | | | $ | 5,285 | | | $ | 613 | | | $ | 2,751 | |
Distributions reinvested | | | 479 | | | | 210 | | | | 531 | | | | 375 | |
Cost of shares redeemed | | | (3,690 | ) | | | (7,946 | ) | | | (2,065 | ) | | | (3,140 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | (2,150 | ) | | $ | (2,451 | ) | | $ | (921 | ) | | $ | (14 | ) |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 32,257 | | | $ | 111,356 | | | $ | 17,245 | | | $ | 23,491 | |
Distributions reinvested | | | 5,624 | | | | 2,206 | | | | 2,049 | | | | 2,693 | |
Cost of shares redeemed | | | (57,467 | ) | | | (47,783 | ) | | | (21,742 | ) | | | (59,282 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | $ | (19,586 | ) | | $ | 65,779 | | | $ | (2,448 | ) | | $ | (33,098 | ) |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 384 | | | $ | 597 | | | $ | 66 | | | $ | 106 | |
Distributions reinvested | | | 28 | | | | 12 | | | | 13 | | | | 8 | |
Cost of shares redeemed | | | (551 | ) | | | (597 | ) | | | (59 | ) | | | (143 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | (139 | ) | | $ | 12 | | | $ | 20 | | | $ | (29 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 262 | | | $ | 547 | | | $ | 1 | | | $ | 46 | |
Distributions reinvested | | | 687 | | | | 354 | | | | 8 | | | | 11 | |
Cost of shares redeemed | | | (144 | ) | | | (461 | ) | | | (9 | ) | | | (1,196 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | 805 | | | $ | 440 | | | $ | — | (a) | | $ | (1,139 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 103,804 | | | $ | 1,112,330 | | | $ | 6,740 | | | $ | 3,978 | |
Distributions reinvested | | | 137,191 | | | | 59,589 | | | | 682 | | | | 515 | |
Cost of shares redeemed | | | (238,610 | ) | | | (339,079 | ) | | | (3,458 | ) | | | (4,735 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | 2,385 | | | $ | 832,840 | | | $ | 3,964 | | | $ | (242 | ) |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (1,485 | ) | | $ | 869,664 | | | $ | (13,330 | ) | | $ | (42,991 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 109 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan
International Equity Fund | | | JPMorgan
International Equity Income Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
SHARE TRANSACTIONS: | |
Class A | |
Issued | | | 3,548 | | | | 5,747 | | | | 390 | | | | 1,348 | |
Reinvested | | | 534 | | | | 235 | | | | 192 | | | | 161 | |
Redeemed | | | (2,948 | ) | | | (7,496 | ) | | | (1,494 | ) | | | (2,070 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 1,134 | | | | (1,514 | ) | | | (912 | ) | | | (561 | ) |
| | | | | | | | | | | | | | | | |
Class C | |
Issued | | | 75 | | | | 309 | | | | 41 | | | | 168 | |
Reinvested | | | 35 | | | | 12 | | | | 37 | | | | 23 | |
Redeemed | | | (252 | ) | | | (477 | ) | | | (141 | ) | | | (194 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (142 | ) | | | (156 | ) | | | (63 | ) | | | (3 | ) |
| | | | | | | | | | | | | | | | |
Class I | |
Issued | | | 2,120 | | | | 6,224 | | | | 1,190 | | | | 1,408 | |
Reinvested | | | 382 | | | | 122 | | | | 140 | | | | 163 | |
Redeemed | | | (3,746 | ) | | | (2,700 | ) | | | (1,472 | ) | | | (3,629 | ) |
| | | | | | | | | | | | | | | | |
Change in Class I Shares | | | (1,244 | ) | | | 3,646 | | | | (142 | ) | | | (2,058 | ) |
| | | | | | | | | | | | | | | | |
Class R2 | |
Issued | | | 25 | | | | 35 | | | | 4 | | | | 5 | |
Reinvested | | | 2 | | | | 1 | | | | 1 | | | | 1 | |
Redeemed | | | (37 | ) | | | (35 | ) | | | (4 | ) | | | (8 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | (10 | ) | | | 1 | | | | 1 | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | |
Issued | | | 16 | | | | 30 | | | | 1 | | | | 3 | |
Reinvested | | | 47 | | | | 19 | | | | — | (a) | | | 1 | |
Redeemed | | | (10 | ) | | | (26 | ) | | | (1 | ) | | | (70 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R5 Shares | | | 53 | | | | 23 | | | | — | (a) | | | (66 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | |
Issued | | | 6,754 | | | | 61,155 | | | | 471 | | | | 240 | |
Reinvested | | | 9,332 | | | | 3,289 | | | | 46 | | | | 31 | |
Redeemed | | | (15,351 | ) | | | (18,321 | ) | | | (230 | ) | | | (288 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | 735 | | | | 46,123 | | | | 287 | | | | (17 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 110 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | |
| | |
| | | JPMorgan
International
Hedged Equity
Fund (a) | | | JPMorgan International Research
Enhanced Equity Fund | |
| | | Period Ended
April 30, 2019 (unaudited) | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | |
Class A | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 20 | | | $ | 20,647 | | | $ | 49,806 | |
Distributions reinvested | | | — | | | | 6,196 | | | | 6,000 | |
Cost of shares redeemed | | | — | | | | (35,043 | ) | | | (125,460 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 20 | | | $ | (8,200 | ) | | $ | (69,654 | ) |
| | | | | | | | | | | | |
Class C | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 20 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | 20 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
Class I | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 50,452 | | | $ | 40,926 | | | $ | 296,315 | |
Distributions reinvested | | | — | | | | 5,050 | | | | 22,644 | |
Cost of shares redeemed | | | — | | | | (34,969 | ) | | | (4,846,022 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | $ | 50,452 | | | $ | 11,007 | | | $ | (4,527,063 | ) |
| | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 20 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | 20 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
Class R6(b) | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 20 | | | $ | 110,442 | | | $ | 6,049,894 | |
Distributions reinvested | | | — | | | | 149,727 | | | | 79,541 | |
Cost of shares redeemed | | | — | | | | (533,851 | ) | | | (1,298,837 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | 20 | | | $ | (273,682 | ) | | $ | 4,830,598 | |
| | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 50,532 | | | $ | (270,875 | ) | | $ | 233,881 | |
| | | | | | | | | | | | |
| (a) | Commencement of operations was March 15, 2019. |
| (b) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 111 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | |
| | |
| | | JPMorgan
International
Hedged Equity
Fund (a) | | | JPMorgan International Research
Enhanced Equity Fund | |
| | | Period Ended
April 30, 2019
(unaudited) | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
SHARE TRANSACTIONS: | |
Class A | |
Issued | | | 1 | | | | 1,252 | | | | 2,675 | |
Reinvested | | | — | | | | 402 | | | | 321 | |
Redeemed | | | — | | | | (2,132 | ) | | | (6,773 | ) |
| | | | | | | | | | | | |
Change in Class A Shares | | | 1 | | | | (478 | ) | | | (3,777 | ) |
| | | | | | | | | | | | |
Class C | |
Issued | | | 1 | | | | — | | | | — | |
| | | | | | | | | | | | |
Change in Class C Shares | | | 1 | | | | — | | | | — | |
| | | | | | | | | | | | |
Class I | |
Issued | | | 3,363 | | | | 2,458 | | | | 15,589 | |
Reinvested | | | — | | | | 324 | | | | 1,199 | |
Redeemed | | | — | | | | (2,109 | ) | | | (258,407 | ) |
| | | | | | | | | | | | |
Change in Class I Shares | | | 3,363 | | | | 673 | | | | (241,619 | ) |
| | | | | | | | | | | | |
Class R5 | |
Issued | | | 1 | | | | — | | | | — | |
| | | | | | | | | | | | |
Change in Class R5 Shares | | | 1 | | | | — | | | | — | |
| | | | | | | | | | | | |
Class R6(b) | |
Issued | | | 2 | | | | 6,590 | | | | 321,785 | |
Reinvested | | | — | | | | 9,647 | | | | 4,222 | |
Redeemed | | | — | | | | (31,883 | ) | | | (69,932 | ) |
| | | | | | | | | | | | |
Change in Class R6 Shares | | | 2 | | | | (15,646 | ) | | | 256,075 | |
| | | | | | | | | | | | |
| (a) | Commencement of operations was March 15, 2019. |
| (b) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 112 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan
International Unconstrained Equity Fund | | | JPMorgan
International Value Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 20,910 | | | $ | 70,900 | | | $ | 13,829 | | | $ | 59,408 | |
Distributions reinvested | | | 1,609 | | | | 450 | | | | 7,349 | | | | 6,704 | |
Cost of shares redeemed | | | (20,976 | ) | | | (40,013 | ) | | | (66,297 | ) | | | (101,490 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 1,543 | | | $ | 31,337 | | | $ | (45,119 | ) | | $ | (35,378 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 1,029 | | | $ | 20,087 | | | $ | 170 | | | $ | 2,122 | |
Distributions reinvested | | | 294 | | | | 85 | | | | 378 | | | | 287 | |
Cost of shares redeemed | | | (6,013 | ) | | | (7,910 | ) | | | (3,333 | ) | | | (7,191 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | (4,690 | ) | | $ | 12,262 | | | $ | (2,785 | ) | | $ | (4,782 | ) |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 46,619 | | | $ | 234,151 | | | $ | 5,651 | | | $ | 38,003 | |
Distributions reinvested | | | 3,656 | | | | 1,282 | | | | 2,109 | | | | 3,381 | |
Cost of shares redeemed | | | (80,566 | ) | | | (139,690 | ) | | | (17,459 | ) | | | (109,004 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | $ | (30,291 | ) | | $ | 95,743 | | | $ | (9,699 | ) | | $ | (67,620 | ) |
| | | | | | | | | | | | | | | | |
Class L | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 1,899 | | | $ | 6,316 | |
Distributions reinvested | | | — | | | | — | | | | 762 | | | | 1,069 | |
Cost of shares redeemed | | | — | | | | — | | | | (34,716 | ) | | | (122,248 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class L capital transactions | | $ | — | | | $ | — | | | $ | (32,055 | ) | | $ | (114,863 | ) |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 310 | | | $ | 887 | | | $ | 192 | | | $ | 224 | |
Distributions reinvested | | | 15 | | | | 2 | | | | 15 | | | | 9 | |
Cost of shares redeemed | | | (219 | ) | | | (88 | ) | | | (71 | ) | | | (420 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | 106 | | | $ | 801 | | | $ | 136 | | | $ | (187 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 244 | | | $ | 5,082 | | | $ | 3 | | | $ | 16 | |
Distributions reinvested | | | 72 | | | | 1 | | | | 3 | | | | 2 | |
Cost of shares redeemed | | | (744 | ) | | | (952 | ) | | | — | (a) | | | — | (a) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | (428 | ) | | $ | 4,131 | | | $ | 6 | | | $ | 18 | |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 45,967 | | | $ | 67,300 | | | $ | 20,657 | | | $ | 59,355 | |
Distributions reinvested | | | 4,393 | | | | 1,288 | | | | 4,629 | | | | 2,922 | |
Cost of shares redeemed | | | (18,441 | ) | | | (10,456 | ) | | | (17,708 | ) | | | (29,240 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | 31,919 | | | $ | 58,132 | | | $ | 7,578 | | | $ | 33,037 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (1,841 | ) | | $ | 202,406 | | | $ | (81,938 | ) | | $ | (189,775 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 113 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan
International Unconstrained Equity Fund | | | JPMorgan
International Value Fund | |
| | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | | | Six Months Ended
April 30, 2019
(Unaudited) | | | Year Ended
October 31, 2018 | |
SHARE TRANSACTIONS: | |
Class A | |
Issued | | | 1,123 | | | | 3,352 | | | | 1,154 | | | | 4,254 | |
Reinvested | | | 93 | | | | 21 | | | | 663 | | | | 472 | |
Redeemed | | | (1,139 | ) | | | (1,953 | ) | | | (5,511 | ) | | | (7,447 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 77 | | | | 1,420 | | | | (3,694 | ) | | | (2,721 | ) |
| | | | | | | | | | | | | | | | |
Class C | |
Issued | | | 57 | | | | 952 | | | | 15 | | | | 155 | |
Reinvested | | | 17 | | | | 4 | | | | 35 | | | | 21 | |
Redeemed | | | (326 | ) | | | (398 | ) | | | (290 | ) | | | (531 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (252 | ) | | | 558 | | | | (240 | ) | | | (355 | ) |
| | | | | | | | | | | | | | | | |
Class I | |
Issued | | | 2,448 | | | | 10,891 | | | | 459 | | | | 2,606 | |
Reinvested | | | 209 | | | | 60 | | | | 186 | | | | 233 | |
Redeemed | | | (4,356 | ) | | | (6,860 | ) | | | (1,467 | ) | | | (7,550 | ) |
| | | | | | | | | | | | | | | | |
Change in Class I Shares | | | (1,699 | ) | | | 4,091 | | | | (822 | ) | | | (4,711 | ) |
| | | | | | | | | | | | | | | | |
Class L | |
Issued | | | — | | | | — | | | | 170 | | | | 432 | |
Reinvested | | | — | | | | — | | | | 68 | | | | 74 | |
Redeemed | | | — | | | | — | | | | (2,945 | ) | | | (8,567 | ) |
| | | | | | | | | | | | | | | | |
Change in Class L Shares | | | — | | | | — | | | | (2,707 | ) | | | (8,061 | ) |
| | | | | | | | | | | | | | | | |
Class R2 | |
Issued | | | 15 | | | | 42 | | | | 17 | | | | 16 | |
Reinvested | | | 1 | | | | — | (a) | | | 1 | | | | 1 | |
Redeemed | | | (11 | ) | | | (4 | ) | | | (6 | ) | | | (31 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | 5 | | | | 38 | | | | 12 | | | | (14 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | |
Issued | | | 13 | | | | 223 | | | | 1 | | | | 1 | |
Reinvested | | | 4 | | | | — | (a) | | | — | (a) | | | — | (a) |
Redeemed | | | (39 | ) | | | (46 | ) | | | — | (a) | | | — | (a) |
| | | | | | | | | | | | | | | | |
Change in Class R5 Shares | | | (22 | ) | | | 177 | | | | 1 | | | | 1 | |
| | | | | | | | | | | | | | | | |
Class R6 | |
Issued | | | 2,303 | | | | 3,197 | | | | 1,701 | | | | 4,227 | |
Reinvested | | | 252 | | | | 61 | | | | 412 | | | | 203 | |
Redeemed | | | (969 | ) | | | (513 | ) | | | (1,454 | ) | | | (2,078 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | 1,586 | | | | 2,745 | | | | 659 | | | | 2,352 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
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| 114 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
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| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 115 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan Emerging Economies Fund | |
Class A | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 11.95 | | | $ | 0.03 | | | $ | 1.18 | | | $ | 1.21 | | | $ | — | |
Year Ended October 31, 2018 | | | 14.73 | | | | 0.32 | | | | (2.84 | ) | | | (2.52 | ) | | | (0.26 | ) |
Year Ended October 31, 2017 | | | 11.55 | | | | 0.22 | | | | 3.11 | | | | 3.33 | | | | (0.15 | ) |
Year Ended October 31, 2016 | | | 11.03 | | | | 0.15 | | | | 0.46 | | | | 0.61 | | | | (0.09 | ) |
Year Ended October 31, 2015 | | | 13.13 | | | | 0.13 | (f) | | | (2.03 | ) | | | (1.90 | ) | | | (0.20 | ) |
Year Ended October 31, 2014 | | | 13.63 | | | | 0.22 | | | | (0.57 | ) | | | (0.35 | ) | | | (0.15 | ) |
|
Class C | |
Six Months Ended April 30, 2019 (Unaudited) | | | 11.84 | | | | — | (g) | | | 1.14 | | | | 1.14 | | | | (0.23 | ) |
Year Ended October 31, 2018 | | | 14.60 | | | | 0.25 | | | | (2.82 | ) | | | (2.57 | ) | | | (0.19 | ) |
Year Ended October 31, 2017 | | | 11.41 | | | | 0.16 | | | | 3.09 | | | | 3.25 | | | | (0.06 | ) |
Year Ended October 31, 2016 | | | 10.86 | | | | 0.09 | | | | 0.46 | | | | 0.55 | | | | — | (g) |
Year Ended October 31, 2015 | | | 12.92 | | | | 0.10 | (f) | | | (2.03 | ) | | | (1.93 | ) | | | (0.13 | ) |
Year Ended October 31, 2014 | | | 13.44 | | | | 0.15 | | | | (0.57 | ) | | | (0.42 | ) | | | (0.10 | ) |
|
Class I | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.12 | | | | 0.05 | | | | 1.15 | | | | 1.20 | | | | (0.31 | ) |
Year Ended October 31, 2018 | | | 14.93 | | | | 0.37 | | | | (2.88 | ) | | | (2.51 | ) | | | (0.30 | ) |
Year Ended October 31, 2017 | | | 11.68 | | | | 0.26 | | | | 3.15 | | | | 3.41 | | | | (0.16 | ) |
Year Ended October 31, 2016 | | | 11.06 | | | | 0.18 | | | | 0.47 | | | | 0.65 | | | | (0.03 | ) |
Year Ended October 31, 2015 | | | 13.17 | | | | 0.18 | (f) | | | (2.06 | ) | | | (1.88 | ) | | | (0.23 | ) |
Year Ended October 31, 2014 | | | 13.67 | | | | 0.26 | | | | (0.58 | ) | | | (0.32 | ) | | | (0.18 | ) |
|
Class R5 | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.24 | | | | 0.05 | | | | 1.17 | | | | 1.22 | | | | (0.37 | ) |
Year Ended October 31, 2018 | | | 15.07 | | | | 0.38 | | | | (2.91 | ) | | | (2.53 | ) | | | (0.30 | ) |
Year Ended October 31, 2017 | | | 11.78 | | | | 0.26 | | | | 3.20 | | | | 3.46 | | | | (0.17 | ) |
Year Ended October 31, 2016 | | | 11.11 | | | | 0.05 | | | | 0.62 | | | | 0.67 | | | | — | |
Year Ended October 31, 2015 | | | 13.22 | | | | 0.20 | (f) | | | (2.06 | ) | | | (1.86 | ) | | | (0.25 | ) |
Year Ended October 31, 2014 | | | 13.71 | | | | 0.29 | | | | (0.58 | ) | | | (0.29 | ) | | | (0.20 | ) |
|
Class R6 | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.07 | | | | 0.06 | | | | 1.14 | | | | 1.20 | | | | (0.39 | ) |
Year Ended October 31, 2018 | | | 14.87 | | | | 0.39 | | | | (2.86 | ) | | | (2.47 | ) | | | (0.33 | ) |
Year Ended October 31, 2017 | | | 11.64 | | | | 0.29 | | | | 3.12 | | | | 3.41 | | | | (0.18 | ) |
Year Ended October 31, 2016 | | | 11.11 | | | | 0.21 | | | | 0.46 | | | | 0.67 | | | | (0.14 | ) |
September 1, 2015 (h) through October 31, 2015 | | | 10.46 | | | | (0.02 | )(f) | | | 0.67 | | | | 0.65 | | | | — | |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Amount rounds to less than $0.005. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
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| 116 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 13.16 | | | | 10.13 | % | | $ | 11,814 | | | | 1.14 | % | | | 0.55 | % | | | 1.73 | % | | | 33 | % |
| | 11.95 | | | | (17.41 | ) | | | 10,653 | | | | 1.14 | | | | 2.22 | | | | 1.52 | | | | 82 | |
| | 14.73 | | | | 29.28 | | | | 179,772 | | | | 1.34 | | | | 1.72 | | | | 1.57 | | | | 62 | |
| | 11.55 | | | | 5.62 | | | | 148,331 | | | | 1.42 | | | | 1.42 | | | | 1.70 | | | | 72 | |
| | 11.03 | | | | (14.60 | ) | | | 43,220 | | | | 1.58 | | | | 1.06 | (f) | | | 1.99 | | | | 118 | |
| | 13.13 | | | | (2.56 | ) | | | 80,806 | | | | 1.60 | | | | 1.71 | | | | 1.73 | | | | 79 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.75 | | | | 9.89 | | | | 1,696 | | | | 1.64 | | | | 0.05 | | | | 2.10 | | | | 33 | |
| | 11.84 | | | | (17.85 | ) | | | 1,874 | | | | 1.64 | | | | 1.73 | | | | 2.06 | | | | 82 | |
| | 14.60 | | | | 28.71 | | | | 2,782 | | | | 1.85 | | | | 1.23 | | | | 2.17 | | | | 62 | |
| | 11.41 | | | | 5.11 | | | | 2,448 | | | | 1.96 | | | | 0.82 | | | | 2.37 | | | | 72 | |
| | 10.86 | | | | (15.02 | ) | | | 3,614 | | | | 2.09 | | | | 0.80 | (f) | | | 2.36 | | | | 118 | |
| | 12.92 | | | | (3.12 | ) | | | 5,331 | | | | 2.10 | | | | 1.13 | | | | 2.23 | | | | 79 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.01 | | | | 10.24 | | | | 9,287 | | | | 0.89 | | | | 0.84 | | | | 1.33 | | | | 33 | |
| | 12.12 | | | | (17.19 | ) | | | 12,961 | | | | 0.89 | | | | 2.50 | | | | 1.27 | | | | 82 | |
| | 14.93 | | | | 29.61 | | | | 63,965 | | | | 1.10 | | | | 2.01 | | | | 1.30 | | | | 62 | |
| | 11.68 | | | | 5.93 | | | | 53,509 | | | | 1.21 | | | | 1.67 | | | | 1.40 | | | | 72 | |
| | 11.06 | | | | (14.45 | ) | | | 239,866 | | | | 1.34 | | | | 1.51 | (f) | | | 1.46 | | | | 118 | |
| | 13.17 | | | | (2.35 | ) | | | 288,059 | | | | 1.35 | | | | 1.96 | | | | 1.48 | | | | 79 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.09 | | | | 10.35 | | | | 235 | | | | 0.79 | | | | 0.87 | | | | 1.14 | | | | 33 | |
| | 12.24 | | | | (17.16 | ) | | | 285 | | | | 0.79 | | | | 2.59 | | | | 1.12 | | | | 82 | |
| | 15.07 | | | | 29.89 | | | | 417 | | | | 0.93 | | | | 2.06 | | | | 1.16 | | | | 62 | |
| | 11.78 | | | | 6.03 | | | | 1,602 | | | | 1.08 | | | | 0.49 | | | | 1.25 | | | | 72 | |
| | 11.11 | | | | (14.20 | ) | | | 81,516 | | | | 1.14 | | | | 1.65 | (f) | | | 1.25 | | | | 118 | |
| | 13.22 | | | | (2.12 | ) | | | 852,477 | | | | 1.15 | | | | 2.19 | | | | 1.28 | | | | 79 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.88 | | | | 10.34 | | | | 1,386,535 | | | | 0.69 | | | | 1.03 | | | | 1.03 | | | | 33 | |
| | 12.07 | | | | (17.02 | ) | | | 1,529,884 | | | | 0.69 | | | | 2.75 | | | | 1.01 | | | | 82 | |
| | 14.87 | | | | 29.87 | | | | 1,790,759 | | | | 0.85 | | | | 2.23 | | | | 1.04 | | | | 62 | |
| | 11.64 | | | | 6.16 | | | | 1,573,822 | | | | 0.94 | | | | 1.99 | | | | 1.09 | | | | 72 | |
| | 11.11 | | | | 6.21 | | | | 732,627 | | | | 1.07 | | | | (0.92 | )(f) | | | 1.17 | | | | 118 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 117 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan Emerging Markets Equity Fund | |
Class A | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 23.84 | | | $ | (0.03 | ) | | $ | 5.53 | | | $ | 5.50 | | | $ | (0.12 | ) |
Year Ended October 31, 2018 | | | 27.58 | | | | 0.14 | | | | (3.84 | ) | | | (3.70 | ) | | | (0.04 | ) |
Year Ended October 31, 2017 | | | 21.79 | | | | 0.09 | | | | 5.80 | | | | 5.89 | | | | (0.10 | ) |
Year Ended October 31, 2016 | | | 19.53 | | | | 0.09 | | | | 2.28 | | | | 2.37 | | | | (0.11 | ) |
Year Ended October 31, 2015 | | | 23.72 | | | | 0.12 | (f) | | | (4.12 | ) | | | (4.00 | ) | | | (0.19 | ) |
Year Ended October 31, 2014 | | | 23.05 | | | | 0.16 | (f) | | | 0.59 | | | | 0.75 | | | | (0.08 | ) |
| | | | | |
Class C | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 23.08 | | | | (0.09 | ) | | | 5.37 | | | | 5.28 | | | | (0.03 | ) |
Year Ended October 31, 2018 | | | 26.80 | | | | 0.02 | | | | (3.74 | ) | | | (3.72 | ) | | | — | (g) |
Year Ended October 31, 2017 | | | 21.18 | | | | (0.04 | ) | | | 5.67 | | | | 5.63 | | | | (0.01 | ) |
Year Ended October 31, 2016 | | | 18.96 | | | | (0.01 | ) | | | 2.23 | | | | 2.22 | | | | — | |
Year Ended October 31, 2015 | | | 23.03 | | | | 0.03 | (f) | | | (4.02 | ) | | | (3.99 | ) | | | (0.08 | ) |
Year Ended October 31, 2014 | | | 22.41 | | | | 0.05 | (f) | | | 0.57 | | | | 0.62 | | | | — | |
| | | | | |
Class I | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 24.45 | | | | 0.01 | | | | 5.65 | | | | 5.66 | | | | (0.22 | ) |
Year Ended October 31, 2018 | | | 28.29 | | | | 0.24 | | | | (3.96 | ) | | | (3.72 | ) | | | (0.12 | ) |
Year Ended October 31, 2017 | | | 22.33 | | | | 0.16 | | | | 5.94 | | | | 6.10 | | | | (0.14 | ) |
Year Ended October 31, 2016 | | | 19.98 | | | | 0.13 | | | | 2.35 | | | | 2.48 | | | | (0.13 | ) |
Year Ended October 31, 2015 | | | 24.24 | | | | 0.19 | (f) | | | (4.21 | ) | | | (4.02 | ) | | | (0.24 | ) |
Year Ended October 31, 2014 | | | 23.47 | | | | 0.18 | (f) | | | 0.64 | | | | 0.82 | | | | (0.05 | ) |
| | | | | |
Class L | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 24.63 | | | | 0.02 | | | | 5.70 | | | | 5.72 | | | | (0.24 | ) |
Year Ended October 31, 2018 | | | 28.49 | | | | 0.26 | | | | (3.99 | ) | | | (3.73 | ) | | | (0.13 | ) |
Year Ended October 31, 2017 | | | 22.49 | | | | 0.21 | | | | 5.96 | | | | 6.17 | | | | (0.17 | ) |
Year Ended October 31, 2016 | | | 20.15 | | | | 0.17 | | | | 2.35 | | | | 2.52 | | | | (0.18 | ) |
Year Ended October 31, 2015 | | | 24.42 | | | | 0.23 | (f) | | | (4.26 | ) | | | (4.03 | ) | | | (0.24 | ) |
Year Ended October 31, 2014 | | | 23.73 | | | | 0.17 | (f) | | | 0.70 | | | | 0.87 | | | | (0.18 | ) |
| | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 23.73 | | | | (0.07 | ) | | | 5.49 | | | | 5.42 | | | | (0.16 | ) |
Year Ended October 31, 2018 | | | 27.57 | | | | 0.07 | | | | (3.83 | ) | | | (3.76 | ) | | | (0.08 | ) |
July 31, 2017 (h) through October 31, 2017 | | | 26.40 | | | | (0.01 | ) | | | 1.18 | | | | 1.17 | | | | — | |
| | | | | |
Class R3 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 23.78 | | | | (0.01 | ) | | | 5.49 | | | | 5.48 | | | | (0.13 | ) |
Year Ended October 31, 2018 | | | 27.59 | | | | 0.22 | | | | (3.92 | ) | | | (3.70 | ) | | | (0.11 | ) |
July 31, 2017 (h) through October 31, 2017 | | | 26.40 | | | | 0.01 | | | | 1.18 | | | | 1.19 | | | | — | |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Amount rounds to less than $0.005. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 118 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 29.22 | | | | 23.19 | % | | $ | 487,212 | | | | 1.24 | % | | | (0.21 | )% | | | 1.52 | % | | | 14 | % |
| | 23.84 | | | | (13.44 | ) | | | 369,490 | | | | 1.24 | | | | 0.51 | | | | 1.52 | | | | 13 | |
| | 27.58 | | | | 27.22 | | | | 525,451 | | | | 1.35 | | | | 0.36 | | | | 1.58 | | | | 22 | |
| | 21.79 | | | | 12.25 | | | | 411,713 | | | | 1.44 | | | | 0.44 | | | | 1.76 | | | | 23 | |
| | 19.53 | | | | (16.95 | ) | | | 274,710 | | | | 1.61 | | | | 0.57 | (f) | | | 1.88 | | | | 35 | |
| | 23.72 | | | | 3.26 | | | | 350,555 | | | | 1.70 | | | | 0.72 | (f) | | | 1.81 | | | | 33 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 28.33 | | | | 22.91 | | | | 55,930 | | | | 1.74 | | | | (0.72 | ) | | | 2.02 | | | | 14 | |
| | 23.08 | | | | (13.87 | ) | | | 43,612 | | | | 1.74 | | | | 0.06 | | | | 2.02 | | | | 13 | |
| | 26.80 | | | | 26.58 | | | | 48,497 | | | | 1.85 | | | | (0.15 | ) | | | 2.09 | | | | 22 | |
| | 21.18 | | | | 11.71 | | | | 39,568 | | | | 1.95 | | | | (0.06 | ) | | | 2.26 | | | | 23 | |
| | 18.96 | | | | (17.38 | ) | | | 43,387 | | | | 2.10 | | | | 0.13 | (f) | | | 2.33 | | | | 35 | |
| | 23.03 | | | | 2.77 | | | | 56,732 | | | | 2.20 | | | | 0.22 | (f) | | | 2.31 | | | | 33 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 29.89 | | | | 23.33 | | | | 1,193,154 | | | | 0.99 | | | | 0.06 | | | | 1.26 | | | | 14 | |
| | 24.45 | | | | (13.23 | ) | | | 773,142 | | | | 0.99 | | | | 0.84 | | | | 1.26 | | | | 13 | |
| | 28.29 | | | | 27.54 | | | | 629,451 | | | | 1.10 | | | | 0.62 | | | | 1.30 | | | | 22 | |
| | 22.33 | | | | 12.51 | | | | 301,959 | | | | 1.20 | | | | 0.66 | | | | 1.43 | | | | 23 | |
| | 19.98 | | | | (16.70 | ) | | | 502,729 | | | | 1.35 | | | | 0.88 | (f) | | | 1.48 | | | | 35 | |
| | 24.24 | | | | 3.51 | | | | 583,501 | | | | 1.45 | | | | 0.78 | (f) | | | 1.56 | | | | 33 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 30.11 | | | | 23.43 | | | | 663,335 | | | | 0.89 | | | | 0.14 | | | | 1.11 | | | | 14 | |
| | 24.63 | | | | (13.16 | ) | | | 475,997 | | | | 0.89 | | | | 0.91 | | | | 1.11 | | | | 13 | |
| | 28.49 | | | | 27.72 | | | | 430,860 | | | | 0.95 | | | | 0.84 | | | | 1.14 | | | | 22 | |
| | 22.49 | | | | 12.71 | | | | 390,647 | | | | 1.04 | | | | 0.84 | | | | 1.22 | | | | 23 | |
| | 20.15 | | | | (16.60 | ) | | | 316,635 | | | | 1.21 | | | | 1.05 | (f) | | | 1.31 | | | | 35 | |
| | 24.42 | | | | 3.72 | | | | 411,449 | | | | 1.30 | | | | 0.72 | (f) | | | 1.40 | | | | 33 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 28.99 | | | | 22.99 | | | | 113 | | | | 1.54 | | | | (0.55 | ) | | | 2.12 | | | | 14 | |
| | 23.73 | | | | (13.69 | ) | | | 95 | | | | 1.54 | | | | 0.26 | | | | 2.04 | | | | 13 | |
| | 27.57 | | | | 4.43 | | | | 21 | | | | 1.60 | | | | (0.17 | ) | | | 1.80 | | | | 22 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 29.13 | | | | 23.16 | | | | 1,365 | | | | 1.29 | | | | (0.09 | ) | | | 1.61 | | | | 14 | |
| | 23.78 | | | | (13.49 | ) | | | 341 | | | | 1.29 | | | | 0.81 | | | | 1.59 | | | | 13 | |
| | 27.59 | | | | 4.51 | | | | 21 | | | | 1.35 | | | | 0.08 | | | | 1.55 | | | | 22 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 119 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan Emerging Markets Equity Fund(continued) | |
Class R4 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 24.42 | | | $ | 0.02 | | | $ | 5.61 | | | $ | 5.63 | | | $ | (0.26 | ) |
Year Ended October 31, 2018 | | | 28.28 | | | | 0.18 | | | | (3.91 | ) | | | (3.73 | ) | | | (0.13 | ) |
July 31, 2017 (f) through October 31, 2017 | | | 27.05 | | | | 0.02 | | | | 1.21 | | | | 1.23 | | | | — | |
| | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 24.60 | | | | 0.03 | | | | 5.67 | | | | 5.70 | | | | (0.26 | ) |
Year Ended October 31, 2018 | | | 28.47 | | | | 0.39 | | | | (4.11 | ) | | | (3.72 | ) | | | (0.15 | ) |
Year Ended October 31, 2017 | | | 22.49 | | | | 0.15 | | | | 6.01 | | | | 6.16 | | | | (0.18 | ) |
September 9, 2016 (f) through October 31, 2016 | | | 22.40 | | | | 0.01 | | | | 0.08 | | | | 0.09 | | | | — | |
| | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 24.60 | | | | 0.03 | | | | 5.69 | | | | 5.72 | | | | (0.26 | ) |
Year Ended October 31, 2018 | | | 28.46 | | | | 0.29 | | | | (3.99 | ) | | | (3.70 | ) | | | (0.16 | ) |
Year Ended October 31, 2017 | | | 22.46 | | | | 0.21 | | | | 5.98 | | | | 6.19 | | | | (0.19 | ) |
Year Ended October 31, 2016 | | | 20.13 | | | | 0.19 | | | | 2.35 | | | | 2.54 | | | | (0.21 | ) |
Year Ended October 31, 2015 | | | 24.44 | | | | 0.22 | (g) | | | (4.23 | ) | | | (4.01 | ) | | | (0.30 | ) |
December 23, 2013 (f) through October 31, 2014 | | | 22.47 | | | | 0.38 | (g) | | | 1.59 | | | | 1.97 | | | | — | |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
| (g) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 120 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment
income (loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 29.79 | | | | 23.29 | % | | $ | 1,359 | | | | 1.04 | % | | | 0.11 | % | | | 1.28 | % | | | 14 | % |
| | 24.42 | | | | (13.25 | ) | | | 26 | | | | 1.04 | | | | 0.63 | | | | 1.62 | | | | 13 | |
| | 28.28 | | | | 4.55 | | | | 21 | | | | 1.10 | | | | 0.33 | | | | 1.30 | | | | 22 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 30.04 | | | | 23.41 | | | | 37,001 | | | | 0.89 | | | | 0.24 | | | | 1.11 | | | | 14 | |
| | 24.60 | | | | (13.14 | ) | | | 1,672 | | | | 0.89 | | | | 1.37 | | | | 1.11 | | | | 13 | |
| | 28.47 | | | | 27.72 | | | | 217 | | | | 0.95 | | | | 0.58 | | | | 3.36 | | | | 22 | |
| | 22.49 | | | | 0.40 | | | | 20 | | | | 0.90 | | | | 0.28 | | | | 1.08 | | | | 23 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 30.06 | | | | 23.50 | | | | 3,522,794 | | | | 0.79 | | | | 0.21 | | | | 1.01 | | | | 14 | |
| | 24.60 | | | | (13.08 | ) | | | 2,936,830 | | | | 0.79 | | | | 1.00 | | | | 1.01 | | | | 13 | |
| | 28.46 | | | | 27.87 | | | | 2,813,349 | | | | 0.85 | | | | 0.85 | | | | 1.01 | | | | 22 | |
| | 22.46 | | | | 12.83 | | | | 1,980,671 | | | | 0.94 | | | | 0.96 | | | | 1.08 | | | | 23 | |
| | 20.13 | | | | (16.54 | ) | | | 1,128,390 | | | | 1.10 | | | | 0.99 | (g) | | | 1.16 | | | | 35 | |
| | 24.44 | | | | 8.77 | | | | 1,130,050 | | | | 1.20 | | | | 1.85 | (g) | | | 1.33 | | | | 33 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 121 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | |
Class I | | | | | | | | | | | | | | | | | | | | |
January 30, 2019 (g) through April 30, 2019 (Unaudited) | | $ | 16.22 | | | $ | 0.05 | (h) | | $ | 0.67 | | | $ | 0.72 | | | $ | — | |
| | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | |
December 11, 2018 (i) through April 30, 2019 (Unaudited) | | | 15.00 | | | | 0.08 | (h) | | | 1.95 | | | | 2.03 | | | | (0.08 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Certainnon-recurring expenses incurred by the Fund were not annualized for the period ended April 30, 2019. |
| (g) | Commencement of offering of class of shares. |
| (h) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (i) | Commencement of operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 122 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e)(f) | | |
Net
investment
income
(loss) (f) | | | Expenses
without waivers
and reimbursements (f) | | | Portfolio
turnover
rate (c) | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 16.94 | | | | 4.44 | % | | $ | 9,931 | | | | 0.44 | % | | | 1.27 | %(h) | | | 0.68 | % | | | 13 | % |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 16.95 | | | | 13.60 | | | | 362,381 | | | | 0.34 | | | | 1.18 | (h) | | | 0.48 | | | | 13 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 123 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan Europe Dynamic Fund | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 23.01 | | | $ | 0.32 | | | $ | 0.99 | | | $ | 1.31 | | | $ | (0.55 | ) |
Year Ended October 31, 2018 | | | 27.04 | | | | 0.42 | | | | (4.08 | ) | | | (3.66 | ) | | | (0.37 | ) |
Year Ended October 31, 2017 | | | 21.94 | | | | 0.37 | | | | 5.15 | | | | 5.52 | | | | (0.42 | ) |
Year Ended October 31, 2016 | | | 24.41 | | | | 0.37 | | | | (2.55 | ) | | | (2.18 | ) | | | (0.29 | ) |
Year Ended October 31, 2015 | | | 24.54 | | | | 0.36 | | | | 0.32 | | | | 0.68 | | | | (0.81 | ) |
Year Ended October 31, 2014 | | | 24.79 | | | | 0.66 | | | | (0.90 | ) | | | (0.24 | ) | | | (0.01 | ) |
| | | | | |
Class C | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 20.39 | | | | 0.22 | | | | 0.90 | | | | 1.12 | | | | (0.42 | ) |
Year Ended October 31, 2018 | | | 24.00 | | | | 0.25 | | | | (3.62 | ) | | | (3.37 | ) | | | (0.24 | ) |
Year Ended October 31, 2017 | | | 19.52 | | | | 0.23 | | | | 4.58 | | | | 4.81 | | | | (0.33 | ) |
Year Ended October 31, 2016 | | | 21.77 | | | | 0.23 | | | | (2.27 | ) | | | (2.04 | ) | | | (0.21 | ) |
Year Ended October 31, 2015 | | | 21.99 | | | | 0.21 | | | | 0.29 | | | | 0.50 | | | | (0.72 | ) |
Year Ended October 31, 2014 | | | 22.32 | | | | 0.47 | | | | (0.79 | ) | | | (0.32 | ) | | | (0.01 | ) |
| | | | | |
Class I | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 23.48 | | | | 0.34 | | | | 1.01 | | | | 1.35 | | | | (0.61 | ) |
Year Ended October 31, 2018 | | | 27.60 | | | | 0.49 | | | | (4.17 | ) | | | (3.68 | ) | | | (0.44 | ) |
Year Ended October 31, 2017 | | | 22.37 | | | | 0.46 | | | | 5.25 | | | | 5.71 | | | | (0.48 | ) |
Year Ended October 31, 2016 | | | 24.83 | | | | 0.44 | | | | (2.59 | ) | | | (2.15 | ) | | | (0.31 | ) |
Year Ended October 31, 2015 | | | 24.95 | | | | 0.45 | | | | 0.32 | | | | 0.77 | | | | (0.89 | ) |
Year Ended October 31, 2014 | | | 25.18 | | | | 0.71 | | | | (0.88 | ) | | | (0.17 | ) | | | (0.06 | ) |
| | | | | |
Class L | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 23.70 | | | | 0.31 | | | | 1.07 | | | | 1.38 | | | | (0.57 | ) |
Year Ended October 31, 2018 | | | 27.85 | | | | 0.51 | | | | (4.18 | ) | | | (3.67 | ) | | | (0.48 | ) |
Year Ended October 31, 2017 | | | 22.61 | | | | 0.52 | | | | 5.27 | | | | 5.79 | | | | (0.55 | ) |
Year Ended October 31, 2016 | | | 25.13 | | | | 0.49 | | | | (2.60 | ) | | | (2.11 | ) | | | (0.41 | ) |
Year Ended October 31, 2015 | | | 25.23 | | | | 0.54 | | | | 0.28 | | | | 0.82 | | | | (0.92 | ) |
Year Ended October 31, 2014 | | | 25.46 | | | | 0.79 | | | | (0.93 | ) | | | (0.14 | ) | | | (0.09 | ) |
| | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 23.70 | | | | 0.40 | | | | 0.98 | | | | 1.38 | | | | (0.68 | ) |
October 1, 2018 (f) through October 31, 2018 | | | 26.32 | | | | 0.01 | | | | (2.63 | ) | | | (2.62 | ) | | | — | |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 124 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 23.77 | | | | 6.00 | % | | $ | 110,188 | | | | 1.24 | % | | | 2.83 | % | | | 1.33 | % | | | 37 | % |
| | 23.01 | | | | (13.72 | ) | | | 124,681 | | | | 1.24 | | | | 1.58 | | | | 1.29 | | | | 149 | |
| | 27.04 | | | | 25.65 | | | | 165,020 | | | | 1.36 | | | | 1.52 | | | | 1.36 | | | | 189 | |
| | 21.94 | | | | (8.98 | ) | | | 162,767 | | | | 1.42 | | | | 1.66 | | | | 1.43 | | | | 142 | |
| | 24.41 | | | | 2.86 | | | | 219,548 | | | | 1.41 | | | | 1.48 | | | | 1.41 | | | | 167 | |
| | 24.54 | | | | (0.95 | ) | | | 192,865 | | | | 1.30 | | | | 2.55 | | | | 1.31 | | | | 197 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.09 | | | | 5.74 | | | | 24,278 | | | | 1.74 | | | | 2.22 | | | | 1.82 | | | | 37 | |
| | 20.39 | | | | (14.18 | ) | | | 31,125 | | | | 1.74 | | | | 1.08 | | | | 1.79 | | | | 149 | |
| | 24.00 | | | | 25.02 | | | | 46,615 | | | | 1.85 | | | | 1.07 | | | | 1.86 | | | | 189 | |
| | 19.52 | | | | (9.42 | ) | | | 50,152 | | | | 1.91 | | | | 1.16 | | | | 1.92 | | | | 142 | |
| | 21.77 | | | | 2.37 | | | | 75,145 | | | | 1.91 | | | | 0.98 | | | | 1.91 | | | | 167 | |
| | 21.99 | | | | (1.46 | ) | | | 61,814 | | | | 1.80 | | | | 2.00 | | | | 1.81 | | | | 197 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24.22 | | | | 6.11 | | | | 102,292 | | | | 0.99 | | | | 2.93 | | | | 1.06 | | | | 37 | |
| | 23.48 | | | | (13.53 | ) | | | 139,858 | | | | 0.99 | | | | 1.84 | | | | 1.04 | | | | 149 | |
| | 27.60 | | | | 26.06 | | | | 187,678 | | | | 1.06 | | | | 1.85 | | | | 1.07 | | | | 189 | |
| | 22.37 | | | | (8.73 | ) | | | 145,080 | | | | 1.10 | | | | 1.95 | | | | 1.10 | | | | 142 | |
| | 24.83 | | | | 3.22 | | | | 579,389 | | | | 1.07 | | | | 1.81 | | | | 1.07 | | | | 167 | |
| | 24.95 | | | | (0.68 | ) | | | 409,675 | | | | 1.05 | | | | 2.69 | | | | 1.06 | | | | 197 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24.51 | | | | 6.16 | | | | 72,248 | | | | 0.90 | | | | 2.71 | | | | 0.91 | | | | 37 | |
| | 23.70 | | | | (13.41 | ) | | | 389,665 | | | | 0.88 | | | | 1.88 | | | | 0.89 | | | | 149 | |
| | 27.85 | | | | 26.22 | | | | 578,183 | | | | 0.90 | | | | 2.07 | | | | 0.91 | | | | 189 | |
| | 22.61 | | | | (8.48 | ) | | | 424,388 | | | | 0.90 | | | | 2.16 | | | | 0.90 | | | | 142 | |
| | 25.13 | | | | 3.36 | | | | 194,930 | | | | 0.90 | | | | 2.16 | | | | 0.91 | | | | 167 | |
| | 25.23 | | | | (0.56 | ) | | | 375,683 | | | | 0.90 | | | | 2.93 | | | | 0.91 | | | | 197 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24.40 | | | | 6.21 | | | | 274,220 | | | | 0.80 | | | | 3.43 | | | | 0.81 | | | | 37 | |
| | 23.70 | | | | (9.95 | ) | | | 18 | | | | 0.82 | | | | 0.67 | | | | 0.83 | | | | 149 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 125 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Global Research Enhanced Index Fund | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 21.98 | | | $ | 0.22 | | | $ | 1.62 | | | $ | 1.84 | | | $ | (0.58 | ) | | $ | (1.51 | ) | | $ | (2.09 | ) |
Year Ended October 31, 2018 | | | 22.16 | | | | 0.43 | | | | (0.41 | ) | | | 0.02 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year Ended October 31, 2017 | | | 18.37 | | | | 0.39 | | | | 3.82 | | | | 4.21 | | | | (0.42 | ) | | | — | | | | (0.42 | ) |
Year Ended October 31, 2016 | | | 18.56 | | | | 0.39 | | | | (0.24 | ) | | | 0.15 | | | | (0.34 | ) | | | — | | | | (0.34 | ) |
Year Ended October 31, 2015 | | | 18.81 | | | | 0.39 | | | | (0.12 | ) | | | 0.27 | | | | (0.27 | ) | | | (0.25 | ) | | | (0.52 | ) |
Year Ended October 31, 2014 | | | 17.37 | | | | 0.39 | | | | 1.33 | | | | 1.72 | | | | (0.18 | ) | | | (0.10 | ) | | | (0.28 | ) |
| | | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 21.76 | | | | 0.23 | | | | 1.59 | | | | 1.82 | | | | (0.61 | ) | | | (1.51 | ) | | | (2.12 | ) |
November 1, 2017 (f) through October 31, 2018 | | | 22.19 | | | | 0.47 | | | | (0.45 | ) | | | 0.02 | | | | (0.45 | ) | | | — | | | | (0.45 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. ` |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 126 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 21.73 | | | | 9.63 | % | | $ | 387,770 | | | | 0.34 | % | | | 2.20 | % | | | 0.56 | % | | | 16 | % |
| | 21.98 | | | | 0.09 | | | | 438,715 | | | | 0.34 | | | | 1.88 | | | | 0.55 | | | | 45 | |
| | 22.16 | | | | 23.29 | | | | 8,663,460 | | | | 0.34 | | | | 1.93 | | | | 0.55 | | | | 33 | |
| | 18.37 | | | | 0.91 | | | | 6,907,246 | | | | 0.34 | | | | 2.19 | | | | 0.55 | | | | 35 | |
| | 18.56 | | | | 1.51 | | | | 7,415,218 | | | | 0.33 | | | | 2.06 | | | | 0.56 | | | | 44 | |
| | 18.81 | | | | 10.09 | | | | 3,577,523 | | | | 0.33 | | | | 2.16 | | | | 0.56 | | | | 40 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21.46 | | | | 9.66 | | | | 4,217,809 | | | | 0.25 | | | | 2.28 | | | | 0.31 | | | | 16 | |
| | 21.76 | | | | 0.03 | | | | 5,408,261 | | | | 0.25 | | | | 2.07 | | | | 0.30 | | | | 45 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 127 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan International Advantage Fund | |
Class A | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 19.49 | | | $ | 0.23 | | | $ | 0.44 | | | $ | 0.67 | | | $ | (0.42 | ) |
Year Ended October 31, 2018 | | | 22.22 | | | | 0.44 | | | | (2.77 | ) | | | (2.33 | ) | | | (0.40 | ) |
Year Ended October 31, 2017 | | | 18.44 | | | | 0.33 | | | | 3.83 | | | | 4.16 | | | | (0.38 | ) |
Year Ended October 31, 2016 | | | 19.36 | | | | 0.40 | (f) | | | (0.99 | ) | | | (0.59 | ) | | | (0.33 | ) |
Year Ended October 31, 2015 | | | 19.49 | | | | 0.34 | (f) | | | (0.26 | ) | | | 0.08 | | | | (0.21 | ) |
Year Ended October 31, 2014 | | | 19.79 | | | | 0.39 | (f) | | | (0.45 | ) | | | (0.06 | ) | | | (0.24 | ) |
| | | | | |
Class C | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 19.70 | | | | 0.18 | | | | 0.46 | | | | 0.64 | | | | (0.31 | ) |
Year Ended October 31, 2018 | | | 22.40 | | | | 0.37 | | | | (2.83 | ) | | | (2.46 | ) | | | (0.24 | ) |
Year Ended October 31, 2017 | | | 18.57 | | | | 0.22 | | | | 3.87 | | | | 4.09 | | | | (0.26 | ) |
Year Ended October 31, 2016 | | | 19.52 | | | | 0.28 | (f) | | | (0.97 | ) | | | (0.69 | ) | | | (0.26 | ) |
Year Ended October 31, 2015 | | | 19.63 | | | | 0.23 | (f) | | | (0.24 | ) | | | (0.01 | ) | | | (0.10 | ) |
Year Ended October 31, 2014 | | | 19.92 | | | | 0.36 | (f) | | | (0.52 | ) | | | (0.16 | ) | | | (0.13 | ) |
| | | | | |
Class I | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 20.30 | | | | 0.28 | | | | 0.43 | | | | 0.71 | | | | (0.48 | ) |
Year Ended October 31, 2018 | | | 23.12 | | | | 0.54 | | | | (2.90 | ) | | | (2.36 | ) | | | (0.46 | ) |
Year Ended October 31, 2017 | | | 19.20 | | | | 0.42 | | | | 3.97 | | | | 4.39 | | | | (0.47 | ) |
Year Ended October 31, 2016 | | | 20.13 | | | | 0.46 | (f) | | | (1.01 | ) | | | (0.55 | ) | | | (0.38 | ) |
Year Ended October 31, 2015 | | | 20.22 | | | | 0.42 | (f) | | | (0.26 | ) | | | 0.16 | | | | (0.25 | ) |
Year Ended October 31, 2014 | | | 20.51 | | | | 0.51 | (f) | | | (0.53 | ) | | | (0.02 | ) | | | (0.27 | ) |
| | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 19.21 | | | | 0.21 | | | | 0.42 | | | | 0.63 | | | | (0.39 | ) |
Year Ended October 31, 2018 | | | 22.01 | | | | 0.52 | | | | (2.88 | ) | | | (2.36 | ) | | | (0.44 | ) |
Year Ended October 31, 2017 | | | 18.29 | | | | 0.01 | | | | 4.07 | | | | 4.08 | | | | (0.36 | ) |
Year Ended October 31, 2016 | | | 19.21 | | | | 0.36 | (f) | | | (1.01 | ) | | | (0.65 | ) | | | (0.27 | ) |
Year Ended October 31, 2015 | | | 19.31 | | | | 0.38 | (f) | | | (0.34 | ) | | | 0.04 | | | | (0.14 | ) |
Year Ended October 31, 2014 | | | 19.61 | | | | 0.40 | (f) | | | (0.53 | ) | | | (0.13 | ) | | | (0.17 | ) |
| | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 20.00 | | | | 0.29 | | | | 0.43 | | | | 0.72 | | | | (0.52 | ) |
Year Ended October 31, 2018 | | | 22.78 | | | | 0.58 | | | | (2.87 | ) | | | (2.29 | ) | | | (0.49 | ) |
Year Ended October 31, 2017 | | | 18.91 | | | | 0.43 | | | | 3.92 | | | | 4.35 | | | | (0.48 | ) |
Year Ended October 31, 2016 | | | 19.84 | | | | 0.49 | (f) | | | (1.01 | ) | | | (0.52 | ) | | | (0.41 | ) |
May 29, 2015 (g) through October 31, 2015 | | | 21.08 | | | | 0.12 | (f) | | | (1.36 | ) | | | (1.24 | ) | | | — | |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 128 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 19.74 | | | | 3.67 | % | | $ | 155,312 | | | | 0.98 | % | | | 2.47 | % | | | 1.22 | % | | | 35 | % |
| | 19.49 | | | | (10.69 | ) | | | 156,382 | | | | 1.00 | | | | 2.02 | | | | 1.22 | | | | 51 | |
| | 22.22 | | | | 22.98 | | | | 232,530 | | | | 1.21 | | | | 1.66 | | | | 1.22 | | | | 82 | |
| | 18.44 | | | | (3.07 | ) | | | 164,327 | | | | 1.25 | | | | 2.21 | (f) | | | 1.29 | | | | 38 | |
| | 19.36 | | | | 0.45 | | | | 152,834 | | | | 1.29 | | | | 1.75 | (f) | | | 1.49 | | | | 33 | |
| | 19.49 | | | | (0.33 | ) | | | 101,114 | | | | 1.39 | | | | 1.96 | (f) | | | 1.46 | | | | 48 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.03 | | | | 3.41 | | | | 1,466 | | | | 1.48 | | | | 1.88 | | | | 1.74 | | | | 35 | |
| | 19.70 | | | | (11.08 | ) | | | 1,652 | | | | 1.50 | | | | 1.69 | | | | 1.74 | | | | 51 | |
| | 22.40 | | | | 22.30 | | | | 1,773 | | | | 1.75 | | | | 1.07 | | | | 1.81 | | | | 82 | |
| | 18.57 | | | | (3.56 | ) | | | 2,287 | | | | 1.75 | | | | 1.52 | (f) | | | 1.87 | | | | 38 | |
| | 19.52 | | | | (0.05 | ) | | | 2,789 | | | | 1.78 | | | | 1.17 | (f) | | | 1.91 | | | | 33 | |
| | 19.63 | | | | (0.84 | ) | | | 1,318 | | | | 1.89 | | | | 1.79 | (f) | | | 1.96 | | | | 48 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.53 | | | | 3.79 | | | | 66,799 | | | | 0.73 | | | | 2.82 | | | | 0.96 | | | | 35 | |
| | 20.30 | | | | (10.43 | ) | | | 60,739 | | | | 0.75 | | | | 2.37 | | | | 0.96 | | | | 51 | |
| | 23.12 | | | | 23.39 | | | | 52,871 | | | | 0.90 | | | | 1.99 | | | | 0.99 | | | | 82 | |
| | 19.20 | | | | (2.73 | ) | | | 16,363 | | | | 0.90 | | | | 2.44 | (f) | | | 1.08 | | | | 38 | |
| | 20.13 | | | | 0.80 | | | | 19,292 | | | | 0.97 | | | | 2.04 | (f) | | | 1.12 | | | | 33 | |
| | 20.22 | | | | (0.13 | ) | | | 15,963 | | | | 1.14 | | | | 2.47 | (f) | | | 1.21 | | | | 48 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19.45 | | | | 3.51 | | | | 32,232 | | | | 1.28 | | | | 2.20 | | | | 1.68 | | | | 35 | |
| | 19.21 | | | | (10.93 | ) | | | 31,619 | | | | 1.30 | | | | 2.45 | | | | 1.69 | | | | 51 | |
| | 22.01 | | | | 22.70 | | | | 8,790 | | | | 1.49 | | | | 0.07 | | | | 1.54 | | | | 82 | |
| | 18.29 | | | | (3.36 | ) | | | 503 | | | | 1.50 | | | | 2.02 | (f) | | | 1.75 | | | | 38 | |
| | 19.21 | | | | 0.24 | | | | 227 | | | | 1.52 | | | | 1.91 | (f) | | | 1.69 | | | | 33 | |
| | 19.31 | | | | (0.66 | ) | | | 98 | | | | 1.64 | | | | 2.03 | (f) | | | 1.71 | | | | 48 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.20 | | | | 3.91 | | | | 3,226,366 | | | | 0.53 | | | | 2.95 | | | | 0.71 | | | | 35 | |
| | 20.00 | | | | (10.26 | ) | | | 3,152,864 | | | | 0.55 | | | | 2.59 | | | | 0.71 | | | | 51 | |
| | 22.78 | | | | 23.59 | | | | 2,859,645 | | | | 0.71 | | | | 2.12 | | | | 0.71 | | | | 82 | |
| | 18.91 | | | | (2.59 | ) | | | 2,487,086 | | | | 0.71 | | | | 2.65 | (f) | | | 0.72 | | | | 38 | |
| | 19.84 | | | | (5.88 | ) | | | 1,854,941 | | | | 0.73 | | | | 1.47 | (f) | | | 0.74 | | | | 33 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 129 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan International Equity Fund | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 15.56 | | | $ | 0.14 | | | $ | 1.45 | | | $ | 1.59 | | | $ | (0.33 | ) | | $ | (0.17) | | | $ | (0.50) | |
Year Ended October 31, 2018 | | | 17.81 | | | | 0.33 | | | | (2.33 | ) | | | (2.00 | ) | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year Ended October 31, 2017 | | | 14.24 | | | | 0.22 | | | | 3.39 | | | | 3.61 | | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year Ended October 31, 2016 | | | 14.75 | | | | 0.22 | | | | (0.51 | ) | | | (0.29 | ) | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year Ended October 31, 2015 | | | 15.25 | | | | 0.23 | | | | (0.50 | ) | | | (0.27 | ) | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year Ended October 31, 2014 | | | 15.92 | | | | 0.37 | (f) | | | (0.68 | ) | | | (0.31 | ) | | | (0.36 | ) | | | — | | | | (0.36 | ) |
| | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 14.68 | | | | 0.09 | | | | 1.39 | | | | 1.48 | | | | (0.24 | ) | | | (0.17 | ) | | | (0.41 | ) |
Year Ended October 31, 2018 | | | 16.83 | | | | 0.25 | | | | (2.23 | ) | | | (1.98 | ) | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year Ended October 31, 2017 | | | 13.50 | | | | 0.12 | | | | 3.22 | | | | 3.34 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended October 31, 2016 | | | 14.02 | | | | 0.13 | | | | (0.47 | ) | | | (0.34 | ) | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year Ended October 31, 2015 | | | 14.52 | | | | 0.15 | | | | (0.48 | ) | | | (0.33 | ) | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year Ended October 31, 2014 | | | 15.20 | | | | 0.26 | (f) | | | (0.64 | ) | | | (0.38 | ) | | | (0.30 | ) | | | — | | | | (0.30 | ) |
| | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 15.82 | | | | 0.16 | | | | 1.47 | | | | 1.63 | | | | (0.37 | ) | | | (0.17 | ) | | | (0.54 | ) |
Year Ended October 31, 2018 | | | 18.09 | | | | 0.41 | | | | (2.40 | ) | | | (1.99 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Year Ended October 31, 2017 | | | 14.45 | | | | 0.26 | | | | 3.44 | | | | 3.70 | | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year Ended October 31, 2016 | | | 14.95 | | | | 0.24 | | | | (0.48 | ) | | | (0.24 | ) | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year Ended October 31, 2015 | | | 15.45 | | | | 0.29 | | | | (0.53 | ) | | | (0.24 | ) | | | (0.26 | ) | | | — | | | | (0.26 | ) |
Year Ended October 31, 2014 | | | 16.13 | | | | 0.39 | (f) | | | (0.67 | ) | | | (0.28 | ) | | | (0.40 | ) | | | — | | | | (0.40 | ) |
| | | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 15.44 | | | | 0.11 | | | | 1.45 | | | | 1.56 | | | | (0.28 | ) | | | (0.17 | ) | | | (0.45 | ) |
Year Ended October 31, 2018 | | | 17.70 | | | | 0.29 | | | | (2.33 | ) | | | (2.04 | ) | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year Ended October 31, 2017 | | | 14.17 | | | | 0.17 | | | | 3.38 | | | | 3.55 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended October 31, 2016 | | | 14.69 | | | | 0.18 | | | | (0.50 | ) | | | (0.32 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year Ended October 31, 2015 | | | 15.19 | | | | 0.20 | | | | (0.51 | ) | | | (0.31 | ) | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year Ended October 31, 2014 | | | 15.87 | | | | 0.30 | (f) | | | (0.65 | ) | | | (0.35 | ) | | | (0.33 | ) | | | — | | | | (0.33 | ) |
| | | | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 15.85 | | | | 0.17 | | | | 1.48 | | | | 1.65 | | | | (0.39 | ) | | | (0.17 | ) | | | (0.56 | ) |
Year Ended October 31, 2018 | | | 18.13 | | | | 0.41 | | | | (2.40 | ) | | | (1.99 | ) | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year Ended October 31, 2017 | | | 14.47 | | | | 0.21 | | | | 3.52 | | | | 3.73 | | | | (0.07 | ) | | | — | | | | (0.07 | ) |
Year Ended October 31, 2016 | | | 14.97 | | | | 0.27 | | | | (0.49 | ) | | | (0.22 | ) | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Year Ended October 31, 2015 | | | 15.46 | | | | 0.29 | | | | (0.49 | ) | | | (0.20 | ) | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year Ended October 31, 2014 | | | 16.13 | | | | 0.44 | (f) | | | (0.69 | ) | | | (0.25 | ) | | | (0.42 | ) | | | — | | | | (0.42 | ) |
| | | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 15.86 | | | | 0.18 | | | | 1.47 | | | | 1.65 | | | | (0.40 | ) | | | (0.17 | ) | | | (0.57 | ) |
Year Ended October 31, 2018 | | | 18.13 | | | | 0.43 | | | | (2.39 | ) | | | (1.96 | ) | | | (0.31 | ) | | | — | | | | (0.31 | ) |
Year Ended October 31, 2017 | | | 14.46 | | | | 0.29 | | | | 3.46 | | | | 3.75 | | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year Ended October 31, 2016 | | | 14.97 | | | | 0.29 | | | | (0.51 | ) | | | (0.22 | ) | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year Ended October 31, 2015 | | | 15.46 | | | | 0.32 | | | | (0.52 | ) | | | (0.20 | ) | | | (0.29 | ) | | | — | | | | (0.29 | ) |
Year Ended October 31, 2014 | | | 16.13 | | | | 0.45 | (f) | | | (0.69 | ) | | | (0.24 | ) | | | (0.43 | ) | | | — | | | | (0.43 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.32, $0.21, $0.34, $0.25, $0.39 and $0.40 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.40%, 2.08%, 1.59%, 2.40% and 2.48% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 130 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 16.65 | | | | 10.68 | % | | $ | 276,199 | | | | 0.95 | % | | | 1.82 | % | | | 1.28 | % | | | 15 | % |
| | 15.56 | | | | (11.42 | ) | | | 240,394 | | | | 0.95 | | | | 1.88 | | | | 1.32 | | | | 33 | |
| | 17.81 | | | | 25.43 | | | | 302,130 | | | | 1.23 | | | | 1.39 | | | | 1.35 | | | | 17 | |
| | 14.24 | | | | (1.83 | ) | | | 216,932 | | | | 1.31 | | | | 1.62 | | | | 1.49 | | | | 11 | |
| | 14.75 | | | | (1.89 | ) | | | 224,370 | | | | 1.31 | | | | 1.50 | | | | 1.59 | | | | 13 | |
| | 15.25 | | | | (2.06 | ) | | | 186,242 | | | | 1.31 | | | | 2.34 | (f) | | | 1.45 | | | | 6 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.75 | | | | 10.47 | | | | 18,032 | | | | 1.45 | | | | 1.25 | | | | 1.79 | | | | 15 | |
| | 14.68 | | | | (11.89 | ) | | | 18,899 | | | | 1.45 | | | | 1.48 | | | | 1.83 | | | | 33 | |
| | 16.83 | | | | 24.79 | | | | 24,281 | | | | 1.74 | | | | 0.83 | | | | 1.88 | | | | 17 | |
| | 13.50 | | | | (2.31 | ) | | | 22,235 | | | | 1.81 | | | | 0.97 | | | | 2.06 | | | | 11 | |
| | 14.02 | | | | (2.36 | ) | | | 28,313 | | | | 1.81 | | | | 1.02 | | | | 2.05 | | | | 13 | |
| | 14.52 | | | | (2.59 | ) | | | 26,299 | | | | 1.81 | | | | 1.73 | (f) | | | 1.95 | | | | 6 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 16.91 | | | | 10.82 | | | | 171,251 | | | | 0.70 | | | | 2.00 | | | | 1.02 | | | | 15 | |
| | 15.82 | | | | (11.20 | ) | | | 179,831 | | | | 0.70 | | | | 2.30 | | | | 1.06 | | | | 33 | |
| | 18.09 | | | | 25.69 | | | | 139,715 | | | | 0.99 | | | | 1.59 | | | | 1.10 | | | | 17 | |
| | 14.45 | | | | (1.50 | ) | | | 94,362 | | | | 1.06 | | | | 1.69 | | | | 1.24 | | | | 11 | |
| | 14.95 | | | | (1.66 | ) | | | 522,402 | | | | 1.06 | | | | 1.84 | | | | 1.19 | | | | 13 | |
| | 15.45 | | | | (1.88 | ) | | | 494,344 | | | | 1.06 | | | | 2.41 | (f) | | | 1.20 | | | | 6 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 16.55 | | | | 10.51 | | | | 1,801 | | | | 1.25 | | | | 1.48 | | | | 1.60 | | | | 15 | |
| | 15.44 | | | | (11.68 | ) | | | 1,833 | | | | 1.25 | | | | 1.64 | | | | 1.60 | | | | 33 | |
| | 17.70 | | | | 25.12 | | | | 2,096 | | | | 1.49 | | | | 1.07 | | | | 1.71 | | | | 17 | |
| | 14.17 | | | | (2.08 | ) | | | 1,461 | | | | 1.56 | | | | 1.28 | | | | 1.95 | | | | 11 | |
| | 14.69 | | | | (2.14 | ) | | | 1,203 | | | | 1.56 | | | | 1.28 | | | | 1.92 | | | | 13 | |
| | 15.19 | | | | (2.33 | ) | | | 1,405 | | | | 1.56 | | | | 1.92 | (f) | | | 1.70 | | | | 6 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 16.94 | | | | 10.93 | | | | 21,760 | | | | 0.60 | | | | 2.16 | | | | 0.87 | | | | 15 | |
| | 15.85 | | | | (11.16 | ) | | | 19,516 | | | | 0.60 | | | | 2.31 | | | | 0.91 | | | | 33 | |
| | 18.13 | | | | 25.88 | | | | 21,891 | | | | 0.84 | | | | 1.36 | | | | 0.93 | | | | 17 | |
| | 14.47 | | | | (1.34 | ) | | | 58,836 | | | | 0.86 | | | | 1.93 | | | | 1.02 | | | | 11 | |
| | 14.97 | | | | (1.42 | ) | | | 57,500 | | | | 0.86 | | | | 1.88 | | | | 1.06 | | | | 13 | |
| | 15.46 | | | | (1.65 | ) | | | 95,749 | | | | 0.86 | | | | 2.73 | (f) | | | 1.00 | | | | 6 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 16.94 | | | | 10.99 | | | | 4,079,556 | | | | 0.50 | | | | 2.24 | | | | 0.77 | | | | 15 | |
| | 15.86 | | | | (11.04 | ) | | | 3,808,621 | | | | 0.50 | | | | 2.42 | | | | 0.81 | | | | 33 | |
| | 18.13 | | | | 26.04 | | | | 3,516,978 | | | | 0.74 | | | | 1.84 | | | | 0.81 | | | | 17 | |
| | 14.46 | | | | (1.36 | ) | | | 3,030,640 | | | | 0.81 | | | | 2.05 | | | | 0.91 | | | | 11 | |
| | 14.97 | | | | (1.37 | ) | | | 2,088,835 | | | | 0.80 | | | | 2.03 | | | | 0.91 | | | | 13 | |
| | 15.46 | | | | (1.60 | ) | | | 1,681,788 | | | | 0.81 | | | | 2.81 | (f) | | | 0.95 | | | | 6 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 131 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan International Equity Income Fund | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 15.00 | | | $ | 0.25 | | | $ | 1.08 | | | $ | 1.33 | | | $ | (0.26 | ) | | $ | (0.45 | ) | | $ | (0.71 | ) |
Year Ended October 31, 2018 | | | 16.50 | | | | 0.51 | | | | (1.49 | ) | | | (0.98 | ) | | | (0.52 | ) | | | — | | | | (0.52 | ) |
Year Ended October 31, 2017 | | | 14.38 | | | | 0.42 | | | | 2.16 | | | | 2.58 | | | | (0.46 | ) | | | — | | | | (0.46 | ) |
Year Ended October 31, 2016 | | | 15.66 | | | | 0.45 | (f) | | | (1.01 | ) | | | (0.56 | ) | | | (0.46 | ) | | | (0.26 | ) | | | (0.72 | ) |
Year Ended October 31, 2015 | | | 16.41 | | | | 0.39 | (f) | | | (0.33 | ) | | | 0.06 | | | | (0.65 | ) | | | (0.16 | ) | | | (0.81 | ) |
Year Ended October 31, 2014 | | | 16.67 | | | | 0.91 | (g) | | | (0.38 | ) | | | 0.53 | | | | (0.66 | ) | | | (0.13 | ) | | | (0.79 | ) |
| | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 14.88 | | | | 0.22 | | | | 1.06 | | | | 1.28 | | | | (0.22 | ) | | | (0.45 | ) | | | (0.67 | ) |
Year Ended October 31, 2018 | | | 16.38 | | | | 0.42 | | | | (1.48 | ) | | | (1.06 | ) | | | (0.44 | ) | | | — | | | | (0.44 | ) |
Year Ended October 31, 2017 | | | 14.30 | | | | 0.34 | | | | 2.15 | | | | 2.49 | | | | (0.41 | ) | | | — | | | | (0.41 | ) |
Year Ended October 31, 2016 | | | 15.59 | | | | 0.38 | (f) | | | (1.01 | ) | | | (0.63 | ) | | | (0.40 | ) | | | (0.26 | ) | | | (0.66 | ) |
Year Ended October 31, 2015 | | | 16.36 | | | | 0.39 | (f) | | | (0.42 | ) | | | (0.03 | ) | | | (0.58 | ) | | | (0.16 | ) | | | (0.74 | ) |
Year Ended October 31, 2014 | | | 16.63 | | | | 0.84 | (g) | | | (0.40 | ) | | | 0.44 | | | | (0.58 | ) | | | (0.13 | ) | | | (0.71 | ) |
| | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 15.04 | | | | 0.28 | | | | 1.08 | | | | 1.36 | | | | (0.28 | ) | | | (0.45 | ) | | | (0.73 | ) |
Year Ended October 31, 2018 | | | 16.55 | | | | 0.56 | | | | (1.51 | ) | | | (0.95 | ) | | | (0.56 | ) | | | — | | | | (0.56 | ) |
Year Ended October 31, 2017 | | | 14.41 | | | | 0.50 | | | | 2.14 | | | | 2.64 | | | | (0.50 | ) | | | — | | | | (0.50 | ) |
Year Ended October 31, 2016 | | | 15.70 | | | | 0.46 | (f) | | | (0.98 | ) | | | (0.52 | ) | | | (0.51 | ) | | | (0.26 | ) | | | (0.77 | ) |
Year Ended October 31, 2015 | | | 16.45 | | | | 0.49 | (f) | | | (0.37 | ) | | | 0.12 | | | | (0.71 | ) | | | (0.16 | ) | | | (0.87 | ) |
Year Ended October 31, 2014 | | | 16.71 | | | | 0.96 | (g) | | | (0.40 | ) | | | 0.56 | | | | (0.69 | ) | | | (0.13 | ) | | | (0.82 | ) |
| | | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 14.96 | | | | 0.25 | | | | 1.06 | | | | 1.31 | | | | (0.24 | ) | | | (0.45 | ) | | | (0.69 | ) |
Year Ended October 31, 2018 | | | 16.47 | | | | 0.45 | | | | (1.49 | ) | | | (1.04 | ) | | | (0.47 | ) | | | — | | | | (0.47 | ) |
Year Ended October 31, 2017 | | | 14.36 | | | | 0.41 | | | | 2.13 | | | | 2.54 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year Ended October 31, 2016 | | | 15.65 | | | | 0.39 | (f) | | | (0.98 | ) | | | (0.59 | ) | | | (0.44 | ) | | | (0.26 | ) | | | (0.70 | ) |
Year Ended October 31, 2015 | | | 16.41 | | | | 0.61 | (f) | | | (0.60 | ) | | | 0.01 | | | | (0.61 | ) | | | (0.16 | ) | | | (0.77 | ) |
Year Ended October 31, 2014 | | | 16.67 | | | | 0.87 | (g) | | | (0.39 | ) | | | 0.48 | | | | (0.61 | ) | | | (0.13 | ) | | | (0.74 | ) |
| | | | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 15.06 | | | | 0.29 | | | | 1.07 | | | | 1.36 | | | | (0.29 | ) | | | (0.45 | ) | | | (0.74 | ) |
Year Ended October 31, 2018 | | | 16.57 | | | | 0.42 | | | | (1.35 | ) | | | (0.93 | ) | | | (0.58 | ) | | | — | | | | (0.58 | ) |
Year Ended October 31, 2017 | | | 14.42 | | | | 0.55 | | | | 2.12 | | | | 2.67 | | | | (0.52 | ) | | | — | | | | (0.52 | ) |
Year Ended October 31, 2016 | | | 15.70 | | | | 0.49 | (f) | | | (0.98 | ) | | | (0.49 | ) | | | (0.53 | ) | | | (0.26 | ) | | | (0.79 | ) |
Year Ended October 31, 2015 | | | 16.46 | | | | 0.76 | (f) | | | (0.63 | ) | | | 0.13 | | | | (0.73 | ) | | | (0.16 | ) | | | (0.89 | ) |
Year Ended October 31, 2014 | | | 16.72 | | | | 0.99 | (g) | | | (0.39 | ) | | | 0.60 | | | | (0.73 | ) | | | (0.13 | ) | | | (0.86 | ) |
| | | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 15.04 | | | | 0.31 | | | | 1.06 | | | | 1.37 | | | | (0.29 | ) | | | (0.45 | ) | | | (0.74 | ) |
Year Ended October 31, 2018 | | | 16.55 | | | | 0.58 | | | | (1.50 | ) | | | (0.92 | ) | | | (0.59 | ) | | | — | | | | (0.59 | ) |
Year Ended October 31, 2017 | | | 14.41 | | | | 0.16 | | | | 2.50 | | | | 2.66 | | | | (0.52 | ) | | | — | | | | (0.52 | ) |
Year Ended October 31, 2016 | | | 15.69 | | | | 0.51 | (f) | | | (0.99 | ) | | | (0.48 | ) | | | (0.54 | ) | | | (0.26 | ) | | | (0.80 | ) |
January 30, 2015 (h) through October 31, 2015 | | | 15.82 | | | | 0.69 | (f) | | | (0.41 | ) | | | 0.28 | | | | (0.41 | ) | | | — | | | | (0.41 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.66, $0.59, $0.71, $0.62 and $0.74 for Class A, Class C, Class I, Class R2 and Class R5, respectively, and the net investment income (loss) ratio would have been 3.94%, 3.53%, 4.25%, 3.74% and 4.44% for Class A, Class C, Class I, Class R2 and Class R5, respectively. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 132 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 15.62 | | | | 9.30 | % | | $ | 57,006 | | | | 0.96 | % | | | 3.39 | % | | | 1.54 | % | | | 22 | % |
| | 15.00 | | | | (6.18 | ) | | | 68,420 | | | | 0.95 | | | | 3.09 | | | | 1.42 | | | | 92 | |
| | 16.50 | | | | 18.24 | | | | 84,553 | | | | 1.25 | | | | 2.70 | | | | 1.52 | | | | 64 | |
| | 14.38 | | | | (3.60 | ) | | | 66,722 | | | | 1.24 | | | | 3.06 | (f) | | | 1.57 | | | | 162 | |
| | 15.66 | | | | 0.29 | | | | 66,499 | | | | 1.25 | | | | 2.42 | (f) | | | 1.67 | | | | 238 | |
| | 16.41 | | | | 3.18 | | | | 74,652 | | | | 1.25 | | | | 5.44 | (g) | | | 1.67 | | | | 138 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.49 | | | | 9.04 | | | | 11,914 | | | | 1.46 | | | | 2.94 | | | | 2.07 | | | | 22 | |
| | 14.88 | | | | (6.68 | ) | | | 12,371 | | | | 1.45 | | | | 2.60 | | | | 1.94 | | | | 92 | |
| | 16.38 | | | | 17.64 | | | | 13,679 | | | | 1.74 | | | | 2.24 | | | | 2.04 | | | | 64 | |
| | 14.30 | | | | (4.09 | ) | | | 11,754 | | | | 1.75 | | | | 2.59 | (f) | | | 2.12 | | | | 162 | |
| | 15.59 | | | | (0.23 | ) | | | 8,649 | | | | 1.75 | | | | 2.45 | (f) | | | 2.20 | | | | 238 | |
| | 16.36 | | | | 2.67 | | | | 3,530 | | | | 1.75 | | | | 5.03 | (g) | | | 2.17 | | | | 138 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.67 | | | | 9.48 | | | | 47,455 | | | | 0.71 | | | | 3.77 | | | | 1.33 | | | | 22 | |
| | 15.04 | | | | (5.98 | ) | | | 47,701 | | | | 0.70 | | | | 3.35 | | | | 1.18 | | | | 92 | |
| | 16.55 | | | | 18.65 | | | | 86,550 | | | | 0.90 | | | | 3.21 | | | | 1.27 | | | | 64 | |
| | 14.41 | | | | (3.31 | ) | | | 54,642 | | | | 0.89 | | | | 3.13 | (f) | | | 1.31 | | | | 162 | |
| | 15.70 | | | | 0.66 | | | | 35,177 | | | | 0.91 | | | | 3.00 | (f) | | | 1.41 | | | | 238 | |
| | 16.45 | | | | 3.39 | | | | 34,719 | | | | 1.00 | | | | 5.75 | (g) | | | 1.42 | | | | 138 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.58 | | | | 9.18 | | | | 301 | | | | 1.26 | | | | 3.35 | | | | 2.25 | | | | 22 | |
| | 14.96 | | | | (6.53 | ) | | | 270 | | | | 1.25 | | | | 2.76 | | | | 1.95 | | | | 92 | |
| | 16.47 | | | | 17.99 | | | | 322 | | | | 1.49 | | | | 2.65 | | | | 1.97 | | | | 64 | |
| | 14.36 | | | | (3.84 | ) | | | 316 | | | | 1.49 | | | | 2.66 | (f) | | | 2.39 | | | | 162 | |
| | 15.65 | | | | (0.01 | ) | | | 52 | | | | 1.50 | | | | 3.74 | (f) | | | 1.89 | | | | 238 | |
| | 16.41 | | | | 2.90 | | | | 574 | | | | 1.50 | | | | 5.24 | (g) | | | 1.92 | | | | 138 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.68 | | | | 9.45 | | | | 185 | | | | 0.61 | | | | 3.84 | | | | 1.16 | | | | 22 | |
| | 15.06 | | | | (5.89 | ) | | | 177 | | | | 0.60 | | | | 2.52 | | | | 1.06 | | | | 92 | |
| | 16.57 | | | | 18.81 | | | | 1,297 | | | | 0.80 | | | | 3.52 | | | | 1.11 | | | | 64 | |
| | 14.42 | | | | (3.14 | ) | | | 700 | | | | 0.79 | | | | 3.33 | (f) | | | 1.29 | | | | 162 | |
| | 15.70 | | | | 0.71 | | | | 19 | | | | 0.80 | | | | 4.59 | (f) | | | 1.16 | | | | 238 | |
| | 16.46 | | | | 3.60 | | | | 587 | | | | 0.80 | | | | 5.94 | (g) | | | 1.22 | | | | 138 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.67 | | | | 9.59 | | | | 17,527 | | | | 0.51 | | | | 4.10 | | | | 1.05 | | | | 22 | |
| | 15.04 | | | | (5.80 | ) | | | 12,512 | | | | 0.50 | | | | 3.53 | | | | 0.91 | | | | 92 | |
| | 16.55 | | | | 18.81 | | | | 14,055 | | | | 0.74 | | | | 0.99 | | | | 1.22 | | | | 64 | |
| | 14.41 | | | | (3.09 | ) | | | 21 | | | | 0.75 | | | | 3.48 | (f) | | | 3.06 | | | | 162 | |
| | 15.69 | | | | 1.66 | | | | 21 | | | | 0.75 | | | | 5.70 | (f) | | | 1.15 | | | | 238 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 133 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | | | | |
| | | | | | Investment operations | | | | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and
unrealized gains
(losses) on
investments | | | Total from
investment
operations | | | Net asset
value,
end of
period | |
JPMorgan International Hedged Equity Fund | |
Class A | |
March 15, 2019 (g) through April 30, 2019 (Unaudited) | | $ | 15.00 | | | $ | 0.09 | | | $ | 0.13 | | | $ | 0.22 | | | $ | 15.22 | |
| | | | | |
Class C | | | | | | | | | | | | | | | | | | | | |
March 15, 2019 (g) through April 30, 2019 (Unaudited) | | | 15.00 | | | | 0.08 | | | | 0.13 | | | | 0.21 | | | | 15.21 | |
| | | | | |
Class I | | | | | | | | | | | | | | | | | | | | |
March 15, 2019 (g) through April 30, 2019 (Unaudited) | | | 15.00 | | | | 0.10 | | | | 0.13 | | | | 0.23 | | | | 15.23 | |
| | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | |
March 15, 2019 (g) through April 30, 2019 (Unaudited) | | | 15.00 | | | | 0.10 | | | | 0.13 | | | | 0.23 | | | | 15.23 | |
| | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | |
March 15, 2019 (g) through April 30, 2019 (Unaudited) | | | 15.00 | | | | 0.10 | | | | 0.13 | | | | 0.23 | | | | 15.23 | |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Certainnon-recurring expenses incurred by the Fund were not annualized for the period ended April 30, 2019. |
| (g) | Commencement of operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 134 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | Ratios to average net assets(a) | | | | |
Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e)(f) | | | Net
investment income
(loss) (f) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.47 | % | | $ | 20 | | | | 0.87 | % | | | 5.07 | % | | | 1.44 | % | | | 1 | % |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.40 | | | | 20 | | | | 1.35 | | | | 4.60 | | | | 1.87 | | | | 1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.53 | | | | 51,205 | | | | 0.60 | | | | 5.34 | | | | 1.13 | | | | 1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.53 | | | | 20 | | | | 0.45 | | | | 5.50 | | | | 0.97 | | | | 1 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.53 | | | | 21 | | | | 0.34 | | | | 5.60 | | | | 0.87 | | | | 1 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 135 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and
unrealized gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan International Research Enhanced Equity Fund | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 16.79 | | | $ | 0.24 | | | $ | 0.96 | | | $ | 1.20 | | | $ | (0.52 | ) | | $ | — | | | $ | (0.52 | ) |
Year Ended October 31, 2018 | | | 18.76 | | | | 0.45 | | | | (2.04 | ) | | | (1.59 | ) | | | (0.19 | ) | | | (0.19 | ) | | | (0.38 | ) |
Year Ended October 31, 2017 | | | 15.54 | | | | 0.34 | | | | 3.23 | | | | 3.57 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Year Ended October 31, 2016 | | | 16.54 | | | | 0.40 | (f) | | | (0.89 | ) | | | (0.49 | ) | | | (0.36 | ) | | | (0.15 | ) | | | (0.51 | ) |
Year Ended October 31, 2015 | | | 20.38 | | | | 0.43 | | | | (0.60 | ) | | | (0.17 | ) | | | (0.40 | ) | | | (3.27 | ) | | | (3.67 | ) |
Year Ended October 31, 2014 | | | 21.20 | | | | 0.47 | | | | (0.56 | ) | | | (0.09 | ) | | | (0.39 | ) | | | (0.34 | ) | | | (0.73 | ) |
| | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 17.01 | | | | 0.27 | | | | 0.96 | | | | 1.23 | | | | (0.56 | ) | | | — | | | | (0.56 | ) |
Year Ended October 31, 2018 | | | 18.92 | | | | 0.35 | | | | (1.91 | ) | | | (1.56 | ) | | | (0.16 | ) | | | (0.19 | ) | | | (0.35 | ) |
Year Ended October 31, 2017 | | | 15.68 | | | | 0.41 | | | | 3.23 | | | | 3.64 | | | | (0.40 | ) | | | — | | | | (0.40 | ) |
Year Ended October 31, 2016 | | | 16.70 | | | | 0.46 | (f) | | | (0.92 | ) | | | (0.46 | ) | | | (0.41 | ) | | | (0.15 | ) | | | (0.56 | ) |
Year Ended October 31, 2015 | | | 20.54 | | | | 0.48 | | | | (0.60 | ) | | | (0.12 | ) | | | (0.45 | ) | | | (3.27 | ) | | | (3.72 | ) |
Year Ended October 31, 2014 | | | 21.36 | | | | 0.52 | | | | (0.56 | ) | | | (0.04 | ) | | | (0.44 | ) | | | (0.34 | ) | | | (0.78 | ) |
| | | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 16.97 | | | | 0.27 | | | | 0.96 | | | | 1.23 | | | | (0.59 | ) | | | — | | | | (0.59 | ) |
November 1, 2017 (h) through October 31, 2018 | | | 18.98 | | | | 0.56 | | | | (2.16 | ) | | | (1.60 | ) | | | (0.22 | ) | | | (0.19 | ) | | | (0.41 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Amount rounds to less than 0.005%. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 136 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 17.47 | | | | 7.55 | % | | $ | 203,351 | | | | 0.60 | % | | | 2.97 | % | | | 0.83 | % | | | 6 | % |
| | 16.79 | | | | (8.66 | ) | | | 203,437 | | | | 0.60 | | | | 2.40 | | | | 0.84 | | | | 42 | |
| | 18.76 | | | | 23.41 | | | | 298,112 | | | | 0.59 | | | | 1.98 | | | | 0.90 | | | | 33 | |
| | 15.54 | | | | (2.94 | ) | | | 69,626 | | | | 0.60 | | | | 2.60 | (f) | | | 1.02 | | | | 24 | |
| | 16.54 | | | | (0.29 | ) | | | 82,667 | | | | 0.60 | | | | 2.51 | | | | 0.99 | | | | 39 | |
| | 20.38 | | | | (0.40 | ) | | | 96,325 | | | | 0.59 | | | | 2.23 | | | | 1.10 | | | | 63 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17.68 | | | | 7.67 | | | | 170,571 | | | | 0.35 | | | | 3.27 | | | | 0.56 | | | | 6 | |
| | 17.01 | | | | (8.42 | ) | | | 152,610 | | | | 0.35 | | | | 1.85 | | | | 0.56 | | | | 42 | |
| | 18.92 | | | | 23.71 | | | | 4,740,590 | | | | 0.34 | | | | 2.37 | | | | 0.58 | | | | 33 | |
| | 15.68 | | | | (2.72 | ) | | | 1,241,856 | | | | 0.34 | | | | 2.98 | (f) | | | 0.59 | | | | 24 | |
| | 16.70 | | | | 0.00 | (g) | | | 779,908 | | | | 0.35 | | | | 2.79 | | | | 0.60 | | | | 39 | |
| | 20.54 | | | | (0.16 | ) | | | 562,180 | | | | 0.34 | | | | 2.45 | | | | 0.84 | | | | 63 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17.61 | | | | 7.72 | | | | 4,234,218 | | | | 0.25 | | | | 3.30 | | | | 0.31 | | | | 6 | |
| | 16.97 | | | | (8.60 | ) | | | 4,344,571 | | | | 0.25 | | | | 3.00 | | | | 0.32 | | | | 42 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 137 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) | | | Net
realized and
unrealized gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan International Unconstrained Equity Fund | |
Class A | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 18.24 | | | $ | 0.13 | (e) | | $ | 2.57 | | | $ | 2.70 | | | | $(0.37 | ) | | $ | — | | | | $(0.37 | ) |
Year Ended October 31, 2018 | | | 21.14 | | | | 0.36 | (e) | | | (3.13 | ) | | | (2.77 | ) | | | (0.13 | ) | | | — | | | | (0.13 | ) |
Year Ended October 31, 2017 | | | 17.24 | | | | 0.16 | (e) | | | 4.09 | | | | 4.25 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Year Ended October 31, 2016 | | | 17.61 | | | | 0.22 | (e)(f) | | | (0.55 | ) | | | (0.33 | ) | | | (0.04 | ) | | | — | | | | (0.04 | ) |
Year Ended October 31, 2015 | | | 18.59 | | | | 0.09 | (e)(f) | | | 0.39 | | | | 0.48 | | | | (0.17 | ) | | | (1.29 | ) | | | (1.46 | ) |
Year Ended October 31, 2014 | | | 20.59 | | | | 0.13 | (g) | | | (0.65 | ) | | | (0.52 | ) | | | (0.17 | ) | | | (1.31 | ) | | | (1.48 | ) |
| | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 17.98 | | | | 0.08 | (e) | | | 2.54 | | | | 2.62 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year Ended October 31, 2018 | | | 20.90 | | | | 0.26 | (e) | | | (3.09 | ) | | | (2.83 | ) | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year Ended October 31, 2017 | | | 17.04 | | | | 0.05 | (e) | | | 4.06 | | | | 4.11 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year Ended October 31, 2016 | | | 17.45 | | | | 0.13 | (e)(f) | | | (0.53 | ) | | | (0.40 | ) | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended October 31, 2015 | | | 18.44 | | | | (0.02 | ) (e)(f) | | | 0.39 | | | | 0.37 | | | | (0.07 | ) | | | (1.29 | ) | | | (1.36 | ) |
Year Ended October 31, 2014 | | | 20.47 | | | | 0.09 | (g) | | | (0.69 | ) | | | (0.60 | ) | | | (0.12 | ) | | | (1.31 | ) | | | (1.43 | ) |
| | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 18.49 | | | | 0.15 | (e) | | | 2.59 | | | | 2.74 | | | | (0.41 | ) | | | — | | | | (0.41 | ) |
Year Ended October 31, 2018 | | | 21.41 | | | | 0.44 | (e) | | | (3.19 | ) | | | (2.75 | ) | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year Ended October 31, 2017 | | | 17.45 | | | | 0.23 | (e) | | | 4.13 | | | | 4.36 | | | | (0.40 | ) | | | — | | | | (0.40 | ) |
Year Ended October 31, 2016 | | | 17.71 | | | | 0.24 | (e)(f) | | | (0.50 | ) | | | (0.26 | ) | | | — | | | | — | | | | — | |
Year Ended October 31, 2015 | | | 18.67 | | | | 0.15 | (e)(f) | | | 0.38 | | | | 0.53 | | | | (0.20 | ) | | | (1.29 | ) | | | (1.49 | ) |
Year Ended October 31, 2014 | | | 20.64 | | | | 0.21 | (g) | | | (0.67 | ) | | | (0.46 | ) | | | (0.20 | ) | | | (1.31 | ) | | | (1.51 | ) |
| | | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 18.14 | | | | 0.11 | (e) | | | 2.54 | | | | 2.65 | | | | (0.34 | ) | | | — | | | | (0.34 | ) |
Year Ended October 31, 2018 | | | 21.11 | | | | 0.35 | (e) | | | (3.17 | ) | | | (2.82 | ) | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year Ended October 31, 2017 | | | 17.21 | | | | 0.06 | (e) | | | 4.14 | | | | 4.20 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Year Ended October 31, 2016 | | | 17.57 | | | | 0.15 | (e)(f) | | | (0.51 | ) | | | (0.36 | ) | | | — | | | | — | | | | — | |
Year Ended October 31, 2015 | | | 18.55 | | | | 0.03 | (e)(f) | | | 0.39 | | | | 0.42 | | | | (0.11 | ) | | | (1.29 | ) | | | (1.40 | ) |
Year Ended October 31, 2014 | | | 20.53 | | | | 0.12 | (g) | | | (0.68 | ) | | | (0.56 | ) | | | (0.11 | ) | | | (1.31 | ) | | | (1.42 | ) |
| | | | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 18.49 | | | | 0.16 | (e) | | | 2.59 | | | | 2.75 | | | | (0.44 | ) | | | — | | | | (0.44 | ) |
Year Ended October 31, 2018 | | | 21.39 | | | | 0.53 | (e) | | | (3.25 | ) | | | (2.72 | ) | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year Ended October 31, 2017 | | | 17.44 | | | | 0.200 | (e) | | | 4.17 | | | | 4.37 | | | | (0.42 | ) | | | — | | | | (0.42 | ) |
Year Ended October 31, 2016 | | | 17.75 | | | | 0.27 | (e)(f) | | | (0.52 | ) | | | (0.25 | ) | | | (0.06 | ) | | | — | | | | (0.06 | ) |
Year Ended October 31, 2015 | | | 18.72 | | | | 0.16 | (e)(f) | | | 0.39 | | | | 0.55 | | | | (0.23 | ) | | | (1.29 | ) | | | (1.52 | ) |
Year Ended October 31, 2014 | | | 20.69 | | | | 0.24 | (g) | | | (0.67 | ) | | | (0.43 | ) | | | (0.23 | ) | | | (1.31 | ) | | | (1.54 | ) |
| | | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 18.50 | | | | 0.18 | (e) | | | 2.59 | | | | 2.77 | | | | (0.46 | ) | | | — | | | | (0.46 | ) |
Year Ended October 31, 2018 | | | 21.40 | | | | 0.44 | (e) | | | (3.16 | ) | | | (2.72 | ) | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year Ended October 31, 2017 | | | 17.45 | | | | 0.26 | (e) | | | 4.12 | | | | 4.38 | | | | (0.43 | ) | | | — | | | | (0.43 | ) |
Year Ended October 31, 2016 | | | 17.76 | | | | 0.29 | (e)(f) | | | (0.52 | ) | | | (0.23 | ) | | | (0.08 | ) | | | — | | | | (0.08 | ) |
Year Ended October 31, 2015 | | | 18.73 | | | | (0.01 | ) (e)(f) | | | 0.57 | | | | 0.56 | | | | (0.24 | ) | | | (1.29 | ) | | | (1.53 | ) |
Year Ended October 31, 2014 | | | 20.70 | | | | 0.25 | (g) | | | (0.67 | ) | | | (0.42 | ) | | | (0.24 | ) | | | (1.31 | ) | | | (1.55 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | 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. |
| (d) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (e) | Calculated based upon average shares outstanding. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.10, $0.06, $0.17, $0.08, $0.20 and $0.22 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.99%, 0.48%, 1.18% and 1.23% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 138 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (b)(c) | | | Net
assets,
end of
period
(000’s) | | | Net
expenses (d) | | |
Net
investment
income (loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (b) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 20.57 | | | | 15.17 | % | | $ | 96,665 | | | | 1.00 | % | | | 1.44 | % | | | 1.36 | % | | | 31 | % |
| | 18.24 | | | | (13.20 | ) | | | 84,325 | | | | 1.00 | | | | 1.75 | | | | 1.38 | | | | 63 | |
| | 21.14 | | | | 25.16 | | | | 67,684 | | | | 1.24 | | | | 0.83 | | | | 1.46 | | | | 38 | |
| | 17.24 | | | | (1.86 | ) | | | 14,034 | | | | 1.24 | | | | 1.28 | (f) | | | 1.61 | | | | 51 | |
| | 17.61 | | | | 3.04 | | | | 5,824 | | | | 1.24 | | | | 0.49 | (f) | | | 2.31 | | | | 42 | |
| | 18.59 | | | | (2.47 | ) | | | 351 | | | | 1.32 | | | | 0.98 | (g) | | | 5.09 | | | | 63 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.35 | | | | 14.85 | | | | 20,361 | | | | 1.50 | | | | 0.84 | | | | 1.87 | | | | 31 | |
| | 17.98 | | | | (13.60 | ) | | | 22,532 | | | | 1.50 | | | | 1.29 | | | | 1.89 | | | | 63 | |
| | 20.90 | | | | 24.51 | | | | 14,534 | | | | 1.74 | | | | 0.27 | | | | 2.00 | | | | 38 | |
| | 17.04 | | | | (2.28 | ) | | | 4,626 | | | | 1.74 | | | | 0.75 | (f) | | | 2.14 | | | | 51 | |
| | 17.45 | | | | 2.39 | | | | 3,439 | | | | 1.74 | | | | (0.12 | )(f) | | | 2.79 | | | | 42 | |
| | 18.44 | | | | (2.91 | ) | | | 137 | | | | 1.82 | | | | 0.55 | (g) | | | 6.19 | | | | 63 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.82 | | | | 15.24 | | | | 177,585 | | | | 0.75 | | | | 1.61 | | | | 1.11 | | | | 31 | |
| | 18.49 | | | | (12.96 | ) | | | 189,061 | | | | 0.75 | | | | 2.09 | | | | 1.13 | | | | 63 | |
| | 21.41 | | | | 25.60 | | | | 131,356 | | | | 0.89 | | | | 1.14 | | | | 1.19 | | | | 38 | |
| | 17.45 | | | | (1.47 | ) | | | 9,929 | | | | 0.89 | | | | 1.41 | (f) | | | 1.35 | | | | 51 | |
| | 17.71 | | | | 3.29 | | | | 59,858 | | | | 0.89 | | | | 0.83 | (f) | | | 1.84 | | | | 42 | |
| | 18.67 | | | | (2.18 | ) | | | 3,868 | | | | 1.07 | | | | 1.17 | (g) | | | 5.55 | | | | 63 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.45 | | | | 14.97 | | | | 989 | | | | 1.30 | | | | 1.18 | | | | 1.75 | | | | 31 | |
| | 18.14 | | | | (13.46 | ) | | | 773 | | | | 1.30 | | | | 1.70 | | | | 1.72 | | | | 63 | |
| | 21.11 | | | | 24.85 | | | | 97 | | | | 1.49 | | | | 0.31 | | | | 2.79 | | | | 38 | |
| | 17.21 | | | | (2.05 | ) | | | 20 | | | | 1.49 | | | | 0.87 | (f) | | | 4.37 | | | | 51 | |
| | 17.57 | | | | 2.67 | | | | 20 | | | | 1.51 | | | | 0.19 | (f) | | | 5.11 | | | | 42 | |
| | 18.55 | | | | (2.68 | ) | | | 68 | | | | 1.57 | | | | 0.66 | (g) | | | 6.05 | | | | 63 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.80 | | | | 15.32 | | | | 3,307 | | | | 0.65 | | | | 1.74 | | | | 1.07 | | | | 31 | |
| | 18.49 | | | | (12.84 | ) | | | 3,341 | | | | 0.65 | | | | 2.56 | | | | 1.07 | | | | 63 | |
| | 21.39 | | | | 25.67 | | | | 90 | | | | 0.79 | | | | 1.01 | | | | 2.44 | | | | 38 | |
| | 17.44 | | | | (1.38 | ) | | | 20 | | | | 0.80 | | | | 1.57 | (f) | | | 3.59 | | | | 51 | |
| | 17.75 | | | | 3.43 | | | | 20 | | | | 0.81 | | | | 0.89 | (f) | | | 4.43 | | | | 42 | |
| | 18.72 | | | | (1.99 | ) | | | 70 | | | | 0.87 | | | | 1.36 | (g) | | | 5.34 | | | | 63 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.81 | | | | 15.46 | | | | 229,993 | | | | 0.55 | | | | 1.89 | | | | 0.85 | | | | 31 | |
| | 18.50 | | | | (12.81 | ) | | | 175,198 | | | | 0.55 | | | | 2.12 | | | | 0.87 | | | | 63 | |
| | 21.40 | | | | 25.72 | | | | 143,868 | | | | 0.74 | | | | 1.37 | | | | 0.95 | | | | 38 | |
| | 17.45 | | | | (1.29 | ) | | | 81,146 | | | | 0.74 | | | | 1.70 | (f) | | | 1.02 | | | | 51 | |
| | 17.76 | | | | 3.48 | | | | 5,335 | | | | 0.74 | | | | (0.05 | )(f) | | | 2.87 | | | | 42 | |
| | 18.73 | | | | (1.95 | ) | | | 70 | | | | 0.82 | | | | 1.41 | (g) | | | 5.29 | | | | 63 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 139 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and
unrealized gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan International Value Fund | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | $ | 12.44 | | | $ | 0.18 | | | $ | 0.16 | | | $ | 0.34 | | | $ | (0.46 | ) |
Year Ended October 31, 2018 | | | 14.26 | | | | 0.36 | | | | (1.87 | ) | | | (1.51 | ) | | | (0.31 | ) |
Year Ended October 31, 2017 | | | 12.23 | | | | 0.22 | | | | 2.50 | | | | 2.72 | | | | (0.69 | ) |
Year Ended October 31, 2016 | | | 13.02 | | | | 0.23 | | | | (0.88 | ) | | | (0.65 | ) | | | (0.14 | ) |
Year Ended October 31, 2015 | | | 14.14 | | | | 0.18 | (f) | | | (0.83 | ) | | | (0.65 | ) | | | (0.47 | ) |
Year Ended October 31, 2014 | | | 15.02 | | | | 0.47 | (f)(g) | | | (1.07 | ) | | | (0.60 | ) | | | (0.28 | ) |
| | | | | |
Class C | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.02 | | | | 0.14 | | | | 0.17 | | | | 0.31 | | | | (0.39 | ) |
Year Ended October 31, 2018 | | | 13.78 | | | | 0.28 | | | | (1.82 | ) | | | (1.54 | ) | | | (0.22 | ) |
Year Ended October 31, 2017 | | | 11.88 | | | | 0.15 | | | | 2.42 | | | | 2.57 | | | | (0.67 | ) |
Year Ended October 31, 2016 | | | 12.65 | | | | 0.17 | | | | (0.87 | ) | | | (0.70 | ) | | | (0.07 | ) |
Year Ended October 31, 2015 | | | 13.72 | | | | 0.10 | (f) | | | (0.78 | ) | | | (0.68 | ) | | | (0.39 | ) |
Year Ended October 31, 2014 | | | 14.61 | | | | 0.38 | (f)(g) | | | (1.05 | ) | | | (0.67 | ) | | | (0.22 | ) |
| | | | | |
Class I | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.76 | | | | 0.20 | | | | 0.17 | | | | 0.37 | | | | (0.50 | ) |
Year Ended October 31, 2018 | | | 14.62 | | | | 0.41 | | | | (1.92 | ) | | | (1.51 | ) | | | (0.35 | ) |
Year Ended October 31, 2017 | | | 12.57 | | | | 0.28 | | | | 2.55 | | | | 2.83 | | | | (0.78 | ) |
Year Ended October 31, 2016 | | | 13.37 | | | | 0.28 | | | | (0.91 | ) | | | (0.63 | ) | | | (0.17 | ) |
Year Ended October 31, 2015 | | | 14.48 | | | | 0.23 | (f) | | | (0.84 | ) | | | (0.61 | ) | | | (0.50 | ) |
Year Ended October 31, 2014 | | | 15.19 | | | | 0.45 | (f)(g) | | | (1.04 | ) | | | (0.59 | ) | | | (0.12 | ) |
| | | | | |
Class L | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.70 | | | | 0.19 | | | | 0.18 | | | | 0.37 | | | | (0.52 | ) |
Year Ended October 31, 2018 | | | 14.55 | | | | 0.41 | | | | (1.90 | ) | | | (1.49 | ) | | | (0.36 | ) |
Year Ended October 31, 2017 | | | 12.50 | | | | 0.27 | | | | 2.57 | | | | 2.84 | | | | (0.79 | ) |
Year Ended October 31, 2016 | | | 13.29 | | | | 0.31 | | | | (0.93 | ) | | | (0.62 | ) | | | (0.17 | ) |
Year Ended October 31, 2015 | | | 14.41 | | | | 0.23 | (f) | | | (0.83 | ) | | | (0.60 | ) | | | (0.52 | ) |
Year Ended October 31, 2014 | | | 15.29 | | | | 0.53 | (f)(g) | | | (1.09 | ) | | | (0.56 | ) | | | (0.32 | ) |
| | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.20 | | | | 0.17 | | | | 0.15 | | | | 0.32 | | | | (0.44 | ) |
Year Ended October 31, 2018 | | | 14.01 | | | | 0.31 | | | | (1.84 | ) | | | (1.53 | ) | | | (0.28 | ) |
Year Ended October 31, 2017 | | | 12.04 | | | | 0.19 | | | | 2.46 | | | | 2.65 | | | | (0.68 | ) |
Year Ended October 31, 2016 | | | 12.83 | | | | 0.19 | | | | (0.87 | ) | | | (0.68 | ) | | | (0.11 | ) |
Year Ended October 31, 2015 | | | 13.93 | | | | 0.14 | (f) | | | (0.81 | ) | | | (0.67 | ) | | | (0.43 | ) |
Year Ended October 31, 2014 | | | 14.78 | | | | 0.42 | (f)(g) | | | (1.05 | ) | | | (0.63 | ) | | | (0.22 | ) |
| | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.65 | | | | 0.21 | | | | 0.15 | | | | 0.36 | | | | (0.53 | ) |
Year Ended October 31, 2018 | | | 14.51 | | | | 0.42 | | | | (1.91 | ) | | | (1.49 | ) | | | (0.37 | ) |
Year Ended October 31, 2017 | | | 12.51 | | | | 0.23 | | | | 2.59 | | | | 2.82 | | | | (0.82 | ) |
September 9, 2016 (h) through October 31, 2016 | | | 12.55 | | | | 0.03 | | | | (0.07 | ) | | | (0.04 | ) | | | — | |
| | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2019 (Unaudited) | | | 12.67 | | | | 0.22 | | | | 0.15 | | | | 0.37 | | | | (0.54 | ) |
Year Ended October 31, 2018 | | | 14.53 | | | | 0.43 | | | | (1.91 | ) | | | (1.48 | ) | | | (0.38 | ) |
Year Ended October 31, 2017 | | | 12.51 | | | | 0.31 | | | | 2.53 | | | | 2.84 | | | | (0.82 | ) |
Year Ended October 31, 2016 | | | 13.31 | | | | 0.37 | | | | (0.96 | ) | | | (0.59 | ) | | | (0.21 | ) |
Year Ended October 31, 2015 | | | 14.42 | | | | 0.18 | (f) | | | (0.76 | ) | | | (0.58 | ) | | | (0.53 | ) |
Year Ended October 31, 2014 | | | 15.29 | | | | 0.54 | (f)(g) | | | (1.09 | ) | | | (0.55 | ) | | | (0.32 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.39, $0.30, $0.37, $0.45, $0.34 and $0.46 for Class A, Class C, Class I, Class L, Class R2 and Class R6, respectively and the net investment income (loss) ratio would have been 2.67%, 2.13%, 2.44%, 2.99%, 2.39% and 3.06% for Class A, Class C, Class I, Class L, Class R2 and Class R6, respectively. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 140 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets(a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment income
(loss) | | | Expenses without
waivers
and reimbursements | | | Portfolio
turnover
rate (c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12.32 | | | | 3.14 | % | | $ | 194,441 | | | | 1.01 | % | | | 3.07 | % | | | 1.29 | % | | | 26 | % |
| | 12.44 | | | | (10.88 | ) | | | 242,231 | | | | 1.00 | | | | 2.59 | | | | 1.27 | | | | 90 | |
| | 14.26 | | | | 23.30 | | | | 316,510 | | | | 1.35 | | | | 1.71 | | | | 1.35 | | | | 31 | |
| | 12.23 | | | | (5.01 | ) | | | 573,449 | | | | 1.35 | | | | 1.91 | | | | 1.43 | | | | 61 | |
| | 13.02 | | | | (4.63 | ) | | | 695,251 | | | | 1.35 | | | | 1.31 | (f) | | | 1.45 | | | | 74 | |
| | 14.14 | | | | (4.09 | ) | | | 491,010 | | | | 1.33 | | | | 3.19 | (f)(g) | | | 1.36 | | | | 59 | |
|
| | |
| | 11.94 | | | | 2.94 | | | | 11,095 | | | | 1.51 | | | | 2.52 | | | | 1.80 | | | | 26 | |
| | 12.02 | | | | (11.37 | ) | | | 14,055 | | | | 1.50 | | | | 2.06 | | | | 1.78 | | | | 90 | |
| | 13.78 | | | | 22.67 | | | | 20,997 | | | | 1.85 | | | | 1.21 | | | | 1.87 | | | | 31 | |
| | 11.88 | | | | (5.54 | ) | | | 24,453 | | | | 1.85 | | | | 1.43 | | | | 1.91 | | | | 61 | |
| | 12.65 | | | | (5.01 | ) | | | 31,296 | | | | 1.85 | | | | 0.79 | (f) | | | 1.90 | | | | 74 | |
| | 13.72 | | | | (4.64 | ) | | | 31,176 | | | | 1.83 | | | | 2.65 | (f)(g) | | | 1.86 | | | | 59 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.63 | | | | 3.30 | | | | 55,236 | | | | 0.76 | | | | 3.27 | | | | 1.04 | | | | 26 | |
| | 12.76 | | | | (10.62 | ) | | | 66,291 | | | | 0.75 | | | | 2.84 | | | | 1.02 | | | | 90 | |
| | 14.62 | | | | 23.66 | | | | 144,875 | | | | 1.04 | | | | 2.07 | | | | 1.04 | | | | 31 | |
| | 12.57 | | | | (4.74 | ) | | | 157,867 | | | | 1.01 | | | | 2.28 | | | | 1.02 | | | | 61 | |
| | 13.37 | | | | (4.28 | ) | | | 233,045 | | | | 1.03 | | | | 1.62 | (f) | | | 1.03 | | | | 74 | |
| | 14.48 | | | | (3.90 | ) | | | 300,712 | | | | 1.08 | | | | 2.96 | (f)(g) | | | 1.10 | | | | 59 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.55 | | | | 3.35 | | | | 38,815 | | | | 0.66 | | | | 3.14 | | | | 0.89 | | | | 26 | |
| | 12.70 | | | | (10.57 | ) | | | 73,651 | | | | 0.65 | | | | 2.84 | | | | 0.87 | | | | 90 | |
| | 14.55 | | | | 23.88 | | | | 201,672 | | | | 0.87 | | | | 2.03 | | | | 0.88 | | | | 31 | |
| | 12.50 | | | | (4.63 | ) | | | 523,251 | | | | 0.90 | | | | 2.53 | | | | 0.91 | | | | 61 | |
| | 13.29 | | | | (4.23 | ) | | | 1,480,321 | | | | 0.95 | | | | 1.63 | (f) | | | 0.99 | | | | 74 | |
| | 14.41 | | | | (3.75 | ) | | | 2,932,420 | | | | 0.93 | | | | 3.51 | (f)(g) | | | 0.96 | | | | 59 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.08 | | | | 3.02 | | | | 1,159 | | | | 1.30 | | | | 2.88 | | | | 1.68 | | | | 26 | |
| | 12.20 | | | | (11.19 | ) | | | 1,025 | | | | 1.30 | | | | 2.27 | | | | 1.59 | | | | 90 | |
| | 14.01 | | | | 23.02 | | | | 1,369 | | | | 1.58 | | | | 1.52 | | | | 1.73 | | | | 31 | |
| | 12.04 | | | | (5.28 | ) | | | 1,182 | | | | 1.59 | | | | 1.65 | | | | 1.91 | | | | 61 | |
| | 12.83 | | | | (4.84 | ) | | | 1,929 | | | | 1.60 | | | | 1.01 | (f) | | | 2.01 | | | | 74 | |
| | 13.93 | | | | (4.33 | ) | | | 1,768 | | | | 1.58 | | | | 2.91 | (f)(g) | | | 1.61 | | | | 59 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.48 | | | | 3.31 | | | | 76 | | | | 0.66 | | | | 3.52 | | | | 0.90 | | | | 26 | |
| | 12.65 | | | | (10.58 | ) | | | 70 | | | | 0.65 | | | | 2.97 | | | | 0.91 | | | | 90 | |
| | 14.51 | | | | 23.81 | | | | 62 | | | | 0.93 | | | | 1.69 | | | | 4.00 | | | | 31 | |
| | 12.51 | | | | (0.32 | ) | | | 20 | | | | 0.79 | | | | 1.52 | | | | 0.79 | | | | 61 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.50 | | | | 3.41 | | | | 130,811 | | | | 0.55 | | | | 3.60 | | | | 0.78 | | | | 26 | |
| | 12.67 | | | | (10.49 | ) | | | 124,246 | | | | 0.55 | | | | 3.06 | | | | 0.77 | | | | 90 | |
| | 14.53 | | | | 23.99 | | | | 108,302 | | | | 0.80 | | | | 2.28 | | | | 0.82 | | | | 31 | |
| | 12.51 | | | | (4.45 | ) | | | 27,998 | | | | 0.72 | | | | 3.00 | | | | 0.73 | | | | 61 | |
| | 13.31 | | | | (4.04 | ) | | | 2,354 | | | | 0.73 | | | | 1.32 | (f) | | | 0.73 | | | | 74 | |
| | 14.42 | | | | (3.64 | ) | | | 30,992 | | | | 0.83 | | | | 3.58 | (f)(g) | | | 0.84 | | | | 59 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 141 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004, November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004, November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asopen-end management investment companies.
The following are 12 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
| | | | | | |
| | | Classes Offered | | Trust | | Diversified/Non-Diversified |
| JPMorgan Emerging Economies Fund | | Class A, Class C, Class I, Class R5 and Class R6 | | JPM I | | Diversified |
| JPMorgan Emerging Markets Equity Fund | | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | | JPM I | | Diversified |
| JPMorgan Emerging Markets Research Enhanced Equity Fund(1) | | Class I(2) and Class R6 | | JPM IV | | Diversified |
| JPMorgan Europe Dynamic Fund(3) | | Class A, Class C, Class I, Class L and Class R6(4) | | JPM I | | Diversified |
| JPMorgan Global Research Enhanced Index Fund | | Class I and Class R6(5) | | JPM I | | Diversified |
| JPMorgan International Advantage Fund(6) | | Class A, Class C, Class I, Class R2 and Class R6 | | JPM I | | Diversified |
| JPMorgan International Equity Fund | | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | JPM I | | Diversified |
| JPMorgan International Equity Income Fund | | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | JPM I | | Diversified |
| JPMorgan International Hedged Equity Fund(7) | | Class A, Class C, Class I, Class R5 and Class R6 | | JPM IV | | Diversified |
| JPMorgan International Research Enhanced Equity Fund | | Class A, Class I and Class R6(5) | | JPM II | | Diversified |
| JPMorgan International Unconstrained Equity Fund | | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | JPM I | | Diversified |
| JPMorgan International Value Fund | | Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6 | | JPM I | | Diversified |
| (1) | The JPMorgan Emerging Markets Research Enhanced Equity Fund commenced operations on December 11, 2018. |
| (2) | Class I commenced operations on January 30, 2019. |
| (3) | Effective July 31, 2018, JPMorgan Intrepid European Fund changed its name to JPMorgan Europe Dynamic Fund. |
| (4) | Class R6 commenced operations on October 1, 2018. |
| (5) | Class R6 commenced operations on November 1, 2017. |
| (6) | Effective July 31, 2018, JPMorgan Intrepid International Fund changed its name to JPMorgan International Advantage Fund. |
| (7) | The JPMorgan International Hedged Equity Fund commenced operations on March 15, 2019. |
As of December 1, 2016, Class L Shares of the JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund and JPMorgan International Value Fund were publicly offered on a limited basis.
Effective May 21, 2019, JPMorgan International Equity Income Fund was publicly offered on a limited basis.
As of October 9, 2017, Class A Shares of the JPMorgan International Research Enhanced Equity Fund were publicly offered on a limited basis.
The investment objective of JPMorgan Emerging Economies Fund (“Emerging Economies Fund”) is to seek long-term capital growth.
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 Emerging Markets Research Enhanced Equity Fund (“Emerging Markets Research Enhanced Equity Fund”), JPMorgan Global Research Enhanced Index Fund (“Global Research Enhanced Index Fund”), JPMorgan International Research Enhanced Equity Fund (“International Research Enhanced Equity Fund”), JPMorgan International Unconstrained Equity Fund (“International Unconstrained Equity Fund”) and JPMorgan International Value Fund (“International Value Fund”) is to seek to provide long-term capital appreciation.
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 Advantage Fund (“International Advantage Fund”) is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.
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 Equity Income Fund (“International Equity Income Fund”) is to seek to provide both current income and long-term capital appreciation.
The investment objective of JPMorgan International Hedged Equity Fund (International Hedged Equity Fund”) is to seek to provide capital appreciation.
| | | | | | |
| | | |
| 142 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
Class A Shares generally provide for afront-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 whichfront-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert 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, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board 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 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and 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 — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (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.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This 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 by approved affiliated and 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 related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of 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, as well as certain derivatives with equity reference obligations, 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 NAVs are calculated. Investments inopen-end investment companies (the “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.
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). |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 143 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
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”) (amounts in thousands):
Emerging Economies Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | | | | | | | | | | | | | | | | |
China | | $ | 71,675 | | | $ | 411,021 | | | $ | — | | | $ | 482,696 | |
Hungary | | | — | | | | 26,685 | | | | — | | | | 26,685 | |
India | | | 14,682 | | | | 74,772 | | | | — | | | | 89,454 | |
Indonesia | | | — | | | | 13,801 | | | | — | | | | 13,801 | |
Poland | | | — | | | | 12,933 | | | | — | | | | 12,933 | |
Russia | | | 30,951 | | | | 71,112 | | | | — | | | | 102,063 | |
Singapore | | | — | | | | 2,712 | | | | — | | | | 2,712 | |
South Africa | | | — | | | | 30,400 | | | | — | | | | 30,400 | |
South Korea | | | 12,020 | | | | 212,074 | | | | — | | | | 224,094 | |
Taiwan | | | 54,128 | | | | 126,684 | | | | — | | | | 180,812 | |
Thailand | | | 13,867 | | | | 32,434 | | | | — | | | | 46,301 | |
Turkey | | | 5,981 | | | | 13,863 | | | | — | | | | 19,844 | |
Other Common Stocks | | | 158,804 | | | | — | | | | — | | | | 158,804 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 362,108 | | | | 1,028,491 | | | | — | | | | 1,390,599 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 17,075 | | | | — | | | | — | | | | 17,075 | |
Investment of cash collateral from securities loaned | | | 143 | | | | — | | | | — | | | | 143 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 379,326 | | | $ | 1,028,491 | | | $ | — | | | $ | 1,407,817 | |
| | | | | | | | | | | | | | | | |
Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 23,738 | | | $ | — | | | $ | 23,738 | |
China | | | 746,556 | | | | 1,065,854 | | | | — | | | | 1,812,410 | |
Egypt | | | — | | | | 53,274 | | | | — | | | | 53,274 | |
Hong Kong | | | — | | | | 426,163 | | | | — | | | | 426,163 | |
Hungary | | | — | | | | 68,255 | | | | — | | | | 68,255 | |
India | | | 100,239 | | | | 895,474 | | | | — | | | | 995,713 | |
Indonesia | | | — | | | | 138,436 | | | | — | | | | 138,436 | |
Macau | | | — | | | | 82,071 | | | | — | | | | 82,071 | |
Russia | | | 36,775 | | | | 155,788 | | | | — | | | | 192,563 | |
South Africa | | | 47,615 | | | | 196,194 | | | | — | | | | 243,809 | |
South Korea | | | — | | | | 313,367 | | | | — | | | | 313,367 | |
Taiwan | | | 284,744 | | | | 103,929 | | | | — | | | | 388,673 | |
Turkey | | | — | | | | 9,459 | | | | — | | | | 9,459 | |
Other Common Stocks | | | 1,068,464 | | | | — | | | | — | | | | 1,068,464 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 2,284,393 | | | | 3,532,002 | | | | — | | | | 5,816,395 | |
| | | | | | | | | | | | | | | | |
Warrants | | | — | | | | 16,964 | | | | — | | | | 16,964 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 138,231 | | | | — | | | | — | | | | 138,231 | |
Investment of cash collateral from securities loaned | | | 23,445 | | | | — | | | | — | | | | 23,445 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 2,446,069 | | | $ | 3,548,966 | | | $ | — | | | $ | 5,995,035 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 144 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
Emerging Markets Research Enhanced Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
China | | $ | 28,231 | | | $ | 94,776 | | | $ | — | | | $ | 123,007 | |
Czech Republic | | | — | | | | 1,422 | | | | — | | | | 1,422 | |
Hong Kong | | | — | | | | 563 | | | | — | | | | 563 | |
Hungary | | | — | | | | 3,386 | | | | — | | | | 3,386 | |
Indonesia | | | — | | | | 8,821 | | | | — | | | | 8,821 | |
Malaysia | | | 554 | | | | 4,720 | | | | — | | | | 5,274 | |
Philippines | | | 1,687 | | | | 2,291 | | | | — | | | | 3,978 | |
Poland | | | — | | | | 3,500 | | | | — | | | | 3,500 | |
Qatar | | | — | | | | 731 | | | | — | | | | 731 | |
Russia | | | 9,063 | | | | 7,190 | | | | — | | | | 16,253 | |
South Africa | | | 4,502 | | | | 18,809 | | | | — | | | | 23,311 | |
South Korea | | | 2,971 | | | | 45,369 | | | | — | | | | 48,340 | |
Taiwan | | | 16,548 | | | | 23,431 | | | | — | | | | 39,979 | |
Thailand | | | 1,856 | | | | 6,510 | | | | — | | | | 8,366 | |
Turkey | | | 297 | | | | 1,167 | | | | — | | | | 1,464 | |
Other Common Stocks | | | 45,631 | | | | — | | | | — | | | | 45,631 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 111,340 | | | | 222,686 | | | | — | | | | 334,026 | |
| | | | | | | | | | | | | | | | |
Exchange Traded Funds | | | 34,994 | | | | — | | | | — | | | | 34,994 | |
Warrants | | | — | | | | — | (a) | | | — | | | | — | (a) |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 2,387 | | | | — | | | | — | | | | 2,387 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 148,721 | | | $ | 222,686 | | | $ | — | | | $ | 371,407 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 41 | | | $ | — | | | $ | — | | | $ | 41 | |
| | | | | | | | | | | | | | | | |
Europe Dynamic Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 22,895 | | | $ | — | | | $ | 22,895 | |
Belgium | | | — | | | | 10,917 | | | | — | | | | 10,917 | |
Denmark | | | — | | | | 7,746 | | | | — | | | | 7,746 | |
Finland | | | — | | | | 18,907 | | | | — | | | | 18,907 | |
France | | | 653 | | | | 96,941 | | | | — | | | | 97,594 | |
Germany | | | — | | | | 52,880 | | | | — | | | | 52,880 | |
Italy | | | — | | | | 31,677 | | | | — | | | | 31,677 | |
Netherlands | | | — | | | | 48,257 | | | | — | | | | 48,257 | |
Norway | | | — | | | | 7,202 | | | | — | | | | 7,202 | |
South Africa | | | — | | | | 7,982 | | | | — | | | | 7,982 | |
Spain | | | — | | | | 33,998 | | | | — | | | | 33,998 | |
Sweden | | | — | | | | 17,949 | | | | — | | | | 17,949 | |
Switzerland | | | 3,424 | | | | 111,378 | | | | — | | | | 114,802 | |
United Kingdom | | | — | | | | 89,815 | | | | — | | | | 89,815 | |
United States | | | — | | | | 5,532 | | | | — | | | | 5,532 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 4,077 | | | | 564,076 | | | | — | | | | 568,153 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 5,721 | | | | — | | | | — | | | | 5,721 | |
Investment of cash collateral from securities loaned | | | 60,001 | | | | — | | | | — | | | | 60,001 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 69,799 | | | $ | 564,076 | | | $ | — | | | $ | 633,875 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 145 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Global Research Enhanced Index Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 138,278 | | | $ | — | | | $ | 138,278 | |
Belgium | | | — | | | | 11,543 | | | | — | | | | 11,543 | |
China | | | — | | | | 2,810 | | | | — | | | | 2,810 | |
Denmark | �� | | — | | | | 25,195 | | | | — | | | | 25,195 | |
Finland | | | 4,855 | | | | 20,071 | | | | — | | | | 24,926 | |
France | | | 17,786 | | | | 169,916 | | | | — | | | | 187,702 | |
Germany | | | 5,332 | | | | 121,992 | | | | — | | | | 127,324 | |
Hong Kong | | | 642 | | | | 59,252 | | | | — | | | | 59,894 | |
Ireland | | | 15,485 | | | | 8,878 | | | | — | | | | 24,363 | |
Italy | | | — | | | | 29,836 | | | | — | | | | 29,836 | |
Japan | | | — | | | | 370,015 | | | | — | | | | 370,015 | |
Luxembourg | | | — | | | | 3,755 | | | | — | | | | 3,755 | |
Macau | | | — | | | | 5,171 | | | | — | | | | 5,171 | |
Netherlands | | | 4,488 | | | | 87,728 | | | | — | | | | 92,216 | |
New Zealand | | | — | | | | 3,320 | | | | — | | | | 3,320 | |
Norway | | | — | | | | 6,505 | | | | — | | | | 6,505 | |
Singapore | | | — | | | | 22,394 | | | | — | | | | 22,394 | |
Spain | | | — | | | | 46,738 | | | | — | | | | 46,738 | |
Sweden | | | — | | | | 21,194 | | | | — | | | | 21,194 | |
Switzerland | | | 3,319 | | | | 122,242 | | | | — | | | | 125,561 | |
United Kingdom | | | 12,256 | | | | 219,493 | | | | — | | | | 231,749 | |
United States | | | 2,842,495 | | | | 11,195 | | | | — | | | | 2,853,690 | |
Other Common Stocks | | | 174,075 | | | | — | | | | — | | | | 174,075 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 3,080,733 | | | | 1,507,521 | | | | — | | | | 4,588,254 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | 15 | | | | — | | | | — | | | | 15 | |
Short-Term Investments | |
Investment Companies | | | 3,058 | | | | — | | | | — | | | | 3,058 | |
Investment of cash collateral from securities loaned | | | 88,973 | | | | — | | | | — | | | | 88,973 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 3,172,779 | | | $ | 1,507,521 | | | $ | — | | | $ | 4,680,300 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 154 | | | $ | — | | | $ | — | | | $ | 154 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 146 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
International Advantage Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 327,031 | | | $ | — | | | $ | 327,031 | |
Austria | | | — | | | | 24,753 | | | | — | | | | 24,753 | |
Belgium | | | — | | | | 64,241 | | | | — | | | | 64,241 | |
Denmark | | | — | | | | 29,530 | | | | — | | | | 29,530 | |
Finland | | | — | | | | 45,650 | | | | — | | | | 45,650 | |
France | | | 24,012 | | | | 245,987 | | | | — | | | | 269,999 | |
Germany | | | 17,124 | | | | 236,700 | | | | — | | | | 253,824 | |
Ghana | | | — | | | | 12,050 | | | | — | | | | 12,050 | |
Hong Kong | | | — | | | | 75,092 | | | | — | | | | 75,092 | |
Israel | | | — | | | | 16,867 | | | | — | | | | 16,867 | |
Italy | | | — | | | | 49,018 | | | | — | | | | 49,018 | |
Japan | | | — | | | | 779,808 | | | | — | | | | 779,808 | |
Netherlands | | | 15,456 | | | | 251,605 | | | | — | | | | 267,061 | |
Norway | | | — | | | | 94,022 | | | | — | | | | 94,022 | |
Russia | | | — | | | | 13,001 | | | | — | | | | 13,001 | |
Singapore | | | — | | | | 34,964 | | | | — | | | | 34,964 | |
South Africa | | | — | | | | 32,841 | | | | — | | | | 32,841 | |
Spain | | | — | | | | 159,022 | | | | — | | | | 159,022 | |
Sweden | | | 621 | | | | 42,462 | | | | — | | | | 43,083 | |
Switzerland | | | 10,093 | | | | 287,966 | | | | — | | | | 298,059 | |
United Kingdom | | | 38,609 | | | | 442,751 | | | | — | | | | 481,360 | |
Other Common Stocks | | | 12,295 | | | | — | | | | — | | | | 12,295 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 118,210 | | | | 3,265,361 | | | | — | | | | 3,383,571 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | |
Investment Companies | | | 57,922 | | | | — | | | | — | | | | 57,922 | |
Investment of cash collateral from securities loaned | | | 176,378 | | | | — | | | | — | | | | 176,378 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 352,510 | | | $ | 3,265,361 | | | $ | — | | | $ | 3,617,871 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 271 | | | $ | 2,077 | | | $ | — | | | $ | 2,348 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 147 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
International Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | |
Australia | | $ | — | | | $ | 96,363 | | | $ | — | | | $ | 96,363 | |
Belgium | | | — | | | | 25,511 | | | | — | | | | 25,511 | |
China | | | 31,568 | | | | 91,832 | | | | — | | | | 123,400 | |
Denmark | | | — | | | | 71,840 | | | | — | | | | 71,840 | |
France | | | 86,668 | | | | 546,023 | | | | — | | | | 632,691 | |
Germany | | | — | | | | 383,701 | | | | — | | | | 383,701 | |
Hong Kong | | | — | | | | 199,960 | | | | — | | | | 199,960 | |
Japan | | | — | | | | 825,228 | | | | — | | | | 825,228 | |
Macau | | | — | | | | 41,704 | | | | — | | | | 41,704 | |
Netherlands | | | — | | | | 264,361 | | | | — | | | | 264,361 | |
Singapore | | | — | | | | 66,691 | | | | — | | | | 66,691 | |
South Africa | | | — | | | | 15,957 | | | | — | | | | 15,957 | |
South Korea | | | — | | | | 49,315 | | | | — | | | | 49,315 | |
Spain | | | — | | | | 50,204 | | | | — | | | | 50,204 | |
Sweden | | | — | | | | 113,507 | | | | — | | | | 113,507 | |
Switzerland | | | 15,747 | | | | 460,554 | | | | — | | | | 476,301 | |
United Kingdom | | | — | | | | 779,429 | | | | — | | | | 779,429 | |
United States | | | — | | | | 48,481 | | | | — | | | | 48,481 | |
Other Common Stocks | | | 168,661 | | | | — | | | | — | | | | 168,661 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 302,644 | | | | 4,130,661 | | | | — | | | | 4,433,305 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 82,881 | | | | — | | | | — | | | | 82,881 | |
Investment of cash collateral from securities loaned | | | 372,445 | | | | — | | | | — | | | | 372,445 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 757,970 | | | $ | 4,130,661 | | | $ | — | | | $ | 4,888,631 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 148 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
International Equity Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 6,140 | | | $ | — | | | $ | 6,140 | |
China | | | — | | | | 1,040 | | | | — | | | | 1,040 | |
Denmark | | | — | | | | 2,972 | | | | — | | | | 2,972 | |
Finland | | | — | | | | 3,735 | | | | — | | | | 3,735 | |
France | | | 2,109 | | | | 17,183 | | | | — | | | | 19,292 | |
Germany | | | — | | | | 6,687 | | | | — | | | | 6,687 | |
Hong Kong | | | 1,660 | | | | 1,272 | | | | — | | | | 2,932 | |
Italy | | | — | | | | 2,245 | | | | — | | | | 2,245 | |
Japan | | | — | | | | 21,576 | | | | — | | | | 21,576 | |
Macau | | | — | | | | 1,059 | | | | — | | | | 1,059 | |
Netherlands | | | — | | | | 12,600 | | | | — | | | | 12,600 | |
Norway | | | — | | | | 2,848 | | | | — | | | | 2,848 | |
Singapore | | | — | | | | 1,855 | | | | — | | | | 1,855 | |
South Korea | | | — | | | | 1,267 | | | | — | | | | 1,267 | |
Spain | | | — | | | | 2,369 | | | | — | | | | 2,369 | |
Sweden | | | — | | | | 1,592 | | | | — | | | | 1,592 | |
Switzerland | | | — | | | | 14,137 | | | | — | | | | 14,137 | |
United Kingdom | | | — | | | | 19,424 | | | | — | | | | 19,424 | |
United States | | | — | | | | 3,027 | | | | — | | | | 3,027 | |
Other Common Stocks | | | 4,976 | | | | — | | | | — | | | | 4,976 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 8,745 | | | | 123,028 | | | | — | | | | 131,773 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | |
Investment Companies | | | 1,314 | | | | — | | | | — | | | | 1,314 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 10,059 | | | $ | 123,028 | | | $ | — | | | $ | 133,087 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 57 | | | $ | — | | | $ | 57 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (244 | ) | | $ | — | | | $ | (244 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 149 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
International Hedged Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 2,622 | | | $ | — | | | $ | 2,622 | |
Belgium | | | — | | | | 666 | | | | — | | | | 666 | |
Denmark | | | — | | | | 840 | | | | — | | | | 840 | |
Finland | | | — | | | | 806 | | | | — | | | | 806 | |
France | | | 907 | | | | 5,533 | | | | — | | | | 6,440 | |
Germany | | | 868 | | | | 3,775 | | | | — | | | | 4,643 | |
Hong Kong | | | — | | | | 1,587 | | | | — | | | | 1,587 | |
Ireland | | | 304 | | | | 94 | | | | — | | | | 398 | |
Italy | | | — | | | | 937 | | | | — | | | | 937 | |
Japan | | | — | | | | 11,263 | | | | — | | | | 11,263 | |
Luxembourg | | | — | | | | 239 | | | | — | | | | 239 | |
Netherlands | | | — | | | | 2,718 | | | | — | | | | 2,718 | |
Singapore | | | — | | | | 559 | | | | — | | | | 559 | |
Spain | | | — | | | | 1,796 | | | | — | | | | 1,796 | |
Sweden | | | — | | | | 634 | | | | — | | | | 634 | |
Switzerland | | | 104 | | | | 4,805 | | | | — | | | | 4,909 | |
United Kingdom | | | — | | | | 7,444 | | | | — | | | | 7,444 | |
United States | | | — | | | | 397 | | | | — | | | | 397 | |
Other Common Stocks | | | 447 | | | | — | | | | — | | | | 447 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 2,630 | | | | 46,715 | | | | — | | | | 49,345 | |
| | | | | | | | | | | | | | | | |
Options Purchased | | | | | | | | | | | — | | | | | |
Put Options Purchased | | | 115 | | | | — | | | | — | | | | 115 | |
Short-Term Investments | |
Investment Companies | | | 1,374 | | | | — | | | | — | | | | 1,374 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 4,119 | | | $ | 46,715 | | | $ | — | | | $ | 50,834 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 14 | | | $ | 3 | | | $ | — | | | $ | 17 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | — | | | $ | (1 | ) | | $ | — | | | $ | (1 | ) |
Options Written | | | | | | | | | | | | | | | | |
Call Options Written | | | (467 | ) | | | — | | | | — | | | | (467 | ) |
| | | | | | | | | | | | | | | | |
Total Depreciation in Other Financial Instruments | | $ | (467 | ) | | $ | (1 | ) | | $ | — | | | $ | (468 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 150 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
International Research Enhanced Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 234,374 | | | $ | — | | | $ | 234,374 | |
Austria | | | 31,087 | | | | 36 | | | | — | | | | 31,123 | |
Belgium | | | — | | | | 59,687 | | | | — | | | | 59,687 | |
Denmark | | | — | | | | 75,189 | | | | — | | | | 75,189 | |
Finland | | | — | | | | 72,220 | | | | — | | | | 72,220 | |
France | | | 81,254 | | | | 495,696 | | | | — | | | | 576,950 | |
Germany | | | 77,719 | | | | 338,621 | | | | — | | | | 416,340 | |
Hong Kong | | | — | | | | 141,315 | | | | — | | | | 141,315 | |
Ireland | | | 27,225 | | | | 8,599 | | | | — | | | | 35,824 | |
Italy | | | — | | | | 83,974 | | | | — | | | | 83,974 | |
Japan | | | — | | | | 1,001,738 | | | | — | | | | 1,001,738 | |
Luxembourg | | | — | | | | 21,374 | | | | — | | | | 21,374 | |
Malta | | | — | | | | — | | | | — | (b) | | | — | (b) |
Netherlands | | | — | | | | 243,415 | | | | — | | | | 243,415 | |
Singapore | | | — | | | | 49,896 | | | | — | | | | 49,896 | |
Spain | | | — | | | | 161,013 | | | | — | | | | 161,013 | |
Sweden | | | — | | | | 56,749 | | | | — | | | | 56,749 | |
Switzerland | | | 9,561 | | | | 430,445 | | | | — | | | | 440,006 | |
United Kingdom | | | — | | | | 666,840 | | | | — | | | | 666,840 | |
United States | | | — | | | | 35,578 | | | | — | | | | 35,578 | |
Other Common Stocks | | | 9,142 | | | | — | | | | — | | | | 9,142 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 235,988 | | | | 4,176,759 | | | | — | (b) | | | 4,412,747 | |
| | | | | | | | | | | | | | | | |
Rights | | | — | | | | — | (b) | | | — | | | | — | (b) |
Short-Term Investments | |
Investment Companies | | | 168,625 | | | | — | | | | — | | | | 168,625 | |
Investment of cash collateral from securities loaned | | | 215,789 | | | | — | | | | — | | | | 215,789 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 620,402 | | | $ | 4,176,759 | | | $ | — | (b) | | $ | 4,797,161 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 1,652 | | | $ | 1,014 | | | $ | — | | | $ | 2,666 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 151 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
International Unconstrained Equity Fund
| | | | | | | | | | | | | | | | |
| |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 10,785 | | | $ | — | | | $ | 10,785 | |
China | | | 11,422 | | | | 39,560 | | | | — | | | | 50,982 | |
Denmark | | | — | | | | 10,284 | | | | — | | | | 10,284 | |
France | | | — | | | | 30,023 | | | | — | | | | 30,023 | |
Germany | | | 7,468 | | | | 41,214 | | | | — | | | | 48,682 | |
Hong Kong | | | — | | | | 30,680 | | | | — | | | | 30,680 | |
Indonesia | | | — | | | | 9,724 | | | | — | | | | 9,724 | |
Japan | | | — | | | | 56,886 | | | | — | | | | 56,886 | |
Netherlands | | | — | | | | 11,578 | | | | — | | | | 11,578 | |
Sweden | | | — | | | | 5,244 | | | | — | | | | 5,244 | |
Switzerland | | | 1,650 | | | | 36,599 | | | | — | | | | 38,249 | |
United Kingdom | | | — | | | | 109,445 | | | | — | | | | 109,445 | |
United States | | | — | | | | 7,907 | | | | — | | | | 7,907 | |
Other Common Stocks | | | 91,207 | | | | — | | | | — | | | | 91,207 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 111,747 | | | | 399,929 | | | | — | | | | 511,676 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 21,161 | | | | — | | | | — | | | | 21,161 | |
Investment of cash collateral from securities loaned | | | 27,556 | | | | — | | | | — | | | | 27,556 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 160,464 | | | $ | 399,929 | | | $ | — | | | $ | 560,393 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 152 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
International Value Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 29,886 | | | $ | — | | | $ | 29,886 | |
Austria | | | 1,419 | | | | 3,581 | | | | — | | | | 5,000 | |
Belgium | | | — | | | | 3,570 | | | | — | | | | 3,570 | |
China | | | — | | | | 1,564 | | | | — | | | | 1,564 | |
Finland | | | 2,405 | | | | 2,006 | | | | — | | | | 4,411 | |
France | | | 966 | | | | 31,668 | | | | — | | | | 32,634 | |
Georgia | | | — | | | | 1,498 | | | | — | | | | 1,498 | |
Germany | | | 4,480 | | | | 25,510 | | | | — | | | | 29,990 | |
Ghana | | | — | | | | 634 | | | | — | | | | 634 | |
Hong Kong | | | — | | | | 12,684 | | | | — | | | | 12,684 | |
India | | | — | | | | 543 | | | | — | | | | 543 | |
Ireland | | | — | | | | 527 | | | | — | | | | 527 | |
Isle of Man | | | — | | | | 400 | | | | — | | | | 400 | |
Israel | | | — | | | | 2,243 | | | | — | | | | 2,243 | |
Italy | | | 1,101 | | | | 11,746 | | | | — | | | | 12,847 | |
Japan | | | — | | | | 90,286 | | | | — | | | | 90,286 | |
Luxembourg | | | — | | | | 1,365 | | | | — | | | | 1,365 | |
Malta | | | — | | | | 542 | | | | — | | | | 542 | |
Netherlands | | | 1,798 | | | | 31,431 | | | | — | | | | 33,229 | |
New Zealand | | | — | | | | 1,211 | | | | — | | | | 1,211 | |
Norway | | | 1,898 | | | | 11,773 | | | | — | | | | 13,671 | |
Portugal | | | 585 | | | | 769 | | | | — | | | | 1,354 | |
Russia | | | — | | | | 1,425 | | | | — | | | | 1,425 | |
Singapore | | | — | | | | 5,224 | | | | — | | | | 5,224 | |
South Africa | | | — | | | | 2,740 | | | | — | | | | 2,740 | |
Spain | | | — | | | | 12,996 | | | | — | | | | 12,996 | |
Sweden | | | — | | | | 13,715 | | | | — | | | | 13,715 | |
Switzerland | | | 3,080 | | | | 20,944 | | | | — | | | | 24,024 | |
Ukraine | | | — | | | | 704 | | | | — | | | | 704 | |
United Kingdom | | | 8,306 | | | | 61,415 | | | | — | | | | 69,721 | |
Other Common Stocks | | | 3,149 | | | | — | | | | — | | | | 3,149 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 29,187 | | | | 384,600 | | | | — | | | | 413,787 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | |
Investment Companies | | | 12,915 | | | | — | | | | — | | | | 12,915 | |
Investment of cash collateral from securities loaned | | | 8,406 | | | | — | | | | — | | | | 8,406 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 50,508 | | | $ | 384,600 | | | $ | — | | | $ | 435,108 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | 45 | | | $ | 275 | | | $ | — | | | $ | 320 | |
| | | | | | | | | | | | | | | | |
| (b) | Amount rounds to less than one thousand. |
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 net asset value of the Funds.
As of April 30, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 153 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
C. Securities Lending — Effective October 5, 2018, the Funds became 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 IM Shares of JPMorgan U.S. Government Money Market Fund and/or the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of 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 ofnon-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 ofnon-U.S. securities), subject to certainde 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. At April 30, 2019, the value of outstanding securities on loan and the value of Collateral investment were as follows (amounts in thousands):
| | | | | | | | | | | | |
| | | Value of
Securities on Loan | | | Cash Collateral
Posted by Borrower | | | Total value of
Collateral
Investments | |
Emerging Economies Fund | | $ | 136 | | | $ | 143 | | | $ | 143 | |
Emerging Markets Equity Fund | | | 22,871 | | | | 23,445 | | | | 23,445 | |
Europe Dynamic Fund | | | 50,821 | | | | 60,001 | | | | 60,001 | |
Global Research Enhanced Index Fund | | | 85,387 | | | | 88,973 | | | | 88,973 | |
International Advantage Fund | | | 163,187 | | | | 176,378 | | | | 176,378 | |
International Equity Fund | | | 355,310 | | | | 372,445 | | | | 372,445 | |
International Research Enhanced Equity Fund | | | 206,403 | | | | 215,789 | | | | 215,789 | |
International Unconstrained Equity Fund | | | 26,465 | | | | 27,556 | | | | 27,556 | |
International Value Fund | | | 8,046 | | | | 8,406 | | | | 8,406 | |
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 the Funds’ 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, 2019 (amounts in thousands).
| | | | | | | | | | | | |
| | | Investment Securities
on Loan, at value,
Presented on the
Statement of Assets
and Liabilities | | | Cash Collateral
Posted by Borrower | | | Net Amount Due
to Counterparty
(not less than zero) | |
Emerging Economies Fund | | $ | 136 | | | $ | (136 | ) | | $ | — | |
Emerging Markets Equity Fund | | | 22,871 | | | | (22,871 | ) | | | — | |
Europe Dynamic Fund | | | 50,821 | | | | (50,821 | ) | | | — | |
Global Research Enhanced Index Fund | | | 85,387 | | | | (85,387 | ) | | | — | |
International Advantage Fund | | | 163,187 | | | | (163,187 | ) | | | — | |
International Equity Fund | | | 355,310 | | | | (355,310 | ) | | | — | |
International Research Enhanced Equity Fund | | | 206,403 | | | | (206,403 | ) | | | — | |
International Unconstrained Equity Fund | | | 26,465 | | | | (26,465 | ) | | | — | |
International Value Fund | | | 8,046 | | | | (8,046 | ) | | | — | |
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.
| | | | | | |
| | | |
| 154 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):
| | | | |
Emerging Economies Fund | | $ | — | (a) |
Emerging Markets Equity Fund | | | 3 | |
Europe Dynamic Fund | | | 1 | |
Global Research Enhanced Index Fund | | | 3 | |
International Advantage Fund | | | 2 | |
International Equity Fund | | | 1 | |
International Research Enhanced Equity Fund | | | 4 | |
International Unconstrained Equity Fund | | | 1 | |
International Value Fund | | | 1 | |
| (a) | 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 Research Enhanced Equity Fund, International Equity Income Fund and International Hedged Equity Fund did not lend out any securities during the six months ended April 30, 2019.
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.
Emerging Economies Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares,
2.48%(a)(b) | | $ | — | | | $ | 43,589 | | | $ | 26,514 | | | $ | — | (c) | | $ | — | | | $ | 17,075 | | | | 17,070 | | | $ | 36 | | | $ | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b) | | | — | | | | 17,679 | | | | 17,536 | | | | — | | | | — | | | | 143 | | | | 143 | | | | 9 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | 42,721 | | | | 225,314 | | | | 268,035 | | | | — | (c) | | | — | | | | — | | | | — | | | | 128 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 42,721 | | | $ | 286,582 | | | $ | 312,085 | | | $ | — | (c) | | $ | — | | | $ | 17,218 | | | | | | | $ | 173 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 155 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b) | | $ | — | | | $ | 358,712 | | | $ | 220,481 | | | $ | — | (c) | | $ | — | (c) | | $ | 138,231 | | | | 138,189 | | | $ | 206 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b) | | | — | | | | 170,000 | | | | 156,001 | | | | 6 | * | | | — | | | | 14,005 | | | | 14,004 | | | | 314 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares,
2.45%(a)(b) | | | — | | | | 118,882 | | | | 109,442 | | | | — | | | | — | | | | 9,440 | | | | 9,440 | | | | 100 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | 58,479 | | | | 728,130 | | | | 786,609 | | | | — | (c) | | | — | | | | — | | | | — | | | | 551 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 58,479 | | | $ | 1,375,724 | | | $ | 1,272,533 | | | $ | 6 | | | $ | — | (c) | | $ | 161,676 | | | | | | | $ | 1,171 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Emerging Markets Research Enhanced Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the period ended April 30, 2019 | |
| Security Description | | Value at
December 11,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b) | | $ | — | | | $ | 3,833 | | | $ | 1,446 | | | $ | — | | | $ | — | (c) | | $ | 2,387 | | | | 2,386 | | | $ | 2 | | | $ | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | — | | | | 234,153 | | | | 234,153 | | | | — | (c) | | | — | | | | — | | | | — | | | | 85 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | 237,986 | | | $ | 235,599 | | | $ | — | (c) | | $ | — | (c) | | $ | 2,387 | | | | | | | $ | 87 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Europe Dynamic Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b) | | $ | — | | | $ | 29,174 | | | $ | 23,453 | | | $ | — | (c) | | $ | — | (c) | | $ | 5,721 | | | | 5,720 | | | $ | 17 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b) | | | — | | | | 80,000 | | | | 34,000 | | | | — | | | | — | | | | 46,000 | | | | 45,995 | | | | 84 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b) | | | — | | | | 67,915 | | | | 53,914 | | | | — | | | | — | | | | 14,001 | | | | 14,001 | | | | 61 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | 51,037 | | | | 162,751 | | | | 213,788 | | | | — | (c) | | | — | | | | — | | | | — | | | | 185 | | | | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 51,037 | | | $ | 339,840 | | | $ | 325,155 | | | $ | — | (c) | | $ | — | (c) | | $ | 65,722 | | | | | | | $ | 347 | | | $ | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 156 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
Global Research Enhanced Index Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares,
2.48%(a)(b) | | $ | — | | | $ | 71,031 | | | $ | 67,973 | | | $ | — | (c) | | $ | — | | | $ | 3,058 | | | | 3,057 | | | $ | 44 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b) | | | — | | | | 242,500 | | | | 178,500 | | | | 4 | * | | | — | | | | 64,004 | | | | 63,998 | | | | 345 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b) | | | — | | | | 185,211 | | | | 160,242 | | | | — | | | | — | | | | 24,969 | | | | 24,969 | | | | 113 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | — | | | | 639,681 | | | | 639,681 | | | | — | | | | — | | | | — | | | | — | | | | 275 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | 1,138,423 | | | $ | 1,046,396 | | | $ | 4 | | | $ | — | | | $ | 92,031 | | | | | | | $ | 777 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
International Advantage Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b) | | $ | — | | | $ | 94,105 | | | $ | 36,183 | | | $ | — | | | $ | — | (c) | | $ | 57,922 | | | | 57,905 | | | $ | 105 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares,
2.57%(a)(b) | | | — | | | | 257,000 | | | | 129,000 | | | | 3 | * | | | — | | | | 128,003 | | | | 127,990 | | | | 366 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b) | | | — | | | | 148,722 | | | | 100,347 | | | | — | | | | — | | | | 48,375 | | | | 48,375 | | | | 115 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | 52,914 | | | | 397,224 | | | | 450,138 | | | | — | | | | — | | | | — | | | | — | | | | 547 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 52,914 | | | $ | 897,051 | | | $ | 715,668 | | | $ | 3 | | | $ | — | (c) | | $ | 234,300 | | | | | | | $ | 1,133 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
International Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b) | | $ | — | | | $ | 127,989 | | | $ | 45,107 | | | $ | (1 | ) | | $ | — | | | $ | 82,881 | | | | 82,856 | | | $ | 168 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares,
2.57%(a)(b) | | | — | | | | 385,000 | | | | 106,000 | | | | — | | | | — | | | | 279,000 | | | | 278,972 | | | | 361 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b) | | | — | | | | 186,999 | | | | 93,554 | | | | — | | | | — | | | | 93,445 | | | | 93,445 | | | | 121 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | 166,797 | | | | 311,391 | | | | 478,188 | | | | — | | | | — | | | | — | | | | — | | | | 706 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 166,797 | | | $ | 1,011,379 | | | $ | 722,849 | | | $ | (1 | ) | | $ | — | | | $ | 455,326 | | | | | | | $ | 1,356 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 157 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
International Equity Income Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares,
2.48%(a)(b) | | $ | — | | | $ | 2,309 | | | $ | 995 | | | $ | — | | | $ | — | | | $ | 1,314 | | | | 1,314 | | | $ | 3 | | | $ | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | — | | | | 23,020 | | | | 23,020 | | | | — | | | | — | | | | — | | | | — | | | | 10 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | 25,329 | | | $ | 24,015 | | | $ | — | | | $ | — | | | $ | 1,314 | | | | | | | $ | 13 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
International Hedged Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the period ended April 30, 2019 | |
| Security Description | | Value at
March 15,
2019 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39%(a)(b) | | $ | — | | | $ | 1,421 | | | $ | 47 | | | $ | — | | | $ | — | | | $ | 1,374 | | | | 1,374 | | | $ | 1 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
International Research Enhanced Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.48%(a)(b) | | $ | — | | | $ | 245,856 | | | $ | 77,232 | | | $ | — | | | $ | 1 | | | $ | 168,625 | | | | 168,574 | | | $ | 192 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b) | | | — | | | | 323,000 | | | | 168,000 | | | | 4 | * | | | — | | | | 155,004 | | | | 154,989 | | | | 463 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b) | | | — | | | | 201,813 | | | | 141,028 | | | | — | | | | — | | | | 60,785 | | | | 60,785 | | | | 148 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | 56,728 | | | | 434,807 | | | | 491,535 | | | | — | | | | — | | | | — | | | | — | | | | 870 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 56,728 | | | $ | 1,205,476 | | | $ | 877,795 | | | $ | 4 | | | $ | 1 | | | $ | 384,414 | | | | | | | $ | 1,673 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 158 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
International Unconstrained Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares,
2.48%(a)(b) | | $ | — | | | $ | 52,287 | | | $ | 31,126 | | | $ | — | | | $ | — | (c) | | $ | 21,161 | | | | 21,155 | | | $ | 39 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57%(a)(b) | | | — | | | | 25,000 | | | | 10,000 | | | | — | | | | — | | | | 15,000 | | | | 14,999 | | | | 20 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b) | | | — | | | | 62,578 | | | | 50,022 | | | | — | | | | — | | | | 12,556 | | | | 12,556 | | | | 37 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | 1,995 | | | | 88,014 | | | | 90,009 | | | | — | | | | — | | | | — | | | | — | | | | 58 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,995 | | | $ | 227,879 | | | $ | 181,157 | | | $ | — | | | $ | — | (c) | | $ | 48,717 | | | | | | | $ | 154 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
International Value Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the six months ended April 30, 2019 | |
| Security Description | | Value at
October 31,
2018 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain (Loss) | | | Change
in Unrealized
Appreciation/
(Depreciation) | | | Value at
April 30,
2019 | | | Shares at
April 30,
2019 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares,
2.48%(a)(b) | | $ | — | | | $ | 18,634 | | | $ | 5,719 | | | $ | — | (c) | | $ | — | | | $ | 12,915 | | | | 12,911 | | | $ | 25 | | | $ | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45%(a)(b) | | | — | | | | 33,800 | | | | 25,394 | | | | — | | | | — | | | | 8,406 | | | | 8,406 | | | | 48 | * | | | — | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | | | — | | | | 51,039 | | | | 51,039 | | | | — | | | | — | | | | — | | | | — | | | | 69 | | | | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | — | | | $ | 103,473 | | | $ | 82,152 | | | $ | — | (c) | | $ | — | | | $ | 21,321 | | | | | | | $ | 142 | | | $ | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (b) | The rate shown is the current yield as of April 30, 2019. |
| (c) | Amount rounds to less than one thousand. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
E. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts and options in connection with their investment strategies. 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.
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 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 apre-determined percentage or fall below apre-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
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 159 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
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 will offset such net payable or receivable with collateral posted to a segregated account by one party to the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.
Notes E(1) — E(3) below describe the various derivatives used by the Funds.
(1). Options — International Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. 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 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.
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 on 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.
The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.
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). The Fund’sover-the-counter (“OTC”) options are subject to master netting agreements.
The Fund may be required to post or receive collateral forover-the-counter options. Cash collateral posted by the Fund is considered restricted.
The table below discloses the volume of the Fund’s options contracts activity during the six months ended April 30, 2019 (amounts in thousands):
| | | | |
| | | International
Hedged
Equity Fund | |
Exchange-Traded Options: | | | | |
Average Number of Contracts Purchased | | | 266 | (a) |
Average Number of Contracts Written | | | 531 | (a) |
Ending Number of Contracts Purchased | | | 267 | |
Ending Number of Contracts Written | | | 534 | |
| (a) | For the period March 15, 2019 through April 30, 2019. |
(2). Futures Contracts— Emerging Economies Fund, Emerging Markets Equity Fund, Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund, Global Research Enhanced Index Fund, International Advantage Fund, International Hedged Equity Fund, International Research Enhanced Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought 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
| | | | | | |
| | | |
| 160 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
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 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 in 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 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).
The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2019 (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging
Economies
Fund | | | Emerging
Markets
Equity
Fund | | | Emerging
Markets
Research
Enhanced
Equity
Fund | | | Europe
Dynamic
Fund | | | Global
Research
Enhanced
Index
Fund | | | International
Advantage
Fund | | | International
Hedged
Equity Fund | | | International
Research
Enhanced
Equity Fund | | | International
Value Fund | |
Futures Contracts—Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average Notional Balance Long | | $ | 42,814 | (a) | | $ | 1,960 | (a) | | $ | 2,630 | (b) | | $ | 14,197 | (c) | | $ | 56,422 | | | $ | 39,596 | | | $ | 1,302 | (d) | | $ | 104,423 | | | $ | 12,540 | (e) |
Ending Notional Balance Long | | | — | | | | — | | | | 1,889 | | | | — | | | | 7,374 | | | | 55,259 | | | | 1,946 | | | | 171,765 | | | | 13,180 | |
| (a) | For the period January 1, 2019 through January 31, 2019. |
| (b) | For the period December 11, 2018 through April 30, 2019. |
| (c) | For the period November 1, 2018 through March 31, 2019. |
| (d) | For the period March 15, 2019 through April 30, 2019. |
| (e) | For the period January 1, 2019 through April 30, 2019. |
(3). Forward Foreign Currency Exchange Contracts — International Equity Income Fund and International Unconstrained Equity Fund may be exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. 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. dollars without the delivery of foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record 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 Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.
The Funds’ 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 Funds may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.
The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the six months ended April 30, 2019 (amounts in thousands):
| | | | | | | | |
| | | International
Equity
Income Fund | | | International
Unconstrained
Equity Fund | |
Forward Foreign Currency Exchange Contracts: | | | | | | | | |
Average Settlement Value Purchased | | $ | 42,454 | | | $ | 54,509 | (a) |
Average Settlement Value Sold | | | 39,781 | | | | 26,478 | (a) |
Ending Settlement Value Purchased | | | 26,903 | | | | — | |
Ending Settlement Value Sold | | | 24,960 | | | | — | |
| (a) | For the period February 1, 2019 through February 28, 2019. |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 161 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(4). Summary of Derivatives Information— The following tables present the value of derivatives held as of April 30, 2019, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):
Emerging Markets Research Enhanced Equity Fund
| | | | | | |
| Derivative Contracts | | Statements of Assets and Liabilities Location | | | |
| Gross Assets: | | | | Futures Contracts (a) | |
Equity contracts | | Receivables, Net Assets — Unrealized Appreciation | | $ | 41 | |
| | | | | | |
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
Global Research Enhanced Index Fund
| | | | | | |
| Derivative Contracts | | Statements of Assets and Liabilities Location | | | |
| Gross Assets: | | | | Futures Contracts (a) | |
Equity contracts | | Receivables, Net Assets — Unrealized Appreciation | | $ | 154 | |
| | | | | | |
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
International Advantage Fund
| | | | | | |
| Derivative Contracts | | Statements of Assets and Liabilities Location | | | |
| Gross Assets: | | | | Futures Contracts (a) | |
Equity contracts | | Receivables, Net Assets — Unrealized Appreciation | | $ | 2,348 | |
| | | | | | |
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
International Equity Income Fund
| | | | | | |
| Derivative Contracts | | Statements of Assets and Liabilities Location | | | |
| Gross Assets: | | | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | Receivables | | $ | 57 | |
| | | | | | |
| | |
Gross Liabilities: | | | | | |
Foreign exchange contracts | | Payables | | $ | (244 | ) |
| | | | | | |
International Hedged Equity Fund
| | | | | | | | | | | | | | |
| Derivative Contracts | | Statements of Assets and Liabilities Location | | | | | | | |
| Gross Assets: | | | | Options | | | Futures Contracts (a) | | | Total | |
Equity contracts | | Receivables, Net Assets — Unrealized Appreciation | | $ | 115 | | | $ | 17 | | | $ | 132 | |
| | | | | | | | | | | | | | |
| | | | |
Gross Liabilities: | | | | | | | | | | | |
Equity contracts | | Payables, Net Assets — Unrealized Depreciation | | $ | (467 | ) | | $ | (1 | ) | | $ | (468 | ) |
| | | | | | | | | | | | | | |
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
International Research Enhanced Equity Fund
| | | | | | |
| Derivative Contracts | | Statements of Assets and Liabilities Location | | | |
| Gross Assets: | | | | Futures Contracts (a) | |
Equity contracts | | Receivables, Net Assets — Unrealized Appreciation | | $ | 2,666 | |
| | | | | | |
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
| | | | | | |
| | | |
| 162 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
International Value Fund
| | | | | | |
| Derivative Contracts | | Statements of Assets and Liabilities Location | | | |
| Gross Assets: | | | | Futures Contracts (a) | |
Equity contracts | | Receivables, Net Assets — Unrealized Appreciation | | $ | 320 | |
| | | | | | |
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2019, by primary underlying risk exposure (amounts in thousands):
Emerging Economies Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 1,803 | |
| | | | |
Emerging Markets Equity Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 2,644 | |
| | | | |
Emerging Markets Research Enhanced Equity Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 3,261 | |
| | | | |
|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 41 | |
| | | | |
Europe Dynamic Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 187 | |
| | | | |
|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | (201 | ) |
| | | | |
Global Research Enhanced Index Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | (1,118 | ) |
| | | | |
|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | (774 | ) |
| | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 163 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
International Advantage Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | (663 | ) |
| | | | |
| | | | |
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 3,200 | |
| | | | |
International Equity Income Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | $ | 603 | |
| | | | |
|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | $ | (513 | ) |
| | | | |
International Hedged Equity Fund
| | | | | | | | | | | | |
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Options | | | Futures Contracts | | | Total | |
Equity contracts | | $ | (344 | ) | | $ | 16 | | | $ | (328 | ) |
| | | | | | | | | | | | |
International Research Enhanced Equity Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 4,121 | |
| | | | |
|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 4,817 | |
| | | | |
International Unconstrained Equity Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | $ | (711 | ) |
| | | | |
International Value Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 995 | |
| | | | |
|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 320 | |
| | | | |
| | | | | | |
| | | |
| 164 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
The Funds’ derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.
F. 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 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.
G. Offering and Organization Costs — Total offering costs of approximately $48,000 and $103,000 paid in connection with the offering of shares of Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively, are amortized on a straight line basis over 12 months from the date the fund commenced operations. Costs paid in connection with the organization of Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, if any, were recorded as an expense at the time it commenced operations and are included as part of Professional fees on the Statements of Operations. For the six months ended April 30, 2019, total offering costs amortized were approximately $19,000 and $88,000 for the Emerging Markets Research Enhanced Equity Fund and International Hedged Equity Fund, respectively.
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 net of foreign taxes withheld, if any, is recorded on theex-dividend date or when a fund first learns of the dividend. Certain Funds may receive other income from investments 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 fromnon-affiliates on the Statements of Operations.
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 respective funds. In calculating the NAV of each class, 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 class of the Funds for the six months ended April 30, 2019 are as follows (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class I | | | Class L | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | | | Total | |
Emerging Economies Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | $ | 11 | | | $ | — | (a) | | $ | 3 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | $ | — | (a) | | $ | 6 | | | $ | 20 | |
Emerging Markets Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 28 | | | | 4 | | | | 24 | | | $ | 9 | | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | | 1 | | | | 15 | | | | 81 | |
Emerging Markets Research Enhanced Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | n/a | | | | n/a | | | | — | (a) | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 1 | | | | 1 | |
Europe Dynamic Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 11 | | | | 1 | | | | 3 | | | | 2 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | — | (a) | | | 17 | |
Global Research Enhanced Index Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | n/a | | | | n/a | | | | 2 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 25 | | | | 27 | |
International Advantage Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 10 | | | | — | (a) | | | 1 | | | | n/a | | | | 35 | | | | n/a | | | | n/a | | | | n/a | | | | 11 | | | | 57 | |
International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 21 | | | | 2 | | | | 3 | | | | n/a | | | | 1 | | | | n/a | | | | n/a | | | | — | (a) | | | 13 | | | | 40 | |
International Equity Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 2 | | | | 2 | | | | 7 | | | | n/a | | | | 1 | | | | n/a | | | | n/a | | | | — | (a) | | | — | (a) | | | 12 | |
International Hedged Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | — | | | | — | (a) | | | — | (a) | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | — | (a) | | | — | (a) | | | — | (a) |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 165 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class I | | | Class L | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | | | Total | |
International Research Enhanced Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | $ | 28 | | | | n/a | | | $ | 2 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | $ | 18 | | | $ | 48 | |
International Unconstrained Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 5 | | | $ | 2 | | | | 8 | | | | n/a | | | $ | 1 | | | | n/a | | | | n/a | | | $ | 2 | | | | — | (a) | | | 18 | |
International Value Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 9 | | | | 1 | | | | 2 | | | $ | — | (a) | | | 1 | | | | n/a | | | | n/a | | | | — | (a) | | | — | (a) | | | 13 | |
| (a) | 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, 2019, 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 of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains 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 gain 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 annually, except for International Equity Income Fund, which are declared and generally paid monthly. 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 Federaltax-basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.
The annual rate for each Fund is as follows:
| | | | |
Emerging Economies Fund | | | 0.85 | % |
Emerging Markets Equity Fund | | | 0.85 | |
Emerging Markets Research Enhanced Equity Fund | | | 0.25 | |
Europe Dynamic Fund | | | 0.65 | |
Global Research Enhanced Index Fund | | | 0.20 | |
International Advantage Fund | | | 0.60 | |
International Equity Fund | | | 0.60 | (1) |
International Equity Income Fund | | | 0.70 | |
International Hedged Equity Fund | | | 0.25 | |
International Research Enhanced Equity Fund | | | 0.20 | |
International Unconstrained Equity Fund | | | 0.65 | (1) |
International Value Fund | | | 0.60 | |
| (1) | Prior to March 1, 2019, the Investment Advisory fee was accrued daily and paid monthly at an annual rate of 0.70% on each Fund’s respective 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 Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, 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. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in
| | | | | | |
| | | |
| 166 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
excess of $25 billion of all such funds. For the six months ended April 30, 2019, the effective annualized rate was 0.08% 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.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services asSub-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 Trusts’ 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, in accordance with Rule12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class R2 | | | Class R3 | |
Emerging Economies Fund | | | 0.25 | % | | | 0.75 | % | | | n/a | | | | n/a | |
Emerging Markets Equity Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | % | | | 0.25 | % |
Europe Dynamic Fund | | | 0.25 | | | | 0.75 | | | | n/a | | | | n/a | |
International Advantage Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | | | | n/a | |
International Equity Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | | | | n/a | |
International Equity Income Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | | | | n/a | |
International Hedged Equity Fund | | | 0.25 | | | | 0.75 | | | | n/a | | | | n/a | |
International Research Enhanced Equity Fund | | | 0.25 | | | | n/a | | | | n/a | | | | n/a | |
International Unconstrained Equity Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | | | | n/a | |
International Value Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | | | | n/a | |
In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the six months ended April 30, 2019, JPMDS retained the following (amounts in thousands):
| | | | | | | | |
| | | Front-End Sales Charge | | | CDSC | |
Emerging Economies Fund | | $ | 1 | | | $ | — | |
Emerging Markets Equity Fund | | | 39 | | | | — | (a) |
Europe Dynamic Fund | | | 1 | | | | — | |
International Advantage Fund | | | 1 | | | | — | |
International Equity Fund | | | 44 | | | | — | |
International Equity Income Fund | | | 2 | | | | — | (a) |
International Research Enhanced Equity Fund | | | — | (a) | | | — | |
International Unconstrained Equity Fund | | | 21 | | | | — | (a) |
International Value Fund | | | 18 | | | | — | |
| (a) | Amount rounds to less than one thousand. |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for 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:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class I | | | Class L | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | |
Emerging Economies Fund | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 0.10 | % |
Emerging Markets Equity Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.10 | % | | | 0.25 | % | | | 0.25 | % | | | 0.25 | % | | | 0.10 | |
Emerging Markets Research Enhanced Equity Fund | | | n/a | | | | n/a | | | | 0.25 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Europe Dynamic Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.10 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Global Research Enhanced Index Fund | | | n/a | | | | n/a | | | | 0.25 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
International Advantage Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | n/a | | | | 0.25 | | | | n/a | | | | n/a | | | | n/a | |
International Equity Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | n/a | | | | 0.25 | | | | n/a | | | | n/a | | | | 0.10 | |
International Equity Income Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | n/a | | | | 0.25 | | | | n/a | | | | n/a | | | | 0.10 | |
International Hedged Equity Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 0.10 | |
International Research Enhanced Equity Fund | | | 0.25 | | | | n/a | | | | 0.25 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
International Unconstrained Equity Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | n/a | | | | 0.25 | | | | n/a | | | | n/a | | | | 0.10 | |
International Value Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.10 | | | | 0.25 | | | | n/a | | | | n/a | | | | 0.10 | |
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 under which 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.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 167 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
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, plusout-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 as 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:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class I | | | Class L | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Emerging Economies Fund | | | 1.14 | % | | | 1.64 | % | | | 0.89 | % | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 0.79 | % | | | 0.69 | % |
Emerging Markets Equity Fund | | | 1.24 | | | | 1.74 | | | | 0.99 | | | | 0.95 | % | | | 1.54 | % | | | 1.29 | % | | | 1.04 | % | | | 0.89 | | | | 0.79 | |
Emerging Markets Research Enhanced Equity Fund | | | n/a | | | | n/a | | | | 0.45 | (1) | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 0.35 | (1) |
Europe Dynamic Fund | | | 1.24 | | | | 1.74 | | | | 0.99 | | | | n/a | (2) | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 0.84 | (3) |
Global Research Enhanced Index Fund | | | n/a | | | | n/a | | | | 0.34 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 0.25 | |
International Advantage Fund(4) | | | 0.95 | | | | 1.45 | | | | 0.70 | | | | n/a | | | | 1.25 | | | | n/a | | | | n/a | | | | n/a | | | | 0.50 | |
International Equity Fund | | | 0.95 | | | | 1.45 | | | | 0.70 | | | | n/a | | | | 1.25 | | | | n/a | | | | n/a | | | | 0.60 | | | | 0.50 | |
International Equity Income Fund | | | 0.95 | | | | 1.45 | | | | 0.70 | | | | n/a | | | | 1.25 | | | | n/a | | | | n/a | | | | 0.60 | | | | 0.50 | |
International Hedged Equity Fund(5) | | | 0.85 | | | | 1.35 | | | | 0.60 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 0.45 | | | | 0.35 | |
International Research Enhanced Equity Fund | | | 0.60 | | | | n/a | | | | 0.35 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 0.25 | |
International Unconstrained Equity Fund | | | 1.00 | | | | 1.50 | | | | 0.75 | | | | n/a | | | | 1.30 | | | | n/a | | | | n/a | | | | 0.65 | | | | 0.55 | |
International Value Fund | | | 1.00 | | | | 1.50 | | | | 0.75 | | | | n/a | (6) | | | 1.30 | | | | n/a | | | | n/a | | | | 0.65 | | | | 0.55 | |
| (1) | The contractual expense percentages in the table above are in place until at least December 31, 2019. |
| (2) | Effective March 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to March 1, 2019, the contractual expense limitation was 1.00% for Class L Shares. |
| (3) | The contractual expense percentage in the table above is in place until September 30, 2019. |
| (4) | Prior to March 1, 2019, the contractual expense limitations were 1.00%, 1.50%, 0.75%, 1.30% and 0.55% for Class A, Class C, Class I, Class R2 and Class R6 Shares, respectively. |
| (5) | The contractual expense percentages in the table above are in place until at least January 31, 2020. |
| (6) | Effective March 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to March 1, 2019, the contractual expense limitation was 0.95% for Class L Shares. |
Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until February 29, 2020.
For the six months ended April 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| | | | | | | | | | | | | | | | | | | | |
| | | Contractual Waivers | | | | |
| | | Investment
Advisory
Fees | | | Administration
Fees | | | Service
Fees | | | Total | | | Contractual
Reimbursements | |
Emerging Economies Fund | | $ | 1,919 | | | $ | 572 | | | $ | 19 | | | $ | 2,510 | | | $ | 6 | |
Emerging Markets Equity Fund | | | 3,418 | | | | 1,910 | | | | 387 | | | | 5,715 | | | | 15 | |
Emerging Markets Research Enhanced Equity Fund | | | 39 | | | | 25 | | | | 2 | | | | 66 | | | | 59 | |
Europe Dynamic Fund | | | — | | | | — | | | | 95 | | | | 95 | | | | — | |
Global Research Enhanced Index Fund | | | 749 | | | | 499 | | | | 315 | | | | 1,563 | | | | — | |
International Advantage Fund | | | 1,787 | | | | 1,124 | | | | 99 | | | | 3,010 | | | | — | |
International Equity Fund | | | 4,028 | | | | 1,630 | | | | 134 | | | | 5,792 | | | | — | |
International Equity Income Fund | | | 297 | | | | 50 | | | | 40 | | | | 387 | | | | — | (a) |
International Hedged Equity Fund | | | 15 | | | | 5 | | | | — | (a) | | | 20 | | | | 25 | |
International Research Enhanced Equity Fund | | | 761 | | | | 507 | | | | 293 | | | | 1,561 | | | | — | |
International Unconstrained Equity Fund | | | 512 | | | | 177 | | | | 85 | | | | 774 | | | | — | (a) |
International Value Fund | | | 328 | | | | 170 | | | | 79 | | | | 577 | | | | — | (a) |
| (a) | Amount rounds to less than one thousand. |
| | | | | | |
| | | |
| 168 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (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.
The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2019 were as follows (amounts in thousands):
| | | | |
Emerging Economies Fund | | $ | 22 | |
Emerging Markets Equity Fund | | | 56 | |
Emerging Markets Research Enhanced Equity Fund | | | 5 | |
Europe Dynamic Fund | | | 22 | |
Global Research Enhanced Index Fund | | | 27 | |
International Advantage Fund | | | 60 | |
International Equity Fund | | | 87 | |
International Equity Income Fund | | | 1 | |
International Hedged Equity Fund | | | — | (a) |
International Research Enhanced Equity Fund | | | 78 | |
International Unconstrained Equity Fund | | | 6 | |
International Value Fund | | | 6 | |
| (a) | 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 apro-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, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):
| | | | | | | | |
| | | Purchases
(excluding U.S.
Government) | | | Sales
(excluding U.S.
Government) | |
Emerging Economies Fund | | $ | 489,057 | | | $ | 761,848 | |
Emerging Markets Equity Fund | | | 911,247 | | | | 697,676 | |
Emerging Markets Research Enhanced Equity Fund | | | 384,234 | | | | 31,173 | |
Europe Dynamic Fund | | | 223,277 | | | | 374,921 | |
Global Research Enhanced Index Fund | | | 772,941 | | | | 2,267,493 | |
International Advantage Fund | | | 1,138,823 | | | | 1,154,680 | |
International Equity Fund | | | 648,803 | | | | 720,951 | |
International Equity Income Fund | | | 28,974 | | | | 46,259 | |
International Hedged Equity Fund | | | 49,234 | | | | 635 | |
International Research Enhanced Equity Fund | | | 250,586 | | | | 708,435 | |
International Unconstrained Equity Fund | | | 141,921 | | | | 167,572 | |
International Value Fund | | | 114,098 | | | | 216,896 | |
During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 169 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
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, 2019 were as follows (amounts in thousands):
| | | | | | | | | | | | | | | | |
| | | Aggregate
Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net
Unrealized
Appreciation
(Depreciation) | |
Emerging Economies Fund | | $ | 1,217,161 | | | $ | 247,063 | | | $ | 56,407 | | | $ | 190,656 | |
Emerging Markets Equity Fund | | | 4,452,629 | | | | 1,680,108 | | | | 137,702 | | | | 1,542,406 | |
Emerging Markets Research Enhanced Equity Fund | | | 355,975 | | | | 24,135 | | | | 8,662 | | | | 15,473 | |
Europe Dynamic Fund | | | 600,894 | | | | 43,512 | | | | 10,531 | | | | 32,981 | |
Global Research Enhanced Index Fund | | | 3,387,637 | | | | 1,380,171 | | | | 87,354 | | | | 1,292,817 | |
International Advantage Fund | | | 3,509,151 | | | | 266,374 | | | | 155,306 | | | | 111,068 | |
International Equity Fund | | | 4,067,499 | | | | 911,433 | | | | 90,301 | | | | 821,132 | |
International Equity Income Fund | | | 122,861 | | | | 14,677 | | | | 4,638 | | | | 10,039 | |
International Hedged Equity Fund | | | 49,995 | | | | 1,625 | | | | 1,237 | | | | 388 | |
International Research Enhanced Equity Fund | | | 4,705,610 | | | | 435,666 | | | | 341,449 | | | | 94,217 | |
International Unconstrained Equity Fund | | | 500,466 | | | | 64,197 | | | | 4,270 | | | | 59,927 | |
International Value Fund | | | 445,536 | | | | 21,829 | | | | 31,937 | | | | (10,108 | ) |
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used beforepre-enactment net capital losses.
At October 31, 2018, the following Fund hadpre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains, as follows (amounts in thousands):
| | | | | | | | |
| | | 2019 | | | Total | |
Emerging Economies Fund | | $ | 16,730 | | | $ | 16,730 | |
At October 31, 2018, the following Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):
| | | | | | | | |
| | | Capital Loss Carryforward Character | |
| | | Short-Term | | | Long-Term | |
Emerging Economies Fund | | $ | 53,938 | | | $ | — | |
Emerging Markets Equity Fund | | | — | | | | 127,296 | |
Europe Dynamic Fund | | | 55,473 | | | | — | |
International Advantage Fund | | | 38,065 | | | | — | |
International Research Enhanced Equity Fund | | | 11,458 | | | | — | |
International Unconstrained Equity Fund | | | 27,318 | | | | — | |
During the year ended October 31, 2018, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):
| | | | | | | | |
| | | Capital Loss Utilized | |
| | | Short-Term | | | Long-Term | |
Emerging Economies Fund | | $ | 9,653 | | | $ | — | |
Europe Dynamic Fund | | | — | | | | 5,930 | |
Global Research Enhanced Index Fund | | | 52,424 | | | | 45,268 | |
International Equity Fund | | | 7,844 | | | | 43,809 | |
International Equity Income Fund | | | 9,533 | | | | — | |
International Unconstrained Equity Fund | | | — | | | | 1,307 | |
International Value Fund | | | 24,514 | | | | — | |
During the year ended October 31, 2018, the following Fund had expired capital loss carryforwards as follows (amounts in thousands):
| | | | |
| | | 2018 | |
International Value Fund | | $ | 41,204 | |
| | | | | | |
| | | |
| 170 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
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 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 November 4, 2019.
Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations. Average borrowings from the Facility during the six months ended April 30, 2019 were as follows (amounts in thousands, except number of days outstanding):
| | | | | | | | | | | | | | | | |
| | | Average
Borrowings | | | Average
Interest
Rate Paid | | | Number of
Days
Outstanding | | | Interest
Paid | |
Emerging Economies Fund | | $ | 23,462 | | | | 3.14 | % | | | 26 | | | $ | 53 | |
Emerging Markets Equity Fund | | | 21,582 | | | | 2.99 | | | | 26 | | | | 48 | |
Europe Dynamic Fund | | | 21,938 | | | | 2.94 | | | | 4 | | | | 7 | |
Global Research Enhanced Index Fund | | | 26,142 | | | | 3.11 | | | | 39 | | | | 91 | |
International Equity Income Fund | | | 4,589 | | | | 3.02 | | | | 12 | | | | 5 | |
International Value Fund | | | 5,131 | | | | 3.05 | | | | 27 | | | | 12 | |
The Trusts, along with certain other trusts (“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 $25,000,000 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 $25,000,000 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% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.
The Funds had no borrowings outstanding from the Credit Facility at April 30, 2019. Average borrowings from the Credit Facility during the six months ended April 30, 2019 were as follows (amounts in thousands, except number of days outstanding):
| | | | | | | | | | | | | | | | |
| | | Average
Borrowings | | | Average
Interest
Rate Paid | | | Number of
Days
Outstanding | | | Interest
Paid | |
Emerging Markets Equity Fund | | $ | 12,000 | | | | 3.38 | % | | | 1 | | | $ | 1 | |
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.
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.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 171 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
As of April 30, 2019, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:
| | | | | | | | | | | | |
| | | J.P. Morgan
Investor
Funds | | | JPMorgan
SmartRetirement
Funds | | | JPMorgan
SmartRetirement
Blend Funds | |
Emerging Economies Fund | | | 15.8 | % | | | 80.1 | % | | | — | % |
Emerging Markets Equity Fund | | | — | | | | 27.6 | | | | — | |
Emerging Markets Research Enhanced Equity Fund | | | — | | | | — | | | | 95.8 | |
Europe Dynamic Fund | | | 44.4 | | | | — | | | | — | |
International Advantage Fund | | | — | | | | 92.0 | | | | — | |
International Equity Fund | | | — | | | | 74.0 | | | | — | |
International Research Enhanced Equity Fund | | | 15.7 | | | | 64.3 | | | | — | |
International Unconstrained Equity Fund | | | 24.4 | | | | — | | | | — | |
As of April 30, 2019, the following Funds had individual shareholder and/or 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 | | | % of
the
Fund | | | Number of
individual
shareholder and/or
Non-Affiliated
Omnibus Accounts | | | % of
the
Fund | |
Emerging Economies Fund | | | 5 | | | | 59.7 | % | | | — | | | | — | % |
Emerging Markets Equity Fund | | | — | | | | — | | | | 1 | | | | 14.6 | |
Emerging Markets Research Enhanced Equity Fund | | | 6 | | | | 89.8 | | | | — | | | | — | |
Europe Dynamic Fund | | | 4 | | | | 57.6 | | | | 1 | | | | 11.6 | |
Global Research Enhanced Index Fund | | | 1 | | | | 86.4 | | | | — | | | | — | |
International Advantage Fund | | | 6 | | | | 77.0 | | | | — | | | | — | |
International Equity Fund | | | 3 | | | | 35.7 | | | | — | | | | — | |
International Equity Income Fund | | | 1 | | | | 16.8 | | | | 3 | | | | 56.5 | |
International Hedged Equity Fund | | | 1 | | | | 99.0 | | | | — | | | | — | |
International Research Enhanced Equity Fund | | | 2 | | | | 21.8 | | | | — | | | | — | |
International Unconstrained Equity Fund | | | 1 | | | | 16.5 | | | | 1 | | | | 20.4 | |
International Value Fund | | | — | | | | — | | | | 1 | | | | 62.4 | |
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
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 countries or regions, which may vary throughout the period depending on the Fund. Such concentrations may subject the 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, 2019, the following Funds hadnon-U.S. country allocations representing greater than 10% of total investments as follows:
| | | | | | | | | | | | | | | | |
| | | China | | | France | | | India | | | Japan | |
Emerging Economies Fund | | | 34.3 | % | | | — | % | | | — | % | | | — | % |
Emerging Markets Equity Fund | | | 30.2 | | | | — | | | | 16.6 | | | | — | |
Emerging Markets Research Enhanced Equity Fund | | | 33.1 | | | | — | | | | — | | | | — | |
Europe Dynamic Fund | | | — | | | | 15.4 | | | | — | | | | — | |
International Advantage Fund | | | — | | | | — | | | | — | | | | 21.6 | |
International Equity Fund | | | — | | | | 12.9 | | | | — | | | | 16.9 | |
International Equity Income Fund | | | — | | | | 14.5 | | | | — | | | | 16.2 | |
International Hedged Equity Fund | | | — | | | | 12.7 | | | | — | | | | 22.2 | |
International Research Enhanced Equity Fund | | | — | | | | 12.0 | | | | — | | | | 20.9 | |
International Unconstrained Equity Fund | | | — | | | | — | | | | — | | | | 10.2 | |
International Value Fund | | | — | | | | — | | | | — | | | | 20.8 | |
| | | | | | |
| | | |
| 172 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | | South
Korea | | | Switzerland | | | Taiwan | | | United
Kingdom | |
Emerging Economies Fund | | | 15.9 | % | | | — | % | | | 12.8 | % | | | — | % |
Emerging Markets Research Enhanced Equity Fund | | | 13.0 | | | | — | | | | 10.8 | | | | — | |
Europe Dynamic Fund | | | — | | | | 18.1 | | | | — | | | | 14.2 | |
International Advantage Fund | | | — | | | | — | | | | — | | | | 13.3 | |
International Equity Fund | | | — | | | | — | | | | — | | | | 15.9 | |
International Equity Income Fund | | | — | | | | 10.6 | | | | — | | | | 14.6 | |
International Hedged Equity Fund | | | — | | | | — | | | | — | | | | 14.6 | |
International Research Enhanced Equity Fund | | | — | | | | — | | | | — | | | | 13.9 | |
International Unconstrained Equity Fund | | | — | | | | — | | | | — | | | | 19.5 | |
International Value Fund | | | — | | | | — | | | | — | | | | 16.0 | |
As of April 30, 2019, 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.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”)2018-13 (“ASU2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.
9. Subsequent Events
At their meeting in May 2019, the Board of Trustees of JPM I approved the liquidation of the JPMorgan International Equity Fund which is expected to occur on or around July 8, 2019.
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 173 | |
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 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, 2018, and continued to hold your shares at the end of the reporting period, April 30, 2019.
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 entitled “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. 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, 2018 | | | Ending
Account Value
April 30, 2019 | | | Expenses
Paid During
the Period | | | Annualized
Expense
Ratio | |
JPMorgan Emerging Economies Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | $ | 1,000.00 | | | $ | 1,101.30 | | | $ | 5.94 | | | | 1.14 | % |
Hypothetical* | | | 1,000.00 | | | | 1,019.14 | | | | 5.71 | | | | 1.14 | |
Class C | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,098.90 | | | | 8.53 | | | | 1.64 | |
Hypothetical* | | | 1,000.00 | | | | 1,016.66 | | | | 8.20 | | | | 1.64 | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,102.40 | | | | 4.64 | | | | 0.89 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.38 | | | | 4.46 | | | | 0.89 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,103.50 | | | | 4.12 | | | | 0.79 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.88 | | | | 3.96 | | | | 0.79 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,103.40 | | | | 3.60 | | | | 0.69 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.37 | | | | 3.46 | | | | 0.69 | |
| | | | |
JPMorgan Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,231.90 | | | | 6.86 | | | | 1.24 | |
Hypothetical* | | | 1,000.00 | | | | 1,018.65 | | | | 6.21 | | | | 1.24 | |
Class C | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,229.10 | | | | 9.62 | | | | 1.74 | |
Hypothetical* | | | 1,000.00 | | | | 1,016.17 | | | | 8.70 | | | | 1.74 | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,233.30 | | | | 5.48 | | | | 0.99 | |
Hypothetical* | | | 1,000.00 | | | | 1,019.89 | | | | 4.96 | | | | 0.99 | |
Class L | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,234.30 | | | | 4.93 | | | | 0.89 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.38 | | | | 4.46 | | | | 0.89 | |
| | | | | | |
| | | |
| 174 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
November 1, 2018 | | | Ending
Account Value
April 30, 2019 | | | Expenses
Paid During
the Period | | | Annualized
Expense
Ratio | |
JPMorgan Emerging Markets Equity Fund (continued) | | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Actual* | | $ | 1,000.00 | | | $ | 1,229.90 | | | $ | 8.51 | | | | 1.54 | % |
Hypothetical* | | | 1,000.00 | | | | 1,017.16 | | | | 7.70 | | | | 1.54 | |
Class R3 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,231.60 | | | | 7.14 | | | | 1.29 | |
Hypothetical* | | | 1,000.00 | | | | 1,018.40 | | | | 6.46 | | | | 1.29 | |
Class R4 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,232.90 | | | | 5.76 | | | | 1.04 | |
Hypothetical* | | | 1,000.00 | | | | 1,019.64 | | | | 5.21 | | | | 1.04 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,234.10 | | | | 4.93 | | | | 0.89 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.38 | | | | 4.46 | | | | 0.89 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,235.00 | | | | 4.38 | | | | 0.79 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.88 | | | | 3.96 | | | | 0.79 | |
| | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Actual** | | | 1,000.00 | | | | 1,044.40 | | | | 1.11 | | | | 0.44 | |
Hypothetical* | | | 1,000.00 | | | | 1,022.61 | | | | 2.21 | | | | 0.44 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual*** | | | 1,000.00 | | | | 1,136.00 | | | | 1.39 | | | | 0.34 | |
Hypothetical* | | | 1,000.00 | | | | 1,023.11 | | | | 1.71 | | | | 0.34 | |
| | | | |
JPMorgan Europe Dynamic Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,060.00 | | | | 6.33 | | | | 1.24 | |
Hypothetical* | | | 1,000.00 | | | | 1,018.65 | | | | 6.21 | | | | 1.24 | |
Class C | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,057.40 | | | | 8.88 | | | | 1.74 | |
Hypothetical* | | | 1,000.00 | | | | 1,016.17 | | | | 8.70 | | | | 1.74 | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,061.10 | | | | 5.06 | | | | 0.99 | |
Hypothetical* | | | 1,000.00 | | | | 1,019.89 | | | | 4.96 | | | | 0.99 | |
Class L | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,061.60 | | | | 4.60 | | | | 0.90 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.33 | | | | 4.51 | | | | 0.90 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,062.10 | | | | 4.09 | | | | 0.80 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.83 | | | | 4.01 | | | | 0.80 | |
| | | | |
JPMorgan Global Research Enhanced Index Fund | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,096.30 | | | | 1.77 | | | | 0.34 | |
Hypothetical* | | | 1,000.00 | | | | 1,023.11 | | | | 1.71 | | | | 0.34 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,096.60 | | | | 1.30 | | | | 0.25 | |
Hypothetical* | | | 1,000.00 | | | | 1,023.55 | | | | 1.25 | | | | 0.25 | |
| | | | |
JPMorgan International Advantage Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,036.70 | | | | 4.95 | | | | 0.98 | |
Hypothetical* | | | 1,000.00 | | | | 1,019.93 | | | | 4.91 | | | | 0.98 | |
Class C | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,034.10 | | | | 7.46 | | | | 1.48 | |
Hypothetical* | | | 1,000.00 | | | | 1,017.46 | | | | 7.40 | | | | 1.48 | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 175 | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
November 1, 2018 | | | Ending
Account Value
April 30, 2019 | | | Expenses
Paid During
the Period | | | Annualized
Expense
Ratio | |
JPMorgan International Advantage Fund (continued) | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | $ | 1,000.00 | | | $ | 1,037.90 | | | $ | 3.69 | | | | 0.73 | % |
Hypothetical* | | | 1,000.00 | | | | 1,021.17 | | | | 3.66 | | | | 0.73 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,035.10 | | | | 6.46 | | | | 1.28 | |
Hypothetical* | | | 1,000.00 | | | | 1,018.45 | | | | 6.41 | | | | 1.28 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,039.10 | | | | 2.68 | | | | 0.53 | |
Hypothetical* | | | 1,000.00 | | | | 1,022.17 | | | | 2.66 | | | | 0.53 | |
| | | | |
JPMorgan International Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,106.80 | | | | 4.96 | | | | 0.95 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.08 | | | | 4.76 | | | | 0.95 | |
Class C | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,104.70 | | | | 7.57 | | | | 1.45 | |
Hypothetical* | | | 1,000.00 | | | | 1,017.60 | | | | 7.25 | | | | 1.45 | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,108.20 | | | | 3.66 | | | | 0.70 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.32 | | | | 3.51 | | | | 0.70 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,105.10 | | | | 6.52 | | | | 1.25 | |
Hypothetical* | | | 1,000.00 | | | | 1,018.60 | | | | 6.26 | | | | 1.25 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,109.30 | | | | 3.14 | | | | 0.60 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.82 | | | | 3.01 | | | | 0.60 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,109.90 | | | | 2.62 | | | | 0.50 | |
Hypothetical* | | | 1,000.00 | | | | 1,022.32 | | | | 2.51 | | | | 0.50 | |
| | | | |
JPMorgan International Equity Income Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,093.00 | | | | 4.98 | | | | 0.96 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.03 | | | | 4.81 | | | | 0.96 | |
Class C | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,090.40 | | | | 7.57 | | | | 1.46 | |
Hypothetical* | | | 1,000.00 | | | | 1,017.55 | | | | 7.30 | | | | 1.46 | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,094.80 | | | | 3.69 | | | | 0.71 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.27 | | | | 3.56 | | | | 0.71 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,091.80 | | | | 6.54 | | | | 1.26 | |
Hypothetical* | | | 1,000.00 | | | | 1,018.55 | | | | 6.31 | | | | 1.26 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,094.50 | | | | 3.17 | | | | 0.61 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.77 | | | | 3.06 | | | | 0.61 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,095.90 | | | | 2.65 | | | | 0.51 | |
Hypothetical* | | | 1,000.00 | | | | 1,022.27 | | | | 2.56 | | | | 0.51 | |
| | | | |
JPMorgan International Hedged Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual**** | | | 1,000.00 | | | | 1,014.70 | | | | 1.06 | | | | 0.87 | |
Hypothetical* | | | 1,000.00 | | | | 1,020.48 | | | | 4.36 | | | | 0.87 | |
| | | | | | |
| | | |
| 176 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
November 1, 2018 | | | Ending
Account Value
April 30, 2019 | | | Expenses
Paid During
the Period | | | Annualized
Expense
Ratio | |
JPMorgan International Hedged Equity Fund (continued) | | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Actual**** | | $ | 1,000.00 | | | $ | 1,014.00 | | | $ | 1.64 | | | | 1.35 | % |
Hypothetical* | | | 1,000.00 | | | | 1,018.10 | | | | 6.76 | | | | 1.35 | |
Class I | | | | | | | | | | | | | | | | |
Actual**** | | | 1,000.00 | | | | 1,015.30 | | | | 0.73 | | | | 0.60 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.82 | | | | 3.01 | | | | 0.60 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual**** | | | 1,000.00 | | | | 1,015.30 | | | | 0.55 | | | | 0.45 | |
Hypothetical* | | | 1,000.00 | | | | 1,022.56 | | | | 2.26 | | | | 0.45 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual**** | | | 1,000.00 | | | | 1,015.30 | | | | 0.41 | | | | 0.34 | |
Hypothetical* | | | 1,000.00 | | | | 1,023.11 | | | | 1.71 | | | | 0.34 | |
| | | | |
JPMorgan International Research Enhanced Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,075.50 | | | | 3.09 | | | | 0.60 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.82 | | | | 3.01 | | | | 0.60 | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,076.70 | | | | 1.80 | | | | 0.35 | |
Hypothetical* | | | 1,000.00 | | | | 1,023.06 | | | | 1.76 | | | | 0.35 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,077.20 | | | | 1.29 | | | | 0.25 | |
Hypothetical* | | | 1,000.00 | | | | 1,023.55 | | | | 1.25 | | | | 0.25 | |
| | | | |
JPMorgan International Unconstrained Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,151.70 | | | | 5.34 | | | | 1.00 | |
Hypothetical* | | | 1,000.00 | | | | 1,019.84 | | | | 5.01 | | | | 1.00 | |
Class C | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,148.50 | | | | 7.99 | | | | 1.50 | |
Hypothetical* | | | 1,000.00 | | | | 1,017.36 | | | | 7.50 | | | | 1.50 | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,152.40 | | | | 4.00 | | | | 0.75 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.08 | | | | 3.76 | | | | 0.75 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,149.70 | | | | 6.93 | | | | 1.30 | |
Hypothetical* | | | 1,000.00 | | | | 1,018.35 | | | | 6.51 | | | | 1.30 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,153.20 | | | | 3.47 | | | | 0.65 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.57 | | | | 3.26 | | | | 0.65 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,154.60 | | | | 2.94 | | | | 0.55 | |
Hypothetical* | | | 1,000.00 | | | | 1,022.07 | | | | 2.76 | | | | 0.55 | |
| | | | |
JPMorgan International Value Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,031.40 | | | | 5.09 | | | | 1.01 | |
Hypothetical* | | | 1,000.00 | | | | 1,019.79 | | | | 5.06 | | | | 1.01 | |
Class C | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,029.40 | | | | 7.60 | | | | 1.51 | |
Hypothetical* | | | 1,000.00 | | | | 1,017.31 | | | | 7.55 | | | | 1.51 | |
Class I | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,033.00 | | | | 3.83 | | | | 0.76 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.03 | | | | 3.81 | | | | 0.76 | |
| | | | | | | | |
| | | |
| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 177 | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
November 1, 2018 | | | Ending
Account Value
April 30, 2019 | | | Expenses
Paid During
the Period | | | Annualized
Expense
Ratio | |
JPMorgan International Value Fund (continued) | | | | | | | | | | | | | | | | |
Class L | | | | | | | | | | | | | | | | |
Actual* | | $ | 1,000.00 | | | $ | 1,033.50 | | | $ | 3.33 | | | | 0.66 | % |
Hypothetical* | | | 1,000.00 | | | | 1,021.52 | | | | 3.31 | | | | 0.66 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,030.20 | | | | 6.54 | | | | 1.30 | |
Hypothetical* | | | 1,000.00 | | | | 1,018.35 | | | | 6.51 | | | | 1.30 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,033.10 | | | | 3.33 | | | | 0.66 | |
Hypothetical* | | | 1,000.00 | | | | 1,021.52 | | | | 3.31 | | | | 0.66 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual* | | | 1,000.00 | | | | 1,034.10 | | | | 2.77 | | | | 0.55 | |
Hypothetical* | | | 1,000.00 | | | | 1,022.07 | | | | 2.76 | | | | 0.55 | |
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| ** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 90/365 (to reflect the actual period). Commencement of operations was January 30, 2019. |
| *** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 140/365 (to reflect the actual period). Commencement of operations was December 11, 2018. |
| **** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 44/365 (to reflect the actual period). Commencement of operations was March 15, 2019. |
| | | | | | |
| | | |
| 178 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering approvals of initial advisory agreements for new funds. At their August 2018 in-person meeting, the Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the initial advisory agreement or any of their affiliates (“Independent Trustees”), approved the initial investment advisory agreements (each, a “New Advisory Agreement and collectively, the “New Advisory Agreements”) for the Funds.
In connection with the approval of the New Advisory Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed New Advisory Agreements, the Trustees reviewed the New Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed agreements. The Trustees also discussed the proposed New Advisory Agreements in an executive session with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each New Advisory Agreement is provided below.
The Trustees considered information provided with respect to the Funds and the approval of the New Advisory Agreements. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. After considering and weighing the factors and information they had received, the Trustees found that the proposed compensation to be received by the Adviser from each Fund under the applicable New Advisory Agreement was fair and reasonable under the circumstances and determined that the initial approval of each New Advisory Agreement was in the best interests of each Fund and its potential shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
In connection with the approval of the New Advisory Agreements, the Trustees considered the materials furnished specifically in connection with the approval of the New Advisory Agreement, as well as other relevant information furnished throughout the year for the J.P. Morgan Funds complex, and
the Trustees’ experience with the Adviser and its services. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention to be given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered the investment strategy and investment process for each Fund, and the infrastructure supporting the portfolio management team, including personnel changes. In addition, the Trustees considered information about the structure and distribution strategy of each Fund, how it fits within the J.P. Morgan Funds lineup, and how it will be positioned against identified peers.
The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the J.P. Morgan Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the J.P. Morgan Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the J.P. Morgan Funds.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services to be provided to the Funds by the Adviser.
The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser, in its role as administrator, will earn fees from the Funds for providing shareholder and administrative services, respectively. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds. The Trustees also considered the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.
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| APRIL 30, 2019 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 179 | |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the proposed fees are competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the J.P. Morgan Funds complex over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at a competitive level. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.
Investment Performance
The Trustees considered each Fund’s investment strategy and process, portfolio management team and competitive
positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate that will be paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”) concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other projected expenses and the expense ratios for each Fund. The Trustees considered the projected Fee Caps proposed for each Fund, and the net advisory fee rates after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees noted that the Funds’ estimated net advisory fees and total expenses, which were considered on a class-by-class basis, were in line with identified peer funds. After considering all of the factors identified above, in light of the information, the Trustees concluded that the advisory fees were satisfactory.
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| 180 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2019 |
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. at1-800-480-4111 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 at202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q 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.
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 calling1-800-480-4111 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 recent12-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.
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| | © JPMorgan Chase & Co., 2019. All rights reserved. April 2019. | | SAN-INTEQ-419 |
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
| (a) | (1) Disclose that the registrant’s board of directors has determined that the registrant either: |
| | (i) | Has at least one audit committee financial expert serving on its audit committee; or |
| | (ii) | Does not have an audit committee financial expert serving on its audit committee. |
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
| | (i) | Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or |
| | (ii) | Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C.80a-2(a)(19)). |
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable to a semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-X.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) Disclose the aggregatenon-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision ofnon-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule10A-3 under the Exchange Act (17CFR240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule10A-3(d) under the Exchange Act (17CFR240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
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 inSection 210.12-12 of RegulationS-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 FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BYCLOSED-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 CFR240.14a-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 Rule30a-3(c) under the Act (17 CFR270.30a-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 Rule30a-3(b) under the Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or240.15d-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 FormN-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 FormN-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 Rule30a-3(d) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter 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 FORCLOSED-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 Rule30a-2(a) under the Act (17 CFR270.30a-2).
Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(3) Any written solicitation to purchase securities under Rule23c-1 under the Act (17 CFR270.23c-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.
| | (b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule30a-2(b) under the Act of 1940. |
Certifications pursuant to Rule30a-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.
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| JPMorgan Trust IV |
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| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel President and Principal Executive Officer July 2, 2019 |
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.
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| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel President and Principal Executive Officer July 2, 2019 |
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| By: | | /s/ Timothy J. Clemens |
| | Timothy J. Clemens Treasurer and Principal Financial Officer July 2, 2019 |
