UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23117
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, 2022 through April 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.
JPMorgan Emerging Markets Equity Fund |
JPMorgan Emerging Markets Research Enhanced Equity Fund |
JPMorgan Europe Dynamic Fund |
JPMorgan International Equity Fund |
JPMorgan International Focus Fund |
JPMorgan International Hedged Equity Fund |
JPMorgan International Value Fund |
1 | |
2 | |
3 | |
7 | |
10 | |
13 | |
16 | |
19 | |
23 | |
26 | |
52 | |
74 | |
96 | |
117 | |
121 |
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
June 15, 2023 (Unaudited)
“While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.” — Brian S. Shlissel |
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
April 30, 2023 | J.P. Morgan International Equity Funds | 1 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
2 | J.P. Morgan International Equity Funds | April 30, 2023 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class L Shares) * | 18.69% |
MSCI Emerging Markets Index (net total return) | 16.36% |
Net Assets as of 4/30/2023 (In Thousands) | $8,089,047 |
April 30, 2023 | J.P. Morgan International Equity Funds | 3 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 8.2 % |
2. | Samsung Electronics Co. Ltd. (South Korea) | 6.4 |
3. | Tencent Holdings Ltd. (China) | 4.3 |
4. | MercadoLibre, Inc. (Brazil) | 3.5 |
5. | HDFC Bank Ltd. (India) | 3.4 |
6. | Housing Development Finance Corp. Ltd. (India) | 3.2 |
7. | AIA Group Ltd. (Hong Kong) | 2.8 |
8. | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 2.6 |
9. | Kotak Mahindra Bank Ltd. (India) | 2.3 |
10. | Bank Central Asia Tbk. PT (Indonesia) | 2.3 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
China | 23.5% |
India | 22.8 |
Taiwan | 12.9 |
South Korea | 8.4 |
Brazil | 7.7 |
Hong Kong | 6.1 |
Indonesia | 4.9 |
Mexico | 3.7 |
United States | 3.5 |
South Africa | 3.0 |
Portugal | 1.5 |
Panama | 1.0 |
Others (each less than 1.0%) | 0.9 |
Short-Term Investments | 0.1 |
4 | J.P. Morgan International Equity Funds | April 30, 2023 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | September 28, 2001 | ||||
With Sales Charge ** | 12.27 % | (7.17 )% | (0.22 )% | 2.02 % | |
Without Sales Charge | 18.48 | (2.02 ) | 0.87 | 2.57 | |
CLASS C SHARES | February 28, 2006 | ||||
With CDSC *** | 17.19 | (3.53 ) | 0.37 | 2.16 | |
Without CDSC | 18.19 | (2.53 ) | 0.37 | 2.16 | |
CLASS I SHARES | September 10, 2001 | 18.66 | (1.80 ) | 1.12 | 2.82 |
CLASS L SHARES | November 15, 1993 | 18.69 | (1.69 ) | 1.22 | 2.95 |
CLASS R2 SHARES | July 31, 2017 | 18.31 | (2.32 ) | 0.57 | 2.36 |
CLASS R3 SHARES | July 31, 2017 | 18.46 | (2.09 ) | 0.82 | 2.54 |
CLASS R4 SHARES | July 31, 2017 | 18.61 | (1.84 ) | 1.07 | 2.79 |
CLASS R5 SHARES | September 9, 2016 | 18.72 | (1.70 ) | 1.22 | 2.95 |
CLASS R6 SHARES | December 23, 2013 | 18.74 | (1.59 ) | 1.32 | 3.04 |
* | Not annualized. |
** | 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. |
April 30, 2023 | J.P. Morgan International Equity Funds | 5 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
6 | J.P. Morgan International Equity Funds | April 30, 2023 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class R6 Shares) * | 17.55% |
MSCI Emerging Markets Index (net total return) | 16.36% |
Net Assets as of 4/30/2023 (In Thousands) | $2,386,407 |
April 30, 2023 | J.P. Morgan International Equity Funds | 7 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 6.4 % |
2. | Tencent Holdings Ltd. (China) | 4.6 |
3. | Samsung Electronics Co. Ltd. (South Korea) | 4.4 |
4. | Alibaba Group Holding Ltd. (China) | 2.6 |
5. | Reliance Industries Ltd. (India) | 1.6 |
6. | China Construction Bank Corp., Class H (China) | 1.2 |
7. | Meituan (China) | 1.2 |
8. | Housing Development Finance Corp. Ltd. (India) | 1.2 |
9. | Ping An Insurance Group Co. of China Ltd., Class H (China) | 1.0 |
10. | Vale SA, ADR (Brazil) | 1.0 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
China | 31.4% |
Taiwan | 14.3 |
India | 13.7 |
South Korea | 12.5 |
Brazil | 5.6 |
South Africa | 4.3 |
Saudi Arabia | 3.8 |
Mexico | 3.2 |
Thailand | 2.3 |
Indonesia | 2.2 |
Malaysia | 1.0 |
Others (each less than 1.0%) | 4.8 |
Short-Term Investments | 0.9 |
8 | J.P. Morgan International Equity Funds | April 30, 2023 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | SINCE INCEPTION | |
CLASS I SHARES | January 30, 2019 | 17.50 % | (5.69 )% | 2.78 % |
CLASS R6 SHARES | December 11, 2018 | 17.55 | (5.63 ) | 2.88 |
* | Not annualized. |
April 30, 2023 | J.P. Morgan International Equity Funds | 9 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class A Shares, without a sales charge) * | 24.33% |
MSCI Europe Index (net total return) | 28.24% |
Net Assets as of 4/30/2023 (In Thousands) | $640,016 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | LVMH Moet Hennessy Louis Vuitton SE (France) | 4.6 % |
2. | Novo Nordisk A/S, Class B (Denmark) | 4.6 |
3. | Nestle SA (Registered) | 4.0 |
4. | Novartis AG (Registered) (Switzerland) | 4.0 |
5. | TotalEnergies SE (France) | 3.1 |
6. | BP plc (United Kingdom) | 3.0 |
7. | Siemens AG (Registered) (Germany) | 2.4 |
8. | Allianz SE (Registered) (Germany) | 2.3 |
9. | Koninklijke Ahold Delhaize NV (Netherlands) | 2.2 |
10. | Vinci SA (France) | 2.2 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
France | 21.1% |
Germany | 16.8 |
United Kingdom | 12.1 |
Switzerland | 7.5 |
United States | 6.8 |
Denmark | 5.8 |
Ireland | 4.9 |
Sweden | 3.3 |
Netherlands | 2.8 |
Finland | 2.6 |
Spain | 2.5 |
Italy | 2.2 |
Austria | 1.3 |
China | 1.2 |
Others (each less than 1.0%) | 1.2 |
Short-Term Investments | 7.9 |
10 | J.P. Morgan International Equity Funds | April 30, 2023 |
April 30, 2023 | J.P. Morgan International Equity Funds | 11 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | November 2, 1995 | ||||
With Sales Charge ** | 17.82 % | 7.70 % | 2.86 % | 4.67 % | |
Without Sales Charge | 24.33 | 13.68 | 3.98 | 5.24 | |
CLASS C SHARES | November 1, 1998 | ||||
With CDSC *** | 23.04 | 12.13 | 3.46 | 4.82 | |
Without CDSC | 24.04 | 13.13 | 3.46 | 4.82 | |
CLASS I SHARES | September 10, 2001 | 24.46 | 13.91 | 4.23 | 5.52 |
CLASS L SHARES | September 10, 2001 | 24.55 | 14.09 | 4.37 | 5.68 |
CLASS R6 SHARES | October 1, 2018 | 24.60 | 14.19 | 4.46 | 5.73 |
* | Not annualized. |
** | 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. |
12 | J.P. Morgan International Equity Funds | April 30, 2023 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | 24.98% |
MSCI EAFE Index (net total return) | 24.19% |
Net Assets as of 4/30/2023 (In Thousands) | $4,400,822 |
April 30, 2023 | J.P. Morgan International Equity Funds | 13 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | Nestle SA (Registered) | 3.7 % |
2. | Shell plc (Netherlands) | 3.0 |
3. | AstraZeneca plc (United Kingdom) | 2.7 |
4. | LVMH Moet Hennessy Louis Vuitton SE (France) | 2.3 |
5. | Novo Nordisk A/S, Class B (Denmark) | 2.3 |
6. | TotalEnergies SE (France) | 2.3 |
7. | Roche Holding AG | 2.3 |
8. | ASML Holding NV (Netherlands) | 2.1 |
9. | Iberdrola SA (Spain) | 1.9 |
10. | DBS Group Holdings Ltd. (Singapore) | 1.9 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Japan | 16.0% |
France | 15.9 |
United States | 9.9 |
Germany | 9.4 |
United Kingdom | 9.2 |
Netherlands | 5.1 |
Denmark | 4.5 |
Hong Kong | 4.0 |
Sweden | 2.8 |
Switzerland | 2.7 |
Australia | 2.5 |
Spain | 1.9 |
Singapore | 1.9 |
South Korea | 1.2 |
Belgium | 1.0 |
India | 1.0 |
Others (each less than 1.0%) | 3.5 |
Short-Term Investments | 7.5 |
14 | J.P. Morgan International Equity Funds | April 30, 2023 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | February 28, 2002 | ||||
With Sales Charge ** | 18.30 % | 3.83 % | 2.21 % | 3.81 % | |
Without Sales Charge | 24.88 | 9.57 | 3.32 | 4.37 | |
CLASS C SHARES | January 31, 2003 | ||||
With CDSC *** | 23.54 | 7.98 | 2.81 | 3.95 | |
Without CDSC | 24.54 | 8.98 | 2.81 | 3.95 | |
CLASS I SHARES | January 1, 1997 | 24.98 | 9.80 | 3.58 | 4.63 |
CLASS R2 SHARES | November 3, 2008 | 24.73 | 9.24 | 3.02 | 4.08 |
CLASS R5 SHARES | May 15, 2006 | 25.05 | 9.94 | 3.69 | 4.78 |
CLASS R6 SHARES | November 30, 2010 | 25.16 | 10.07 | 3.80 | 4.87 |
* | Not annualized. |
** | 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. |
April 30, 2023 | J.P. Morgan International Equity Funds | 15 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | 23.83% |
MSCI ACWI ex USA Index (net total return) | 20.65% |
Net Assets as of 4/30/2023 (In Thousands) | $1,338,536 |
16 | J.P. Morgan International Equity Funds | April 30, 2023 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | Shell plc (Netherlands) | 4.5 % |
2. | Nestle SA (Registered) | 4.3 |
3. | Samsung Electronics Co. Ltd. (South Korea) | 3.5 |
4. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 3.0 |
5. | Allianz SE (Registered) (Germany) | 2.9 |
6. | TotalEnergies SE (France) | 2.8 |
7. | HDFC Bank Ltd., ADR (India) | 2.7 |
8. | LVMH Moet Hennessy Louis Vuitton SE (France) | 2.6 |
9. | Canadian National Railway Co. (Canada) | 2.5 |
10. | ASML Holding NV (Netherlands) | 2.5 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
France | 13.5% |
United States | 11.0 |
Japan | 9.6 |
Germany | 8.6 |
United Kingdom | 8.0 |
Netherlands | 7.0 |
Canada | 6.5 |
South Korea | 3.5 |
Denmark | 3.2 |
Taiwan | 3.0 |
Indonesia | 2.8 |
India | 2.7 |
Singapore | 2.4 |
Spain | 2.4 |
China | 2.3 |
Australia | 2.3 |
Hong Kong | 2.2 |
Belgium | 2.0 |
Sweden | 1.6 |
Mexico | 1.1 |
South Africa | 1.1 |
Short-Term Investments | 3.2 |
April 30, 2023 | J.P. Morgan International Equity Funds | 17 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | November 30, 2011 | ||||
With Sales Charge ** | 17.23 % | 1.68 % | 2.59 % | 4.54 % | |
Without Sales Charge | 23.70 | 7.31 | 3.70 | 5.10 | |
CLASS C SHARES | November 30, 2011 | ||||
With CDSC *** | 22.39 | 5.73 | 3.18 | 4.68 | |
Without CDSC | 23.39 | 6.73 | 3.18 | 4.68 | |
CLASS I SHARES | November 30, 2011 | 23.83 | 7.54 | 3.96 | 5.39 |
CLASS R2 SHARES | November 30, 2011 | 23.54 | 7.00 | 3.39 | 4.81 |
CLASS R5 SHARES | November 30, 2011 | 23.87 | 7.64 | 4.06 | 5.51 |
CLASS R6 SHARES | November 30, 2011 | 23.99 | 7.75 | 4.17 | 5.60 |
* | Not annualized. |
** | 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. |
18 | J.P. Morgan International Equity Funds | April 30, 2023 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | 14.69% |
MSCI EAFE Index (net total return) | 24.19% |
ICE BofA 3-Month US Treasury Bill Index | 2.10% |
Net Assets as of 4/30/2023 (In Thousands) | $147,382 |
April 30, 2023 | J.P. Morgan International Equity Funds | 19 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | Nestle SA (Registered) | 2.7 % |
2. | LVMH Moet Hennessy Louis Vuitton SE (France) | 2.5 |
3. | Novo Nordisk A/S, Class B (Denmark) | 2.4 |
4. | ASML Holding NV (Netherlands) | 2.2 |
5. | Roche Holding AG | 1.9 |
6. | AstraZeneca plc (United Kingdom) | 1.9 |
7. | Shell plc (Netherlands) | 1.8 |
8. | Novartis AG (Registered) (Switzerland) | 1.6 |
9. | BP plc (United Kingdom) | 1.5 |
10. | L'Oreal SA (France) | 1.3 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Japan | 21.6% |
United Kingdom | 12.9 |
France | 12.5 |
Germany | 8.6 |
United States | 8.2 |
Netherlands | 6.0 |
Australia | 6.0 |
Switzerland | 5.7 |
Denmark | 3.2 |
Spain | 2.6 |
Hong Kong | 2.4 |
Sweden | 2.0 |
Singapore | 1.1 |
Finland | 1.0 |
Italy | 1.0 |
Others (each less than 1.0%) | 1.7 |
Short-Term Investments | 3.5 |
20 | J.P. Morgan International Equity Funds | April 30, 2023 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | SINCE INCEPTION | |
CLASS A SHARES | March 15, 2019 | |||
With Sales Charge ** | 8.55 % | 4.06 % | 1.82 % | |
Without Sales Charge | 14.56 | 9.80 | 3.15 | |
CLASS C SHARES | March 15, 2019 | |||
With CDSC *** | 13.35 | 8.27 | 2.64 | |
Without CDSC | 14.35 | 9.27 | 2.64 | |
CLASS I SHARES | March 15, 2019 | 14.69 | 10.11 | 3.42 |
CLASS R5 SHARES | March 15, 2019 | 14.80 | 10.21 | 3.56 |
CLASS R6 SHARES | March 15, 2019 | 14.91 | 10.40 | 3.67 |
* | Not annualized. |
** | 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. |
April 30, 2023 | J.P. Morgan International Equity Funds | 21 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
22 | J.P. Morgan International Equity Funds | April 30, 2023 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class L Shares) * | 24.13% |
MSCI EAFE Value Index (net total return) | 22.90% |
Net Assets as of 4/30/2023 (In Thousands) | $456,773 |
April 30, 2023 | J.P. Morgan International Equity Funds | 23 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | Novartis AG (Registered) (Switzerland) | 3.1 % |
2. | Shell plc (Netherlands) | 3.0 |
3. | TotalEnergies SE (France) | 2.2 |
4. | BHP Group Ltd. (Australia) | 2.0 |
5. | BP plc (United Kingdom) | 1.8 |
6. | HSBC Holdings plc (United Kingdom) | 1.8 |
7. | Sanofi | 1.5 |
8. | Allianz SE (Registered) (Germany) | 1.5 |
9. | Mitsubishi UFJ Financial Group, Inc. (Japan) | 1.2 |
10. | GSK plc | 1.2 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Japan | 18.4% |
United Kingdom | 13.5 |
France | 10.4 |
Germany | 9.4 |
Australia | 8.0 |
Netherlands | 5.8 |
Switzerland | 5.6 |
United States | 4.2 |
Italy | 3.6 |
Spain | 2.9 |
Norway | 2.8 |
Hong Kong | 2.2 |
Sweden | 1.8 |
Denmark | 1.5 |
Finland | 1.5 |
Austria | 1.1 |
Singapore | 1.1 |
Others (each less than 1.0%) | 2.3 |
Short-Term Investments | 3.9 |
24 | J.P. Morgan International Equity Funds | April 30, 2023 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | September 28, 2001 | ||||
With Sales Charge ** | 17.38 % | 5.30 % | 0.16 % | 1.91 % | |
Without Sales Charge | 23.93 | 11.10 | 1.25 | 2.46 | |
CLASS C SHARES | July 11, 2006 | ||||
With CDSC *** | 22.72 | 9.63 | 0.75 | 2.05 | |
Without CDSC | 23.72 | 10.63 | 0.75 | 2.05 | |
CLASS I SHARES | September 10, 2001 | 24.15 | 11.45 | 1.52 | 2.74 |
CLASS L SHARES | November 4, 1993 | 24.13 | 11.47 | 1.61 | 2.85 |
CLASS R2 SHARES | November 3, 2008 | 23.76 | 10.73 | 0.95 | 2.18 |
CLASS R5 SHARES | September 9, 2016 | 24.21 | 11.46 | 1.61 | 2.85 |
CLASS R6 SHARES | November 30, 2010 | 24.21 | 11.67 | 1.71 | 2.97 |
* | Not annualized. |
** | 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. |
April 30, 2023 | J.P. Morgan International Equity Funds | 25 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 100.5% | ||
Brazil — 7.8% | ||
B3 SA - Brasil Bolsa Balcao | 6,245 | 14,586 |
Itau Unibanco Holding SA, ADR | 12,965 | 66,772 |
MercadoLibre, Inc. * | 222 | 282,825 |
NU Holdings Ltd., Class A * | 22,632 | 116,780 |
Raia Drogasil SA | 16,831 | 88,682 |
XP, Inc., Class A * | 4,331 | 61,883 |
631,528 | ||
China — 23.6% | ||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A * | 14,190 | 60,845 |
Budweiser Brewing Co. APAC Ltd. (a) | 26,855 | 77,589 |
Dada Nexus Ltd., ADR * | 3,380 | 20,481 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A * | 8,013 | 81,853 |
Fuyao Glass Industry Group Co. Ltd., Class A * | 10,452 | 51,307 |
JD.com, Inc., ADR | 1,269 | 45,324 |
JD.com, Inc., Class A | 7,648 | 136,493 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A * | 13,215 | 117,661 |
Kingdee International Software Group Co. Ltd. * | 25,620 | 39,395 |
Meituan * (a) | 2,319 | 39,638 |
Midea Group Co. Ltd., Class A | 3,160 | 25,940 |
NetEase, Inc., ADR | 91 | 8,116 |
NetEase, Inc. | 6,083 | 108,285 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A * | 1,898 | 85,622 |
Shenzhou International Group Holdings Ltd. | 10,325 | 99,170 |
Silergy Corp. | 5,554 | 87,666 |
Tencent Holdings Ltd. | 7,848 | 348,591 |
Wanhua Chemical Group Co. Ltd., Class A * | 8,662 | 115,498 |
Wuliangye Yibin Co. Ltd., Class A | 4,588 | 112,107 |
WuXi AppTec Co. Ltd., Class A * | 5,739 | 56,130 |
Wuxi Biologics Cayman, Inc. * (a) | 14,129 | 84,252 |
Yum China Holdings, Inc. | 1,765 | 108,002 |
1,909,965 | ||
Hong Kong — 6.1% | ||
AIA Group Ltd. | 21,307 | 231,962 |
Hong Kong Exchanges & Clearing Ltd. | 850 | 35,302 |
Prudential plc | 6,925 | 105,954 |
Techtronic Industries Co. Ltd. | 10,004 | 108,234 |
Techtronic Industries Co. Ltd. | 1,219 | 13,206 |
494,658 | ||
India — 22.9% | ||
Apollo Hospitals Enterprise Ltd. | 1,404 | 77,741 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
India — continued | ||
Asian Paints Ltd. | 1,277 | 45,463 |
Britannia Industries Ltd. | 1,042 | 58,093 |
HDFC Bank Ltd., ADR * | 2,433 | 169,849 |
HDFC Bank Ltd. | 13,266 | 274,272 |
HDFC Life Insurance Co. Ltd. * (a) | 16,510 | 107,186 |
Hindustan Unilever Ltd. | 3,140 | 94,506 |
Housing Development Finance Corp. Ltd. | 7,648 | 260,579 |
Infosys Ltd., ADR | 6,211 | 96,521 |
Infosys Ltd. | 3,205 | 49,455 |
ITC Ltd. | 16,145 | 84,190 |
Kotak Mahindra Bank Ltd. | 8,026 | 191,009 |
Reliance Industries Ltd. | 5,555 | 164,954 |
Tata Consultancy Services Ltd. * | 4,506 | 178,161 |
1,851,979 | ||
Indonesia — 4.9% | ||
Bank Central Asia Tbk. PT | 304,772 | 188,608 |
Bank Rakyat Indonesia Persero Tbk. PT | 597,595 | 208,250 |
396,858 | ||
Macau — 0.9% | ||
Sands China Ltd. * | 21,541 | 77,147 |
Mexico — 3.7% | ||
Grupo Financiero Banorte SAB de CV, Class O | 14,394 | 124,742 |
Wal-Mart de Mexico SAB de CV | 43,855 | 176,767 |
301,509 | ||
Panama — 1.0% | ||
Copa Holdings SA, Class A | 870 | 78,604 |
Portugal — 1.5% | ||
Jeronimo Martins SGPS SA | 4,778 | 120,582 |
South Africa — 3.1% | ||
Bid Corp. Ltd. | 3,350 | 76,236 |
Capitec Bank Holdings Ltd. | 815 | 70,925 |
FirstRand Ltd. | 28,849 | 101,673 |
248,834 | ||
South Korea — 8.5% | ||
Delivery Hero SE * (a) | 820 | 32,787 |
LG Chem Ltd. | 177 | 98,329 |
NCSoft Corp. | 127 | 35,886 |
Samsung Electronics Co. Ltd. | 10,524 | 517,833 |
684,835 |
26 | J.P. Morgan International Equity Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Taiwan — 13.0% | ||
Chailease Holding Co. Ltd. * | 16,868 | 122,853 |
Delta Electronics, Inc. * | 10,968 | 107,442 |
Realtek Semiconductor Corp. * | 4,830 | 56,641 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7,877 | 664,044 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 5,951 | 97,451 |
1,048,431 | ||
United States — 3.5% | ||
EPAM Systems, Inc. * | 386 | 108,997 |
Estee Lauder Cos., Inc. (The), Class A | 429 | 105,953 |
Globant SA * | 245 | 38,454 |
JS Global Lifestyle Co. Ltd. * (a) | 33,122 | 29,365 |
282,769 | ||
Total Common Stocks (Cost $7,041,777) | 8,127,699 | |
Short-Term Investments — 0.0% ^ | ||
Investment Companies — 0.0% ^ | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (b) (c)(Cost $5,306) | 5,305 | 5,306 |
Total Investments — 100.5% (Cost $7,047,083) | 8,133,005 | |
Liabilities in Excess of Other Assets — (0.5)% | (43,958 ) | |
NET ASSETS — 100.0% | 8,089,047 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
APAC | Asia Pacific |
PT | Limited liability company |
SGPS | Holding company |
^ | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. | |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2023. |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Banks | 17.3 % |
Semiconductors & Semiconductor Equipment | 11.1 |
Technology Hardware, Storage & Peripherals | 6.4 |
Financial Services | 6.0 |
Consumer Staples Distribution & Retail | 5.9 |
IT Services | 5.8 |
Broadline Retail | 5.7 |
Insurance | 5.5 |
Interactive Media & Services | 4.3 |
Chemicals | 3.2 |
Hotels, Restaurants & Leisure | 3.2 |
Machinery | 2.9 |
Personal Care Products | 2.5 |
Beverages | 2.3 |
Oil, Gas & Consumable Fuels | 2.0 |
Entertainment | 1.9 |
Life Sciences Tools & Services | 1.7 |
Food Products | 1.7 |
Capital Markets | 1.4 |
Electronic Equipment, Instruments & Components | 1.3 |
Textiles, Apparel & Luxury Goods | 1.2 |
Health Care Equipment & Supplies | 1.1 |
Tobacco | 1.0 |
Passenger Airlines | 1.0 |
Health Care Providers & Services | 1.0 |
Others (each less than 1.0%) | 2.5 |
Short-Term Investments | 0.1 |
April 30, 2023 | J.P. Morgan International Equity Funds | 27 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 96.7% | ||
Brazil — 5.5% | ||
B3 SA - Brasil Bolsa Balcao | 891 | 2,081 |
Centrais Eletricas Brasileiras SA | 712 | 4,814 |
Cia Energetica de Minas Gerais (Preference) | 1,053 | 2,598 |
Gerdau SA (Preference) | 1,606 | 8,094 |
Itau Unibanco Holding SA (Preference) | 2,526 | 13,084 |
Itausa SA (Preference) | 3,779 | 6,530 |
Localiza Rent a Car SA * | 707 | 8,217 |
Lojas Renner SA * | 2,072 | 6,564 |
MercadoLibre, Inc. * | 1 | 1,370 |
NU Holdings Ltd., Class A * | 411 | 2,122 |
Petroleo Brasileiro SA (Preference) | 3,684 | 17,466 |
Raia Drogasil SA | 1,606 | 8,461 |
Suzano SA | 792 | 6,298 |
TIM SA, ADR (a) | 571 | 7,941 |
Vale SA, ADR | 1,628 | 23,463 |
WEG SA | 1,412 | 11,601 |
130,704 | ||
Chile — 0.3% | ||
Banco Santander Chile, ADR | 324 | 6,201 |
Cencosud SA | 1,068 | 2,177 |
8,378 | ||
China — 30.7% | ||
Aier Eye Hospital Group Co. Ltd., Class A * | 533 | 2,270 |
Alibaba Group Holding Ltd. * | 5,690 | 60,168 |
Amoy Diagnostics Co. Ltd., Class A * | 270 | 1,100 |
Angel Yeast Co. Ltd., Class A * | 324 | 1,876 |
Anhui Conch Cement Co. Ltd., Class H | 585 | 1,849 |
ANTA Sports Products Ltd. | 493 | 6,121 |
Baidu, Inc., ADR * | 57 | 6,906 |
Baidu, Inc., Class A * | 36 | 540 |
Baoshan Iron & Steel Co. Ltd., Class A * | 5,643 | 5,255 |
BeiGene Ltd., ADR * (a) | 6 | 1,471 |
BeiGene Ltd. * | 4 | 84 |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A * | 461 | 1,975 |
BOC Aviation Ltd. (b) | 293 | 2,320 |
BOE Technology Group Co. Ltd., Class A * | 11,013 | 6,401 |
BYD Co. Ltd., Class H | 135 | 4,094 |
CGN Power Co. Ltd., Class H (b) | 9,418 | 2,487 |
Chacha Food Co. Ltd., Class A * | 567 | 3,550 |
China Construction Bank Corp., Class H | 43,418 | 29,026 |
China International Capital Corp. Ltd., Class H * (b) | 2,870 | 6,031 |
China Life Insurance Co. Ltd., Class H | 4,476 | 8,599 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
China — continued | ||
China Longyuan Power Group Corp. Ltd., Class H | 3,855 | 4,046 |
China Merchants Bank Co. Ltd., Class H * | 2,850 | 13,760 |
China Oilfield Services Ltd., Class H | 3,744 | 4,404 |
China Overseas Land & Investment Ltd. | 2,993 | 7,591 |
China Pacific Insurance Group Co. Ltd., Class H | 2,031 | 6,068 |
China Petroleum & Chemical Corp., Class H | 10,886 | 7,135 |
China Resources Land Ltd. | 2,190 | 10,198 |
China Resources Mixc Lifestyle Services Ltd. (b) | 545 | 2,888 |
China Vanke Co. Ltd., Class H * | 2,681 | 4,191 |
China Yangtze Power Co. Ltd., Class A * | 2,067 | 6,535 |
Chongqing Fuling Zhacai Group Co. Ltd., Class A * | 1,217 | 4,537 |
Country Garden Services Holdings Co. Ltd. | 655 | 1,029 |
CSPC Pharmaceutical Group Ltd. | 4,904 | 4,994 |
Dongguan Yiheda Automation Co. Ltd., Class A * | 390 | 3,062 |
ENN Energy Holdings Ltd. | 755 | 10,348 |
Flat Glass Group Co. Ltd., Class H | 782 | 2,198 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A * | 591 | 6,033 |
Fuyao Glass Industry Group Co. Ltd., Class H * (b) | 1,384 | 5,631 |
Ganfeng Lithium Group Co. Ltd. * (b) | 261 | 1,724 |
Guangzhou Automobile Group Co. Ltd., Class H * | 7,348 | 4,586 |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A * | 470 | 5,561 |
H World Group Ltd. * | 1,391 | 6,508 |
Haier Smart Home Co. Ltd., Class H * | 3,010 | 9,812 |
Han's Laser Technology Industry Group Co. Ltd., Class A * | 880 | 3,327 |
Hefei Meiya Optoelectronic Technology, Inc., Class A * | 588 | 2,307 |
Huatai Securities Co. Ltd., Class H * (b) | 1,058 | 1,367 |
Huayu Automotive Systems Co. Ltd., Class A * | 1,193 | 2,826 |
Hundsun Technologies, Inc., Class A * | 452 | 3,232 |
Industrial & Commercial Bank of China Ltd., Class H | 23,121 | 12,439 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A * | 1,343 | 5,734 |
Jade Bird Fire Co. Ltd., Class A * | 685 | 2,493 |
JD Health International, Inc. * (b) | 302 | 2,179 |
JD Logistics, Inc. * (b) | 1,124 | 1,756 |
JD.com, Inc., Class A | 1,065 | 19,009 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A * | 587 | 5,230 |
Joinn Laboratories China Co. Ltd., Class H * (b) | 343 | 1,320 |
Kanzhun Ltd., ADR * | 110 | 2,040 |
Kingdee International Software Group Co. Ltd. * | 2,534 | 3,896 |
Kunlun Energy Co. Ltd. | 7,654 | 7,095 |
Kweichow Moutai Co. Ltd., Class A * | 44 | 11,179 |
Laobaixing Pharmacy Chain JSC, Class A * | 512 | 2,582 |
LONGi Green Energy Technology Co. Ltd., Class A * | 1,012 | 5,111 |
28 | J.P. Morgan International Equity Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
China — continued | ||
Meituan * (b) | 1,691 | 28,895 |
Midea Group Co. Ltd., Class A | 272 | 2,233 |
Minth Group Ltd. | 1,112 | 3,220 |
Montage Technology Co. Ltd., Class A * | 274 | 2,412 |
NARI Technology Co. Ltd., Class A * | 615 | 2,324 |
NetEase, Inc. | 1,000 | 17,797 |
NIO, Inc., ADR * (a) | 279 | 2,199 |
NIO, Inc., Class A * | 204 | 1,608 |
Oppein Home Group, Inc., Class A * | 193 | 3,211 |
PDD Holdings, Inc., ADR * | 188 | 12,792 |
Pharmaron Beijing Co. Ltd., Class H * (b) | 606 | 2,627 |
PICC Property & Casualty Co. Ltd., Class H * | 6,630 | 8,019 |
Ping An Bank Co. Ltd., Class A * | 2,496 | 4,534 |
Ping An Insurance Group Co. of China Ltd., Class H | 3,229 | 23,557 |
Postal Savings Bank of China Co. Ltd., Class H (b) | 7,261 | 4,734 |
Qingdao Haier Biomedical Co. Ltd., Class A * | 308 | 3,074 |
Sany Heavy Industry Co. Ltd., Class A * | 1,208 | 2,882 |
Shanghai Baosight Software Co. Ltd., Class A * | 563 | 4,393 |
Shanghai Liangxin Electrical Co. Ltd., Class A | 1,143 | 1,899 |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 266 | 2,010 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A * | 159 | 7,155 |
Shenzhou International Group Holdings Ltd. | 379 | 3,642 |
Silergy Corp. | 338 | 5,335 |
Skshu Paint Co. Ltd., Class A * | 184 | 2,727 |
StarPower Semiconductor Ltd., Class A * | 49 | 1,704 |
Sunny Optical Technology Group Co. Ltd. | 151 | 1,600 |
Suzhou Maxwell Technologies Co. Ltd., Class A * | 90 | 3,568 |
Tencent Holdings Ltd. | 2,391 | 106,181 |
Tingyi Cayman Islands Holding Corp. | 1,398 | 2,443 |
Trip.com Group Ltd., ADR * | 127 | 4,519 |
Trip.com Group Ltd. * | 10 | 341 |
Wanhua Chemical Group Co. Ltd., Class A * | 475 | 6,329 |
Wuliangye Yibin Co. Ltd., Class A | 275 | 6,720 |
WuXi AppTec Co. Ltd., Class H (b) | 679 | 5,972 |
Wuxi Biologics Cayman, Inc. * (b) | 1,680 | 10,018 |
Xinyi Solar Holdings Ltd. | 2,922 | 3,141 |
XPeng, Inc., Class A * | 409 | 1,955 |
Yum China Holdings, Inc. | 104 | 6,386 |
Yum China Holdings, Inc. | 97 | 5,944 |
Zhejiang Dingli Machinery Co. Ltd., Class A * | 566 | 4,178 |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A * | 509 | 5,045 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
China — continued | ||
Zhejiang Weixing New Building Materials Co. Ltd., Class A * | 1,395 | 4,457 |
Zhuzhou CRRC Times Electric Co. Ltd. * | 1,041 | 4,200 |
Zijin Mining Group Co. Ltd., Class H * | 6,308 | 10,680 |
ZTO Express Cayman, Inc. | 106 | 2,932 |
731,676 | ||
Colombia — 0.1% | ||
Ecopetrol SA, ADR (a) | 279 | 2,708 |
Greece — 0.5% | ||
Hellenic Telecommunications Organization SA | 324 | 4,740 |
OPAP SA * | 393 | 6,694 |
11,434 | ||
Hong Kong — 0.2% | ||
Techtronic Industries Co. Ltd. | 353 | 3,819 |
Hungary — 0.4% | ||
OTP Bank Nyrt. | 213 | 6,485 |
Richter Gedeon Nyrt. | 156 | 3,768 |
10,253 | ||
India — 13.4% | ||
Apollo Hospitals Enterprise Ltd. | 140 | 7,773 |
Ashok Leyland Ltd. | 2,010 | 3,601 |
Asian Paints Ltd. | 27 | 945 |
Axis Bank Ltd. * | 1,133 | 11,960 |
Bajaj Finance Ltd. | 23 | 1,805 |
Bharat Petroleum Corp. Ltd. | 1,487 | 6,510 |
Biocon Ltd. | 772 | 2,198 |
Britannia Industries Ltd. | 145 | 8,109 |
Dabur India Ltd. | 543 | 3,543 |
Dr Reddy's Laboratories Ltd. | 146 | 8,802 |
Eicher Motors Ltd. | 104 | 4,232 |
Godrej Properties Ltd. * | 222 | 3,584 |
HCL Technologies Ltd. | 363 | 4,744 |
HDFC Bank Ltd., ADR * | 108 | 7,558 |
HDFC Life Insurance Co. Ltd. * (b) | 1,190 | 7,723 |
Hindustan Unilever Ltd. | 478 | 14,375 |
Housing Development Finance Corp. Ltd. | 833 | 28,366 |
ICICI Bank Ltd. * | 2,065 | 23,294 |
ICICI Prudential Life Insurance Co. Ltd. * (b) | 702 | 3,741 |
Infosys Ltd., ADR | 1,498 | 23,277 |
ITC Ltd. | 2,065 | 10,769 |
Kotak Mahindra Bank Ltd. | 464 | 11,033 |
Larsen & Toubro Ltd. | 296 | 8,583 |
April 30, 2023 | J.P. Morgan International Equity Funds | 29 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
India — continued | ||
Maruti Suzuki India Ltd. | 100 | 10,487 |
NTPC Ltd. | 2,648 | 5,585 |
Oil & Natural Gas Corp. Ltd. | 1,512 | 2,948 |
Petronet LNG Ltd. | 1,881 | 5,464 |
Power Grid Corp. of India Ltd. | 2,426 | 7,054 |
Reliance Industries Ltd. | 1,255 | 37,282 |
Shriram Finance Ltd. | 377 | 6,157 |
Tata Consultancy Services Ltd. * | 399 | 15,775 |
Tata Consumer Products Ltd. | 562 | 5,261 |
UltraTech Cement Ltd. | 90 | 8,377 |
UPL Ltd. | 964 | 8,745 |
319,660 | ||
Indonesia — 2.1% | ||
Bank Central Asia Tbk. PT | 30,417 | 18,823 |
Bank Mandiri Persero Tbk. PT | 7,537 | 2,664 |
Bank Rakyat Indonesia Persero Tbk. PT | 42,148 | 14,688 |
Telkom Indonesia Persero Tbk. PT | 41,223 | 11,940 |
United Tractors Tbk. PT | 1,540 | 3,041 |
51,156 | ||
Malaysia — 1.0% | ||
CIMB Group Holdings Bhd. | 3,230 | 3,670 |
Malayan Banking Bhd. | 1,535 | 2,984 |
Petronas Chemicals Group Bhd. | 3,379 | 5,377 |
Public Bank Bhd. | 9,657 | 8,433 |
Tenaga Nasional Bhd. | 1,865 | 3,724 |
24,188 | ||
Mexico — 3.2% | ||
America Movil SAB de CV | 13,500 | 14,559 |
Cemex SAB de CV * | 10,995 | 6,610 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 397 | 7,061 |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 236 | 6,758 |
Grupo Financiero Banorte SAB de CV, Class O | 1,442 | 12,496 |
Grupo Mexico SAB de CV | 1,860 | 9,097 |
Kimberly-Clark de Mexico SAB de CV, Class A | 2,087 | 4,718 |
Regional SAB de CV | 304 | 2,223 |
Wal-Mart de Mexico SAB de CV | 2,938 | 11,842 |
75,364 | ||
Panama — 0.1% | ||
Copa Holdings SA, Class A | 26 | 2,342 |
Peru — 0.4% | ||
Credicorp Ltd. | 67 | 9,143 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Philippines — 0.2% | ||
ACEN Corp. * | 758 | 82 |
Ayala Land, Inc. | 5,005 | 2,419 |
BDO Unibank, Inc. | 1,109 | 2,892 |
5,393 | ||
Poland — 0.7% | ||
Dino Polska SA * (b) | 100 | 10,211 |
Powszechny Zaklad Ubezpieczen SA | 684 | 6,300 |
16,511 | ||
Qatar — 0.6% | ||
Industries Qatar QSC | 1,376 | 4,850 |
Qatar National Bank QPSC | 2,171 | 9,190 |
14,040 | ||
Russia — 0.0% ^ | ||
Gazprom PJSC ‡ | 4,581 | 273 |
Magnitogorsk Iron & Steel Works PJSC ‡ * | 3,146 | 36 |
MMC Norilsk Nickel PJSC, ADR ‡ * | — | — |
MMC Norilsk Nickel PJSC ‡ | 41 | 205 |
Novatek PJSC ‡ | 165 | 50 |
Rosneft Oil Co. PJSC ‡ | 833 | 64 |
Sberbank of Russia PJSC ‡ * | 3,172 | 104 |
Severstal PAO, GDR ‡ * (b) | 329 | 105 |
TCS Group Holding plc, GDR ‡ * (b) | 69 | 49 |
X5 Retail Group NV, GDR ‡ * (b) | 207 | 50 |
936 | ||
Saudi Arabia — 3.7% | ||
Al Rajhi Bank | 983 | 20,280 |
Alinma Bank | 1,014 | 8,629 |
Almarai Co. JSC | 321 | 5,062 |
Etihad Etisalat Co. * | 417 | 5,148 |
Mouwasat Medical Services Co. | 46 | 3,068 |
SABIC Agri-Nutrients Co. | 125 | 4,484 |
Saudi Arabian Mining Co. * | 171 | 3,202 |
Saudi Arabian Oil Co. (b) | 758 | 7,302 |
Saudi Basic Industries Corp. | 451 | 11,165 |
Saudi National Bank (The) | 744 | 9,768 |
Saudi Telecom Co. | 847 | 10,196 |
88,304 | ||
South Africa — 4.2% | ||
Bid Corp. Ltd. | 333 | 7,580 |
Bidvest Group Ltd. (The) | 500 | 6,842 |
Capitec Bank Holdings Ltd. | 79 | 6,906 |
30 | J.P. Morgan International Equity Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
South Africa — continued | ||
Clicks Group Ltd. | 521 | 7,608 |
Discovery Ltd. * | 502 | 3,943 |
FirstRand Ltd. | 3,430 | 12,088 |
Foschini Group Ltd. (The) | 810 | 4,200 |
Gold Fields Ltd. | 206 | 3,216 |
Impala Platinum Holdings Ltd. | 182 | 1,774 |
MTN Group Ltd. | 1,067 | 7,494 |
Naspers Ltd., Class N | 82 | 14,669 |
Nedbank Group Ltd. | 287 | 3,315 |
Sanlam Ltd. | 2,261 | 6,974 |
Standard Bank Group Ltd. | 868 | 8,138 |
Vodacom Group Ltd. | 683 | 4,680 |
99,427 | ||
South Korea — 12.1% | ||
BGF retail Co. Ltd. | 13 | 1,804 |
Hana Financial Group, Inc. | 275 | 8,655 |
Hankook Tire & Technology Co. Ltd. | 93 | 2,414 |
HL Mando Co. Ltd. | 62 | 2,158 |
Hyundai Glovis Co. Ltd. | 48 | 5,842 |
Hyundai Mobis Co. Ltd. | 47 | 7,717 |
Hyundai Motor Co. | 23 | 3,364 |
JYP Entertainment Corp. | 55 | 3,725 |
Kakao Corp. | 50 | 2,166 |
KB Financial Group, Inc. | 278 | 10,301 |
Kia Corp. | 178 | 11,296 |
KIWOOM Securities Co. Ltd. | 35 | 2,432 |
LG Chem Ltd. | 32 | 17,997 |
LG H&H Co. Ltd. | 8 | 3,887 |
Lotte Chemical Corp. | 27 | 3,381 |
NAVER Corp. | 77 | 11,110 |
NCSoft Corp. | 19 | 5,312 |
POSCO Holdings, Inc. | 50 | 14,254 |
Samsung Biologics Co. Ltd. * (b) | 13 | 7,752 |
Samsung Electronics Co. Ltd. | 2,098 | 103,216 |
Samsung Fire & Marine Insurance Co. Ltd. | 49 | 8,238 |
Samsung SDI Co. Ltd. | 10 | 5,352 |
Shinhan Financial Group Co. Ltd. | 266 | 6,956 |
SK Hynix, Inc. | 293 | 19,720 |
SK Innovation Co. Ltd. * | 51 | 6,676 |
SK Telecom Co. Ltd. | 112 | 3,989 |
SK, Inc. | 19 | 2,314 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
South Korea — continued | ||
SKC Co. Ltd. | 40 | 3,003 |
S-Oil Corp. | 87 | 4,874 |
289,905 | ||
Taiwan — 13.9% | ||
Accton Technology Corp. * | 859 | 8,392 |
Advantech Co. Ltd. * | 728 | 8,810 |
ASE Technology Holding Co. Ltd. * | 2,339 | 7,690 |
AUO Corp. * | 6,154 | 3,418 |
Chailease Holding Co. Ltd. * | 1,363 | 9,924 |
Chunghwa Telecom Co. Ltd. * | 1,381 | 5,714 |
CTBC Financial Holding Co. Ltd. | 13,749 | 10,135 |
Delta Electronics, Inc. * | 1,357 | 13,293 |
E.Sun Financial Holding Co. Ltd. * | 9,591 | 7,800 |
Eclat Textile Co. Ltd. * | 341 | 5,430 |
eMemory Technology, Inc. * | 56 | 3,348 |
Evergreen Marine Corp. Taiwan Ltd. * | 372 | 1,967 |
Fubon Financial Holding Co. Ltd. * | 3,687 | 7,101 |
Giant Manufacturing Co. Ltd. * | 386 | 2,315 |
Hon Hai Precision Industry Co. Ltd. * | 3,176 | 10,822 |
Largan Precision Co. Ltd. | 84 | 5,516 |
MediaTek, Inc. * | 296 | 6,436 |
Nan Ya Plastics Corp. * | 3,192 | 8,113 |
Nien Made Enterprise Co. Ltd. * | 311 | 3,424 |
Novatek Microelectronics Corp. * | 349 | 4,771 |
Powertech Technology, Inc. * | 772 | 2,312 |
President Chain Store Corp. * | 591 | 5,207 |
Realtek Semiconductor Corp. * | 398 | 4,667 |
Taiwan Mobile Co. Ltd. | 971 | 3,272 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 14 | 1,196 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 9,169 | 150,148 |
Uni-President Enterprises Corp. * | 3,844 | 9,215 |
United Microelectronics Corp. * | 2,278 | 3,664 |
Vanguard International Semiconductor Corp. * | 627 | 1,777 |
Wiwynn Corp. * | 196 | 7,459 |
Yuanta Financial Holding Co. Ltd. * | 12,106 | 8,911 |
332,247 | ||
Thailand — 2.3% | ||
Airports of Thailand PCL * | 3,401 | 7,306 |
Bangkok Bank PCL | 518 | 2,387 |
Indorama Ventures PCL | 2,600 | 2,598 |
Kasikornbank PCL | 1,094 | 4,018 |
PTT Exploration & Production PCL | 1,681 | 7,313 |
PTT Exploration & Production PCL, NVDR | 85 | 369 |
April 30, 2023 | J.P. Morgan International Equity Funds | 31 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Thailand — continued | ||
PTT Global Chemical PCL | 4,026 | 4,912 |
PTT Global Chemical PCL, NVDR | 127 | 155 |
PTT PCL | 4,348 | 3,958 |
PTT PCL, NVDR | 137 | 125 |
SCB X PCL | 1,997 | 6,023 |
SCG Packaging PCL | 2,004 | 2,590 |
Siam Cement PCL (The), NVDR | 18 | 165 |
Siam Cement PCL (The) (Registered) | 725 | 6,679 |
Thai Oil PCL | 2,619 | 3,585 |
Thai Oil PCL, NVDR | 76 | 104 |
Thai Union Group PCL, Class F | 4,867 | 1,970 |
54,257 | ||
United Arab Emirates — 0.8% | ||
Dubai Islamic Bank PJSC | 2,885 | 4,377 |
Emaar Properties PJSC | 5,258 | 8,524 |
Emirates Telecommunications Group Co. PJSC | 612 | 4,008 |
First Abu Dhabi Bank PJSC | 878 | 3,396 |
20,305 | ||
United States — 0.3% | ||
Genpact Ltd. | 53 | 2,370 |
Globant SA * | 15 | 2,292 |
JS Global Lifestyle Co. Ltd. * (b) | 985 | 873 |
Parade Technologies Ltd. | 47 | 1,440 |
6,975 | ||
Total Common Stocks (Cost $2,292,495) | 2,309,125 | |
NO. OF RIGHTS (000) | ||
Rights — 0.0% ^ | ||
Brazil — 0.0% ^ | ||
Localiza Rent a Car SA, expiring 5/11/2023*(Cost $—) (c) | 3 | 11 |
SHARES (000) | ||
Short-Term Investments — 0.9% | ||
Investment Companies — 0.6% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (d) (e)(Cost $13,958) | 13,954 | 13,958 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Investment of Cash Collateral from Securities Loaned — 0.3% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (d) (e) | 5,482 | 5,483 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e) | 1,646 | 1,646 |
Total Investment of Cash Collateral from Securities Loaned (Cost $7,129) | 7,129 | |
Total Short-Term Investments (Cost $21,087) | 21,087 | |
Total Investments — 97.6% (Cost $2,313,582) | 2,330,223 | |
Other Assets Less Liabilities — 2.4% | 56,184 | |
NET ASSETS — 100.0% | 2,386,407 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
NVDR | Non-Voting Depositary Receipt |
PJSC | Public Joint Stock Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
PT | Limited liability company |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $6,883. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | Value is zero. |
32 | J.P. Morgan International Equity Funds | April 30, 2023 |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of April 30, 2023. |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Banks | 15.5 % |
Semiconductors & Semiconductor Equipment | 10.0 |
Interactive Media & Services | 5.5 |
Technology Hardware, Storage & Peripherals | 5.1 |
Oil, Gas & Consumable Fuels | 5.0 |
Broadline Retail | 4.6 |
Insurance | 3.9 |
Chemicals | 3.6 |
Metals & Mining | 3.4 |
Consumer Staples Distribution & Retail | 2.6 |
Financial Services | 2.5 |
Hotels, Restaurants & Leisure | 2.5 |
Food Products | 2.3 |
Electronic Equipment, Instruments & Components | 2.1 |
Wireless Telecommunication Services | 2.0 |
IT Services | 2.0 |
Automobiles | 1.9 |
Real Estate Management & Development | 1.7 |
Diversified Telecommunication Services | 1.6 |
Machinery | 1.4 |
Life Sciences Tools & Services | 1.2 |
Entertainment | 1.1 |
Construction Materials | 1.1 |
Automobile Components | 1.0 |
Others (each less than 1.0%) | 15.5 |
Short-Term Investments | 0.9 |
April 30, 2023 | J.P. Morgan International Equity Funds | 33 |
AS OF April 30, 2023 (Unaudited) (continued)
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
MSCI Emerging Markets E-Mini Index | 143 | 06/16/2023 | USD | 7,038 | 174 |
Abbreviations | |
MSCI | Morgan Stanley Capital International |
USD | United States Dollar |
34 | J.P. Morgan International Equity Funds | April 30, 2023 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 96.1% | ||
Australia — 0.7% | ||
Rio Tinto plc | 70 | 4,482 |
Austria — 1.4% | ||
ANDRITZ AG | 137 | 8,878 |
China — 1.3% | ||
Prosus NV | 109 | 8,130 |
Denmark — 6.0% | ||
Carlsberg A/S, Class B | 47 | 7,866 |
Novo Nordisk A/S, Class B | 185 | 30,739 |
38,605 | ||
Finland — 2.7% | ||
Neste OYJ | 151 | 7,312 |
Nordea Bank Abp | 906 | 10,067 |
17,379 | ||
France — 22.0% | ||
Air Liquide SA | 70 | 12,520 |
BNP Paribas SA | 134 | 8,634 |
Elis SA | 348 | 6,914 |
Engie SA (a) | 820 | 13,130 |
LVMH Moet Hennessy Louis Vuitton SE (a) | 32 | 31,049 |
Pernod Ricard SA | 42 | 9,676 |
Sodexo SA * | 69 | 7,406 |
SPIE SA | 212 | 6,618 |
Thales SA | 30 | 4,637 |
TotalEnergies SE | 325 | 20,746 |
Verallia SA (b) | 117 | 4,751 |
Vinci SA | 118 | 14,621 |
140,702 | ||
Germany — 17.6% | ||
AIXTRON SE | 99 | 2,790 |
Allianz SE (Registered) | 61 | 15,264 |
CTS Eventim AG & Co. KGaA * | 70 | 4,605 |
Deutsche Boerse AG | 31 | 5,995 |
Deutsche Lufthansa AG (Registered) * | 942 | 10,123 |
Dr Ing hc F Porsche AG (Preference) * (c) | 67 | 8,442 |
Duerr AG | 85 | 2,941 |
HUGO BOSS AG | 67 | 5,021 |
Infineon Technologies AG | 252 | 9,194 |
Mercedes-Benz Group AG | 131 | 10,199 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 30 | 11,440 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Germany — continued | ||
RWE AG | 223 | 10,474 |
Siemens AG (Registered) | 97 | 15,947 |
112,435 | ||
Ireland — 5.1% | ||
AIB Group plc | 1,663 | 7,153 |
Bank of Ireland Group plc | 873 | 9,040 |
Bank of Ireland Group plc | 7 | 74 |
Ryanair Holdings plc, ADR * | 86 | 8,251 |
Smurfit Kappa Group plc | 217 | 8,050 |
32,568 | ||
Italy — 2.3% | ||
UniCredit SpA | 731 | 14,476 |
Netherlands — 2.9% | ||
ASML Holding NV (a) | 6 | 3,547 |
Koninklijke Ahold Delhaize NV | 435 | 14,965 |
18,512 | ||
Norway — 0.6% | ||
Aker Solutions ASA (b) | 1,044 | 3,727 |
Spain — 2.6% | ||
Banco de Sabadell SA | 4,604 | 4,798 |
Industria de Diseno Textil SA (a) | 343 | 11,795 |
16,593 | ||
Sweden — 3.4% | ||
Evolution AB (b) | 59 | 7,822 |
Skanska AB, Class B | 448 | 7,333 |
Volvo AB, Class B | 334 | 6,873 |
22,028 | ||
Switzerland — 7.8% | ||
Cie Financiere Richemont SA (Registered) | 73 | 12,004 |
Novartis AG (Registered) | 258 | 26,432 |
Zurich Insurance Group AG | 24 | 11,728 |
50,164 | ||
United Kingdom — 12.6% | ||
3i Group plc | 457 | 10,176 |
Ashtead Group plc | 122 | 7,025 |
BP plc | 3,000 | 20,124 |
Dunelm Group plc | 280 | 4,028 |
Inchcape plc | 388 | 3,946 |
JD Sports Fashion plc | 3,027 | 6,144 |
Pets at Home Group plc | 1,017 | 4,935 |
April 30, 2023 | J.P. Morgan International Equity Funds | 35 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United Kingdom — continued | ||
SSE plc | 412 | 9,505 |
Weir Group plc (The) | 204 | 4,715 |
Whitbread plc | 246 | 10,091 |
80,689 | ||
United States — 7.1% | ||
Nestle SA (Registered) | 210 | 26,943 |
Schneider Electric SE | 60 | 10,523 |
Stellantis NV | 494 | 8,181 |
45,647 | ||
Total Common Stocks (Cost $499,501) | 615,015 | |
Short-Term Investments — 8.3% | ||
Investment Companies — 1.5% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (d) (e)(Cost $9,307) | 9,305 | 9,308 |
Investment of Cash Collateral from Securities Loaned — 6.8% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (d) (e) | 38,992 | 38,996 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e) | 4,681 | 4,681 |
Total Investment of Cash Collateral from Securities Loaned (Cost $43,681) | 43,677 | |
Total Short-Term Investments (Cost $52,988) | 52,985 | |
Total Investments — 104.4% (Cost $552,489) | 668,000 | |
Liabilities in Excess of Other Assets — (4.4)% | (27,984 ) | |
NET ASSETS — 100.0% | 640,016 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
OYJ | Public Limited Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $37,040. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(e) | The rate shown is the current yield as of April 30, 2023. |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Pharmaceuticals | 8.6 % |
Banks | 8.1 |
Oil, Gas & Consumable Fuels | 7.2 |
Textiles, Apparel & Luxury Goods | 7.2 |
Insurance | 5.8 |
Food Products | 4.0 |
Specialty Retail | 4.0 |
Automobiles | 4.0 |
Hotels, Restaurants & Leisure | 3.8 |
Machinery | 3.5 |
Construction & Engineering | 3.3 |
Passenger Airlines | 2.7 |
Beverages | 2.6 |
Capital Markets | 2.4 |
Industrial Conglomerates | 2.4 |
Semiconductors & Semiconductor Equipment | 2.3 |
Consumer Staples Distribution & Retail | 2.2 |
Commercial Services & Supplies | 2.0 |
Multi-Utilities | 2.0 |
Containers & Packaging | 1.9 |
Chemicals | 1.9 |
Electrical Equipment | 1.6 |
Independent Power and Renewable Electricity Producers | 1.6 |
Electric Utilities | 1.4 |
Broadline Retail | 1.2 |
Trading Companies & Distributors | 1.1 |
Others (each less than 1.0%) | 3.3 |
Short-Term Investments | 7.9 |
36 | J.P. Morgan International Equity Funds | April 30, 2023 |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
EURO STOXX 50 Index | 279 | 06/16/2023 | EUR | 13,315 | (5 ) |
FTSE 100 Index | 73 | 06/16/2023 | GBP | 7,213 | 3 |
(2 ) |
Abbreviations | |
EUR | Euro |
FTSE | Financial Times and the London Stock Exchange |
GBP | British Pound |
April 30, 2023 | J.P. Morgan International Equity Funds | 37 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.5% | ||
Australia — 2.6% | ||
BHP Group Ltd. | 2,168 | 64,363 |
BHP Group Ltd. | 560 | 16,482 |
Woodside Energy Group Ltd. | 1,347 | 30,560 |
Woodside Energy Group Ltd. | 173 | 3,923 |
115,328 | ||
Austria — 0.6% | ||
Erste Group Bank AG | 763 | 27,760 |
Belgium — 1.0% | ||
KBC Group NV | 648 | 46,309 |
Denmark — 4.7% | ||
Carlsberg A/S, Class B | 326 | 54,053 |
Coloplast A/S, Class B | 233 | 33,526 |
Genmab A/S * | 27 | 11,127 |
Novo Nordisk A/S, Class B | 648 | 107,749 |
206,455 | ||
France — 16.8% | ||
Air Liquide SA | 379 | 68,131 |
Airbus SE (a) | 334 | 46,806 |
AXA SA (a) | 1,628 | 53,149 |
BNP Paribas SA | 671 | 43,387 |
Capgemini SE | 275 | 50,141 |
Kering SA | 69 | 43,891 |
L'Oreal SA (a) | 119 | 56,975 |
LVMH Moet Hennessy Louis Vuitton SE (a) | 113 | 108,338 |
Pernod Ricard SA | 205 | 47,247 |
Safran SA | 373 | 58,007 |
TotalEnergies SE | 1,664 | 106,352 |
Vinci SA | 460 | 56,892 |
739,316 | ||
Germany — 9.9% | ||
adidas AG | 235 | 41,347 |
Allianz SE (Registered) | 347 | 87,062 |
Deutsche Boerse AG | 297 | 56,668 |
Deutsche Telekom AG (Registered) | 2,783 | 67,102 |
Infineon Technologies AG | 1,401 | 51,006 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 146 | 54,816 |
RWE AG | 1,635 | 76,687 |
434,688 | ||
Hong Kong — 4.2% | ||
AIA Group Ltd. | 6,747 | 73,455 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Hong Kong — continued | ||
Hong Kong Exchanges & Clearing Ltd. | 859 | 35,676 |
Prudential plc | 3,086 | 47,225 |
Techtronic Industries Co. Ltd. | 2,576 | 27,863 |
184,219 | ||
India — 1.0% | ||
HDFC Bank Ltd., ADR * | 655 | 45,750 |
Italy — 0.9% | ||
UniCredit SpA | 1,927 | 38,191 |
Japan — 16.8% | ||
Bridgestone Corp. | 1,263 | 50,720 |
Daikin Industries Ltd. | 330 | 59,902 |
Hoya Corp. | 511 | 53,581 |
Keyence Corp. | 168 | 75,941 |
Kyowa Kirin Co. Ltd. | 1,436 | 31,962 |
Makita Corp. | 394 | 11,112 |
Mitsubishi UFJ Financial Group, Inc. | 5,643 | 35,324 |
Nippon Telegraph & Telephone Corp. | 2,525 | 77,032 |
Recruit Holdings Co. Ltd. | 1,060 | 29,726 |
Shin-Etsu Chemical Co. Ltd. | 2,122 | 60,547 |
SMC Corp. | 76 | 38,104 |
Sony Group Corp. | 905 | 81,870 |
Sumitomo Mitsui Financial Group, Inc. | 949 | 38,773 |
Tokio Marine Holdings, Inc. | 2,820 | 56,710 |
Tokyo Electron Ltd. | 342 | 39,115 |
740,419 | ||
Macau — 0.7% | ||
Sands China Ltd. * | 8,413 | 30,131 |
Netherlands — 5.4% | ||
ASML Holding NV | 152 | 96,569 |
Shell plc | 4,540 | 139,489 |
236,058 | ||
Singapore — 2.0% | ||
DBS Group Holdings Ltd. | 3,576 | 88,370 |
South Africa — 0.9% | ||
Anglo American plc | 1,230 | 37,900 |
South Korea — 1.3% | ||
Delivery Hero SE * (b) | 178 | 7,106 |
Samsung Electronics Co. Ltd., GDR (b) | 23 | 28,144 |
Samsung Electronics Co. Ltd., GDR (b) | 18 | 22,613 |
57,863 |
38 | J.P. Morgan International Equity Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Spain — 2.0% | ||
Iberdrola SA | 6,926 | 89,755 |
Sweden — 3.0% | ||
Atlas Copco AB, Class A | 3,187 | 46,094 |
Svenska Handelsbanken AB, Class A (a) | 3,744 | 33,092 |
Volvo AB, Class B | 2,476 | 50,913 |
130,099 | ||
Switzerland — 2.9% | ||
Cie Financiere Richemont SA (Registered) | 326 | 53,963 |
Lonza Group AG (Registered) | 74 | 45,871 |
Straumann Holding AG (Registered) | 182 | 27,430 |
127,264 | ||
Taiwan — 0.7% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 352 | 29,692 |
United Kingdom — 9.7% | ||
3i Group plc | 1,953 | 43,439 |
AstraZeneca plc | 835 | 122,879 |
Diageo plc | 1,616 | 73,707 |
Lloyds Banking Group plc | 92,814 | 56,387 |
London Stock Exchange Group plc | 534 | 56,105 |
RELX plc | 2,292 | 76,242 |
428,759 | ||
United States — 10.4% | ||
Ferguson plc | 292 | 41,296 |
Linde plc | 61 | 22,201 |
Nestle SA (Registered) | 1,337 | 171,567 |
Roche Holding AG | 339 | 106,171 |
Schneider Electric SE | 356 | 62,109 |
Stellantis NV (a) | 3,271 | 54,249 |
457,593 | ||
Total Common Stocks (Cost $3,278,553) | 4,291,919 | |
Short-Term Investments — 8.0% | ||
Investment Companies — 3.3% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (c) (d)(Cost $145,799) | 145,752 | 145,795 |
Investment of Cash Collateral from Securities Loaned — 4.7% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (c) (d) | 183,941 | 183,959 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Investment of Cash Collateral from Securities Loaned — continued | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (c) (d) | 20,517 | 20,517 |
Total Investment of Cash Collateral from Securities Loaned (Cost $204,494) | 204,476 | |
Total Short-Term Investments (Cost $350,293) | 350,271 | |
Total Investments — 105.5% (Cost $3,628,846) | 4,642,190 | |
Liabilities in Excess of Other Assets — (5.5)% | (241,368 ) | |
NET ASSETS — 100.0% | 4,400,822 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $196,340. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of April 30, 2023. |
April 30, 2023 | J.P. Morgan International Equity Funds | 39 |
AS OF April 30, 2023 (Unaudited) (continued)
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Banks | 9.8 % |
Insurance | 8.0 |
Pharmaceuticals | 7.9 |
Oil, Gas & Consumable Fuels | 6.0 |
Textiles, Apparel & Luxury Goods | 5.3 |
Semiconductors & Semiconductor Equipment | 4.7 |
Capital Markets | 4.1 |
Beverages | 3.8 |
Machinery | 3.7 |
Food Products | 3.7 |
Chemicals | 3.3 |
Diversified Telecommunication Services | 3.1 |
Metals & Mining | 2.6 |
Health Care Equipment & Supplies | 2.5 |
Professional Services | 2.3 |
Aerospace & Defense | 2.3 |
Electric Utilities | 1.9 |
Household Durables | 1.8 |
Independent Power and Renewable Electricity Producers | 1.7 |
Electronic Equipment, Instruments & Components | 1.6 |
Electrical Equipment | 1.3 |
Building Products | 1.3 |
Personal Care Products | 1.2 |
Construction & Engineering | 1.2 |
Automobiles | 1.2 |
Technology Hardware, Storage & Peripherals | 1.1 |
Automobile Components | 1.1 |
IT Services | 1.1 |
Life Sciences Tools & Services | 1.0 |
Others (each less than 1.0%) | 1.9 |
Short-Term Investments | 7.5 |
40 | J.P. Morgan International Equity Funds | April 30, 2023 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.2% | ||
Australia — 2.3% | ||
BHP Group Ltd. | 1,027 | 30,237 |
Belgium — 2.0% | ||
KBC Group NV | 379 | 27,102 |
Canada — 6.6% | ||
Alimentation Couche-Tard, Inc. | 453 | 22,611 |
Canadian National Railway Co. | 282 | 33,679 |
Toronto-Dominion Bank (The) | 524 | 31,733 |
88,023 | ||
China — 2.3% | ||
Tencent Holdings Ltd. | 684 | 30,366 |
Denmark — 3.2% | ||
Coloplast A/S, Class B | 97 | 13,944 |
Novo Nordisk A/S, Class B | 172 | 28,696 |
42,640 | ||
France — 13.6% | ||
Air Liquide SA | 115 | 20,645 |
Capgemini SE | 102 | 18,536 |
L'Oreal SA (a) | 29 | 13,768 |
LVMH Moet Hennessy Louis Vuitton SE (a) | 36 | 34,379 |
Safran SA | 153 | 23,810 |
TotalEnergies SE | 590 | 37,735 |
Vinci SA | 265 | 32,783 |
181,656 | ||
Germany — 8.7% | ||
adidas AG | 96 | 16,850 |
Allianz SE (Registered) | 152 | 38,263 |
Deutsche Boerse AG | 101 | 19,303 |
Deutsche Telekom AG (Registered) | 601 | 14,482 |
RWE AG | 577 | 27,047 |
115,945 | ||
Hong Kong — 2.2% | ||
AIA Group Ltd. | 2,712 | 29,528 |
India — 2.7% | ||
HDFC Bank Ltd., ADR * | 525 | 36,626 |
Indonesia — 2.8% | ||
Bank Central Asia Tbk. PT | 38,570 | 23,869 |
Telkom Indonesia Persero Tbk. PT | 46,527 | 13,477 |
37,346 | ||
Japan — 9.6% | ||
Hoya Corp. | 137 | 14,376 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — continued | ||
Keyence Corp. | 48 | 21,556 |
Mitsubishi UFJ Financial Group, Inc. | 2,186 | 13,681 |
Nippon Telegraph & Telephone Corp. | 674 | 20,566 |
Shin-Etsu Chemical Co. Ltd. | 583 | 16,633 |
Sony Group Corp. | 300 | 27,106 |
Tokio Marine Holdings, Inc. | 724 | 14,568 |
128,486 | ||
Mexico — 1.1% | ||
Wal-Mart de Mexico SAB de CV | 3,824 | 15,414 |
Netherlands — 7.0% | ||
ASML Holding NV | 52 | 33,323 |
Shell plc | 1,976 | 60,714 |
94,037 | ||
Singapore — 2.4% | ||
DBS Group Holdings Ltd. | 1,331 | 32,879 |
South Africa — 1.1% | ||
Anglo American plc | 491 | 15,133 |
South Korea — 3.5% | ||
Samsung Electronics Co. Ltd. | 953 | 46,888 |
Spain — 2.4% | ||
Iberdrola SA | 2,453 | 31,784 |
Sweden — 1.6% | ||
Atlas Copco AB, Class A | 1,485 | 21,479 |
Taiwan — 3.0% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 474 | 39,944 |
United Kingdom — 8.0% | ||
3i Group plc | 805 | 17,914 |
AstraZeneca plc | 128 | 18,812 |
Diageo plc | 572 | 26,086 |
Lloyds Banking Group plc | 21,065 | 12,798 |
RELX plc | 945 | 31,438 |
107,048 | ||
United States — 11.1% | ||
Ferguson plc | 144 | 20,297 |
Linde plc | 70 | 25,873 |
Nestle SA (Registered) | 451 | 57,847 |
April 30, 2023 | J.P. Morgan International Equity Funds | 41 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
Roche Holding AG | 87 | 27,153 |
Schneider Electric SE | 98 | 17,094 |
148,264 | ||
Total Common Stocks (Cost $1,043,513) | 1,300,825 | |
Short-Term Investments — 3.2% | ||
Investment of Cash Collateral from Securities Loaned — 3.2% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (b) (c) | 37,992 | 37,996 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | 5,176 | 5,176 |
Total Investment of Cash Collateral from Securities Loaned (Cost $43,176) | 43,172 | |
Total Investments — 100.4% (Cost $1,086,689) | 1,343,997 | |
Liabilities in Excess of Other Assets — (0.4)% | (5,461 ) | |
NET ASSETS — 100.0% | 1,338,536 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
PT | Limited liability company |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $41,008. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of April 30, 2023. |
INDUSTRY April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Banks | 13.3 % |
Oil, Gas & Consumable Fuels | 7.3 |
Insurance | 6.1 |
Pharmaceuticals | 5.6 |
Semiconductors & Semiconductor Equipment | 5.5 |
Chemicals | 4.7 |
Food Products | 4.3 |
Textiles, Apparel & Luxury Goods | 3.8 |
Diversified Telecommunication Services | 3.6 |
Technology Hardware, Storage & Peripherals | 3.5 |
Metals & Mining | 3.4 |
Consumer Staples Distribution & Retail | 2.8 |
Capital Markets | 2.8 |
Ground Transportation | 2.5 |
Construction & Engineering | 2.4 |
Electric Utilities | 2.4 |
Professional Services | 2.3 |
Interactive Media & Services | 2.3 |
Health Care Equipment & Supplies | 2.1 |
Household Durables | 2.0 |
Independent Power and Renewable Electricity Producers | 2.0 |
Beverages | 1.9 |
Aerospace & Defense | 1.8 |
Electronic Equipment, Instruments & Components | 1.6 |
Machinery | 1.6 |
Trading Companies & Distributors | 1.5 |
IT Services | 1.4 |
Electrical Equipment | 1.3 |
Personal Care Products | 1.0 |
Short-Term Investments | 3.2 |
42 | J.P. Morgan International Equity Funds | April 30, 2023 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 95.6% | ||
Australia — 5.9% | ||
ANZ Group Holdings Ltd. | 12 | 193 |
Aurizon Holdings Ltd. | 27 | 60 |
BHP Group Ltd. | 36 | 1,079 |
Commonwealth Bank of Australia | 10 | 678 |
Dexus, REIT | 16 | 85 |
Endeavour Group Ltd. | 24 | 109 |
Glencore plc | 21 | 121 |
Goodman Group, REIT | 40 | 521 |
GPT Group (The), REIT | 35 | 102 |
Insurance Australia Group Ltd. | 39 | 131 |
Macquarie Group Ltd. | 5 | 590 |
Medibank Pvt Ltd. | 104 | 247 |
Mirvac Group, REIT | 122 | 195 |
National Australia Bank Ltd. | 16 | 308 |
Newcrest Mining Ltd. | 7 | 133 |
QBE Insurance Group Ltd. | 38 | 389 |
Rio Tinto Ltd. | 16 | 1,219 |
Rio Tinto plc | 8 | 485 |
Santos Ltd. | 83 | 395 |
Wesfarmers Ltd. | 9 | 303 |
Westpac Banking Corp. | 46 | 687 |
Woodside Energy Group Ltd. | 7 | 149 |
Woolworths Group Ltd. | 21 | 541 |
8,720 | ||
Belgium — 0.5% | ||
KBC Group NV | 11 | 785 |
China — 0.6% | ||
BOC Hong Kong Holdings Ltd. | 98 | 311 |
Prosus NV | 7 | 525 |
Xinyi Glass Holdings Ltd. | 44 | 80 |
916 | ||
Denmark — 3.2% | ||
Carlsberg A/S, Class B | 5 | 856 |
Genmab A/S * | — | 182 |
Novo Nordisk A/S, Class B | 21 | 3,538 |
Vestas Wind Systems A/S * | 6 | 155 |
4,731 | ||
Finland — 1.0% | ||
Kone OYJ, Class B | 8 | 448 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Finland — continued | ||
Nokia OYJ | 51 | 214 |
Nordea Bank Abp | 77 | 856 |
1,518 | ||
France — 12.4% | ||
Air Liquide SA | 10 | 1,856 |
Airbus SE | 3 | 467 |
Alstom SA | 12 | 298 |
AXA SA | 7 | 221 |
BNP Paribas SA | 17 | 1,113 |
Capgemini SE | 6 | 1,117 |
Engie SA | 43 | 693 |
Kering SA | 1 | 438 |
Legrand SA | 8 | 720 |
L'Oreal SA | 4 | 1,968 |
LVMH Moet Hennessy Louis Vuitton SE | 4 | 3,588 |
Orange SA | 41 | 531 |
Pernod Ricard SA | 2 | 382 |
Safran SA | 6 | 1,007 |
Societe Generale SA | 14 | 351 |
TotalEnergies SE | 19 | 1,195 |
Veolia Environnement SA | 22 | 711 |
Vinci SA | 13 | 1,598 |
18,254 | ||
Germany — 8.5% | ||
adidas AG | 2 | 329 |
Allianz SE (Registered) | 8 | 1,954 |
BASF SE | 1 | 76 |
Bayer AG (Registered) | 6 | 401 |
Brenntag SE | 2 | 128 |
Deutsche Post AG (Registered) | 19 | 917 |
Deutsche Telekom AG (Registered) | 66 | 1,582 |
Dr Ing hc F Porsche AG (Preference) * (a) | 1 | 137 |
Infineon Technologies AG | 30 | 1,110 |
Mercedes-Benz Group AG | 4 | 289 |
Merck KGaA | 1 | 223 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 3 | 1,043 |
RWE AG | 27 | 1,260 |
SAP SE | 9 | 1,256 |
Siemens AG (Registered) | 7 | 1,115 |
Symrise AG | 2 | 267 |
April 30, 2023 | J.P. Morgan International Equity Funds | 43 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Germany — continued | ||
Volkswagen AG (Preference) | 2 | 247 |
Zalando SE * (b) | 6 | 251 |
12,585 | ||
Hong Kong — 2.4% | ||
AIA Group Ltd. | 113 | 1,232 |
CK Asset Holdings Ltd. | 43 | 254 |
CLP Holdings Ltd. | 10 | 71 |
Hong Kong Exchanges & Clearing Ltd. | 15 | 614 |
Link, REIT | 29 | 192 |
Prudential plc | 35 | 532 |
Sun Hung Kai Properties Ltd. | 18 | 251 |
Techtronic Industries Co. Ltd. | 36 | 390 |
3,536 | ||
Ireland — 0.4% | ||
Kingspan Group plc | 6 | 398 |
Kingspan Group plc | 3 | 221 |
619 | ||
Italy — 1.0% | ||
Enel SpA | 67 | 456 |
FinecoBank Banca Fineco SpA | 33 | 501 |
UniCredit SpA | 26 | 511 |
1,468 | ||
Japan — 21.5% | ||
AGC, Inc. | 5 | 198 |
Ajinomoto Co., Inc. | 7 | 241 |
Asahi Group Holdings Ltd. | 20 | 757 |
Asahi Kasei Corp. | 29 | 202 |
Bridgestone Corp. | 19 | 755 |
Capcom Co. Ltd. | 7 | 252 |
Central Japan Railway Co. | 6 | 730 |
Daiichi Sankyo Co. Ltd. | 30 | 1,019 |
Daikin Industries Ltd. | 5 | 872 |
Daiwa House Industry Co. Ltd. | 23 | 589 |
Denso Corp. | 11 | 664 |
Dentsu Group, Inc. | 22 | 800 |
Fast Retailing Co. Ltd. | 1 | 142 |
Fuji Electric Co. Ltd. | 9 | 359 |
Hitachi Ltd. | 16 | 913 |
Honda Motor Co. Ltd. | 27 | 708 |
Hoya Corp. | 9 | 923 |
ITOCHU Corp. | 24 | 813 |
Japan Airlines Co. Ltd. | 6 | 120 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — continued | ||
Kao Corp. | 9 | 360 |
Keyence Corp. | 3 | 1,443 |
Komatsu Ltd. | 8 | 211 |
Konami Group Corp. | 6 | 295 |
Kyowa Kirin Co. Ltd. | 15 | 345 |
Mitsubishi Corp. | 26 | 960 |
Mitsubishi UFJ Financial Group, Inc. | 55 | 347 |
Mitsui Fudosan Co. Ltd. | 29 | 584 |
Murata Manufacturing Co. Ltd. | 12 | 664 |
NIDEC Corp. | 4 | 183 |
Nintendo Co. Ltd. | 6 | 249 |
Nippon Express Holdings, Inc. | 3 | 158 |
Nippon Paint Holdings Co. Ltd. | 48 | 433 |
Nippon Steel Corp. | 9 | 197 |
Nippon Telegraph & Telephone Corp. | 28 | 851 |
Nomura Research Institute Ltd. | 15 | 370 |
Ono Pharmaceutical Co. Ltd. | 13 | 256 |
ORIX Corp. | 31 | 527 |
Otsuka Corp. | 11 | 386 |
Recruit Holdings Co. Ltd. | 13 | 373 |
Renesas Electronics Corp. * | 16 | 215 |
Seven & i Holdings Co. Ltd. | 10 | 444 |
Shimadzu Corp. | 5 | 172 |
Shin-Etsu Chemical Co. Ltd. | 40 | 1,150 |
Shionogi & Co. Ltd. | 5 | 206 |
Shiseido Co. Ltd. | 9 | 431 |
SoftBank Group Corp. | 8 | 304 |
Sony Group Corp. | 17 | 1,538 |
Sumitomo Electric Industries Ltd. | 34 | 439 |
Sumitomo Metal Mining Co. Ltd. | 14 | 524 |
Sumitomo Mitsui Financial Group, Inc. | 29 | 1,169 |
Suzuki Motor Corp. | 15 | 523 |
T&D Holdings, Inc. | 39 | 483 |
Takeda Pharmaceutical Co. Ltd. | 4 | 119 |
Terumo Corp. | 21 | 623 |
Tokio Marine Holdings, Inc. | 42 | 855 |
Tokyo Electron Ltd. | 9 | 1,019 |
Toyota Motor Corp. | 85 | 1,167 |
31,630 | ||
Luxembourg — 0.0% ^ | ||
ArcelorMittal SA * | 2 | 45 |
Macau — 0.2% | ||
Sands China Ltd. * | 58 | 208 |
44 | J.P. Morgan International Equity Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Netherlands — 6.0% | ||
Adyen NV * (b) | — | 339 |
ASML Holding NV | 5 | 3,143 |
Koninklijke Ahold Delhaize NV | 19 | 652 |
Koninklijke KPN NV | 198 | 724 |
NN Group NV | 20 | 742 |
Shell plc | 84 | 2,592 |
Wolters Kluwer NV | 5 | 599 |
8,791 | ||
Singapore — 1.1% | ||
DBS Group Holdings Ltd. | 33 | 815 |
Oversea-Chinese Banking Corp. Ltd. | 17 | 164 |
Sea Ltd., ADR * | 3 | 253 |
United Overseas Bank Ltd. | 16 | 336 |
1,568 | ||
South Korea — 0.1% | ||
Delivery Hero SE * (b) | 3 | 126 |
Spain — 2.6% | ||
Banco Bilbao Vizcaya Argentaria SA | 148 | 1,081 |
Banco Santander SA | 61 | 215 |
Iberdrola SA | 140 | 1,809 |
Industria de Diseno Textil SA | 20 | 703 |
3,808 | ||
Sweden — 2.0% | ||
Atlas Copco AB, Class A | 93 | 1,339 |
Boliden AB * | 9 | 328 |
Volvo AB, Class B | 58 | 1,199 |
2,866 | ||
Switzerland — 5.7% | ||
Cie Financiere Richemont SA (Registered) | 5 | 861 |
DSM-Firmenich AG * | 6 | 720 |
Givaudan SA (Registered) | — | 164 |
Julius Baer Group Ltd. | 2 | 158 |
Lonza Group AG (Registered) | 2 | 1,394 |
Novartis AG (Registered) | 23 | 2,325 |
SGS SA (Registered) | 6 | 547 |
Sika AG (Registered) | 3 | 912 |
UBS Group AG (Registered) * | 18 | 370 |
Zurich Insurance Group AG | 2 | 934 |
8,385 | ||
United Kingdom — 12.8% | ||
3i Group plc | 64 | 1,425 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United Kingdom — continued | ||
AstraZeneca plc | 19 | 2,772 |
Barclays plc | 452 | 911 |
Berkeley Group Holdings plc | 13 | 707 |
BP plc | 335 | 2,248 |
British American Tobacco plc | 13 | 493 |
DCC plc | 4 | 235 |
Diageo plc | 36 | 1,647 |
HSBC Holdings plc | 109 | 788 |
InterContinental Hotels Group plc | 13 | 863 |
Intertek Group plc | 2 | 96 |
Lloyds Banking Group plc | 1,774 | 1,078 |
London Stock Exchange Group plc | 1 | 109 |
Reckitt Benckiser Group plc | 11 | 922 |
RELX plc | 44 | 1,477 |
SSE plc | 25 | 581 |
Standard Chartered plc | 101 | 802 |
Taylor Wimpey plc | 109 | 175 |
Tesco plc | 202 | 713 |
Unilever plc | 16 | 880 |
18,922 | ||
United States — 7.7% | ||
CSL Ltd. | 4 | 844 |
GSK plc | 18 | 332 |
Nestle SA (Registered) | 30 | 3,913 |
Roche Holding AG | 9 | 2,791 |
Sanofi | 5 | 489 |
Schneider Electric SE | 10 | 1,804 |
Stellantis NV | 74 | 1,221 |
11,394 | ||
Total Common Stocks (Cost $110,784) | 140,875 | |
NO. OF CONTRACTS | ||
Options Purchased — 0.4% | ||
Put Options Purchased — 0.4% | ||
United States — 0.4% | ||
MSCI EAFE Index | ||
6/30/2023 at USD 1,970.00, European Style | ||
Notional Amount: USD 146,425 | ||
Counterparty: Exchange-Traded * (Cost $1,765) | 683 | 659 |
April 30, 2023 | J.P. Morgan International Equity Funds | 45 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short-Term Investments — 3.5% | ||
Investment Companies — 3.5% | ||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.71% (c) (d)(Cost $5,126) | 5,126 | 5,126 |
Total Investments — 99.5% (Cost $117,675) | 146,660 | |
Other Assets Less Liabilities — 0.5% | 722 | |
NET ASSETS — 100.0% | 147,382 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ADR | American Depositary Receipt |
EAFE | Europe, Australasia and Far East |
MSCI | Morgan Stanley Capital International |
OYJ | Public Limited Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
REIT | Real Estate Investment Trust |
^ | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of April 30, 2023. |
INDUSTRY April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Pharmaceuticals | 10.6 % |
Banks | 9.5 |
Insurance | 6.0 |
Oil, Gas & Consumable Fuels | 4.5 |
Semiconductors & Semiconductor Equipment | 3.7 |
Textiles, Apparel & Luxury Goods | 3.6 |
Chemicals | 3.5 |
Automobiles | 2.9 |
Food Products | 2.8 |
Metals & Mining | 2.8 |
Machinery | 2.6 |
Diversified Telecommunication Services | 2.5 |
Beverages | 2.5 |
Personal Care Products | 2.5 |
Capital Markets | 2.2 |
Electrical Equipment | 2.2 |
Professional Services | 2.1 |
Electric Utilities | 2.0 |
Consumer Staples Distribution & Retail | 1.7 |
Household Durables | 1.7 |
Electronic Equipment, Instruments & Components | 1.6 |
Industrial Conglomerates | 1.5 |
Trading Companies & Distributors | 1.3 |
IT Services | 1.3 |
Automobile Components | 1.3 |
Building Products | 1.2 |
Real Estate Management & Development | 1.1 |
Construction & Engineering | 1.1 |
Health Care Equipment & Supplies | 1.1 |
Aerospace & Defense | 1.0 |
Multi-Utilities | 1.0 |
Life Sciences Tools & Services | 1.0 |
Others (each less than 1.0%) | 10.1 |
Short-Term Investments | 3.5 |
46 | J.P. Morgan International Equity Funds | April 30, 2023 |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
SPI 200 Index | 20 | 06/15/2023 | AUD | 2,439 | 96 |
MSCI EAFE E-Mini Index | 30 | 06/16/2023 | USD | 3,225 | 215 |
311 |
Abbreviations | |
AUD | Australian Dollar |
EAFE | Europe, Australasia and Far East |
MSCI | Morgan Stanley Capital International |
SPI | Australian Securities Exchange |
USD | United States Dollar |
Written Call Options Contracts as of April 30, 2023 (amounts in thousands, except number of contracts): | ||||||
DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) |
MSCI EAFE Index | Exchange-Traded | 683 | USD 146,425 | USD 2,200.00 | 6/30/2023 | (1,636 ) |
Written Put Options Contracts as of April 30, 2023 (amounts in thousands, except number of contracts): | ||||||
DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) |
MSCI EAFE Index | Exchange-Traded | 683 | USD 146,425 | USD 1,655.00 | 6/30/2023 | (41 ) |
Total Written Options Contracts (Premiums Received $1,689) | (1,677 ) |
Abbreviations | |
EAFE | Europe, Australasia and Far East |
MSCI | Morgan Stanley Capital International |
USD | United States Dollar |
April 30, 2023 | J.P. Morgan International Equity Funds | 47 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 96.6% | ||
Australia — 8.0% | ||
ANZ Group Holdings Ltd. | 177 | 2,877 |
BHP Group Ltd. | 310 | 9,210 |
BlueScope Steel Ltd. | 126 | 1,681 |
Coronado Global Resources, Inc., CHDI (a) | 989 | 1,090 |
Glencore plc | 695 | 4,103 |
JB Hi-Fi Ltd. | 11 | 335 |
Metcash Ltd. | 136 | 352 |
New Hope Corp. Ltd. | 355 | 1,255 |
Qantas Airways Ltd. * | 268 | 1,182 |
QBE Insurance Group Ltd. | 125 | 1,277 |
Rio Tinto Ltd. | 42 | 3,123 |
Rio Tinto plc | 54 | 3,416 |
South32 Ltd. | 598 | 1,690 |
Westpac Banking Corp. | 250 | 3,751 |
Whitehaven Coal Ltd. | 262 | 1,256 |
36,598 | ||
Austria — 1.1% | ||
ANDRITZ AG | 12 | 795 |
Erste Group Bank AG | 41 | 1,505 |
OMV AG | 29 | 1,373 |
Telekom Austria AG * | 173 | 1,346 |
5,019 | ||
Belgium — 0.2% | ||
Ageas SA | 18 | 824 |
Telenet Group Holding NV | 9 | 207 |
1,031 | ||
China — 0.6% | ||
BOC Hong Kong Holdings Ltd. | 316 | 996 |
Yangzijiang Shipbuilding Holdings Ltd. | 1,719 | 1,603 |
2,599 | ||
Denmark — 1.5% | ||
D/S Norden A/S | 22 | 1,392 |
Danske Bank A/S * | 75 | 1,587 |
ISS A/S | 47 | 978 |
Jyske Bank A/S (Registered) * | 10 | 747 |
Solar A/S, Class B * | 9 | 719 |
Spar Nord Bank A/S | 46 | 752 |
Sydbank A/S | 17 | 758 |
6,933 | ||
Egypt — 0.3% | ||
Energean plc | 74 | 1,150 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Finland — 1.5% | ||
Fortum OYJ | 92 | 1,378 |
Nordea Bank Abp | 257 | 2,853 |
Outokumpu OYJ | 236 | 1,287 |
TietoEVRY OYJ | 36 | 1,132 |
6,650 | ||
France — 10.4% | ||
Air France-KLM * | 593 | 1,026 |
AXA SA | 145 | 4,739 |
BNP Paribas SA | 69 | 4,461 |
Carrefour SA | 81 | 1,690 |
Cie de Saint-Gobain | 48 | 2,792 |
Coface SA | 41 | 633 |
Derichebourg SA | 208 | 1,285 |
Eiffage SA | 11 | 1,363 |
Engie SA | 154 | 2,471 |
IPSOS | 18 | 979 |
Orange SA | 177 | 2,298 |
Publicis Groupe SA | 30 | 2,426 |
Renault SA * | 46 | 1,715 |
Rexel SA | 44 | 1,024 |
Rothschild & Co. | 28 | 1,453 |
Societe Generale SA | 74 | 1,798 |
Sopra Steria Group SACA | 7 | 1,407 |
SPIE SA | 25 | 790 |
Technip Energies NV | 79 | 1,744 |
TotalEnergies SE | 161 | 10,274 |
Verallia SA (a) | 33 | 1,336 |
47,704 | ||
Germany — 9.4% | ||
Allianz SE (Registered) | 27 | 6,843 |
Bayerische Motoren Werke AG | 23 | 2,586 |
Commerzbank AG * | 126 | 1,395 |
Continental AG | 21 | 1,486 |
Daimler Truck Holding AG * | 63 | 2,095 |
Deutsche Bank AG (Registered) | 121 | 1,329 |
Deutsche Lufthansa AG (Registered) * | 152 | 1,630 |
Deutsche Telekom AG (Registered) | 69 | 1,666 |
E.ON SE | 229 | 3,034 |
Freenet AG | 21 | 597 |
HeidelbergCement AG | 24 | 1,796 |
HOCHTIEF AG | 17 | 1,454 |
Mercedes-Benz Group AG | 65 | 5,061 |
48 | J.P. Morgan International Equity Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Germany — continued | ||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 6 | 2,155 |
RWE AG | 50 | 2,351 |
Schaeffler AG (Preference) | 90 | 655 |
Siemens AG (Registered) | 21 | 3,538 |
Talanx AG | 10 | 489 |
Volkswagen AG (Preference) | 21 | 2,839 |
42,999 | ||
Hong Kong — 2.2% | ||
Hongkong Land Holdings Ltd. | 346 | 1,538 |
Kerry Properties Ltd. | 613 | 1,582 |
Pacific Basin Shipping Ltd. | 3,041 | 1,058 |
Prudential plc | 223 | 3,406 |
Sun Hung Kai Properties Ltd. | 173 | 2,416 |
10,000 | ||
Ireland — 0.3% | ||
Bank of Ireland Group plc | 140 | 1,443 |
Italy — 3.7% | ||
Assicurazioni Generali SpA | 84 | 1,753 |
Azimut Holding SpA | 22 | 485 |
Eni SpA | 209 | 3,159 |
Iveco Group NV * | 135 | 1,213 |
Maire Tecnimont SpA | 252 | 1,079 |
Mediobanca Banca di Credito Finanziario SpA | 68 | 730 |
OVS SpA (a) | 493 | 1,483 |
Pirelli & C SpA (a) | 196 | 1,026 |
Poste Italiane SpA (a) | 126 | 1,315 |
Saras SpA * | 278 | 360 |
UniCredit SpA | 146 | 2,896 |
Unipol Gruppo SpA | 214 | 1,205 |
16,704 | ||
Japan — 18.5% | ||
Aiful Corp. | 138 | 376 |
Chiba Bank Ltd. (The) | 98 | 642 |
Concordia Financial Group Ltd. | 147 | 560 |
Cosmo Energy Holdings Co. Ltd. | 53 | 1,685 |
Credit Saison Co. Ltd. | 92 | 1,272 |
Dentsu Group, Inc. | 38 | 1,358 |
Fujikura Ltd. | 145 | 990 |
Fuyo General Lease Co. Ltd. | 16 | 1,171 |
Hachijuni Bank Ltd. (The) | 319 | 1,428 |
Hitachi Ltd. | 74 | 4,077 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — continued | ||
Isuzu Motors Ltd. | 115 | 1,357 |
ITOCHU Corp. | 49 | 1,629 |
Japan Airlines Co. Ltd. | 66 | 1,261 |
Japan Post Holdings Co. Ltd. | 193 | 1,590 |
Japan Post Insurance Co. Ltd. | 74 | 1,200 |
Japan Tobacco, Inc. | 124 | 2,672 |
Kamigumi Co. Ltd. | 23 | 502 |
Kandenko Co. Ltd. | 41 | 310 |
KDDI Corp. | 105 | 3,275 |
Marubeni Corp. | 185 | 2,633 |
Mazda Motor Corp. | 178 | 1,607 |
Mitsubishi Corp. | 108 | 4,012 |
Mitsubishi Estate Co. Ltd. | 147 | 1,807 |
Mitsubishi UFJ Financial Group, Inc. | 855 | 5,353 |
Mitsui & Co. Ltd. | 126 | 3,927 |
Mitsui Fudosan Co. Ltd. | 69 | 1,372 |
Mizuho Financial Group, Inc. | 178 | 2,577 |
Nippon Express Holdings, Inc. | 27 | 1,596 |
Nippon Steel Corp. | 104 | 2,219 |
Nippon Telegraph & Telephone Corp. | 62 | 1,886 |
Nomura Real Estate Holdings, Inc. | 54 | 1,348 |
ORIX Corp. | 119 | 2,028 |
Sekisui House Ltd. | 64 | 1,308 |
Shizuoka Financial Group, Inc. | 91 | 684 |
SoftBank Corp. | 211 | 2,372 |
Sojitz Corp. | 70 | 1,485 |
Sumitomo Corp. | 94 | 1,683 |
Sumitomo Forestry Co. Ltd. | 78 | 1,689 |
Sumitomo Mitsui Financial Group, Inc. | 93 | 3,797 |
Sumitomo Mitsui Trust Holdings, Inc. | 50 | 1,810 |
Sumitomo Warehouse Co. Ltd. (The) | 70 | 1,158 |
Takeda Pharmaceutical Co. Ltd. | 115 | 3,827 |
Tokyo Steel Manufacturing Co. Ltd. | 53 | 535 |
Tokyu Fudosan Holdings Corp. | 271 | 1,374 |
Toyota Tsusho Corp. | 43 | 1,771 |
Yamaha Motor Co. Ltd. | 55 | 1,437 |
84,650 | ||
Luxembourg — 0.5% | ||
ArcelorMittal SA * | 71 | 2,030 |
Netherlands — 5.9% | ||
ABN AMRO Bank NV, CVA (a) | 70 | 1,122 |
ASR Nederland NV | 29 | 1,297 |
Heijmans NV, CVA | 100 | 1,242 |
April 30, 2023 | J.P. Morgan International Equity Funds | 49 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Netherlands — continued | ||
ING Groep NV | 267 | 3,311 |
Koninklijke Ahold Delhaize NV | 58 | 1,990 |
Koninklijke BAM Groep NV | 507 | 1,111 |
NN Group NV | 26 | 981 |
OCI NV | 44 | 1,158 |
Randstad NV | 13 | 686 |
Shell plc | 451 | 13,868 |
26,766 | ||
Norway — 2.8% | ||
DNB Bank ASA | 93 | 1,629 |
Elkem ASA (a) | 350 | 1,184 |
Equinor ASA | 95 | 2,736 |
Europris ASA (a) | 133 | 953 |
Hoegh Autoliners ASA | 130 | 840 |
Norsk Hydro ASA | 170 | 1,251 |
Olav Thon Eiendomsselskap ASA | 15 | 249 |
SpareBank 1 Nord Norge | 74 | 674 |
SpareBank 1 SMN | 39 | 510 |
SpareBank 1 SR-Bank ASA | 43 | 501 |
Storebrand ASA | 60 | 460 |
Telenor ASA | 152 | 1,900 |
12,887 | ||
Singapore — 1.1% | ||
DBS Group Holdings Ltd. | 64 | 1,589 |
Oversea-Chinese Banking Corp. Ltd. | 207 | 1,956 |
United Overseas Bank Ltd. | 68 | 1,438 |
4,983 | ||
South Africa — 0.5% | ||
Anglo American plc | 76 | 2,347 |
Spain — 2.9% | ||
Acerinox SA * | 112 | 1,213 |
Applus Services SA | 123 | 1,029 |
Banco Bilbao Vizcaya Argentaria SA | 436 | 3,194 |
Banco Santander SA | 875 | 3,076 |
CaixaBank SA | 272 | 1,005 |
Gestamp Automocion SA (a) | 244 | 1,054 |
Repsol SA | 160 | 2,344 |
Unicaja Banco SA (b) | 501 | 509 |
13,424 | ||
Sweden — 1.8% | ||
Boliden AB * | 25 | 900 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Sweden — continued | ||
Loomis AB | 31 | 998 |
MEKO AB | 34 | 417 |
Securitas AB, Class B | 146 | 1,308 |
Skandinaviska Enskilda Banken AB, Class A | 157 | 1,782 |
SSAB AB, Class B | 189 | 1,276 |
Svenska Handelsbanken AB, Class A | 160 | 1,413 |
8,094 | ||
Switzerland — 5.6% | ||
Julius Baer Group Ltd. | 28 | 2,038 |
Mobilezone Holding AG (Registered) | 51 | 779 |
Novartis AG (Registered) | 140 | 14,340 |
Swiss Life Holding AG (Registered) | 3 | 1,669 |
Swisscom AG (Registered) | 4 | 2,424 |
Zurich Insurance Group AG | 9 | 4,328 |
25,578 | ||
United Kingdom — 13.6% | ||
3i Group plc | 114 | 2,534 |
Aviva plc | 210 | 1,117 |
Balfour Beatty plc | 249 | 1,197 |
Barclays plc | 1,520 | 3,062 |
Barratt Developments plc | 255 | 1,606 |
Beazley plc | 110 | 826 |
Bellway plc | 41 | 1,253 |
Berkeley Group Holdings plc | 28 | 1,574 |
BP plc | 1,253 | 8,406 |
BT Group plc | 575 | 1,149 |
Centrica plc | 1,305 | 1,875 |
CK Hutchison Holdings Ltd. | 276 | 1,845 |
Drax Group plc | 122 | 968 |
DS Smith plc | 318 | 1,243 |
Harbour Energy plc | 267 | 830 |
HSBC Holdings plc | 1,136 | 8,189 |
IG Group Holdings plc | 56 | 514 |
Inchcape plc | 138 | 1,400 |
Investec plc | 232 | 1,295 |
J Sainsbury plc | 450 | 1,562 |
JD Sports Fashion plc | 664 | 1,347 |
JET2 plc | 54 | 840 |
Legal & General Group plc | 752 | 2,218 |
Lloyds Banking Group plc | 5,042 | 3,063 |
Man Group plc | 271 | 774 |
Mitie Group plc | 948 | 1,098 |
NatWest Group plc | 344 | 1,133 |
50 | J.P. Morgan International Equity Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United Kingdom — continued | ||
OSB Group plc | 133 | 829 |
Paragon Banking Group plc | 69 | 437 |
Persimmon plc | 72 | 1,197 |
Premier Foods plc | 451 | 711 |
Standard Chartered plc | 151 | 1,198 |
Taylor Wimpey plc | 941 | 1,518 |
Tesco plc | 599 | 2,116 |
WPP plc | 106 | 1,236 |
62,160 | ||
United States — 4.2% | ||
GSK plc | 296 | 5,331 |
Roche Holding AG | 3 | 966 |
Sanofi | 63 | 6,844 |
Stellantis NV | 136 | 2,249 |
Stellantis NV | 62 | 1,030 |
Swiss Re AG | 18 | 1,836 |
Tenaris SA | 74 | 1,052 |
19,308 | ||
Total Common Stocks (Cost $385,523) | 441,057 | |
Short-Term Investments — 3.9% | ||
Investment Companies — 3.9% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (c) (d)(Cost $17,885) | 17,879 | 17,884 |
Total Investments — 100.5% (Cost $403,408) | 458,941 | |
Liabilities in Excess of Other Assets — (0.5)% | (2,168 ) | |
NET ASSETS — 100.0% | 456,773 |
Percentages indicated are based on net assets. |
Abbreviations | |
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. |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of April 30, 2023. |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Banks | 18.7 % |
Oil, Gas & Consumable Fuels | 10.6 |
Insurance | 9.2 |
Metals & Mining | 8.1 |
Pharmaceuticals | 6.8 |
Automobiles | 4.3 |
Trading Companies & Distributors | 4.1 |
Diversified Telecommunication Services | 2.8 |
Real Estate Management & Development | 2.5 |
Capital Markets | 2.3 |
Household Durables | 2.2 |
Industrial Conglomerates | 2.1 |
Construction & Engineering | 1.7 |
Consumer Staples Distribution & Retail | 1.7 |
Multi-Utilities | 1.6 |
Commercial Services & Supplies | 1.4 |
Wireless Telecommunication Services | 1.4 |
Media | 1.3 |
Passenger Airlines | 1.3 |
Machinery | 1.2 |
Financial Services | 1.0 |
Others (each less than 1.0%) | 9.8 |
Short-Term Investments | 3.9 |
April 30, 2023 | J.P. Morgan International Equity Funds | 51 |
AS OF April 30, 2023 (Unaudited)
(Amounts in thousands, except per share amounts)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | |
ASSETS: | |||
Investments in non-affiliates, at value | $8,127,699 | $2,309,136 | $615,015 |
Investments in affiliates, at value | 5,306 | 13,958 | 9,308 |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | — | 7,129 | 43,677 |
Cash | 3,503 | 2,258 | 185 |
Foreign currency, at value | 529 | 582 | — |
Deposits at broker for futures contracts | — | 216 | 1,472 |
Receivables: | |||
Investment securities sold | 228 | 1 | 15,138 |
Fund shares sold | 5,994 | 59,242 | 303 |
Dividends from non-affiliates | 4,701 | 6,105 | 2,489 |
Dividends from affiliates | 227 | 37 | 59 |
Tax reclaims | — | 99 | 3,848 |
Securities lending income (See Note 2.C.) | 41 | 11 | 14 |
Variation margin on futures contracts | — | 37 | 68 |
Total Assets | 8,148,228 | 2,398,811 | 691,576 |
LIABILITIES: | |||
Payables: | |||
Foreign currency due to custodian, at value | — | — | 379 |
Investment securities purchased | — | — | 6,824 |
Collateral received on securities loaned (See Note 2.C.) | — | 7,128 | 43,677 |
Fund shares redeemed | 13,462 | 108 | 96 |
Accrued liabilities: | |||
Investment advisory fees | 4,472 | 383 | 309 |
Administration fees | 475 | 80 | 39 |
Distribution fees | 105 | — | 19 |
Service fees | 524 | 16 | 41 |
Custodian and accounting fees | 1,573 | 787 | 53 |
Trustees’ and Chief Compliance Officer’s fees | — | — (a) | — (a) |
Deferred foreign capital gains tax | 37,759 | 3,885 | — |
Other | 811 | 17 | 123 |
Total Liabilities | 59,181 | 12,404 | 51,560 |
Net Assets | $8,089,047 | $2,386,407 | $640,016 |
52 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | |
NET ASSETS: | |||
Paid-in-Capital | $7,510,852 | $2,721,248 | $676,848 |
Total distributable earnings (loss) | 578,195 | (334,841 ) | (36,832 ) |
Total Net Assets | $8,089,047 | $2,386,407 | $640,016 |
Net Assets: | |||
Class A | $384,741 | $— | $77,387 |
Class C | 36,423 | — | 5,037 |
Class I | 2,034,835 | 218,811 | 116,824 |
Class L | 1,428,072 | — | 18,746 |
Class R2 | 499 | — | — |
Class R3 | 11,953 | — | — |
Class R4 | 3,032 | — | — |
Class R5 | 14,975 | — | — |
Class R6 | 4,174,517 | 2,167,596 | 422,022 |
Total | $8,089,047 | $2,386,407 | $640,016 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | |||
Class A | 13,630 | — | 2,647 |
Class C | 1,350 | — | 195 |
Class I | 70,316 | 14,289 | 3,914 |
Class L | 48,977 | — | 619 |
Class R2 | 18 | — | — |
Class R3 | 427 | — | — |
Class R4 | 105 | — | — |
Class R5 | 514 | — | — |
Class R6 | 143,359 | 142,396 | 14,031 |
Net Asset Value (a): | |||
Class A — Redemption price per share | $28.23 | $— | $29.23 |
Class C — Offering price per share (b) | 26.97 | — | 25.81 |
Class I — Offering and redemption price per share | 28.94 | 15.31 | 29.85 |
Class L — Offering and redemption price per share | 29.16 | — | 30.31 |
Class R2 — Offering and redemption price per share | 27.79 | — | — |
Class R3 — Offering and redemption price per share | 27.99 | — | — |
Class R4 — Offering and redemption price per share | 28.81 | — | — |
Class R5 — Offering and redemption price per share | 29.15 | — | — |
Class R6 — Offering and redemption price per share | 29.12 | 15.22 | 30.08 |
Class A maximum sales charge | 5.25 % | — % | 5.25 % |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $29.79 | $— | $30.86 |
Cost of investments in non-affiliates | $7,041,777 | $2,292,495 | $499,501 |
Cost of investments in affiliates | 5,306 | 13,958 | 9,307 |
Cost of foreign currency | — | 582 | — |
Investment securities on loan, at value (See Note 2.C.) | — | 6,883 | 37,040 |
Cost of investment of cash collateral (See Note 2.C.) | — | 7,129 | 43,681 |
April 30, 2023 | J.P. Morgan International Equity Funds | 53 |
AS OF April 30, 2023 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | JPMorgan International Value Fund | |
ASSETS: | ||||
Investments in non-affiliates, at value | $4,291,919 | $1,300,825 | $140,875 | $441,057 |
Investments in affiliates, at value | 145,795 | — | 5,126 | 17,884 |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | 204,476 | 43,172 | — | — |
Options purchased, at value | — | — | 659 | — |
Cash | 1,344 | 341 | — | 107 |
Foreign currency, at value | — | — | 260 | 309 |
Deposits at broker for futures contracts | — | — | 357 | — |
Deposits at broker for options contracts | — | — | 1 | — |
Receivables: | ||||
Investment securities sold | 16,688 | 33,870 | 2 | 6 |
Fund shares sold | 2,419 | 2,024 | 424 | 680 |
Dividends from non-affiliates | 17,498 | 3,523 | 620 | 3,267 |
Dividends from affiliates | 322 | 31 | 52 | 62 |
Tax reclaims | 10,200 | 4,983 | 557 | 1,772 |
Securities lending income (See Note 2.C.) | 238 | 32 | — | — |
Variation margin on futures contracts | — | — | 354 | — |
Total Assets | 4,690,899 | 1,388,801 | 149,287 | 465,144 |
LIABILITIES: | ||||
Payables: | ||||
Due to custodian | — | — | 66 | — |
Foreign currency due to custodian, at value | 3,146 | 845 | — | — |
Investment securities purchased | 38,771 | 4,189 | 2 | 2,450 |
Collateral received on securities loaned (See Note 2.C.) | 204,476 | 43,172 | — | — |
Fund shares redeemed | 41,359 | 977 | 48 | 591 |
Outstanding options written, at fair value | — | — | 1,677 | — |
Accrued liabilities: | ||||
Investment advisory fees | 1,560 | 562 | 19 | 162 |
Administration fees | 119 | 14 | 3 | 1 |
Distribution fees | 89 | 71 | 2 | 43 |
Service fees | 169 | 140 | 30 | 39 |
Custodian and accounting fees | 243 | 156 | 37 | 45 |
Trustees’ and Chief Compliance Officer’s fees | — (a) | — (a) | — (a) | 1 |
Other | 145 | 139 | 21 | 5,039 |
Total Liabilities | 290,077 | 50,265 | 1,905 | 8,371 |
Net Assets | $4,400,822 | $1,338,536 | $147,382 | $456,773 |
54 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | JPMorgan International Value Fund | |
NET ASSETS: | ||||
Paid-in-Capital | $3,674,942 | $1,265,509 | $145,375 | $489,226 |
Total distributable earnings (loss) | 725,880 | 73,027 | 2,007 | (32,453 ) |
Total Net Assets | $4,400,822 | $1,338,536 | $147,382 | $456,773 |
Net Assets: | ||||
Class A | $376,598 | $302,145 | $10,601 | $202,068 |
Class C | 6,635 | 15,844 | 203 | 2,109 |
Class I | 679,406 | 553,878 | 136,168 | 35,226 |
Class L | — | — | — | 6,741 |
Class R2 | 20,234 | 1,573 | — | 513 |
Class R5 | 7,835 | 4,142 | 23 | 157 |
Class R6 | 3,310,114 | 460,954 | 387 | 209,959 |
Total | $4,400,822 | $1,338,536 | $147,382 | $456,773 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||||
Class A | 20,941 | 12,910 | 673 | 16,002 |
Class C | 392 | 687 | 13 | 172 |
Class I | 37,101 | 23,326 | 8,574 | 2,708 |
Class L | — | — | — | 521 |
Class R2 | 1,140 | 68 | — | 41 |
Class R5 | 425 | 175 | 1 | 12 |
Class R6 | 180,219 | 19,412 | 24 | 16,343 |
Net Asset Value (a): | ||||
Class A — Redemption price per share | $17.98 | $23.40 | $15.75 | $12.63 |
Class C — Offering price per share (b) | 16.94 | 23.07 | 15.78 | 12.27 |
Class I — Offering and redemption price per share | 18.31 | 23.74 | 15.88 | 13.01 |
Class L — Offering and redemption price per share | — | — | — | 12.93 |
Class R2 — Offering and redemption price per share | 17.74 | 23.22 | — | 12.40 |
Class R5 — Offering and redemption price per share | 18.41 | 23.73 | 15.90 | 12.84 |
Class R6 — Offering and redemption price per share | 18.37 | 23.75 | 15.91 | 12.85 |
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)] | $18.98 | $24.70 | $16.62 | $13.33 |
Cost of investments in non-affiliates | $3,278,553 | $1,043,513 | $110,784 | $385,523 |
Cost of investments in affiliates | 145,799 | — | 5,126 | 17,885 |
Cost of options purchased | — | — | 1,765 | — |
Cost of foreign currency | — | — | 260 | 307 |
Investment securities on loan, at value (See Note 2.C.) | 196,340 | 41,008 | — | — |
Cost of investment of cash collateral (See Note 2.C.) | 204,494 | 43,176 | — | — |
Premiums received from options written | — | — | 1,689 | — |
April 30, 2023 | J.P. Morgan International Equity Funds | 55 |
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited)
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | |
INVESTMENT INCOME: | |||
Interest income from non-affiliates | $47 | $1 | $9 |
Interest income from affiliates | 12 | 21 | 16 |
Dividend income from non-affiliates | 61,500 | 33,173 | 11,331 |
Dividend income from affiliates | 3,112 | 418 | 297 |
Income from securities lending (net) (See Note 2.C.) | 70 | 74 | 75 |
Foreign taxes withheld (net) | (6,856 ) | (3,346 ) | (1,511 ) |
Foreign withholding tax claims | — | — | 425 |
Total investment income | 57,885 | 30,341 | 10,642 |
EXPENSES: | |||
Investment advisory fees | 27,616 | 3,317 | 1,802 |
Administration fees | 3,046 | 995 | 225 |
Distribution fees: | |||
Class A | 489 | — | 91 |
Class C | 143 | — | 20 |
Class R2 | 1 | — | — |
Class R3 | 16 | — | — |
Service fees: | |||
Class A | 489 | — | 91 |
Class C | 48 | — | 7 |
Class I | 2,574 | 302 | 129 |
Class L | 715 | — | 8 |
Class R2 | 1 | — | — |
Class R3 | 16 | — | — |
Class R4 | 4 | — | — |
Class R5 | 7 | — | — |
Custodian and accounting fees | 1,742 | 917 | 56 |
Interest expense to affiliates | 92 | 329 | — (a) |
Professional fees | 107 | 49 | 57 |
Trustees’ and Chief Compliance Officer’s fees | 29 | 18 | 14 |
Printing and mailing costs | 486 | 48 | 39 |
Registration and filing fees | 181 | 52 | 42 |
Transfer agency fees (See Note 2.I.) | 111 | 19 | 11 |
Other | 50 | 41 | 10 |
Total expenses | 37,963 | 6,087 | 2,602 |
Less fees waived | (1,979 ) | (1,002 ) | (28 ) |
Less expense reimbursements | (60 ) | (1 ) | (1 ) |
Net expenses | 35,924 | 5,084 | 2,573 |
Net investment income (loss) | 21,961 | 25,257 | 8,069 |
56 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | |||
Net realized gain (loss) on transactions from: | |||
Investments in non-affiliates | $(100,955 )(a) | $(99,778 )(b) | $(329 ) |
Investments in affiliates | (38 ) | (4 ) | (8 ) |
Futures contracts | — | 1,183 | 1,845 |
Foreign currency transactions | 874 | (436 ) | 13 |
Net realized gain (loss) | (100,119 ) | (99,035 ) | 1,521 |
Change in net unrealized appreciation/depreciation on: | |||
Investments in non-affiliates | 1,404,894 (c) | 552,054 (d) | 120,214 |
Investments in affiliates | (2 ) | 2 | (3 ) |
Futures contracts | — | 608 | (16 ) |
Foreign currency translations | (534 ) | — (e) | 301 |
Change in net unrealized appreciation/depreciation | 1,404,358 | 552,664 | 120,496 |
Net realized/unrealized gains (losses) | 1,304,239 | 453,629 | 122,017 |
Change in net assets resulting from operations | $1,326,200 | $478,886 | $130,086 |
April 30, 2023 | J.P. Morgan International Equity Funds | 57 |
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
(Amounts in thousands)
JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | JPMorgan International Value Fund | |
INVESTMENT INCOME: | ||||
Interest income from non-affiliates | $16 | $10 | $— | $— |
Interest income from affiliates | 2 | 4 | 14 | 1 |
Dividend income from non-affiliates | 69,921 | 19,153 | 2,628 | 6,565 |
Dividend income from affiliates | 1,746 | 384 | 107 | 209 |
Income from securities lending (net) (See Note 2.C.) | 609 | 136 | — | 38 |
Foreign taxes withheld (net) | (6,733 ) | (1,677 ) | (256 ) | (1,027 ) |
Foreign withholding tax claims | 2,629 | — | — | 5,991 |
Total investment income | 68,190 | 18,010 | 2,493 | 11,777 |
EXPENSES: | ||||
Investment advisory fees | 10,663 | 3,883 | 188 | 1,156 |
Administration fees | 1,599 | 485 | 57 | 158 |
Distribution fees: | ||||
Class A | 435 | 344 | 11 | 234 |
Class C | 25 | 57 | 1 | 8 |
Class R2 | 48 | 4 | — | 1 |
Service fees: | ||||
Class A | 435 | 344 | 11 | 234 |
Class C | 8 | 19 | — (a) | 3 |
Class I | 739 | 663 | 177 | 40 |
Class L | — | — | — | 3 |
Class R2 | 24 | 2 | — | 1 |
Class R5 | 5 | 2 | — (a) | — (a) |
Custodian and accounting fees | 279 | 68 | 32 | 54 |
Interest expense to affiliates | 12 | 5 | 2 | 1 |
Professional fees | 94 | 42 | 43 | 111 |
Trustees’ and Chief Compliance Officer’s fees | 21 | 15 | 13 | 14 |
Printing and mailing costs | 140 | 92 | 15 | 45 |
Registration and filing fees | 72 | 85 | 23 | 61 |
Transfer agency fees (See Note 2.I.) | 49 | 24 | 1 | 8 |
Other | 35 | 14 | 6 | 8 |
Total expenses | 14,683 | 6,148 | 580 | 2,140 |
Less fees waived | (2,603 ) | (1,373 ) | (117 ) | (521 ) |
Less expense reimbursements | (1 ) | (1 ) | (1 ) | (3 ) |
Net expenses | 12,079 | 4,774 | 462 | 1,616 |
Net investment income (loss) | 56,111 | 13,236 | 2,031 | 10,161 |
58 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | JPMorgan International Value Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | ||||
Net realized gain (loss) on transactions from: | ||||
Investments in non-affiliates | $(53,623 ) | $14,262 | $(5,239 ) | $1,098 |
Investments in affiliates | (125 ) | 6 | — | — (a) |
Options purchased | — | — | (7,548 ) | — |
Futures contracts | — | — | 599 | — |
Foreign currency transactions | 870 | (214 ) | 30 | 175 |
Options written | — | — | (10,555 ) | — |
Net realized gain (loss) | (52,878 ) | 14,054 | (22,713 ) | 1,273 |
Change in net unrealized appreciation/depreciation on: | ||||
Investments in non-affiliates | 935,619 | 241,278 | 39,146 | 74,824 |
Investments in affiliates | (27 ) | (6 ) | — | (1 ) |
Options purchased | — | — | 1,604 | — |
Futures contracts | — | — | 181 | — |
Foreign currency translations | 974 | 445 | 39 | 176 |
Options written | — | — | 797 | — |
Change in net unrealized appreciation/depreciation | 936,566 | 241,717 | 41,767 | 74,999 |
Net realized/unrealized gains (losses) | 883,688 | 255,771 | 19,054 | 76,272 |
Change in net assets resulting from operations | $939,799 | $269,007 | $21,085 | $86,433 |
April 30, 2023 | J.P. Morgan International Equity Funds | 59 |
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $21,961 | $53,465 | $25,257 | $84,906 |
Net realized gain (loss) | (100,119 ) | (335,160 ) | (99,035 ) | (212,653 ) |
Change in net unrealized appreciation/depreciation | 1,404,358 | (4,813,410 ) | 552,664 | (1,084,196 ) |
Change in net assets resulting from operations | 1,326,200 | (5,095,105 ) | 478,886 | (1,211,943 ) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (384 ) | (22,535 ) | — | — |
Class C | — | (2,610 ) | — | — |
Class I | (7,387 ) | (162,208 ) | (5,178 ) | (231 ) |
Class L | (7,477 ) | (91,277 ) | — | — |
Class R2 | — | (19 ) | — | — |
Class R3 | (23 ) | (504 ) | — | — |
Class R4 | (12 ) | (135 ) | — | — |
Class R5 | (79 ) | (704 ) | — | — |
Class R6 | (27,239 ) | (206,914 ) | (62,562 ) | (199,236 ) |
Total distributions to shareholders | (42,601 ) | (486,906 ) | (67,740 ) | (199,467 ) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | (349,548 ) | (1,098,777 ) | (675,307 ) | 268,590 |
NET ASSETS: | ||||
Change in net assets | 934,051 | (6,680,788 ) | (264,161 ) | (1,142,820 ) |
Beginning of period | 7,154,996 | 13,835,784 | 2,650,568 | 3,793,388 |
End of period | $8,089,047 | $7,154,996 | $2,386,407 | $2,650,568 |
60 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $8,069 | $11,261 | $56,111 | $96,151 |
Net realized gain (loss) | 1,521 | (86,979 ) | (52,878 ) | (243,501 ) |
Change in net unrealized appreciation/depreciation | 120,496 | (136,552 ) | 936,566 | (1,274,787 ) |
Change in net assets resulting from operations | 130,086 | (212,270 ) | 939,799 | (1,422,137 ) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (540 ) | (1,773 ) | (8,012 ) | (27,845 ) |
Class C | (9 ) | (188 ) | (129 ) | (669 ) |
Class I | (865 ) | (9,923 ) | (14,197 ) | (38,399 ) |
Class L | (134 ) | (2,043 ) | — | — |
Class R2 | — | — | (395 ) | (1,477 ) |
Class R5 | — | — | (260 ) | (678 ) |
Class R6 | (4,738 ) | (11,157 ) | (91,479 ) | (256,785 ) |
Total distributions to shareholders | (6,286 ) | (25,084 ) | (114,472 ) | (325,853 ) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | (23,365 ) | (297,583 ) | (235,695 ) | 713,463 |
NET ASSETS: | ||||
Change in net assets | 100,435 | (534,937 ) | 589,632 | (1,034,527 ) |
Beginning of period | 539,581 | 1,074,518 | 3,811,190 | 4,845,717 |
End of period | $640,016 | $539,581 | $4,400,822 | $3,811,190 |
April 30, 2023 | J.P. Morgan International Equity Funds | 61 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $13,236 | $38,695 | $2,031 | $3,692 |
Net realized gain (loss) | 14,054 | 195,264 | (22,713 ) | 16,624 |
Change in net unrealized appreciation/depreciation | 241,717 | (958,205 ) | 41,767 | (45,427 ) |
Change in net assets resulting from operations | 269,007 | (724,246 ) | 21,085 | (25,111 ) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (8,790 ) | (5,362 ) | (227 ) | (77 ) |
Class C | (418 ) | (261 ) | (3 ) | (6 ) |
Class I | (18,427 ) | (14,693 ) | (3,209 ) | (4,049 ) |
Class R2 | (49 ) | (21 ) | — | — |
Class R5 | (141 ) | (56 ) | — (a) | (1 ) |
Class R6 | (17,325 ) | (50,762 ) | (9 ) | (4 ) |
Total distributions to shareholders | (45,150 ) | (71,155 ) | (3,448 ) | (4,137 ) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | 19,898 | (2,030,106 ) | (31,462 ) | 37,679 |
NET ASSETS: | ||||
Change in net assets | 243,755 | (2,825,507 ) | (13,825 ) | 8,431 |
Beginning of period | 1,094,781 | 3,920,288 | 161,207 | 152,776 |
End of period | $1,338,536 | $1,094,781 | $147,382 | $161,207 |
62 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan International Value Fund | ||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||
Net investment income (loss) | $10,161 | $15,106 |
Net realized gain (loss) | 1,273 | (9,861 ) |
Change in net unrealized appreciation/depreciation | 74,999 | (78,994 ) |
Change in net assets resulting from operations | 86,433 | (73,749 ) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||
Class A | (6,454 ) | (8,496 ) |
Class C | (62 ) | (136 ) |
Class I | (1,187 ) | (1,804 ) |
Class L | (233 ) | (331 ) |
Class R2 | (18 ) | (22 ) |
Class R5 | (1 ) | (2 ) |
Class R6 | (7,227 ) | (7,825 ) |
Total distributions to shareholders | (15,182 ) | (18,616 ) |
CAPITAL TRANSACTIONS: | ||
Change in net assets resulting from capital transactions | 27,645 | 53,543 |
NET ASSETS: | ||
Change in net assets | 98,896 | (38,822 ) |
Beginning of period | 357,877 | 396,699 |
End of period | $456,773 | $357,877 |
April 30, 2023 | J.P. Morgan International Equity Funds | 63 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $27,520 | $106,700 | $— | $— |
Distributions reinvested | 374 | 21,957 | — | — |
Cost of shares redeemed | (65,292 ) | (198,433 ) | — | — |
Change in net assets resulting from Class A capital transactions | (37,398 ) | (69,776 ) | — | — |
Class C | ||||
Proceeds from shares issued | 316 | 1,744 | — | — |
Distributions reinvested | — | 2,464 | — | — |
Cost of shares redeemed | (6,323 ) | (19,963 ) | — | — |
Change in net assets resulting from Class C capital transactions | (6,007 ) | (15,755 ) | — | — |
Class I | ||||
Proceeds from shares issued | 328,094 | 1,051,591 | 115,643 | 338,191 |
Distributions reinvested | 6,911 | 152,054 | 5,178 | 232 |
Cost of shares redeemed | (499,221 ) | (2,325,538 ) | (98,551 ) | (94,988 ) |
Change in net assets resulting from Class I capital transactions | (164,216 ) | (1,121,893 ) | 22,270 | 243,435 |
Class L | ||||
Proceeds from shares issued | 163,805 | 564,411 | — | — |
Distributions reinvested | 7,297 | 90,633 | — | — |
Cost of shares redeemed | (255,799 ) | (934,130 ) | — | — |
Change in net assets resulting from Class L capital transactions | (84,697 ) | (279,086 ) | — | — |
Class R2 | ||||
Proceeds from shares issued | 47 | 143 | — | — |
Distributions reinvested | — | 19 | — | — |
Cost of shares redeemed | (32 ) | (69 ) | — | — |
Change in net assets resulting from Class R2 capital transactions | 15 | 93 | — | — |
Class R3 | ||||
Proceeds from shares issued | 1,910 | 5,710 | — | — |
Distributions reinvested | 9 | 227 | — | — |
Cost of shares redeemed | (3,264 ) | (2,826 ) | — | — |
Change in net assets resulting from Class R3 capital transactions | (1,345 ) | 3,111 | — | — |
Class R4 | ||||
Proceeds from shares issued | 425 | 891 | — | — |
Distributions reinvested | 12 | 135 | — | — |
Cost of shares redeemed | (340 ) | (693 ) | — | — |
Change in net assets resulting from Class R4 capital transactions | 97 | 333 | — | — |
64 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CAPITAL TRANSACTIONS: (continued) | ||||
Class R5 | ||||
Proceeds from shares issued | $1,347 | $4,443 | $— | $— |
Distributions reinvested | 74 | 651 | — | — |
Cost of shares redeemed | (1,409 ) | (4,459 ) | — | — |
Change in net assets resulting from Class R5 capital transactions | 12 | 635 | — | — |
Class R6 | ||||
Proceeds from shares issued | 690,968 | 1,626,066 | 273,932 | 1,143,019 |
Distributions reinvested | 24,824 | 189,280 | 62,082 | 199,235 |
Cost of shares redeemed | (771,801 ) | (1,431,785 ) | (1,033,591 ) | (1,317,099 ) |
Change in net assets resulting from Class R6 capital transactions | (56,009 ) | 383,561 | (697,577 ) | 25,155 |
Total change in net assets resulting from capital transactions | $(349,548 ) | $(1,098,777 ) | $(675,307 ) | $268,590 |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 967 | 3,408 | — | — |
Reinvested | 14 | 591 | — | — |
Redeemed | (2,367 ) | (6,307 ) | — | — |
Change in Class A Shares | (1,386 ) | (2,308 ) | — | — |
Class C | ||||
Issued | 12 | 56 | — | — |
Reinvested | — | 69 | — | — |
Redeemed | (239 ) | (663 ) | — | — |
Change in Class C Shares | (227 ) | (538 ) | — | — |
Class I | ||||
Issued | 11,229 | 32,274 | 7,491 | 18,701 |
Reinvested | 248 | 3,999 | 352 | 12 |
Redeemed | (17,599 ) | (74,112 ) | (6,411 ) | (6,117 ) |
Change in Class I Shares | (6,122 ) | (37,839 ) | 1,432 | 12,596 |
Class L | ||||
Issued | 5,658 | 17,254 | — | — |
Reinvested | 260 | 2,366 | — | — |
Redeemed | (8,883 ) | (29,603 ) | — | — |
Change in Class L Shares | (2,965 ) | (9,983 ) | — | — |
Class R2 | ||||
Issued | 2 | 4 | — | — |
Reinvested | — | 1 | — | — |
Redeemed | (1 ) | (2 ) | — | — |
Change in Class R2 Shares | 1 | 3 | — | — |
April 30, 2023 | J.P. Morgan International Equity Funds | 65 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
SHARE TRANSACTIONS: (continued) | ||||
Class R3 | ||||
Issued | 68 | 191 | — | — |
Reinvested | — (a) | 6 | — | — |
Redeemed | (114 ) | (94 ) | — | — |
Change in Class R3 Shares | (46 ) | 103 | — | — |
Class R4 | ||||
Issued | 15 | 27 | — | — |
Reinvested | — (a) | 4 | — | — |
Redeemed | (12 ) | (21 ) | — | — |
Change in Class R4 Shares | 3 | 10 | — | — |
Class R5 | ||||
Issued | 48 | 140 | — | — |
Reinvested | 2 | 17 | — | — |
Redeemed | (50 ) | (137 ) | — | — |
Change in Class R5 Shares | — (a) | 20 | — | — |
Class R6 | ||||
Issued | 23,745 | 50,537 | 17,866 | 70,374 |
Reinvested | 885 | 4,950 | 4,243 | 10,435 |
Redeemed | (26,288 ) | (45,388 ) | (66,493 ) | (76,413 ) |
Change in Class R6 Shares | (1,658 ) | 10,099 | (44,384 ) | 4,396 |
66 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $3,105 | $5,210 | $28,278 | $64,303 |
Distributions reinvested | 515 | 1,698 | 7,969 | 27,642 |
Cost of shares redeemed | (5,753 ) | (10,121 ) | (30,939 ) | (73,469 ) |
Change in net assets resulting from Class A capital transactions | (2,133 ) | (3,213 ) | 5,308 | 18,476 |
Class C | ||||
Proceeds from shares issued | 67 | 158 | 430 | 1,073 |
Distributions reinvested | 8 | 184 | 128 | 669 |
Cost of shares redeemed | (1,274 ) | (4,364 ) | (1,427 ) | (3,015 ) |
Change in net assets resulting from Class C capital transactions | (1,199 ) | (4,022 ) | (869 ) | (1,273 ) |
Class I | ||||
Proceeds from shares issued | 18,468 | 83,067 | 177,853 | 439,834 |
Distributions reinvested | 833 | 9,021 | 14,180 | 38,299 |
Cost of shares redeemed | (6,742 ) | (370,731 ) | (139,800 ) | (314,861 ) |
Change in net assets resulting from Class I capital transactions | 12,559 | (278,643 ) | 52,233 | 163,272 |
Class L | ||||
Proceeds from shares issued | 909 | 12,743 | — | — |
Distributions reinvested | 133 | 2,037 | — | — |
Cost of shares redeemed | (1,414 ) | (61,116 ) | — | — |
Change in net assets resulting from Class L capital transactions | (372 ) | (46,336 ) | — | — |
Class R2 | ||||
Proceeds from shares issued | — | — | 1,737 | 4,712 |
Distributions reinvested | — | — | 395 | 1,474 |
Cost of shares redeemed | — | — | (2,386 ) | (5,886 ) |
Change in net assets resulting from Class R2 capital transactions | — | — | (254 ) | 300 |
Class R5 | ||||
Proceeds from shares issued | — | — | 1,367 | 2,974 |
Distributions reinvested | — | — | 248 | 650 |
Cost of shares redeemed | — | — | (3,850 ) | (2,313 ) |
Change in net assets resulting from Class R5 capital transactions | — | — | (2,235 ) | 1,311 |
Class R6 | ||||
Proceeds from shares issued | 6,838 | 72,496 | 445,745 | 1,168,411 |
Distributions reinvested | 4,738 | 10,393 | 89,967 | 256,061 |
Cost of shares redeemed | (43,796 ) | (48,258 ) | (825,590 ) | (893,095 ) |
Change in net assets resulting from Class R6 capital transactions | (32,220 ) | 34,631 | (289,878 ) | 531,377 |
Total change in net assets resulting from capital transactions | $(23,365 ) | $(297,583 ) | $(235,695 ) | $713,463 |
April 30, 2023 | J.P. Morgan International Equity Funds | 67 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 114 | 189 | 1,654 | 3,518 |
Reinvested | 20 | 58 | 496 | 1,370 |
Redeemed | (211 ) | (380 ) | (1,836 ) | (4,281 ) |
Change in Class A Shares | (77 ) | (133 ) | 314 | 607 |
Class C | ||||
Issued | 3 | 7 | 29 | 62 |
Reinvested | — (a) | 7 | 8 | 35 |
Redeemed | (52 ) | (185 ) | (91 ) | (185 ) |
Change in Class C Shares | (49 ) | (171 ) | (54 ) | (88 ) |
Class I | ||||
Issued | 671 | 2,991 | 10,254 | 24,681 |
Reinvested | 32 | 301 | 867 | 1,865 |
Redeemed | (244 ) | (13,869 ) | (8,194 ) | (18,906 ) |
Change in Class I Shares | 459 | (10,577 ) | 2,927 | 7,640 |
Class L | ||||
Issued | 32 | 453 | — | — |
Reinvested | 5 | 67 | — | — |
Redeemed | (52 ) | (2,576 ) | — | — |
Change in Class L Shares | (15 ) | (2,056 ) | — | — |
Class R2 | ||||
Issued | — | — | 104 | 272 |
Reinvested | — | — | 25 | 74 |
Redeemed | — | — | (142 ) | (347 ) |
Change in Class R2 Shares | — | — | (13 ) | (1 ) |
Class R5 | ||||
Issued | — | — | 79 | 169 |
Reinvested | — | — | 15 | 32 |
Redeemed | — | — | (220 ) | (123 ) |
Change in Class R5 Shares | — | — | (126 ) | 78 |
Class R6 | ||||
Issued | 247 | 2,666 | 25,876 | 63,877 |
Reinvested | 179 | 345 | 5,486 | 12,433 |
Redeemed | (1,564 ) | (1,835 ) | (47,329 ) | (51,308 ) |
Change in Class R6 Shares | (1,138 ) | 1,176 | (15,967 ) | 25,002 |
68 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $38,167 | $89,525 | $6,466 | $4,000 |
Distributions reinvested | 8,751 | 5,307 | 227 | 77 |
Cost of shares redeemed | (29,381 ) | (95,703 ) | (1,055 ) | (2,799 ) |
Change in net assets resulting from Class A capital transactions | 17,537 | (871 ) | 5,638 | 1,278 |
Class C | ||||
Proceeds from shares issued | 279 | 1,726 | 23 | 135 |
Distributions reinvested | 416 | 259 | 3 | 6 |
Cost of shares redeemed | (1,650 ) | (5,622 ) | (86 ) | (172 ) |
Change in net assets resulting from Class C capital transactions | (955 ) | (3,637 ) | (60 ) | (31 ) |
Class I | ||||
Proceeds from shares issued | 152,791 | 302,480 | 25,157 | 125,491 |
Distributions reinvested | 17,200 | 14,119 | 2,765 | 3,842 |
Cost of shares redeemed | (142,807 ) | (483,530 ) | (64,970 ) | (93,112 ) |
Change in net assets resulting from Class I capital transactions | 27,184 | (166,931 ) | (37,048 ) | 36,221 |
Class R2 | ||||
Proceeds from shares issued | 128 | 691 | — | — |
Distributions reinvested | 49 | 21 | — | — |
Cost of shares redeemed | (365 ) | (731 ) | — | — |
Change in net assets resulting from Class R2 capital transactions | (188 ) | (19 ) | — | — |
Class R5 | ||||
Proceeds from shares issued | 1,816 | 421 | — | — |
Distributions reinvested | 141 | 56 | — (a) | 1 |
Cost of shares redeemed | (412 ) | (853 ) | — | — |
Change in net assets resulting from Class R5 capital transactions | 1,545 | (376 ) | — (a) | 1 |
Class R6 | ||||
Proceeds from shares issued | 48,296 | 142,067 | 25 | 251 |
Distributions reinvested | 17,306 | 50,271 | 9 | 4 |
Cost of shares redeemed | (90,827 ) | (814,180 ) | (26 ) | (45 ) |
Redemptions in-kind | — | (1,236,430 ) | — | — |
Change in net assets resulting from Class R6 capital transactions | (25,225 ) | (1,858,272 ) | 8 | 210 |
Total change in net assets resulting from capital transactions | $19,898 | $(2,030,106 ) | $(31,462 ) | $37,679 |
April 30, 2023 | J.P. Morgan International Equity Funds | 69 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 1,710 | 3,793 | 441 | 254 |
Reinvested | 414 | 205 | 16 | 5 |
Redeemed | (1,331 ) | (4,132 ) | (71 ) | (185 ) |
Change in Class A Shares | 793 | (134 ) | 386 | 74 |
Class C | ||||
Issued | 14 | 69 | 2 | 9 |
Reinvested | 20 | 10 | — (a) | — (a) |
Redeemed | (76 ) | (247 ) | (6 ) | (11 ) |
Change in Class C Shares | (42 ) | (168 ) | (4 ) | (2 ) |
Class I | ||||
Issued | 7,126 | 12,761 | 1,674 | 8,117 |
Reinvested | 803 | 538 | 192 | 241 |
Redeemed | (6,417 ) | (21,255 ) | (4,352 ) | (6,134 ) |
Change in Class I Shares | 1,512 | (7,956 ) | (2,486 ) | 2,224 |
Class R2 | ||||
Issued | 6 | 30 | — | — |
Reinvested | 2 | 1 | — | — |
Redeemed | (16 ) | (31 ) | — | — |
Change in Class R2 Shares | (8 ) | — | — | — |
Class R5 | ||||
Issued | 88 | 19 | — | — |
Reinvested | 6 | 2 | — (a) | — (a) |
Redeemed | (18 ) | (35 ) | — | — |
Change in Class R5 Shares | 76 | (14 ) | — (a) | — (a) |
Class R6 | ||||
Issued | 2,133 | 6,013 | 2 | 17 |
Reinvested | 808 | 1,917 | — (a) | — (a) |
Redeemed | (3,949 ) | (32,570 ) | (2 ) | (3 ) |
Redemptions in-kind | — | (52,192 ) | — | — |
Change in Class R6 Shares | (1,008 ) | (76,832 ) | — (a) | 14 |
70 | J.P. Morgan International Equity Funds | April 30, 2023 |
JPMorgan International Value Fund | ||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CAPITAL TRANSACTIONS: | ||
Class A | ||
Proceeds from shares issued | $19,801 | $37,527 |
Distributions reinvested | 6,407 | 8,400 |
Cost of shares redeemed | (16,100 ) | (31,122 ) |
Change in net assets resulting from Class A capital transactions | 10,108 | 14,805 |
Class C | ||
Proceeds from shares issued | 441 | 234 |
Distributions reinvested | 55 | 135 |
Cost of shares redeemed | (532 ) | (1,871 ) |
Change in net assets resulting from Class C capital transactions | (36 ) | (1,502 ) |
Class I | ||
Proceeds from shares issued | 7,731 | 10,688 |
Distributions reinvested | 1,171 | 1,784 |
Cost of shares redeemed | (9,122 ) | (13,058 ) |
Change in net assets resulting from Class I capital transactions | (220 ) | (586 ) |
Class L | ||
Proceeds from shares issued | 321 | 397 |
Distributions reinvested | 218 | 310 |
Cost of shares redeemed | (322 ) | (803 ) |
Change in net assets resulting from Class L capital transactions | 217 | (96 ) |
Class R2 | ||
Proceeds from shares issued | 35 | 69 |
Distributions reinvested | 18 | 22 |
Cost of shares redeemed | (86 ) | (31 ) |
Change in net assets resulting from Class R2 capital transactions | (33 ) | 60 |
Class R5 | ||
Proceeds from shares issued | 357 | 25 |
Distributions reinvested | 1 | 2 |
Cost of shares redeemed | (247 ) | (54 ) |
Change in net assets resulting from Class R5 capital transactions | 111 | (27 ) |
Class R6 | ||
Proceeds from shares issued | 34,156 | 69,981 |
Distributions reinvested | 7,192 | 7,790 |
Cost of shares redeemed | (23,850 ) | (36,882 ) |
Change in net assets resulting from Class R6 capital transactions | 17,498 | 40,889 |
Total change in net assets resulting from capital transactions | $27,645 | $53,543 |
April 30, 2023 | J.P. Morgan International Equity Funds | 71 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Value Fund | ||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
SHARE TRANSACTIONS: | ||
Class A | ||
Issued | 1,635 | 3,140 |
Reinvested | 558 | 685 |
Redeemed | (1,337 ) | (2,627 ) |
Change in Class A Shares | 856 | 1,198 |
Class C | ||
Issued | 37 | 21 |
Reinvested | 5 | 11 |
Redeemed | (45 ) | (158 ) |
Change in Class C Shares | (3 ) | (126 ) |
Class I | ||
Issued | 605 | 850 |
Reinvested | 99 | 141 |
Redeemed | (736 ) | (1,082 ) |
Change in Class I Shares | (32 ) | (91 ) |
Class L | ||
Issued | 25 | 33 |
Reinvested | 19 | 25 |
Redeemed | (27 ) | (65 ) |
Change in Class L Shares | 17 | (7 ) |
Class R2 | ||
Issued | 3 | 6 |
Reinvested | 1 | 2 |
Redeemed | (7 ) | (3 ) |
Change in Class R2 Shares | (3 ) | 5 |
Class R5 | ||
Issued | 28 | 2 |
Reinvested | — (a) | — (a) |
Redeemed | (19 ) | (4 ) |
Change in Class R5 Shares | 9 | (2 ) |
Class R6 | ||
Issued | 2,773 | 5,786 |
Reinvested | 617 | 626 |
Redeemed | (1,934 ) | (3,067 ) |
Change in Class R6 Shares | 1,456 | 3,345 |
72 | J.P. Morgan International Equity Funds | April 30, 2023 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Emerging Markets Equity Fund | |||||||
Class A | |||||||
Six Months Ended April 30, 2023 (Unaudited) | $23.85 | $0.03 | $4.38 | $4.41 | $(0.03 ) | $— | $(0.03 ) |
Year Ended October 31, 2022 | 40.54 | 0.06 | (15.42 ) | (15.36 ) | (0.07 ) | (1.26 ) | (1.33 ) |
Year Ended October 31, 2021 | 36.44 | (0.14 ) | 4.24 | 4.10 | — | — | — |
Year Ended October 31, 2020 | 30.07 | (0.02 ) | 6.56 | 6.54 | (0.17 ) | — | (0.17 ) |
Year Ended October 31, 2019 | 23.84 | 0.19 | 6.16 | 6.35 | (0.12 ) | — | (0.12 ) |
Year Ended October 31, 2018 | 27.58 | 0.14 | (3.84 ) | (3.70 ) | (0.04 ) | — | (0.04 ) |
Class C | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 22.82 | (0.04 ) | 4.19 | 4.15 | — | — | — |
Year Ended October 31, 2022 | 38.96 | (0.10 ) | (14.78 ) | (14.88 ) | — | (1.26 ) | (1.26 ) |
Year Ended October 31, 2021 | 35.20 | (0.34 ) | 4.10 | 3.76 | — | — | — |
Year Ended October 31, 2020 | 29.07 | (0.18 ) | 6.35 | 6.17 | (0.04 ) | — | (0.04 ) |
Year Ended October 31, 2019 | 23.08 | 0.04 | 5.98 | 6.02 | (0.03 ) | — | (0.03 ) |
Year Ended October 31, 2018 | 26.80 | 0.02 | (3.74 ) | (3.72 ) | — (f) | — | — (f) |
Class I | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 24.48 | 0.06 | 4.50 | 4.56 | (0.10 ) | — | (0.10 ) |
Year Ended October 31, 2022 | 41.60 | 0.12 | (15.81 ) | (15.69 ) | (0.17 ) | (1.26 ) | (1.43 ) |
Year Ended October 31, 2021 | 37.34 | (0.04 ) | 4.34 | 4.30 | (0.04 ) | — | (0.04 ) |
Year Ended October 31, 2020 | 30.79 | 0.05 | 6.75 | 6.80 | (0.25 ) | — | (0.25 ) |
Year Ended October 31, 2019 | 24.45 | 0.27 | 6.29 | 6.56 | (0.22 ) | — | (0.22 ) |
Year Ended October 31, 2018 | 28.29 | 0.24 | (3.96 ) | (3.72 ) | (0.12 ) | — | (0.12 ) |
Class L | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 24.70 | 0.08 | 4.53 | 4.61 | (0.15 ) | — | (0.15 ) |
Year Ended October 31, 2022 | 41.96 | 0.17 | (15.95 ) | (15.78 ) | (0.22 ) | (1.26 ) | (1.48 ) |
Year Ended October 31, 2021 | 37.64 | 0.01 | 4.37 | 4.38 | (0.06 ) | — | (0.06 ) |
Year Ended October 31, 2020 | 31.03 | 0.08 | 6.80 | 6.88 | (0.27 ) | — | (0.27 ) |
Year Ended October 31, 2019 | 24.63 | 0.29 | 6.35 | 6.64 | (0.24 ) | — | (0.24 ) |
Year Ended October 31, 2018 | 28.49 | 0.26 | (3.99 ) | (3.73 ) | (0.13 ) | — | (0.13 ) |
Class R2 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 23.49 | (0.01 ) | 4.31 | 4.30 | — | — | — |
Year Ended October 31, 2022 | 39.99 | (0.02 ) | (15.22 ) | (15.24 ) | — | (1.26 ) | (1.26 ) |
Year Ended October 31, 2021 | 36.06 | (0.26 ) | 4.19 | 3.93 | — | — | — |
Year Ended October 31, 2020 | 29.78 | (0.13 ) | 6.52 | 6.39 | (0.11 ) | — | (0.11 ) |
Year Ended October 31, 2019 | 23.73 | 0.08 | 6.13 | 6.21 | (0.16 ) | — | (0.16 ) |
Year Ended October 31, 2018 | 27.57 | 0.07 | (3.83 ) | (3.76 ) | (0.08 ) | — | (0.08 ) |
Class R3 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 23.67 | 0.02 | 4.35 | 4.37 | (0.05 ) | — | (0.05 ) |
Year Ended October 31, 2022 | 40.30 | 0.06 | (15.32 ) | (15.26 ) | (0.11 ) | (1.26 ) | (1.37 ) |
Year Ended October 31, 2021 | 36.25 | (0.15 ) | 4.20 | 4.05 | — | — | — |
Year Ended October 31, 2020 | 29.96 | (0.05 ) | 6.55 | 6.50 | (0.21 ) | — | (0.21 ) |
Year Ended October 31, 2019 | 23.78 | 0.25 | 6.06 | 6.31 | (0.13 ) | — | (0.13 ) |
Year Ended October 31, 2018 | 27.59 | 0.22 | (3.92 ) | (3.70 ) | (0.11 ) | — | (0.11 ) |
74 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$28.23 | 18.48 % | $384,741 | 1.24 % | 0.19 % | 1.33 % | 8 % |
23.85 | (39.06 ) | 358,077 | 1.25 | 0.19 | 1.33 | 18 |
40.54 | 11.25 | 702,288 | 1.24 | (0.33 ) | 1.30 | 25 |
36.44 | 21.84 | 578,112 | 1.24 | (0.06 ) | 1.33 | 15 |
30.07 | 26.77 | 524,357 | 1.24 | 0.69 | 1.47 | 34 |
23.84 | (13.44 ) | 369,490 | 1.24 | 0.51 | 1.52 | 13 |
26.97 | 18.19 | 36,423 | 1.74 | (0.32 ) | 1.83 | 8 |
22.82 | (39.36 ) | 35,997 | 1.75 | (0.35 ) | 1.83 | 18 |
38.96 | 10.68 | 82,409 | 1.74 | (0.83 ) | 1.80 | 25 |
35.20 | 21.24 | 72,364 | 1.74 | (0.58 ) | 1.83 | 15 |
29.07 | 26.12 | 56,830 | 1.74 | 0.15 | 1.98 | 34 |
23.08 | (13.87 ) | 43,612 | 1.74 | 0.06 | 2.02 | 13 |
28.94 | 18.66 | 2,034,835 | 0.99 | 0.43 | 1.07 | 8 |
24.48 | (38.92 ) | 1,871,401 | 1.00 | 0.37 | 1.07 | 18 |
41.60 | 11.51 | 4,753,438 | 0.99 | (0.09 ) | 1.05 | 25 |
37.34 | 22.19 | 4,016,180 | 0.99 | 0.15 | 1.07 | 15 |
30.79 | 27.04 | 1,725,882 | 0.99 | 0.94 | 1.21 | 34 |
24.45 | (13.23 ) | 773,142 | 0.99 | 0.84 | 1.26 | 13 |
29.16 | 18.69 | 1,428,072 | 0.89 | 0.53 | 0.92 | 8 |
24.70 | (38.84 ) | 1,282,832 | 0.90 | 0.53 | 0.92 | 18 |
41.96 | 11.63 | 2,598,326 | 0.89 | 0.02 | 0.90 | 25 |
37.64 | 22.29 | 1,877,489 | 0.89 | 0.25 | 0.92 | 15 |
31.03 | 27.20 | 926,781 | 0.89 | 1.00 | 1.06 | 34 |
24.63 | (13.16 ) | 475,997 | 0.89 | 0.91 | 1.11 | 13 |
27.79 | 18.31 | 499 | 1.54 | (0.10 ) | 1.82 | 8 |
23.49 | (39.24 ) | 407 | 1.55 | (0.07 ) | 1.83 | 18 |
39.99 | 10.90 | 585 | 1.54 | (0.63 ) | 1.78 | 25 |
36.06 | 21.51 | 414 | 1.54 | (0.41 ) | 2.00 | 15 |
29.78 | 26.35 | 145 | 1.54 | 0.31 | 2.26 | 34 |
23.73 | (13.69 ) | 95 | 1.54 | 0.26 | 2.04 | 13 |
27.99 | 18.46 | 11,953 | 1.29 | 0.13 | 1.32 | 8 |
23.67 | (39.08 ) | 11,182 | 1.30 | 0.19 | 1.32 | 18 |
40.30 | 11.17 | 14,918 | 1.29 | (0.36 ) | 1.30 | 25 |
36.25 | 21.80 | 5,797 | 1.29 | (0.15 ) | 1.33 | 15 |
29.96 | 26.67 | 2,151 | 1.29 | 0.90 | 1.49 | 34 |
23.78 | (13.49 ) | 341 | 1.29 | 0.81 | 1.59 | 13 |
April 30, 2023 | J.P. Morgan International Equity Funds | 75 |
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 Emerging Markets Equity Fund (continued) | |||||||
Class R4 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | $24.39 | $0.06 | $4.47 | $4.53 | $(0.11 ) | $— | $(0.11 ) |
Year Ended October 31, 2022 | 41.45 | 0.13 | (15.77 ) | (15.64 ) | (0.16 ) | (1.26 ) | (1.42 ) |
Year Ended October 31, 2021 | 37.20 | (0.05 ) | 4.32 | 4.27 | (0.02 ) | — | (0.02 ) |
Year Ended October 31, 2020 | 30.68 | 0.04 | 6.70 | 6.74 | (0.22 ) | — | (0.22 ) |
Year Ended October 31, 2019 | 24.42 | 0.27 | 6.25 | 6.52 | (0.26 ) | — | (0.26 ) |
Year Ended October 31, 2018 | 28.28 | 0.18 | (3.91 ) | (3.73 ) | (0.13 ) | — | (0.13 ) |
Class R5 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 24.69 | 0.08 | 4.54 | 4.62 | (0.16 ) | — | (0.16 ) |
Year Ended October 31, 2022 | 41.88 | 0.18 | (15.96 ) | (15.78 ) | (0.15 ) | (1.26 ) | (1.41 ) |
Year Ended October 31, 2021 | 37.56 | 0.01 | 4.36 | 4.37 | (0.05 ) | — | (0.05 ) |
Year Ended October 31, 2020 | 30.96 | 0.08 | 6.78 | 6.86 | (0.26 ) | — | (0.26 ) |
Year Ended October 31, 2019 | 24.60 | 0.31 | 6.31 | 6.62 | (0.26 ) | — | (0.26 ) |
Year Ended October 31, 2018 | 28.47 | 0.39 | (4.11 ) | (3.72 ) | (0.15 ) | — | (0.15 ) |
Class R6 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 24.69 | 0.09 | 4.53 | 4.62 | (0.19 ) | — | (0.19 ) |
Year Ended October 31, 2022 | 41.95 | 0.21 | (15.95 ) | (15.74 ) | (0.26 ) | (1.26 ) | (1.52 ) |
Year Ended October 31, 2021 | 37.61 | 0.05 | 4.37 | 4.42 | (0.08 ) | — | (0.08 ) |
Year Ended October 31, 2020 | 31.00 | 0.12 | 6.78 | 6.90 | (0.29 ) | — | (0.29 ) |
Year Ended October 31, 2019 | 24.60 | 0.31 | 6.35 | 6.66 | (0.26 ) | — | (0.26 ) |
Year Ended October 31, 2018 | 28.46 | 0.29 | (3.99 ) | (3.70 ) | (0.16 ) | — | (0.16 ) |
(a) | 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) | Amount rounds to less than $0.005. |
76 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$28.81 | 18.61 % | $3,032 | 1.04 % | 0.40 % | 1.08 % | 8 % |
24.39 | (38.93 ) | 2,485 | 1.05 | 0.43 | 1.08 | 18 |
41.45 | 11.48 | 3,810 | 1.04 | (0.12 ) | 1.06 | 25 |
37.20 | 22.09 | 2,962 | 1.04 | 0.12 | 1.08 | 15 |
30.68 | 26.98 | 1,300 | 1.04 | 0.94 | 1.23 | 34 |
24.42 | (13.25 ) | 26 | 1.04 | 0.63 | 1.62 | 13 |
29.15 | 18.72 | 14,975 | 0.89 | 0.54 | 0.93 | 8 |
24.69 | (38.86 ) | 12,712 | 0.90 | 0.55 | 0.93 | 18 |
41.88 | 11.64 | 20,676 | 0.89 | 0.02 | 0.91 | 25 |
37.56 | 22.29 | 57,909 | 0.89 | 0.26 | 0.93 | 15 |
30.96 | 27.19 | 41,872 | 0.89 | 1.08 | 1.08 | 34 |
24.60 | (13.14 ) | 1,672 | 0.89 | 1.37 | 1.11 | 13 |
29.12 | 18.74 | 4,174,517 | 0.79 | 0.64 | 0.82 | 8 |
24.69 | (38.78 ) | 3,579,903 | 0.80 | 0.67 | 0.82 | 18 |
41.95 | 11.75 | 5,659,334 | 0.79 | 0.11 | 0.80 | 25 |
37.61 | 22.39 | 4,608,998 | 0.79 | 0.37 | 0.82 | 15 |
31.00 | 27.36 | 3,034,359 | 0.79 | 1.09 | 0.96 | 34 |
24.60 | (13.08 ) | 2,936,830 | 0.79 | 1.00 | 1.01 | 13 |
April 30, 2023 | J.P. Morgan International Equity Funds | 77 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | |||||||
Class I | |||||||
Six Months Ended April 30, 2023 (Unaudited) | $13.34 | $0.13 | $2.19 | $2.32 | $(0.35 ) | $— | $(0.35 ) |
Year Ended October 31, 2022 | 20.87 | 0.48 | (6.96 ) | (6.48 ) | (0.52 ) | (0.53 ) | (1.05 ) |
Year Ended October 31, 2021 | 18.11 | 0.51 | 2.56 | 3.07 | (0.31 ) | — | (0.31 ) |
Year Ended October 31, 2020 | 16.78 | 0.33 | 1.04 | 1.37 | — | (0.04 ) | (0.04 ) |
January 30, 2019 (f) through October 31, 2019 | 16.22 | 0.31 | 0.25 | 0.56 | — | — | — |
Class R6 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 13.27 | 0.14 | 2.17 | 2.31 | (0.36 ) | — | (0.36 ) |
Year Ended October 31, 2022 | 20.77 | 0.45 | (6.88 ) | (6.43 ) | (0.54 ) | (0.53 ) | (1.07 ) |
Year Ended October 31, 2021 | 18.01 | 0.42 | 2.65 | 3.07 | (0.31 ) | — | (0.31 ) |
Year Ended October 31, 2020 | 16.80 | 0.31 | 1.07 | 1.38 | (0.13 ) | (0.04 ) | (0.17 ) |
December 11, 2018 (h) through October 31, 2019 | 15.00 | 0.42 | 1.46 | 1.88 | (0.08 ) | — | (0.08 ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
(g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(h) | Commencement of operations. |
78 | J.P. Morgan International Equity Funds | April 30, 2023 |
Ratios/Supplemental data | ||||||
Ratios to average net assets(a) | ||||||
Net asset value, end of period | Total return(c)(d) | Net assets, end of period (000's) | Net expenses(e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate(c) |
$15.31 | 17.50 % | $218,811 | 0.48 % | 1.73 % | 0.69 % | 13 % |
13.34 | (32.53 ) | 171,538 | 0.45 | 3.00 | 0.68 | 34 |
20.87 | 16.95 | 5,435 | 0.45 | 2.36 | 0.69 | 53 |
18.11 | 8.15 | 33 | 0.45 | 1.98 | 1.39 | 47 |
16.78 | 3.45 | 5 | 0.44 (g) | 2.52 (g) | 0.70 (g) | 28 |
15.22 | 17.55 | 2,167,596 | 0.37 | 1.92 | 0.43 | 13 |
13.27 | (32.48 ) | 2,479,030 | 0.35 | 2.62 | 0.40 | 34 |
20.77 | 17.09 | 3,787,953 | 0.35 | 1.97 | 0.40 | 53 |
18.01 | 8.22 | 2,840,309 | 0.35 | 1.87 | 0.41 | 47 |
16.80 | 12.60 | 2,090,569 | 0.34 (g) | 2.90 (g) | 0.46 (g) | 28 |
April 30, 2023 | J.P. Morgan International Equity Funds | 79 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan Europe Dynamic Fund | |||||
Class A | |||||
Six Months Ended April 30, 2023 (Unaudited) | $23.70 | $0.31 (f) | $5.42 | $5.73 | $(0.20 ) |
Year Ended October 31, 2022 | 30.91 | 0.36 | (6.95 ) | (6.59 ) | (0.62 ) |
Year Ended October 31, 2021 | 21.64 | 0.40 (g) | 9.14 | 9.54 | (0.27 ) |
Year Ended October 31, 2020 | 24.25 | 0.25 | (2.16 ) | (1.91 ) | (0.70 ) |
Year Ended October 31, 2019 | 23.01 | 0.61 | 1.18 | 1.79 | (0.55 ) |
Year Ended October 31, 2018 | 27.04 | 0.42 | (4.08 ) | (3.66 ) | (0.37 ) |
Class C | |||||
Six Months Ended April 30, 2023 (Unaudited) | 20.85 | 0.19 (f) | 4.81 | 5.00 | (0.04 ) |
Year Ended October 31, 2022 | 27.25 | 0.20 | (6.13 ) | (5.93 ) | (0.47 ) |
Year Ended October 31, 2021 | 19.10 | 0.22 (g) | 8.08 | 8.30 | (0.15 ) |
Year Ended October 31, 2020 | 21.47 | 0.12 | (1.91 ) | (1.79 ) | (0.58 ) |
Year Ended October 31, 2019 | 20.39 | 0.44 | 1.06 | 1.50 | (0.42 ) |
Year Ended October 31, 2018 | 24.00 | 0.25 | (3.62 ) | (3.37 ) | (0.24 ) |
Class I | |||||
Six Months Ended April 30, 2023 (Unaudited) | 24.20 | 0.37 (f) | 5.52 | 5.89 | (0.24 ) |
Year Ended October 31, 2022 | 31.57 | 0.24 | (6.88 ) | (6.64 ) | (0.73 ) |
Year Ended October 31, 2021 | 22.10 | 0.47 (g) | 9.33 | 9.80 | (0.33 ) |
Year Ended October 31, 2020 | 24.75 | 0.31 | (2.19 ) | (1.88 ) | (0.77 ) |
Year Ended October 31, 2019 | 23.48 | 0.67 | 1.21 | 1.88 | (0.61 ) |
Year Ended October 31, 2018 | 27.60 | 0.49 | (4.17 ) | (3.68 ) | (0.44 ) |
Class L | |||||
Six Months Ended April 30, 2023 (Unaudited) | 24.54 | 0.39 (f) | 5.60 | 5.99 | (0.22 ) |
Year Ended October 31, 2022 | 31.99 | 0.52 | (7.22 ) | (6.70 ) | (0.75 ) |
Year Ended October 31, 2021 | 22.38 | 0.54 (g) | 9.44 | 9.98 | (0.37 ) |
Year Ended October 31, 2020 | 25.05 | 0.35 | (2.23 ) | (1.88 ) | (0.79 ) |
Year Ended October 31, 2019 | 23.70 | 0.65 | 1.27 | 1.92 | (0.57 ) |
Year Ended October 31, 2018 | 27.85 | 0.51 | (4.18 ) | (3.67 ) | (0.48 ) |
Class R6 | |||||
Six Months Ended April 30, 2023 (Unaudited) | 24.44 | 0.38 (f) | 5.59 | 5.97 | (0.33 ) |
Year Ended October 31, 2022 | 31.86 | 0.49 | (7.13 ) | (6.64 ) | (0.78 ) |
Year Ended October 31, 2021 | 22.29 | 0.55 (g) | 9.41 | 9.96 | (0.39 ) |
Year Ended October 31, 2020 | 24.96 | 0.37 | (2.22 ) | (1.85 ) | (0.82 ) |
Year Ended October 31, 2019 | 23.70 | 0.75 | 1.19 | 1.94 | (0.68 ) |
October 1, 2018 (h) through October 31, 2018 | 26.32 | 0.01 | (2.63 ) | (2.62 ) | — |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.29, $0.17, $0.35, $0.37 and $0.36 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment income (loss) ratios would have been 2.23%, 1.56%, 2.60%, 2.69% and 2.70% for Class A, Class C, Class I, Class L and Class R6, respectively. |
(g) | Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.38, $0.20, $0.45, $0.52 and $0.53 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment income (loss) ratios would have been 1.29%, 0.78%, 1.44%, 1.70% and 1.75% for Class A, Class C, Class I, Class L and Class R6, respectively. |
(h) | Commencement of offering of class of shares. |
80 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$29.23 | 24.29 % | $77,387 | 1.24 % | 2.30 %(f) | 1.26 % | 48 % |
23.70 | (21.70 ) | 64,573 | 1.25 | 1.37 | 1.28 | 75 |
30.91 | 44.30 | 88,315 | 1.24 | 1.37 (g) | 1.26 | 92 |
21.64 | (8.21 ) | 68,882 | 1.24 | 1.09 | 1.28 | 159 |
24.25 | 8.14 | 98,294 | 1.24 | 2.67 | 1.31 | 83 |
23.01 | (13.72 ) | 124,681 | 1.24 | 1.58 | 1.29 | 149 |
25.81 | 23.99 | 5,037 | 1.73 | 1.63 (f) | 1.77 | 48 |
20.85 | (22.09 ) | 5,096 | 1.75 | 0.82 | 1.78 | 75 |
27.25 | 43.56 | 11,313 | 1.74 | 0.86 (g) | 1.77 | 92 |
19.10 | (8.68 ) | 11,082 | 1.74 | 0.59 | 1.77 | 159 |
21.47 | 7.64 | 19,798 | 1.74 | 2.15 | 1.80 | 83 |
20.39 | (14.18 ) | 31,125 | 1.74 | 1.08 | 1.79 | 149 |
29.85 | 24.46 | 116,824 | 0.98 | 2.67 (f) | 1.00 | 48 |
24.20 | (21.48 ) | 83,608 | 0.98 | 0.81 | 1.00 | 75 |
31.57 | 44.61 | 443,053 | 0.98 | 1.52 (g) | 0.99 | 92 |
22.10 | (7.98 ) | 52,841 | 0.99 | 1.33 | 1.01 | 159 |
24.75 | 8.44 | 86,582 | 0.99 | 2.86 | 1.05 | 83 |
23.48 | (13.53 ) | 139,858 | 0.99 | 1.84 | 1.04 | 149 |
30.31 | 24.55 | 18,746 | 0.85 | 2.76 (f) | 0.85 | 48 |
24.54 | (21.39 ) | 15,568 | 0.85 | 1.87 | 0.86 | 75 |
31.99 | 44.88 | 86,054 | 0.84 | 1.78 (g) | 0.85 | 92 |
22.38 | (7.86 ) | 55,597 | 0.85 | 1.49 | 0.86 | 159 |
25.05 | 8.49 | 65,686 | 0.89 | 2.77 | 0.90 | 83 |
23.70 | (13.41 ) | 389,665 | 0.88 | 1.88 | 0.89 | 149 |
30.08 | 24.60 | 422,022 | 0.74 | 2.77 (f) | 0.75 | 48 |
24.44 | (21.31 ) | 370,736 | 0.75 | 1.81 | 0.76 | 75 |
31.86 | 45.01 | 445,783 | 0.74 | 1.83 (g) | 0.75 | 92 |
22.29 | (7.79 ) | 250,426 | 0.75 | 1.61 | 0.76 | 159 |
24.96 | 8.65 | 271,885 | 0.79 | 3.17 | 0.79 | 83 |
23.70 | (9.95 ) | 18 | 0.82 | 0.67 | 0.83 | 149 |
April 30, 2023 | J.P. Morgan International Equity Funds | 81 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan International Equity Fund | |||||||
Class A | |||||||
Six Months Ended April 30, 2023 (Unaudited) | $14.75 | $0.19 (f) | $3.43 | $3.62 | $(0.39 ) | $— | $(0.39 ) |
Year Ended October 31, 2022 | 21.63 | 0.31 | (5.83 ) | (5.52 ) | (0.37 ) | (0.99 ) | (1.36 ) |
Year Ended October 31, 2021 | 16.47 | 0.30 (g) | 5.04 | 5.34 | (0.18 ) | — | (0.18 ) |
Year Ended October 31, 2020 | 17.27 | 0.19 | (0.49 ) | (0.30 ) | (0.50 ) | — | (0.50 ) |
Year Ended October 31, 2019 | 15.56 | 0.33 | 1.89 | 2.22 | (0.33 ) | (0.18 ) | (0.51 ) |
Year Ended October 31, 2018 | 17.81 | 0.33 | (2.33 ) | (2.00 ) | (0.25 ) | — | (0.25 ) |
Class C | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 13.87 | 0.14 (f) | 3.23 | 3.37 | (0.30 ) | — | (0.30 ) |
Year Ended October 31, 2022 | 20.41 | 0.20 | (5.48 ) | (5.28 ) | (0.27 ) | (0.99 ) | (1.26 ) |
Year Ended October 31, 2021 | 15.53 | 0.18 (g) | 4.77 | 4.95 | (0.07 ) | — | (0.07 ) |
Year Ended October 31, 2020 | 16.29 | 0.09 | (0.45 ) | (0.36 ) | (0.40 ) | — | (0.40 ) |
Year Ended October 31, 2019 | 14.68 | 0.23 | 1.80 | 2.03 | (0.24 ) | (0.18 ) | (0.42 ) |
Year Ended October 31, 2018 | 16.83 | 0.25 | (2.23 ) | (1.98 ) | (0.17 ) | — | (0.17 ) |
Class I | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 15.04 | 0.22 (f) | 3.49 | 3.71 | (0.44 ) | — | (0.44 ) |
Year Ended October 31, 2022 | 22.02 | 0.38 | (5.95 ) | (5.57 ) | (0.42 ) | (0.99 ) | (1.41 ) |
Year Ended October 31, 2021 | 16.76 | 0.36 (g) | 5.13 | 5.49 | (0.23 ) | — | (0.23 ) |
Year Ended October 31, 2020 | 17.56 | 0.21 | (0.47 ) | (0.26 ) | (0.54 ) | — | (0.54 ) |
Year Ended October 31, 2019 | 15.82 | 0.36 | 1.93 | 2.29 | (0.37 ) | (0.18 ) | (0.55 ) |
Year Ended October 31, 2018 | 18.09 | 0.41 | (2.40 ) | (1.99 ) | (0.28 ) | — | (0.28 ) |
Class R2 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 14.53 | 0.16 (f) | 3.39 | 3.55 | (0.34 ) | — | (0.34 ) |
Year Ended October 31, 2022 | 21.31 | 0.25 | (5.74 ) | (5.49 ) | (0.30 ) | (0.99 ) | (1.29 ) |
Year Ended October 31, 2021 | 16.31 | 0.23 (g) | 4.99 | 5.22 | (0.22 ) | — | (0.22 ) |
Year Ended October 31, 2020 | 17.14 | 0.13 | (0.48 ) | (0.35 ) | (0.48 ) | — | (0.48 ) |
Year Ended October 31, 2019 | 15.44 | 0.28 | 1.88 | 2.16 | (0.28 ) | (0.18 ) | (0.46 ) |
Year Ended October 31, 2018 | 17.70 | 0.29 | (2.33 ) | (2.04 ) | (0.22 ) | — | (0.22 ) |
Class R5 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 15.13 | 0.20 (f) | 3.54 | 3.74 | (0.46 ) | — | (0.46 ) |
Year Ended October 31, 2022 | 22.14 | 0.38 | (5.96 ) | (5.58 ) | (0.44 ) | (0.99 ) | (1.43 ) |
Year Ended October 31, 2021 | 16.85 | 0.39 (g) | 5.15 | 5.54 | (0.25 ) | — | (0.25 ) |
Year Ended October 31, 2020 | 17.60 | 0.24 | (0.48 ) | (0.24 ) | (0.51 ) | — | (0.51 ) |
Year Ended October 31, 2019 | 15.85 | 0.38 | 1.94 | 2.32 | (0.39 ) | (0.18 ) | (0.57 ) |
Year Ended October 31, 2018 | 18.13 | 0.41 | (2.40 ) | (1.99 ) | (0.29 ) | — | (0.29 ) |
82 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$17.98 | 24.88 % | $376,598 | 0.95 % | 2.30 %(f) | 1.11 % | 24 % |
14.75 | (27.15 ) | 304,284 | 0.95 | 1.76 | 1.11 | 31 |
21.63 | 32.56 | 433,033 | 0.95 | 1.47 (g) | 1.11 | 35 |
16.47 | (1.88 ) | 263,791 | 0.95 | 1.17 | 1.12 | 28 |
17.27 | 14.93 | 328,312 | 0.95 | 2.03 | 1.22 | 25 |
15.56 | (11.42 ) | 240,394 | 0.95 | 1.88 | 1.32 | 33 |
16.94 | 24.54 | 6,635 | 1.45 | 1.73 (f) | 1.62 | 24 |
13.87 | (27.51 ) | 6,191 | 1.45 | 1.23 | 1.64 | 31 |
20.41 | 31.94 | 10,899 | 1.45 | 0.91 (g) | 1.62 | 35 |
15.53 | (2.38 ) | 9,358 | 1.45 | 0.61 | 1.62 | 28 |
16.29 | 14.39 | 14,549 | 1.45 | 1.51 | 1.74 | 25 |
14.68 | (11.89 ) | 18,899 | 1.45 | 1.48 | 1.83 | 33 |
18.31 | 24.98 | 679,406 | 0.70 | 2.63 (f) | 0.86 | 24 |
15.04 | (26.95 ) | 513,812 | 0.70 | 2.16 | 0.86 | 31 |
22.02 | 32.94 | 584,191 | 0.70 | 1.71 (g) | 0.86 | 35 |
16.76 | (1.64 ) | 339,416 | 0.70 | 1.26 | 0.86 | 28 |
17.56 | 15.20 | 190,885 | 0.70 | 2.22 | 0.96 | 25 |
15.82 | (11.20 ) | 179,831 | 0.70 | 2.30 | 1.06 | 33 |
17.74 | 24.73 | 20,234 | 1.25 | 1.99 (f) | 1.45 | 24 |
14.53 | (27.36 ) | 16,764 | 1.25 | 1.46 | 1.46 | 31 |
21.31 | 32.18 | 24,598 | 1.25 | 1.13 (g) | 1.47 | 35 |
16.31 | (2.21 ) | 21,379 | 1.25 | 0.79 | 1.37 | 28 |
17.14 | 14.58 | 2,099 | 1.25 | 1.75 | 1.57 | 25 |
15.44 | (11.68 ) | 1,833 | 1.25 | 1.64 | 1.60 | 33 |
18.41 | 25.05 | 7,835 | 0.60 | 2.30 (f) | 0.71 | 24 |
15.13 | (26.88 ) | 8,328 | 0.60 | 2.13 | 0.71 | 31 |
22.14 | 33.04 | 10,463 | 0.60 | 1.85 (g) | 0.71 | 35 |
16.85 | (1.52 ) | 6,970 | 0.60 | 1.41 | 0.72 | 28 |
17.60 | 15.38 | 3,778 | 0.60 | 2.31 | 0.83 | 25 |
15.85 | (11.16 ) | 19,516 | 0.60 | 2.31 | 0.91 | 33 |
April 30, 2023 | J.P. Morgan International Equity Funds | 83 |
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 (continued) | |||||||
Class R6 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | $15.10 | $0.23 (f) | $3.51 | $3.74 | $(0.47 ) | $— | $(0.47 ) |
Year Ended October 31, 2022 | 22.10 | 0.39 | (5.94 ) | (5.55 ) | (0.46 ) | (0.99 ) | (1.45 ) |
Year Ended October 31, 2021 | 16.81 | 0.42 (g) | 5.13 | 5.55 | (0.26 ) | — | (0.26 ) |
Year Ended October 31, 2020 | 17.61 | 0.26 | (0.49 ) | (0.23 ) | (0.57 ) | — | (0.57 ) |
Year Ended October 31, 2019 | 15.86 | 0.40 | 1.93 | 2.33 | (0.40 ) | (0.18 ) | (0.58 ) |
Year Ended October 31, 2018 | 18.13 | 0.43 | (2.39 ) | (1.96 ) | (0.31 ) | — | (0.31 ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.18, $0.13, $0.21, $0.15, $0.19 and $0.22 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratios would have been 2.24%, 1.67%, 2.57%, 1.93%, 2.24% and 2.61% for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively. |
(g) | Reflects income from foreign withholding tax claims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net investment income (loss) ratios for each share class would have remained the same. |
84 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$18.37 | 25.16 % | $3,310,114 | 0.50 % | 2.67 %(f) | 0.61 % | 24 % |
15.10 | (26.81 ) | 2,961,811 | 0.50 | 2.22 | 0.61 | 31 |
22.10 | 33.20 | 3,782,533 | 0.50 | 1.98 (g) | 0.60 | 35 |
16.81 | (1.46 ) | 2,290,008 | 0.50 | 1.56 | 0.61 | 28 |
17.61 | 15.50 | 2,457,383 | 0.50 | 2.46 | 0.72 | 25 |
15.86 | (11.04 ) | 3,808,621 | 0.50 | 2.42 | 0.81 | 33 |
April 30, 2023 | J.P. Morgan International Equity Funds | 85 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan International Focus Fund | |||||
Class A | |||||
Six Months Ended April 30, 2023 (Unaudited) | $19.58 | $0.20 | $4.35 | $4.55 | $(0.73 ) |
Year Ended October 31, 2022 | 27.55 | 0.41 | (7.95 ) | (7.54 ) | (0.43 ) |
Year Ended October 31, 2021 | 22.07 | 0.35 (f) | 5.32 | 5.67 | (0.19 ) |
Year Ended October 31, 2020 | 21.15 | 0.18 | 0.75 | 0.93 | (0.01 ) |
Year Ended October 31, 2019 | 18.24 | 0.26 | 3.02 | 3.28 | (0.37 ) |
Year Ended October 31, 2018 | 21.14 | 0.36 | (3.13 ) | (2.77 ) | (0.13 ) |
Class C | |||||
Six Months Ended April 30, 2023 (Unaudited) | 19.23 | 0.14 | 4.29 | 4.43 | (0.59 ) |
Year Ended October 31, 2022 | 27.06 | 0.29 | (7.83 ) | (7.54 ) | (0.29 ) |
Year Ended October 31, 2021 | 21.68 | 0.20 (f) | 5.24 | 5.44 | (0.06 ) |
Year Ended October 31, 2020 | 20.86 | 0.07 | 0.75 | 0.82 | — |
Year Ended October 31, 2019 | 17.98 | 0.16 | 2.97 | 3.13 | (0.25 ) |
Year Ended October 31, 2018 | 20.90 | 0.26 | (3.09 ) | (2.83 ) | (0.09 ) |
Class I | |||||
Six Months Ended April 30, 2023 (Unaudited) | 19.88 | 0.23 | 4.41 | 4.64 | (0.78 ) |
Year Ended October 31, 2022 | 27.95 | 0.47 | (8.06 ) | (7.59 ) | (0.48 ) |
Year Ended October 31, 2021 | 22.39 | 0.42 (f) | 5.39 | 5.81 | (0.25 ) |
Year Ended October 31, 2020 | 21.43 | 0.23 | 0.78 | 1.01 | (0.05 ) |
Year Ended October 31, 2019 | 18.49 | 0.31 | 3.04 | 3.35 | (0.41 ) |
Year Ended October 31, 2018 | 21.41 | 0.44 | (3.19 ) | (2.75 ) | (0.17 ) |
Class R2 | |||||
Six Months Ended April 30, 2023 (Unaudited) | 19.40 | 0.16 | 4.33 | 4.49 | (0.67 ) |
Year Ended October 31, 2022 | 27.25 | 0.34 | (7.89 ) | (7.55 ) | (0.30 ) |
Year Ended October 31, 2021 | 21.85 | 0.27 (f) | 5.26 | 5.53 | (0.13 ) |
Year Ended October 31, 2020 | 20.99 | 0.13 | 0.73 | 0.86 | — |
Year Ended October 31, 2019 | 18.14 | 0.21 | 2.98 | 3.19 | (0.34 ) |
Year Ended October 31, 2018 | 21.11 | 0.35 | (3.17 ) | (2.82 ) | (0.15 ) |
Class R5 | |||||
Six Months Ended April 30, 2023 (Unaudited) | 19.89 | 0.24 | 4.42 | 4.66 | (0.82 ) |
Year Ended October 31, 2022 | 27.96 | 0.49 | (8.06 ) | (7.57 ) | (0.50 ) |
Year Ended October 31, 2021 | 22.38 | 0.44 (f) | 5.40 | 5.84 | (0.26 ) |
Year Ended October 31, 2020 | 21.42 | 0.25 | 0.78 | 1.03 | (0.07 ) |
Year Ended October 31, 2019 | 18.49 | 0.34 | 3.03 | 3.37 | (0.44 ) |
Year Ended October 31, 2018 | 21.39 | 0.53 | (3.25 ) | (2.72 ) | (0.18 ) |
86 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$23.40 | 23.65 % | $302,145 | 1.00 % | 1.81 % | 1.23 % | 17 % |
19.58 | (27.75 ) | 237,262 | 1.00 | 1.75 | 1.24 | 30 |
27.55 | 25.74 | 337,503 | 1.00 | 1.31 (f) | 1.21 | 32 |
22.07 | 4.39 | 135,527 | 1.00 | 0.86 | 1.22 | 38 |
21.15 | 18.41 | 114,629 | 1.00 | 1.33 | 1.32 | 34 |
18.24 | (13.20 ) | 84,325 | 1.00 | 1.75 | 1.38 | 63 |
23.07 | 23.39 | 15,844 | 1.50 | 1.27 | 1.74 | 17 |
19.23 | (28.13 ) | 14,034 | 1.50 | 1.26 | 1.76 | 30 |
27.06 | 25.11 | 24,272 | 1.50 | 0.77 (f) | 1.72 | 32 |
21.68 | 3.93 | 15,463 | 1.50 | 0.32 | 1.73 | 38 |
20.86 | 17.73 | 18,447 | 1.50 | 0.83 | 1.84 | 34 |
17.98 | (13.60 ) | 22,532 | 1.50 | 1.29 | 1.89 | 63 |
23.74 | 23.78 | 553,878 | 0.75 | 2.02 | 0.98 | 17 |
19.88 | (27.56 ) | 433,591 | 0.75 | 1.99 | 0.99 | 30 |
27.95 | 26.04 | 832,039 | 0.75 | 1.54 (f) | 0.96 | 32 |
22.39 | 4.71 | 372,068 | 0.75 | 1.05 | 0.96 | 38 |
21.43 | 18.62 | 177,764 | 0.75 | 1.57 | 1.08 | 34 |
18.49 | (12.96 ) | 189,061 | 0.75 | 2.09 | 1.13 | 63 |
23.22 | 23.49 | 1,573 | 1.30 | 1.44 | 1.51 | 17 |
19.40 | (27.97 ) | 1,477 | 1.30 | 1.46 | 1.53 | 30 |
27.25 | 25.35 | 2,078 | 1.30 | 1.00 (f) | 1.48 | 32 |
21.85 | 4.10 | 1,441 | 1.30 | 0.61 | 1.51 | 38 |
20.99 | 18.01 | 1,049 | 1.30 | 1.05 | 1.74 | 34 |
18.14 | (13.46 ) | 773 | 1.30 | 1.70 | 1.72 | 63 |
23.73 | 23.87 | 4,142 | 0.65 | 2.18 | 0.88 | 17 |
19.89 | (27.51 ) | 1,961 | 0.65 | 2.06 | 0.91 | 30 |
27.96 | 26.19 | 3,172 | 0.65 | 1.61 (f) | 0.87 | 32 |
22.38 | 4.79 | 2,772 | 0.65 | 1.16 | 0.88 | 38 |
21.42 | 18.76 | 3,082 | 0.65 | 1.71 | 1.04 | 34 |
18.49 | (12.84 ) | 3,341 | 0.65 | 2.56 | 1.07 | 63 |
April 30, 2023 | J.P. Morgan International Equity Funds | 87 |
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 Focus Fund (continued) | |||||
Class R6 | |||||
Six Months Ended April 30, 2023 (Unaudited) | $19.90 | $0.25 | $4.43 | $4.68 | $(0.83 ) |
Year Ended October 31, 2022 | 27.98 | 0.39 | (7.94 ) | (7.55 ) | (0.53 ) |
Year Ended October 31, 2021 | 22.40 | 0.46 (f) | 5.40 | 5.86 | (0.28 ) |
Year Ended October 31, 2020 | 21.44 | 0.28 | 0.77 | 1.05 | (0.09 ) |
Year Ended October 31, 2019 | 18.50 | 0.27 | 3.13 | 3.40 | (0.46 ) |
Year Ended October 31, 2018 | 21.40 | 0.44 | (3.16 ) | (2.72 ) | (0.18 ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Reflects income from foreign withholding tax claims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net investment income (loss) ratios for each share class would have remained the same. |
88 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$23.75 | 23.99 % | $460,954 | 0.55 % | 2.23 % | 0.73 % | 17 % |
19.90 | (27.44 ) | 406,456 | 0.55 | 1.55 | 0.72 | 30 |
27.98 | 26.28 | 2,721,224 | 0.55 | 1.68 (f) | 0.71 | 32 |
22.40 | 4.89 | 2,274,399 | 0.55 | 1.31 | 0.71 | 38 |
21.44 | 18.95 | 2,284,670 | 0.55 | 1.32 | 0.77 | 34 |
18.50 | (12.81 ) | 175,198 | 0.55 | 2.12 | 0.87 | 63 |
April 30, 2023 | J.P. Morgan International Equity Funds | 89 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan International Hedged Equity Fund | |||||
Class A | |||||
Six Months Ended April 30, 2023 (Unaudited) | $14.07 | $0.21 | $1.81 | $2.02 | $(0.34 ) |
Year Ended October 31, 2022 | 16.73 | 0.32 | (2.60 ) | (2.28 ) | (0.38 ) |
Year Ended October 31, 2021 | 14.12 | 0.30 | 2.58 | 2.88 | (0.27 ) |
Year Ended October 31, 2020 | 15.58 | 0.27 | (1.49 ) | (1.22 ) | (0.24 ) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.19 | 0.39 | 0.58 | — |
Class C | |||||
Six Months Ended April 30, 2023 (Unaudited) | 14.00 | 0.14 | 1.85 | 1.99 | (0.21 ) |
Year Ended October 31, 2022 | 16.68 | 0.20 | (2.56 ) | (2.36 ) | (0.32 ) |
Year Ended October 31, 2021 | 14.06 | 0.22 | 2.57 | 2.79 | (0.17 ) |
Year Ended October 31, 2020 | 15.53 | 0.20 | (1.50 ) | (1.30 ) | (0.17 ) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.16 | 0.37 | 0.53 | — |
Class I | |||||
Six Months Ended April 30, 2023 (Unaudited) | 14.16 | 0.20 | 1.85 | 2.05 | (0.33 ) |
Year Ended October 31, 2022 | 16.83 | 0.33 | (2.59 ) | (2.26 ) | (0.41 ) |
Year Ended October 31, 2021 | 14.18 | 0.32 | 2.61 | 2.93 | (0.28 ) |
Year Ended October 31, 2020 | 15.61 | 0.31 | (1.50 ) | (1.19 ) | (0.24 ) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.32 | 0.29 | 0.61 | — |
Class R5 | |||||
Six Months Ended April 30, 2023 (Unaudited) | 14.19 | 0.22 | 1.84 | 2.06 | (0.35 ) |
Year Ended October 31, 2022 | 16.86 | 0.35 | (2.59 ) | (2.24 ) | (0.43 ) |
Year Ended October 31, 2021 | 14.20 | 0.35 | 2.61 | 2.96 | (0.30 ) |
Year Ended October 31, 2020 | 15.62 | 0.31 | (1.48 ) | (1.17 ) | (0.25 ) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.34 | 0.28 | 0.62 | — |
Class R6 | |||||
Six Months Ended April 30, 2023 (Unaudited) | 14.20 | 0.23 | 1.85 | 2.08 | (0.37 ) |
Year Ended October 31, 2022 | 16.88 | 0.37 | (2.60 ) | (2.23 ) | (0.45 ) |
Year Ended October 31, 2021 | 14.22 | 0.39 | 2.59 | 2.98 | (0.32 ) |
Year Ended October 31, 2020 | 15.63 | 0.34 | (1.49 ) | (1.15 ) | (0.26 ) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.35 | 0.28 | 0.63 | — |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Commencement of operations. |
(g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
90 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$15.75 | 14.56 % | $10,601 | 0.85 % | 2.79 % | 1.00 % | 9 % |
14.07 | (13.89 ) | 4,032 | 0.85 | 2.13 | 1.07 | 17 |
16.73 | 20.60 | 3,561 | 0.85 | 1.85 | 1.05 | 50 |
14.12 | (8.02 ) | 1,573 | 0.85 | 1.84 | 1.30 | 85 |
15.58 | 3.87 | 330 | 0.85 (g) | 1.95 (g) | 1.31 (g) | 9 |
15.78 | 14.35 | 203 | 1.35 | 1.86 | 1.52 | 9 |
14.00 | (14.36 ) | 235 | 1.35 | 1.35 | 1.58 | 17 |
16.68 | 19.97 | 320 | 1.35 | 1.35 | 1.55 | 50 |
14.06 | (8.47 ) | 115 | 1.35 | 1.34 | 1.81 | 85 |
15.53 | 3.53 | 119 | 1.35 (g) | 1.73 (g) | 1.92 (g) | 9 |
15.88 | 14.69 | 136,168 | 0.60 | 2.68 | 0.75 | 9 |
14.16 | (13.68 ) | 156,582 | 0.60 | 2.21 | 0.81 | 17 |
16.83 | 20.90 | 148,703 | 0.60 | 2.02 | 0.79 | 50 |
14.18 | (7.78 ) | 135,542 | 0.60 | 2.12 | 1.03 | 85 |
15.61 | 4.07 | 59,751 | 0.60 (g) | 3.38 (g) | 1.19 (g) | 9 |
15.90 | 14.80 | 23 | 0.45 | 2.98 | 0.68 | 9 |
14.19 | (13.56 ) | 20 | 0.45 | 2.30 | 0.73 | 17 |
16.86 | 21.10 | 23 | 0.45 | 2.19 | 0.71 | 50 |
14.20 | (7.68 ) | 19 | 0.45 | 2.08 | 1.04 | 85 |
15.62 | 4.13 | 21 | 0.45 (g) | 3.59 (g) | 1.03 (g) | 9 |
15.91 | 14.91 | 387 | 0.35 | 3.08 | 0.53 | 9 |
14.20 | (13.52 ) | 338 | 0.35 | 2.43 | 0.60 | 17 |
16.88 | 21.19 | 169 | 0.35 | 2.42 | 0.58 | 50 |
14.22 | (7.53 ) | 19 | 0.35 | 2.33 | 0.94 | 85 |
15.63 | 4.20 | 21 | 0.35 (g) | 3.69 (g) | 0.93 (g) | 9 |
April 30, 2023 | J.P. Morgan International Equity Funds | 91 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(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, 2023 (Unaudited) | $10.57 | $0.28 (f) | $2.21 | $2.49 | $(0.43 ) |
Year Ended October 31, 2022 | 13.46 | 0.44 | (2.72 ) | (2.28 ) | (0.61 ) |
Year Ended October 31, 2021 | 9.46 | 0.43 (g) | 3.89 | 4.32 | (0.32 ) |
Year Ended October 31, 2020 | 12.22 | 0.28 | (2.55 ) | (2.27 ) | (0.49 ) |
Year Ended October 31, 2019 | 12.44 | 0.44 | (0.20 ) | 0.24 | (0.46 ) |
Year Ended October 31, 2018 | 14.26 | 0.36 | (1.87 ) | (1.51 ) | (0.31 ) |
Class C | |||||
Six Months Ended April 30, 2023 (Unaudited) | 10.23 | 0.23 (f) | 2.16 | 2.39 | (0.35 ) |
Year Ended October 31, 2022 | 13.02 | 0.35 | (2.62 ) | (2.27 ) | (0.52 ) |
Year Ended October 31, 2021 | 9.14 | 0.33 (g) | 3.79 | 4.12 | (0.24 ) |
Year Ended October 31, 2020 | 11.81 | 0.21 | (2.47 ) | (2.26 ) | (0.41 ) |
Year Ended October 31, 2019 | 12.02 | 0.36 | (0.18 ) | 0.18 | (0.39 ) |
Year Ended October 31, 2018 | 13.78 | 0.28 | (1.82 ) | (1.54 ) | (0.22 ) |
Class I | |||||
Six Months Ended April 30, 2023 (Unaudited) | 10.88 | 0.30 (f) | 2.28 | 2.58 | (0.45 ) |
Year Ended October 31, 2022 | 13.84 | 0.49 | (2.81 ) | (2.32 ) | (0.64 ) |
Year Ended October 31, 2021 | 9.72 | 0.47 (g) | 3.99 | 4.46 | (0.34 ) |
Year Ended October 31, 2020 | 12.54 | 0.31 | (2.61 ) | (2.30 ) | (0.52 ) |
Year Ended October 31, 2019 | 12.76 | 0.48 | (0.20 ) | 0.28 | (0.50 ) |
Year Ended October 31, 2018 | 14.62 | 0.41 | (1.92 ) | (1.51 ) | (0.35 ) |
Class L | |||||
Six Months Ended April 30, 2023 (Unaudited) | 10.83 | 0.30 (f) | 2.27 | 2.57 | (0.47 ) |
Year Ended October 31, 2022 | 13.78 | 0.49 | (2.79 ) | (2.30 ) | (0.65 ) |
Year Ended October 31, 2021 | 9.66 | 0.47 (g) | 3.99 | 4.46 | (0.34 ) |
Year Ended October 31, 2020 | 12.47 | 0.30 | (2.58 ) | (2.28 ) | (0.53 ) |
Year Ended October 31, 2019 | 12.70 | 0.46 | (0.17 ) | 0.29 | (0.52 ) |
Year Ended October 31, 2018 | 14.55 | 0.41 | (1.90 ) | (1.49 ) | (0.36 ) |
Class R2 | |||||
Six Months Ended April 30, 2023 (Unaudited) | 10.37 | 0.25 (f) | 2.17 | 2.42 | (0.39 ) |
Year Ended October 31, 2022 | 13.22 | 0.40 | (2.68 ) | (2.28 ) | (0.57 ) |
Year Ended October 31, 2021 | 9.29 | 0.39 (g) | 3.82 | 4.21 | (0.28 ) |
Year Ended October 31, 2020 | 11.96 | 0.24 | (2.51 ) | (2.27 ) | (0.40 ) |
Year Ended October 31, 2019 | 12.20 | 0.40 | (0.20 ) | 0.20 | (0.44 ) |
Year Ended October 31, 2018 | 14.01 | 0.31 | (1.84 ) | (1.53 ) | (0.28 ) |
Class R5 | |||||
Six Months Ended April 30, 2023 (Unaudited) | 10.75 | 0.35 (f) | 2.21 | 2.56 | (0.47 ) |
Year Ended October 31, 2022 | 13.67 | 0.52 | (2.80 ) | (2.28 ) | (0.64 ) |
Year Ended October 31, 2021 | 9.60 | 0.41 (g) | 4.02 | 4.43 | (0.36 ) |
Year Ended October 31, 2020 | 12.40 | 0.33 | (2.59 ) | (2.26 ) | (0.54 ) |
Year Ended October 31, 2019 | 12.65 | 0.49 | (0.21 ) | 0.28 | (0.53 ) |
Year Ended October 31, 2018 | 14.51 | 0.42 | (1.91 ) | (1.49 ) | (0.37 ) |
92 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$12.63 | 23.93 % | $202,068 | 0.99 % | 4.59 %(f) | 1.27 % | 17 % |
10.57 | (17.56 ) | 160,039 | 0.98 | 3.71 | 1.23 | 26 |
13.46 | 46.20 | 187,774 | 1.00 | 3.39 (g) | 1.24 | 33 |
9.46 | (19.51 ) | 125,744 | 1.00 | 2.66 | 1.26 | 59 |
12.22 | 2.30 | 181,458 | 1.00 | 3.69 | 1.28 | 61 |
12.44 | (10.88 ) | 242,231 | 1.00 | 2.59 | 1.27 | 90 |
12.27 | 23.72 | 2,109 | 1.49 | 3.99 (f) | 1.80 | 17 |
10.23 | (18.04 ) | 1,791 | 1.49 | 3.01 | 1.76 | 26 |
13.02 | 45.54 | 3,923 | 1.50 | 2.70 (g) | 1.77 | 33 |
9.14 | (19.94 ) | 4,202 | 1.50 | 2.07 | 1.78 | 59 |
11.81 | 1.82 | 9,358 | 1.50 | 3.15 | 1.80 | 61 |
12.02 | (11.37 ) | 14,055 | 1.50 | 2.06 | 1.78 | 90 |
13.01 | 24.15 | 35,226 | 0.74 | 4.85 (f) | 1.02 | 17 |
10.88 | (17.38 ) | 29,816 | 0.73 | 4.00 | 0.98 | 26 |
13.84 | 46.51 | 39,188 | 0.75 | 3.58 (g) | 0.99 | 33 |
9.72 | (19.31 ) | 26,805 | 0.75 | 2.88 | 1.02 | 59 |
12.54 | 2.56 | 45,503 | 0.75 | 3.91 | 1.03 | 61 |
12.76 | (10.62 ) | 66,291 | 0.75 | 2.84 | 1.02 | 90 |
12.93 | 24.13 | 6,741 | 0.65 | 4.93 (f) | 0.87 | 17 |
10.83 | (17.31 ) | 5,451 | 0.63 | 4.04 | 0.83 | 26 |
13.78 | 46.77 | 7,042 | 0.66 | 3.66 (g) | 0.84 | 33 |
9.66 | (19.25 ) | 5,585 | 0.65 | 2.72 | 0.85 | 59 |
12.47 | 2.69 | 30,256 | 0.65 | 3.81 | 0.87 | 61 |
12.70 | (10.57 ) | 73,651 | 0.65 | 2.84 | 0.87 | 90 |
12.40 | 23.76 | 513 | 1.29 | 4.25 (f) | 1.60 | 17 |
10.37 | (17.88 ) | 454 | 1.28 | 3.41 | 1.58 | 26 |
13.22 | 45.84 | 514 | 1.30 | 3.14 (g) | 1.59 | 33 |
9.29 | (19.74 ) | 412 | 1.30 | 2.27 | 1.61 | 59 |
11.96 | 2.00 | 722 | 1.30 | 3.47 | 1.69 | 61 |
12.20 | (11.19 ) | 1,025 | 1.30 | 2.27 | 1.59 | 90 |
12.84 | 24.21 | 157 | 0.65 | 5.59 (f) | 0.86 | 17 |
10.75 | (17.31 ) | 29 | 0.63 | 4.23 | 0.83 | 26 |
13.67 | 46.74 | 67 | 0.65 | 3.24 (g) | 0.85 | 33 |
9.60 | (19.26 ) | 77 | 0.65 | 3.13 | 0.86 | 59 |
12.40 | 2.64 | 88 | 0.65 | 4.08 | 0.87 | 61 |
12.65 | (10.58 ) | 70 | 0.65 | 2.97 | 0.91 | 90 |
April 30, 2023 | J.P. Morgan International Equity Funds | 93 |
FOR THE PERIODS INDICATED (continued)
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan International Value Fund (continued) | |||||
Class R6 | |||||
Six Months Ended April 30, 2023 (Unaudited) | $10.77 | $0.31 (f) | $2.25 | $2.56 | $(0.48 ) |
Year Ended October 31, 2022 | 13.71 | 0.50 | (2.77 ) | (2.27 ) | (0.67 ) |
Year Ended October 31, 2021 | 9.62 | 0.49 (g) | 3.97 | 4.46 | (0.37 ) |
Year Ended October 31, 2020 | 12.43 | 0.34 | (2.60 ) | (2.26 ) | (0.55 ) |
Year Ended October 31, 2019 | 12.67 | 0.51 | (0.21 ) | 0.30 | (0.54 ) |
Year Ended October 31, 2018 | 14.53 | 0.43 | (1.91 ) | (1.48 ) | (0.38 ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.11, $0.06, $0.13, $0.13, $0.08, $0.18 and $0.14 for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratios would have been 3.18%, 2.58%, 3.44%, 3.52%, 2.84%, 4.18% and 3.65% for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively. |
(g) | Reflects income from foreign withholding tax claims, including related interest income, less IRS compliance fees. Without these proceeds, the net investment income (loss) per share would have been $0.38, $0.28, $0.42, $0.41, $0.34, $0.35 and $0.44 for Class A, Class C, Class I, Class L, Class R2, Class R5, and Class R6,respectively, and the net investment income (loss) ratios would have been 3.00%, 2.26%, 3.19%, 3.23%, 2.72%, 2.80% and 3.44% for Class A, Class C, Class I, Class L, Class R2, Class R5, and Class R6, respectively. |
94 | J.P. Morgan International Equity Funds | April 30, 2023 |
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) |
$12.85 | 24.21 % | $209,959 | 0.55 % | 5.06 %(f) | 0.77 % | 17 % |
10.77 | (17.23 ) | 160,297 | 0.52 | 4.19 | 0.72 | 26 |
13.71 | 46.99 | 158,191 | 0.55 | 3.83 (g) | 0.73 | 33 |
9.62 | (19.22 ) | 105,039 | 0.55 | 3.18 | 0.76 | 59 |
12.43 | 2.83 | 125,887 | 0.55 | 4.22 | 0.77 | 61 |
12.67 | (10.49 ) | 124,246 | 0.55 | 3.06 | 0.77 | 90 |
April 30, 2023 | J.P. Morgan International Equity Funds | 95 |
AS OF April 30, 2023 (Unaudited)
(Dollar values in thousands)
Classes Offered | Trust | Diversification Classification | |
JPMorgan Emerging Markets Equity Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified |
JPMorgan Emerging Markets Research Enhanced Equity Fund | Class I and Class R6 | JPM IV | Diversified |
JPMorgan Europe Dynamic Fund | Class A, Class C, Class I, Class L and Class R6 | JPM I | Diversified |
JPMorgan International Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
JPMorgan International Focus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
JPMorgan International Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
JPMorgan International Value Fund | Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6 | JPM I | Diversified |
96 | J.P. Morgan International Equity Funds | April 30, 2023 |
April 30, 2023 | J.P. Morgan International Equity Funds | 97 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Emerging Markets Equity Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Brazil | $631,528 | $— | $— | $631,528 |
China | 181,923 | 1,728,042 | — | 1,909,965 |
Hong Kong | — | 494,658 | — | 494,658 |
India | 266,370 | 1,585,609 | — | 1,851,979 |
Indonesia | — | 396,858 | — | 396,858 |
Macau | — | 77,147 | — | 77,147 |
Mexico | 301,509 | — | — | 301,509 |
Panama | 78,604 | — | — | 78,604 |
Portugal | — | 120,582 | — | 120,582 |
South Africa | 147,161 | 101,673 | — | 248,834 |
South Korea | — | 684,835 | — | 684,835 |
Taiwan | 664,044 | 384,387 | — | 1,048,431 |
United States | 253,404 | 29,365 | — | 282,769 |
Total Common Stocks | 2,524,543 | 5,603,156 | — | 8,127,699 |
Short-Term Investments | ||||
Investment Companies | 5,306 | — | — | 5,306 |
Total Investments in Securities | $2,529,849 | $5,603,156 | $— | $8,133,005 |
Emerging Markets Research Enhanced Equity Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Brazil | $130,704 | $— | $— | $130,704 |
Chile | 8,378 | — | — | 8,378 |
China | 35,871 | 695,805 | — | 731,676 |
Colombia | 2,708 | — | — | 2,708 |
Greece | — | 11,434 | — | 11,434 |
Hong Kong | — | 3,819 | — | 3,819 |
Hungary | — | 10,253 | — | 10,253 |
India | 30,835 | 288,825 | — | 319,660 |
Indonesia | — | 51,156 | — | 51,156 |
Malaysia | — | 24,188 | — | 24,188 |
Mexico | 75,364 | — | — | 75,364 |
Panama | 2,342 | — | — | 2,342 |
Peru | 9,143 | — | — | 9,143 |
Philippines | — | 5,393 | — | 5,393 |
Poland | — | 16,511 | — | 16,511 |
Qatar | — | 14,040 | — | 14,040 |
Russia | — | — | 936 | 936 |
Saudi Arabia | — | 88,304 | — | 88,304 |
South Africa | 43,168 | 56,259 | — | 99,427 |
South Korea | — | 289,905 | — | 289,905 |
Taiwan | 1,196 | 331,051 | — | 332,247 |
98 | J.P. Morgan International Equity Funds | April 30, 2023 |
Emerging Markets Research Enhanced Equity Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Thailand | $35,663 | $18,594 | $— | $54,257 |
United Arab Emirates | — | 20,305 | — | 20,305 |
United States | 4,662 | 2,313 | — | 6,975 |
Total Common Stocks | 380,034 | 1,928,155 | 936 | 2,309,125 |
Rights | 11 | — | — | 11 |
Short-Term Investments | ||||
Investment Companies | 13,958 | — | — | 13,958 |
Investment of Cash Collateral from Securities Loaned | 7,129 | — | — | 7,129 |
Total Short-Term Investments | 21,087 | — | — | 21,087 |
Total Investments in Securities | $401,132 | $1,928,155 | $936 | $2,330,223 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $174 | $— | $— | $174 |
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 | $— | $4,482 | $— | $4,482 |
Austria | — | 8,878 | — | 8,878 |
China | — | 8,130 | — | 8,130 |
Denmark | — | 38,605 | — | 38,605 |
Finland | — | 17,379 | — | 17,379 |
France | — | 140,702 | — | 140,702 |
Germany | — | 112,435 | — | 112,435 |
Ireland | 8,251 | 24,317 | — | 32,568 |
Italy | — | 14,476 | — | 14,476 |
Netherlands | — | 18,512 | — | 18,512 |
Norway | — | 3,727 | — | 3,727 |
Spain | — | 16,593 | — | 16,593 |
Sweden | — | 22,028 | — | 22,028 |
Switzerland | — | 50,164 | — | 50,164 |
United Kingdom | 4,028 | 76,661 | — | 80,689 |
United States | — | 45,647 | — | 45,647 |
Total Common Stocks | 12,279 | 602,736 | — | 615,015 |
Short-Term Investments | ||||
Investment Companies | 9,308 | — | — | 9,308 |
Investment of Cash Collateral from Securities Loaned | 43,677 | — | — | 43,677 |
Total Short-Term Investments | 52,985 | — | — | 52,985 |
Total Investments in Securities | $65,264 | $602,736 | $— | $668,000 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $3 | $— | $— | $3 |
April 30, 2023 | J.P. Morgan International Equity Funds | 99 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Europe Dynamic Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | $(5 ) | $— | $— | $(5 ) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $(2 ) | $— | $— | $(2 ) |
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 | $— | $115,328 | $— | $115,328 |
Austria | — | 27,760 | — | 27,760 |
Belgium | — | 46,309 | — | 46,309 |
Denmark | — | 206,455 | — | 206,455 |
France | — | 739,316 | — | 739,316 |
Germany | — | 434,688 | — | 434,688 |
Hong Kong | — | 184,219 | — | 184,219 |
India | 45,750 | — | — | 45,750 |
Italy | — | 38,191 | — | 38,191 |
Japan | — | 740,419 | — | 740,419 |
Macau | — | 30,131 | — | 30,131 |
Netherlands | — | 236,058 | — | 236,058 |
Singapore | — | 88,370 | — | 88,370 |
South Africa | — | 37,900 | — | 37,900 |
South Korea | — | 57,863 | — | 57,863 |
Spain | — | 89,755 | — | 89,755 |
Sweden | — | 130,099 | — | 130,099 |
Switzerland | — | 127,264 | — | 127,264 |
Taiwan | 29,692 | — | — | 29,692 |
United Kingdom | — | 428,759 | — | 428,759 |
United States | 22,201 | 435,392 | — | 457,593 |
Total Common Stocks | 97,643 | 4,194,276 | — | 4,291,919 |
Short-Term Investments | ||||
Investment Companies | 145,795 | — | — | 145,795 |
Investment of Cash Collateral from Securities Loaned | 204,476 | — | — | 204,476 |
Total Short-Term Investments | 350,271 | — | — | 350,271 |
Total Investments in Securities | $447,914 | $4,194,276 | $— | $4,642,190 |
International Focus Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $— | $30,237 | $— | $30,237 |
Belgium | — | 27,102 | — | 27,102 |
Canada | 88,023 | — | — | 88,023 |
100 | J.P. Morgan International Equity Funds | April 30, 2023 |
International Focus Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
China | $— | $30,366 | $— | $30,366 |
Denmark | — | 42,640 | — | 42,640 |
France | — | 181,656 | — | 181,656 |
Germany | — | 115,945 | — | 115,945 |
Hong Kong | — | 29,528 | — | 29,528 |
India | 36,626 | — | — | 36,626 |
Indonesia | — | 37,346 | — | 37,346 |
Japan | — | 128,486 | — | 128,486 |
Mexico | 15,414 | — | — | 15,414 |
Netherlands | — | 94,037 | — | 94,037 |
Singapore | — | 32,879 | — | 32,879 |
South Africa | — | 15,133 | — | 15,133 |
South Korea | — | 46,888 | — | 46,888 |
Spain | — | 31,784 | — | 31,784 |
Sweden | — | 21,479 | — | 21,479 |
Taiwan | 39,944 | — | — | 39,944 |
United Kingdom | — | 107,048 | — | 107,048 |
United States | 25,873 | 122,391 | — | 148,264 |
Total Common Stocks | 205,880 | 1,094,945 | — | 1,300,825 |
Short-Term Investments | ||||
Investment of Cash Collateral from Securities Loaned | 43,172 | — | — | 43,172 |
Total Investments in Securities | $249,052 | $1,094,945 | $— | $1,343,997 |
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 | $— | $8,720 | $— | $8,720 |
Belgium | — | 785 | — | 785 |
China | — | 916 | — | 916 |
Denmark | — | 4,731 | — | 4,731 |
Finland | — | 1,518 | — | 1,518 |
France | — | 18,254 | — | 18,254 |
Germany | — | 12,585 | — | 12,585 |
Hong Kong | — | 3,536 | — | 3,536 |
Ireland | — | 619 | — | 619 |
Italy | — | 1,468 | — | 1,468 |
Japan | — | 31,630 | — | 31,630 |
Luxembourg | — | 45 | — | 45 |
Macau | — | 208 | — | 208 |
Netherlands | — | 8,791 | — | 8,791 |
Singapore | 253 | 1,315 | — | 1,568 |
South Korea | — | 126 | — | 126 |
Spain | — | 3,808 | — | 3,808 |
Sweden | — | 2,866 | — | 2,866 |
Switzerland | 720 | 7,665 | — | 8,385 |
April 30, 2023 | J.P. Morgan International Equity Funds | 101 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
International Hedged Equity Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
United Kingdom | $— | $18,922 | $— | $18,922 |
United States | — | 11,394 | — | 11,394 |
Total Common Stocks | 973 | 139,902 | — | 140,875 |
Options Purchased | 659 | — | — | 659 |
Short-Term Investments | ||||
Investment Companies | 5,126 | — | — | 5,126 |
Total Investments in Securities | $6,758 | $139,902 | $— | $146,660 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $311 | $— | $— | $311 |
Depreciation in Other Financial Instruments | ||||
Options Written | ||||
Call Options Written | (1,636 ) | — | — | (1,636 ) |
Put Options Written | (41 ) | — | — | (41 ) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $(1,366 ) | $— | $— | $(1,366 ) |
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 | $— | $36,598 | $— | $36,598 |
Austria | 1,346 | 3,673 | — | 5,019 |
Belgium | — | 1,031 | — | 1,031 |
China | — | 2,599 | — | 2,599 |
Denmark | — | 6,933 | — | 6,933 |
Egypt | 1,150 | — | — | 1,150 |
Finland | — | 6,650 | — | 6,650 |
France | 1,453 | 46,251 | — | 47,704 |
Germany | — | 42,999 | — | 42,999 |
Hong Kong | — | 10,000 | — | 10,000 |
Ireland | — | 1,443 | — | 1,443 |
Italy | — | 16,704 | — | 16,704 |
Japan | — | 84,650 | — | 84,650 |
Luxembourg | — | 2,030 | — | 2,030 |
Netherlands | — | 26,766 | — | 26,766 |
Norway | 840 | 12,047 | — | 12,887 |
Singapore | — | 4,983 | — | 4,983 |
South Africa | — | 2,347 | — | 2,347 |
Spain | 1,054 | 12,370 | — | 13,424 |
Sweden | — | 8,094 | — | 8,094 |
Switzerland | — | 25,578 | — | 25,578 |
United Kingdom | 3,313 | 58,847 | — | 62,160 |
United States | — | 19,308 | — | 19,308 |
Total Common Stocks | 9,156 | 431,901 | — | 441,057 |
102 | J.P. Morgan International Equity Funds | April 30, 2023 |
International Value Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Short-Term Investments | ||||
Investment Companies | $17,884 | $— | $— | $17,884 |
Total Investments in Securities | $27,040 | $431,901 | $— | $458,941 |
Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower* | Net Amount Due to Counterparty (not less than zero) | |
Emerging Markets Research Enhanced Equity Fund | $6,883 | $(6,883 ) | $— |
Europe Dynamic Fund | 37,040 | (37,040 ) | — |
International Equity Fund | 196,340 | (196,340 ) | — |
International Focus Fund | 41,008 | (41,008 ) | — |
* | Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
April 30, 2023 | J.P. Morgan International Equity Funds | 103 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Emerging Markets Equity Fund | $—(a ) |
Emerging Markets Research Enhanced Equity Fund | 1 |
Europe Dynamic Fund | 1 |
International Equity Fund | 6 |
International Focus Fund | 2 |
International Value Fund | 1 |
(a) | Amount rounds to less than one thousand. |
Emerging Markets Equity Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (a) (b) | $113,774 | $810,723 | $919,153 | $(38 ) | $— (c) | $5,306 | 5,305 | $3,112 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | 4,022 | 83,000 | 87,023 | 3 * | (2 ) | — | — | 136 * | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | 771 | 39,479 | 40,250 | — | — | — | — | 24 * | — |
Total | $118,567 | $933,202 | $1,046,426 | $(35 ) | $(2 ) | $5,306 | $3,272 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
(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). |
Emerging Markets Research Enhanced Equity Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (a) (b) | $47,040 | $397,453 | $430,534 | $(4 ) | $3 | $13,958 | 13,954 | $418 | $— |
104 | J.P. Morgan International Equity Funds | April 30, 2023 |
Emerging Markets Research Enhanced Equity Fund (continued) | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | $3,487 | $83,001 | $81,000 | $(4 )* | $(1 ) | $5,483 | 5,482 | $245 * | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | 3,438 | 61,213 | 63,005 | — | — | 1,646 | 1,646 | 57 * | — |
Total | $53,965 | $541,667 | $574,539 | $(8 ) | $2 | $21,087 | $720 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Europe Dynamic Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (a) (b) | $6,343 | $168,891 | $165,918 | $(8 ) | $— (c) | $9,308 | 9,305 | $297 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | — | 93,000 | 53,999 | (2 )* | (3 ) | 38,996 | 38,992 | 148 * | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | — | 72,589 | 67,908 | — | — | 4,681 | 4,681 | 69 * | — |
Total | $6,343 | $334,480 | $287,825 | $(10 ) | $(3 ) | $52,985 | $514 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
(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). |
International Equity Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (a) (b) | $57,920 | $1,105,072 | $1,017,067 | $(125 ) | $(5 ) | $145,795 | 145,752 | $1,746 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | 93,074 | 637,000 | 546,115 | 22 * | (22 ) | 183,959 | 183,941 | 1,586 * | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | 10,497 | 370,420 | 360,400 | — | — | 20,517 | 20,517 | 338 * | — |
Total | $161,491 | $2,112,492 | $1,923,582 | $(103 ) | $(27 ) | $350,271 | $3,670 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
April 30, 2023 | J.P. Morgan International Equity Funds | 105 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
International Focus Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (a) (b) | $19,897 | $202,811 | $222,714 | $6 | $— (c) | $— | — | $384 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | 40,011 | 215,000 | 217,017 | 8 * | (6 ) | 37,996 | 37,992 | 411 * | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | 16,404 | 120,839 | 132,067 | — | — | 5,176 | 5,176 | 100 * | — |
Total | $76,312 | $538,650 | $571,798 | $14 | $(6 ) | $43,172 | $895 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
(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). |
International Hedged Equity Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 4.71% (a) (b) | $6,096 | $49,379 | $50,349 | $— | $— | $5,126 | 5,126 | $107 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
International Value Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (a) (b) | $15,394 | $47,978 | $45,487 | $— (c) | $(1 ) | $17,884 | 17,879 | $209 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | 705 | 9,100 | 9,806 | 1 * | — | — | — | 23 * | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | 3,290 | 23,095 | 26,385 | — | — | — | — | 29 * | — |
Total | $19,389 | $80,173 | $81,678 | $1 | $(1 ) | $17,884 | $261 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
106 | J.P. Morgan International Equity Funds | April 30, 2023 |
April 30, 2023 | J.P. Morgan International Equity Funds | 107 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Emerging Markets Research Enhanced Equity Fund | Europe Dynamic Fund | International Hedged Equity Fund | |
Futures Contracts: | |||
Average Notional Balance Long | $9,360 | $10,945 | $7,991 |
Ending Notional Balance Long | 7,038 | 20,528 | 5,664 |
Exchange-Traded Options: | |||
Average Number of Contracts Purchased | — | — | 796 |
Average Number of Contracts Written | — | — | (1,592 ) |
Ending Number of Contracts Purchased | — | — | 683 |
Ending Number of Contracts Written | — | — | (1,366 ) |
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |
Emerging Markets Equity Fund | ||||||||||
Transfer agency fees | $12 | $2 | $31 | $6 | $1 | $—(a ) | $—(a ) | $1 | $58 | $111 |
Emerging Markets Research Enhanced Equity Fund | ||||||||||
Transfer agency fees | n/a | n/a | 10 | n/a | n/a | n/a | n/a | n/a | 9 | 19 |
Europe Dynamic Fund | ||||||||||
Transfer agency fees | 5 | 1 | 3 | —(a ) | n/a | n/a | n/a | n/a | 2 | 11 |
International Equity Fund | ||||||||||
Transfer agency fees | 9 | —(a ) | 12 | n/a | 10 | n/a | n/a | —(a ) | 18 | 49 |
108 | J.P. Morgan International Equity Funds | April 30, 2023 |
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |
International Focus Fund | ||||||||||
Transfer agency fees | $4 | $2 | $13 | n/a | $—(a ) | n/a | n/a | $1 | $4 | $24 |
International Hedged Equity Fund | ||||||||||
Transfer agency fees | —(a ) | —(a ) | 1 | n/a | n/a | n/a | n/a | —(a ) | —(a ) | 1 |
International Value Fund | ||||||||||
Transfer agency fees | 4 | —(a ) | 2 | n/a | —(a ) | n/a | n/a | —(a ) | 2 | 8 |
(a) | Amount rounds to less than one thousand. |
Emerging Markets Equity Fund | 0.68 % |
Emerging Markets Research Enhanced Equity Fund | 0.25 |
Europe Dynamic Fund | 0.60 |
International Equity Fund | 0.50 |
International Focus Fund | 0.60 |
International Hedged Equity Fund | 0.25 |
International Value Fund | 0.55 |
April 30, 2023 | J.P. Morgan International Equity Funds | 109 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Class A | Class C | Class R2 | Class R3 | |
Emerging Markets Equity Fund | 0.25 % | 0.75 % | 0.50 % | 0.25 % |
Europe Dynamic Fund | 0.25 | 0.75 | n/a | n/a |
International Equity Fund | 0.25 | 0.75 | 0.50 | n/a |
International Focus Fund | 0.25 | 0.75 | 0.50 | n/a |
International Hedged Equity Fund | 0.25 | 0.75 | n/a | n/a |
International Value Fund | 0.25 | 0.75 | 0.50 | n/a |
Front-End Sales Charge | CDSC | |
Emerging Markets Equity Fund | $2 | $— |
Europe Dynamic Fund | 1 | — |
International Equity Fund | 14 | —(a ) |
International Focus Fund | 25 | — |
International Hedged Equity Fund | —(a ) | — |
International Value Fund | 16 | —(a ) |
(a) | Amount rounds to less than one thousand. |
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | |
Emerging Markets Equity Fund | 0.25 % | 0.25 % | 0.25 % | 0.10 % | 0.25 % | 0.25 % | 0.25 % | 0.10 % |
Emerging Markets Research Enhanced Equity Fund | n/a | n/a | 0.25 | n/a | n/a | n/a | n/a | n/a |
Europe Dynamic Fund | 0.25 | 0.25 | 0.25 | 0.10 | n/a | n/a | n/a | n/a |
International Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 |
International Focus Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 |
International Hedged Equity Fund | 0.25 | 0.25 | 0.25 | n/a | n/a | n/a | n/a | 0.10 |
International Value Fund | 0.25 | 0.25 | 0.25 | 0.10 | 0.25 | n/a | n/a | 0.10 |
110 | J.P. Morgan International Equity Funds | April 30, 2023 |
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | |
Emerging Markets Equity Fund | 1.24 % | 1.74 % | 0.99 % | n/a | 1.54 % | 1.29 % | 1.04 % | 0.89 % | 0.79 % |
Emerging Markets Research Enhanced Equity Fund | n/a | n/a | 0.45 | n/a | n/a | n/a | n/a | n/a | 0.35 |
Europe Dynamic Fund | 1.24 | 1.74 | 0.99 | n/a | n/a | n/a | n/a | n/a | n/a |
International Equity Fund | 0.95 | 1.45 | 0.70 | n/a | 1.25 | n/a | n/a | 0.60 | 0.50 |
International Focus Fund | 1.00 | 1.50 | 0.75 | n/a | 1.30 | n/a | n/a | 0.65 | 0.55 |
International Hedged Equity Fund | 0.85 | 1.35 | 0.60 | n/a | n/a | n/a | n/a | 0.45 | 0.35 |
International Value Fund | 1.00 | 1.50 | 0.75 | n/a | 1.30 | n/a | n/a | 0.65 | 0.55 |
Contractual Waivers | |||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | |
Emerging Markets Equity Fund | $703 | $468 | $669 | $1,840 | $59 |
Emerging Markets Research Enhanced Equity Fund | 473 | 314 | 191 | 978 | — |
Europe Dynamic Fund | — | — | 16 | 16 | — |
International Equity Fund | 1,360 | 903 | 263 | 2,526 | — |
International Focus Fund | 689 | 446 | 218 | 1,353 | — |
International Hedged Equity Fund | 71 | 42 | — (a) | 113 | — (a) |
International Value Fund | 293 | 156 | 62 | 511 | 2 |
(a) | Amount rounds to less than one thousand. |
April 30, 2023 | J.P. Morgan International Equity Funds | 111 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Emerging Markets Equity Fund | $139 |
Emerging Markets Research Enhanced Equity Fund | 24 |
Europe Dynamic Fund | 12 |
International Equity Fund | 77 |
International Focus Fund | 20 |
International Hedged Equity Fund | 4 |
International Value Fund | 10 |
Emerging Markets Equity Fund | $1 |
Emerging Markets Research Enhanced Equity Fund | 1 |
Europe Dynamic Fund | 1 |
International Equity Fund | 1 |
International Focus Fund | 1 |
International Hedged Equity Fund | 1 |
International Value Fund | 1 |
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |
Emerging Markets Equity Fund | $611,957 | $823,763 |
Emerging Markets Research Enhanced Equity Fund | 333,786 | 949,181 |
Europe Dynamic Fund | 282,892 | 308,565 |
International Equity Fund | 999,991 | 1,335,693 |
International Focus Fund | 218,645 | 226,860 |
International Hedged Equity Fund | 13,597 | 58,256 |
International Value Fund | 95,370 | 71,291 |
112 | J.P. Morgan International Equity Funds | April 30, 2023 |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Emerging Markets Equity Fund | $7,047,083 | $2,181,070 | $1,095,148 | $1,085,922 |
Emerging Markets Research Enhanced Equity Fund | 2,313,582 | 279,821 | 263,006 | 16,815 |
Europe Dynamic Fund | 552,489 | 121,933 | 6,424 | 115,509 |
International Equity Fund | 3,628,846 | 1,097,181 | 83,837 | 1,013,344 |
International Focus Fund | 1,086,689 | 285,787 | 28,479 | 257,308 |
International Hedged Equity Fund | 115,986 | 33,215 | 3,907 | 29,308 |
International Value Fund | 403,408 | 69,333 | 13,800 | 55,533 |
Capital Loss Carryforward Character | ||
Short-Term | Long-Term | |
Emerging Markets Equity Fund | $328,713 | $— |
Emerging Markets Research Enhanced Equity Fund | 128,445 | 66,371 |
Europe Dynamic Fund | 153,878 | — |
International Equity Fund | 72,180 | 139,835 |
International Focus Fund | 190,446 | — |
International Hedged Equity Fund | 435 * | 4,095 * |
International Value Fund | 54,421 | 36,889 |
* | Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384. |
Capital Loss Utilized | ||
Short-Term | Long-Term | |
International Hedged Equity Fund | $4,146 | $9,123 |
April 30, 2023 | J.P. Morgan International Equity Funds | 113 |
AS OF��April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Average Borrowings | Average Interest Rate paid | Number of Days Outstanding | Interest Paid | |
Emerging Markets Equity Fund | $90,610 | 4.56 % | 8 | $92 |
Emerging Markets Research Enhanced Equity Fund | 53,500 | 5.16 | 43 | 327 |
International Equity Fund | 28,210 | 4.76 | 5 | 18 |
International Focus Fund | 6,504 | 5.56 | 4 | 4 |
International Hedged Equity Fund | 3,836 | 5.56 | 1 | 1 |
Average Borrowings | Average Interest Rate paid | Number of Days Outstanding | Interest Paid | |
Emerging Markets Research Enhanced Equity Fund | $100,000 | 5.65 % | 1 | $16 |
114 | J.P. Morgan International Equity Funds | April 30, 2023 |
Number of Individual Shareholder and/or Affiliated Omnibus Accounts | % of the Fund | Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts | % of the Fund | |
Emerging Markets Equity Fund | — | — % | 3 | 44.7 % |
Europe Dynamic Fund | 3 | 45.6 | 1 | 10.3 |
International Equity Fund | — | — | 1 | 13.9 |
International Focus Fund | — | — | 3 | 50.5 |
International Hedged Equity Fund | — | — | 3 | 63.4 |
International Value Fund | — | — | 1 | 83.3 |
J.P. Morgan Investor Funds | JPMorgan SmartRetirement Funds | JPMorgan SmartRetirement Blend Funds | |
Emerging Markets Research Enhanced Equity Fund | 12.2 % | 25.5 % | 40.4 % |
Europe Dynamic Fund | 50.4 | — | — |
International Equity Fund | — | 39.4 | — |
International Focus Fund | 14.0 | — | — |
Emerging Markets Equity Fund | Emerging Markets Research Enhanced Equity Fund | Europe Dynamic Fund | International Equity Fund | International Focus Fund | International Hedged Equity Fund | International Value Fund | |
China | 23.5 % | 31.5 % | — % | — % | — % | — % | — % |
France | — | — | 22.5 | 16.7 | 14.0 | 12.4 | 10.4 |
Germany | — | — | 18.0 | — | — | — | — |
India | 22.8 | 13.8 | — | — | — | — | — |
Japan | — | — | — | 16.7 | — | 21.6 | 18.4 |
South Korea | — | 12.5 | — | — | — | — | — |
Taiwan | 12.9 | 14.3 | — | — | — | — | — |
United Kingdom | — | — | 12.9 | — | — | 12.9 | 13.5 |
April 30, 2023 | J.P. Morgan International Equity Funds | 115 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Fund | Value | Gain/(Loss) | Type | |
International Focus Fund | $1,236,430(a ) | $280,048 | Redemption in-kind |
(a) | This amount includes cash of $99,867 associated with the redemption in-kind. |
116 | J.P. Morgan International Equity Funds | April 30, 2023 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Emerging Markets Equity Fund | ||||
Class A | ||||
Actual | $1,000.00 | $1,184.80 | $6.72 | 1.24 % |
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 |
Class C | ||||
Actual | 1,000.00 | 1,181.90 | 9.41 | 1.74 |
Hypothetical | 1,000.00 | 1,016.17 | 8.70 | 1.74 |
Class I | ||||
Actual | 1,000.00 | 1,186.60 | 5.37 | 0.99 |
Hypothetical | 1,000.00 | 1,019.89 | 4.96 | 0.99 |
Class L | ||||
Actual | 1,000.00 | 1,186.90 | 4.83 | 0.89 |
Hypothetical | 1,000.00 | 1,020.38 | 4.46 | 0.89 |
Class R2 | ||||
Actual | 1,000.00 | 1,183.10 | 8.34 | 1.54 |
Hypothetical | 1,000.00 | 1,017.16 | 7.70 | 1.54 |
Class R3 | ||||
Actual | 1,000.00 | 1,184.60 | 6.99 | 1.29 |
Hypothetical | 1,000.00 | 1,018.40 | 6.46 | 1.29 |
Class R4 | ||||
Actual | 1,000.00 | 1,186.10 | 5.64 | 1.04 |
Hypothetical | 1,000.00 | 1,019.64 | 5.21 | 1.04 |
Class R5 | ||||
Actual | 1,000.00 | 1,187.20 | 4.83 | 0.89 |
Hypothetical | 1,000.00 | 1,020.38 | 4.46 | 0.89 |
April 30, 2023 | J.P. Morgan International Equity Funds | 117 |
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Emerging Markets Equity Fund (continued) | ||||
Class R6 | ||||
Actual | $1,000.00 | $1,187.40 | $4.28 | 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 | 1,175.00 | 2.59 | 0.48 |
Hypothetical | 1,000.00 | 1,022.41 | 2.41 | 0.48 |
Class R6 | ||||
Actual | 1,000.00 | 1,175.50 | 2.00 | 0.37 |
Hypothetical | 1,000.00 | 1,022.96 | 1.86 | 0.37 |
JPMorgan Europe Dynamic Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,242.90 | 6.90 | 1.24 |
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 |
Class C | ||||
Actual | 1,000.00 | 1,239.90 | 9.61 | 1.73 |
Hypothetical | 1,000.00 | 1,016.22 | 8.65 | 1.73 |
Class I | ||||
Actual | 1,000.00 | 1,244.60 | 5.45 | 0.98 |
Hypothetical | 1,000.00 | 1,019.94 | 4.91 | 0.98 |
Class L | ||||
Actual | 1,000.00 | 1,245.50 | 4.73 | 0.85 |
Hypothetical | 1,000.00 | 1,020.58 | 4.26 | 0.85 |
Class R6 | ||||
Actual | 1,000.00 | 1,246.00 | 4.12 | 0.74 |
Hypothetical | 1,000.00 | 1,021.13 | 3.71 | 0.74 |
JPMorgan International Equity Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,248.80 | 5.30 | 0.95 |
Hypothetical | 1,000.00 | 1,020.08 | 4.76 | 0.95 |
Class C | ||||
Actual | 1,000.00 | 1,245.40 | 8.07 | 1.45 |
Hypothetical | 1,000.00 | 1,017.60 | 7.25 | 1.45 |
Class I | ||||
Actual | 1,000.00 | 1,249.80 | 3.90 | 0.70 |
Hypothetical | 1,000.00 | 1,021.32 | 3.51 | 0.70 |
Class R2 | ||||
Actual | 1,000.00 | 1,247.30 | 6.97 | 1.25 |
Hypothetical | 1,000.00 | 1,018.60 | 6.26 | 1.25 |
Class R5 | ||||
Actual | 1,000.00 | 1,250.50 | 3.35 | 0.60 |
Hypothetical | 1,000.00 | 1,021.82 | 3.01 | 0.60 |
Class R6 | ||||
Actual | 1,000.00 | 1,251.60 | 2.79 | 0.50 |
Hypothetical | 1,000.00 | 1,022.32 | 2.51 | 0.50 |
JPMorgan International Focus Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,236.50 | 5.55 | 1.00 |
Hypothetical | 1,000.00 | 1,019.84 | 5.01 | 1.00 |
118 | J.P. Morgan International Equity Funds | April 30, 2023 |
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan International Focus Fund (continued) | ||||
Class C | ||||
Actual | $1,000.00 | $1,233.90 | $8.31 | 1.50 % |
Hypothetical | 1,000.00 | 1,017.36 | 7.50 | 1.50 |
Class I | ||||
Actual | 1,000.00 | 1,237.80 | 4.16 | 0.75 |
Hypothetical | 1,000.00 | 1,021.08 | 3.76 | 0.75 |
Class R2 | ||||
Actual | 1,000.00 | 1,234.90 | 7.20 | 1.30 |
Hypothetical | 1,000.00 | 1,018.35 | 6.51 | 1.30 |
Class R5 | ||||
Actual | 1,000.00 | 1,238.70 | 3.61 | 0.65 |
Hypothetical | 1,000.00 | 1,021.57 | 3.26 | 0.65 |
Class R6 | ||||
Actual | 1,000.00 | 1,239.90 | 3.05 | 0.55 |
Hypothetical | 1,000.00 | 1,022.07 | 2.76 | 0.55 |
JPMorgan International Hedged Equity Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,145.60 | 4.52 | 0.85 |
Hypothetical | 1,000.00 | 1,020.58 | 4.26 | 0.85 |
Class C | ||||
Actual | 1,000.00 | 1,143.50 | 7.17 | 1.35 |
Hypothetical | 1,000.00 | 1,018.10 | 6.76 | 1.35 |
Class I | ||||
Actual | 1,000.00 | 1,146.90 | 3.19 | 0.60 |
Hypothetical | 1,000.00 | 1,021.82 | 3.01 | 0.60 |
Class R5 | ||||
Actual | 1,000.00 | 1,148.00 | 2.40 | 0.45 |
Hypothetical | 1,000.00 | 1,022.56 | 2.26 | 0.45 |
Class R6 | ||||
Actual | 1,000.00 | 1,149.10 | 1.87 | 0.35 |
Hypothetical | 1,000.00 | 1,023.06 | 1.76 | 0.35 |
JPMorgan International Value Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,239.30 | 5.50 | 0.99 |
Hypothetical | 1,000.00 | 1,019.89 | 4.96 | 0.99 |
Class C | ||||
Actual | 1,000.00 | 1,237.20 | 8.27 | 1.49 |
Hypothetical | 1,000.00 | 1,017.41 | 7.45 | 1.49 |
Class I | ||||
Actual | 1,000.00 | 1,241.50 | 4.11 | 0.74 |
Hypothetical | 1,000.00 | 1,021.13 | 3.71 | 0.74 |
Class L | ||||
Actual | 1,000.00 | 1,241.30 | 3.61 | 0.65 |
Hypothetical | 1,000.00 | 1,021.57 | 3.26 | 0.65 |
Class R2 | ||||
Actual | 1,000.00 | 1,237.60 | 7.16 | 1.29 |
Hypothetical | 1,000.00 | 1,018.40 | 6.46 | 1.29 |
Class R5 | ||||
Actual | 1,000.00 | 1,242.10 | 3.61 | 0.65 |
Hypothetical | 1,000.00 | 1,021.57 | 3.26 | 0.65 |
April 30, 2023 | J.P. Morgan International Equity Funds | 119 |
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan International Value Fund (continued) | ||||
Class R6 | ||||
Actual | $1,000.00 | $1,242.10 | $3.06 | 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). |
120 | J.P. Morgan International Equity Funds | April 30, 2023 |
(Unaudited)
April 30, 2023 | J.P. Morgan International Equity Funds | 121 |
JPMorgan Opportunistic Equity Long/Short Fund |
JPMorgan Research Market Neutral Fund |
1 | |
2 | |
3 | |
6 | |
9 | |
19 | |
26 | |
30 | |
42 | |
43 |
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
June 15, 2023 (Unaudited)
“While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.” — Brian S. Shlissel |
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
April 30, 2023 | J.P. Morgan Specialty Funds | 1 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
2 | J.P. Morgan Specialty Funds | April 30, 2023 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (4.39)% |
S&P 500 Index | 8.63% |
ICE BofA 3-Month US Treasury Bill Index | 2.10% |
Net Assets as of 4/30/2023 (In Thousands) | $257,436 |
April 30, 2023 | J.P. Morgan Specialty Funds | 3 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | UnitedHealth Group, Inc. | 8.2 % |
2. | PG&E Corp. | 7.3 |
3. | Fiserv, Inc. | 5.9 |
4. | Walmart, Inc. | 4.5 |
5. | SPDR S&P 500 ETF Trust | 4.1 |
6. | NXP Semiconductors NV (China) | 4.0 |
7. | Berkshire Hathaway, Inc., Class B | 3.9 |
8. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.5 |
9. | NVIDIA Corp. | 2.9 |
10. | Marriott International, Inc., Class A | 2.9 |
TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | JB Hunt Transport Services, Inc. | 10.8 % |
2. | Home Depot, Inc. (The) | 10.4 |
3. | CF Industries Holdings, Inc. | 10.0 |
4. | Mohawk Industries, Inc. | 9.6 |
5. | Masco Corp. | 7.4 |
6. | FedEx Corp. | 6.2 |
7. | Waters Corp. | 5.9 |
8. | Boston Properties, Inc. | 5.8 |
9. | Western Digital Corp. | 4.6 |
10. | Vornado Realty Trust | 4.5 |
LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 15.2% |
Financials | 12.4 |
Health Care | 11.8 |
Consumer Discretionary | 9.0 |
Utilities | 8.8 |
Consumer Staples | 6.1 |
Exchange-Traded Fund | 4.1 |
Communication Services | 1.1 |
Put Options Purchased | 0.1 |
Short-Term Investments | 31.4 |
SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Industrials | 32.1% |
Consumer Discretionary | 22.1 |
Materials | 13.7 |
Real Estate | 13.6 |
Health Care | 5.9 |
Consumer Staples | 5.5 |
Information Technology | 4.7 |
Financials | 2.4 |
4 | J.P. Morgan Specialty Funds | April 30, 2023 |
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | |
CLASS A SHARES | August 29, 2014 | ||||
With Sales Charge ** | (9.54 )% | (15.66 )% | 0.55 % | 3.58 % | |
Without Sales Charge | (4.55 ) | (11.00 ) | 1.64 | 4.23 | |
CLASS C SHARES | August 29, 2014 | ||||
With CDSC *** | (5.77 ) | (12.45 ) | 1.13 | 3.76 | |
Without CDSC | (4.77 ) | (11.45 ) | 1.13 | 3.76 | |
CLASS I SHARES | August 29, 2014 | (4.39 ) | (10.77 ) | 1.90 | 4.49 |
CLASS R6 SHARES | August 29, 2014 | (4.35 ) | (10.61 ) | 2.14 | 4.74 |
* | Not annualized. |
** | 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. |
April 30, 2023 | J.P. Morgan Specialty Funds | 5 |
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | 5.56% |
ICE BofA 3-Month US Treasury Bill Index | 2.10% |
Net Assets as of 4/30/2023 (In Thousands) | $163,593 |
Shares of General Electric, an industrial conglomerate, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2023 and revised upward its full-year earnings forecast. Shares of Boeing, an aerospace and defense manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2023 and maintained its production targets for 2023. Shares of Liberty SiriusXM Group, a cable and satellite TV and radio provider, fell amid broader weakness in the telecommunications sector.
6 | J.P. Morgan Specialty Funds | April 30, 2023 |
TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | Meta Platforms, Inc., Class A | 2.5 % |
2. | Mastercard, Inc., Class A | 1.8 |
3. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 1.8 |
4. | Endeavor Group Holdings, Inc., Class A | 1.6 |
5. | Seagate Technology Holdings plc | 1.6 |
6. | Progressive Corp. (The) | 1.6 |
7. | Intuit, Inc. | 1.4 |
8. | Teradyne, Inc. | 1.3 |
9. | Amazon.com, Inc. | 1.3 |
10. | Howmet Aerospace, Inc. | 1.2 |
TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS | |
1. | Applied Materials, Inc. | 3.2 % |
2. | Microchip Technology, Inc. | 2.7 |
3. | Cisco Systems, Inc. | 2.4 |
4. | Kroger Co. (The) | 1.9 |
5. | Hewlett Packard Enterprise Co. | 1.9 |
6. | 3M Co. | 1.7 |
7. | Boeing Co. (The) | 1.7 |
8. | Sysco Corp. | 1.6 |
9. | Paramount Global, Class B | 1.6 |
10. | Stanley Black & Decker, Inc. | 1.5 |
LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 16.0% |
Financials | 12.7 |
Industrials | 11.9 |
Health Care | 9.2 |
Consumer Discretionary | 8.1 |
Communication Services | 7.9 |
Utilities | 3.6 |
Consumer Staples | 3.2 |
Energy | 2.7 |
Real Estate | 1.9 |
Materials | 1.1 |
Short-Term Investments | 21.7 |
SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF April 30, 2023 | PERCENT OF TOTAL INVESTMENTS |
Industrials | 20.4% |
Information Technology | 18.2 |
Financials | 15.8 |
Health Care | 9.6 |
Communication Services | 9.0 |
Consumer Staples | 8.0 |
Consumer Discretionary | 6.7 |
Utilities | 5.3 |
Real Estate | 3.0 |
Energy | 2.9 |
Materials | 1.1 |
April 30, 2023 | J.P. Morgan Specialty Funds | 7 |
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | February 28, 2002 | ||||
With Sales Charge ** | (0.08 )% | (0.00 )%*** | 2.76 % | 1.66 % | |
Without Sales Charge | 5.46 | 5.55 | 3.88 | 2.21 | |
CLASS C SHARES | November 2, 2009 | ||||
With CDSC **** | 4.12 | 3.93 | 3.35 | 1.80 | |
Without CDSC | 5.12 | 4.93 | 3.35 | 1.80 | |
CLASS I SHARES | November 2, 2009 | 5.56 | 5.80 | 4.14 | 2.47 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 5.25%. |
*** | Amount rounds to less than 0.005%. |
**** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
8 | J.P. Morgan Specialty Funds | April 30, 2023 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — 101.1% | ||
Common Stocks — 65.1% | ||
Automobiles — 0.8% | ||
NIO, Inc., ADR (China) * | 17 | 134 |
Tesla, Inc. * | 12 | 2,015 |
2,149 | ||
Beverages — 0.6% | ||
Brown-Forman Corp., Class B | 21 | 1,410 |
Broadline Retail — 2.1% | ||
Alibaba Group Holding Ltd., ADR (China) * | 48 | 4,044 |
Amazon.com, Inc. * | 12 | 1,315 |
5,359 | ||
Consumer Staples Distribution & Retail — 4.6% | ||
Walmart, Inc. | 78 | 11,790 |
Electric Utilities — 8.9% | ||
NextEra Energy, Inc. (a) | 50 | 3,874 |
PG&E Corp. * | 1,112 | 19,020 |
22,894 | ||
Financial Services — 12.5% | ||
Berkshire Hathaway, Inc., Class B * | 31 | 10,148 |
Fiserv, Inc. * (a) | 125 | 15,265 |
Visa, Inc., Class A | 29 | 6,732 |
32,145 | ||
Health Care Equipment & Supplies — 0.9% | ||
Zimmer Biomet Holdings, Inc. | 17 | 2,346 |
Health Care Providers & Services — 11.0% | ||
Humana, Inc. | 13 | 6,982 |
UnitedHealth Group, Inc. (a) | 44 | 21,428 |
28,410 | ||
Hotels, Restaurants & Leisure — 5.6% | ||
Marriott International, Inc., Class A | 45 | 7,601 |
Royal Caribbean Cruises Ltd. * | 103 | 6,733 |
14,334 | ||
Household Products — 1.0% | ||
Procter & Gamble Co. (The) | 17 | 2,650 |
Interactive Media & Services — 1.1% | ||
Alphabet, Inc., Class A * | 13 | 1,355 |
Meta Platforms, Inc., Class A * | 6 | 1,503 |
2,858 | ||
Semiconductors & Semiconductor Equipment — 10.6% | ||
NVIDIA Corp. | 27 | 7,603 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Semiconductors & Semiconductor Equipment — continued | ||
NXP Semiconductors NV (China) | 63 | 10,374 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 110 | 9,234 |
27,211 | ||
Software — 2.7% | ||
Microsoft Corp. | 23 | 6,975 |
Specialty Retail — 0.6% | ||
O'Reilly Automotive, Inc. * | 2 | 1,612 |
Technology Hardware, Storage & Peripherals — 2.1% | ||
Seagate Technology Holdings plc | 93 | 5,464 |
Total Common Stocks (Cost $149,198) | 167,607 | |
Exchange-Traded Funds — 4.2% | ||
Exchange-Traded Fund — 4.2% | ||
SPDR S&P 500 ETF Trust (Cost $10,476) | 26 | 10,776 |
NO. OF CONTRACTS | VALUE ($000) | |
Options Purchased — 0.1% ^ | ||
Put Options Purchased — 0.1% | ||
Index Funds — 0.1% | ||
NASDAQ 100 E-Mini Index | ||
6/16/2023 at USD 11,800.00, European Style | ||
Notional Amount: USD 46,620,875 | ||
Counterparty: Exchange-Traded * | 35 | 229 |
S&P 500 Index | ||
6/16/2023 at USD 4,000.00, European Style | ||
Notional Amount: USD 12,091,492 | ||
Counterparty: Exchange-Traded * | 29 | 114 |
Total Options Purchased (Cost $802) | 343 | |
SHARES (000) | VALUE ($000) | |
Short-Term Investments — 31.7% | ||
Investment Companies — 31.7% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (b) (c)(Cost $81,647) | 81,632 | 81,656 |
Total Long Positions (Cost $242,123) | 260,382 |
April 30, 2023 | J.P. Morgan Specialty Funds | 9 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — (17.3)% | ||
Common Stocks — (17.3)% | ||
Air Freight & Logistics — (1.1)% | ||
FedEx Corp. | (12 ) | (2,758 ) |
Automobiles — (0.4)% | ||
Rivian Automotive, Inc., Class A * | (72 ) | (920 ) |
Building Products — (1.9)% | ||
Allegion plc | (3 ) | (296 ) |
Johnson Controls International plc | (22 ) | (1,313 ) |
Masco Corp. | (62 ) | (3,307 ) |
(4,916 ) | ||
Chemicals — (2.4)% | ||
CF Industries Holdings, Inc. | (62 ) | (4,456 ) |
Sherwin-Williams Co. (The) | (7 ) | (1,658 ) |
(6,114 ) | ||
Consumer Finance — (0.4)% | ||
Ally Financial, Inc. | (41 ) | (1,070 ) |
Consumer Staples Distribution & Retail — (0.5)% | ||
Walgreens Boots Alliance, Inc. | (38 ) | (1,353 ) |
Food Products — (0.2)% | ||
Kellogg Co. | (7 ) | (507 ) |
Ground Transportation — (1.9)% | ||
JB Hunt Transport Services, Inc. | (27 ) | (4,795 ) |
Household Durables — (1.7)% | ||
Mohawk Industries, Inc. * | (40 ) | (4,269 ) |
Household Products — (0.2)% | ||
Kimberly-Clark Corp. | (4 ) | (581 ) |
Life Sciences Tools & Services — (1.0)% | ||
Waters Corp. * | (9 ) | (2,625 ) |
Machinery — (0.7)% | ||
Stanley Black & Decker, Inc. | (21 ) | (1,844 ) |
Office REITs — (2.0)% | ||
Boston Properties, Inc. | (48 ) | (2,567 ) |
SL Green Realty Corp. | (30 ) | (700 ) |
Vornado Realty Trust | (133 ) | (2,001 ) |
(5,268 ) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Residential REITs — (0.3)% | ||
AvalonBay Communities, Inc. | (5 ) | (801 ) |
Specialty Retail — (1.8)% | ||
Home Depot, Inc. (The) | (16 ) | (4,645 ) |
Technology Hardware, Storage & Peripherals — (0.8)% | ||
Western Digital Corp. * | (60 ) | (2,070 ) |
Total Common Stocks (Proceeds $(44,281)) | (44,536 ) | |
Total Short Positions (Proceeds $(44,281)) | (44,536 ) | |
Total Investments — 83.8% (Cost $197,842) | 215,846 | |
Other Assets Less Liabilities — 16.2% | 41,590 | |
Net Assets — 100.0% | 257,436 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
REIT | Real Estate Investment Trust |
SPDR | Standard & Poor's Depositary Receipt |
* | Non-income producing security. |
(a) | All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $24,492 and $59,856, respectively. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of April 30, 2023. |
10 | J.P. Morgan Specialty Funds | April 30, 2023 |
AS OF April 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — 100.8% | ||
Common Stocks — 78.9% | ||
Aerospace & Defense — 2.9% | ||
Howmet Aerospace, Inc. | 46 | 2,057 |
Northrop Grumman Corp. (a) | 2 | 949 |
Raytheon Technologies Corp. | 14 | 1,428 |
TransDigm Group, Inc. | 1 | 359 |
4,793 | ||
Air Freight & Logistics — 0.3% | ||
FedEx Corp. | — | 79 |
United Parcel Service, Inc., Class B | 3 | 488 |
567 | ||
Automobile Components — 0.6% | ||
Aptiv plc * | 2 | 224 |
Lear Corp. | 2 | 203 |
Mobileye Global, Inc., Class A (Israel) * | 13 | 488 |
915 | ||
Automobiles — 0.1% | ||
Rivian Automotive, Inc., Class A * | 3 | 33 |
Tesla, Inc. * | 1 | 196 |
229 | ||
Banks — 1.8% | ||
Bank of America Corp. | 15 | 437 |
Fifth Third Bancorp | 29 | 753 |
Truist Financial Corp. | 17 | 561 |
US Bancorp | 3 | 124 |
Wells Fargo & Co. (a) | 28 | 1,105 |
2,980 | ||
Beverages — 1.5% | ||
Coca-Cola Co. (The) | 6 | 404 |
Constellation Brands, Inc., Class A | 1 | 93 |
Keurig Dr Pepper, Inc. | 3 | 107 |
Monster Beverage Corp. * | 21 | 1,170 |
PepsiCo, Inc. | 3 | 617 |
2,391 | ||
Biotechnology — 5.3% | ||
AbbVie, Inc. | 13 | 2,020 |
Biogen, Inc. * | 6 | 1,757 |
BioMarin Pharmaceutical, Inc. * | 13 | 1,288 |
Regeneron Pharmaceuticals, Inc. * | 2 | 1,331 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Biotechnology — continued | ||
Sarepta Therapeutics, Inc. * | 8 | 942 |
Vertex Pharmaceuticals, Inc. * (a) | 4 | 1,255 |
8,593 | ||
Broadline Retail — 1.3% | ||
Amazon.com, Inc. * (a) | 20 | 2,100 |
Building Products — 1.1% | ||
Trane Technologies plc | 10 | 1,853 |
Capital Markets — 3.4% | ||
Charles Schwab Corp. (The) | 13 | 674 |
CME Group, Inc. | 6 | 1,136 |
Morgan Stanley | 8 | 679 |
Raymond James Financial, Inc. | 16 | 1,445 |
S&P Global, Inc. | 4 | 1,459 |
State Street Corp. | 2 | 184 |
5,577 | ||
Chemicals — 0.8% | ||
Air Products and Chemicals, Inc. (a) | 1 | 376 |
Dow, Inc. | 1 | 88 |
DuPont de Nemours, Inc. (a) | 6 | 406 |
Linde plc | 1 | 329 |
PPG Industries, Inc. | 1 | 112 |
1,311 | ||
Commercial Services & Supplies — 0.8% | ||
Waste Connections, Inc. | 10 | 1,368 |
Communications Equipment — 0.4% | ||
Juniper Networks, Inc. | 21 | 643 |
Construction Materials — 0.1% | ||
Martin Marietta Materials, Inc. | 1 | 212 |
Consumer Finance — 0.3% | ||
American Express Co. (a) | 3 | 415 |
Consumer Staples Distribution & Retail — 0.9% | ||
Costco Wholesale Corp. | 2 | 991 |
Dollar General Corp. | 2 | 465 |
1,456 | ||
Diversified REITs — 0.1% | ||
WP Carey, Inc. | 1 | 81 |
Electric Utilities — 1.8% | ||
NextEra Energy, Inc. | 13 | 1,003 |
April 30, 2023 | J.P. Morgan Specialty Funds | 11 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Electric Utilities — continued | ||
PG&E Corp. * | 82 | 1,401 |
PPL Corp. | 18 | 507 |
2,911 | ||
Electrical Equipment — 0.5% | ||
Eaton Corp. plc | 5 | 856 |
Electronic Equipment, Instruments & Components — 1.5% | ||
Corning, Inc. | 50 | 1,657 |
Keysight Technologies, Inc. * | 6 | 842 |
2,499 | ||
Energy Equipment & Services — 0.5% | ||
Baker Hughes Co. | 26 | 754 |
Entertainment — 3.4% | ||
Endeavor Group Holdings, Inc., Class A * (a) | 103 | 2,646 |
Netflix, Inc. * (a) | 5 | 1,800 |
Take-Two Interactive Software, Inc. * | 9 | 1,123 |
5,569 | ||
Financial Services — 4.4% | ||
Block, Inc. * | 4 | 249 |
Fidelity National Information Services, Inc. | 6 | 349 |
Fiserv, Inc. * | 9 | 1,161 |
FleetCor Technologies, Inc. * | 6 | 1,363 |
Jack Henry & Associates, Inc. | 2 | 306 |
Mastercard, Inc., Class A (a) | 8 | 3,041 |
WEX, Inc. * | 4 | 647 |
7,116 | ||
Food Products — 0.5% | ||
Hershey Co. (The) | 3 | 683 |
Mondelez International, Inc., Class A | 1 | 97 |
780 | ||
Ground Transportation — 2.0% | ||
Canadian National Railway Co. (Canada) | 2 | 253 |
CSX Corp. | 14 | 426 |
Knight-Swift Transportation Holdings, Inc. | 3 | 173 |
Norfolk Southern Corp. | 3 | 528 |
Old Dominion Freight Line, Inc. | 1 | 245 |
Uber Technologies, Inc. * (a) | 38 | 1,181 |
Union Pacific Corp. | 2 | 441 |
3,247 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Health Care Equipment & Supplies — 1.4% | ||
Boston Scientific Corp. * | 9 | 474 |
Intuitive Surgical, Inc. * | 2 | 530 |
Stryker Corp. | 3 | 874 |
Zimmer Biomet Holdings, Inc. | 2 | 350 |
2,228 | ||
Health Care Providers & Services — 1.6% | ||
Centene Corp. * | 2 | 170 |
HCA Healthcare, Inc. | 2 | 424 |
Humana, Inc. | 1 | 634 |
McKesson Corp. | 1 | 293 |
UnitedHealth Group, Inc. (a) | 2 | 1,110 |
2,631 | ||
Health Care REITs — 0.0% ^ | ||
Ventas, Inc. | 1 | 60 |
Hotel & Resort REITs — 0.0% ^ | ||
Host Hotels & Resorts, Inc. | 3 | 50 |
Hotels, Restaurants & Leisure — 3.0% | ||
Booking Holdings, Inc. * | — | 733 |
Chipotle Mexican Grill, Inc. * | 1 | 1,241 |
DoorDash, Inc., Class A * | 2 | 145 |
Hilton Worldwide Holdings, Inc. | 5 | 703 |
McDonald's Corp. | 3 | 887 |
Yum! Brands, Inc. (a) | 9 | 1,274 |
4,983 | ||
Household Products — 0.1% | ||
Procter & Gamble Co. (The) | 1 | 99 |
Industrial Conglomerates — 1.2% | ||
Honeywell International, Inc. (a) | 10 | 1,987 |
Industrial REITs — 0.7% | ||
Prologis, Inc. | 9 | 1,121 |
Insurance — 2.9% | ||
Globe Life, Inc. | 18 | 1,952 |
Progressive Corp. (The) (a) | 19 | 2,610 |
Travelers Cos., Inc. (The) | 1 | 242 |
4,804 | ||
Interactive Media & Services — 2.7% | ||
Alphabet, Inc., Class A * | 3 | 349 |
Meta Platforms, Inc., Class A * (a) | 17 | 4,059 |
4,408 |
12 | J.P. Morgan Specialty Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
IT Services — 0.4% | ||
Cognizant Technology Solutions Corp., Class A | 4 | 222 |
MongoDB, Inc. * | 1 | 189 |
Snowflake, Inc., Class A * | 1 | 176 |
587 | ||
Life Sciences Tools & Services — 0.3% | ||
Danaher Corp. | 1 | 205 |
Thermo Fisher Scientific, Inc. | — | 245 |
450 | ||
Machinery — 2.3% | ||
Deere & Co. (a) | 4 | 1,545 |
Dover Corp. | 10 | 1,460 |
Ingersoll Rand, Inc. | 14 | 819 |
3,824 | ||
Media — 1.6% | ||
Charter Communications, Inc., Class A * | 3 | 1,237 |
Comcast Corp., Class A | 5 | 194 |
Liberty Media Corp.-Liberty SiriusXM, Class A * | 40 | 1,133 |
2,564 | ||
Metals & Mining — 0.2% | ||
Freeport-McMoRan, Inc. | 9 | 360 |
Multi-Utilities — 1.9% | ||
CenterPoint Energy, Inc. | 14 | 438 |
Dominion Energy, Inc. | 10 | 561 |
DTE Energy Co. | 4 | 452 |
Public Service Enterprise Group, Inc. | 11 | 668 |
Sempra Energy | 6 | 939 |
3,058 | ||
Oil, Gas & Consumable Fuels — 2.2% | ||
Cheniere Energy, Inc. | 3 | 467 |
ConocoPhillips | 7 | 733 |
Diamondback Energy, Inc. | 5 | 675 |
EOG Resources, Inc. | 5 | 567 |
Exxon Mobil Corp. | 4 | 441 |
HF Sinclair Corp. | 8 | 337 |
Marathon Oil Corp. | 8 | 206 |
Targa Resources Corp. | 3 | 241 |
3,667 | ||
Passenger Airlines — 0.0% ^ | ||
Delta Air Lines, Inc. * | 2 | 77 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Personal Care Products — 0.3% | ||
Estee Lauder Cos., Inc. (The), Class A | 2 | 542 |
Pharmaceuticals — 0.7% | ||
Bristol-Myers Squibb Co. (a) | 15 | 968 |
Elanco Animal Health, Inc. * | 26 | 248 |
1,216 | ||
Professional Services — 0.7% | ||
Booz Allen Hamilton Holding Corp. | 5 | 449 |
Leidos Holdings, Inc. (a) | 7 | 642 |
1,091 | ||
Residential REITs — 0.7% | ||
Sun Communities, Inc. | 5 | 733 |
UDR, Inc. | 8 | 338 |
1,071 | ||
Retail REITs — 0.1% | ||
Kimco Realty Corp. | 7 | 129 |
Semiconductors & Semiconductor Equipment — 8.0% | ||
Advanced Micro Devices, Inc. * (a) | 16 | 1,412 |
Analog Devices, Inc. | 9 | 1,669 |
Marvell Technology, Inc. | 36 | 1,401 |
NVIDIA Corp. | 6 | 1,694 |
NXP Semiconductors NV (China) | 9 | 1,440 |
Qorvo, Inc. * | 4 | 387 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 35 | 2,970 |
Teradyne, Inc. | 24 | 2,157 |
13,130 | ||
Software — 3.7% | ||
Adobe, Inc. * | — | 163 |
DocuSign, Inc. * | 1 | 71 |
Intuit, Inc. (a) | 5 | 2,246 |
Microsoft Corp. | 3 | 892 |
Oracle Corp. | 7 | 640 |
PTC, Inc. * | 1 | 160 |
Roper Technologies, Inc. | 1 | 638 |
Salesforce, Inc. * | 4 | 758 |
ServiceNow, Inc. * | 1 | 232 |
Workday, Inc., Class A * | 2 | 277 |
6,077 | ||
Specialized REITs — 0.3% | ||
SBA Communications Corp. | 2 | 541 |
April 30, 2023 | J.P. Morgan Specialty Funds | 13 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Specialty Retail — 2.4% | ||
AutoNation, Inc. * | 4 | 455 |
AutoZone, Inc. * | — | 802 |
Burlington Stores, Inc. * | 3 | 640 |
Lowe's Cos., Inc. | 6 | 1,230 |
O'Reilly Automotive, Inc. * (a) | 1 | 761 |
3,888 | ||
Technology Hardware, Storage & Peripherals — 2.1% | ||
Dell Technologies, Inc., Class C | 18 | 804 |
Seagate Technology Holdings plc | 45 | 2,637 |
3,441 | ||
Textiles, Apparel & Luxury Goods — 0.8% | ||
NIKE, Inc., Class B | 10 | 1,316 |
Wireless Telecommunication Services — 0.3% | ||
T-Mobile US, Inc. * | 4 | 538 |
Total Common Stocks (Cost $110,060) | 129,154 | |
Short-Term Investments — 21.9% | ||
Investment Companies — 21.9% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (b) (c)(Cost $35,790) | 35,782 | 35,792 |
Total Long Positions (Cost $145,850) | 164,946 | |
Short Positions — (74.8)% | ||
Common Stocks — (74.8)% | ||
Aerospace & Defense — (2.8)% | ||
Boeing Co. (The) * | (10 ) | (2,102 ) |
General Dynamics Corp. | (7 ) | (1,520 ) |
Huntington Ingalls Industries, Inc. | (4 ) | (821 ) |
L3Harris Technologies, Inc. | (1 ) | (76 ) |
(4,519 ) | ||
Air Freight & Logistics — (0.9)% | ||
CH Robinson Worldwide, Inc. | (12 ) | (1,192 ) |
Expeditors International of Washington, Inc. | (3 ) | (362 ) |
(1,554 ) | ||
Automobile Components — (0.3)% | ||
Autoliv, Inc. (Sweden) | (2 ) | (168 ) |
BorgWarner, Inc. | (7 ) | (352 ) |
(520 ) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Automobiles — (0.8)% | ||
Ford Motor Co. | (65 ) | (769 ) |
General Motors Co. | (14 ) | (458 ) |
Harley-Davidson, Inc. | (2 ) | (91 ) |
(1,318 ) | ||
Banks — (1.6)% | ||
Comerica, Inc. | (17 ) | (744 ) |
Huntington Bancshares, Inc. | (65 ) | (728 ) |
PNC Financial Services Group, Inc. (The) | (5 ) | (676 ) |
Regions Financial Corp. | (22 ) | (391 ) |
(2,539 ) | ||
Beverages — (0.4)% | ||
Brown-Forman Corp., Class B | (2 ) | (133 ) |
Molson Coors Beverage Co., Class B | (9 ) | (536 ) |
(669 ) | ||
Biotechnology — (2.4)% | ||
Amgen, Inc. | (4 ) | (1,004 ) |
Gilead Sciences, Inc. | (17 ) | (1,390 ) |
Moderna, Inc. * | (12 ) | (1,533 ) |
(3,927 ) | ||
Broadline Retail — (1.0)% | ||
eBay, Inc. | (35 ) | (1,614 ) |
Building Products — (1.8)% | ||
Allegion plc | (6 ) | (634 ) |
Johnson Controls International plc | (25 ) | (1,528 ) |
Lennox International, Inc. | (3 ) | (777 ) |
Masco Corp. | (1 ) | (55 ) |
(2,994 ) | ||
Capital Markets — (4.0)% | ||
BlackRock, Inc. | (1 ) | (381 ) |
Coinbase Global, Inc., Class A * | (5 ) | (244 ) |
FactSet Research Systems, Inc. | (1 ) | (446 ) |
Franklin Resources, Inc. | (36 ) | (967 ) |
LPL Financial Holdings, Inc. | (3 ) | (735 ) |
Moody's Corp. | (1 ) | (228 ) |
MSCI, Inc. | (1 ) | (604 ) |
Nasdaq, Inc. | (17 ) | (939 ) |
Northern Trust Corp. | (11 ) | (840 ) |
T. Rowe Price Group, Inc. | (10 ) | (1,140 ) |
(6,524 ) |
14 | J.P. Morgan Specialty Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Chemicals — (0.2)% | ||
Ecolab, Inc. | — | (34 ) |
Westlake Corp. | (3 ) | (326 ) |
(360 ) | ||
Commercial Services & Supplies — (0.1)% | ||
Waste Management, Inc. | (1 ) | (151 ) |
Communications Equipment — (1.8)% | ||
Cisco Systems, Inc. | (62 ) | (2,923 ) |
Consumer Finance — (1.0)% | ||
Capital One Financial Corp. | (8 ) | (784 ) |
Synchrony Financial | (27 ) | (800 ) |
(1,584 ) | ||
Consumer Staples Distribution & Retail — (4.1)% | ||
Dollar Tree, Inc. * | (1 ) | (130 ) |
Kroger Co. (The) | (48 ) | (2,354 ) |
Sysco Corp. | (26 ) | (1,983 ) |
Walgreens Boots Alliance, Inc. | (14 ) | (512 ) |
Walmart, Inc. | (12 ) | (1,777 ) |
(6,756 ) | ||
Containers & Packaging — (0.6)% | ||
International Paper Co. | (29 ) | (954 ) |
Packaging Corp. of America | (1 ) | (104 ) |
(1,058 ) | ||
Diversified Telecommunication Services — (1.3)% | ||
AT&T, Inc. | (37 ) | (646 ) |
Lumen Technologies, Inc. | (56 ) | (133 ) |
Verizon Communications, Inc. | (33 ) | (1,303 ) |
(2,082 ) | ||
Electric Utilities — (3.2)% | ||
American Electric Power Co., Inc. | (10 ) | (953 ) |
Duke Energy Corp. | (12 ) | (1,164 ) |
Edison International | (16 ) | (1,161 ) |
Evergy, Inc. | (3 ) | (191 ) |
Eversource Energy | (8 ) | (625 ) |
Exelon Corp. | (16 ) | (673 ) |
FirstEnergy Corp. | (11 ) | (448 ) |
(5,215 ) | ||
Electrical Equipment — (0.5)% | ||
Acuity Brands, Inc. | (3 ) | (447 ) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Electrical Equipment — continued | ||
Hubbell, Inc. | (1 ) | (231 ) |
Rockwell Automation, Inc. | — | (160 ) |
(838 ) | ||
Entertainment — (1.7)% | ||
Electronic Arts, Inc. | (9 ) | (1,102 ) |
ROBLOX Corp., Class A * | (23 ) | (824 ) |
Warner Bros Discovery, Inc. * | (62 ) | (848 ) |
(2,774 ) | ||
Financial Services — (1.7)% | ||
Affirm Holdings, Inc. * | (12 ) | (121 ) |
Global Payments, Inc. | (10 ) | (1,109 ) |
Voya Financial, Inc. | (11 ) | (853 ) |
Western Union Co. (The) | (68 ) | (737 ) |
(2,820 ) | ||
Food Products — (1.3)% | ||
Campbell Soup Co. | (11 ) | (624 ) |
Conagra Brands, Inc. | (4 ) | (141 ) |
General Mills, Inc. | (7 ) | (589 ) |
Kellogg Co. | (6 ) | (419 ) |
Kraft Heinz Co. (The) | (9 ) | (343 ) |
(2,116 ) | ||
Gas Utilities — (0.5)% | ||
National Fuel Gas Co. | (13 ) | (745 ) |
Ground Transportation — (0.6)% | ||
Canadian Pacific Kansas City Ltd. (Canada) | (1 ) | (53 ) |
Heartland Express, Inc. | (20 ) | (297 ) |
JB Hunt Transport Services, Inc. | (2 ) | (313 ) |
Werner Enterprises, Inc. | (7 ) | (306 ) |
(969 ) | ||
Health Care Equipment & Supplies — (0.2)% | ||
Edwards Lifesciences Corp. * | (2 ) | (170 ) |
Medtronic plc | (1 ) | (125 ) |
(295 ) | ||
Health Care Providers & Services — (0.8)% | ||
Henry Schein, Inc. * | (10 ) | (811 ) |
Quest Diagnostics, Inc. | (4 ) | (503 ) |
(1,314 ) | ||
Hotels, Restaurants & Leisure — (0.7)% | ||
Starbucks Corp. | (10 ) | (1,113 ) |
April 30, 2023 | J.P. Morgan Specialty Funds | 15 |
AS OF April 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Household Durables — (0.8)% | ||
Mohawk Industries, Inc. * | (5 ) | (552 ) |
NVR, Inc. * | — | (245 ) |
PulteGroup, Inc. | (5 ) | (358 ) |
Toll Brothers, Inc. | (4 ) | (221 ) |
(1,376 ) | ||
Household Products — (0.2)% | ||
Clorox Co. (The) | (2 ) | (255 ) |
Industrial Conglomerates — (1.5)% | ||
3M Co. | (20 ) | (2,104 ) |
General Electric Co. | (3 ) | (314 ) |
(2,418 ) | ||
Insurance — (3.6)% | ||
Aflac, Inc. | (23 ) | (1,597 ) |
Allstate Corp. (The) | (10 ) | (1,094 ) |
American International Group, Inc. | (5 ) | (246 ) |
Aon plc, Class A | — | (80 ) |
Arthur J Gallagher & Co. | — | (83 ) |
Marsh & McLennan Cos., Inc. | (1 ) | (207 ) |
Principal Financial Group, Inc. | (12 ) | (916 ) |
Ryan Specialty Holdings, Inc. * | (4 ) | (175 ) |
WR Berkley Corp. | (24 ) | (1,422 ) |
(5,820 ) | ||
Interactive Media & Services — (0.3)% | ||
Alphabet, Inc., Class C * | (2 ) | (262 ) |
ZoomInfo Technologies, Inc. * | (10 ) | (219 ) |
(481 ) | ||
IT Services — (1.3)% | ||
Accenture plc, Class A | (1 ) | (381 ) |
DXC Technology Co. * | (9 ) | (221 ) |
EPAM Systems, Inc. * | (2 ) | (452 ) |
Infosys Ltd. (India) | (31 ) | (472 ) |
International Business Machines Corp. | (5 ) | (625 ) |
(2,151 ) | ||
Life Sciences Tools & Services — (0.8)% | ||
Agilent Technologies, Inc. | (2 ) | (300 ) |
Repligen Corp. * | (2 ) | (217 ) |
Waters Corp. * | (2 ) | (726 ) |
(1,243 ) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Machinery — (3.2)% | ||
Caterpillar, Inc. | (1 ) | (151 ) |
Donaldson Co., Inc. | (14 ) | (927 ) |
IDEX Corp. | (5 ) | (969 ) |
Illinois Tool Works, Inc. | (4 ) | (882 ) |
PACCAR, Inc. | (6 ) | (484 ) |
Stanley Black & Decker, Inc. | (21 ) | (1,845 ) |
(5,258 ) | ||
Media — (3.4)% | ||
Fox Corp., Class A | (26 ) | (855 ) |
Interpublic Group of Cos., Inc. (The) | (25 ) | (891 ) |
Omnicom Group, Inc. | (18 ) | (1,679 ) |
Paramount Global, Class B | (82 ) | (1,921 ) |
Sirius XM Holdings, Inc. | (75 ) | (284 ) |
(5,630 ) | ||
Multi-Utilities — (0.4)% | ||
WEC Energy Group, Inc. | (6 ) | (574 ) |
Office REITs — 0.0% ^ | ||
Orion Office REIT, Inc. | — | — |
SL Green Realty Corp. | — | — |
— | ||
Oil, Gas & Consumable Fuels — (2.2)% | ||
APA Corp. | (19 ) | (684 ) |
Coterra Energy, Inc. | (9 ) | (240 ) |
Devon Energy Corp. | (12 ) | (645 ) |
Enbridge, Inc. (Canada) | (15 ) | (592 ) |
Marathon Petroleum Corp. | (2 ) | (236 ) |
ONEOK, Inc. | (10 ) | (689 ) |
Phillips 66 | (1 ) | (83 ) |
Williams Cos., Inc. (The) | (15 ) | (450 ) |
(3,619 ) | ||
Passenger Airlines — (0.1)% | ||
United Airlines Holdings, Inc. * | (3 ) | (154 ) |
Pharmaceuticals — (3.0)% | ||
Eli Lilly & Co. | (4 ) | (1,401 ) |
Johnson & Johnson | (4 ) | (659 ) |
Merck & Co., Inc. | (11 ) | (1,308 ) |
Pfizer, Inc. | (31 ) | (1,196 ) |
Zoetis, Inc. | (2 ) | (418 ) |
(4,982 ) |
16 | J.P. Morgan Specialty Funds | April 30, 2023 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Professional Services — (3.3)% | ||
Automatic Data Processing, Inc. | (2 ) | (463 ) |
Ceridian HCM Holding, Inc. * | (16 ) | (1,033 ) |
Equifax, Inc. | (4 ) | (820 ) |
Paychex, Inc. | (7 ) | (796 ) |
Paycom Software, Inc. * | (4 ) | (1,123 ) |
Robert Half International, Inc. | (4 ) | (274 ) |
Verisk Analytics, Inc. | (5 ) | (967 ) |
(5,476 ) | ||
Residential REITs — (0.4)% | ||
AvalonBay Communities, Inc. | — | (80 ) |
Equity LifeStyle Properties, Inc. | (8 ) | (521 ) |
(601 ) | ||
Retail REITs — (0.7)% | ||
National Retail Properties, Inc. | (2 ) | (80 ) |
Simon Property Group, Inc. | (10 ) | (1,142 ) |
(1,222 ) | ||
Semiconductors & Semiconductor Equipment — (6.8)% | ||
Applied Materials, Inc. | (34 ) | (3,904 ) |
Broadcom, Inc. | (2 ) | (1,360 ) |
Intel Corp. | (16 ) | (485 ) |
KLA Corp. | (3 ) | (1,039 ) |
Lam Research Corp. | (1 ) | (697 ) |
Microchip Technology, Inc. | (45 ) | (3,266 ) |
QUALCOMM, Inc. | (3 ) | (346 ) |
(11,097 ) | ||
Software — (0.3)% | ||
Palantir Technologies, Inc., Class A * | (52 ) | (402 ) |
UiPath, Inc., Class A * | (9 ) | (133 ) |
(535 ) | ||
Specialized REITs — (1.1)% | ||
Extra Space Storage, Inc. | (6 ) | (926 ) |
Iron Mountain, Inc. | (16 ) | (895 ) |
(1,821 ) | ||
Specialty Retail — (1.1)% | ||
CarMax, Inc. * | (3 ) | (214 ) |
Home Depot, Inc. (The) | (4 ) | (1,303 ) |
Williams-Sonoma, Inc. | (3 ) | (321 ) |
(1,838 ) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Technology Hardware, Storage & Peripherals — (3.4)% | ||
Apple, Inc. | (10 ) | (1,760 ) |
Hewlett Packard Enterprise Co. | (162 ) | (2,315 ) |
NetApp, Inc. | (22 ) | (1,361 ) |
Xerox Holdings Corp. | (5 ) | (79 ) |
(5,515 ) | ||
Textiles, Apparel & Luxury Goods — (0.2)% | ||
VF Corp. | (17 ) | (393 ) |
Trading Companies & Distributors — (0.4)% | ||
Fastenal Co. | (11 ) | (596 ) |
Total Common Stocks (Proceeds $(127,615)) | (122,346 ) | |
Total Short Positions (Proceeds $(127,615)) | (122,346 ) | |
Total Investments — 26.0% (Cost $18,235) | 42,600 | |
Other Assets Less Liabilities — 74.0% | 120,993 | |
Net Assets — 100.0% | 163,593 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
^ | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. | |
(a) | All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $22,338 and $120,196, respectively. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2023. |
April 30, 2023 | J.P. Morgan Specialty Funds | 17 |
AS OF April 30, 2023 (Unaudited) (continued)
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Short Contracts | |||||
S&P 500 E-Mini Index | (31 ) | 06/16/2023 | USD | (6,493 ) | (159 ) |
Abbreviations | |
USD | United States Dollar |
18 | J.P. Morgan Specialty Funds | April 30, 2023 |
AS OF April 30, 2023 (Unaudited)
(Amounts in thousands, except per share amounts)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |
ASSETS: | ||
Investments in non-affiliates, at value | $178,383 | $129,154 |
Investments in affiliates, at value | 81,656 | 35,792 |
Options purchased, at value | 343 | — |
Deposits at broker for futures contracts | — | 357 |
Deposits at broker for securities sold short | 59,856 | 120,196 |
Receivables: | ||
Investment securities sold | 12,525 | 6,983 |
Fund shares sold | 62 | 224 |
Interest from non-affiliates | 171 | 435 |
Dividends from non-affiliates | — | 71 |
Dividends from affiliates | 283 | 125 |
Total Assets | 333,279 | 293,337 |
LIABILITIES: | ||
Payables: | ||
Due to custodian | — | 14 |
Securities sold short, at value | 44,536 | 122,346 |
Dividend expense to non-affiliates on securities sold short | 21 | 95 |
Investment securities purchased | 28,631 | 7,012 |
Fund shares redeemed | 2,382 | 107 |
Variation margin on futures contracts | — | 55 |
Accrued liabilities: | ||
Investment advisory fees | 215 | 29 |
Administration fees | 2 | 3 |
Distribution fees | 4 | 6 |
Service fees | 7 | 32 |
Custodian and accounting fees | 11 | 16 |
Other | 34 | 29 |
Total Liabilities | 75,843 | 129,744 |
Net Assets | $257,436 | $163,593 |
April 30, 2023 | J.P. Morgan Specialty Funds | 19 |
AS OF April 30, 2023 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |
NET ASSETS: | ||
Paid-in-Capital | $318,502 | $173,910 |
Total distributable earnings (loss) | (61,066 ) | (10,317 ) |
Total Net Assets | $257,436 | $163,593 |
Net Assets: | ||
Class A | $8,010 | $22,288 |
Class C | 3,571 | 1,702 |
Class I | 166,102 | 139,603 |
Class R6 | 79,753 | — |
Total | $257,436 | $163,593 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||
Class A | 483 | 1,749 |
Class C | 227 | 151 |
Class I | 9,776 | 10,208 |
Class R6 | 4,594 | — |
Net Asset Value (a): | ||
Class A — Redemption price per share | $16.59 | $12.74 |
Class C — Offering price per share (b) | 15.77 | 11.29 |
Class I — Offering and redemption price per share | 16.99 | 13.68 |
Class R6 — Offering and redemption price per share | 17.36 | — |
Class A maximum sales charge | 5.25 % | 5.25 % |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $17.51 | $13.45 |
Cost of investments in non-affiliates | $159,674 | $110,060 |
Cost of investments in affiliates | 81,647 | 35,790 |
Cost of options purchased | 802 | — |
Proceeds from securities sold short | 44,281 | 127,615 |
20 | J.P. Morgan Specialty Funds | April 30, 2023 |
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited)
(Amounts in thousands)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |
INVESTMENT INCOME: | ||
Interest income from non-affiliates | $2,107 | $2,449 |
Interest income from affiliates | — (a) | 5 |
Dividend income from non-affiliates | 1,710 | 807 |
Dividend income from affiliates | 3,200 | 716 |
Total investment income | 7,017 | 3,977 |
EXPENSES: | ||
Investment advisory fees | 2,017 | 275 |
Administration fees | 144 | 59 |
Distribution fees: | ||
Class A | 13 | 27 |
Class C | 16 | 6 |
Service fees: | ||
Class A | 13 | 27 |
Class C | 5 | 2 |
Class I | 278 | 168 |
Custodian and accounting fees | 15 | 20 |
Interest expense to affiliates | — (a) | — (a) |
Professional fees | 40 | 33 |
Trustees’ and Chief Compliance Officer’s fees | 14 | 13 |
Printing and mailing costs | 26 | 15 |
Registration and filing fees | 38 | 30 |
Transfer agency fees (See Note 2.I.) | 8 | 3 |
Dividend expense to non-affiliates on securities sold short | 1,003 | 1,524 |
Other | 6 | 4 |
Total expenses | 3,636 | 2,206 |
Less fees waived | (696 ) | (143 ) |
Less expense reimbursements | (1 ) | (1 ) |
Net expenses | 2,939 | 2,062 |
Net investment income (loss) | 4,078 | 1,915 |
April 30, 2023 | J.P. Morgan Specialty Funds | 21 |
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
(Amounts in thousands)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | ||
Net realized gain (loss) on transactions from: | ||
Investments in non-affiliates | $2,550 | $(1,001 ) |
Investments in affiliates | 89 | 2 |
Options purchased | (332 ) | — |
Futures contracts | — | 18 |
Securities sold short | (27,318 ) | (647 ) |
Net realized gain (loss) | (25,011 ) | (1,628 ) |
Change in net unrealized appreciation/depreciation on: | ||
Investments in non-affiliates | 1,083 | 9,347 |
Investments in affiliates | 9 | — (a) |
Options purchased | (459 ) | — |
Futures contracts | — | (158 ) |
Securities sold short | 4,113 | (930 ) |
Change in net unrealized appreciation/depreciation | 4,746 | 8,259 |
Net realized/unrealized gains (losses) | (20,265 ) | 6,631 |
Change in net assets resulting from operations | $(16,187 ) | $8,546 |
22 | J.P. Morgan Specialty Funds | April 30, 2023 |
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $4,078 | $(5,627 ) | $1,915 | $(669 ) |
Net realized gain (loss) | (25,011 ) | (31,745 ) | (1,628 ) | 841 |
Change in net unrealized appreciation/depreciation | 4,746 | (93,205 ) | 8,259 | (3,440 ) |
Change in net assets resulting from operations | (16,187 ) | (130,577 ) | 8,546 | (3,268 ) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | — | (3,030 ) | — | — |
Class C | — | (702 ) | — | — |
Class I | — | (38,675 ) | — | — |
Class R6 | — | (29,311 ) | — | — |
Total distributions to shareholders | — | (71,718 ) | — | — |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | (207,383 ) | (62,353 ) | (3,299 ) | 69,424 |
NET ASSETS: | ||||
Change in net assets | (223,570 ) | (264,648 ) | 5,247 | 66,156 |
Beginning of period | 481,006 | 745,654 | 158,346 | 92,190 |
End of period | $257,436 | $481,006 | $163,593 | $158,346 |
April 30, 2023 | J.P. Morgan Specialty Funds | 23 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $345 | $3,909 | $4,689 | $8,418 |
Distributions reinvested | — | 2,956 | — | — |
Cost of shares redeemed | (6,749 ) | (14,110 ) | (3,439 ) | (4,824 ) |
Change in net assets resulting from Class A capital transactions | (6,404 ) | (7,245 ) | 1,250 | 3,594 |
Class C | ||||
Proceeds from shares issued | 54 | 516 | 285 | 521 |
Distributions reinvested | — | 692 | — | — |
Cost of shares redeemed | (1,079 ) | (1,555 ) | (141 ) | (218 ) |
Change in net assets resulting from Class C capital transactions | (1,025 ) | (347 ) | 144 | 303 |
Class I | ||||
Proceeds from shares issued | 25,973 | 159,788 | 43,204 | 119,488 |
Distributions reinvested | — | 38,027 | — | — |
Cost of shares redeemed | (115,889 ) | (221,285 ) | (47,897 ) | (53,961 ) |
Change in net assets resulting from Class I capital transactions | (89,916 ) | (23,470 ) | (4,693 ) | 65,527 |
Class R6 | ||||
Proceeds from shares issued | 9,964 | 71,118 | — | — |
Distributions reinvested | — | 6,999 | — | — |
Cost of shares redeemed | (120,002 ) | (109,408 ) | — | — |
Change in net assets resulting from Class R6 capital transactions | (110,038 ) | (31,291 ) | — | — |
Total change in net assets resulting from capital transactions | $(207,383 ) | $(62,353 ) | $(3,299 ) | $69,424 |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 20 | 188 | 380 | 683 |
Reinvested | — | 139 | — | — |
Redeemed | (391 ) | (764 ) | (278 ) | (395 ) |
Change in Class A Shares | (371 ) | (437 ) | 102 | 288 |
Class C | ||||
Issued | 4 | 27 | 27 | 48 |
Reinvested | — | 34 | — | — |
Redeemed | (67 ) | (82 ) | (13 ) | (20 ) |
Change in Class C Shares | (63 ) | (21 ) | 14 | 28 |
Class I | ||||
Issued | 1,479 | 7,897 | 3,251 | 9,115 |
Reinvested | — | 1,747 | — | — |
Redeemed | (6,633 ) | (11,277 ) | (3,613 ) | (4,127 ) |
Change in Class I Shares | (5,154 ) | (1,633 ) | (362 ) | 4,988 |
24 | J.P. Morgan Specialty Funds | April 30, 2023 |
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |||
Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | Six Months Ended April 30, 2023 (Unaudited) | Year Ended October 31, 2022 | |
SHARE TRANSACTIONS: (continued) | ||||
Class R6 | ||||
Issued | 551 | 3,442 | — | — |
Reinvested | — | 315 | — | — |
Redeemed | (6,757 ) | (5,591 ) | — | — |
Change in Class R6 Shares | (6,206 ) | (1,834 ) | — | — |
April 30, 2023 | J.P. Morgan Specialty Funds | 25 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Opportunistic Equity Long/Short Fund | |||||||
Class A | |||||||
Six Months Ended April 30, 2023 (Unaudited) | $17.38 | $0.16 | $(0.95 ) | $(0.79 ) | $— | $— | $— |
Year Ended October 31, 2022 | 23.65 | (0.25 ) | (3.70 ) | (3.95 ) | — | (2.32 ) | (2.32 ) |
Year Ended October 31, 2021 | 20.54 | (0.46 ) | 4.46 | 4.00 | — | (0.89 ) | (0.89 ) |
Year Ended October 31, 2020 | 17.34 | (0.29 ) | 3.49 | 3.20 | — | — | — |
Year Ended October 31, 2019 | 18.22 | — (h) | (0.55 ) | (0.55 ) | — | (0.33 ) | (0.33 ) |
Year Ended October 31, 2018 | 18.13 | (0.21 ) | 0.53 | 0.32 | — | (0.23 ) | (0.23 ) |
Class C | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 16.56 | 0.11 | (0.90 ) | (0.79 ) | — | — | — |
Year Ended October 31, 2022 | 22.75 | (0.32 ) | (3.55 ) | (3.87 ) | — | (2.32 ) | (2.32 ) |
Year Ended October 31, 2021 | 19.88 | (0.56 ) | 4.32 | 3.76 | — | (0.89 ) | (0.89 ) |
Year Ended October 31, 2020 | 16.87 | (0.39 ) | 3.40 | 3.01 | — | — | — |
Year Ended October 31, 2019 | 17.83 | (0.08 ) | (0.55 ) | (0.63 ) | — | (0.33 ) | (0.33 ) |
Year Ended October 31, 2018 | 17.83 | (0.29 ) | 0.52 | 0.23 | — | (0.23 ) | (0.23 ) |
Class I | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 17.77 | 0.18 | (0.96 ) | (0.78 ) | — | — | — |
Year Ended October 31, 2022 | 24.08 | (0.20 ) | (3.79 ) | (3.99 ) | — | (2.32 ) | (2.32 ) |
Year Ended October 31, 2021 | 20.84 | (0.42 ) | 4.55 | 4.13 | — | (0.89 ) | (0.89 ) |
Year Ended October 31, 2020 | 17.58 | (0.27 ) | 3.56 | 3.29 | (0.03 ) | — | (0.03 ) |
Year Ended October 31, 2019 | 18.43 | 0.07 | (0.59 ) | (0.52 ) | — | (0.33 ) | (0.33 ) |
Year Ended October 31, 2018 | 18.28 | (0.16 ) | 0.54 | 0.38 | — | (0.23 ) | (0.23 ) |
Class R6 | |||||||
Six Months Ended April 30, 2023 (Unaudited) | 18.15 | 0.20 | (0.99 ) | (0.79 ) | — | — | — |
Year Ended October 31, 2022 | 24.48 | (0.15 ) | (3.86 ) | (4.01 ) | — | (2.32 ) | (2.32 ) |
Year Ended October 31, 2021 | 21.13 | (0.37 ) | 4.61 | 4.24 | — | (0.89 ) | (0.89 ) |
Year Ended October 31, 2020 | 17.83 | (0.21 ) | 3.59 | 3.38 | (0.08 ) | — | (0.08 ) |
Year Ended October 31, 2019 | 18.63 | 0.17 | (0.64 ) | (0.47 ) | — | (0.33 ) | (0.33 ) |
Year Ended October 31, 2018 | 18.44 | (0.12 ) | 0.54 | 0.42 | — | (0.23 ) | (0.23 ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) |
April 30, 2023 | October 31, 2022 | October 31, 2021 | October 31, 2020 | October 31, 2019 | October 31, 2018 | |
Net expenses (excluding dividend and interest expense for securities sold short) | ||||||
Class A | 1.27 % | 1.77 % | 1.82 % | 1.81 % | 1.79 % | 1.82 % |
Class C | 1.76 % | 2.27 % | 2.31 % | 2.32 % | 2.28 % | 2.32 % |
Class I | 1.01 % | 1.53 % | 1.57 % | 1.57 % | 1.53 % | 1.57 % |
Class R6 | 0.96 % | 1.26 % | 1.31 % | 1.31 % | 1.29 % | 1.32 % |
Expenses without waivers and reimbursements (excluding dividend and interest expense for securities sold short) | ||||||
Class A | 1.71 % | 1.83 % | 1.83 % | 1.86 % | 1.90 % | 1.90 % |
Class C | 2.20 % | 2.34 % | 2.32 % | 2.38 % | 2.39 % | 2.40 % |
Class I | 1.45 % | 1.59 % | 1.58 % | 1.61 % | 1.64 % | 1.65 % |
Class R6 | 1.20 % | 1.33 % | 1.32 % | 1.35 % | 1.39 % | 1.38 % |
(g) | Interest expense on securities sold short is 0.21%. |
(h) | Amount rounds to less than $0.005. |
(i) | Amount rounds to less than 0.005%. |
26 | J.P. Morgan Specialty Funds | April 30, 2023 |
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 (including dividend and interest expense for securities sold short)(e)(f) | Net investment income (loss) | Expenses without waivers and reimbursements (including dividend and interest expense for securities sold short)(f) | Portfolio turnover rate (excluding securities sold short)(c) | Portfolio turnover rate (including securities sold short)(c) |
$16.59 | (4.55 )% | $8,010 | 1.80 % | 1.89 % | 2.24 % | 265 % | 525 % |
17.38 | (18.53 ) | 14,837 | 2.40 | (1.26 ) | 2.46 | 943 | 1,864 |
23.65 | 19.94 | 30,516 | 2.66 (g) | (2.08 ) | 2.67 | 548 | 1,013 |
20.54 | 18.45 | 20,914 | 2.28 | (1.54 ) | 2.33 | 511 | 1,058 |
17.34 | (3.10 ) | 19,352 | 2.25 | 0.00 (i) | 2.36 | 636 | 1,232 |
18.22 | 1.80 | 50,803 | 2.55 | (1.11 ) | 2.63 | 548 | 995 |
15.77 | (4.77 ) | 3,571 | 2.27 | 1.33 | 2.71 | 265 | 525 |
16.56 | (18.95 ) | 4,799 | 2.89 | (1.71 ) | 2.96 | 943 | 1,864 |
22.75 | 19.37 | 7,079 | 3.15 (g) | (2.57 ) | 3.16 | 548 | 1,013 |
19.88 | 17.84 | 4,596 | 2.79 | (2.12 ) | 2.85 | 511 | 1,058 |
16.87 | (3.62 ) | 2,599 | 2.74 | (0.45 ) | 2.85 | 636 | 1,232 |
17.83 | 1.32 | 3,544 | 3.05 | (1.61 ) | 3.13 | 548 | 995 |
16.99 | (4.39 ) | 166,102 | 1.53 | 2.10 | 1.97 | 265 | 525 |
17.77 | (18.35 ) | 265,338 | 2.15 | (1.00 ) | 2.21 | 943 | 1,864 |
24.08 | 20.28 | 398,771 | 2.41 (g) | (1.84 ) | 2.42 | 548 | 1,013 |
20.84 | 18.71 | 226,048 | 2.04 | (1.38 ) | 2.08 | 511 | 1,058 |
17.58 | (2.89 ) | 132,665 | 1.99 | 0.40 | 2.10 | 636 | 1,232 |
18.43 | 2.12 | 151,261 | 2.30 | (0.87 ) | 2.38 | 548 | 995 |
17.36 | (4.35 ) | 79,753 | 1.49 | 2.20 | 1.73 | 265 | 525 |
18.15 | (18.11 ) | 196,032 | 1.89 | (0.73 ) | 1.96 | 943 | 1,864 |
24.48 | 20.54 | 309,288 | 2.15 (g) | (1.57 ) | 2.16 | 548 | 1,013 |
21.13 | 19.01 | 233,958 | 1.78 | (1.09 ) | 1.82 | 511 | 1,058 |
17.83 | (2.59 ) | 164,419 | 1.75 | 0.91 | 1.85 | 636 | 1,232 |
18.63 | 2.32 | 56,436 | 2.05 | (0.66 ) | 2.11 | 548 | 995 |
April 30, 2023 | J.P. Morgan Specialty Funds | 27 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net realized gain | |
JPMorgan Research Market Neutral Fund | |||||
Class A | |||||
Six Months Ended April 30, 2023 (Unaudited) | $12.08 | $0.14 | $0.52 | $0.66 | $— |
Year Ended October 31, 2022 | 12.41 | (0.10 ) | (0.23 ) | (0.33 ) | — |
Year Ended October 31, 2021 | 13.01 | (0.21 ) | 0.52 | 0.31 | (0.91 ) |
Year Ended October 31, 2020 | 13.11 | (0.20 ) | 1.59 | 1.39 | (1.49 ) |
Year Ended October 31, 2019 | 14.29 | (0.04 ) | 0.31 | 0.27 | (1.45 ) |
Year Ended October 31, 2018 | 14.69 | (0.11 ) | 0.10 | (0.01 ) | (0.39 ) |
Class C | |||||
Six Months Ended April 30, 2023 (Unaudited) | 10.74 | 0.10 | 0.45 | 0.55 | — |
Year Ended October 31, 2022 | 11.09 | (0.14 ) | (0.21 ) | (0.35 ) | — |
Year Ended October 31, 2021 | 11.77 | (0.25 ) | 0.48 | 0.23 | (0.91 ) |
Year Ended October 31, 2020 | 12.06 | (0.23 ) | 1.43 | 1.20 | (1.49 ) |
Year Ended October 31, 2019 | 13.32 | (0.10 ) | 0.29 | 0.19 | (1.45 ) |
Year Ended October 31, 2018 | 13.79 | (0.17 ) | 0.09 | (0.08 ) | (0.39 ) |
Class I | |||||
Six Months Ended April 30, 2023 (Unaudited) | 12.96 | 0.16 | 0.56 | 0.72 | — |
Year Ended October 31, 2022 | 13.28 | (0.06 ) | (0.26 ) | (0.32 ) | — |
Year Ended October 31, 2021 | 13.82 | (0.20 ) | 0.57 | 0.37 | (0.91 ) |
Year Ended October 31, 2020 | 13.80 | (0.19 ) | 1.70 | 1.51 | (1.49 ) |
Year Ended October 31, 2019 | 14.93 | — (h) | 0.32 | 0.32 | (1.45 ) |
Year Ended October 31, 2018 | 15.30 | (0.07 ) | 0.09 | 0.02 | (0.39 ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) |
April 30, 2023 | October 31, 2022 | October 31, 2021 | October 31, 2020 | October 31, 2019 | October 31, 2018 | |
Net expenses (excluding dividend and interest expense for securities sold short) | ||||||
Class A | 0.89 % | 0.92 % | 0.93 % | 1.08 % | 1.22 % | 1.22 % |
Class C | 1.40 % | 1.41 % | 1.43 % | 1.60 % | 1.73 % | 1.73 % |
Class I | 0.64 % | 0.65 % | 0.68 % | 0.76 % | 0.96 % | 0.96 % |
Expenses without waivers and reimbursements (excluding dividend and interest expense for securities sold short) | ||||||
Class A | 1.08 % | 1.10 % | 1.16 % | 1.46 % | 1.62 % | 1.55 % |
Class C | 1.58 % | 1.60 % | 1.67 % | 1.95 % | 2.09 % | 2.02 % |
Class I | 0.83 % | 0.84 % | 0.89 % | 1.13 % | 1.32 % | 1.25 % |
(g) | Interest expense on securities sold short is 0.16%. |
(h) | Amount rounds to less than $0.005. |
28 | J.P. Morgan Specialty Funds | April 30, 2023 |
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 (including dividend expense for securities sold short)(e)(f) | Net investment income (loss) | Expenses without waivers and reimbursements (including dividend expense for securities sold short)(f) | Portfolio turnover rate (excluding securities sold short)(c) | Portfolio turnover rate (including securities sold short)(c) |
$12.74 | 5.46 % | $22,288 | 2.85 % | 2.24 % | 3.04 % | 45 % | 111 % |
12.08 | (2.66 ) | 19,898 | 2.77 | (0.86 ) | 2.95 | 100 | 252 |
12.41 | 2.72 | 16,867 | 2.99 (g) | (1.77 ) | 3.22 | 119 | 307 |
13.01 | 11.97 | 18,205 | 3.23 | (1.57 ) | 3.61 | 224 | 531 |
13.11 | 2.01 | 14,276 | 3.69 | (0.26 ) | 4.09 | 125 | 356 |
14.29 | (0.01 ) | 14,973 | 3.50 | (0.73 ) | 3.83 | 131 | 252 |
11.29 | 5.12 | 1,702 | 3.36 | 1.75 | 3.54 | 45 | 111 |
10.74 | (3.16 ) | 1,476 | 3.27 | (1.31 ) | 3.46 | 100 | 252 |
11.09 | 2.29 | 1,211 | 3.49 (g) | (2.25 ) | 3.73 | 119 | 307 |
11.77 | 11.36 | 1,949 | 3.75 | (2.00 ) | 4.10 | 224 | 531 |
12.06 | 1.52 | 3,731 | 4.20 | (0.74 ) | 4.56 | 125 | 356 |
13.32 | (0.53 ) | 6,155 | 4.01 | (1.26 ) | 4.30 | 131 | 252 |
13.68 | 5.56 | 139,603 | 2.57 | 2.47 | 2.76 | 45 | 111 |
12.96 | (2.41 ) | 136,972 | 2.45 | (0.48 ) | 2.64 | 100 | 252 |
13.28 | 3.01 | 74,112 | 2.74 (g) | (1.50 ) | 2.95 | 119 | 307 |
13.82 | 12.26 | 121,285 | 2.91 | (1.42 ) | 3.28 | 224 | 531 |
13.80 | 2.27 | 27,694 | 3.43 | 0.01 | 3.79 | 125 | 356 |
14.93 | 0.20 | 34,927 | 3.24 | (0.47 ) | 3.53 | 131 | 252 |
April 30, 2023 | J.P. Morgan Specialty Funds | 29 |
AS OF April 30, 2023 (Unaudited)
(Dollar values in thousands)
Classes Offered | Diversification Classification | |
JPMorgan Opportunistic Equity Long/Short Fund | Class A, Class C, Class I and Class R6 | Non-Diversified |
JPMorgan Research Market Neutral Fund | Class A, Class C and Class I | Diversified |
30 | J.P. Morgan Specialty Funds | April 30, 2023 |
Opportunistic Equity Long/Short Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $260,382 | $— | $— | $260,382 |
Total Liabilities for Securities Sold Short (a) | $(44,536 ) | $— | $— | $(44,536 ) |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
Research Market Neutral Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $164,946 | $— | $— | $164,946 |
Total Liabilities for Securities Sold Short (a) | $(122,346 ) | $— | $— | $(122,346 ) |
Depreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $(159 ) | $— | $— | $(159 ) |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
April 30, 2023 | J.P. Morgan Specialty Funds | 31 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Opportunistic Equity Long/Short Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (a) (b) | $176,262 | $429,082 | $523,786 | $89 | $9 | $81,656 | 81,632 | $3,200 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
32 | J.P. Morgan Specialty Funds | April 30, 2023 |
Research Market Neutral Fund | |||||||||
For the six months ended April 30, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2023 | Shares at April 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 4.88% (a) (b) | $30,961 | $105,609 | $100,780 | $2 | $— (c) | $35,792 | 35,782 | $716 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2023. |
(c) | Amount rounds to less than one thousand. |
April 30, 2023 | J.P. Morgan Specialty Funds | 33 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
34 | J.P. Morgan Specialty Funds | April 30, 2023 |
Opportunistic Equity Long/ Short Fund | Research Market Neutral Fund | |
Futures Contracts: | ||
Average Notional Balance Short | $— | $(3,755 ) |
Ending Notional Balance Short | — | (6,493 ) |
Exchange-Traded Options: | ||
Average Number of Contracts Purchased | 9 | — |
Ending Number of Contracts Purchased | 64 | — |
April 30, 2023 | J.P. Morgan Specialty Funds | 35 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Class A | Class C | Class I | Class R6 | Total | |
Opportunistic Equity Long/Short Fund | |||||
Transfer agency fees | $1 | $—(a ) | $6 | $1 | $8 |
Research Market Neutral Fund | |||||
Transfer agency fees | 2 | —(a ) | 1 | n/a | 3 |
(a) | Amount rounds to less than one thousand. |
Opportunistic Equity Long/Short Fund | 1.05 %(1) |
Research Market Neutral Fund | 0.35 |
(1) | Prior to November 1, 2022, the investment advisory fee was 1.20%. |
36 | J.P. Morgan Specialty Funds | April 30, 2023 |
Class A | Class C | |
Opportunistic Equity Long/Short Fund | 0.25 % | 0.75 % |
Research Market Neutral Fund | 0.25 | 0.75 |
Front-End Sales Charge | CDSC | |
Opportunistic Equity Long/Short Fund | $1 | $— |
Research Market Neutral Fund | 1 | — |
Class A | Class C | Class I | |
Opportunistic Equity Long/Short Fund | 0.25 % | 0.25 % | 0.25 % |
Research Market Neutral Fund | 0.25 | 0.25 | 0.25 |
April 30, 2023 | J.P. Morgan Specialty Funds | 37 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Class A | Class C | Class I | Class R6 | |
Opportunistic Equity Long/Short Fund | 1.35 %(1) | 1.85 %(1) | 1.10 %(1) | 1.05 %(1) |
Research Market Neutral Fund | 0.95 | 1.45 | 0.69 | n/a |
(1) | Prior to November 1, 2022, the contractual expense limitation was 1.85%, 2.35%, 1.60%, and 1.35% for Class A, Class C, Class I, and Class R6, respectively. |
Contractual Waivers | ||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | |
Opportunistic Equity Long/Short Fund | $171 | $114 | $242 | $527 |
Research Market Neutral Fund | 60 | 40 | 4 | 104 |
Opportunistic Equity Long/Short Fund | $169 |
Research Market Neutral Fund | 39 |
Opportunistic Equity Long/Short Fund | $1 |
Research Market Neutral Fund | 1 |
38 | J.P. Morgan Specialty Funds | April 30, 2023 |
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | Securities Sold Short | Covers on Securities Sold Short | |
Opportunistic Equity Long/Short Fund | $634,803 | $752,118 | $505,785 | $634,188 |
Research Market Neutral Fund | 66,517 | 54,253 | 83,583 | 67,399 |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Opportunistic Equity Long/Short Fund * | $197,842 | $21,137 | $3,133 | $18,004 |
Research Market Neutral Fund * | 18,235 | 31,648 | 7,442 | 24,206 |
* | The tax cost includes the proceeds from short sales which may result in a net negative cost. |
Capital Loss Carryforward Character | |
Short-Term | |
Opportunistic Equity Long/Short Fund | $36,767 |
Research Market Neutral Fund | 27,620 * |
* | Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384. |
Late Year Ordinary Loss Deferral | |
Opportunistic Equity Long/Short Fund | $2,783 |
Research Market Neutral Fund | 288 |
Capital Loss Utilized | |
Short-Term | |
Research Market Neutral Fund | $1,595 |
April 30, 2023 | J.P. Morgan Specialty Funds | 39 |
AS OF April 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts | % of the Fund | |
Opportunistic Equity Long/Short Fund | 5 | 72.8 % |
Research Market Neutral Fund | 3 | 58.8 |
40 | J.P. Morgan Specialty Funds | April 30, 2023 |
April 30, 2023 | J.P. Morgan Specialty Funds | 41 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Opportunistic Equity Long/Short Fund | ||||
Class A | ||||
Actual | $1,000.00 | $954.50 | $8.72 | 1.80 % |
Hypothetical | 1,000.00 | 1,015.87 | 9.00 | 1.80 |
Class C | ||||
Actual | 1,000.00 | 952.30 | 10.99 | 2.27 |
Hypothetical | 1,000.00 | 1,013.54 | 11.33 | 2.27 |
Class I | ||||
Actual | 1,000.00 | 956.10 | 7.42 | 1.53 |
Hypothetical | 1,000.00 | 1,017.21 | 7.65 | 1.53 |
Class R6 | ||||
Actual | 1,000.00 | 956.50 | 7.23 | 1.49 |
Hypothetical | 1,000.00 | 1,017.41 | 7.45 | 1.49 |
JPMorgan Research Market Neutral Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,054.60 | 14.52 | 2.85 |
Hypothetical | 1,000.00 | 1,010.66 | 14.21 | 2.85 |
Class C | ||||
Actual | 1,000.00 | 1,051.20 | 17.09 | 3.36 |
Hypothetical | 1,000.00 | 1,008.13 | 16.73 | 3.36 |
Class I | ||||
Actual | 1,000.00 | 1,055.60 | 13.10 | 2.57 |
Hypothetical | 1,000.00 | 1,012.05 | 12.82 | 2.57 |
* | 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). |
42 | J.P. Morgan Specialty Funds | April 30, 2023 |
(Unaudited)
April 30, 2023 | J.P. Morgan Specialty Funds | 43 |
ITEM 2. CODE OF ETHICS.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to a semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to a semi-annual report.
ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Not applicable.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:
(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.
Not applicable.
(b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
JPMorgan Trust IV | ||
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
July 5, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
July 5, 2023 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
July 5, 2023 |