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: 811-04236
JPMorgan Trust II
(Exact name of registrant as specified in charter)
270 Park Avenue
New York, NY 10017
(Address of principal executive offices) (Zip code)
Frank J. Nasta
270 Park Avenue
New York, NY 10017
(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, 2013 through October 31, 2014
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.
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).
Annual Report
J.P. Morgan International Equity Funds
October 31, 2014
JPMorgan Emerging Economies Fund
JPMorgan Emerging Markets Equity Fund
JPMorgan Global Equity Income Fund
JPMorgan Global Research Enhanced Index Fund
JPMorgan International Equity Fund
JPMorgan International Opportunities Fund
JPMorgan International Research Enhanced Equity Fund
(formerly JPMorgan International Equity Index Fund)
JPMorgan International Unconstrained Equity Fund
JPMorgan International Value Fund
JPMorgan Intrepid International Fund
| CEO’s Letter | 1 | |||
| Market Overview | 2 | |||
| 3 | ||||
| 6 | ||||
| 9 | ||||
| 12 | ||||
| 15 | ||||
| 18 | ||||
| 22 | ||||
| 26 | ||||
| 29 | ||||
| 33 | ||||
| Schedules of Portfolio Investments | 36 | |||
| Financial Statements | 74 | |||
| Financial Highlights | 98 | |||
| Notes to Financial Statements | 118 | |||
| Report of Independent Registered Public Accounting Firm | 142 | |||
| Trustees | 143 | |||
| Officers | 145 | |||
| Schedule of Shareholder Expenses | 146 | |||
| Board Approval of Investment Advisory Agreements | 150 | |||
| Special Shareholder Meeting Results | 155 | |||
| Tax Letter | 157 | |||
Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectus 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.
NOVEMBER 11, 2014 (Unaudited)
Dear Shareholder,
What began as a period of moderate economic growth supported by the concerted efforts of central banks to provide stimulus, ended with a clear divergence between the U.S. and the rest of the world in terms of both policy and growth. During the twelve months ended October 31, 2014, the U.S. Federal Reserve responded to improving employment and consumer spending by steadily winding down and ending its $85 billion-a-month program of bond purchases, and signaled it may start raising interest rates in mid-2015. In June, the European Central Bank (ECB) took unprecedented steps to prevent a deflationary spiral and in October, the Bank of Japan shocked financial markets by unveiling a massive stimulus program to restart economic growth.
 |
“While relatively low global energy prices provided a welcome tailwind for both developed and emerging market economies toward the end of the reporting period, investors were squarely focused on central banks’ policies, which remained accommodative to growth.” |
During the latter part of the twelve month period, U.S. markets were supported by a 25% drop in global oil prices from June to October, 3.9% growth in third quarter U.S. gross domestic product (GDP), the strongest employment gains since 1999, and rising corporate earnings. From May through June, equity prices touched record highs and volatility in U.S. markets retreated to lows not consistently seen since 2007. Notably, U.S. equities fell to six-month lows in mid October only to rebound 8.4%, driving the Standard & Poor’s 500 Index to a new closing high of 2,018.05 points on the final day of the reporting period.
Following a brief sell-off in emerging markets in late 2013, much of the reporting period was marked by low growth and low inflation globally, and low volatility in financial markets. In the European Union (EU), positive economic growth returned, and Ireland became the first nation to exit its EU bailout program. However, unemployment in the EU remained exceptionally high throughout the reporting period, and manufacturing activity across the euro zone slowed in the latter part of the reporting period.
In June, the ECB cut the EU deposit rate to negative 0.1% from 0.0% in a bid to push banks to extend lending by effectively charging them for parking excess cash with the central bank. In August, ECB President Mario Draghi acknowledged the need to spur job creation and signaled his commitment to support growth and head off a deflationary spiral. In October, the EU inflation rate stood at 0.4%, well below the ECB target rate of just below 2%. Growth in GDP across the EU slowed to 0.2% in the third quarter of 2014 from 0.3% in the final quarter of 2013. While European corporate earnings continued to grow during 2014, the overall trend in profit growth was deceleration.
Equity markets in Japan ended 2013 at the record highs and outperformed other developed markets for calendar year. However, investor enthusiasm for the policies of Prime Minister Shinzo Abe began to recede in 2014 and was further diminished by an April 1 increase in the national consumption tax. During the second quarter of the year, the Japanese economy had suffered its biggest slowdown since the global financial crisis of 2007-08. While Japan’s third quarter showed improvement, it was insufficient to dispel investor concerns about Japan’s economic trajectory. On October 31, the Bank of Japan surprised global markets by unveiling plans to buy 8 trillion to 12 trillion yen ($72 billion to $107 billion) of Japanese government bonds per month, while also tripling its purchases of exchange-traded funds. The announcement drove Tokyo stocks to seven-year highs. For the 12 month reporting period, the MSCI Europe, Australasia and Far East Index (net of withholding taxes) returned -0.2%.
While emerging markets overall rebounded strongly from the late-2013 sell-off, slowing growth in China and political unrest in select nations weighed on emerging market equities as an asset class. At 7.3%, China’s third quarter 2014 GDP growth was the slowest in five years, partly due to a slowdown in the property sector. A pro-democracy movement in Hong Kong added to investor concerns. In Brazil, the re-election of President Dilma Rousseff in October was followed by a greater than 5.0% intra-day drop in the Bovespa Index amid investor concern over her administration’s interventionist private-sector policies. For the twelve month reporting period, the MSCI Emerging Markets Index (net of withholding taxes) returned 1.0%.
While relatively low global energy prices provided a welcome tailwind for both developed and emerging market economies toward the end of the reporting period, investors were squarely focused on the central banks’ policies, which remained accommodative to growth. Amid this backdrop, a sharp pullback in global equities in mid-October revealed the fragility of gains made during the previous months. However, over the twelve month reporting period, select equities and bond markets provided solid returns for investors who maintained a diversified portfolio and a long-term view.
On behalf of everyone at J.P. Morgan Asset Management, thank you for your continued support. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 1 | ||||||
J.P. Morgan International Equity Funds
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
Developed Markets
Throughout the twelve months ended October 31, 2014, leading central banks generally maintained accommodative policies in an effort to stimulate growth. However, improving economic conditions in the U.S. led the Federal Reserve to wind down and end its Quantitative Easing program of monthly bond purchases, while both the European Central Bank and the Bank of Japan took unprecedented steps to counter slowing in growth in their respective economies. The Standard & Poor’s 500 Index returned 17.27%, while the MSCI Europe, Australasia and Far East Index (net of foreign withholding taxes) returned -0.60% for the twelve month period.
Emerging Markets
Early in the reporting period, investors sold emerging market equities in response to the U.S. Federal Reserve’s decision in December to taper off its Quantitative Easing program of monthly bond purchases. However, emerging markets equities recovered from February through August as the MSCI Emerging Markets Index (net of foreign withholding taxes) returned 0.64% for the twelve month period.
| 2 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
JPMorgan Emerging Economies Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | -2.35% | |||
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | 0.64% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 1,226,673 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Economies Fund (the “Fund”) seeks long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Select Class Shares) underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014.
The Fund’s security selection in the consumer discretionary, telecommunication services and information technology sectors detracted from performance relative to the Benchmark, while the Fund’s underweight allocation and security selection in the materials sector and its security selection in the energy and industrials sectors made a positive contribution to relative performance.
Individual detractors from relative performance included the Fund’s underweight positions in Tencent Holdings Ltd. and Naspers Ltd. and overweight position in SJM Holdings Ltd. Shares of Tencent, a provider of Internet and mobile services in China, gained from continued growth in its businesses. Shares of Naspers, a South African media company not held by the Fund, gained from the company’s significant stake in Tencent Holdings Ltd., a Chinese internet company that performed well during the twelve month period. Shares of SJM Holdings, a Macau casino operator, fell following news reports of an anti-corruption effort by Chinese authorities and related restrictions on travel visas in China.
Individual contributors to relative performance included the Fund’s overweight position in Tata Motors Ltd. and its underweight positions in Petroleo Brasileiro SA (Petrobras) and
Gazprom OAO. Shares of Tata Motors, an Indian automaker, rose on strong earnings growth from its Jaguar Land Rover subsidiary. Shares of Petrobras, a Brazilian integrated energy company, declined significantly on expectations that the re-election of President Dilma Rousseff would mean a continuation of the government’s interventionist role in the management of the company, to the detriment of shareholders. The Fund held no position in Gazprom, a Russian energy company hurt by low oil and gas prices and by economic sanctions imposed by Western nations on Russia amid the continuing conflict in Ukraine.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers used a combination of top-down and bottom-up research, seeking what they believed to be attractively priced countries, sectors and securities with positive catalysts. As a result of this process, the Fund’s largest average overweight versus the Benchmark from a country perspective during the twelve months ended October 31, 2014, was in China and its largest average underweight was in Mexico. From a sector perspective, the Fund’s largest average overweight versus the Benchmark during the period was in the consumer discretionary sector and its largest average underweight was in the materials sector.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 3 | ||||||
JPMorgan Emerging Economies Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Samsung Electronics Co., Ltd. (South Korea) | 3.3 | % | |||||
| 2. | Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil) | 1.9 | ||||||
| 3. | Bank of China Ltd., Class H (China) | 1.7 | ||||||
| 4. | China Construction Bank Corp., Class H (China) | 1.6 | ||||||
| 5. | MTN Group Ltd. (South Africa) | 1.5 | ||||||
| 6. | Lukoil OAO, ADR (Russia) | 1.4 | ||||||
| 7. | China Petroleum & Chemical Corp., Class H (China) | 1.4 | ||||||
| 8. | Sasol Ltd. (South Africa) | 1.3 | ||||||
| 9. | CNOOC Ltd. (China) | 1.3 | ||||||
| 10. | Sberbank of Russia, ADR (Russia) | 1.2 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| South Korea | 21.1 | % | ||
| China | 18.2 | |||
| Taiwan | 11.2 | |||
| Brazil | 9.0 | |||
| Russia | 7.1 | |||
| India | 7.0 | |||
| South Africa | 6.3 | |||
| Turkey | 6.1 | |||
| Hong Kong | 4.3 | |||
| Thailand | 3.0 | |||
| Indonesia | 1.8 | |||
| United Arab Emirates | 1.3 | |||
| Others (each less than 1.0%) | 2.3 | |||
| Short-Term Investment | 1.3 | |||
| * | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| 4 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | SINCE INCEPTION | |||||||||||
CLASS A SHARES | February 28, 2008 | |||||||||||||
Without Sales Charge | (2.56 | )% | 5.85 | % | (0.53 | )% | ||||||||
With Sales Charge* | (7.71 | ) | 4.72 | (1.33 | ) | |||||||||
CLASS C SHARES | February 28, 2008 | |||||||||||||
Without CDSC | (3.12 | ) | 5.31 | (1.03 | ) | |||||||||
With CDSC** | (4.12 | ) | 5.31 | (1.03 | ) | |||||||||
CLASS R5 SHARES | February 28, 2008 | (2.12 | ) | 6.33 | (0.08 | ) | ||||||||
SELECT CLASS SHARES | February 28, 2008 | (2.35 | ) | 6.13 | (0.28 | ) | ||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (2/28/08 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
The Fund commenced operations on February 28, 2008.
The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Economies Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from February 28, 2008 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Select Class Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 5 | ||||||
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Institutional Class Shares)* | 3.72% | |||
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | 0.64% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 2,534,974 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of equity securities from emerging markets issuers.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Institutional Class Shares) outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014.
The Fund’s security selection in the financials and materials sectors helped performance relative to the Benchmark, while the Fund’s underweight position in the utilities sector and its security selection in the consumer staples sector detracted from relative performance.
Individual contributors to relative performance included the Fund’s overweight positions in Siam Commercial Bank Public Co., Housing Development Finance Corp. and HDFC Bank Ltd. Shares of Siam Commercial Bank, a Thai bank, rose after the company posted an increase in third-quarter profit. Shares of Housing Development Finance Corp. and HDFC Bank, Indian financial sector companies, gained from better-than-expected earnings, as well as increased investor optimism in the Indian market following the election of the market-friendly Bharatiya Janata Party.
Individual detractors from relative performance included the Fund’s overweight positions in Sun Art Retail Group Ltd. and Shoprite Holdings Ltd. and its underweight position in Naspers
Ltd. Shares of Sun Art Retail, a Chinese operator of large shopping markets, fell on weakness in consumer spending in China. Shares of Shoprite Holdings, an operator of retail stores throughout Africa, declined after the company announced quarterly earnings below analysts’ estimates, in addition to overall weakness in South African consumer spending. Shares of Naspers, a South African media company not held in the Fund, gained from the company’s significant stake in Tencent Holdings Ltd., a Chinese Internet company that performed well during the twelve month reporting period.
HOW WAS THE FUND POSITIONED?
The Fund employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth. As a result of this process, at the end of the reporting period the Fund’s largest overweight positions versus the Benchmark were in the consumer discretionary and the industrials sectors and the Fund’s largest underweight positions versus the Benchmark were in the energy and utilities sectors.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 6 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Housing Development Finance Corp. (India) | 3.5 | % | |||||
| 2. | Tata Consultancy Services Ltd. (India) | 3.0 | ||||||
| 3. | AIA Group Ltd. (Hong Kong) | 3.0 | ||||||
| 4. | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan) | 2.6 | ||||||
| 5. | Baidu, Inc., ADR (China) | 2.5 | ||||||
| 6. | Bidvest Group Ltd. (The) (South Africa) | 2.2 | ||||||
| 7. | MTN Group Ltd. (South Africa) | 2.2 | ||||||
| 8. | Woolworths Holdings Ltd. (South Africa) | 2.2 | ||||||
| 9. | HDFC Bank Ltd., ADR (India) | 2.2 | ||||||
| 10. | Remgro Ltd. (South Africa) | 2.2 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| India | 18.7 | % | ||
| South Africa | 15.0 | |||
| China | 10.3 | |||
| Brazil | 8.6 | |||
| Hong Kong | 6.3 | |||
| Thailand | 6.0 | |||
| Russia | 5.6 | |||
| Taiwan | 5.5 | |||
| Indonesia | 4.8 | |||
| Turkey | 4.0 | |||
| South Korea | 3.3 | |||
| Mexico | 2.8 | |||
| United Kingdom | 2.7 | |||
| Peru | 1.5 | |||
| Panama | 1.2 | |||
| Others (each less than 1.0%) | 2.0 | |||
| Short-Term Investment | 1.7 | |||
| * | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 7 | ||||||
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||||
Without Sales Charge | 3.31 | % | 5.03 | % | 10.07 | % | ||||||||||
With Sales Charge* | (2.13 | ) | 3.90 | 9.47 | ||||||||||||
CLASS B SHARES | September 28, 2001 | |||||||||||||||
Without CDSC | 2.75 | 4.49 | 9.64 | |||||||||||||
With CDSC** | (2.25 | ) | 4.16 | 9.64 | ||||||||||||
CLASS C SHARES | February 28, 2006 | |||||||||||||||
Without CDSC | 2.77 | 4.49 | 9.52 | |||||||||||||
With CDSC*** | 1.77 | 4.49 | 9.52 | |||||||||||||
CLASS R6 SHARES | December 23, 2013 | 3.76 | 5.46 | 10.54 | ||||||||||||
INSTITUTIONAL CLASS SHARES | November 15, 1993 | 3.72 | 5.45 | 10.53 | ||||||||||||
SELECT CLASS SHARES | September 10, 2001 | 3.56 | 5.29 | 10.34 | ||||||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. |
| *** | Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (10/31/04 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.
Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of R6 Shares would have been different than those shown because R6 Shares have different expenses than Institutional Class Shares.
The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Emerging Markets Equity Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from October 31, 2004 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of the Lipper Emerging Markets Funds Index includes
expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. The Lipper Emerging Markets Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Institutional Class Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 8 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
JPMorgan Global Equity Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | 3.39% | |||
| Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes)1 | 7.77% | |||
| MSCI World Index (net of foreign withholding taxes) | 8.67% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 114,062 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Global Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Select Class Shares) underperformed both the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) and the MSCI World Index (net of foreign withholding taxes) for the twelve months ended October 31, 2014.
The Fund’s security selection in the banking sector and its security selection and overweight position in the energy sector detracted from performance relative to the Benchmark. The Fund’s security selection in the consumer non-durables sector and its security selection and underweight position in the retail sectors made a positive contribution to relative performance.
Individual detractors from relative performance included the Fund’s overweight positions in Statoil ASA, Sumitomo Mitsui Financial Group and Roche Holding Ltd. Shares of Statoil, Norway’s state-controlled energy company, fell on the collapse in global oil prices during the final months of the reporting period. Shares of Sumitomo Mitsui, a Japanese financial services company, fell amid general weakness in the sector on concerns about a slowdown in Japan’s economy. Shares of Roche, a Swiss pharmaceuticals company, weakened on its $8.3 billion acquisition of InterMune Inc.
Individual contributors to relative performance included the Fund’s overweight positions in Microsoft Corp., Home Depot
Inc. and Altria Group Inc. Shares of Microsoft, a maker of computer software and other products, rose on the company’s push into the mobile phone market. Shares of Home Depot, a home improvement retail chain, gained from continued improvement in revenue and earnings. Shares of Altria, a U.S. tobacco company, benefitted from its 27% stake in SABMiller, which was the target of takeover speculation.
HOW THE FUND WAS MANAGED?
The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, rigorously researching companies in an attempt to determine their underlying value and potential for future growth. The Fund’s portfolio managers looked for dividend yielding equity securities that they believed were undervalued and possessed the long-term earnings power and strong cash flow generation that would enable them to grow their dividends. In addition, the Fund employed futures and currency forwards to help manage cash flows and attempt to manage the Fund’s currency exposure.
| 1 | Effective February 28, 2014, the Fund’s primary benchmark changed from the MSCI World Index to the MSCI All Country World Index to more closely align the Fund’s primary benchmark with its investments strategies. |
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 9 | ||||||
JPMorgan Global Equity Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Johnson & Johnson (United States) | 5.5 | % | |||||
| 2. | Royal Dutch Shell plc, Class A (Netherlands) | 4.5 | ||||||
| 3. | Roche Holding AG (Switzerland) | 4.3 | ||||||
| 4. | Microsoft Corp. (United States) | 3.9 | ||||||
| 5. | Home Depot, Inc. (The) (United States) | 3.0 | ||||||
| 6. | Altria Group, Inc. (United States) | 3.0 | ||||||
| 7. | ConocoPhillips (United States) | 2.9 | ||||||
| 8. | Westfield Corp. (Australia) | 2.7 | ||||||
| 9. | Bayer AG (Germany) | 2.4 | ||||||
| 10. | Wells Fargo & Co. (United States) | 2.3 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| United States | 46.9 | % | ||
| United Kingdom | 10.3 | |||
| Switzerland | 5.6 | |||
| Australia | 5.4 | |||
| Netherlands | 4.5 | |||
| Germany | 4.2 | |||
| Japan | 4.0 | |||
| Norway | 2.3 | |||
| China | 2.2 | |||
| France | 1.9 | |||
| Israel | 1.8 | |||
| Sweden | 1.3 | |||
| South Africa | 1.2 | |||
| New Zealand | 1.1 | |||
| Russia | 1.1 | |||
| South Korea | 1.0 | |||
| Others (each less than 1.0%) | 2.9 | |||
| Short-Term Investment | 2.3 | |||
| * | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| 10 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 3 YEAR | SINCE INCEPTION | |||||||||||
CLASS A SHARES | February 28, 2011 | |||||||||||||
Without Sales Charge | 3.18 | % | 11.00 | % | 6.19 | % | ||||||||
With Sales Charge* | (2.22 | ) | 9.02 | 4.64 | ||||||||||
CLASS C SHARES | February 28, 2011 | |||||||||||||
Without CDSC | 2.67 | 10.46 | 5.66 | |||||||||||
With CDSC** | 1.67 | 10.46 | 5.66 | |||||||||||
CLASS R2 SHARES | February 28, 2011 | 2.84 | 10.72 | 5.91 | ||||||||||
CLASS R5 SHARES | February 28, 2011 | 3.60 | 11.49 | 6.66 | ||||||||||
SELECT CLASS SHARES | February 28, 2011 | 3.39 | 11.26 | 6.45 | ||||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (2/28/11 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on February 28, 2011.
The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Equity Income Fund, the MSCI All Country World Index, the MSCI World Index and the Lipper Global Equity Income Funds Index from February 28, 2011 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index and the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper Global Equity Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.
The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Select Class Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
As of February 28, 2014, the Fund changed its benchmark to more closely align its primary benchmark with its investment strategies. Prior to February 28, 2014, the Fund’s benchmark was the MSCI World Index.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 11 | ||||||
JPMorgan Global Research Enhanced Index Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | 10.09% | |||
| Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)1 | 8.67% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 3,577,713 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Global Research Enhanced Index Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Select Class Shares) outperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014. The Fund’s overall security selection helped performance during the period, with security selection in the transportation & consumer cyclical sector and in the health care sector among the leading contributors to performance relative to the Benchmark. The Fund’s security selection in the industrial cyclical sector and an underweight position in the technology-hardware sector detracted from relative performance.
Due to the Fund’s holdings of a relatively large number of securities during the period, the impact of individual holdings on the Fund’s relative performance tended to be small.
HOW WAS THE FUND POSITIONED?
The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics
similar to that of the Benchmark. In implementing this strategy, the Fund’s portfolio managers primarily invested in securities included within the universe of the Benchmark that they considered undervalued, while modestly underweighting or not holding securities in the Benchmark that they considered overvalued. During the reporting period, the Fund’s portfolio managers used exchange-traded funds and futures to help manage cash flows.
On September 25, 2014, the portfolio managers of the Fund changed. The change in management did not materially change the Fund’s investment strategy.
| 1 | MSCI World Index is a registered service mark of Morgan Stanley Capital International, which does not sponsor and is in no way affiliated with the Fund. |
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 12 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Apple, Inc. (United States) | 2.0 | % | |||||
| 2. | Microsoft Corp. (United States) | 1.2 | ||||||
| 3. | Johnson & Johnson (United States) | 1.1 | ||||||
| 4. | Exxon Mobil Corp. (United States) | 1.1 | ||||||
| 5. | Wells Fargo & Co. (United States) | 1.0 | ||||||
| 6. | Procter & Gamble Co. (The) (United States) | 0.8 | ||||||
| 7. | Chevron Corp. (United States) | 0.8 | ||||||
| 8. | Nestle S.A. (Switzerland) | 0.8 | ||||||
| 9. | Bank of America Corp. (United States) | 0.8 | ||||||
| 10. | Verizon Communications, Inc. (United States) | 0.7 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| United States | 52.5 | % | ||
| Japan | 7.5 | |||
| United Kingdom | 7.1 | |||
| Switzerland | 4.0 | |||
| France | 3.9 | |||
| Canada | 3.9 | |||
| Germany | 3.7 | |||
| Australia | 2.6 | |||
| Spain | 1.3 | |||
| Netherlands | 1.3 | |||
| Hong Kong | 1.1 | |||
| Italy | 1.0 | |||
| Others (each less than 1.0%) | 4.5 | |||
| Short-Term Investment | 5.6 | |||
| * | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 13 | ||||||
JPMorgan Global Research Enhanced Index Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | SINCE INCEPTION | ||||||||
CLASS A SHARES | February 28, 2013 | |||||||||
Without Sales Charge | 9.84 | % | 15.32 | % | ||||||
With Sales Charge* | 4.07 | 11.66 | ||||||||
CLASS C SHARES | February 28, 2013 | |||||||||
Without CDSC | 9.27 | 14.76 | ||||||||
With CDSC** | 8.27 | 14.76 | ||||||||
CLASS R2 SHARES | February 28, 2013 | 9.58 | 15.04 | |||||||
SELECT CLASS SHARES | February 28, 2013 | 10.09 | 15.64 | |||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (2/28/13 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on February 28, 2013.
The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Global Research Enhanced Index Fund, the MSCI World Index and the Lipper Global Large-Cap Core Funds Index from February 28, 2013 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Global Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Lipper Global Large-Cap Core Funds Index is an index based on the total returns of certain mutuals funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Select Class Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also,
performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| 14 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
JPMorgan International Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | -1.88% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | -0.60% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 2,486,790 | ||
INVESTMENT OBJECTIVE**
The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Select Class Shares) underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014.
The Fund’s security selection in the consumer discretionary and energy sectors and its exposure to the U.K. and Pacific Rim detracted from performance relative to the Benchmark. The Fund’s security selection in the industrials and health care sectors and its exposure to Continental Europe and Japan helped relative performance.
Individual detractors from the Fund’s relative performance included its overweight positions in Standard Chartered PLC, Technip SA and BG Group PLC. Shares of Standard Chartered, a U.K. banking company focused on Asia, fell after the company issued a profit warning on a surge of bad debt. Shares of Technip, a French oilfield services company, came under pressure from falling global oil prices and the potential impact of Western economic sanctions on Russia’s energy sector. Shares of BG Group, a U.K. natural gas company, declined on weak operating profit following a sharp drop in production.
Individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Astellas Pharma Inc., Cheung Kong (Holdings) Ltd. and Teva Pharmaceutical Industries Ltd. Shares of Astellas, a Japanese drug company, rose on higher revenue and earnings. Shares of Cheung Hong, a U.K. property developer, strengthened on better-than-expected earnings. Shares of Teva, an Israeli pharmaceuticals company, rose after Teva posted better-than-expected quarterly earnings and raised its forecast for full-year 2014 results.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they
believed were attractively priced securities of well-managed companies with the potential to grow their earnings faster than their industry peers.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Royal Dutch Shell plc, Class A (Netherlands) | 2.8 | % | |||||
| 2. | HSBC Holdings plc (United Kingdom) | 2.6 | ||||||
| 3. | BG Group plc (United Kingdom) | 2.1 | ||||||
| 4. | Nestle S.A. (Switzerland) | 2.1 | ||||||
| 5. | Novartis AG (Switzerland) | 2.1 | ||||||
| 6. | Toyota Motor Corp. (Japan) | 2.0 | ||||||
| 7. | Roche Holding AG (Switzerland) | 1.9 | ||||||
| 8. | Prudential plc (United Kingdom) | 1.9 | ||||||
| 9. | UBS AG (Switzerland) | 1.8 | ||||||
| 10. | Anheuser-Busch InBev N.V. (Belgium) | 1.7 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| United Kingdom | 22.6 | % | ||
| Japan | 17.2 | |||
| Switzerland | 14.2 | |||
| France | 12.0 | |||
| Germany | 8.6 | |||
| Netherlands | 6.9 | |||
| Hong Kong | 3.9 | |||
| China | 2.7 | |||
| South Korea | 1.8 | |||
| Belgium | 1.7 | |||
| Australia | 1.7 | |||
| Israel | 1.1 | |||
| Taiwan | 1.0 | |||
| Others (each less than 1.0%) | 2.1 | |||
| Short-Term Investment | 2.5 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 15 | ||||||
JPMorgan International Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 28, 2002 | |||||||||||||
Without Sales Charge | (2.06 | )% | 6.08 | % | 5.21 | % | ||||||||
With Sales Charge* | (7.19 | ) | 4.95 | 4.64 | ||||||||||
CLASS B SHARES | February 28, 2002 | |||||||||||||
Without CDSC | (2.57 | ) | 5.55 | 4.75 | ||||||||||
With CDSC** | (7.57 | ) | 5.22 | 4.75 | ||||||||||
CLASS C SHARES | January 31, 2003 | |||||||||||||
Without CDSC | (2.59 | ) | 5.53 | 4.64 | ||||||||||
With CDSC*** | (3.59 | ) | 5.53 | 4.64 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (2.33 | ) | 5.82 | 5.04 | |||||||||
CLASS R5 SHARES | May 15, 2006 | (1.65 | ) | 6.56 | 5.64 | |||||||||
CLASS R6 SHARES | November 30, 2010 | (1.60 | ) | 6.60 | 5.66 | |||||||||
SELECT CLASS SHARES | January 1, 1997 | (1.88 | ) | 6.35 | 5.47 | |||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. |
| *** | Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (10/31/04 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of R2 Shares would have been lower than those shown because R2 Shares have higher expenses than Class A Shares.
Returns for Class R5 Shares prior to its inception date are based on the performance of Select Class Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2004 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
| 16 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
Select Class Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas
markets may not be as politically and economically stable as the United States and other nations.
Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class B reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 17 | ||||||
JPMorgan International Opportunities Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Institutional Class Shares)* | -1.76% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | -0.60% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 1,755,846 | ||
INVESTMENT OBJECTIVE**
The JPMorgan International Opportunities Fund (the “Fund”) seeks to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Institutional Class Shares) underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014. The Fund’s security selection in the banks, media and energy sectors detracted from performance relative to the Benchmark, while security selection in the health care, industrial cyclicals and transport services & consumer cyclical sectors made a positive contribution to relative performance.
By region, the Fund’s exposure to Japan and Emerging Markets (the latter of which the Benchmark did not hold) were the leading detractors from relative performance, while its exposure to the U.K. and Continental Europe was the leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Orix Corp., Renault SA and Publicis Groupe SA. Shares of Orix, a Japanese financial services company, declined amid overall weakness in Japan’s economy. Shares of Renault, a French automaker, fell on a slowdown in sales in Emerging Markets and signs of economic weakness across the European Union. Shares of Publicis, a French advertising and media services company, fell amid the company’s string of corporate acquisitions.
Leading individual contributors to relative performance included its overweight positions in Shire PLC, InterContinental Hotels Group PLC and Royal Dutch Shell PLC. Shares of Shire, an Irish pharmaceuticals company, rose after the company raised its earnings forecast and amid speculation that it remains a takeover target despite the collapse of a proposed $55 billion merger with AbbVie Inc. Shares of InterContinental, a U.K.-based hotels operator, gained from growth in consumer spending in the U.S. and strong growth in quarterly revenues. Shares of Royal Dutch Shell, a U.K.-Dutch integrated oil and natural gas company, rose on an increase in quarterly profits in the face of declining global oil prices.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, seeking to identify what they believed were the most attractive investment opportunities within each sector. The Fund’s portfolio managers looked for securities that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the security to realize its inherent value.
In addition, the Fund employed futures and currency forwards to help manage cash flows and the Fund’s currency exposure.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 18 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Royal Dutch Shell plc, Class A (Netherlands) | 3.1 | % | |||||
| 2. | Roche Holding AG (Switzerland) | 3.1 | ||||||
| 3. | Nestle S.A. (Switzerland) | 3.0 | ||||||
| 4. | Novartis AG (Switzerland) | 2.8 | ||||||
| 5. | HSBC Holdings plc (United Kingdom) | 2.7 | ||||||
| 6. | Bayer AG (Germany) | 2.1 | ||||||
| 7. | Prudential plc (United Kingdom) | 2.0 | ||||||
| 8. | Mitsubishi UFJ Financial Group, Inc. (Japan) | 2.0 | ||||||
| 9. | Vodafone Group plc (United Kingdom) | 1.9 | ||||||
| 10. | AstraZeneca plc (United Kingdom) | 1.8 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| Japan | 20.3 | % | ||
| United Kingdom | 19.6 | |||
| Switzerland | 14.2 | |||
| France | 13.6 | |||
| Germany | 6.9 | |||
| Netherlands | 6.8 | |||
| Australia | 3.4 | |||
| Hong Kong | 2.1 | |||
| Norway | 1.6 | |||
| Denmark | 1.5 | |||
| China | 1.4 | |||
| Sweden | 1.3 | |||
| Belgium | 1.1 | |||
| South Korea | 1.0 | |||
| Others (each less than 1.0%) | 3.0 | |||
| Short-Term Investment | 2.2 | |||
| * | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 19 | ||||||
JPMorgan International Opportunities Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | September 10, 2001 | |||||||||||||
Without Sales Charge | (2.18 | )% | 6.35 | % | 5.73 | % | ||||||||
With Sales Charge* | (7.29 | ) | 5.21 | 5.16 | ||||||||||
CLASS B SHARES | September 10, 2001 | |||||||||||||
Without CDSC | (2.62 | ) | 5.81 | 5.30 | ||||||||||
With CDSC** | (7.62 | ) | 5.49 | 5.30 | ||||||||||
CLASS C SHARES | July 31, 2007 | |||||||||||||
Without CDSC | (2.65 | ) | 5.81 | 5.20 | ||||||||||
With CDSC*** | (3.65 | ) | 5.81 | 5.20 | ||||||||||
CLASS R6 SHARES | November 30, 2010 | (1.67 | ) | 6.86 | 6.26 | |||||||||
INSTITUTIONAL CLASS SHARES | February 26, 1997 | (1.76 | ) | 6.78 | 6.22 | |||||||||
SELECT CLASS SHARES | September 10, 2001 | (1.91 | ) | 6.61 | 6.01 | |||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. |
| *** | Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (10/31/04 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.
Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.
The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Opportunities Fund, the MSCI EAFE Index and the Lipper International Large-Cap Core Funds Index from October 31, 2004 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not
include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Institutional Class Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| 20 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 21 | ||||||
JPMorgan International Research Enhanced Equity Fund1
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | -0.16% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)2 | -0.60% | |||
| MSCI EAFE Gross Domestic Product (GDP) Index (net of foreign withholding taxes) | -1.97% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 683,504 | ||
INVESTMENT OBJECTIVE3 **
Effective June 30, 2014, the Fund’s investment objective was revised to seek to provide long-term appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Select Class Shares) outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014.
The Fund’s security selection in the transport services & consumer cyclical sector and the banks and finance sector made a positive contribution to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the health care and insurance sectors detracted from relative performance.
The Fund’s security selection in Europe (including the U.K.) contributed to relative performance. The Fund’s security selection in Japan and exposure to emerging markets detracted from relative performance. Due to the relatively large number of securities held by the Fund during the period, the impact of individual holdings on performance relative to the Benchmark tended to be small.
HOW WAS THE FUND POSITIONED?
During the twelve month reporting period, the Fund’s largest average positions were in the banks-banks and finance and health care sectors, while the smallest average positions were in the technology-semiconductors and technology-software sectors. By region, the Fund’s largest average positions were in the Europe & Middle East (excluding the U.K.) and Japan, while the smallest average positions were in North America and emerging markets.
Following its June 30, 2014 change in investment objective and investment benchmark, the Fund invested primarily in foreign companies of various market capitalizations, including foreign subsidiaries of U.S. companies. The Fund’s managers sought to be modestly overweight in equity securities that they believed to be undervalued while modestly underweighting or not holding equity securities that they believed appeared overvalued.
On September 25, 2014, the portfolio managers of the Fund changed. The change in management did not materially change the Fund’s investment strategy.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Nestle S.A. (Switzerland) | 2.1 | % | |||||
| 2. | HSBC Holdings plc (United Kingdom) | 1.7 | ||||||
| 3. | Toyota Motor Corp. (Japan) | 1.7 | ||||||
| 4. | Novartis AG (Switzerland) | 1.6 | ||||||
| 5. | Bayer AG (Germany) | 1.6 | ||||||
| 6. | Roche Holding AG (Switzerland) | 1.6 | ||||||
| 7. | Royal Dutch Shell plc, Class A (Netherlands) | 1.3 | ||||||
| 8. | British American Tobacco plc (United Kingdom) | 1.3 | ||||||
| 9. | Sanofi (France) | 1.1 | ||||||
| 10. | Australia & New Zealand Banking Group Ltd. (Australia) | 1.1 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| Japan | 21.4 | % | ||
| United Kingdom | 19.1 | |||
| France | 10.7 | |||
| Germany | 10.1 | |||
| Switzerland | 8.0 | |||
| Australia | 6.0 | |||
| Hong Kong | 3.2 | |||
| Spain | 3.0 | |||
| Netherlands | 2.6 | |||
| Denmark | 2.5 | |||
| Italy | 2.3 | |||
| Sweden | 2.1 | |||
| Norway | 1.1 | |||
| Ireland | 1.0 | |||
| Others (each less than 1.0%) | 4.0 | |||
| Short-Term Investment | 2.9 | |||
| 1 | Effective June 30, 2014, the Fund’s name was changed from “JPMorgan International Equity Index Fund.” |
| 2 | Effective June 30, 2014, the Fund’s primary benchmark changed to the MSCI EAFE Index (net of foreign withholding taxes) from the MSCI EAFE GDP Index (net of foreign withholding taxes). Both indices are registered service marks of Morgan Stanley Capital International, which does not sponsor, and is in no way affiliated with the Fund. |
| 3 | Prior to June 30, 2014, the Fund’s investment objective had been to seek investment results that correspond to the aggregate price and dividend performance of the securities in the MSCI EAFE GDP Index. |
| 22 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 23 | ||||||
JPMorgan International Research Enhanced Equity Fund
(formerly JPMorgan International Equity Index Fund)
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | April 23, 1993 | |||||||||||||
Without Sales Charge | (0.40 | )% | 5.23 | % | 5.37 | % | ||||||||
With Sales Charge* | (5.61 | ) | 4.10 | 4.81 | ||||||||||
CLASS B SHARES | January 14, 1994 | |||||||||||||
Without CDSC | (0.91 | ) | 4.55 | 4.76 | ||||||||||
With CDSC** | (5.91 | ) | 4.21 | 4.76 | ||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||
Without CDSC | (0.93 | ) | 4.55 | 4.65 | ||||||||||
With CDSC*** | (1.93 | ) | 4.55 | 4.65 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (0.66 | ) | 4.97 | 5.10 | |||||||||
SELECT CLASS SHARES | October 28, 1992 | (0.16 | ) | 5.49 | 5.63 | |||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. |
| *** | Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (10/31/04 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R2 Shares prior to its inception date are based on the performance of Select Class Shares. Class R2 Shares performance has been adjusted to reflect the difference in expenses between classes.
The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Research Enhanced Equity Fund, the MSCI EAFE Index, the MSCI EAFE GDP Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2004 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index and the MSCI EAFE GDP Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees.
These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE GDP Index is a country weighted index that is designed to measure the size of developed market economies, excluding the U.S. & Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Select Class Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside of the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
Because Class B Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class B reflects Class A performance for the period after conversion.
| 24 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
As of June 30, 2014, the Fund changed its benchmark to more closely align its primary benchmark with its investment objective and strategies. Prior to June 30, 2014, the Fund’s benchmark was the MSCI EAFE GDP Index (net of foreign withholding taxes).
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision
and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 25 | ||||||
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | -2.18% | |||
| Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes)1 | 0.06% | |||
| MSCI Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | -0.60% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $4,564 | |||
INVESTMENT OBJECTIVE**
The JPMorgan International Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Select Class Shares) underperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014. For the same period, the Fund underperformed the MSCI EAFE Index (net of foreign withholding taxes), which had been the Fund’s primary benchmark until February 28, 2014.
The Fund’s security selection in the financials and its security selection and overweight position in the consumer discretionary sector detracted from performance relative to the Benchmark, while security selection in the health care sector made a positive contribution to relative performance. By region, the Fund’s exposure the U.K. and Continental Europe detracted from relative performance, while its exposure to the Pacific Rim, excluding Japan, made a positive contribution to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Partnership Assurance Group PLC, Sberbank Russia OJSC and Compagnie Financiere Richmont SA. Shares of Partnership Assurance, a U.K. specialty insurer not held in the Benchmark, plummeted as U.K. pension reforms took effect. Shares of Sberbank, Russia’s largest bank, came under pressure amid economic sanctions imposed by Western nations on Russia. Shares of Financier Richmont, a Swiss luxury goods company, declined amid weakness in sales and the overall sluggishness of the European economy.
Leading individual contributors to the Fund’s relative performance included its overweight positions in Shire PLC, Baidu Inc. and HDFC Bank Ltd. Shares of Shire, an Irish pharmaceuticals company, rose after the company raised its earnings forecast and amid speculation that it remains a takeover target despite the collapse of a proposed $55 billion merger with AbbVie Inc. Shares of Baidu, a Chinese Internet search provider not held in the Benchmark, gained from growth in mobile user traffic and the company’s investments in marketing, content and user acquisition. Shares of HDFC, an Indian financial services company, gained from better-than-expected earnings, as well as increased investor optimism in the Indian market following the election of the market-friendly Bharatiya Janata Party.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on stock selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced stocks of well-managed companies with the potential to grow their earnings faster than their industry peers.
| 1 | Effective February 28, 2014, the Fund’s primary benchmark changed from the MSCI EAFE Index (net of foreign withholding taxes) to the MSCI All Country World Index, Ex-U.S. (net of foreign withholding taxes) to more closely align the Fund’s primary benchmark with its strategies. |
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 26 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Baidu, Inc., ADR (China) | 3.8 | % | |||||
| 2. | Barclays plc (United Kingdom) | 3.3 | ||||||
| 3. | Ping An Insurance Group Co. of China Ltd., Class H (China) | 3.3 | ||||||
| 4. | Samsung Electronics Co., Ltd., Reg. S, GDR (South Korea) | 3.2 | ||||||
| 5. | Sumitomo Mitsui Financial Group, Inc. (Japan) | 3.2 | ||||||
| 6. | Schneider Electric SE (France) | 3.2 | ||||||
| 7. | Akzo Nobel N.V. (Netherlands) | 3.1 | ||||||
| 8. | Cheung Kong Holdings Ltd. (Hong Kong) | 3.1 | ||||||
| 9. | Cie Financiere Richemont S.A. (Switzerland) | 3.1 | ||||||
| 10. | Accor S.A. (France) | 3.0 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| United Kingdom | 21.5 | % | ||
| Switzerland | 13.3 | |||
| Japan | 13.2 | |||
| France | 10.2 | |||
| China | 8.1 | |||
| Germany | 8.0 | |||
| Netherlands | 7.5 | |||
| Hong Kong | 5.0 | |||
| Canada | 4.6 | |||
| South Korea | 3.2 | |||
| India | 2.3 | |||
| Taiwan | 1.1 | |||
| Spain | 1.0 | |||
| Ireland | 1.0 | |||
| * | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 27 | ||||||
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | SINCE INCEPTION | ||||||||
CLASS A SHARES | November 30, 2011 | |||||||||
Without Sales Charge | (2.47 | )% | 11.47 | % | ||||||
With Sales Charge* | (7.59 | ) | 9.44 | |||||||
CLASS C SHARES | November 30, 2011 | |||||||||
Without CDSC | (2.91 | ) | 10.93 | |||||||
With CDSC** | (3.91 | ) | 10.93 | |||||||
CLASS R2 SHARES | November 30, 2011 | (2.68 | ) | 11.21 | ||||||
CLASS R5 SHARES | November 30, 2011 | (1.99 | ) | 11.98 | ||||||
CLASS R6 SHARES | November 30, 2011 | (1.95 | ) | 12.03 | ||||||
SELECT CLASS SHARES | November 30, 2011 | (2.18 | ) | 11.76 | ||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (11/30/11 To 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on November 30, 2011.
The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Unconstrained Equity Fund, the MSCI All Country World Index, ex-U.S., the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from November 30, 2011 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. and the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets,
excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Select Class Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception date of the Fund and through May 30, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
As of February 28, 2014, the Fund changed its benchmark to more closely align its primary benchmark with its investment strategies. Prior to February 28, 2014, the Fund’s benchmark was the MSCI EAFE Index.
| 28 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
JPMorgan International Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Institutional Class Shares)* | -3.75% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes) | -0.60% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 3,789,680 | ||
INVESTMENT OBJECTIVE**
The JPMorgan International Value Fund (the “Fund”) seeks to provide high total return from a portfolio of foreign company equity securities.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Institutional Class Shares) underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014.
The Fund’s security selection and underweight position in the utilities sector and its security selection in the telecommunications sector detracted from performance relative to the Benchmark, while security selection in the health care and retail sectors made a positive contribution to relative performance. By region, the Fund’s exposure to Continental Europe and Japan detracted from relative performance, while the Fund’s exposure to the U.K. made a positive contribution to relative performance. The Fund’s cash position also contributed to relative performance.
Leading individual detractors from relative performance included the Fund’s position in Honda Motor Co. and its overweight positions in BG Group PLC and Orix Corp. Shares of Honda, a Japanese automaker, fell amid a recall of thousands of cars due to defective air bags. Shares of BG Group, a U.K. natural gas company not held in the Benchmark, declined on weak operating profit following a sharp drop in production. Shares of Orix, a Japanese leasing company, declined amid overall weakness in Japan’s economy.
Individual contributors to the Fund’s relative performance included the Fund’s positions in Seven & I Holdings Co., InterContinental Hotels Group PLC and Danske Bank A/S. Shares of Seven & I Holdings, a Japanese operator of retail chain stores, gained from earnings growth. Shares of InterContinental, a U.K.-based hotels operator, gained from growth in consumer spending in the U.S. and strong growth in quarterly revenues. Shares of Danske, a Danish bank, rose on strong quarterly profit growth.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-up fundamental approach to security selection, seeking to identify what they believed were the most attractive value investment opportunities within each sector. The Fund’s portfolio managers looked for securities that they believed possessed an attractive valuation signal (as measured by a proprietary dividend discount model) and a timely catalyst that would enable the securities to realize its inherent value.
In addition, the Fund employed futures and currency forwards to help manage cash flows and currency exposure.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 29 | ||||||
JPMorgan International Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Royal Dutch Shell plc, Class A (Netherlands) | 3.7 | % | |||||
| 2. | HSBC Holdings plc (United Kingdom) | 2.8 | ||||||
| 3. | Mitsubishi UFJ Financial Group, Inc. (Japan) | 2.8 | ||||||
| 4. | Toyota Motor Corp. (Japan) | 2.8 | ||||||
| 5. | Bayer AG (Germany) | 2.5 | ||||||
| 6. | Vodafone Group plc (United Kingdom) | 2.4 | ||||||
| 7. | Hitachi Ltd. (Japan) | 2.2 | ||||||
| 8. | Australia & New Zealand Banking Group Ltd. (Australia) | 2.1 | ||||||
| 9. | GDF Suez (France) | 1.9 | ||||||
| 10. | Roche Holding AG (Switzerland) | 1.9 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
Japan | 24.1 | % | ||
United Kingdom | 17.4 | |||
France | 15.9 | |||
Switzerland | 6.8 | |||
Netherlands | 6.3 | |||
Italy | 5.0 | |||
Germany | 3.9 | |||
Australia | 2.7 | |||
Belgium | 2.2 | |||
Spain | 1.9 | |||
Sweden | 1.7 | |||
Hong Kong | 1.6 | |||
Norway | 1.5 | |||
Ireland | 1.2 | |||
South Korea | 1.1 | |||
Denmark | 1.0 | |||
Others (each less than 1.0%) | 4.6 | |||
Short-Term Investment | 1.1 | |||
| * | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| 30 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||
Without Sales Charge | (4.09 | )% | 5.58 | % | 5.86 | % | ||||||||
With Sales Charge* | (9.11 | ) | 4.45 | 5.29 | ||||||||||
CLASS B SHARES | September 28, 2001 | |||||||||||||
Without CDSC | (4.61 | ) | 5.05 | 5.45 | ||||||||||
With CDSC** | (9.61 | ) | 4.72 | 5.45 | ||||||||||
CLASS C SHARES | July 11, 2006 | |||||||||||||
Without CDSC | (4.64 | ) | 5.04 | 5.34 | ||||||||||
With CDSC*** | (5.64 | ) | 5.04 | 5.34 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (4.33 | ) | 5.30 | 5.70 | |||||||||
CLASS R6 SHARES | November 30, 2010 | (3.64 | ) | 6.07 | 6.35 | |||||||||
INSTITUTIONAL CLASS SHARES | November 4, 1993 | (3.75 | ) | 5.99 | 6.31 | |||||||||
SELECT CLASS SHARES | September 10, 2001 | (3.90 | ) | 5.83 | 6.13 | |||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 5% CDSC (contingent deferred sales charge) for the one year period, 2% CDSC for the five year period and 0% CDSC thereafter. |
| *** | Assumes a 1% CDSC for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (10/31/04 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class C Shares prior to its inception date are based on the performance of Class B Shares. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have expenses similar to those of Class B Shares.
Returns for Class R2 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns of R2 Shares would have been lower than those shown because R2 Shares have higher expenses than Class A Shares.
Returns for Class R6 Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares.
The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan International Value Fund, the MSCI EAFE Value Index and the Lipper International Large-Cap Value Funds Average from October 31, 2004 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Value Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Value Index is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented stocks in the world’s equity markets, excluding the U.S. and Canada. Investors cannot invest directly in an index. The Lipper International Large-Cap Value Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 31 | ||||||
JPMorgan International Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
Institutional Class Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
Because Class B shares automatically convert to Class A shares after 8 years, the 10 Year average annual total return shown above for Class B reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 32 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
JPMorgan Intrepid International Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Institutional Class Shares)* | 0.13% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | -0.60% | |||
| Net Assets as of 10/31/2014 (In Thousands) | $ | 1,593,363 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Intrepid International Fund (the “Fund”) seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund (Institutional Class Shares) outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2014.
The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth and value characteristics) would be the primary drivers of returns.
During the reporting period, securities exhibiting the growth characteristics targeted by the Fund (high earnings momentum and high medium-term price momentum) generally outperformed the broader market. Securities exhibiting the value characteristics targeted by the Fund (low price-to-book and low price-to-earnings ratios) slightly outperformed the broader market.
The Fund’s security selection in the health care and information technology sectors made a positive contribution to performance relative to the Benchmark, while security selection in the industrials and energy sectors detracted from relative performance.
The Fund targeted collections of companies that exhibited specific growth and/or value characteristics during the period. The Fund held a range of 150 to 250 securities during the period. Consequently, the impact of any individual security on the Fund’s overall performance tended to be small.
HOW WAS THE FUND POSITIONED?
The Fund’s strategy was rooted in the notion that investor behavior is influenced by human emotion and this influence gives rise to persistent growth and value anomalies within the market. During the reporting period, the Fund’s portfolio managers sought to exploit these anomalies by utilizing a series of style screens designed to identify securities with attractive growth and/or value characteristics, targeting names that they believed possessed high earnings momentum, strong price momentum, low price-to-book ratios and low price-to-earnings ratios.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 33 | ||||||
JPMorgan Intrepid International Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2014 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Royal Dutch Shell plc, Class B (Netherlands) | 2.2 | % | |||||
| 2. | Novartis AG (Switzerland) | 2.1 | ||||||
| 3. | Roche Holding AG (Switzerland) | 2.1 | ||||||
| 4. | Bayer AG (Germany) | 1.6 | ||||||
| 5. | Toyota Motor Corp. (Japan) | 1.6 | ||||||
| 6. | BP plc (United Kingdom) | 1.5 | ||||||
| 7. | Total S.A. (France) | 1.4 | ||||||
| 8. | BHP Billiton Ltd. (Australia) | 1.4 | ||||||
| 9. | Nestle S.A. (Switzerland) | 1.3 | ||||||
| 10. | British American Tobacco plc (United Kingdom) | 1.3 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| Japan | 20.7 | % | ||
| United Kingdom | 18.0 | |||
| France | 11.0 | |||
| Switzerland | 10.6 | |||
| Germany | 7.2 | |||
| Australia | 6.6 | |||
| Netherlands | 3.7 | |||
| Finland | 2.1 | |||
| Sweden | 2.0 | |||
| Hong Kong | 2.0 | |||
| Spain | 1.9 | |||
| Belgium | 1.9 | |||
| Italy | 1.7 | |||
| Norway | 1.6 | |||
| Ireland | 1.3 | |||
| Denmark | 1.2 | |||
| Others (each less than 1.0%) | 3.6 | |||
| Short-Term Investment | 2.9 | |||
| * | Percentages indicated are based on total investments as of October 31, 2014. The Fund’s portfolio composition is subject to change. |
| 34 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2014 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | April 30, 2001 | |||||||||||||
Without Sales Charge | (0.33 | )% | 6.85 | % | 4.84 | % | ||||||||
With Sales Charge* | (5.58 | ) | 5.71 | 4.28 | ||||||||||
CLASS C SHARES | February 28, 2006 | |||||||||||||
Without CDSC | (0.89 | ) | 6.31 | 4.39 | ||||||||||
With CDSC** | (1.89 | ) | 6.31 | 4.39 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (0.66 | ) | 6.58 | 4.68 | |||||||||
INSTITUTIONAL CLASS SHARES | April 30, 2001 | 0.13 | 7.38 | 5.38 | ||||||||||
SELECT CLASS SHARES | February 28, 2006 | (0.13 | ) | 7.11 | 5.15 | |||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (10/31/04 TO 10/31/14)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class C and Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class C and Class R2 Shares would have been lower than those shown because Class C and Class R2 Shares have higher expenses than Class A Shares.
Returns for Select Class Shares prior to its inception date are based on the performance of Institutional Class Shares. The actual returns for Select Class Shares would have been lower than those shown because Select Class Shares have higher expenses than Institutional Class Shares.
The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2004 to October 31, 2014. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The
performance of the Lipper International Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper International Multi-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Institutional Class Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 35 | ||||||
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 98.2% | |||||||
Brazil — 8.5% |
| |||||||
| 1,148 | Banco do Brasil S.A. | 12,845 | ||||||
| 133 | Cia Brasileira de Distribuicao Grupo Pao de Acucar (Preference Shares), ADR | 5,555 | ||||||
| 1,989 | Cia Energetica de Minas Gerais, ADR | 11,495 | ||||||
| 551 | Cielo S.A. | 9,050 | ||||||
| 1,268 | Embraer S.A. | 12,274 | ||||||
| 1,320 | Even Construtora e Incorporadora S.A. | 2,856 | ||||||
| 316 | Ez Tec Empreendimentos e Participacoes S.A. | 2,706 | ||||||
| 1,574 | Itau Unibanco Holding S.A. (Preference Shares), ADR | 23,231 | ||||||
| 1,856 | Kroton Educacional S.A. | 13,224 | ||||||
| 454 | Porto Seguro S.A. | 5,437 | ||||||
| 350 | Smiles S.A. | 6,039 | ||||||
|
| |||||||
| 104,712 | ||||||||
|
| |||||||
China — 18.2% | ||||||||
| 2,445 | ANTA Sports Products Ltd. | 4,799 | ||||||
| 33 | Baidu, Inc., ADR (a) | 7,961 | ||||||
| 44,764 | Bank of China Ltd., Class H | 21,426 | ||||||
| 2,926 | BYD Electronic International Co., Ltd. | 3,480 | ||||||
| 19,632 | China CITIC Bank Corp., Ltd., Class H | 12,789 | ||||||
| 25,860 | China Construction Bank Corp., Class H | 19,294 | ||||||
| 6,801 | China Merchants Bank Co., Ltd., Class H | 12,604 | ||||||
| 19,193 | China Petroleum & Chemical Corp., Class H | 16,645 | ||||||
| 9,996 | CNOOC Ltd. | 15,653 | ||||||
| 14,252 | Coolpad Group Ltd. | 3,052 | ||||||
| 14,610 | Geely Automobile Holdings Ltd. | 6,540 | ||||||
| 2,536 | Great Wall Motor Co., Ltd., Class H | 11,145 | ||||||
| 1,779 | Haitian International Holdings Ltd. | 3,816 | ||||||
| 12,838 | Huadian Power International Corp., Ltd., Class H | 9,806 | ||||||
| 8,304 | Huaneng Power International, Inc., Class H | 10,209 | ||||||
| 8,990 | Lenovo Group Ltd. | 13,251 | ||||||
| 145 | NetEase, Inc., ADR | 13,702 | ||||||
| 322 | Perfect World Co., Ltd., ADR | 6,696 | ||||||
| 8,514 | Shanghai Electric Group Co., Ltd., Class H | 4,266 | ||||||
| 5,899 | Sinotrans Ltd., Class H | 4,681 | ||||||
| 3,227 | TCL Communication Technology Holdings Ltd. | 3,174 | ||||||
| 452 | Tencent Holdings Ltd. | 7,260 | ||||||
| 2,895 | Weichai Power Co., Ltd., Class H | 11,113 | ||||||
|
| |||||||
| 223,362 | ||||||||
|
| |||||||
Greece — 0.5% | ||||||||
| 493 | OPAP S.A. | 5,968 | ||||||
|
| |||||||
Hong Kong — 4.3% | ||||||||
| 7,376 | Anxin-China Holdings Ltd. | 685 | ||||||
| 5,453 | Belle International Holdings Ltd. | 6,939 | ||||||
| 2,696 | Chaoda Modern Agriculture Holdings Ltd. (a) (i) | — | (h) | |||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Hong Kong — continued | ||||||||
| 1,034 | China Mobile Ltd. | 12,860 | ||||||
| 1,721 | China Singyes Solar Technologies Holdings Ltd. (a) | 3,296 | ||||||
| 7,534 | China South City Holdings Ltd. | 3,412 | ||||||
| 53,300 | REXLot Holdings Ltd. | 5,501 | ||||||
| 2,702 | Shenzhen International Holdings Ltd. | 4,295 | ||||||
| 3,655 | SJM Holdings Ltd. | 7,725 | ||||||
| 9,812 | Skyworth Digital Holdings Ltd. | 5,379 | ||||||
| 5,678 | Truly International Holdings Ltd. | 2,886 | ||||||
|
| |||||||
| 52,978 | ||||||||
|
| |||||||
India — 7.0% | ||||||||
| 1,751 | Apollo Tyres Ltd. | 6,239 | ||||||
| 440 | Bank of Baroda | 6,739 | ||||||
| 1,025 | Canara Bank | 6,711 | ||||||
| 424 | HCL Technologies Ltd. | 11,123 | ||||||
| 789 | Housing Development Finance Corp. | 14,208 | ||||||
| 1,020 | IRB Infrastructure Developers Ltd. | 4,187 | ||||||
| 1,874 | Oil & Natural Gas Corp., Ltd. | 12,262 | ||||||
| 412 | Punjab National Bank | 6,295 | ||||||
| 1,093 | Rural Electrification Corp., Ltd. | 5,369 | ||||||
| 280 | Tata Motors Ltd., ADR | 13,181 | ||||||
|
| |||||||
| 86,314 | ||||||||
|
| |||||||
Indonesia — 1.8% | ||||||||
| 13,846 | Bank Negara Indonesia Persero Tbk PT | 6,824 | ||||||
| 52,563 | Telekomunikasi Indonesia Persero Tbk PT | 11,971 | ||||||
| 1,973 | United Tractors Tbk PT | 2,997 | ||||||
|
| |||||||
| 21,792 | ||||||||
|
| |||||||
Netherlands — 0.2% | ||||||||
| 306 | VimpelCom Ltd., ADR | 1,980 | ||||||
|
| |||||||
Poland — 1.0% | ||||||||
| 221 | Energa S.A. | 1,647 | ||||||
| 1,587 | PGE S.A. | 10,413 | ||||||
|
| |||||||
| 12,060 | ||||||||
|
| |||||||
Qatar — 0.7% | ||||||||
| 216 | Commercial Bank of Qatar QSC | 4,415 | ||||||
| 119 | Gulf International Services OSC | 3,895 | ||||||
|
| |||||||
| 8,310 | ||||||||
|
| |||||||
Russia — 7.1% | ||||||||
| 2,737 | Aeroflot - Russian Airlines OJSC | 2,431 | ||||||
| 3,250 | Alrosa AO | 2,908 | ||||||
| 329 | CTC Media, Inc. | 2,092 | ||||||
| 344 | Lukoil OAO, ADR | 16,881 | ||||||
| 16 | MegaFon OAO, GDR | 368 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 36 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Russia — continued | ||||||||
| 401 | MegaFon OAO, Reg. S, GDR | 9,384 | ||||||
| 324 | MMC Norilsk Nickel OJSC, ADR | 6,040 | ||||||
| 285 | MMC Norilsk Nickel OJSC, ADR | 5,331 | ||||||
| 199 | Mobile Telesystems OJSC | 1,179 | ||||||
| 631 | Mobile Telesystems OJSC, ADR | 9,030 | ||||||
| 2,338 | Moscow Exchange MICEX-RTS OAO | 3,156 | ||||||
| 100 | Sberbank of Russia, ADR | 749 | ||||||
| 1,904 | Sberbank of Russia, ADR | 14,499 | ||||||
| 14 | Tatneft OAO, ADR | 482 | ||||||
| 343 | Tatneft OAO, ADR | 12,269 | ||||||
|
| |||||||
| 86,799 | ||||||||
|
| |||||||
South Africa — 6.3% | ||||||||
| 191 | Barloworld Ltd. | 1,656 | ||||||
| 212 | Bidvest Group Ltd. (The) | 5,823 | ||||||
| 336 | Mr Price Group Ltd. | 6,957 | ||||||
| 845 | MTN Group Ltd. | 18,707 | ||||||
| 3,029 | Netcare Ltd. | 9,164 | ||||||
| 317 | Sasol Ltd. | 15,853 | ||||||
| 2,879 | Steinhoff International Holdings Ltd. | 14,731 | ||||||
| 757 | Telkom S.A. SOC Ltd. (a) | 4,021 | ||||||
|
| |||||||
| 76,912 | ||||||||
|
| |||||||
South Korea — 21.0% | ||||||||
| 6 | AMOREPACIFIC Group | 6,251 | ||||||
| 405 | BS Financial Group, Inc. | 6,299 | ||||||
| 77 | Coway Co., Ltd. | 5,867 | ||||||
| 82 | Daesang Corp. | 3,171 | ||||||
| 67 | Dongbu Insurance Co., Ltd. | 3,749 | ||||||
| 79 | Grand Korea Leisure Co., Ltd. | 2,836 | ||||||
| 23 | GS Home Shopping, Inc. | 4,665 | ||||||
| 109 | Halla Visteon Climate Control Corp. | 4,837 | ||||||
| 191 | Hankook Tire Co., Ltd. | 9,847 | ||||||
| 71 | Hyundai Motor Co. | 11,260 | ||||||
| 727 | Industrial Bank of Korea | 10,637 | ||||||
| 94 | KEPCO Plant Service & Engineering Co., Ltd. | 7,667 | ||||||
| 235 | Kia Motors Corp. | 11,438 | ||||||
| 153 | Korea Electric Power Corp. | 6,709 | ||||||
| 9 | Korea Zinc Co., Ltd. | 3,446 | ||||||
| 213 | KT Corp. | 6,566 | ||||||
| 135 | KT&G Corp. | 11,929 | ||||||
| 23 | LG Haussys Ltd. | 3,406 | ||||||
| 53 | LG Innotek Co., Ltd. (a) | 4,211 | ||||||
| 83 | LS Corp. | 4,622 | ||||||
| 450 | Lumens Co., Ltd. (a) | 2,297 | ||||||
| 39 | Mando Corp. (a) | 7,282 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
South Korea — continued | ||||||||
| 52 | Naturalendo Tech Co., Ltd. (a) | 2,745 | ||||||
| 12 | NongShim Co., Ltd. | 3,063 | ||||||
| 225 | Partron Co., Ltd. | 1,849 | ||||||
| 34 | Samsung Electronics Co., Ltd. | 39,924 | ||||||
| 110 | Seah Besteel Corp. | 3,283 | ||||||
| 265 | Shinhan Financial Group Co., Ltd. | 12,465 | ||||||
| 32 | SK C&C Co., Ltd. | 7,357 | ||||||
| 66 | SK Holdings Co., Ltd. | 10,306 | ||||||
| 303 | SK Hynix, Inc. (a) | 13,517 | ||||||
| 703 | SK Networks Co., Ltd. (a) | 7,211 | ||||||
| 50 | SK Telecom Co., Ltd. | 12,560 | ||||||
| 298 | Wonik IPS Co., Ltd. (a) | 3,768 | ||||||
|
| |||||||
| 257,040 | ||||||||
|
| |||||||
Taiwan — 11.2% | ||||||||
| 4,617 | AcBel Polytech, Inc. | 5,223 | ||||||
| 10,928 | Advanced Semiconductor Engineering, Inc. | 13,183 | ||||||
| 1,322 | Catcher Technology Co., Ltd. | 11,160 | ||||||
| 1,559 | Chicony Electronics Co., Ltd. | 4,489 | ||||||
| 8,957 | Compeq Manufacturing Co., Ltd. | 4,945 | ||||||
| 2,308 | Coretronic Corp. (a) | 3,474 | ||||||
| 2,182 | Gigabyte Technology Co., Ltd. | 2,512 | ||||||
| 3,571 | Inotera Memories, Inc. (a) | 5,519 | ||||||
| 2,595 | Kenda Rubber Industrial Co., Ltd. | 5,299 | ||||||
| 2,533 | Lite-On Technology Corp. | 3,555 | ||||||
| 6,277 | Pegatron Corp. | 11,440 | ||||||
| 6,353 | Pou Chen Corp. | 7,005 | ||||||
| 3,342 | Quanta Computer, Inc. | 8,413 | ||||||
| 2,189 | Radiant Opto-Electronics Corp. | 7,649 | ||||||
| 1,811 | Realtek Semiconductor Corp. | 6,002 | ||||||
| 598 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 13,164 | ||||||
| 4,333 | Teco Electric and Machinery Co., Ltd. | 4,821 | ||||||
| 3,992 | Vanguard International Semiconductor Corp. | 5,997 | ||||||
| 2,696 | Wistron NeWeb Corp. | 6,078 | ||||||
| 2,754 | Zhen Ding Technology Holding Ltd. | 7,567 | ||||||
|
| |||||||
| 137,495 | ||||||||
|
| |||||||
Thailand — 3.0% | ||||||||
| 17,869 | Krung Thai Bank PCL, NVDR | 12,785 | ||||||
| 1,081 | PTT PCL, NVDR | 12,232 | ||||||
| 18,067 | Quality Houses PCL, NVDR | 2,387 | ||||||
| 5,729 | Samart Corp. PCL, NVDR | 5,810 | ||||||
| 5,146 | Supalai PCL, NVDR | 4,074 | ||||||
|
| |||||||
| 37,288 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 37 | ||||||
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Turkey — 6.1% | ||||||||
| 2,210 | Enka Insaat ve Sanayi A.S. | 5,349 | ||||||
| 5,986 | Eregli Demir ve Celik Fabrikalari TAS | 12,477 | ||||||
| 2,090 | KOC Holding A.S. | 10,654 | ||||||
| 523 | TAV Havalimanlari Holding A.S. | 4,391 | ||||||
| 735 | Tofas Turk Otomobil Fabrikasi A.S. | 4,613 | ||||||
| 3,190 | Trakya Cam Sanayi A.S. | 4,190 | ||||||
| 380 | Tupras Turkiye Petrol Rafinerileri A.S. | 8,251 | ||||||
| 3,915 | Turk Hava Yollari (a) | 12,832 | ||||||
| 4,984 | Turkiye Is Bankasi, Class C | 12,461 | ||||||
|
| |||||||
| 75,218 | ||||||||
|
| |||||||
United Arab Emirates — 1.3% | ||||||||
| 10,641 | Air Arabia PJSC | 3,819 | ||||||
| 3,048 | Dubai Islamic Bank PJSC | 6,385 | ||||||
| 1,237 | First Gulf Bank PJSC | 6,226 | ||||||
|
| |||||||
| 16,430 | ||||||||
|
| |||||||
Total Common Stocks | 1,204,658 | |||||||
|
| |||||||
| Preferred Stocks — 0.4% |
| ||||||
Brazil — 0.4% | ||||||||
| 488 | Banco do Estado do Rio Grande do Sul S.A., Class B | 2,916 | ||||||
| 1,024 | Randon Participacoes S.A. | 2,577 | ||||||
|
| |||||||
| 5,493 | ||||||||
|
| |||||||
Total Preferred Stocks | 5,493 | |||||||
|
| |||||||
| Short-Term Investment — 1.3% |
| ||||||
Investment Company — 1.3% | ||||||||
| 15,512 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $15,512) | 15,512 | ||||||
|
| |||||||
Total Investments — 99.9% | 1,225,663 | |||||||
Other Assets in Excess of | 1,010 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,226,673 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 17.8 | % | ||
Oil, Gas & Consumable Fuels | 9.0 | |||
Technology Hardware, Storage & Peripherals | 8.2 | |||
Semiconductors & Semiconductor Equipment | 5.8 | |||
Wireless Telecommunication Services | 5.4 | |||
Automobiles | 4.7 | |||
Auto Components | 2.7 | |||
Metals & Mining | 2.7 | |||
Industrial Conglomerates | 2.6 | |||
Household Durables | 2.6 | |||
Electronic Equipment, Instruments & Components | 2.6 | |||
Electric Utilities | 2.5 | |||
Internet Software & Services | 2.4 | |||
IT Services | 2.2 | |||
Diversified Telecommunication Services | 1.8 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Machinery | 1.7 | |||
Independent Power & Renewable Electricity Producers | 1.6 | |||
Airlines | 1.6 | |||
Electrical Equipment | 1.5 | |||
Thrifts & Mortgage Finance | 1.2 | |||
Specialty Retail | 1.1 | |||
Diversified Consumer Services | 1.1 | |||
Aerospace & Defense | 1.0 | |||
Tobacco | 1.0 | |||
Textiles, Apparel & Luxury Goods | 1.0 | |||
Others (each less than 1.0%) | 11.1 | |||
Short-Term Investment | 1.3 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| 38 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 97.3% |
| ||||||
Australia — 0.7% | ||||||||
| 2,436 | Oil Search Ltd. | 18,679 | ||||||
|
| |||||||
Brazil — 7.8% | ||||||||
| 4,026 | AMBEV S.A., ADR | 26,893 | ||||||
| 4,928 | CCR S.A. | 36,690 | ||||||
| 1,054 | Cielo S.A. | 17,308 | ||||||
| 1,543 | Itau Unibanco Holding S.A. (Preference Shares), ADR | 22,780 | ||||||
| 823 | Lojas Renner S.A. | 24,637 | ||||||
| 845 | Marcopolo S.A. | 1,447 | ||||||
| 1,442 | Ultrapar Participacoes S.A. | 31,459 | ||||||
| 2,458 | Vale S.A. (Preference Shares), ADR | 21,530 | ||||||
| 1,342 | WEG S.A. | 15,829 | ||||||
|
| |||||||
| 198,573 | ||||||||
|
| |||||||
China — 10.2% | ||||||||
| 261 | Baidu, Inc., ADR (a) | 62,290 | ||||||
| 8,606 | China Shenhua Energy Co., Ltd., Class H | 24,256 | ||||||
| 15,723 | CNOOC Ltd. | 24,620 | ||||||
| 30,575 | Geely Automobile Holdings Ltd. | 13,687 | ||||||
| 20,539 | Sun Art Retail Group Ltd. | 22,018 | ||||||
| 3,292 | Tencent Holdings Ltd. | 52,904 | ||||||
| 2,688 | Tsingtao Brewery Co., Ltd., Class H | 19,870 | ||||||
| 11,059 | Wynn Macau Ltd. | 39,979 | ||||||
|
| |||||||
| 259,624 | ||||||||
|
| |||||||
Cyprus — 1.0% | ||||||||
| 560 | Eurasia Drilling Co., Ltd., Reg. S, GDR | 13,987 | ||||||
| 1,350 | Globaltrans Investment plc, Reg. S, GDR | 10,000 | ||||||
|
| |||||||
| 23,987 | ||||||||
|
| |||||||
Hong Kong — 6.3% | ||||||||
| 13,455 | AIA Group Ltd. | 75,085 | ||||||
| 3 | Jardine Matheson Holdings Ltd. | 192 | ||||||
| 515 | Jardine Matheson Holdings Ltd. | 30,827 | ||||||
| 8,426 | Sands China Ltd. | 52,554 | ||||||
|
| |||||||
| 158,658 | ||||||||
|
| |||||||
India — 18.6% | ||||||||
| 768 | ACC Ltd. | 18,755 | ||||||
| 3,788 | Ambuja Cements Ltd. | 14,030 | ||||||
| 1,369 | Asian Paints Ltd. | 14,629 | ||||||
| 1,057 | HDFC Bank Ltd., ADR | 55,438 | ||||||
| 4,971 | Housing Development Finance Corp. | 89,530 | ||||||
| 631 | Infosys Ltd., ADR | 42,211 | ||||||
| 9,326 | ITC Ltd. | 53,928 | ||||||
| 1,761 | Kotak Mahindra Bank Ltd. | 32,091 | ||||||
| 481 | Larsen & Toubro Ltd. | 12,974 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
India — continued | ||||||||
| 1,015 | Lupin Ltd. | 23,471 | ||||||
| 2,821 | Mahindra & Mahindra Financial Services Ltd. | 13,477 | ||||||
| 1,183 | Mahindra & Mahindra Ltd. | 25,162 | ||||||
| 1,793 | Tata Consultancy Services Ltd. | 76,162 | ||||||
|
| |||||||
| 471,858 | ||||||||
|
| |||||||
Indonesia — 4.8% | ||||||||
| 63,034 | Astra International Tbk PT | 35,344 | ||||||
| 19,727 | Bank Central Asia Tbk PT | 21,296 | ||||||
| 38,998 | Bank Rakyat Indonesia Persero Tbk PT | 35,738 | ||||||
| 22,521 | Semen Indonesia Persero Tbk PT | 29,582 | ||||||
|
| |||||||
| 121,960 | ||||||||
|
| |||||||
Mexico — 2.8% | ||||||||
| 8,339 | Fibra Uno Administracion S.A. de C.V. | 28,979 | ||||||
| 479 | Grupo Financiero Banorte S.A.B. de C.V., Class O | 3,070 | ||||||
| 3,022 | Infraestructura Energetica Nova S.A.B. de C.V. | 18,495 | ||||||
| 4,983 | Mexichem S.A.B. de C.V. | 20,385 | ||||||
|
| |||||||
| 70,929 | ||||||||
|
| |||||||
Panama — 1.2% | ||||||||
| 256 | Copa Holdings S.A., Class A | 29,956 | ||||||
|
| |||||||
Peru — 1.5% | ||||||||
| 242 | Credicorp Ltd. | 38,986 | ||||||
|
| |||||||
Poland — 0.4% | ||||||||
| 888 | Eurocash S.A. | 8,729 | ||||||
|
| |||||||
Russia — 5.6% | ||||||||
| 800 | Lukoil OAO, ADR | 39,234 | ||||||
| 83 | Magnit PJSC | 22,932 | ||||||
| 431 | Magnit PJSC, Reg. S, GDR | 28,958 | ||||||
| 3,902 | Mobile Telesystems OJSC | 23,121 | ||||||
| 1,225 | Mobile Telesystems OJSC, ADR | 7,260 | ||||||
| 10,895 | Sberbank of Russia | 19,309 | ||||||
|
| |||||||
| 140,814 | ||||||||
|
| |||||||
South Africa — 14.9% | ||||||||
| 538 | Aspen Pharmacare Holdings Ltd. (a) | 19,232 | ||||||
| 2,041 | Bidvest Group Ltd. (The) | 56,171 | ||||||
| 579 | Capitec Bank Holdings Ltd. | 15,275 | ||||||
| 8,832 | FirstRand Ltd. | 37,830 | ||||||
| 720 | Imperial Holdings Ltd. | 12,418 | ||||||
| 1,697 | Mr Price Group Ltd. | 35,134 | ||||||
| 2,511 | MTN Group Ltd. | 55,609 | ||||||
| 2,375 | Remgro Ltd. | 54,528 | ||||||
| 2,555 | Shoprite Holdings Ltd. | 37,051 | ||||||
| 7,807 | Woolworths Holdings Ltd. | 55,579 | ||||||
|
| |||||||
| 378,827 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 39 | ||||||
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued |
| ||||||
South Korea — 3.3% | ||||||||
| 155 | Hyundai Motor Co. | 24,560 | ||||||
| 649 | Kia Motors Corp. | 31,513 | ||||||
| 23 | Samsung Electronics Co., Ltd. | 27,014 | ||||||
|
| |||||||
| 83,087 | ||||||||
|
| |||||||
Taiwan — 5.5% | ||||||||
| 5,507 | Delta Electronics, Inc. | 33,038 | ||||||
| 721 | MediaTek, Inc. | 10,298 | ||||||
| 4,181 | President Chain Store Corp. | 31,321 | ||||||
| 2,981 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 65,637 | ||||||
|
| |||||||
| 140,294 | ||||||||
|
| |||||||
Thailand — 6.0% | ||||||||
| 3,055 | Advanced Info Service PCL, NVDR | 22,432 | ||||||
| 4,379 | Kasikornbank PCL, NVDR | 31,729 | ||||||
| 2,135 | Siam Cement PCL (The), NVDR | 29,517 | ||||||
| 6,443 | Siam Commercial Bank PCL (The) | 35,132 | ||||||
| 10,420 | Total Access Communication PCL, NVDR | 33,124 | ||||||
|
| |||||||
| 151,934 | ||||||||
|
| |||||||
Turkey — 4.0% | ||||||||
| 926 | Ford Otomotiv Sanayi A.S. (a) | 11,832 | ||||||
| 7,957 | KOC Holding A.S. | 40,566 | ||||||
| 2,434 | TAV Havalimanlari Holding A.S. | 20,416 | ||||||
| 7,497 | Turkiye Garanti Bankasi A.S. | 29,258 | ||||||
|
| |||||||
| 102,072 | ||||||||
|
| |||||||
United Kingdom — 2.7% | ||||||||
| 932 | Anglo American plc | 19,670 | ||||||
| 742 | SABMiller plc | 41,944 | ||||||
| 378 | Standard Chartered plc | 5,695 | ||||||
|
| |||||||
| 67,309 | ||||||||
|
| |||||||
Total Common Stocks | 2,466,276 | |||||||
|
| |||||||
| Preferred Stocks — 0.8% |
| ||||||
Brazil — 0.8% | ||||||||
| 761 | Itau Unibanco Holding S.A. | 11,291 | ||||||
| 4,293 | Marcopolo S.A. | 7,346 | ||||||
|
| |||||||
| 18,637 | ||||||||
|
| |||||||
Total Preferred Stocks | 18,637 | |||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Short-Term Investment — 1.7% |
| ||||||
Investment Company — 1.7% | ||||||||
| 44,001 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (Cost $44,001) | 44,001 | ||||||
|
| |||||||
Total Investments — 99.8% | 2,528,914 | |||||||
Other Assets in Excess of | 6,060 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,534,974 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 14.1 | % | ||
Food & Staples Retailing | 6.0 | |||
Automobiles | 5.6 | |||
Wireless Telecommunication Services | 5.6 | |||
Oil, Gas & Consumable Fuels | 5.5 | |||
IT Services | 5.4 | |||
Industrial Conglomerates | 5.1 | |||
Internet Software & Services | 4.6 | |||
Hotels, Restaurants & Leisure | 3.7 | |||
Diversified Financial Services | 3.7 | |||
Construction Materials | 3.6 | |||
Thrifts & Mortgage Finance | 3.5 | |||
Beverages | 3.5 | |||
Multiline Retail | 3.2 | |||
Semiconductors & Semiconductor Equipment | 3.0 | |||
Insurance | 3.0 | |||
Transportation Infrastructure | 2.3 | |||
Tobacco | 2.1 | |||
Pharmaceuticals | 1.7 | |||
Metals & Mining | 1.6 | |||
Specialty Retail | 1.4 | |||
Chemicals | 1.4 | |||
Electronic Equipment, Instruments & Components | 1.3 | |||
Airlines | 1.2 | |||
Real Estate Investment Trusts (REITs) | 1.1 | |||
Technology Hardware, Storage & Peripherals | 1.1 | |||
Machinery | 1.0 | |||
Others (each less than 1.0%) | 3.0 | |||
Short-Term Investment | 1.7 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| 40 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
JPMorgan Global Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 97.4% | |||||||
Australia — 5.4% | ||||||||
| 387 | Scentre Group (a) (m) | 1,235 | ||||||
| 136 | Suncorp Group Ltd. | 1,769 | ||||||
| 442 | Westfield Corp. (m) | 3,109 | ||||||
|
| |||||||
| 6,113 | ||||||||
|
| |||||||
Brazil — 0.5% | ||||||||
| 87 | AMBEV S.A., ADR | 579 | ||||||
|
| |||||||
China — 2.2% | ||||||||
| 1,078 | PetroChina Co., Ltd., Class H | 1,350 | ||||||
| 308 | Wynn Macau Ltd. | 1,113 | ||||||
|
| |||||||
| 2,463 | ||||||||
|
| |||||||
Denmark — 0.2% | ||||||||
| 36 | TDC A/S | 278 | ||||||
|
| |||||||
Finland — 0.6% | ||||||||
| 41 | UPM-Kymmene OYJ | 647 | ||||||
|
| |||||||
France — 1.9% | ||||||||
| 48 | AXA S.A. | 1,114 | ||||||
| 45 | GDF Suez | 1,081 | ||||||
|
| |||||||
| 2,195 | ||||||||
|
| |||||||
Germany — 4.2% | ||||||||
| 19 | Bayer AG | 2,687 | ||||||
| 93 | Deutsche Wohnen AG | 2,099 | ||||||
|
| |||||||
| 4,786 | ||||||||
|
| |||||||
Israel — 1.8% | ||||||||
| 1,193 | Bezeq The Israeli Telecommunication Corp., Ltd. | 2,039 | ||||||
|
| |||||||
Japan — 4.0% | ||||||||
| 37 | Canon, Inc. | 1,142 | ||||||
| 21 | Japan Airlines Co., Ltd. | 569 | ||||||
| 51 | Japan Tobacco, Inc. (m) | 1,723 | ||||||
| 19 | Nippon Telegraph & Telephone Corp. | 1,157 | ||||||
|
| |||||||
| 4,591 | ||||||||
|
| |||||||
Netherlands — 4.5% | ||||||||
| 143 | Royal Dutch Shell plc, Class A | 5,110 | ||||||
|
| |||||||
New Zealand — 1.1% | ||||||||
| 507 | Spark New Zealand Ltd. | 1,251 | ||||||
|
| |||||||
Norway — 2.3% | ||||||||
| 112 | Statoil ASA | 2,562 | ||||||
|
| |||||||
Russia — 1.1% | ||||||||
| 64 | MMC Norilsk Nickel OJSC, ADR | 1,201 | ||||||
|
| |||||||
South Africa — 1.2% | ||||||||
| 63 | MTN Group Ltd. | 1,385 | ||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
South Korea — 1.0% | ||||||||
| 1 | Samsung Electronics Co., Ltd. | 1,181 | ||||||
|
| |||||||
Spain — 0.7% | ||||||||
| 22 | ACS Actividades de Construccion y Servicios S.A. | 833 | ||||||
|
| |||||||
Sweden — 1.3% | ||||||||
| 52 | Electrolux AB, Series B | 1,472 | ||||||
|
| |||||||
Switzerland — 5.5% | ||||||||
| — | (h) | Givaudan S.A. (a) | 551 | |||||
| 17 | Roche Holding AG | 4,887 | ||||||
| 21 | Tyco International Ltd. | 884 | ||||||
|
| |||||||
| 6,322 | ||||||||
|
| |||||||
Taiwan — 0.9% | ||||||||
| 323 | Hon Hai Precision Industry Co., Ltd. | 1,022 | ||||||
|
| |||||||
United Kingdom — 10.2% | ||||||||
| 222 | Ashmore Group plc | 1,134 | ||||||
| 16 | AstraZeneca plc | 1,148 | ||||||
| 158 | Aviva plc | 1,318 | ||||||
| 236 | BAE Systems plc (m) | 1,738 | ||||||
| 501 | Direct Line Insurance Group plc | 2,216 | ||||||
| 49 | GlaxoSmithKline plc | 1,115 | ||||||
| 438 | Man Group plc | 869 | ||||||
| 333 | SSP Group plc (a) | 1,278 | ||||||
| 257 | Vodafone Group plc | 853 | ||||||
|
| |||||||
| 11,669 | ||||||||
|
| |||||||
United States — 46.8% | ||||||||
| 20 | AbbVie, Inc. | 1,265 | ||||||
| 71 | Altria Group, Inc. | 3,426 | ||||||
| 48 | American Capital Agency Corp. (m) | 1,087 | ||||||
| 11 | Apple, Inc. | 1,225 | ||||||
| 83 | Applied Materials, Inc. | 1,838 | ||||||
| 38 | Comcast Corp., Class A | 2,085 | ||||||
| 46 | ConocoPhillips | 3,291 | ||||||
| 33 | Dominion Resources, Inc. | 2,329 | ||||||
| 22 | Dr. Pepper Snapple Group, Inc. | 1,512 | ||||||
| 36 | Hewlett-Packard Co. | 1,305 | ||||||
| 35 | Home Depot, Inc. (The) | 3,441 | ||||||
| 14 | Humana, Inc. | 1,876 | ||||||
| 58 | Johnson & Johnson | 6,250 | ||||||
| 32 | Liberty Property Trust (m) | 1,116 | ||||||
| 37 | Lorillard, Inc. | 2,275 | ||||||
| 94 | Microsoft Corp. | 4,436 | ||||||
| 15 | Molson Coors Brewing Co., Class B | 1,129 | ||||||
| 37 | Morgan Stanley | 1,281 | ||||||
| 19 | PACCAR, Inc. | 1,234 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 41 | ||||||
JPMorgan Global Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United States — continued | ||||||||
| 16 | Sempra Energy | 1,737 | ||||||
| 31 | Time Warner, Inc. | 2,480 | ||||||
| 13 | United Technologies Corp. | 1,429 | ||||||
| 5 | Verizon Communications, Inc. | 254 | ||||||
| 23 | Verizon Communications, Inc. | 1,163 | ||||||
| 49 | Wells Fargo & Co. | 2,588 | ||||||
| 95 | Xerox Corp. | 1,265 | ||||||
|
| |||||||
| 53,317 | ||||||||
|
| |||||||
Total Common Stocks | 111,016 | |||||||
|
| |||||||
| Short-Term Investment — 2.3% |
| ||||||
Investment Company — 2.3% | ||||||||
| 2,653 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) (Cost $2,653) | 2,653 | ||||||
|
| |||||||
Total Investments — 99.7% | 113,669 | |||||||
Other Assets in Excess of | 393 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 114,062 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Pharmaceuticals | 15.3 | % | ||
Oil, Gas & Consumable Fuels | 10.8 | |||
Tobacco | 6.5 | |||
Real Estate Investment Trusts (REITs) | 5.8 | |||
Insurance | 5.6 | |||
Diversified Telecommunication Services | 5.4 | |||
Multi-Utilities | 4.5 | |||
Technology Hardware, Storage & Peripherals | 4.3 | |||
Media | 4.0 | |||
Software | 3.9 | |||
Specialty Retail | 3.0 | |||
Capital Markets | 2.9 | |||
Beverages | 2.8 | |||
Aerospace & Defense | 2.8 | |||
Banks | 2.3 | |||
Hotels, Restaurants & Leisure | 2.1 | |||
Wireless Telecommunication Services | 2.0 | |||
Real Estate Management & Development | 1.8 | |||
Health Care Providers & Services | 1.7 | |||
Semiconductors & Semiconductor Equipment | 1.6 | |||
Household Durables | 1.3 | |||
IT Services | 1.1 | |||
Machinery | 1.1 | |||
Metals & Mining | 1.1 | |||
Others (each less than 1.0%) | 4.0 | |||
Short-Term Investment | 2.3 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| 42 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 93.5% | |||||||
Australia — 2.6% | ||||||||
| 122 | AGL Energy Ltd. | 1,460 | ||||||
| 14 | ALS Ltd. | 67 | ||||||
| 171 | Amcor Ltd. | 1,772 | ||||||
| 183 | AMP Ltd. | 944 | ||||||
| 228 | Asciano Ltd. | 1,263 | ||||||
| 275 | Aurizon Holdings Ltd. | 1,141 | ||||||
| 272 | Australia & New Zealand Banking Group Ltd. | 8,059 | ||||||
| 67 | Bank of Queensland Ltd. | 747 | ||||||
| 292 | BHP Billiton Ltd. | 8,724 | ||||||
| 245 | BHP Billiton plc | 6,335 | ||||||
| 60 | Brambles Ltd. | 507 | ||||||
| 9 | Cochlear Ltd. | 600 | ||||||
| 145 | Commonwealth Bank of Australia | 10,322 | ||||||
| 71 | Computershare Ltd. | 776 | ||||||
| 8 | Crown Resorts Ltd. | 97 | ||||||
| 51 | CSL Ltd. | 3,612 | ||||||
| 986 | Dexus Property Group (m) | 1,054 | ||||||
| 437 | Federation Centres Ltd. (m) | 1,049 | ||||||
| 57 | Fortescue Metals Group Ltd. | 175 | ||||||
| 210 | Goodman Group (m) | 1,027 | ||||||
| 17 | Iluka Resources Ltd. | 111 | ||||||
| 120 | Insurance Australia Group Ltd. | 693 | ||||||
| 81 | Lend Lease Group | 1,129 | ||||||
| 19 | Macquarie Group Ltd. | 1,017 | ||||||
| 856 | Mirvac Group (m) | 1,358 | ||||||
| 183 | National Australia Bank Ltd. | 5,663 | ||||||
| 76 | Newcrest Mining Ltd. (a) | 627 | ||||||
| 27 | Orica Ltd. | 497 | ||||||
| 100 | Origin Energy Ltd. | 1,261 | ||||||
| 108 | QBE Insurance Group Ltd. | 1,099 | ||||||
| 22 | Ramsay Health Care Ltd. | 1,022 | ||||||
| 139 | Santos Ltd. | 1,595 | ||||||
| 400 | Scentre Group (a) (m) | 1,276 | ||||||
| 7 | Seek Ltd. | 103 | ||||||
| 188 | Suncorp Group Ltd. | 2,450 | ||||||
| 65 | Sydney Airport | 254 | ||||||
| 281 | Telstra Corp., Ltd. | 1,398 | ||||||
| 129 | Toll Holdings Ltd. | 648 | ||||||
| 215 | Transurban Group | 1,541 | ||||||
| 75 | Wesfarmers Ltd. | 2,927 | ||||||
| 119 | Westfield Corp. (m) | 835 | ||||||
| 288 | Westpac Banking Corp. | 8,831 | ||||||
| 69 | Woodside Petroleum Ltd. | 2,452 | ||||||
| 141 | Woolworths Ltd. | 4,486 | ||||||
|
| |||||||
| 93,004 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Austria — 0.1% | ||||||||
| 41 | ANDRITZ AG | 1,972 | ||||||
| — | (h) | Telekom Austria AG | — | (h) | ||||
|
| |||||||
| 1,972 | ||||||||
|
| |||||||
Belgium — 0.7% | ||||||||
| 65 | Anheuser-Busch InBev N.V. | 7,178 | ||||||
| 62 | Delhaize Group S.A. | 4,271 | ||||||
| 49 | KBC Groep N.V. (a) | 2,631 | ||||||
| 42 | Solvay S.A. | 5,797 | ||||||
| 49 | UCB S.A. | 3,978 | ||||||
|
| |||||||
| 23,855 | ||||||||
|
| |||||||
Bermuda — 0.1% | ||||||||
| 65 | Axis Capital Holdings Ltd. | 3,113 | ||||||
|
| |||||||
Canada — 3.8% | ||||||||
| 20 | Agnico-Eagle Mines Ltd. | 470 | ||||||
| 19 | Agrium, Inc. | 1,828 | ||||||
| 46 | Alimentation Couche-Tard, Inc., Class B | 1,563 | ||||||
| 34 | ARC Resources Ltd. | 806 | ||||||
| 75 | Bank of Montreal | 5,459 | ||||||
| 134 | Bank of Nova Scotia (The) | 8,233 | ||||||
| 121 | Barrick Gold Corp. | 1,439 | ||||||
| 29 | BCE, Inc. | 1,308 | ||||||
| 165 | Bombardier, Inc., Class B | 542 | ||||||
| 65 | Brookfield Asset Management, Inc., Class A | 3,173 | ||||||
| 47 | Cameco Corp. | 813 | ||||||
| 48 | Canadian Imperial Bank of Commerce | 4,347 | ||||||
| 101 | Canadian National Railway Co. | 7,131 | ||||||
| 128 | Canadian Natural Resources Ltd. | 4,454 | ||||||
| 55 | Canadian Oil Sands Ltd. | 863 | ||||||
| 66 | Canadian Pacific Railway Ltd. | 13,677 | ||||||
| 89 | Cenovus Energy, Inc. | 2,194 | ||||||
| 41 | Crescent Point Energy Corp. | 1,351 | ||||||
| 81 | Eldorado Gold Corp. | 443 | ||||||
| 88 | Enbridge, Inc. | 4,145 | ||||||
| 86 | Encana Corp. | 1,600 | ||||||
| 42 | First Quantum Minerals Ltd. | 640 | ||||||
| 22 | Fortis, Inc. | 709 | ||||||
| 17 | Franco-Nevada Corp. | 809 | ||||||
| 97 | Goldcorp, Inc. | 1,822 | ||||||
| 33 | Great-West Lifeco, Inc. | 929 | ||||||
| 39 | Husky Energy, Inc. | 942 | ||||||
| 35 | Imperial Oil Ltd. | 1,700 | ||||||
| 15 | Intact Financial Corp. | 1,026 | ||||||
| 135 | Kinross Gold Corp. (a) | 288 | ||||||
| 31 | Loblaw Cos. Ltd. | 1,612 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 43 | ||||||
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Canada — continued | ||||||||
| 26 | lululemon athletica, Inc. (a) | 1,099 | ||||||
| 26 | Magna International, Inc. | 2,531 | ||||||
| 210 | Manulife Financial Corp. | 3,982 | ||||||
| 11 | Metro, Inc. | 798 | ||||||
| 38 | National Bank of Canada | 1,783 | ||||||
| 34 | Pembina Pipeline Corp. | 1,422 | ||||||
| 99 | Potash Corp. of Saskatchewan, Inc. | 3,380 | ||||||
| 40 | Power Corp. of Canada | 1,060 | ||||||
| 28 | Power Financial Corp. | 832 | ||||||
| 45 | Rogers Communications, Inc., Class B | 1,681 | ||||||
| 171 | Royal Bank of Canada | 12,118 | ||||||
| 30 | Saputo, Inc. | 865 | ||||||
| 44 | Shaw Communications, Inc., Class B | 1,130 | ||||||
| 42 | Silver Wheaton Corp. | 729 | ||||||
| 18 | SNC-Lavalin Group, Inc. | 775 | ||||||
| 69 | Sun Life Financial, Inc. | 2,471 | ||||||
| 185 | Suncor Energy, Inc. | 6,566 | ||||||
| 124 | Talisman Energy, Inc. | 793 | ||||||
| 68 | Teck Resources Ltd., Class B | 1,069 | ||||||
| 18 | Tim Hortons, Inc. | 1,460 | ||||||
| 215 | Toronto-Dominion Bank (The) | 10,589 | ||||||
| 82 | TransCanada Corp. | 4,040 | ||||||
| 91 | Yamana Gold, Inc. | 362 | ||||||
|
| |||||||
| 137,851 | ||||||||
|
| |||||||
China — 0.0% (g) | ||||||||
| 271 | MGM China Holdings Ltd. | 872 | ||||||
| 36 | Wynn Macau Ltd. | 132 | ||||||
| 549 | Yangzijiang Shipbuilding Holdings Ltd. | 483 | ||||||
|
| |||||||
| 1,487 | ||||||||
|
| |||||||
Colombia — 0.0% (g) | ||||||||
| — | (h) | Pacific Rubiales Energy Corp. | — | (h) | ||||
|
| |||||||
Denmark — 0.8% | ||||||||
| 3 | AP Moeller - Maersk A/S, Class B | 7,106 | ||||||
| 24 | Carlsberg A/S, Class B | 2,091 | ||||||
| 237 | Danske Bank A/S | 6,508 | ||||||
| 203 | Novo Nordisk A/S, Class B | 9,166 | ||||||
| 490 | TDC A/S | 3,740 | ||||||
|
| |||||||
| 28,611 | ||||||||
|
| |||||||
Finland — 0.1% | ||||||||
| — | (h) | Nokian Renkaat OYJ | — | (h) | ||||
| 321 | UPM-Kymmene OYJ | 5,090 | ||||||
|
| |||||||
| 5,090 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
France — 3.9% | ||||||||
| 74 | Air Liquide S.A. | 8,969 | ||||||
| 137 | Airbus Group N.V. | 8,149 | ||||||
| 694 | Alcatel-Lucent (a) | 2,119 | ||||||
| 31 | AtoS | 2,157 | ||||||
| 378 | AXA S.A. | 8,732 | ||||||
| 150 | BNP Paribas S.A. | 9,439 | ||||||
| 56 | Bouygues S.A. | 1,952 | ||||||
| 25 | Cie de St-Gobain | 1,076 | ||||||
| 409 | Credit Agricole S.A. | 6,058 | ||||||
| 41 | Danone S.A. | 2,801 | ||||||
| 136 | Electricite de France S.A. | 4,020 | ||||||
| 397 | GDF Suez | 9,628 | ||||||
| 24 | Kering | 4,677 | ||||||
| 11 | Lafarge S.A. | 733 | ||||||
| 16 | L’Oreal S.A. | 2,545 | ||||||
| 12 | LVMH Moet Hennessy Louis Vuitton S.A. | 2,093 | ||||||
| 123 | Orange S.A. | 1,960 | ||||||
| 36 | Publicis Groupe S.A. | 2,474 | ||||||
| 81 | Renault S.A. | 5,990 | ||||||
| 165 | Sanofi | 15,008 | ||||||
| 118 | Schneider Electric SE | 9,294 | ||||||
| 23 | Societe Generale S.A. | 1,105 | ||||||
| 43 | Sodexo | 4,113 | ||||||
| 160 | Suez Environnement Co. | 2,696 | ||||||
| 107 | Thales S.A. | 5,308 | ||||||
| 224 | Total S.A. | 13,349 | ||||||
| 9 | Unibail-Rodamco SE (m) | 2,203 | ||||||
|
| |||||||
| 138,648 | ||||||||
|
| |||||||
Germany — 3.3% | ||||||||
| 84 | Allianz SE | 13,371 | ||||||
| 91 | BASF SE | 8,017 | ||||||
| 125 | Bayer AG | 17,813 | ||||||
| 82 | Bayerische Motoren Werke AG | 8,742 | ||||||
| 107 | Brenntag AG | 5,173 | ||||||
| 25 | Continental AG | 5,017 | ||||||
| 110 | Daimler AG | 8,597 | ||||||
| 60 | Deutsche Bank AG | 1,864 | ||||||
| 208 | Deutsche Post AG | 6,545 | ||||||
| 370 | Deutsche Telekom AG | 5,582 | ||||||
| 186 | E.ON SE | 3,211 | ||||||
| 100 | HeidelbergCement AG | 6,834 | ||||||
| 3 | Linde AG | 481 | ||||||
| 21 | Muenchener Rueckversicherungs-Gesellschaft AG | 4,202 | ||||||
| 171 | SAP SE | 11,659 | ||||||
| 86 | Siemens AG | 9,748 | ||||||
|
| |||||||
| 116,856 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 44 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Hong Kong — 1.1% | ||||||||
| 1,040 | AIA Group Ltd. | 5,803 | ||||||
| 86 | Bank of East Asia Ltd. | 360 | ||||||
| 364 | BOC Hong Kong Holdings Ltd. | 1,212 | ||||||
| 188 | Cheung Kong Holdings Ltd. | 3,337 | ||||||
| 196 | Cheung Kong Infrastructure Holdings Ltd. | 1,432 | ||||||
| 96 | CLP Holdings Ltd. | 822 | ||||||
| 528 | First Pacific Co., Ltd. | 570 | ||||||
| 293 | Galaxy Entertainment Group Ltd. | 2,003 | ||||||
| 99 | Hang Seng Bank Ltd. | 1,679 | ||||||
| 97 | Henderson Land Development Co., Ltd. | 655 | ||||||
| 777 | HKT Trust and HKT Ltd. | 947 | ||||||
| 483 | Hong Kong & China Gas Co., Ltd. | 1,128 | ||||||
| 94 | Hong Kong Exchanges and Clearing Ltd. | 2,081 | ||||||
| 241 | Hutchison Whampoa Ltd. | 3,056 | ||||||
| 200 | Kerry Properties Ltd. | 686 | ||||||
| 812 | Li & Fung Ltd. | 990 | ||||||
| 161 | Link REIT (The) (m) | 947 | ||||||
| 272 | MTR Corp., Ltd. | 1,109 | ||||||
| 891 | Noble Group Ltd. | 829 | ||||||
| 291 | NWS Holdings Ltd. | 544 | ||||||
| 96 | Power Assets Holdings Ltd. | 922 | ||||||
| 313 | Sands China Ltd. | 1,951 | ||||||
| 600 | Sino Land Co., Ltd. | 992 | ||||||
| 94 | SJM Holdings Ltd. | 199 | ||||||
| 135 | Sun Hung Kai Properties Ltd. | 2,014 | ||||||
| 172 | Wharf Holdings Ltd. (The) | 1,272 | ||||||
| 138 | Wheelock & Co., Ltd. | 665 | ||||||
| 88 | Yue Yuen Industrial Holdings Ltd. | 294 | ||||||
|
| |||||||
| 38,499 | ||||||||
|
| |||||||
Ireland — 0.7% | ||||||||
| 143 | Accenture plc, Class A | 11,569 | ||||||
| 46 | Covidien plc | 4,221 | ||||||
| 71 | James Hardie Industries plc, CDI | 757 | ||||||
| 22 | Perrigo Co. plc | 3,586 | ||||||
| 72 | Shire plc | 4,840 | ||||||
|
| |||||||
| 24,973 | ||||||||
|
| |||||||
Italy — 1.0% | ||||||||
| 359 | Assicurazioni Generali S.p.A. | 7,376 | ||||||
| 644 | Enel Green Power S.p.A. | 1,582 | ||||||
| 1,501 | Enel S.p.A. | 7,669 | ||||||
| 295 | Eni S.p.A. | 6,276 | ||||||
| 1,668 | Intesa Sanpaolo S.p.A. | 4,904 | ||||||
| 3,160 | Telecom Italia S.p.A. (a) | 3,581 | ||||||
| 779 | UniCredit S.p.A. | 5,643 | ||||||
|
| |||||||
| 37,031 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — 7.5% | ||||||||
| 107 | Ajinomoto Co., Inc. | 2,020 | ||||||
| 4 | Alfresa Holdings Corp. | 51 | ||||||
| 276 | Amada Co., Ltd. | 2,410 | ||||||
| 19 | Asahi Group Holdings Ltd. | 586 | ||||||
| 264 | Asahi Kasei Corp. | 2,166 | ||||||
| 289 | Astellas Pharma, Inc. | 4,489 | ||||||
| 66 | Bandai Namco Holdings, Inc. | 1,626 | ||||||
| 157 | Bank of Yokohama Ltd. (The) (m) | 907 | ||||||
| 23 | Benesse Holdings, Inc. | 726 | ||||||
| 79 | Bridgestone Corp. | 2,630 | ||||||
| 86 | Canon, Inc. | 2,635 | ||||||
| 40 | Central Japan Railway Co. | 5,981 | ||||||
| 416 | Chiba Bank Ltd. (The) | 2,955 | ||||||
| 43 | Chubu Electric Power Co., Inc. (a) | 514 | ||||||
| 85 | Citizen Holdings Co., Ltd. | 555 | ||||||
| 93 | Daicel Corp. | 1,072 | ||||||
| 183 | Dai-ichi Life Insurance Co., Ltd. (The) | 2,774 | ||||||
| 56 | Daikin Industries Ltd. (m) | 3,482 | ||||||
| 112 | Daiwa House Industry Co., Ltd. | 2,115 | ||||||
| 66 | Dentsu, Inc. | 2,454 | ||||||
| 54 | East Japan Railway Co. | 4,194 | ||||||
| 45 | Electric Power Development Co., Ltd. | 1,581 | ||||||
| 12 | FANUC Corp. | 2,168 | ||||||
| 3 | Fast Retailing Co., Ltd. | 1,264 | ||||||
| 83 | Fuji Heavy Industries Ltd. | 2,759 | ||||||
| 47 | FUJIFILM Holdings Corp. | 1,561 | ||||||
| 432 | Fujitsu Ltd. | 2,626 | ||||||
| 441 | Furukawa Electric Co., Ltd. | 778 | ||||||
| 93 | Gunma Bank Ltd. (The) | 580 | ||||||
| 50 | Hakuhodo DY Holdings, Inc. | 494 | ||||||
| 12 | Hirose Electric Co., Ltd. | 1,520 | ||||||
| 852 | Hitachi Ltd. | 6,695 | ||||||
| 109 | Honda Motor Co., Ltd. | 3,469 | ||||||
| 73 | Ibiden Co., Ltd. | 1,090 | ||||||
| 212 | Inpex Corp. | 2,705 | ||||||
| 21 | Isetan Mitsukoshi Holdings Ltd. | 286 | ||||||
| 164 | Japan Tobacco, Inc. (m) | 5,602 | ||||||
| 394 | JX Holdings, Inc. | 1,689 | ||||||
| 144 | Kansai Electric Power Co., Inc. (The) (a) | 1,419 | ||||||
| 24 | Kao Corp. | 944 | ||||||
| 309 | Kawasaki Heavy Industries Ltd. | 1,214 | ||||||
| 85 | KDDI Corp. | 5,569 | ||||||
| 10 | Keyence Corp. | 4,894 | ||||||
| 24 | Kintetsu World Express, Inc. | 844 | ||||||
| 125 | Kirin Holdings Co., Ltd. | 1,618 | ||||||
| 776 | Kobe Steel Ltd. | 1,233 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 45 | ||||||
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Japan — continued | ||||||||
| 123 | Konica Minolta, Inc. | 1,376 | ||||||
| 234 | Kubota Corp. | 3,725 | ||||||
| 18 | Kyocera Corp. | 811 | ||||||
| 245 | Kyowa Hakko Kirin Co., Ltd. | 2,858 | ||||||
| 81 | Kyushu Electric Power Co., Inc. | 878 | ||||||
| 26 | Mabuchi Motor Co., Ltd. | 2,211 | ||||||
| 186 | Marubeni Corp. | 1,197 | ||||||
| 166 | Marui Group Co., Ltd. | 1,399 | ||||||
| 201 | Medipal Holdings Corp. | 2,231 | ||||||
| 75 | Mitsubishi Corp. | 1,469 | ||||||
| 81 | Mitsubishi Electric Corp. | 1,044 | ||||||
| 454 | Mitsubishi Heavy Industries Ltd. | 2,832 | ||||||
| 7 | Mitsubishi Motors Corp. | 75 | ||||||
| 1,735 | Mitsubishi UFJ Financial Group, Inc. | 10,115 | ||||||
| 339 | Mitsui & Co., Ltd. | 5,119 | ||||||
| 822 | Mitsui Chemicals, Inc. | 2,381 | ||||||
| 186 | Mitsui Fudosan Co., Ltd. | 5,983 | ||||||
| 837 | Mizuho Financial Group, Inc. | 1,525 | ||||||
| 143 | NEC Corp. | 506 | ||||||
| 76 | NGK Spark Plug Co., Ltd. | 1,987 | ||||||
| 81 | NH Foods Ltd. | 1,868 | ||||||
| 1 | Nintendo Co., Ltd. | 97 | ||||||
| 134 | Nippon Express Co., Ltd. | 589 | ||||||
| 1,230 | Nippon Steel & Sumitomo Metal Corp. | 3,246 | ||||||
| 57 | Nippon Telegraph & Telephone Corp. | 3,540 | ||||||
| 453 | Nissan Motor Co., Ltd. | 4,131 | ||||||
| 13 | Nitori Holdings Co., Ltd. | 799 | ||||||
| 569 | Nomura Holdings, Inc. | 3,552 | ||||||
| 172 | NSK Ltd. | 2,253 | ||||||
| 338 | ORIX Corp. | 4,685 | ||||||
| 37 | Otsuka Corp. | 1,380 | ||||||
| 68 | Otsuka Holdings Co., Ltd. | 2,392 | ||||||
| 191 | Panasonic Corp. | 2,300 | ||||||
| 518 | Resona Holdings, Inc. | 2,961 | ||||||
| 236 | Ricoh Co., Ltd. | 2,435 | ||||||
| 9 | Rinnai Corp. | 808 | ||||||
| 2 | Santen Pharmaceutical Co., Ltd. | 101 | ||||||
| 40 | Sanwa Holdings Corp. (m) | 277 | ||||||
| 7 | Secom Co., Ltd. | 444 | ||||||
| 102 | Sega Sammy Holdings, Inc. | 1,622 | ||||||
| 35 | Seiko Epson Corp. | 1,629 | ||||||
| 150 | Sekisui Chemical Co., Ltd. | 1,870 | ||||||
| 94 | Sekisui House Ltd. | 1,165 | ||||||
| 54 | Seven & I Holdings Co., Ltd. | 2,117 | ||||||
| 325 | Sharp Corp. (a) | 819 | ||||||
| 60 | Shimizu Corp. | 443 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued | ||||||||
| 33 | Shin-Etsu Chemical Co., Ltd. | 2,086 | ||||||
| 3 | SMC Corp. | 964 | ||||||
| 111 | SoftBank Corp. | 8,059 | ||||||
| 123 | Sony Corp. | 2,419 | ||||||
| 234 | Sumitomo Bakelite Co., Ltd. | 921 | ||||||
| 62 | Sumitomo Corp. | 666 | ||||||
| — | (h) | Sumitomo Forestry Co., Ltd. | 1 | |||||
| 174 | Sumitomo Mitsui Financial Group, Inc. | 7,100 | ||||||
| 33 | Sumitomo Realty & Development Co., Ltd. | 1,237 | ||||||
| 132 | Sumitomo Rubber Industries Ltd. | 1,824 | ||||||
| — | (h) | Sundrug Co., Ltd. | 19 | |||||
| 52 | Suntory Beverage & Food Ltd. | 1,848 | ||||||
| 78 | Suzuken Co., Ltd. | 2,091 | ||||||
| 37 | Suzuki Motor Corp. | 1,227 | ||||||
| 42 | T&D Holdings, Inc. | 541 | ||||||
| 15 | Taisho Pharmaceutical Holdings Co., Ltd. | 1,060 | ||||||
| 121 | Takashimaya Co., Ltd. | 1,031 | ||||||
| 59 | Takeda Pharmaceutical Co., Ltd. | 2,562 | ||||||
| 26 | Tohoku Electric Power Co., Inc. | 325 | ||||||
| 43 | Tokio Marine Holdings, Inc. | 1,385 | ||||||
| 412 | Tokyo Gas Co., Ltd. | 2,375 | ||||||
| 197 | Tokyu Corp. | 1,301 | ||||||
| 245 | Tokyu Fudosan Holdings Corp. | 1,738 | ||||||
| 299 | Toshiba Corp. | 1,320 | ||||||
| 333 | Toyota Motor Corp. | 20,057 | ||||||
| 76 | Unicharm Corp. | 1,758 | ||||||
| 477 | Yamada Denki Co., Ltd. | 1,530 | ||||||
| 118 | Yamaha Motor Co., Ltd. | 2,225 | ||||||
| 27 | Yamato Holdings Co., Ltd. | 569 | ||||||
|
| |||||||
| 268,428 | ||||||||
|
| |||||||
Luxembourg — 0.1% | ||||||||
| 234 | ArcelorMittal | 3,069 | ||||||
|
| |||||||
Netherlands — 1.2% | ||||||||
| 35 | ASML Holding N.V. | 3,483 | ||||||
| 64 | Heineken Holding N.V. | 4,129 | ||||||
| 403 | ING Groep N.V., CVA (a) | 5,775 | ||||||
| 236 | Koninklijke KPN N.V. | 777 | ||||||
| 559 | Royal Dutch Shell plc, Class A | 19,963 | ||||||
| 288 | Royal Dutch Shell plc, Class B | 10,648 | ||||||
|
| |||||||
| 44,775 | ||||||||
|
| |||||||
New Zealand — 0.0% (g) | ||||||||
| 45 | Ryman Healthcare Ltd. | 265 | ||||||
| 300 | Spark New Zealand Ltd. | 741 | ||||||
|
| |||||||
| 1,006 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 46 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Norway — 0.4% | ||||||||
| 331 | DNB ASA | 6,077 | ||||||
| 575 | Norsk Hydro ASA | 3,217 | ||||||
| 153 | Telenor ASA | 3,438 | ||||||
|
| |||||||
| 12,732 | ||||||||
|
| |||||||
Singapore — 0.7% | ||||||||
| 127 | Avago Technologies Ltd. | 10,939 | ||||||
| 441 | CapitaCommercial Trust (m) | 574 | ||||||
| 185 | DBS Group Holdings Ltd. | 2,661 | ||||||
| 362 | Global Logistic Properties Ltd. | 776 | ||||||
| 690 | Hutchison Port Holdings Trust, Class U | 466 | ||||||
| 18 | Jardine Cycle & Carriage Ltd. | 560 | ||||||
| 210 | Keppel Corp., Ltd. | 1,540 | ||||||
| 158 | Keppel Land Ltd. | 411 | ||||||
| 296 | Oversea-Chinese Banking Corp., Ltd. | 2,280 | ||||||
| 68 | Sembcorp Industries Ltd. | 257 | ||||||
| 54 | Singapore Airlines Ltd. | 416 | ||||||
| 116 | Singapore Exchange Ltd. | 632 | ||||||
| 793 | Singapore Telecommunications Ltd. | 2,334 | ||||||
| 93 | United Overseas Bank Ltd. | 1,666 | ||||||
| 291 | Wilmar International Ltd. | 725 | ||||||
|
| |||||||
| 26,237 | ||||||||
|
| |||||||
Spain — 1.3% | ||||||||
| 34 | Amadeus IT Holding S.A., Class A | 1,247 | ||||||
| 259 | Banco Bilbao Vizcaya Argentaria S.A. | 2,899 | ||||||
| 667 | Banco Popular Espanol S.A. | 3,830 | ||||||
| 1,087 | Banco Santander S.A. | 9,600 | ||||||
| 1,778 | Bankia S.A. (a) | 3,188 | ||||||
| 354 | Distribuidora Internacional de Alimentacion S.A. | 2,247 | ||||||
| 632 | Iberdrola S.A. | 4,474 | ||||||
| 177 | Inditex S.A. | 4,967 | ||||||
| 273 | Repsol S.A. | 6,104 | ||||||
| 512 | Telefonica S.A. | 7,705 | ||||||
|
| |||||||
| 46,261 | ||||||||
|
| |||||||
Sweden — 0.8% | ||||||||
| 103 | Assa Abloy AB, Class B | 5,476 | ||||||
| 249 | Electrolux AB, Series B | 7,052 | ||||||
| 215 | Nordea Bank AB | 2,761 | ||||||
| 341 | Tele2 AB, Class B | 4,330 | ||||||
| 698 | Telefonaktiebolaget LM Ericsson, Class B | 8,244 | ||||||
|
| |||||||
| 27,863 | ||||||||
|
| |||||||
Switzerland — 4.0% | ||||||||
| 79 | ABB Ltd. (a) | 1,741 | ||||||
| 124 | ACE Ltd. | 13,538 | ||||||
| 98 | Cie Financiere Richemont S.A. | 8,230 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Switzerland — continued | ||||||||
| 92 | Credit Suisse Group AG (a) | 2,457 | ||||||
| 536 | Glencore plc (a) | 2,752 | ||||||
| 84 | Holcim Ltd. (a) | 5,986 | ||||||
| 376 | Nestle S.A. | 27,582 | ||||||
| 253 | Novartis AG | 23,461 | ||||||
| 87 | Roche Holding AG | 25,576 | ||||||
| 61 | Swiss Re AG (a) | 4,956 | ||||||
| 2 | Syngenta AG | 663 | ||||||
| 43 | TE Connectivity Ltd. | 2,608 | ||||||
| 48 | Tyco International Ltd. | 2,070 | ||||||
| 658 | UBS AG (a) | 11,436 | ||||||
| 78 | Weatherford International plc (a) | 1,288 | ||||||
| 120 | Wolseley plc | 6,406 | ||||||
| 5 | Zurich Insurance Group AG (a) | 1,392 | ||||||
|
| |||||||
| 142,142 | ||||||||
|
| |||||||
United Kingdom — 7.1% | ||||||||
| 962 | 3i Group plc | 6,117 | ||||||
| 28 | Anglo American plc | 599 | ||||||
| 159 | ARM Holdings plc | 2,251 | ||||||
| 87 | Associated British Foods plc | 3,824 | ||||||
| 156 | AstraZeneca plc | 11,370 | ||||||
| 683 | Aviva plc | 5,713 | ||||||
| 548 | BAE Systems plc (m) | 4,037 | ||||||
| 2,760 | Barclays plc | 10,615 | ||||||
| 427 | BG Group plc | 7,113 | ||||||
| 1,797 | BP plc (m) | 12,928 | ||||||
| 304 | British American Tobacco plc | 17,246 | ||||||
| 1,340 | BT Group plc | 7,902 | ||||||
| 15 | Bunzl plc (m) | 411 | ||||||
| 1,415 | Cobham plc | 6,600 | ||||||
| 76 | Compass Group plc | 1,226 | ||||||
| 51 | Diageo plc | 1,501 | ||||||
| 501 | Dixons Carphone plc | 3,182 | ||||||
| 32 | Ensco plc, Class A | 1,305 | ||||||
| 423 | GlaxoSmithKline plc | 9,559 | ||||||
| 1,845 | HSBC Holdings plc | 18,809 | ||||||
| 179 | Imperial Tobacco Group plc | 7,792 | ||||||
| 1,357 | ITV plc | 4,410 | ||||||
| 125 | J Sainsbury plc (m) | 494 | ||||||
| 7,748 | Lloyds Banking Group plc (a) | 9,568 | ||||||
| 164 | Marks & Spencer Group plc | 1,065 | ||||||
| 58 | Next plc | 6,039 | ||||||
| 91 | Pearson plc | 1,707 | ||||||
| 194 | Persimmon plc (a) | 4,551 | ||||||
| 426 | Prudential plc (m) | 9,855 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 47 | ||||||
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United Kingdom — continued | ||||||||
| 38 | Randgold Resources Ltd. | 2,202 | ||||||
| 128 | Reckitt Benckiser Group plc | 10,777 | ||||||
| 53 | Rio Tinto Ltd. | 2,816 | ||||||
| 163 | Rio Tinto plc | 7,752 | ||||||
| 82 | Rolls-Royce Holdings plc (a) | 1,107 | ||||||
| 190 | SABMiller plc | 10,728 | ||||||
| 284 | Smith & Nephew plc (m) | 4,825 | ||||||
| 280 | SSE plc | 7,182 | ||||||
| 183 | Standard Chartered plc | 2,759 | ||||||
| 145 | Unilever N.V., CVA | 5,621 | ||||||
| 2,877 | Vodafone Group plc | 9,566 | ||||||
| 88 | Whitbread plc (m) | 6,172 | ||||||
| 250 | WPP plc | 4,885 | ||||||
|
| |||||||
| 254,181 | ||||||||
|
| |||||||
United States — 52.2% | ||||||||
| 336 | Abbott Laboratories (m) | 14,654 | ||||||
| 69 | AbbVie, Inc. | 4,409 | ||||||
| 28 | Actavis plc (a) | 6,888 | ||||||
| 148 | Adobe Systems, Inc. (a) | 10,389 | ||||||
| 79 | Aetna, Inc. | 6,478 | ||||||
| 544 | Alcoa, Inc. (m) | 9,119 | ||||||
| 43 | Alexion Pharmaceuticals, Inc. (a) | 8,137 | ||||||
| 30 | Allergan, Inc. | 5,663 | ||||||
| 17 | Alliance Data Systems Corp. (a) | 4,752 | ||||||
| 26 | Amazon.com, Inc. (a) | 7,803 | ||||||
| 15 | American Express Co. | 1,347 | ||||||
| 134 | American International Group, Inc. | 7,155 | ||||||
| 19 | American Tower Corp. (m) | 1,874 | ||||||
| 53 | Amgen, Inc. | 8,549 | ||||||
| 56 | Anadarko Petroleum Corp. | 5,158 | ||||||
| 661 | Apple, Inc. | 71,368 | ||||||
| 165 | Archer-Daniels-Midland Co. | 7,738 | ||||||
| 254 | AT&T, Inc. | 8,847 | ||||||
| 36 | Atmos Energy Corp. | 1,889 | ||||||
| 13 | AutoZone, Inc. (a) | 7,212 | ||||||
| 43 | AvalonBay Communities, Inc. (m) | 6,623 | ||||||
| 10 | Avery Dennison Corp. | 457 | ||||||
| 55 | Axiall Corp. | 2,200 | ||||||
| 95 | Baker Hughes, Inc. | 5,030 | ||||||
| 14 | Ball Corp. | 907 | ||||||
| 1,599 | Bank of America Corp. | 27,435 | ||||||
| 204 | BB&T Corp. | 7,715 | ||||||
| 116 | Berkshire Hathaway, Inc., Class B (a) | 16,260 | ||||||
| 49 | Biogen Idec, Inc. (a) | 15,891 | ||||||
| 24 | BlackRock, Inc. | 8,176 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued | ||||||||
| 54 | Boston Properties, Inc. (m) | 6,799 | ||||||
| 579 | Boston Scientific Corp. (a) | 7,684 | ||||||
| 283 | Bristol-Myers Squibb Co. | 16,474 | ||||||
| 107 | Brixmor Property Group, Inc. (m) | 2,611 | ||||||
| 247 | Broadcom Corp., Class A | 10,327 | ||||||
| 81 | Capital One Financial Corp. | 6,728 | ||||||
| 21 | CareFusion Corp. (a) | 1,203 | ||||||
| — | (h) | Catamaran Corp. (a) | 1 | |||||
| 34 | CBS Corp. (Non-Voting), Class B | 1,838 | ||||||
| 152 | Celgene Corp. (a) | 16,248 | ||||||
| 230 | CenterPoint Energy, Inc. | 5,639 | ||||||
| 359 | Charles Schwab Corp. (The) | 10,284 | ||||||
| 28 | Charter Communications, Inc., Class A (a) | 4,413 | ||||||
| 35 | Cheniere Energy, Inc. (a) | 2,633 | ||||||
| 241 | Chevron Corp. | 28,877 | ||||||
| 655 | Cisco Systems, Inc. | 16,020 | ||||||
| 446 | Citigroup, Inc. | 23,875 | ||||||
| 83 | Citrix Systems, Inc. (a) | 5,311 | ||||||
| 146 | CMS Energy Corp. | 4,784 | ||||||
| 548 | Coca-Cola Co. (The) | 22,935 | ||||||
| 77 | Coca-Cola Enterprises, Inc. | 3,325 | ||||||
| 180 | Cognizant Technology Solutions Corp., Class A (a) | 8,778 | ||||||
| 78 | Colgate-Palmolive Co. | 5,230 | ||||||
| 394 | Comcast Corp., Class A | 21,791 | ||||||
| 33 | ConocoPhillips | 2,387 | ||||||
| 94 | Constellation Brands, Inc., Class A (a) | 8,608 | ||||||
| 146 | Corning, Inc. | 2,980 | ||||||
| 90 | Costco Wholesale Corp. | 12,037 | ||||||
| 124 | Crown Holdings, Inc. (a) | 5,950 | ||||||
| 300 | CSX Corp. | 10,698 | ||||||
| 211 | CVS Health Corp. | 18,080 | ||||||
| 35 | Deere & Co. | 2,986 | ||||||
| 134 | Delta Air Lines, Inc. | 5,406 | ||||||
| 143 | DiamondRock Hospitality Co. (m) | 2,047 | ||||||
| 10 | DIRECTV (a) | 831 | ||||||
| 79 | DISH Network Corp., Class A (a) | 5,023 | ||||||
| 76 | Dollar General Corp. (a) | 4,786 | ||||||
| 67 | Dollar Tree, Inc. (a) | 4,081 | ||||||
| 113 | Dominion Resources, Inc. | 8,054 | ||||||
| 178 | Dow Chemical Co. (The) | 8,784 | ||||||
| 50 | Dr. Pepper Snapple Group, Inc. | 3,465 | ||||||
| 36 | Dunkin’ Brands Group, Inc. | 1,652 | ||||||
| 58 | E.I. du Pont de Nemours & Co. | 4,011 | ||||||
| 184 | Eaton Corp. plc | 12,612 | ||||||
| 53 | eBay, Inc. (a) | 2,783 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 48 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United States — continued | ||||||||
| 147 | Edison International | 9,186 | ||||||
| 52 | Eli Lilly & Co. | 3,417 | ||||||
| 144 | EMC Corp. | 4,132 | ||||||
| 219 | Emerson Electric Co. | 14,050 | ||||||
| 6 | Energizer Holdings, Inc. | 774 | ||||||
| 81 | Entergy Corp. | 6,797 | ||||||
| 89 | EOG Resources, Inc. | 8,483 | ||||||
| 46 | EQT Corp. | 4,323 | ||||||
| 53 | Estee Lauder Cos., Inc. (The), Class A | 3,947 | ||||||
| 228 | Exelon Corp. | 8,354 | ||||||
| 15 | Expedia, Inc. | 1,302 | ||||||
| 53 | Extra Space Storage, Inc. (m) | 3,081 | ||||||
| 403 | Exxon Mobil Corp. | 38,964 | ||||||
| 228 | Facebook, Inc., Class A (a) | 17,068 | ||||||
| 30 | FedEx Corp. | 5,082 | ||||||
| 95 | Fidelity National Information Services, Inc. | 5,572 | ||||||
| 15 | Flowserve Corp. | 1,022 | ||||||
| 145 | Fluor Corp. | 9,620 | ||||||
| 106 | Freeport-McMoRan, Inc. | 3,024 | ||||||
| 22 | Gap, Inc. (The) | 833 | ||||||
| 30 | General Dynamics Corp. | 4,165 | ||||||
| 646 | General Electric Co. | 16,677 | ||||||
| 304 | General Motors Co. | 9,532 | ||||||
| 123 | Gilead Sciences, Inc. (a) | 13,751 | ||||||
| 43 | Goldman Sachs Group, Inc. (The) | 8,251 | ||||||
| 35 | Google, Inc., Class A (a) | 19,699 | ||||||
| 39 | Google, Inc., Class C (a) | 21,899 | ||||||
| 202 | Halliburton Co. | 11,165 | ||||||
| 52 | Harman International Industries, Inc. | 5,594 | ||||||
| 163 | Hartford Financial Services Group, Inc. (The) | 6,442 | ||||||
| 40 | Hess Corp. | 3,380 | ||||||
| 242 | Hewlett-Packard Co. | 8,698 | ||||||
| 86 | Highwoods Properties, Inc. (m) | 3,681 | ||||||
| 11 | HollyFrontier Corp. | 504 | ||||||
| 226 | Home Depot, Inc. (The) | 22,001 | ||||||
| 175 | Honeywell International, Inc. (m) | 16,833 | ||||||
| 164 | Host Hotels & Resorts, Inc. (m) | 3,826 | ||||||
| 71 | Humana, Inc. | 9,793 | ||||||
| 61 | Ingersoll-Rand plc | 3,789 | ||||||
| 206 | Intel Corp. | 7,023 | ||||||
| 33 | Intercontinental Exchange, Inc. | 6,847 | ||||||
| 2 | IntercontinentalExchange Group, Inc. | 406 | ||||||
| 79 | International Business Machines Corp. | 12,924 | ||||||
| 218 | Invesco Ltd. | 8,836 | ||||||
| 376 | Johnson & Johnson | 40,573 | ||||||
| 29 | Johnson Controls, Inc. | 1,370 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued | ||||||||
| 55 | Kellogg Co. | 3,524 | ||||||
| 42 | Kilroy Realty Corp. (m) | 2,838 | ||||||
| 78 | Kimberly-Clark Corp. | 8,892 | ||||||
| 73 | KLA-Tencor Corp. | 5,760 | ||||||
| 58 | L-3 Communications Holdings, Inc. | 6,988 | ||||||
| 134 | Lam Research Corp. | 10,423 | ||||||
| 98 | Liberty Property Trust (m) | 3,395 | ||||||
| 247 | Lowe’s Cos., Inc. | 14,107 | ||||||
| 37 | Macy’s, Inc. | 2,139 | ||||||
| 13 | Mallinckrodt plc (a) | 1,215 | ||||||
| 230 | Marathon Oil Corp. | 8,157 | ||||||
| 26 | Marathon Petroleum Corp. | 2,377 | ||||||
| 27 | Marriott International, Inc., Class A | 2,066 | ||||||
| 160 | Marsh & McLennan Cos., Inc. | 8,679 | ||||||
| 26 | Martin Marietta Materials, Inc. | 3,048 | ||||||
| 157 | Masco Corp. | 3,464 | ||||||
| 29 | McDonald’s Corp. | 2,738 | ||||||
| 49 | McKesson Corp. | 9,928 | ||||||
| 375 | Merck & Co., Inc. | 21,707 | ||||||
| 237 | MetLife, Inc. | 12,865 | ||||||
| 1 | Micron Technology, Inc. (a) | 22 | ||||||
| 945 | Microsoft Corp. | 44,379 | ||||||
| 19 | Mid-America Apartment Communities, Inc. (a) (m) | 1,352 | ||||||
| 75 | Molson Coors Brewing Co., Class B | 5,562 | ||||||
| 420 | Mondelez International, Inc., Class A | 14,822 | ||||||
| 51 | Monsanto Co. | 5,826 | ||||||
| 389 | Morgan Stanley | 13,582 | ||||||
| 111 | Mosaic Co. (The) | 4,915 | ||||||
| 108 | NextEra Energy, Inc. | 10,859 | ||||||
| 167 | NiSource, Inc. | 7,013 | ||||||
| 78 | Norfolk Southern Corp. | 8,599 | ||||||
| 4 | NVR, Inc. (a) | 4,407 | ||||||
| 151 | Occidental Petroleum Corp. | 13,418 | ||||||
| 24 | Omnicom Group, Inc. | 1,736 | ||||||
| 365 | Oracle Corp. | 14,240 | ||||||
| 25 | Owens-Illinois, Inc. (a) | 655 | ||||||
| 187 | PACCAR, Inc. | 12,242 | ||||||
| 3 | Parker-Hannifin Corp. | 324 | ||||||
| 75 | PepsiCo, Inc. | 7,204 | ||||||
| 539 | Pfizer, Inc. | 16,136 | ||||||
| 215 | Philip Morris International, Inc. | 19,175 | ||||||
| 95 | Phillips 66 | 7,444 | ||||||
| 4 | Pioneer Natural Resources Co. | 796 | ||||||
| 121 | PNC Financial Services Group, Inc. (The) | 10,485 | ||||||
| 10 | Priceline Group, Inc. (The) (a) | 11,736 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 49 | ||||||
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands, except number of Futures contracts)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United States — continued | ||||||||
| 331 | Procter & Gamble Co. (The) | 28,878 | ||||||
| 155 | Prologis, Inc. (m) | 6,463 | ||||||
| 91 | Prudential Financial, Inc. | 8,061 | ||||||
| 325 | PulteGroup, Inc. | 6,241 | ||||||
| 41 | QEP Resources, Inc. | 1,032 | ||||||
| 276 | QUALCOMM, Inc. | 21,664 | ||||||
| 74 | Questar Corp. | 1,781 | ||||||
| 27 | Ralph Lauren Corp. | 4,492 | ||||||
| 246 | Regions Financial Corp. | 2,442 | ||||||
| 3 | Ross Stores, Inc. | 279 | ||||||
| 77 | Royal Caribbean Cruises Ltd. | 5,230 | ||||||
| 192 | Schlumberger Ltd. | 18,904 | ||||||
| 32 | Sealed Air Corp. | 1,144 | ||||||
| 60 | Sempra Energy | 6,605 | ||||||
| 18 | Sherwin-Williams Co. (The) | 4,208 | ||||||
| 63 | Simon Property Group, Inc. (m) | 11,297 | ||||||
| 9 | Snap-on, Inc. | 1,135 | ||||||
| 41 | SPX Corp. | 3,864 | ||||||
| 133 | Starbucks Corp. | 10,033 | ||||||
| 97 | State Street Corp. | 7,347 | ||||||
| 111 | Stryker Corp. | 9,673 | ||||||
| 9 | SVB Financial Group (a) | 984 | ||||||
| 48 | Teradyne, Inc. | 877 | ||||||
| 38 | Thermo Fisher Scientific, Inc. | 4,494 | ||||||
| 44 | Thomson Reuters Corp. | 1,626 | ||||||
| 12 | Tiffany & Co. | 1,155 | ||||||
| 30 | Time Warner Cable, Inc. | 4,421 | ||||||
| 205 | Time Warner, Inc. | 16,314 | ||||||
| 183 | TJX Cos., Inc. (The) | 11,567 | ||||||
| 26 | T-Mobile US, Inc. (a) | 762 | ||||||
| 20 | TRW Automotive Holdings Corp. (a) | 1,980 | ||||||
| 301 | Twenty-First Century Fox, Inc., Class A | 10,362 | ||||||
| 45 | Twenty-First Century Fox, Inc., Class B | 1,479 | ||||||
| 99 | U.S. Bancorp | 4,197 | ||||||
| 177 | Union Pacific Corp. | 20,622 | ||||||
| 126 | United Continental Holdings, Inc. (a) | 6,674 | ||||||
| 9 | United Parcel Service, Inc., Class B | 897 | ||||||
| 125 | United States Steel Corp. | 5,003 | ||||||
| 179 | United Technologies Corp. | 19,195 | ||||||
| 168 | UnitedHealth Group, Inc. | 15,935 | ||||||
| 140 | V.F. Corp. | 9,450 | ||||||
| 33 | Valeant Pharmaceuticals International, Inc. (a) | 4,431 | ||||||
| — | (h) | Veritiv Corp. (a) | — | (h) | ||||
| 511 | Verizon Communications, Inc. | 25,664 | ||||||
| 44 | Vertex Pharmaceuticals, Inc. (a) | 4,956 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued | ||||||||
| 86 | Visa, Inc., Class A | 20,787 | ||||||
| 28 | VMware, Inc., Class A (a) | 2,302 | ||||||
| 18 | W.W. Grainger, Inc. | 4,412 | ||||||
| 75 | Wal-Mart Stores, Inc. | 5,748 | ||||||
| 212 | Walt Disney Co. (The) | 19,395 | ||||||
| 690 | Wells Fargo & Co. | 36,625 | ||||||
| 156 | Xerox Corp. | 2,069 | ||||||
| 52 | Yum! Brands, Inc. | 3,724 | ||||||
|
| |||||||
| 1,868,001 | ||||||||
|
| |||||||
Total Common Stocks | 3,345,685 | |||||||
|
| |||||||
| Preferred Stocks — 0.4% |
| ||||||
Germany — 0.4% | ||||||||
| 102 | Henkel AG & Co. KGaA | 10,082 | ||||||
| 21 | Volkswagen AG | 4,564 | ||||||
|
| |||||||
| 14,646 | ||||||||
|
| |||||||
United Kingdom — 0.0% (g) | ||||||||
| 7,358 | Rolls-Royce Holdings plc (a) | 12 | ||||||
|
| |||||||
Total Preferred Stocks | 14,658 | |||||||
|
| |||||||
| NUMBER OF RIGHTS | ||||||||
| Rights — 0.0% (g) |
| ||||||
Spain — 0.0% (g) | ||||||||
| 1,087 | Banco Santander S.A., expiring 11/03/14 (a) | 207 | ||||||
|
| |||||||
| SHARES | ||||||||
| Short-Term Investment — 5.6% |
| ||||||
Investment Company — 5.6% | ||||||||
| 200,095 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 200,095 | ||||||
|
| |||||||
Total Investments — 99.5% | 3,560,645 | |||||||
Other Assets in Excess of | 17,068 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,577,713 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| 50 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 9.5 | % | ||
Pharmaceuticals | 7.3 | |||
Oil, Gas & Consumable Fuels | 6.9 | |||
Insurance | 4.0 | |||
Media | 3.0 | |||
Technology Hardware, Storage & Peripherals | 2.6 | |||
Software | 2.5 | |||
Capital Markets | 2.3 | |||
Beverages | 2.3 | |||
Diversified Telecommunication Services | 2.2 | |||
Road & Rail | 2.1 | |||
IT Services | 2.1 | |||
Aerospace & Defense | 2.0 | |||
Food Products | 2.0 | |||
Automobiles | 2.0 | |||
Biotechnology | 2.0 | |||
Specialty Retail | 1.9 | |||
Chemicals | 1.9 | |||
Metals & Mining | 1.9 | |||
| INDUSTRY | PERCENTAGE | |||
Household Products | 1.9 | % | ||
Real Estate Investment Trusts (REITs) | 1.9 | |||
Electric Utilities | 1.8 | |||
Internet Software & Services | 1.7 | |||
Food & Staples Retailing | 1.6 | |||
Semiconductors & Semiconductor Equipment | 1.4 | |||
Tobacco | 1.4 | |||
Multi-Utilities | 1.4 | |||
Communications Equipment | 1.3 | |||
Health Care Providers & Services | 1.3 | |||
Hotels, Restaurants & Leisure | 1.2 | |||
Machinery | 1.2 | |||
Health Care Equipment & Supplies | 1.2 | |||
Electrical Equipment | 1.2 | |||
Energy Equipment & Services | 1.1 | |||
Household Durables | 1.0 | |||
Others (each less than 1.0%) | 11.3 | |||
Short-Term Investment | 5.6 | |||
| Futures Contracts | ||||||||||||||||
| NUMBER OF CONTRACTS | DESCRIPTION | EXPIRATION DATE | NOTIONAL VALUE AT OCTOBER 31, 2014 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||
Long Futures Outstanding | ||||||||||||||||
| 176 | TOPIX Index | 12/11/14 | $ | 20,949 | $ | 1,844 | ||||||||||
| 86 | SPI 200 Index | 12/18/14 | 10,440 | 798 | ||||||||||||
| 536 | Dow Jones Euro STOXX 50 Index | 12/19/14 | 20,829 | 643 | ||||||||||||
| 1,402 | E-mini S&P 500 | 12/19/14 | 140,999 | 3,580 | ||||||||||||
|
| |||||||||||||||
| $ | 6,865 | |||||||||||||||
|
| |||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 51 | ||||||
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 91.9% | |||||||
Australia — 1.7% | ||||||||
| 821 | BHP Billiton Ltd. (m) | 24,562 | ||||||
| 639 | BHP Billiton plc | 16,497 | ||||||
|
| |||||||
| 41,059 | ||||||||
|
| |||||||
Belgium — 1.7% | ||||||||
| 378 | Anheuser-Busch InBev N.V. | 41,962 | ||||||
|
| |||||||
China — 2.6% | ||||||||
| 17,163 | China Construction Bank Corp., Class H | 12,805 | ||||||
| 9,587 | CNOOC Ltd. | 15,012 | ||||||
| 19,269 | Industrial & Commercial Bank of China Ltd., Class H | 12,794 | ||||||
| 1,571 | Ping An Insurance Group Co. of China Ltd., Class H | 12,843 | ||||||
| 3,146 | Wynn Macau Ltd. | 11,374 | ||||||
|
| |||||||
| 64,828 | ||||||||
|
| |||||||
Denmark — 0.9% | ||||||||
| 500 | Novo Nordisk A/S, Class B | 22,622 | ||||||
|
| |||||||
France — 11.6% | ||||||||
| 592 | Accor S.A. | 24,857 | ||||||
| 1,200 | AXA S.A. | 27,721 | ||||||
| 495 | BNP Paribas S.A. | 31,099 | ||||||
| 171 | Essilor International S.A. | 18,876 | ||||||
| 132 | Imerys S.A. | 9,459 | ||||||
| 138 | Kering | 26,552 | ||||||
| 306 | Lafarge S.A. | 21,224 | ||||||
| 157 | LVMH Moet Hennessy Louis Vuitton S.A. | 26,696 | ||||||
| 153 | Pernod Ricard S.A. | 17,458 | ||||||
| 361 | Sanofi | 32,718 | ||||||
| 360 | Schneider Electric SE | 28,347 | ||||||
| 319 | Technip S.A. | 23,027 | ||||||
|
| |||||||
| 288,034 | ||||||||
|
| |||||||
Germany — 5.9% | ||||||||
| 189 | Allianz SE | 30,000 | ||||||
| 283 | Bayer AG | 40,486 | ||||||
| 266 | Fresenius Medical Care AG & Co. KGaA | 19,520 | ||||||
| 102 | Linde AG | 18,912 | ||||||
| 16 | OSRAM Licht AG (a) | 546 | ||||||
| 555 | SAP SE | 37,807 | ||||||
|
| |||||||
| 147,271 | ||||||||
|
| |||||||
Hong Kong — 3.8% | ||||||||
| 2,326 | Cheung Kong Holdings Ltd. (m) | 41,292 | ||||||
| 5,920 | China Overseas Land & Investment Ltd. | 17,176 | ||||||
| 4,874 | Hang Lung Properties Ltd. | 15,220 | ||||||
| 3,383 | Sands China Ltd. | 21,099 | ||||||
|
| |||||||
| 94,787 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
India — 0.6% | ||||||||
| 302 | HDFC Bank Ltd., ADR | 15,849 | ||||||
|
| |||||||
Indonesia — 0.4% | ||||||||
| 19,565 | Astra International Tbk PT | 10,970 | ||||||
|
| |||||||
Israel — 1.0% | ||||||||
| 459 | Teva Pharmaceutical Industries Ltd., ADR | 25,935 | ||||||
|
| |||||||
Japan — 16.6% | ||||||||
| 2,063 | Astellas Pharma, Inc. | 32,011 | ||||||
| 347 | Daikin Industries Ltd. (m) | 21,659 | ||||||
| 255 | East Japan Railway Co. | 19,901 | ||||||
| 133 | FANUC Corp. | 23,422 | ||||||
| 853 | Honda Motor Co., Ltd. | 27,276 | ||||||
| 931 | Japan Tobacco, Inc. (m) | 31,779 | ||||||
| 1,208 | Komatsu Ltd. | 28,520 | ||||||
| 1,680 | Kubota Corp. | 26,742 | ||||||
| 360 | Makita Corp. (m) | 20,165 | ||||||
| 190 | Nidec Corp. | 12,527 | ||||||
| 390 | Nitto Denko Corp. | 21,109 | ||||||
| 316 | Shin-Etsu Chemical Co., Ltd. | 20,277 | ||||||
| 89 | SMC Corp. | 25,243 | ||||||
| 1,030 | Sumitomo Corp. | 10,991 | ||||||
| 794 | Sumitomo Mitsui Financial Group, Inc. | 32,370 | ||||||
| 801 | Toyota Motor Corp. | 48,190 | ||||||
| 3,124 | Yahoo! Japan Corp. | 11,253 | ||||||
|
| |||||||
| 413,435 | ||||||||
|
| |||||||
Netherlands — 6.7% | ||||||||
| 484 | Akzo Nobel N.V. | 32,299 | ||||||
| 305 | ASML Holding N.V. | 30,379 | ||||||
| 2,515 | ING Groep N.V., CVA (a) | 36,011 | ||||||
| 1,884 | Royal Dutch Shell plc, Class A | 67,388 | ||||||
|
| |||||||
| 166,077 | ||||||||
|
| |||||||
South Korea — 1.8% | ||||||||
| 49 | Hyundai Mobis Co., Ltd. | 11,429 | ||||||
| 57 | Samsung Electronics Co., Ltd., Reg. S, GDR | 33,107 | ||||||
|
| |||||||
| 44,536 | ||||||||
|
| |||||||
Switzerland — 13.7% | ||||||||
| 997 | ABB Ltd. (a) | 21,883 | ||||||
| 289 | Cie Financiere Richemont S.A. | 24,358 | ||||||
| 1,233 | Credit Suisse Group AG (a) | 32,858 | ||||||
| 5,018 | Glencore plc (a) | 25,744 | ||||||
| 194 | Holcim Ltd. (a) | 13,750 | ||||||
| 693 | Nestle S.A. | 50,787 | ||||||
| 547 | Novartis AG | 50,731 | ||||||
| 154 | Roche Holding AG | 45,486 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 52 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Switzerland — continued | ||||||||
| 3 | SGS S.A. (m) | 6,059 | ||||||
| 2,445 | UBS AG (a) | 42,506 | ||||||
| 89 | Zurich Insurance Group AG (a) | 26,950 | ||||||
|
| |||||||
| 341,112 | ||||||||
|
| |||||||
Taiwan — 1.0% | ||||||||
| 1,067 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 23,495 | ||||||
|
| |||||||
United Kingdom — 21.9% | ||||||||
| 334 | Aggreko plc | 8,151 | ||||||
| 1,668 | ARM Holdings plc | 23,619 | ||||||
| 9,982 | Barclays plc | 38,388 | ||||||
| 3,065 | BG Group plc | 51,080 | ||||||
| 632 | British American Tobacco plc | 35,808 | ||||||
| 1,041 | Burberry Group plc | 25,571 | ||||||
| 2,804 | Centrica plc | 13,601 | ||||||
| 6,010 | HSBC Holdings plc | 61,497 | ||||||
| 582 | Imperial Tobacco Group plc | 25,270 | ||||||
| 3,625 | Marks & Spencer Group plc | 23,605 | ||||||
| 2,105 | Meggitt plc | 15,202 | ||||||
| 1,958 | Prudential plc (m) | 45,336 | ||||||
| 317 | Rio Tinto Ltd. | 16,942 | ||||||
| 436 | Rio Tinto plc | 20,748 | ||||||
| 2,178 | Standard Chartered plc | 32,792 | ||||||
| 796 | Tullow Oil plc | 6,209 | ||||||
| 663 | Unilever plc | 26,679 | ||||||
| 11,911 | Vodafone Group plc | 39,610 | ||||||
| 1,731 | WPP plc | 33,808 | ||||||
|
| |||||||
| 543,916 | ||||||||
|
| |||||||
Total Common Stocks | 2,285,888 | |||||||
|
| |||||||
| Preferred Stocks — 2.4% | |||||||
Germany — 2.4% | ||||||||
| 215 | Henkel AG & Co. KGaA | 21,291 | ||||||
| 177 | Volkswagen AG | 37,934 | ||||||
|
| |||||||
| 59,225 | ||||||||
|
| |||||||
Total Preferred Stocks | 59,225 | |||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Short-Term Investment — 2.4% | |||||||
Investment Company — 2.4% | ||||||||
| 60,248 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 60,248 | ||||||
|
| |||||||
Total Investments — 96.7% | 2,405,361 | |||||||
Other Assets in Excess of | 81,429 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,486,790 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 11.4 | % | ||
Pharmaceuticals | 10.4 | |||
Insurance | 5.9 | |||
Oil, Gas & Consumable Fuels | 5.8 | |||
Automobiles | 5.2 | |||
Machinery | 5.2 | |||
Metals & Mining | 4.3 | |||
Textiles, Apparel & Luxury Goods | 4.3 | |||
Tobacco | 3.9 | |||
Chemicals | 3.8 | |||
Semiconductors & Semiconductor Equipment | 3.2 | |||
Food Products | 3.2 | |||
Capital Markets | 3.1 | |||
Real Estate Management & Development | 3.1 | |||
Electrical Equipment | 2.6 | |||
Beverages | 2.5 | |||
Hotels, Restaurants & Leisure | 2.4 | |||
Construction Materials | 1.8 | |||
Wireless Telecommunication Services | 1.6 | |||
Software | 1.6 | |||
Media | 1.4 | |||
Technology Hardware, Storage & Peripherals | 1.4 | |||
Multiline Retail | 1.0 | |||
Energy Equipment & Services | 1.0 | |||
Others (each less than 1.0%) | 7.4 | |||
Short-Term Investment | 2.5 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 53 | ||||||
JPMorgan International Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 96.2% |
| ||||||
Australia — 3.4% | ||||||||
| 1,083 | Australia & New Zealand Banking Group Ltd. | 32,058 | ||||||
| 2,739 | Goodman Group (m) | 13,373 | ||||||
| 2,058 | Westfield Corp. (m) | 14,462 | ||||||
|
| |||||||
| 59,893 | ||||||||
|
| |||||||
Belgium — 1.1% | ||||||||
| 141 | Solvay S.A. | 19,205 | ||||||
|
| |||||||
Canada — 0.6% | ||||||||
| 729 | First Quantum Minerals Ltd. | 11,003 | ||||||
|
| |||||||
China — 1.4% | ||||||||
| 2,672 | ENN Energy Holdings Ltd. | 17,337 | ||||||
| 6,840 | Sun Art Retail Group Ltd. | 7,332 | ||||||
|
| |||||||
| 24,669 | ||||||||
|
| |||||||
Denmark — 1.5% | ||||||||
| 947 | Danske Bank A/S | 26,016 | ||||||
|
| |||||||
Finland — 0.9% | ||||||||
| 1,166 | Stora Enso OYJ, Class R | 9,630 | ||||||
| 388 | UPM-Kymmene OYJ | 6,159 | ||||||
|
| |||||||
| 15,789 | ||||||||
|
| |||||||
France — 13.5% | ||||||||
| 220 | Air Liquide S.A. | 26,572 | ||||||
| 235 | Airbus Group N.V. | 14,041 | ||||||
| 838 | AXA S.A. | 19,350 | ||||||
| 487 | BNP Paribas S.A. | 30,577 | ||||||
| 249 | Cie de St-Gobain | 10,694 | ||||||
| 830 | GDF Suez | 20,154 | ||||||
| 359 | Publicis Groupe S.A. | 24,883 | ||||||
| 226 | Renault S.A. | 16,843 | ||||||
| 350 | Schneider Electric SE | 27,612 | ||||||
| 103 | Sodexo | 9,970 | ||||||
| 648 | Suez Environnement Co. | 10,924 | ||||||
| 162 | Thales S.A. | 8,068 | ||||||
| 152 | Valeo S.A. | 17,033 | ||||||
|
| |||||||
| 236,721 | ||||||||
|
| |||||||
Germany — 5.7% | ||||||||
| 258 | Bayer AG | 36,864 | ||||||
| 75 | Continental AG | 14,792 | ||||||
| 297 | Daimler AG | 23,189 | ||||||
| 370 | SAP SE | 25,228 | ||||||
|
| |||||||
| 100,073 | ||||||||
|
| |||||||
Hong Kong — 2.1% | ||||||||
| 6,436 | China Overseas Land & Investment Ltd. | 18,673 | ||||||
| 2,897 | Sands China Ltd. | 18,068 | ||||||
|
| |||||||
| 36,741 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Ireland — 0.8% | ||||||||
| 219 | Shire plc | 14,683 | ||||||
|
| |||||||
Italy — 0.7% | ||||||||
| 603 | Assicurazioni Generali S.p.A. | 12,366 | ||||||
|
| |||||||
Japan — 20.2% | ||||||||
| 444 | Daikin Industries Ltd. | 27,735 | ||||||
| 1,115 | Daiwa House Industry Co., Ltd. | 21,088 | ||||||
| 650 | Dentsu, Inc. | 24,148 | ||||||
| 1,132 | DMG Mori Seiki Co., Ltd. | 13,328 | ||||||
| 3,395 | Hitachi Ltd. | 26,676 | ||||||
| 608 | Japan Airlines Co., Ltd. | 16,321 | ||||||
| 679 | Japan Tobacco, Inc. | 23,150 | ||||||
| 44 | Keyence Corp. | 21,176 | ||||||
| 6,001 | Mitsubishi UFJ Financial Group, Inc. | 34,979 | ||||||
| 819 | Mitsui Fudosan Co., Ltd. | 26,344 | ||||||
| 330 | Nippon Telegraph & Telephone Corp. | 20,557 | ||||||
| 2,109 | Nomura Holdings, Inc. | 13,172 | ||||||
| 1,684 | ORIX Corp. | 23,374 | ||||||
| 308 | Seven & I Holdings Co., Ltd. | 12,041 | ||||||
| 631 | Sumitomo Mitsui Financial Group, Inc. | 25,718 | ||||||
| 1,169 | Yamato Holdings Co., Ltd. | 24,994 | ||||||
|
| |||||||
| 354,801 | ||||||||
|
| |||||||
Netherlands — 6.8% | ||||||||
| 228 | ASML Holding N.V. | 22,701 | ||||||
| 1,425 | ING Groep N.V., CVA (a) | 20,403 | ||||||
| 6,476 | Koninklijke KPN N.V. | 21,317 | ||||||
| 1,527 | Royal Dutch Shell plc, Class A | 54,608 | ||||||
|
| |||||||
| 119,029 | ||||||||
|
| |||||||
Norway — 1.6% | ||||||||
| 2,561 | Norsk Hydro ASA | 14,341 | ||||||
| 565 | Statoil ASA | 12,932 | ||||||
|
| |||||||
| 27,273 | ||||||||
|
| |||||||
South Korea — 0.9% | ||||||||
| 14 | Samsung Electronics Co., Ltd. | 16,480 | ||||||
|
| |||||||
Sweden — 1.3% | ||||||||
| 786 | Electrolux AB, Series B | 22,276 | ||||||
|
| |||||||
Switzerland — 14.2% | ||||||||
| 287 | Cie Financiere Richemont S.A. | 24,193 | ||||||
| 715 | Nestle S.A. | 52,445 | ||||||
| 536 | Novartis AG | 49,782 | ||||||
| 185 | Roche Holding AG | 54,491 | ||||||
| 191 | Swiss Re AG (a) | 15,449 | ||||||
| 1,417 | UBS AG (a) | 24,642 | ||||||
| 525 | Wolseley plc | 27,923 | ||||||
|
| |||||||
| 248,925 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 54 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued |
| ||||||
United Kingdom — 19.5% | ||||||||
| 885 | ARM Holdings plc | 12,532 | ||||||
| 441 | AstraZeneca plc | 32,246 | ||||||
| 1,725 | BG Group plc | 28,751 | ||||||
| 555 | British American Tobacco plc | 31,452 | ||||||
| 4,692 | HSBC Holdings plc | 47,835 | ||||||
| 531 | InterContinental Hotels Group plc | 20,169 | ||||||
| 2,940 | Kingfisher plc | 14,243 | ||||||
| 289 | Petrofac Ltd. | 4,892 | ||||||
| 1,528 | Prudential plc | 35,383 | ||||||
| 618 | Rio Tinto plc | 29,403 | ||||||
| 491 | SABMiller plc | 27,765 | ||||||
| 1,475 | Smith & Nephew plc | 25,041 | ||||||
| 10,018 | Vodafone Group plc | 33,316 | ||||||
|
| |||||||
| 343,028 | ||||||||
|
| |||||||
Total Common Stocks | 1,688,971 | |||||||
|
| |||||||
| Preferred Stock — 1.2% | |||||||
Germany — 1.2% | ||||||||
| 214 | Henkel AG & Co. KGaA | 21,170 | ||||||
|
| |||||||
| Short-Term Investment — 2.1% | |||||||
Investment Company — 2.1% | ||||||||
| 37,589 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 37,589 | ||||||
|
| |||||||
Total Investments — 99.5% | 1,747,730 | |||||||
Other Assets in Excess of | 8,116 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,755,846 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 12.4 | % | ||
Pharmaceuticals | 10.8 | |||
Oil, Gas & Consumable Fuels | 5.5 | |||
Insurance | 4.7 | |||
Real Estate Management & Development | 3.8 | |||
Metals & Mining | 3.1 | |||
Tobacco | 3.1 | |||
Food Products | 3.0 | |||
Media | 2.8 | |||
Hotels, Restaurants & Leisure | 2.8 | |||
Electronic Equipment, Instruments & Components | 2.7 | |||
Chemicals | 2.6 | |||
Diversified Telecommunication Services | 2.4 | |||
Automobiles | 2.3 | |||
Building Products | 2.2 | |||
Capital Markets | 2.2 | |||
Semiconductors & Semiconductor Equipment | 2.0 | |||
Wireless Telecommunication Services | 1.9 | |||
Auto Components | 1.8 | |||
Multi-Utilities | 1.8 | |||
Trading Companies & Distributors | 1.6 | |||
Real Estate Investment Trusts (REITs) | 1.6 | |||
Beverages | 1.6 | |||
Electrical Equipment | 1.6 | |||
Software | 1.4 | |||
Health Care Equipment & Supplies | 1.4 | |||
Air Freight & Logistics | 1.4 | |||
Textiles, Apparel & Luxury Goods | 1.4 | |||
Diversified Financial Services | 1.3 | |||
Household Durables | 1.3 | |||
Aerospace & Defense | 1.3 | |||
Household Products | 1.2 | |||
Food & Staples Retailing | 1.1 | |||
Gas Utilities | 1.0 | |||
Others (each less than 1.0%) | 4.7 | |||
Short-Term Investment | 2.2 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 55 | ||||||
JPMorgan International Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands, except number of Futures contracts)
| Futures Contracts | ||||||||||||||||
| NUMBER OF CONTRACTS | DESCRIPTION | EXPIRATION DATE | NOTIONAL VALUE AT OCTOBER 31, 2014 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||
Long Futures Outstanding | ||||||||||||||||
| 214 | Dow Jones Euro STOXX 50 Index | 12/19/14 | $ | 8,316 | $ | (17 | ) | |||||||||
| 81 | FTSE 100 Index | 12/19/14 | 8,430 | (28 | ) | |||||||||||
|
| |||||||||||||||
| $ | (45 | ) | ||||||||||||||
|
| |||||||||||||||
| Forward Foreign Currency Exchange Contracts | ||||||||||||||||||||||
| CONTRACTS TO BUY | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2014 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 4,449 | CAD | |||||||||||||||||||||
| 2,477 | for GBP | Citibank, N.A. | 11/06/14 | 3,961 | # | 3,947 | # | (14 | ) | |||||||||||||
| 545,633 | JPY | |||||||||||||||||||||
| 3,179 | for GBP | Citibank, N.A. | 11/06/14 | 5,085 | # | 4,858 | # | (227 | ) | |||||||||||||
| 519,617 | JPY | |||||||||||||||||||||
| 2,918 | for GBP | HSBC Bank, N.A. | 11/06/14 | 4,667 | # | 4,626 | # | (41 | ) | |||||||||||||
| 86,655 | AUD | Westpac Banking Corp. | 11/06/14 | 80,659 | 76,245 | (4,414 | ) | |||||||||||||||
| 86,655 | AUD | Union Bank of Switzerland AG | 02/04/15 | 76,034 | 75,751 | (283 | ) | |||||||||||||||
| 4,482 | CAD | Australia and New Zealand Banking Group Limited | 02/04/15 | 3,950 | 3,967 | 17 | ||||||||||||||||
| 30,279 | DKK | Credit Suisse International | 11/06/14 | 5,222 | 5,098 | (124 | ) | |||||||||||||||
| 46,717 | DKK | Commonwealth Bank of Australia | 02/04/15 | 7,973 | 7,871 | (102 | ) | |||||||||||||||
| 6,365 | EUR | Australia and New Zealand Banking Group Limited | 11/06/14 | 8,507 | 7,977 | (530 | ) | |||||||||||||||
| 6,700 | EUR | Barclays Bank plc | 11/06/14 | 8,635 | 8,396 | (239 | ) | |||||||||||||||
| 12,356 | EUR | Goldman Sachs International | 11/06/14 | 15,845 | 15,483 | (362 | ) | |||||||||||||||
| 3,403 | EUR | State Street Corp. | 11/06/14 | 4,559 | 4,265 | (294 | ) | |||||||||||||||
| 10,563 | EUR | TD Bank Financial Group | 11/06/14 | 14,041 | 13,237 | (804 | ) | |||||||||||||||
| 10,434 | EUR | Australia and New Zealand Banking Group Limited | 02/04/15 | 13,310 | 13,083 | (227 | ) | |||||||||||||||
| 4,315 | GBP | Credit Suisse International | 11/06/14 | 7,152 | 6,903 | (249 | ) | |||||||||||||||
| 4,471 | GBP | Goldman Sachs International | 11/06/14 | 7,531 | 7,152 | (379 | ) | |||||||||||||||
| 3,419 | GBP | Royal Bank of Canada | 11/06/14 | 5,577 | 5,469 | (108 | ) | |||||||||||||||
| 17,566 | GBP | Royal Bank of Scotland | 11/06/14 | 29,605 | 28,100 | (1,505 | ) | |||||||||||||||
| 856,917 | JPY | Australia and New Zealand Banking Group Limited | 11/06/14 | 8,368 | 7,629 | (739 | ) | |||||||||||||||
| 502,646 | JPY | HSBC Bank, N.A. | 11/06/14 | 4,910 | 4,475 | (435 | ) | |||||||||||||||
| 757,240 | JPY | Morgan Stanley | 11/06/14 | 7,203 | 6,742 | (461 | ) | |||||||||||||||
| 927,766 | JPY | Standard Chartered Bank | 11/06/14 | 9,073 | 8,260 | (813 | ) | |||||||||||||||
| 373,419 | JPY | State Street Corp. | 11/06/14 | 3,647 | 3,325 | (322 | ) | |||||||||||||||
| 743,427 | JPY | TD Bank Financial Group | 11/06/14 | 7,156 | 6,619 | (537 | ) | |||||||||||||||
| 683,366 | JPY | Union Bank of Switzerland AG | 11/06/14 | 6,654 | 6,084 | (570 | ) | |||||||||||||||
| 889,687 | JPY | Australia and New Zealand Banking Group Limited | 02/04/15 | 8,257 | 7,929 | (328 | ) | |||||||||||||||
| 1,236,561 | JPY | HSBC Bank, N.A. | 02/04/15 | 11,069 | 11,021 | (48 | ) | |||||||||||||||
| 57,649 | SEK | Credit Suisse International | 11/06/14 | 8,363 | 7,807 | (556 | ) | |||||||||||||||
| 35,727 | SEK | Standard Chartered Bank | 11/06/14 | 5,174 | 4,838 | (336 | ) | |||||||||||||||
| 132,190 | SEK | Westpac Banking Corp. | 11/06/14 | 19,160 | 17,902 | (1,258 | ) | |||||||||||||||
| 32,179 | SGD | Westpac Banking Corp. | 11/06/14 | 25,806 | 25,047 | (759 | ) | |||||||||||||||
| $ | 427,153 | $ | 410,106 | $ | (17,047 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 56 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| CONTRACTS TO SELL | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2014 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 86,655 | AUD | Union Bank of Switzerland AG | 11/06/14 | $ | 76,517 | $ | 76,245 | $ | 272 | |||||||||||||
| 17,715 | CAD | Australia and New Zealand Banking Group Limited | 11/06/14 | 16,263 | 15,718 | 545 | ||||||||||||||||
| 31,871 | CHF | Australia and New Zealand Banking Group Limited | 11/06/14 | 35,147 | 33,125 | 2,022 | ||||||||||||||||
| 13,735 | CHF | HSBC Bank, N.A. | 11/06/14 | 15,177 | 14,274 | 903 | ||||||||||||||||
| 11,209 | CHF | Royal Bank of Canada | 11/06/14 | 12,004 | 11,650 | 354 | ||||||||||||||||
| 4,592 | CHF | Standard Chartered Bank | 11/06/14 | 4,793 | 4,773 | 20 | ||||||||||||||||
| 36,729 | DKK | Westpac Banking Corp. | 11/06/14 | 6,596 | 6,184 | 412 | ||||||||||||||||
| 8,900 | EUR | Royal Bank of Canada | 11/06/14 | 11,921 | 11,153 | 768 | ||||||||||||||||
| 20,946 | EUR | Royal Bank of Scotland | 11/06/14 | 27,954 | 26,249 | 1,705 | ||||||||||||||||
| 15,672 | EUR | Standard Chartered Bank | 11/06/14 | 20,408 | 19,640 | 768 | ||||||||||||||||
| 10,882 | EUR | Union Bank of Switzerland AG | 11/06/14 | 14,522 | 13,637 | 885 | ||||||||||||||||
| 4,330 | EUR | Westpac Banking Corp. | 11/06/14 | 5,814 | 5,426 | 388 | ||||||||||||||||
| 5,518 | GBP | Australia and New Zealand Banking Group Limited | 11/06/14 | 9,266 | 8,826 | 440 | ||||||||||||||||
| 7,455 | GBP | Credit Suisse International | 11/06/14 | 12,410 | 11,924 | 486 | ||||||||||||||||
| 2,282 | GBP | Societe Generale | 11/06/14 | 3,816 | 3,651 | 165 | ||||||||||||||||
| 4,958 | GBP | Standard Chartered Bank | 11/06/14 | 8,024 | 7,931 | 93 | ||||||||||||||||
| 8,320 | GBP | Westpac Banking Corp. | 11/06/14 | 13,402 | 13,310 | 92 | ||||||||||||||||
| 6,996 | GBP | Barclays Bank plc | 02/04/15 | 11,278 | 11,183 | 95 | ||||||||||||||||
| 42,714 | HKD | Westpac Banking Corp. | 11/06/14 | 5,512 | 5,508 | 4 | ||||||||||||||||
| 41,297 | HKD | Westpac Banking Corp. | 02/04/15 | 5,325 | 5,325 | — | (h) | |||||||||||||||
| 2,536,874 | JPY | Australia and New Zealand Banking Group Limited | 11/06/14 | 24,679 | 22,586 | 2,093 | ||||||||||||||||
| 826,113 | JPY | Barclays Bank plc | 11/06/14 | 7,599 | 7,355 | 244 | ||||||||||||||||
| 1,236,561 | JPY | HSBC Bank, N.A. | 11/06/14 | 11,056 | 11,009 | 47 | ||||||||||||||||
| 877,063 | JPY | Royal Bank of Scotland | 11/06/14 | �� | 8,468 | 7,808 | 660 | |||||||||||||||
| 433,422 | JPY | Societe Generale | 11/06/14 | 4,226 | 3,858 | 368 | ||||||||||||||||
| 90,635 | NOK | Westpac Banking Corp. | 11/06/14 | 14,370 | 13,437 | 933 | ||||||||||||||||
| $ | 386,547 | $ | 371,785 | $ | 14,762 | |||||||||||||||||
|
| |||||||||||||||||||||
| # | For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2014 of the currency being sold, and the value at October 31, 2014 is the U.S. dollar market value of the currency being purchased. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 57 | ||||||
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 94.1% |
| ||||||
Australia — 5.9% | ||||||||
| 515 | AMP Ltd. | 2,653 | ||||||
| 241 | Australia & New Zealand Banking Group Ltd. | 7,145 | ||||||
| 449 | BGP Holdings plc (a) (i) | — | (h) | |||||
| 238 | BHP Billiton Ltd. | 7,122 | ||||||
| 41 | BHP Billiton plc | 1,050 | ||||||
| 77 | Commonwealth Bank of Australia | 5,462 | ||||||
| 2,034 | Dexus Property Group (m) | 2,174 | ||||||
| 696 | Goodman Group (m) | 3,397 | ||||||
| 114 | Insurance Australia Group Ltd. | 662 | ||||||
| 40 | National Australia Bank Ltd. | 1,228 | ||||||
| 91 | Origin Energy Ltd. | 1,142 | ||||||
| 577 | Scentre Group (a) (m) | 1,840 | ||||||
| 108 | Wesfarmers Ltd. | 4,210 | ||||||
| 78 | Westpac Banking Corp. | 2,398 | ||||||
|
| |||||||
| 40,483 | ||||||||
|
| |||||||
Belgium — 0.8% | ||||||||
| 33 | Delhaize Group S.A. | 2,256 | ||||||
| 22 | Solvay S.A. | 2,990 | ||||||
|
| |||||||
| 5,246 | ||||||||
|
| |||||||
Denmark — 2.5% | ||||||||
| 2 | AP Moeller - Maersk A/S, Class B | 3,542 | ||||||
| 47 | Chr Hansen Holding A/S | 1,909 | ||||||
| 103 | Danske Bank A/S | 2,820 | ||||||
| 137 | Novo Nordisk A/S, Class B | 6,207 | ||||||
| 311 | TDC A/S | 2,375 | ||||||
|
| |||||||
| 16,853 | ||||||||
|
| |||||||
Finland — 0.8% | ||||||||
| 59 | Cargotec Oyj | 1,795 | ||||||
| 156 | Outokumpu OYJ (a) | 885 | ||||||
| 173 | UPM-Kymmene OYJ | 2,747 | ||||||
|
| |||||||
| 5,427 | ||||||||
|
| |||||||
France — 10.5% | ||||||||
| 50 | Air Liquide S.A. | 6,028 | ||||||
| 97 | Airbus Group N.V. | 5,784 | ||||||
| 186 | �� | Altran Technologies S.A. | 1,825 | |||||
| 202 | AXA S.A. | 4,662 | ||||||
| 71 | BNP Paribas S.A. | 4,478 | ||||||
| 21 | Cie de St-Gobain | 899 | ||||||
| 170 | Credit Agricole S.A. | 2,512 | ||||||
| 82 | Electricite de France S.A. | 2,409 | ||||||
| 215 | GDF Suez | 5,226 | ||||||
| 16 | Kering | 3,179 | ||||||
| 38 | Lafarge S.A. | 2,650 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
France — continued | ||||||||
| 8 | L’Oreal S.A. | 1,223 | ||||||
| 46 | Publicis Groupe S.A. | 3,192 | ||||||
| 43 | Renault S.A. | 3,219 | ||||||
| 82 | Sanofi | 7,482 | ||||||
| 66 | Schneider Electric SE | 5,176 | ||||||
| 67 | Societe Generale S.A. | 3,210 | ||||||
| 5 | Sodexo | 466 | ||||||
| 42 | Thales S.A. | 2,106 | ||||||
| 108 | Total S.A. | 6,477 | ||||||
|
| |||||||
| 72,203 | ||||||||
|
| |||||||
Germany — 8.4% | ||||||||
| 40 | Allianz SE | 6,379 | ||||||
| 49 | BASF SE | 4,356 | ||||||
| 73 | Bayer AG | 10,492 | ||||||
| 47 | Bayerische Motoren Werke AG | 5,008 | ||||||
| 49 | Brenntag AG | 2,364 | ||||||
| 13 | Continental AG | 2,580 | ||||||
| 43 | Deutsche Bank AG | 1,351 | ||||||
| 297 | Deutsche Telekom AG | 4,473 | ||||||
| 93 | E.ON SE | 1,610 | ||||||
| 45 | HeidelbergCement AG | 3,089 | ||||||
| 38 | Metro AG (a) | 1,196 | ||||||
| 6 | Muenchener Rueckversicherungs-Gesellschaft AG | 1,223 | ||||||
| 75 | SAP SE | 5,086 | ||||||
| 36 | Siemens AG | 4,037 | ||||||
| 267 | Sky Deutschland AG (a) | 2,255 | ||||||
| 147 | TUI AG | 2,245 | ||||||
|
| |||||||
| 57,744 | ||||||||
|
| |||||||
Hong Kong — 3.1% | ||||||||
| 262 | AIA Group Ltd. | 1,463 | ||||||
| 197 | Cheung Kong Holdings Ltd. | 3,500 | ||||||
| 235 | Hang Seng Bank Ltd. | 3,984 | ||||||
| 352 | Hutchison Whampoa Ltd. | 4,467 | ||||||
| 331 | Power Assets Holdings Ltd. | 3,196 | ||||||
| 535 | Sands China Ltd. | 3,335 | ||||||
| 185 | Wharf Holdings Ltd. (The) | 1,371 | ||||||
|
| |||||||
| 21,316 | ||||||||
|
| |||||||
Ireland — 1.0% | ||||||||
| 50 | Ryanair Holdings plc, ADR (a) | 2,803 | ||||||
| 60 | Shire plc | 4,000 | ||||||
|
| |||||||
| 6,803 | ||||||||
|
| |||||||
Israel — 0.4% | ||||||||
| 45 | Teva Pharmaceutical Industries Ltd., ADR | 2,556 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 58 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued |
| ||||||
Italy — 2.2% | ||||||||
| 213 | Assicurazioni Generali S.p.A. | 4,379 | ||||||
| 1,079 | Enel Green Power S.p.A. | 2,652 | ||||||
| 413 | Enel S.p.A. | 2,109 | ||||||
| 65 | Eni S.p.A. | 1,390 | ||||||
| 570 | Telecom Italia S.p.A. (a) | 646 | ||||||
| 551 | UniCredit S.p.A. | 3,988 | ||||||
|
| |||||||
| 15,164 | ||||||||
|
| |||||||
Japan — 21.1% | ||||||||
| 249 | Amada Co., Ltd. | 2,175 | ||||||
| 27 | Central Japan Railway Co. | 3,982 | ||||||
| 223 | Daicel Corp. | 2,571 | ||||||
| 44 | Daikin Industries Ltd. (m) | 2,762 | ||||||
| 109 | Daiwa House Industry Co., Ltd. | 2,055 | ||||||
| 57 | Dentsu, Inc. | 2,130 | ||||||
| 142 | DMG Mori Seiki Co., Ltd. | 1,677 | ||||||
| 49 | East Japan Railway Co. | 3,804 | ||||||
| 78 | Electric Power Development Co., Ltd. | 2,728 | ||||||
| 568 | Fujitsu Ltd. | 3,454 | ||||||
| 564 | Hitachi Ltd. | 4,432 | ||||||
| 36 | Honda Motor Co., Ltd. | 1,145 | ||||||
| 171 | Inpex Corp. | 2,192 | ||||||
| 96 | Japan Tobacco, Inc. (m) | 3,269 | ||||||
| 124 | JFE Holdings, Inc. | 2,465 | ||||||
| 531 | JX Holdings, Inc. | 2,273 | ||||||
| 9 | Keyence Corp. | 4,119 | ||||||
| 258 | Kirin Holdings Co., Ltd. | 3,348 | ||||||
| 229 | Kyowa Hakko Kirin Co., Ltd. | 2,666 | ||||||
| 33 | Mabuchi Motor Co., Ltd. | 2,885 | ||||||
| 110 | Mazda Motor Corp. (m) | 2,592 | ||||||
| 144 | Medipal Holdings Corp. | 1,591 | ||||||
| 1,157 | Mitsubishi UFJ Financial Group, Inc. | 6,744 | ||||||
| 94 | Mitsui & Co., Ltd. | 1,426 | ||||||
| 119 | Mitsui Fudosan Co., Ltd. | 3,819 | ||||||
| 128 | MS&AD Insurance Group Holdings, Inc. | 2,767 | ||||||
| 84 | NGK Spark Plug Co., Ltd. | 2,195 | ||||||
| 573 | Nippon Steel & Sumitomo Metal Corp. | 1,512 | ||||||
| 63 | Nippon Telegraph & Telephone Corp. | 3,920 | ||||||
| 688 | Nishi-Nippon City Bank Ltd. (The) | 1,886 | ||||||
| 38 | Nitori Holdings Co., Ltd. | 2,439 | ||||||
| 204 | Nomura Holdings, Inc. | 1,274 | ||||||
| 199 | ORIX Corp. | 2,768 | ||||||
| 95 | Otsuka Holdings Co., Ltd. | 3,343 | ||||||
| 228 | Ricoh Co., Ltd. | 2,353 | ||||||
| 221 | Sekisui Chemical Co., Ltd. | 2,754 | ||||||
| 89 | Seven & I Holdings Co., Ltd. | 3,488 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued | ||||||||
| 78 | SoftBank Corp. | 5,707 | ||||||
| 139 | Sony Corp. | 2,750 | ||||||
| 611 | Sumitomo Bakelite Co., Ltd. | 2,404 | ||||||
| 59 | Sumitomo Corp. | 632 | ||||||
| 121 | Sumitomo Mitsui Financial Group, Inc. | 4,943 | ||||||
| 82 | Sumitomo Rubber Industries Ltd. | 1,126 | ||||||
| 67 | Suntory Beverage & Food Ltd. | 2,372 | ||||||
| 70 | Suzuken Co., Ltd. | 1,887 | ||||||
| 295 | Takashimaya Co., Ltd. | 2,513 | ||||||
| 495 | Tokyo Gas Co., Ltd. | 2,853 | ||||||
| 192 | Toyota Motor Corp. | 11,561 | ||||||
| 113 | Yamato Holdings Co., Ltd. | 2,405 | ||||||
|
| |||||||
| 144,156 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
| 148 | ArcelorMittal | 1,939 | ||||||
|
| |||||||
Netherlands — 2.6% | ||||||||
| 28 | ASML Holding N.V. | 2,752 | ||||||
| 243 | Royal Dutch Shell plc, Class A | 8,680 | ||||||
| 165 | Royal Dutch Shell plc, Class B | 6,092 | ||||||
|
| |||||||
| 17,524 | ||||||||
|
| |||||||
New Zealand — 0.5% | ||||||||
| 195 | Auckland International Airport Ltd. | 591 | ||||||
| 1,168 | Spark New Zealand Ltd. | 2,882 | ||||||
|
| |||||||
| 3,473 | ||||||||
|
| |||||||
Norway — 1.1% | ||||||||
| 148 | DNB ASA | 2,713 | ||||||
| 461 | Norsk Hydro ASA | 2,582 | ||||||
| 96 | Telenor ASA | 2,155 | ||||||
|
| |||||||
| 7,450 | ||||||||
|
| |||||||
Portugal — 0.4% | ||||||||
| 600 | EDP - Energias de Portugal S.A. | 2,583 | ||||||
|
| |||||||
Singapore — 0.8% | ||||||||
| 276 | DBS Group Holdings Ltd. | 3,970 | ||||||
| 259 | Singapore Exchange Ltd. | 1,411 | ||||||
|
| |||||||
| 5,381 | ||||||||
|
| |||||||
Spain — 3.0% | ||||||||
| 110 | Banco Bilbao Vizcaya Argentaria S.A. | 1,236 | ||||||
| 287 | Banco Popular Espanol S.A. | 1,646 | ||||||
| 328 | Banco Santander S.A. | 2,896 | ||||||
| 1,198 | Bankia S.A. (a) | 2,149 | ||||||
| 327 | Distribuidora Internacional de Alimentacion S.A. | 2,080 | ||||||
| 237 | Iberdrola S.A. | 1,675 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 59 | ||||||
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands, except number of Futures contracts)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued |
| ||||||
Spain — continued | ||||||||
| 155 | Repsol S.A. | 3,468 | ||||||
| 346 | Telefonica S.A. | 5,211 | ||||||
|
| |||||||
| 20,361 | ||||||||
|
| |||||||
Sweden — 2.1% | ||||||||
| 51 | Assa Abloy AB, Class B | 2,714 | ||||||
| 98 | Electrolux AB, Series B | 2,784 | ||||||
| 309 | Nordea Bank AB | 3,978 | ||||||
| 403 | Telefonaktiebolaget LM Ericsson, Class B | 4,760 | ||||||
|
| |||||||
| 14,236 | ||||||||
|
| |||||||
Switzerland — 7.8% | ||||||||
| 37 | Cie Financiere Richemont S.A. | 3,132 | ||||||
| 45 | Credit Suisse Group AG (a) | 1,204 | ||||||
| 132 | Glencore plc (a) | 675 | ||||||
| 122 | Logitech International S.A. (a) | 1,728 | ||||||
| 191 | Nestle S.A. | 14,025 | ||||||
| 118 | Novartis AG | 10,952 | ||||||
| 36 | Roche Holding AG | 10,481 | ||||||
| 33 | Swiss Re AG (a) | 2,685 | ||||||
| 368 | UBS AG (a) | 6,392 | ||||||
| 44 | Wolseley plc | 2,361 | ||||||
|
| |||||||
| 53,635 | ||||||||
|
| |||||||
United Kingdom — 18.8% | ||||||||
| 536 | 3i Group plc | 3,409 | ||||||
| 67 | Anglo American plc | 1,404 | ||||||
| 58 | Associated British Foods plc | 2,572 | ||||||
| 97 | AstraZeneca plc (m) | 7,112 | ||||||
| 446 | Aviva plc | 3,733 | ||||||
| 1,507 | Barclays plc | 5,796 | ||||||
| 338 | Barratt Developments plc (m) | 2,274 | ||||||
| 276 | BG Group plc | 4,606 | ||||||
| 828 | BP plc (m) | 5,958 | ||||||
| 149 | British American Tobacco plc | 8,425 | ||||||
| 623 | BT Group plc | 3,674 | ||||||
| 1,198 | Debenhams plc | 1,244 | ||||||
| 82 | Diageo plc | 2,407 | ||||||
| 308 | Dixons Carphone plc | 1,956 | ||||||
| 265 | Domino’s Pizza Group plc | 2,702 | ||||||
| 419 | Friends Life Group Ltd. | 2,175 | ||||||
| 148 | GlaxoSmithKline plc | 3,348 | ||||||
| 3 | Hargreaves Lansdown plc | 53 | ||||||
| 1,148 | HSBC Holdings plc | 11,716 | ||||||
| 62 | InterContinental Hotels Group plc | 2,369 | ||||||
| 1,108 | ITV plc | 3,599 | ||||||
| 2,747 | Lloyds Banking Group plc (a) | 3,392 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United Kingdom — continued | ||||||||
| 270 | Marks & Spencer Group plc | 1,759 | ||||||
| 123 | Prudential plc (m) | 2,859 | ||||||
| 56 | Reckitt Benckiser Group plc (m) | 4,753 | ||||||
| 59 | Rio Tinto Ltd. | 3,146 | ||||||
| 53 | Rio Tinto plc | 2,508 | ||||||
| 123 | SABMiller plc | 6,939 | ||||||
| 693 | SIG plc | 1,624 | ||||||
| 172 | Smith & Nephew plc (m) | 2,917 | ||||||
| 101 | SSE plc | 2,598 | ||||||
| 78 | Standard Chartered plc | 1,181 | ||||||
| 179 | Tesco plc (m) | 497 | ||||||
| 157 | Unilever N.V., CVA | 6,074 | ||||||
| 1,668 | Vodafone Group plc | 5,545 | ||||||
| 33 | Whitbread plc (m) | 2,295 | ||||||
|
| |||||||
| 128,619 | ||||||||
|
| |||||||
Total Common Stocks | 643,152 | |||||||
|
| |||||||
| Preferred Stocks — 1.4% |
| ||||||
Germany — 1.4% | ||||||||
| 55 | Henkel AG & Co. KGaA | 5,415 | ||||||
| 20 | Volkswagen AG | 4,373 | ||||||
|
| |||||||
| 9,788 | ||||||||
|
| |||||||
Total Preferred Stocks | 9,788 | |||||||
|
| |||||||
| NUMBER OF RIGHTS | ||||||||
| Rights — 0.0% (g) |
| ||||||
Spain — 0.0% (g) | ||||||||
| 328 | Banco Santander S.A., 1.000%, , expiring 11/03/14 (a) | 62 | ||||||
|
| |||||||
| SHARES | ||||||||
| Short-Term Investment — 2.9% |
| ||||||
Investment Company — 2.9% | ||||||||
| 19,510 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) | 19,510 | ||||||
|
| |||||||
Total Investments — 98.4% | 672,512 | |||||||
Other Assets in Excess of | 10,992 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 683,504 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| 60 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 13.6 | % | ||
Pharmaceuticals | 10.2 | |||
Oil, Gas & Consumable Fuels | 6.3 | |||
Insurance | 5.3 | |||
Automobiles | 4.1 | |||
Diversified Telecommunication Services | 3.8 | |||
Metals & Mining | 3.8 | |||
Food Products | 3.4 | |||
Chemicals | 3.0 | |||
Beverages | 2.2 | |||
Electric Utilities | 2.2 | |||
Food & Staples Retailing | 2.0 | |||
Capital Markets | 2.0 | |||
Hotels, Restaurants & Leisure | 2.0 | |||
Tobacco | 1.7 | |||
| INDUSTRY | PERCENTAGE | |||
Wireless Telecommunication Services | 1.7 | % | ||
Media | 1.7 | |||
Real Estate Management & Development | 1.6 | |||
Household Durables | 1.6 | |||
Household Products | 1.5 | |||
Electronic Equipment, Instruments & Components | 1.3 | |||
Industrial Conglomerates | 1.3 | |||
Trading Companies & Distributors | 1.3 | |||
Electrical Equipment | 1.2 | |||
Aerospace & Defense | 1.2 | |||
Road & Rail | 1.2 | |||
Real Estate Investment Trusts (REITs) | 1.1 | |||
Multi-Utilities | 1.0 | |||
Others (each less than 1.0%) | 13.8 | |||
Short-Term Investment | 2.9 | |||
| Futures Contracts | ||||||||||||||||
| NUMBER OF CONTRACTS | DESCRIPTION | EXPIRATION DATE | NOTIONAL VALUE AT OCTOBER 31, 2014 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||
Long Futures Outstanding | ||||||||||||||||
| 30 | TOPIX Index | 12/11/14 | $ | 3,571 | $ | 101 | ||||||||||
| 16 | SPI 200 Index | 12/18/14 | 1,942 | 26 | ||||||||||||
| 315 | Dow Jones Euro STOXX 50 Index | 12/19/14 | 12,241 | (86 | ) | |||||||||||
| 78 | FTSE 100 Index | 12/19/14 | 8,118 | (49 | ) | |||||||||||
|
| |||||||||||||||
| $ | (8 | ) | ||||||||||||||
|
| |||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 61 | ||||||
JPMorgan International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 99.9% |
| ||||||
Canada — 4.6% | ||||||||
| 1 | Canadian National Railway Co. | 93 | ||||||
| 1 | MEG Energy Corp. (a) | 35 | ||||||
| 2 | Suncor Energy, Inc. | 82 | ||||||
|
| |||||||
| 210 | ||||||||
|
| |||||||
China — 8.1% | ||||||||
| 13 | Anhui Conch Cement Co., Ltd., Class H | 43 | ||||||
| 1 | Baidu, Inc., ADR (a) | 175 | ||||||
| 19 | Ping An Insurance Group Co. of China Ltd., Class H | 151 | ||||||
|
| |||||||
| 369 | ||||||||
|
| |||||||
France — 10.2% | ||||||||
| 3 | Accor S.A. | 138 | ||||||
| 6 | AXA S.A. | 138 | ||||||
| — | (h) | Sanofi | 41 | |||||
| 2 | Schneider Electric SE | 147 | ||||||
|
| |||||||
| 464 | ||||||||
|
| |||||||
Germany — 8.0% | ||||||||
| 1 | Allianz SE | 94 | ||||||
| — | (h) | Bayer AG | 52 | |||||
| 2 | Fresenius SE & Co. KGaA | 92 | ||||||
| 2 | SAP SE | 127 | ||||||
|
| |||||||
| 365 | ||||||||
|
| |||||||
Hong Kong — 5.0% | ||||||||
| 8 | Cheung Kong Holdings Ltd. | 142 | ||||||
| 14 | Sands China Ltd. | 85 | ||||||
|
| |||||||
| 227 | ||||||||
|
| |||||||
India — 2.2% | ||||||||
| 2 | HDFC Bank Ltd., ADR | 103 | ||||||
|
| |||||||
Ireland — 1.0% | ||||||||
| 1 | Shire plc | 46 | ||||||
|
| |||||||
Japan — 13.2% | ||||||||
| 3 | Japan Tobacco, Inc. | 106 | ||||||
| 2 | KDDI Corp. | 125 | ||||||
| 3 | Kubota Corp. | 48 | ||||||
| 2 | Nitto Denko Corp. | 97 | ||||||
| 4 | Sumitomo Mitsui Financial Group, Inc. | 147 | ||||||
| 1 | Toyota Motor Corp. | 78 | ||||||
|
| |||||||
| 601 | ||||||||
|
| |||||||
Netherlands — 7.5% | ||||||||
| 2 | Akzo Nobel N.V. | 143 | ||||||
| 8 | ING Groep N.V., CVA (a) | 114 | ||||||
| 2 | Royal Dutch Shell plc, Class A | 86 | ||||||
|
| |||||||
| 343 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
South Korea — 3.2% | ||||||||
| — | (h) | Samsung Electronics Co., Ltd., Reg. S, GDR | 147 | |||||
|
| |||||||
Spain — 1.0% | ||||||||
| 1 | Grifols S.A., ADR | 46 | ||||||
|
| |||||||
Switzerland — 13.3% | ||||||||
| 2 | Cie Financiere Richemont S.A. | 139 | ||||||
| 1 | Holcim Ltd. (a) | 93 | ||||||
| 1 | Novartis AG | 121 | ||||||
| — | (h) | Roche Holding AG | 136 | |||||
| 7 | UBS AG (a) | 117 | ||||||
|
| |||||||
| 606 | ||||||||
|
| |||||||
Taiwan — 1.1% | ||||||||
| 2 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 51 | ||||||
|
| |||||||
United Kingdom — 21.5% | ||||||||
| 7 | ARM Holdings plc | 97 | ||||||
| 40 | Barclays plc | 152 | ||||||
| 6 | BG Group plc | 100 | ||||||
| 47 | Home Retail Group plc | 137 | ||||||
| 9 | Meggitt plc | 68 | ||||||
| 4 | Prudential plc | 96 | ||||||
| 3 | Rio Tinto plc | 122 | ||||||
| 5 | Smith & Nephew plc | 92 | ||||||
| 6 | WPP plc | 116 | ||||||
|
| |||||||
| 980 | ||||||||
|
| |||||||
Total Common Stocks | 4,558 | |||||||
|
| |||||||
Total Investments — 99.9% | 4,558 | |||||||
Other Assets in Excess of | 6 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 4,564 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| 62 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 11.3 | % | ||
Insurance | 10.5 | |||
Pharmaceuticals | 8.7 | |||
Oil, Gas & Consumable Fuels | 6.6 | |||
Chemicals | 5.3 | |||
Hotels, Restaurants & Leisure | 4.9 | |||
Internet Software & Services | 3.9 | |||
Semiconductors & Semiconductor Equipment | 3.3 | |||
Technology Hardware, Storage & Peripherals | 3.2 | |||
Electrical Equipment | 3.2 | |||
Real Estate Management & Development | 3.1 | |||
Textiles, Apparel & Luxury Goods | 3.1 | |||
Internet & Catalog Retail | 3.0 | |||
Construction Materials | 3.0 | |||
| INDUSTRY | PERCENTAGE | |||
Software | 2.8 | % | ||
Wireless Telecommunication Services | 2.7 | |||
Metals & Mining | 2.7 | |||
Capital Markets | 2.6 | |||
Media | 2.5 | |||
Tobacco | 2.3 | |||
Road & Rail | 2.0 | |||
Health Care Equipment & Supplies | 2.0 | |||
Health Care Providers & Services | 2.0 | |||
Automobiles | 1.7 | |||
Aerospace & Defense | 1.5 | |||
Machinery | 1.1 | |||
Biotechnology | 1.0 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 63 | ||||||
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 97.5% |
| ||||||
Australia — 2.6% | ||||||||
| 2,614 | Australia & New Zealand Banking Group Ltd. | 77,357 | ||||||
| 4,648 | Goodman Group (m) | 22,691 | ||||||
|
| |||||||
| 100,048 | ||||||||
|
| |||||||
Belgium — 2.2% | ||||||||
| 360 | KBC Groep N.V. (a) | 19,334 | ||||||
| 460 | Solvay S.A. | 62,823 | ||||||
|
| |||||||
| 82,157 | ||||||||
|
| |||||||
Canada — 0.7% | ||||||||
| 1,811 | First Quantum Minerals Ltd. | 27,321 | ||||||
|
| |||||||
China — 0.9% | ||||||||
| 52,539 | Industrial & Commercial Bank of China Ltd., Class H | 34,884 | ||||||
|
| |||||||
Denmark — 1.0% | ||||||||
| 1,366 | Danske Bank A/S | 37,505 | ||||||
|
| |||||||
Finland — 0.7% | ||||||||
| 1,671 | UPM-Kymmene OYJ | 26,505 | ||||||
|
| |||||||
France — 15.8% | ||||||||
| 445 | Airbus Group N.V. | 26,568 | ||||||
| 2,618 | AXA S.A. | 60,472 | ||||||
| 1,133 | BNP Paribas S.A. | 71,225 | ||||||
| 875 | Cie de St-Gobain | 37,603 | ||||||
| 2,554 | Credit Agricole S.A. | 37,788 | ||||||
| 851 | Electricite de France S.A. | 25,136 | ||||||
| 2,950 | GDF Suez | 71,617 | ||||||
| 579 | Lafarge S.A. | 40,195 | ||||||
| 334 | Publicis Groupe S.A. | 23,143 | ||||||
| 705 | Renault S.A. | 52,436 | ||||||
| 592 | Sanofi | 53,750 | ||||||
| 585 | Schneider Electric SE | 46,119 | ||||||
| 381 | Sodexo | 36,783 | ||||||
| 992 | Suez Environnement Co. | 16,707 | ||||||
|
| |||||||
| 599,542 | ||||||||
|
| |||||||
Germany — 3.2% | ||||||||
| 655 | Bayer AG | 93,733 | ||||||
| 348 | Daimler AG | 27,155 | ||||||
|
| |||||||
| 120,888 | ||||||||
|
| |||||||
Hong Kong — 1.5% | ||||||||
| 1,422 | Hutchison Whampoa Ltd. | 18,032 | ||||||
| 4,007 | Sands China Ltd. | 24,993 | ||||||
| 2,176 | Wharf Holdings Ltd. (The) | 16,094 | ||||||
|
| |||||||
| 59,119 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
India — 0.6% | ||||||||
| 323 | Infosys Ltd., ADR | 21,573 | ||||||
|
| |||||||
Ireland — 1.2% | ||||||||
| 482 | Ryanair Holdings plc, ADR (a) | 26,749 | ||||||
| 300 | Shire plc | 20,134 | ||||||
|
| |||||||
| 46,883 | ||||||||
|
| |||||||
Italy — 5.0% | ||||||||
| 2,162 | Assicurazioni Generali S.p.A. | 44,374 | ||||||
| 10,670 | Enel S.p.A. | 54,522 | ||||||
| 1,871 | Eni S.p.A. | 39,863 | ||||||
| 16,678 | Telecom Italia S.p.A. (a) | 18,901 | ||||||
| 3,917 | Unione di Banche Italiane ScpA | 30,759 | ||||||
|
| |||||||
| 188,419 | ||||||||
|
| |||||||
Japan — 23.9% | ||||||||
| 284 | Daikin Industries Ltd. (m) | 17,746 | ||||||
| 2,109 | Daiwa House Industry Co., Ltd. | 39,909 | ||||||
| 10,390 | Hitachi Ltd. | 81,639 | ||||||
| 1,451 | Japan Airlines Co., Ltd. | 38,962 | ||||||
| 1,313 | Japan Tobacco, Inc. (m) | 44,812 | ||||||
| 515 | KDDI Corp. | 33,813 | ||||||
| 18,060 | Mitsubishi UFJ Financial Group, Inc. | 105,275 | ||||||
| 3,012 | Mitsui & Co., Ltd. | 45,474 | ||||||
| 1,495 | Mitsui Fudosan Co., Ltd. | 48,089 | ||||||
| 1,086 | NH Foods Ltd. | 25,043 | ||||||
| 912 | Nippon Telegraph & Telephone Corp. | 56,744 | ||||||
| 4,761 | Nomura Holdings, Inc. | 29,739 | ||||||
| 1,962 | ORIX Corp. | 27,227 | ||||||
| 778 | Otsuka Holdings Co., Ltd. | 27,298 | ||||||
| 2,059 | Ricoh Co., Ltd. | 21,263 | ||||||
| 937 | Seven & I Holdings Co., Ltd. | 36,576 | ||||||
| 1,755 | Sony Corp. | 34,648 | ||||||
| 947 | Sumitomo Mitsui Financial Group, Inc. | 38,638 | ||||||
| 1,748 | Toyota Motor Corp. | 105,214 | ||||||
| 1,110 | Yamaha Motor Co., Ltd. | 21,004 | ||||||
| 1,176 | Yamato Holdings Co., Ltd. | 25,141 | ||||||
|
| |||||||
| 904,254 | ||||||||
|
| |||||||
Netherlands — 6.3% | ||||||||
| 3,706 | ING Groep N.V., CVA (a) | 53,069 | ||||||
| 14,212 | Koninklijke KPN N.V. | 46,784 | ||||||
| 3,847 | Royal Dutch Shell plc, Class A | 137,428 | ||||||
|
| |||||||
| 237,281 | ||||||||
|
| |||||||
Norway — 1.5% | ||||||||
| 1,471 | DNB ASA | 27,022 | ||||||
| 5,386 | Norsk Hydro ASA | 30,154 | ||||||
|
| |||||||
| 57,176 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 64 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued |
| ||||||
Russia — 0.5% | ||||||||
| 1,037 | MMC Norilsk Nickel OJSC, ADR | 19,357 | ||||||
|
| |||||||
South Korea — 1.1% | ||||||||
| 35 | Samsung Electronics Co., Ltd. | 40,851 | ||||||
|
| |||||||
Spain — 1.9% | ||||||||
| 4,369 | Banco Popular Espanol S.A. | 25,094 | ||||||
| 2,141 | Repsol S.A. | 47,850 | ||||||
|
| |||||||
| 72,944 | ||||||||
|
| |||||||
Sweden — 1.6% | ||||||||
| 2,209 | Electrolux AB, Series B | 62,600 | ||||||
|
| |||||||
Switzerland — 6.8% | ||||||||
| 903 | Nestle S.A. | 66,214 | ||||||
| 485 | Novartis AG | 45,045 | ||||||
| 243 | Roche Holding AG | 71,601 | ||||||
| 419 | Wolseley plc | 22,301 | ||||||
| 169 | Zurich Insurance Group AG (a) | 51,197 | ||||||
|
| |||||||
| 256,358 | ||||||||
|
| |||||||
Taiwan — 0.5% | ||||||||
| 1,736 | Asustek Computer, Inc. | 17,725 | ||||||
|
| |||||||
Turkey — 0.7% | ||||||||
| 6,667 | Turkiye Garanti Bankasi A.S. | 26,020 | ||||||
|
| |||||||
United Kingdom — 17.3% | ||||||||
| 897 | AstraZeneca plc | 65,513 | ||||||
| 17,172 | Barclays plc | 66,044 | ||||||
| 3,670 | BG Group plc | 61,162 | ||||||
| 3,856 | BP plc (m) | 27,743 | ||||||
| 593 | British American Tobacco plc | 33,586 | ||||||
| 10,370 | HSBC Holdings plc | 105,723 | ||||||
| 815 | InterContinental Hotels Group plc | 30,953 | ||||||
| 2,807 | Prudential plc (m) | 65,009 | ||||||
| 1,445 | Rio Tinto plc | 68,767 | ||||||
| 728 | SABMiller plc | 41,171 | ||||||
| 26,934 | Vodafone Group plc | 89,566 | ||||||
|
| |||||||
| 655,237 | ||||||||
|
| |||||||
Total Common Stocks | 3,694,647 | |||||||
|
| |||||||
| Preferred Stock — 0.7% | |||||||
Germany — 0.7% | ||||||||
| 304 | Porsche Automobil Holding SE | 24,958 | ||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Short-Term Investment — 1.0% | |||||||
Investment Company — 1.0% | ||||||||
| 39,776 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) | 39,776 | ||||||
|
| |||||||
Total Investments — 99.2% | 3,759,381 | |||||||
Other Assets in Excess of | 30,299 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 3,789,680 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 20.1 | % | ||
Pharmaceuticals | 10.0 | |||
Oil, Gas & Consumable Fuels | 8.4 | |||
Automobiles | 6.1 | |||
Insurance | 5.9 | |||
Metals & Mining | 3.9 | |||
Wireless Telecommunication Services | 3.3 | |||
Diversified Telecommunication Services | 3.3 | |||
Real Estate Management & Development | 2.8 | |||
Household Durables | 2.6 | |||
Hotels, Restaurants & Leisure | 2.5 | |||
Food Products | 2.4 | |||
Multi-Utilities | 2.3 | |||
Electronic Equipment, Instruments & Components | 2.2 | |||
Technology Hardware, Storage & Peripherals | 2.1 | |||
Electric Utilities | 2.1 | |||
Tobacco | 2.1 | |||
Trading Companies & Distributors | 1.8 | |||
Airlines | 1.7 | |||
Chemicals | 1.7 | |||
Building Products | 1.5 | |||
Electrical Equipment | 1.2 | |||
Beverages | 1.1 | |||
Construction Materials | 1.1 | |||
Food & Staples Retailing | 1.0 | |||
Others (each less than 1.0%) | 5.7 | |||
Short-Term Investment | 1.1 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 65 | ||||||
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands, except number of Futures contracts)
| Futures Contracts | ||||||||||||||||
| NUMBER OF CONTRACTS | DESCRIPTION | EXPIRATION DATE | NOTIONAL VALUE AT OCTOBER 31, 2014 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||
Long Futures Outstanding | ||||||||||||||||
| 64 | TOPIX Index | 12/11/14 | $ | 7,618 | $ | 38 | ||||||||||
| 36 | SPI 200 Index | 12/18/14 | 4,370 | 208 | ||||||||||||
| 383 | Dow Jones Euro STOXX 50 Index | 12/19/14 | 14,883 | (583 | ) | |||||||||||
| 98 | FTSE 100 Index | 12/19/14 | 10,199 | (147 | ) | |||||||||||
|
| |||||||||||||||
| $ | (484 | ) | ||||||||||||||
|
| |||||||||||||||
| Forward Foreign Currency Exchange Contracts | ||||||||||||||||||||||
| CONTRACTS TO BUY | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2014 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 13,765 | EUR | |||||||||||||||||||||
| 10,990 | for GBP | Barclays Bank plc | 11/28/14 | $ | 17,578 | # | $ | 17,253 | # | $ | (325 | ) | ||||||||||
| 3,054,862 | JPY | |||||||||||||||||||||
| 22,344 | for EUR | Deutsche Bank AG | 11/28/14 | 28,005 | # | 27,202 | # | (803 | ) | |||||||||||||
| 22,209 | AUD | Australia and New Zealand Banking Group Limited | 11/28/14 | 19,447 | 19,511 | 64 | ||||||||||||||||
| 231,073 | AUD | Citibank, N.A. | 11/28/14 | 214,085 | 203,004 | (11,081 | ) | |||||||||||||||
| 9,027 | CAD | Goldman Sachs International | 11/28/14 | 8,198 | 8,005 | (193 | ) | |||||||||||||||
| 8,181 | CHF | Australia and New Zealand Banking Group Limited | 11/28/14 | 8,612 | 8,505 | (107 | ) | |||||||||||||||
| 10,185 | CHF | Citibank, N.A. | 11/28/14 | 10,732 | 10,588 | (144 | ) | |||||||||||||||
| 15,523 | CHF | TD Bank Financial Group | 11/28/14 | 16,479 | 16,137 | (342 | ) | |||||||||||||||
| 10,326 | EUR | Citibank, N.A. | 11/28/14 | 13,179 | 12,942 | (237 | ) | |||||||||||||||
| 11,758 | EUR | Goldman Sachs International | 11/28/14 | 15,445 | 14,737 | (708 | ) | |||||||||||||||
| 7,415 | EUR | Union Bank of Switzerland AG | 11/28/14 | 9,606 | 9,294 | (312 | ) | |||||||||||||||
| 9,331 | GBP | Barclays Bank plc | 11/28/14 | 15,102 | 14,925 | (177 | ) | |||||||||||||||
| 18,815 | GBP | Union Bank of Switzerland AG | 11/28/14 | 31,191 | 30,093 | (1,098 | ) | |||||||||||||||
| 14,964 | GBP | Westpac Banking Corp. | 11/28/14 | 24,123 | 23,933 | (190 | ) | |||||||||||||||
| 63,472 | HKD | Australia and New Zealand Banking Group Limited | 11/28/14 | 8,190 | 8,185 | (5 | ) | |||||||||||||||
| 84,080 | HKD | Credit Suisse International | 11/28/14 | 10,846 | 10,842 | (4 | ) | |||||||||||||||
| 107,974 | HKD | Deutsche Bank AG | 11/28/14 | 13,915 | 13,923 | 8 | ||||||||||||||||
| 1,081,853 | JPY | Deutsche Bank AG | 11/28/14 | 10,549 | 9,633 | (916 | ) | |||||||||||||||
| 1,326,264 | JPY | HSBC Bank, N.A. | 11/28/14 | 12,336 | 11,810 | (526 | ) | |||||||||||||||
| 1,096,806 | JPY | State Street Corp. | 11/28/14 | 10,711 | 9,766 | (945 | ) | |||||||||||||||
| 59,756 | NOK | Australia and New Zealand Banking Group Limited | 11/28/14 | 9,627 | 8,852 | (775 | ) | |||||||||||||||
| 177,214 | NOK | Deutsche Bank AG | 11/28/14 | 28,088 | 26,252 | (1,836 | ) | |||||||||||||||
| 356,635 | SEK | Barclays Bank plc | 11/28/14 | 51,762 | 48,300 | (3,462 | ) | |||||||||||||||
| 71,353 | SGD | Union Bank of Switzerland AG | 11/28/14 | 57,185 | 55,533 | (1,652 | ) | |||||||||||||||
| $ | 644,991 | $ | 619,225 | $ | (25,766 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 66 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| CONTRACTS TO SELL | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2014 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 23,055 | AUD | HSBC Bank, N.A. | 11/28/14 | $ | 20,207 | $ | 20,254 | $ | (47 | ) | ||||||||||||
| 26,571 | CAD | Deutsche Bank AG | 11/28/14 | 24,206 | 23,561 | 645 | ||||||||||||||||
| 12,568 | CAD | Societe Generale | 11/28/14 | 11,456 | 11,145 | 311 | ||||||||||||||||
| 7,558 | CHF | Credit Suisse International | 11/28/14 | 8,035 | 7,856 | 179 | ||||||||||||||||
| 12,798 | CHF | HSBC Bank, N.A. | 11/28/14 | 13,436 | 13,304 | 132 | ||||||||||||||||
| 23,573 | CHF | Societe Generale | 11/28/14 | 26,100 | 24,505 | 1,595 | ||||||||||||||||
| 24,068 | EUR | Barclays Bank plc | 11/28/14 | 30,428 | 30,166 | 262 | ||||||||||||||||
| 6,521 | EUR | BNP Paribas | 11/28/14 | 8,601 | 8,174 | 427 | ||||||||||||||||
| 8,535 | EUR | Credit Suisse International | 11/28/14 | 11,380 | 10,697 | 683 | ||||||||||||||||
| 9,958 | EUR | Deutsche Bank AG | 11/28/14 | 12,568 | 12,480 | 88 | ||||||||||||||||
| 6,409 | EUR | Royal Bank of Scotland | 11/28/14 | 8,156 | 8,033 | 123 | ||||||||||||||||
| 9,361 | EUR | Societe Generale | 11/28/14 | 12,545 | 11,732 | 813 | ||||||||||||||||
| 35,880 | EUR | State Street Corp. | 11/28/14 | 47,627 | 44,970 | 2,657 | ||||||||||||||||
| 23,542 | EUR | Union Bank of Switzerland AG | 11/28/14 | 31,263 | 29,506 | 1,757 | ||||||||||||||||
| 5,396 | GBP | Citibank, N.A. | 11/28/14 | 8,741 | 8,630 | 111 | ||||||||||||||||
| 11,208 | GBP | Morgan Stanley | 11/28/14 | 18,579 | 17,926 | 653 | ||||||||||||||||
| 11,201 | GBP | TD Bank Financial Group | 11/28/14 | 18,031 | 17,915 | 116 | ||||||||||||||||
| 51,700 | HKD | Deutsche Bank AG | 11/28/14 | 6,672 | 6,667 | 5 | ||||||||||||||||
| 1,897,219 | JPY | Barclays Bank plc | 11/28/14 | 17,678 | 16,893 | 785 | ||||||||||||||||
| 843,292 | JPY | Deutsche Bank AG | 11/28/14 | 7,867 | 7,509 | 358 | ||||||||||||||||
| 17,354,549 | JPY | Morgan Stanley | 11/28/14 | 167,526 | 154,531 | 12,995 | ||||||||||||||||
| 2,336,531 | JPY | State Street Corp. | 11/28/14 | 21,840 | 20,805 | 1,035 | ||||||||||||||||
| 230,700 | NOK | Barclays Bank plc | 11/28/14 | 37,452 | 34,175 | 3,277 | ||||||||||||||||
| $ | 570,394 | $ | 541,434 | $ | 28,960 | |||||||||||||||||
|
| |||||||||||||||||||||
| # | For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2014 of the currency being sold, and the value at October 31, 2014 is the U.S. dollar market value of the currency being purchased. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 67 | ||||||
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 89.2% | |||||||
Australia — 6.1% | ||||||||
| 974 | Asciano Ltd. | 5,390 | ||||||
| 444 | Australia & New Zealand Banking Group Ltd. | 13,147 | ||||||
| 460 | Bank of Queensland Ltd. | 5,114 | ||||||
| 492 | Bendigo & Adelaide Bank Ltd. | 5,398 | ||||||
| 688 | BHP Billiton Ltd. | 20,590 | ||||||
| 721 | Challenger Ltd. | 4,436 | ||||||
| 5,183 | Fairfax Media Ltd. | 3,726 | ||||||
| 1,284 | GPT Group (The) (m) | 4,669 | ||||||
| 987 | Insurance Australia Group Ltd. | 5,709 | ||||||
| 449 | Lend Lease Group | 6,260 | ||||||
| 104 | Macquarie Group Ltd. | 5,601 | ||||||
| 814 | Westfield Corp. (m) | 5,717 | ||||||
| 394 | Westpac Banking Corp. | 12,084 | ||||||
|
| |||||||
| 97,841 | ||||||||
|
| |||||||
Austria — 0.5% | ||||||||
| 117 | ams AG | 4,196 | ||||||
| 102 | Voestalpine AG | 4,092 | ||||||
|
| |||||||
| 8,288 | ||||||||
|
| |||||||
Belgium — 1.7% | ||||||||
| 159 | Anheuser-Busch InBev N.V. | 17,618 | ||||||
| 130 | Belgacom S.A. | 4,898 | ||||||
| 194 | bpost S.A. | 4,813 | ||||||
|
| |||||||
| 27,329 | ||||||||
|
| |||||||
China — 0.4% | ||||||||
| 8,194 | China Construction Bank Corp., Class H | 6,114 | ||||||
|
| |||||||
Denmark — 1.1% | ||||||||
| 2 | AP Moeller - Maersk A/S, Class B | 5,475 | ||||||
| 214 | Danske Bank A/S | 5,866 | ||||||
| 73 | Pandora A/S | 6,119 | ||||||
|
| |||||||
| 17,460 | ||||||||
|
| |||||||
Finland — 1.9% | ||||||||
| 141 | Metso OYJ | 4,598 | ||||||
| 747 | Nokia OYJ | 6,240 | ||||||
| 419 | Outokumpu OYJ (a) | 2,377 | ||||||
| 106 | Sampo OYJ, Class A | 5,071 | ||||||
| 504 | Stora Enso OYJ, Class R | 4,166 | ||||||
| 148 | Tieto OYJ | 3,742 | ||||||
| 298 | UPM-Kymmene OYJ | 4,729 | ||||||
|
| |||||||
| 30,923 | ||||||||
|
| |||||||
France — 10.2% | ||||||||
| 88 | Accor S.A. | 3,683 | ||||||
| 421 | Altran Technologies S.A. | 4,134 | ||||||
| 406 | AXA S.A. | 9,386 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
France — continued | ||||||||
| 179 | BNP Paribas S.A. | 11,228 | ||||||
| 75 | Cap Gemini S.A. | 4,955 | ||||||
| 41 | Casino Guichard Perrachon S.A. | 4,216 | ||||||
| 103 | Cie de St-Gobain | 4,432 | ||||||
| 396 | Credit Agricole S.A. | 5,855 | ||||||
| 122 | Electricite de France S.A. | 3,604 | ||||||
| 38 | Gaztransport Et Technigaz S.A. | 2,146 | ||||||
| 308 | GDF Suez | 7,480 | ||||||
| 67 | Imerys S.A. | 4,838 | ||||||
| 28 | Kering | 5,383 | ||||||
| 772 | Natixis S.A. | 5,311 | ||||||
| 375 | Orange S.A. | 5,975 | ||||||
| 53 | Pernod Ricard S.A. | 6,004 | ||||||
| 62 | Renault S.A. | 4,612 | ||||||
| 58 | Safran S.A. | 3,655 | ||||||
| 207 | Sanofi | 18,757 | ||||||
| 154 | Societe Generale S.A. | 7,429 | ||||||
| 628 | Technicolor S.A. (a) | 3,706 | ||||||
| 83 | Teleperformance | 5,243 | ||||||
| 86 | Thales S.A. | 4,271 | ||||||
| 349 | Total S.A. | 20,849 | ||||||
| 45 | Valeo S.A. | 5,013 | ||||||
|
| |||||||
| 162,165 | ||||||||
|
| |||||||
Germany — 6.0% | ||||||||
| 82 | Allianz SE | 12,975 | ||||||
| 168 | Bayer AG | 24,095 | ||||||
| 70 | Bayerische Motoren Werke AG | 7,489 | ||||||
| 31 | Continental AG | 6,161 | ||||||
| 167 | Daimler AG | 13,021 | ||||||
| 154 | Deutsche Annington Immobilien SE | 4,452 | ||||||
| 197 | Freenet AG | 5,177 | ||||||
| 77 | Fresenius Medical Care AG & Co. KGaA | 5,682 | ||||||
| 108 | Fresenius SE & Co. KGaA | 5,534 | ||||||
| 69 | HeidelbergCement AG | 4,738 | ||||||
| 66 | Merck KGaA | 5,963 | ||||||
|
| |||||||
| 95,287 | ||||||||
|
| |||||||
Hong Kong — 1.8% | ||||||||
| 379 | Cheung Kong Holdings Ltd. | 6,728 | ||||||
| 1,910 | China Overseas Land & Investment Ltd. | 5,542 | ||||||
| 522 | Hutchison Whampoa Ltd. | 6,619 | ||||||
| 688 | Sands China Ltd. | 4,294 | ||||||
| 444 | Swire Pacific Ltd., Class A | 5,817 | ||||||
|
| |||||||
| 29,000 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 68 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
India — 0.3% | ||||||||
| 87 | HDFC Bank Ltd., ADR | 4,553 | ||||||
|
| |||||||
Ireland — 1.2% | ||||||||
| 88 | DCC plc | 4,947 | ||||||
| 1,052 | Greencore Group plc | 4,414 | ||||||
| 94 | Ryanair Holdings plc, ADR (a) | 5,220 | ||||||
| 218 | Smurfit Kappa Group plc | 4,517 | ||||||
|
| |||||||
| 19,098 | ||||||||
|
| |||||||
Israel — 0.6% | ||||||||
| 177 | Teva Pharmaceutical Industries Ltd., ADR | 10,010 | ||||||
|
| |||||||
Italy — 1.6% | ||||||||
| 1,186 | Enel S.p.A. | 6,061 | ||||||
| 2,852 | Intesa Sanpaolo S.p.A. | 8,385 | ||||||
| 4,989 | Telecom Italia S.p.A. (a) | 5,654 | ||||||
| 628 | Unione di Banche Italiane ScpA | 4,931 | ||||||
|
| |||||||
| 25,031 | ||||||||
|
| |||||||
Japan — 19.2% | ||||||||
| 183 | Asahi Group Holdings Ltd. | 5,673 | ||||||
| 605 | Asahi Kasei Corp. | 4,965 | ||||||
| 485 | Astellas Pharma, Inc. | 7,524 | ||||||
| 849 | Bank of Yokohama Ltd. (The) (m) | 4,907 | ||||||
| 169 | Bridgestone Corp. | 5,654 | ||||||
| 305 | Brother Industries Ltd. | 5,432 | ||||||
| 230 | Canon, Inc. | 7,044 | ||||||
| 325 | Casio Computer Co., Ltd. (m) | 5,179 | ||||||
| 161 | Century Tokyo Leasing Corp. | 4,221 | ||||||
| 447 | Daicel Corp. | 5,153 | ||||||
| 1,137 | Fuji Electric Co., Ltd. | 4,995 | ||||||
| 202 | FUJIFILM Holdings Corp. | 6,794 | ||||||
| 909 | Fukuoka Financial Group, Inc. | 4,651 | ||||||
| 307 | Hitachi Chemical Co., Ltd. | 5,408 | ||||||
| 1,041 | Hitachi Ltd. | 8,180 | ||||||
| 460 | ITOCHU Corp. | 5,566 | ||||||
| 251 | Japan Aviation Electronics Industry Ltd. | 4,973 | ||||||
| 217 | Japan Tobacco, Inc. (m) | 7,418 | ||||||
| 1,702 | Kawasaki Kisen Kaisha Ltd. | 3,878 | ||||||
| 123 | KDDI Corp. | 8,097 | ||||||
| 124 | Kose Corp. | 5,084 | ||||||
| 352 | Kubota Corp. | 5,603 | ||||||
| 710 | Marubeni Corp. | 4,567 | ||||||
| 352 | Medipal Holdings Corp. | 3,904 | ||||||
| 347 | Mitsubishi Corp. | 6,810 | ||||||
| 2,403 | Mitsubishi UFJ Financial Group, Inc. | 14,009 | ||||||
| 186 | Mitsui Fudosan Co., Ltd. | 5,983 | ||||||
| 183 | NGK Spark Plug Co., Ltd. | 4,783 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued | ||||||||
| 251 | NH Foods Ltd. | 5,788 | ||||||
| 118 | Nippon Telegraph & Telephone Corp. | 7,323 | ||||||
| 646 | Nissan Motor Co., Ltd. | 5,889 | ||||||
| 83 | Nitori Holdings Co., Ltd. | 5,260 | ||||||
| 89 | Nitto Denko Corp. | 4,835 | ||||||
| 392 | NSK Ltd. | 5,135 | ||||||
| 118 | Omron Corp. | 5,567 | ||||||
| 492 | ORIX Corp. | 6,826 | ||||||
| 24 | Ryohin Keikaku Co., Ltd. | 3,254 | ||||||
| 74 | Santen Pharmaceutical Co., Ltd. | 4,399 | ||||||
| 117 | Seiko Epson Corp. | 5,411 | ||||||
| 424 | Sekisui Chemical Co., Ltd. | 5,285 | ||||||
| 208 | Sohgo Security Services Co., Ltd. | 4,874 | ||||||
| 339 | Sumitomo Electric Industries Ltd. | 4,631 | ||||||
| 939 | Sumitomo Heavy Industries Ltd. | 5,148 | ||||||
| 256 | Sumitomo Mitsui Financial Group, Inc. | 10,436 | ||||||
| 969 | Sumitomo Mitsui Trust Holdings, Inc. | 3,956 | ||||||
| 376 | T&D Holdings, Inc. | 4,846 | ||||||
| 919 | Taisei Corp. | 5,111 | ||||||
| 315 | Toyo Tire & Rubber Co., Ltd. | 5,196 | ||||||
| 396 | Toyota Motor Corp. | 23,842 | ||||||
| 312 | Yamaha Motor Co., Ltd. | 5,900 | ||||||
|
| |||||||
| 305,367 | ||||||||
|
| |||||||
Luxembourg — 0.3% | ||||||||
| 149 | APERAM (a) | 4,279 | ||||||
|
| |||||||
Netherlands — 3.5% | ||||||||
| 783 | Aegon N.V. | 6,378 | ||||||
| 83 | Heineken N.V. | 6,214 | ||||||
| 748 | ING Groep N.V., CVA (a) | 10,716 | ||||||
| 864 | Royal Dutch Shell plc, Class B | 31,926 | ||||||
|
| |||||||
| 55,234 | ||||||||
|
| |||||||
Norway — 1.5% | ||||||||
| 294 | DNB ASA | 5,401 | ||||||
| 910 | Norsk Hydro ASA | 5,097 | ||||||
| 498 | Orkla ASA | 3,807 | ||||||
| 262 | Statoil ASA | 6,001 | ||||||
| 60 | Yara International ASA | 2,748 | ||||||
|
| |||||||
| 23,054 | ||||||||
|
| |||||||
Portugal — 0.3% | ||||||||
| 1,133 | EDP - Energias de Portugal S.A. | 4,876 | ||||||
|
| |||||||
South Africa — 0.3% | ||||||||
| 567 | Investec plc | 5,199 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 69 | ||||||
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
South Korea — 0.6% | ||||||||
| 19 | Hyundai Motor Co. | 3,009 | ||||||
| 5 | Samsung Electronics Co., Ltd. | 5,916 | ||||||
|
| |||||||
| 8,925 | ||||||||
|
| |||||||
Spain — 1.7% | ||||||||
| 501 | Bankinter S.A. | 4,140 | ||||||
| 261 | Ferrovial S.A. | 5,340 | ||||||
| 179 | Gas Natural SDG S.A. | 5,177 | ||||||
| 977 | Iberdrola S.A. | 6,915 | ||||||
| 278 | Repsol S.A. | 6,209 | ||||||
|
| |||||||
| 27,781 | ||||||||
|
| |||||||
Sweden — 1.9% | ||||||||
| 235 | Boliden AB | 3,880 | ||||||
| 314 | Castellum AB | 4,819 | ||||||
| 208 | Electrolux AB, Series B | 5,895 | ||||||
| 398 | Securitas AB, Class B | 4,403 | ||||||
| 108 | Svenska Handelsbanken AB, Class A | 5,183 | ||||||
| 221 | Swedbank AB, Class A | 5,844 | ||||||
|
| |||||||
| 30,024 | ||||||||
|
| |||||||
Switzerland — 9.8% | ||||||||
| 49 | Actelion Ltd. (a) | 5,809 | ||||||
| 294 | Credit Suisse Group AG (a) | 7,830 | ||||||
| 5 | Galenica AG | 4,284 | ||||||
| 6 | Georg Fischer AG (a) (m) | 3,732 | ||||||
| 1,634 | Glencore plc (a) | 8,386 | ||||||
| 24 | Lonza Group AG (a) | 2,649 | ||||||
| 270 | Nestle S.A. | 19,804 | ||||||
| 333 | Novartis AG | 30,944 | ||||||
| 415 | OC Oerlikon Corp. AG (a) | 5,247 | ||||||
| 104 | Roche Holding AG | 30,793 | ||||||
| 21 | Straumann Holding AG | 5,165 | ||||||
| 24 | Swiss Life Holding AG (a) | 5,504 | ||||||
| 74 | Swiss Re AG (a) | 5,981 | ||||||
| 594 | UBS AG (a) | 10,336 | ||||||
| 32 | Zurich Insurance Group AG (a) | 9,691 | ||||||
|
| |||||||
| 156,155 | ||||||||
|
| |||||||
United Kingdom — 16.7% | ||||||||
| 823 | 3i Group plc | 5,235 | ||||||
| 291 | Ashtead Group plc | 4,871 | ||||||
| 197 | AstraZeneca plc (m) | 14,385 | ||||||
| 803 | Aviva plc | 6,713 | ||||||
| 2,656 | Barclays plc | 10,215 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United Kingdom — continued | ||||||||
| 766 | Barratt Developments plc (m) | 5,151 | ||||||
| 3,005 | BP plc (m) | 21,622 | ||||||
| 341 | British American Tobacco plc | 19,327 | ||||||
| 473 | British Land Co. plc (The) (m) | 5,525 | ||||||
| 354 | Britvic plc | 3,864 | ||||||
| 1,364 | BT Group plc | 8,044 | ||||||
| 388 | BTG plc (a) | 4,693 | ||||||
| 779 | Carillion plc | 4,150 | ||||||
| 94 | Carnival plc | 3,758 | ||||||
| 1,022 | Direct Line Insurance Group plc | 4,522 | ||||||
| 459 | Dixons Carphone plc | 2,916 | ||||||
| 549 | Hammerson plc (m) | 5,390 | ||||||
| 169 | Hikma Pharmaceuticals plc | 5,139 | ||||||
| 1,276 | Home Retail Group plc | 3,744 | ||||||
| 1,033 | HSBC Holdings plc | 10,530 | ||||||
| 209 | Imperial Tobacco Group plc | 9,094 | ||||||
| 1,590 | ITV plc | 5,165 | ||||||
| 335 | John Wood Group plc | 3,557 | ||||||
| 9,416 | Lloyds Banking Group plc (a) | 11,628 | ||||||
| 415 | Northgate plc | 3,253 | ||||||
| 218 | Persimmon plc (a) | 5,115 | ||||||
| 324 | Playtech plc | 3,673 | ||||||
| 769 | Premier Oil plc | 3,176 | ||||||
| 526 | Prudential plc (m) | 12,185 | ||||||
| 102 | Reckitt Benckiser Group plc (m) | 8,556 | ||||||
| 283 | Rio Tinto plc | 13,461 | ||||||
| 363 | Smith & Nephew plc (m) | 6,155 | ||||||
| 285 | St. James’s Place plc | 3,406 | ||||||
| 2,313 | Taylor Wimpey plc | 4,393 | ||||||
| 190 | Travis Perkins plc | 5,042 | ||||||
| 359 | Vesuvius plc | 2,454 | ||||||
| 4,802 | Vodafone Group plc | 15,970 | ||||||
|
| |||||||
| 266,077 | ||||||||
|
| |||||||
Total Common Stocks | 1,420,070 | |||||||
|
| |||||||
| Preferred Stocks — 0.7% |
| ||||||
Germany — 0.7% | ||||||||
| 52 | Henkel AG & Co. KGaA | 5,121 | ||||||
| 29 | Volkswagen AG | 6,167 | ||||||
|
| |||||||
| 11,288 | ||||||||
|
| |||||||
Total Preferred Stocks | 11,288 | |||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 70 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Short-Term Investment — 2.7% |
| ||||||
Investment Company — 2.7% | ||||||||
| 43,403 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.010% (b) (l) (m) | 43,403 | ||||||
|
| |||||||
Total Investments — 92.6% | 1,474,761 | |||||||
Other Assets in Excess of | 118,602 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,593,363 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2014
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 13.4 | % | ||
Pharmaceuticals | 10.9 | |||
Insurance | 6.3 | |||
Oil, Gas & Consumable Fuels | 6.2 | |||
Automobiles | 4.7 | |||
Metals & Mining | 4.2 | |||
Real Estate Management & Development | 2.7 | |||
Beverages | 2.7 | |||
Tobacco | 2.4 | |||
Capital Markets | 2.3 | |||
Food Products | 2.3 | |||
Machinery | 2.2 | |||
Diversified Telecommunication Services | 2.2 | |||
Auto Components | 2.1 | |||
Household Durables | 2.1 | |||
Technology Hardware, Storage & Peripherals | 2.1 | |||
Wireless Telecommunication Services | 2.0 | |||
Trading Companies & Distributors | 1.8 | |||
Chemicals | 1.6 | |||
Electric Utilities | 1.5 | |||
Real Estate Investment Trusts (REITs) | 1.4 | |||
Electronic Equipment, Instruments & Components | 1.3 | |||
Diversified Financial Services | 1.0 | |||
Health Care Providers & Services | 1.0 | |||
Construction & Engineering | 1.0 | |||
Others (each less than 1.0%) | 15.7 | |||
Short-Term Investment | 2.9 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 71 | ||||||
J.P. Morgan International Equity Funds
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2014
| ADR | — American Depositary Receipt | |
| AUD | — Australian Dollar | |
| CAD | — Canadian Dollar | |
| CHF | — Swiss Franc | |
| CVA | — Dutch Certification | |
| DKK | — Danish Krone | |
| EUR | — Euro | |
| GBP | — British Pound | |
| GDR | — Global Depositary Receipt | |
| HKD | — Hong Kong Dollar | |
| JPY | — Japanese Yen | |
| NOK | — Norwegian Krone | |
| NVDR | — Non Voting Depositary Receipt | |
| Reg. S | — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. | |
| REIT | — Real Estate Investment Trust | |
| SEK | — Swedish Krona | |
| SGD | — Singapore Dollar | |
| (a) | — Non-income producing security. | |
| (b) | — Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (g) | — Amount rounds to less than 0.1%. | |||||
| (h) | — Amount rounds to less than one thousand (shares or dollars). | |||||
| (i) | — Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell. | |||||
| (l) | — The rate shown is the current yield as of October 31, 2014. | |||||
| (m) | — All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and forward foreign currency exchange contracts. | |||||
The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements are as follows (amounts in thousands):
| Fund | Value | Percentage | ||||||
| Emerging Economies Fund | $ | 1,016,717 | 83.0 | % | ||||
| Emerging Markets Equity Fund | 1,894,803 | 74.9 | ||||||
| Global Equity Income Fund | 57,399 | 50.5 | ||||||
| Global Research Enhanced Index Fund | 1,300,448 | 36.5 | ||||||
| International Equity Fund | 2,279,834 | 94.8 | ||||||
International Opportunities Fund | 1,699,138 | 97.2 | ||||||
International Research Enhanced Equity Fund | 647,643 | 96.3 | ||||||
International Unconstrained Equity Fund | 3,973 | 87.2 | ||||||
| International Value Fund | 3,643,963 | 96.9 | ||||||
| Intrepid International Fund | 1,411,575 | 95.7 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 72 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
THIS PAGE IS INTENTIONALLY LEFT BLANK
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 73 | ||||||
STATEMENTS OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2014
(Amounts in thousands, except per share amounts)
| Emerging Economies Fund | Emerging Markets Equity Fund | Global Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 1,210,151 | $ | 2,484,913 | $ | 111,016 | $ | 3,360,550 | ||||||||
Investments in affiliates, at value | 15,512 | 44,001 | 2,653 | 200,095 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment securities, at value | 1,225,663 | 2,528,914 | 113,669 | 3,560,645 | ||||||||||||
Cash | — | 2,969 | 165 | — | ||||||||||||
Foreign currency, at value | 6,205 | 21,642 | 94 | 1,721 | ||||||||||||
Deposits at broker for futures contracts | — | — | — | 7,863 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 9,114 | 20,071 | — | 1,115 | ||||||||||||
Fund shares sold | 319 | 2,325 | 325 | 1,680 | ||||||||||||
Dividends from non-affiliates | 591 | 1,734 | 162 | 3,857 | ||||||||||||
Dividends from affiliates | — | (a) | 1 | — | (a) | 3 | ||||||||||
Tax reclaims | — | — | 79 | 1,668 | ||||||||||||
Variation margin on futures contracts | — | — | — | 4,644 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 1,241,892 | 2,577,656 | 114,494 | 3,583,196 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | 7,937 | — | — | 840 | ||||||||||||
Distributions | — | — | 41 | — | ||||||||||||
Investment securities purchased | 3,072 | 28,837 | — | 1,776 | ||||||||||||
Fund shares redeemed | 1,622 | 9,225 | 146 | 1,651 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 883 | 1,910 | 43 | 144 | ||||||||||||
Administration fees | 73 | 158 | 4 | 56 | ||||||||||||
Distribution fees | 20 | 107 | 17 | — | (a) | |||||||||||
Shareholder servicing fees | 113 | 237 | 23 | 719 | ||||||||||||
Custodian and accounting fees | 779 | 1,752 | 66 | 234 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 1 | 3 | — | 3 | ||||||||||||
Deferred India capital gains tax | 626 | — | — | — | ||||||||||||
Audit fees | 41 | 37 | 47 | 47 | ||||||||||||
Registration fees | — | 6 | 28 | — | ||||||||||||
Other | 52 | 410 | 17 | 13 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 15,219 | 42,682 | 432 | 5,483 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 1,226,673 | $ | 2,534,974 | $ | 114,062 | $ | 3,577,713 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 74 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Emerging Economies Fund | Emerging Markets Equity Fund | Global Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 1,265,316 | $ | 2,097,427 | $ | 102,661 | $ | 3,157,091 | ||||||||
Accumulated undistributed (distributions in excess of) net investment income | 19,133 | 27,228 | 1,110 | 57,231 | ||||||||||||
Accumulated net realized gains (losses) | (100,025 | ) | (16,031 | ) | 862 | 35,068 | ||||||||||
Net unrealized appreciation (depreciation) | 42,249 | 426,350 | 9,429 | 328,323 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 1,226,673 | $ | 2,534,974 | $ | 114,062 | $ | 3,577,713 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 80,806 | $ | 350,555 | $ | 74,652 | $ | 64 | ||||||||
Class B | — | 2,687 | — | — | ||||||||||||
Class C | 5,331 | 56,732 | 3,530 | 63 | ||||||||||||
Class R2 | — | — | 574 | 63 | ||||||||||||
Class R5 | 852,477 | — | 587 | — | ||||||||||||
Class R6 | — | 1,130,050 | — | — | ||||||||||||
Institutional Class | — | 411,449 | — | — | ||||||||||||
Select Class | 288,059 | 583,501 | 34,719 | 3,577,523 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,226,673 | $ | 2,534,974 | $ | 114,062 | $ | 3,577,713 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 6,155 | 14,779 | 4,549 | 3 | ||||||||||||
Class B | — | 116 | — | — | ||||||||||||
Class C | 412 | 2,464 | 216 | 3 | ||||||||||||
Class R2 | — | — | 35 | 3 | ||||||||||||
Class R5 | 64,497 | — | 36 | — | ||||||||||||
Class R6 | — | 46,247 | — | — | ||||||||||||
Institutional Class | — | 16,849 | — | — | ||||||||||||
Select Class | 21,876 | 24,068 | 2,110 | 190,197 | ||||||||||||
Net Asset Value (a): | ||||||||||||||||
Class A — Redemption price per share | $ | 13.13 | $ | 23.72 | $ | 16.41 | $ | 18.77 | ||||||||
Class B — Offering price per share (b) | — | 23.19 | — | — | ||||||||||||
Class C — Offering price per share (b) | 12.92 | 23.03 | 16.36 | 18.68 | ||||||||||||
Class R2 — Offering and redemption price per share | — | — | 16.41 | 18.72 | ||||||||||||
Class R5 — Offering and redemption price per share | 13.22 | — | 16.46 | — | ||||||||||||
Class R6 — Offering and redemption price per share | — | 24.44 | — | — | ||||||||||||
Institutional Class — Offering and redemption price per share | — | 24.42 | — | — | ||||||||||||
Select Class — Offering and redemption price per share | 13.17 | 24.24 | 16.45 | 18.81 | ||||||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 13.86 | $ | 25.03 | $ | 17.32 | $ | 19.81 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 1,167,266 | $ | 2,058,572 | $ | 101,581 | $ | 3,038,879 | ||||||||
Cost of investments in affiliates | 15,512 | 44,001 | 2,653 | 200,095 | ||||||||||||
Cost of foreign currency | 6,206 | 21,665 | 94 | 1,733 | ||||||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class B and Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 75 | ||||||
STATEMENTS OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands, except per share amounts)
| International Equity Fund | International Opportunities Fund | International Research Enhanced Equity Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in non-affiliates, at value | $ | 2,345,113 | $ | 1,710,141 | $ | 653,002 | ||||||
Investments in affiliates, at value | 60,248 | 37,589 | 19,510 | |||||||||
|
|
|
|
|
| |||||||
Total investment securities, at value | 2,405,361 | 1,747,730 | 672,512 | |||||||||
Cash | 49 | 49 | 49 | |||||||||
Foreign currency, at value | 151 | 22 | 7,031 | |||||||||
Deposits at broker for futures contracts | — | — | 1,815 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 584 | — | |||||||||
Fund shares sold | 80,452 | 5,880 | 110 | |||||||||
Dividends from non-affiliates | 4,591 | 3,523 | 1,257 | |||||||||
Dividends from affiliates | 1 | 1 | 1 | |||||||||
Tax reclaims | 3,169 | 1,929 | 828 | |||||||||
Variation margin on futures contracts | — | — | 702 | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | 14,779 | — | |||||||||
Due from Adviser | — | — | 7 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,493,774 | 1,774,497 | 684,312 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Fund shares redeemed | 4,750 | 159 | 323 | |||||||||
Variation margin on futures contracts | — | 45 | — | |||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | 17,064 | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 1,291 | 842 | — | |||||||||
Administration fees | 132 | 116 | 2 | |||||||||
Distribution fees | 56 | 24 | 35 | |||||||||
Shareholder servicing fees | 151 | 37 | 136 | |||||||||
Custodian and accounting fees | 336 | 263 | 193 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 1 | 2 | — | (a) | ||||||||
Transfer agent fees | 155 | 50 | 51 | |||||||||
Other | 112 | 49 | 68 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 6,984 | 18,651 | 808 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,486,790 | $ | 1,755,846 | $ | 683,504 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 76 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| International Equity Fund | International Opportunities Fund | International Research Enhanced Equity Fund | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 2,205,040 | $ | 1,606,073 | $ | 474,813 | ||||||
Accumulated undistributed (distributions in excess of) net investment income | 2,234 | 45,420 | 13,515 | |||||||||
Accumulated net realized gains (losses) | (11,993 | ) | (12,293 | ) | 105,915 | |||||||
Net unrealized appreciation (depreciation) | 291,509 | 116,646 | 89,261 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 2,486,790 | $ | 1,755,846 | $ | 683,504 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 186,242 | $ | 110,667 | $ | 96,325 | ||||||
Class B | 963 | 196 | 1,754 | |||||||||
Class C | 26,299 | 1,441 | 20,724 | |||||||||
Class R2 | 1,405 | — | 2,521 | |||||||||
Class R5 | 95,749 | — | — | |||||||||
Class R6 | 1,681,788 | 1,539,613 | — | |||||||||
Institutional Class | — | 56,348 | — | |||||||||
Select Class | 494,344 | 47,581 | 562,180 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 2,486,790 | $ | 1,755,846 | $ | 683,504 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 12,212 | 7,476 | 4,727 | |||||||||
Class B | 65 | 13 | 93 | |||||||||
Class C | 1,811 | 100 | 1,053 | |||||||||
Class R2 | 92 | — | 126 | |||||||||
Class R5 | 6,191 | — | — | |||||||||
Class R6 | 108,776 | 101,768 | — | |||||||||
Institutional Class | — | 3,725 | — | |||||||||
Select Class | 31,987 | 3,160 | 27,373 | |||||||||
Net Asset Value (a): | ||||||||||||
Class A — Redemption price per share | $ | 15.25 | $ | 14.80 | $ | 20.38 | ||||||
Class B — Offering price per share (b) | 14.72 | 14.89 | 18.77 | |||||||||
Class C — Offering price per share (b) | 14.52 | 14.41 | 19.68 | |||||||||
Class R2 — Offering and redemption price per share | 15.19 | — | 20.07 | |||||||||
Class R5 — Offering and redemption price per share | 15.46 | — | — | |||||||||
Class R6 — Offering and redemption price per share | 15.46 | 15.13 | — | |||||||||
Institutional Class — Offering and redemption price per share | — | 15.13 | — | |||||||||
Select Class — Offering and redemption price per share | 15.45 | 15.06 | 20.54 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 16.09 | $ | 15.62 | $ | 21.51 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 2,053,286 | $ | 1,590,954 | $ | 563,565 | ||||||
Cost of investments in affiliates | 60,248 | 37,589 | 19,510 | |||||||||
Cost of foreign currency | 155 | 19 | 7,120 | |||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class B and Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 77 | ||||||
STATEMENTS OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2014 (continued)
(Amounts in thousands, except per share amounts)
| International Unconstrained Equity Fund | International Value Fund | Intrepid International Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in non-affiliates, at value | $ | 4,558 | $ | 3,719,605 | $ | 1,431,358 | ||||||
Investments in affiliates, at value | — | 39,776 | 43,403 | |||||||||
|
|
|
|
|
| |||||||
Total investment securities, at value | 4,558 | 3,759,381 | 1,474,761 | |||||||||
Cash | 161 | 2,662 | 49 | |||||||||
Foreign currency, at value | 1 | 6,744 | — | (a) | ||||||||
Deposits at broker for futures contracts | — | 2,389 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | (a) | — | 8,888 | ||||||||
Fund shares sold | — | (a) | 11,125 | 110,110 | ||||||||
Dividends from non-affiliates | 8 | 8,436 | 2,502 | |||||||||
Dividends from affiliates | — | 1 | 1 | |||||||||
Tax reclaims | 8 | 3,449 | 892 | |||||||||
Variation margin on futures contracts | — | 1,092 | — | |||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | 29,079 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 4,736 | 3,824,358 | 1,597,203 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 69 | — | 2,362 | |||||||||
Fund shares redeemed | — | 5,504 | 157 | |||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | 25,885 | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 31 | 1,543 | 908 | |||||||||
Administration fees | — | 217 | 94 | |||||||||
Distribution fees | — | (a) | 119 | 22 | ||||||||
Shareholder servicing fees | 1 | 406 | 25 | |||||||||
Custodian and accounting fees | 23 | 529 | 180 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | 5 | 2 | ||||||||
Audit fees | 45 | 36 | 32 | |||||||||
Other | 3 | 434 | 58 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 172 | 34,678 | 3,840 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 4,564 | $ | 3,789,680 | $ | 1,593,363 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 78 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| International Unconstrained Equity Fund | International Value Fund | Intrepid International Fund | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 3,838 | $ | 3,803,178 | $ | 2,054,850 | ||||||
Accumulated undistributed (distributions in excess of) net investment income | 50 | 111,876 | 19,658 | |||||||||
Accumulated net realized gains (losses) | 315 | (364,911 | ) | (544,778 | ) | |||||||
Net unrealized appreciation (depreciation) | 361 | 239,537 | 63,633 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 4,564 | $ | 3,789,680 | $ | 1,593,363 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 351 | $ | 491,010 | $ | 101,114 | ||||||
Class B | — | 1,602 | — | |||||||||
Class C | 137 | 31,176 | 1,318 | |||||||||
Class R2 | 68 | 1,768 | 98 | |||||||||
Class R5 | 70 | — | — | |||||||||
Class R6 | 70 | 30,992 | — | |||||||||
Institutional Class | — | 2,932,420 | 1,474,870 | |||||||||
Select Class | 3,868 | 300,712 | 15,963 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 4,564 | $ | 3,789,680 | $ | 1,593,363 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 19 | 34,725 | 5,189 | |||||||||
Class B | — | 114 | — | |||||||||
Class C | 7 | 2,272 | 67 | |||||||||
Class R2 | 3 | 127 | 5 | |||||||||
Class R5 | 3 | — | — | |||||||||
Class R6 | 3 | 2,149 | — | |||||||||
Institutional Class | — | 203,522 | 73,934 | |||||||||
Select Class | 207 | 20,764 | 789 | |||||||||
Net Asset Value (a): | ||||||||||||
Class A — Redemption price per share | $ | 18.59 | $ | 14.14 | $ | 19.49 | ||||||
Class B — Offering price per share (b) | — | 14.02 | — | |||||||||
Class C — Offering price per share (b) | 18.44 | 13.72 | 19.63 | |||||||||
Class R2 — Offering and redemption price per share | 18.55 | 13.93 | 19.31 | |||||||||
Class R5 — Offering and redemption price per share | 18.72 | — | — | |||||||||
Class R6 — Offering and redemption price per share | 18.73 | 14.42 | — | |||||||||
Institutional Class — Offering and redemption price per share | — | 14.41 | 19.95 | |||||||||
Select Class — Offering and redemption price per share | 18.67 | 14.48 | 20.22 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 19.62 | $ | 14.92 | $ | 20.57 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 4,197 | $ | 3,482,223 | $ | 1,367,605 | ||||||
Cost of investments in affiliates | — | 39,776 | 43,403 | |||||||||
Cost of foreign currency | 1 | 6,833 | — | (c) | ||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class B and Class C Shares varies based upon length of time the shares are held. |
| (c) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 79 | ||||||
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2014
(Amounts in thousands)
| Emerging Economies Fund | Emerging Markets Equity Fund | Global Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income from affiliates | $ | 2 | $ | 14 | $ | 1 | $ | 6 | ||||||||
Dividend income from non-affiliates | 38,586 | 72,961 | 8,203 | 73,674 | ||||||||||||
Dividend income from affiliates | 2 | 8 | — | (a) | 21 | |||||||||||
Foreign taxes withheld | (3,014 | ) | (4,633 | ) | (409 | ) | (2,992 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 35,576 | 68,350 | 7,795 | 70,709 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 10,691 | 29,151 | 929 | 5,682 | ||||||||||||
Administration fees | 886 | 2,418 | 96 | 2,354 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 186 | 814 | 155 | — | (a) | |||||||||||
Class B | — | 24 | — | — | ||||||||||||
Class C | 39 | 411 | 22 | 1 | ||||||||||||
Class R2 | — | — | 3 | — | (a) | |||||||||||
Shareholder servicing fees: | ||||||||||||||||
Class A | 186 | 814 | 155 | — | (a) | |||||||||||
Class B | — | 8 | — | — | ||||||||||||
Class C | 13 | 137 | 7 | — | (a) | |||||||||||
Class R2 | — | — | 2 | — | (a) | |||||||||||
Class R5 | 357 | — | — | (a) | — | |||||||||||
Institutional Class | — | 1,212 | — | — | ||||||||||||
Select Class | 688 | 1,687 | 125 | 7,103 | ||||||||||||
Custodian and accounting fees | 1,110 | 2,439 | 81 | 282 | ||||||||||||
Interest expense to affiliates | 5 | 23 | 1 | 1 | ||||||||||||
Professional fees | 86 | 123 | 79 | 94 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 11 | 31 | 1 | 28 | ||||||||||||
Printing and mailing costs | 44 | 430 | 8 | 89 | ||||||||||||
Registration and filing fees | 103 | 191 | 98 | 52 | ||||||||||||
Transfer agent fees | 210 | 2,989 | 58 | 64 | ||||||||||||
Offering costs | — | — | — | 13 | ||||||||||||
Other | 36 | 380 | 8 | 46 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 14,651 | 43,282 | 1,828 | 15,809 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less amounts waived | (1,447 | ) | (3,302 | ) | (494 | ) | (6,429 | ) | ||||||||
Less expense reimbursements | — | — | — | — | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 13,204 | 39,980 | 1,334 | 9,380 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 22,372 | 28,370 | 6,461 | 61,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | (31,998 | )(b) | 81,600 | 906 | 21,364 | |||||||||||
Futures | — | — | 23 | 19,447 | ||||||||||||
Foreign currency transactions | (705 | ) | (1,206 | ) | (766 | ) | 570 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (32,703 | ) | 80,394 | 163 | 41,381 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions of capital gains received from investment company affiliates | — | (a) | 1 | — | (a) | 1 | ||||||||||
Change in net unrealized appreciation/depreciation of: | ||||||||||||||||
Investments in non-affiliates | (12,401 | )(c) | (76,744 | )(d) | (3,194 | ) | 162,237 | |||||||||
Futures | — | — | — | 4,599 | ||||||||||||
Foreign currency translations | (75 | ) | (500 | ) | 171 | (223 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (12,476 | ) | (77,244 | ) | (3,023 | ) | 166,613 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (45,179 | ) | 3,151 | (2,860 | ) | 207,995 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (22,807 | ) | $ | 31,521 | $ | 3,601 | $ | 269,324 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | Net of India capital gains tax of approximately $(807,000) for Emerging Economies Fund. |
| (c) | Net of change in India capital gains tax of approximately $(626,000) for Emerging Economies Fund |
| (d) | Net of change in India capital gains tax of approximately $5,585,000 for Emerging Markets Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 80 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| International Equity Fund | International Opportunities Fund | International Research Enhanced Equity Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income from non-affiliates | $ | — | $ | — | $ | 3 | ||||||
Interest income from affiliates | — | (a) | 1 | — | ||||||||
Dividend income from non-affiliates | 87,761 | 64,267 | 20,171 | |||||||||
Dividend income from affiliates | 9 | 6 | 3 | |||||||||
Foreign taxes withheld | (4,552 | ) | (4,327 | ) | (2,143 | ) | ||||||
|
|
|
|
|
| |||||||
Total investment income | 83,218 | 59,947 | 18,034 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 18,563 | 10,098 | 2,464 | |||||||||
Administration fees | 1,924 | 1,395 | 534 | |||||||||
Distribution fees: | ||||||||||||
Class A | 501 | 303 | 265 | |||||||||
Class B | 10 | 2 | 17 | |||||||||
Class C | 196 | 10 | 166 | |||||||||
Class R2 | 7 | — | 10 | |||||||||
Shareholder servicing fees: | ||||||||||||
Class A | 501 | 303 | 265 | |||||||||
Class B | 3 | 1 | 6 | |||||||||
Class C | 65 | 3 | 55 | |||||||||
Class R2 | 3 | — | 5 | |||||||||
Class R5 | 55 | — | — | |||||||||
Institutional Class | — | 62 | — | |||||||||
Select Class | 1,153 | 116 | 1,278 | |||||||||
Custodian and accounting fees | 494 | 375 | 228 | |||||||||
Interest expense to affiliates | — | (a) | 1 | — | (a) | |||||||
Professional fees | 102 | 100 | 99 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 23 | 17 | 5 | |||||||||
Printing and mailing costs | 151 | 57 | 81 | |||||||||
Registration and filing fees | 121 | 107 | 67 | |||||||||
Transfer agent fees | 683 | 244 | 296 | |||||||||
Other | 85 | 48 | 16 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 24,640 | 13,242 | 5,857 | |||||||||
|
|
|
|
|
| |||||||
Less amounts waived | (3,477 | ) | (90 | ) | (3,189 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 21,163 | 13,152 | 2,668 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 62,055 | 46,795 | 15,366 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments in non-affiliates | 21,841 | 56,182 | 118,084 | (b) | ||||||||
Futures | — | (3,070 | ) | 225 | ||||||||
Foreign currency transactions | (558 | ) | 3,539 | (214 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 21,283 | 56,651 | 118,095 | |||||||||
|
|
|
|
|
| |||||||
Distributions of capital gains received from investment company affiliates | 1 | 1 | — | (a) | ||||||||
Change in net unrealized appreciation/depreciation of: | ||||||||||||
Investments in non-affiliates | (123,418 | ) | (124,047 | ) | (137,455 | )(c) | ||||||
Futures | — | (45 | ) | (730 | ) | |||||||
Foreign currency translations | (374 | ) | (6,004 | ) | (263 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (123,792 | ) | (130,096 | ) | (138,448 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (102,508 | ) | (73,444 | ) | (20,353 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | (40,453 | ) | $ | (26,649 | ) | $ | (4,987 | ) | |||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | Net of India capital gains tax of approximately $(20,000) for International Research Enhanced Equity Fund. |
| (c) | Net of change in India capital gains tax of approximately $2,000 for International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 81 | ||||||
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2014 (continued)
(Amounts in thousands)
| International Unconstrained Equity Fund | International Value Fund | Intrepid International Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income from affiliates | �� | $ | — | $ | — | (a) | $ | — | ||||
Dividend income from non-affiliates | 107 | 170,236 | 33,749 | |||||||||
Dividend income from affiliates | — | 11 | 4 | |||||||||
Foreign taxes withheld | (6 | ) | (11,135 | ) | (1,966 | ) | ||||||
|
|
|
|
|
| |||||||
Total investment income | 101 | 159,112 | 31,787 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 36 | 21,657 | 7,708 | |||||||||
Administration fees | 4 | 2,992 | 798 | |||||||||
Distribution fees: | ||||||||||||
Class A | 1 | 989 | 214 | |||||||||
Class B | — | 16 | — | |||||||||
Class C | 1 | 228 | 10 | |||||||||
Class R2 | — | (a) | 8 | 1 | ||||||||
Shareholder servicing fees: | ||||||||||||
Class A | 1 | 989 | 214 | |||||||||
Class B | — | 5 | — | |||||||||
Class C | — | (a) | 76 | 3 | ||||||||
Class R2 | — | (a) | 4 | — | (a) | |||||||
Class R5 | — | (a) | — | — | ||||||||
Institutional Class | — | 2,738 | 861 | |||||||||
Select Class | 10 | 906 | 40 | |||||||||
Custodian and accounting fees | 35 | 744 | 266 | |||||||||
Interest expense to affiliates | — | — | (a) | — | ||||||||
Professional fees | 74 | 123 | 103 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | 36 | 9 | ||||||||
Printing and mailing costs | 1 | 499 | 32 | |||||||||
Registration and filing fees | 70 | 218 | 77 | |||||||||
Transfer agent fees | 10 | 4,160 | 169 | |||||||||
Other | 7 | 420 | 32 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 250 | 36,808 | 10,537 | |||||||||
|
|
|
|
|
| |||||||
Less amounts waived | (40 | ) | (780 | ) | (1,444 | ) | ||||||
Less expense reimbursements | (160 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net expenses | 50 | 36,028 | 9,093 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 51 | 123,084 | 22,694 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments in non-affiliates | 315 | 110,478 | 16,036 | |||||||||
Futures | — | 772 | — | |||||||||
Foreign currency transactions | (1 | ) | 18,128 | (87 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 314 | 129,378 | 15,949 | |||||||||
|
|
|
|
|
| |||||||
Distributions of capital gains received from investment company affiliates | — | 1 | — | (a) | ||||||||
Change in net unrealized appreciation/depreciation of: | ||||||||||||
Investments in non-affiliates | (468 | ) | (397,476 | ) | (71,812 | ) | ||||||
Futures | — | (575 | ) | — | ||||||||
Foreign currency translations | — | (a) | (5,270 | ) | (143 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (468 | ) | (403,321 | ) | (71,955 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (154 | ) | (273,942 | ) | (56,006 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | (103 | ) | $ | (150,858 | ) | $ | (33,312 | ) | |||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 82 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| Emerging Economies Fund | Emerging Markets Equity Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 22,372 | $ | 12,411 | $ | 28,370 | $ | 21,086 | ||||||||
Net realized gain (loss) | (32,703 | ) | (8,533 | ) | 80,394 | (2,060 | ) | |||||||||
Distributions of capital gains received from investment company affiliates | — | (a) | — | 1 | — | |||||||||||
Change in net unrealized appreciation/depreciation | (12,476 | ) | 42,201 | (77,244 | ) | 113,989 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (22,807 | ) | 46,079 | 31,521 | 133,015 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (788 | ) | (283 | ) | (1,101 | ) | (1,014 | ) | ||||||||
Class B | ||||||||||||||||
From net investment income | — | — | — | (2 | ) | |||||||||||
Class C | ||||||||||||||||
From net investment income | (39 | ) | (13 | ) | — | (15 | ) | |||||||||
Class R5 | ||||||||||||||||
From net investment income | (10,129 | ) | (4,485 | ) | — | — | ||||||||||
Institutional Class | ||||||||||||||||
From net investment income | — | — | (17,566 | ) | (4,645 | ) | ||||||||||
Select Class | ||||||||||||||||
From net investment income | (3,202 | ) | (1,651 | ) | (1,422 | ) | (7,568 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (14,158 | ) | (6,432 | ) | (20,089 | ) | (13,244 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 234,052 | 544,006 | (888,151 | ) | 1,039,436 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 197,087 | 583,653 | (876,719 | ) | 1,159,207 | |||||||||||
Beginning of period | 1,029,586 | 445,933 | 3,411,693 | 2,252,486 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,226,673 | $ | 1,029,586 | $ | 2,534,974 | $ | 3,411,693 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 19,133 | $ | 12,415 | $ | 27,228 | $ | 20,153 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 83 | ||||||
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| Global Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Period Ended October 31, 2013 (a) | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 6,461 | $ | 2,017 | $ | 61,329 | $ | 13,598 | ||||||||
Net realized gain (loss) | 163 | 1,432 | 41,381 | 7,876 | ||||||||||||
Distributions of capital gains received from investment company affiliates | — | (b) | — | 1 | — | |||||||||||
Change in net unrealized appreciation/depreciation | (3,023 | ) | 9,975 | 166,613 | 161,710 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 3,601 | 13,424 | 269,324 | 183,184 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (2,495 | ) | (734 | ) | (1 | ) | — | |||||||||
From net realized gains | (419 | ) | (33 | ) | — | (b) | — | |||||||||
Class C | ||||||||||||||||
From net investment income | (109 | ) | (23 | ) | — | (b) | — | |||||||||
From net realized gains | (16 | ) | (1 | ) | (1 | ) | — | |||||||||
Class R2 | ||||||||||||||||
From net investment income | (21 | ) | (12 | ) | — | (b) | — | |||||||||
From net realized gains | (4 | ) | (1 | ) | — | (b) | — | |||||||||
Class R5 | ||||||||||||||||
From net investment income | (26 | ) | (15 | ) | — | — | ||||||||||
From net realized gains | (4 | ) | (1 | ) | — | — | ||||||||||
Select Class | ||||||||||||||||
From net investment income | (2,019 | ) | (1,109 | ) | (20,542 | ) | — | |||||||||
From net realized gains | (434 | ) | (46 | ) | (11,342 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (5,547 | ) | (1,975 | ) | (31,886 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 8,324 | 58,368 | 1,445,076 | 1,712,015 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 6,378 | 69,817 | 1,682,514 | 1,895,199 | ||||||||||||
Beginning of period | 107,684 | 37,867 | 1,895,199 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 114,062 | $ | 107,684 | $ | 3,577,713 | $ | 1,895,199 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 1,110 | $ | 61 | $ | 57,231 | $ | 14,318 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of operations was February 28, 2013. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 84 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| International Equity Fund | International Opportunities Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 62,055 | $ | 24,931 | $ | 46,795 | $ | 23,984 | ||||||||
Net realized gain (loss) | 21,283 | (952 | ) | 56,651 | 14,960 | |||||||||||
Distributions of capital gains received from investment company affiliates | 1 | — | 1 | — | ||||||||||||
Change in net unrealized appreciation/depreciation | (123,792 | ) | 251,588 | (130,096 | ) | 206,684 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (40,453 | ) | 275,567 | (26,649 | ) | 245,628 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (4,391 | ) | (1,844 | ) | (964 | ) | (1,582 | ) | ||||||||
Class B | ||||||||||||||||
From net investment income | (22 | ) | (19 | ) | — | (7 | ) | |||||||||
Class C | ||||||||||||||||
From net investment income | (530 | ) | (216 | ) | (6 | ) | (9 | ) | ||||||||
Class R2 | ||||||||||||||||
From net investment income | (28 | ) | (9 | ) | — | — | ||||||||||
Class R5 | ||||||||||||||||
From net investment income | (2,846 | ) | (1,634 | ) | — | — | ||||||||||
Class R6 | ||||||||||||||||
From net investment income | (42,018 | ) | (16,840 | ) | (14,924 | ) | (17,272 | ) | ||||||||
Institutional Class | ||||||||||||||||
From net investment income | — | — | (670 | ) | (1,013 | ) | ||||||||||
Select Class | ||||||||||||||||
From net investment income | (11,524 | ) | (4,056 | ) | (395 | ) | (770 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (61,359 | ) | (24,618 | ) | (16,959 | ) | (20,653 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 583,648 | 677,970 | 361,687 | 377,607 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 481,836 | 928,919 | 318,079 | 602,582 | ||||||||||||
Beginning of period | 2,004,954 | 1,076,035 | 1,437,767 | 835,185 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,486,790 | $ | 2,004,954 | $ | 1,755,846 | $ | 1,437,767 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 2,234 | $ | 2,096 | $ | 45,420 | $ | 12,024 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 85 | ||||||
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| International Research Enhanced Equity Fund | International Unconstrained Equity Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 15,366 | $ | 10,753 | $ | 51 | $ | 44 | ||||||||
Net realized gain (loss) | 118,095 | 92,694 | 314 | 275 | ||||||||||||
Distributions of capital gains received from investment company affiliates | — | (a) | — | — | — | |||||||||||
Change in net unrealized appreciation/depreciation | (138,448 | ) | 23,098 | (468 | ) | 465 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (4,987 | ) | 126,545 | (103 | ) | 784 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (2,006 | ) | (2,307 | ) | (1 | ) | — | (a) | ||||||||
From net realized gains | (1,739 | ) | — | (6 | ) | (1 | ) | |||||||||
Class B | ||||||||||||||||
From net investment income | (38 | ) | (53 | ) | — | — | ||||||||||
From net realized gains | (46 | ) | — | — | — | |||||||||||
Class C | ||||||||||||||||
From net investment income | (316 | ) | (289 | ) | (1 | ) | — | (a) | ||||||||
From net realized gains | (361 | ) | — | (5 | ) | (1 | ) | |||||||||
Class R2 | ||||||||||||||||
From net investment income | (31 | ) | (19 | ) | — | (a) | — | (a) | ||||||||
From net realized gains | (30 | ) | — | (4 | ) | (1 | ) | |||||||||
Class R5 | ||||||||||||||||
From net investment income | — | — | (1 | ) | (1 | ) | ||||||||||
From net realized gains | — | — | (4 | ) | (1 | ) | ||||||||||
Class R6 | ||||||||||||||||
From net investment income | — | — | (1 | ) | (1 | ) | ||||||||||
From net realized gains | — | — | (5 | ) | (1 | ) | ||||||||||
Select Class | ||||||||||||||||
From net investment income | (9,519 | ) | (11,791 | ) | (40 | ) | (27 | ) | ||||||||
From net realized gains | (7,401 | ) | — | (251 | ) | (65 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (21,487 | ) | (14,459 | ) | (319 | ) | (99 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 111,002 | (98,503 | ) | 690 | 148 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 84,528 | 13,583 | 268 | 833 | ||||||||||||
Beginning of period | 598,976 | 585,393 | 4,296 | 3,463 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 683,504 | $ | 598,976 | $ | 4,564 | $ | 4,296 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 13,515 | $ | 7,888 | $ | 50 | $ | 44 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 86 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| International Value Fund | Intrepid International Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 123,084 | $ | 52,737 | $ | 22,694 | $ | 8,431 | ||||||||
Net realized gain (loss) | 129,378 | 122,199 | 15,949 | 11,427 | ||||||||||||
Distributions of capital gains received from investment company affiliates | 1 | — | — | (a) | — | |||||||||||
Change in net unrealized appreciation/depreciation | (403,321 | ) | 452,404 | (71,955 | ) | 91,063 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (150,858 | ) | 627,340 | (33,312 | ) | 110,921 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (5,106 | ) | (2,974 | ) | (764 | ) | (482 | ) | ||||||||
Class B | ||||||||||||||||
From net investment income | (26 | ) | (50 | ) | — | — | ||||||||||
Class C | ||||||||||||||||
From net investment income | (395 | ) | (259 | ) | (7 | ) | (8 | ) | ||||||||
Class R2 | ||||||||||||||||
From net investment income | (18 | ) | (20 | ) | (1 | ) | (1 | ) | ||||||||
Class R6 | ||||||||||||||||
From net investment income | (2,279 | ) | (725 | ) | — | — | ||||||||||
Institutional Class | ||||||||||||||||
From net investment income | (53,459 | ) | (17,591 | ) | (9,080 | ) | (5,812 | ) | ||||||||
Select Class | ||||||||||||||||
From net investment income | (2,160 | ) | (38,102 | ) | (181 | ) | (148 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (63,443 | ) | (59,721 | ) | (10,033 | ) | (6,451 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 927,458 | 241,482 | 978,829 | 207,180 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 713,157 | 809,101 | 935,484 | 311,650 | ||||||||||||
Beginning of period | 3,076,523 | 2,267,422 | 657,879 | 346,229 | ||||||||||||
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| |||||||||
End of period | $ | 3,789,680 | $ | 3,076,523 | $ | 1,593,363 | $ | 657,879 | ||||||||
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|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 111,876 | $ | 32,103 | $ | 19,658 | $ | 7,237 | ||||||||
|
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|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 87 | ||||||
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| Emerging Economies Fund | Emerging Markets Equity Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 47,826 | $ | 57,902 | $ | 145,167 | $ | 200,902 | ||||||||
Distributions reinvested | 486 | 282 | 933 | 957 | ||||||||||||
Cost of shares redeemed | (34,401 | ) | (21,023 | ) | (129,933 | ) | (166,780 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 13,911 | $ | 37,161 | $ | 16,167 | $ | 35,079 | ||||||||
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|
|
|
|
| |||||||||
Class B | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 89 | $ | 145 | ||||||||
Distributions reinvested | — | — | — | 2 | ||||||||||||
Cost of shares redeemed | — | — | (1,668 | ) | (2,229 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | — | $ | — | $ | (1,579 | ) | $ | (2,082 | ) | ||||||
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| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 1,870 | $ | 3,668 | $ | 15,814 | $ | 22,299 | ||||||||
Distributions reinvested | 39 | 13 | — | 13 | ||||||||||||
Cost of shares redeemed | (1,443 | ) | (831 | ) | (16,476 | ) | (12,872 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 466 | $ | 2,850 | $ | (662 | ) | $ | 9,440 | |||||||
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|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 310,191 | $ | 347,403 | $ | — | $ | — | ||||||||
Distributions reinvested | 10,129 | 4,485 | — | — | ||||||||||||
Cost of shares redeemed | (118,184 | ) | (33,394 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 202,136 | $ | 318,494 | $ | — | $ | — | ||||||||
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| |||||||||
Class R6 (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 1,092,999 | $ | — | ||||||||
Cost of shares redeemed | — | — | (58,952 | ) | — | |||||||||||
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|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | — | $ | — | $ | 1,034,047 | $ | — | ||||||||
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| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 1,560,275 | $ | 615,869 | ||||||||
Distributions reinvested | — | — | 14,367 | 3,816 | ||||||||||||
Cost of shares redeemed | — | — | (2,227,333 | ) | (174,724 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | $ | — | $ | — | $ | (652,691 | ) | $ | 444,961 | |||||||
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|
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|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 70,981 | $ | 195,678 | $ | 187,126 | $ | 1,137,145 | ||||||||
Distributions reinvested | 3,170 | 149 | 1,240 | 5,164 | ||||||||||||
Cost of shares redeemed | (56,612 | ) | (10,326 | ) | (1,471,799 | ) | (590,271 | ) | ||||||||
|
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|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | 17,539 | $ | 185,501 | $ | (1,283,433 | ) | $ | 552,038 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 234,052 | $ | 544,006 | $ | (888,151 | ) | $ | 1,039,436 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective December 23, 2013 for Emerging Markets Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 88 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Emerging Economies Fund | Emerging Markets Equity Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 3,659 | 4,298 | 6,380 | 8,879 | ||||||||||||
Reinvested | 37 | 20 | 43 | 41 | ||||||||||||
Redeemed | (2,653 | ) | (1,564 | ) | (5,838 | ) | (7,504 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 1,043 | 2,754 | 585 | 1,416 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Class B | ||||||||||||||||
Issued | — | — | 5 | 6 | ||||||||||||
Reinvested | — | — | — | — | (a) | |||||||||||
Redeemed | — | — | (76 | ) | (101 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class B Shares | — | — | (71 | ) | (95 | ) | ||||||||||
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|
|
|
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|
| |||||||||
Class C | ||||||||||||||||
Issued | 143 | 277 | 714 | 1,012 | ||||||||||||
Reinvested | 3 | 1 | — | 1 | ||||||||||||
Redeemed | (113 | ) | (63 | ) | (755 | ) | (590 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 33 | 215 | (41 | ) | 423 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 23,523 | 25,974 | — | — | ||||||||||||
Reinvested | 781 | 328 | — | — | ||||||||||||
Redeemed | (9,179 | ) | (2,509 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 15,125 | 23,793 | — | — | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Class R6 (b) | ||||||||||||||||
Issued | — | — | 48,796 | — | ||||||||||||
Redeemed | — | — | (2,549 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | — | — | 46,247 | — | ||||||||||||
|
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|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Issued | — | — | 68,256 | 26,863 | ||||||||||||
Reinvested | — | — | 642 | 160 | ||||||||||||
Redeemed | — | — | (99,390 | ) | (7,462 | ) | ||||||||||
|
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|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | — | — | (30,492 | ) | 19,561 | |||||||||||
|
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|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Issued | 5,554 | 14,733 | 8,139 | 49,291 | ||||||||||||
Reinvested | 245 | 11 | 56 | 218 | ||||||||||||
Redeemed | (4,249 | ) | (804 | ) | (65,118 | ) | (26,170 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | 1,550 | 13,940 | (56,923 | ) | 23,339 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 1,000 shares. |
| (b) | Commencement of offering of class of shares effective December 23, 2013 for Emerging Markets Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 89 | ||||||
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| Global Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Period Ended October 31, 2013 (a) | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 46,956 | $ | 41,913 | $ | — | $ | 50 | ||||||||
Distributions reinvested | 1,278 | 294 | 1 | — | ||||||||||||
Cost of shares redeemed | (21,768 | ) | (6,671 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 26,466 | $ | 35,536 | $ | 1 | $ | 50 | ||||||||
|
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|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 1,873 | $ | 1,304 | $ | — | $ | 50 | ||||||||
Distributions reinvested | 122 | 24 | 1 | — | ||||||||||||
Cost of shares redeemed | (360 | ) | (202 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 1,635 | $ | 1,126 | $ | 1 | $ | 50 | ||||||||
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| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | $ | 50 | ||||||||
Distributions reinvested | 25 | 13 | — | (b) | — | |||||||||||
|
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|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 25 | $ | 13 | $ | — | (b) | $ | 50 | |||||||
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| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | $ | — | ||||||||
Distributions reinvested | 30 | 16 | — | — | ||||||||||||
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|
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|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 30 | $ | 16 | $ | — | $ | — | ||||||||
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| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 21,191 | $ | 23,134 | $ | 1,641,002 | $ | 1,763,157 | ||||||||
Distributions reinvested | 1,790 | 935 | 5,200 | — | ||||||||||||
Cost of shares redeemed | (42,813 | ) | (2,392 | ) | (201,128 | ) | (51,292 | ) | ||||||||
|
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|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | (19,832 | ) | $ | 21,677 | $ | 1,445,074 | $ | 1,711,865 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 8,324 | $ | 58,368 | $ | 1,445,076 | $ | 1,712,015 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of operations was February 28, 2013. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 90 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Global Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Period Ended October 31, 2013 (a) | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 2,826 | 2,719 | — | 3 | ||||||||||||
Reinvested | 77 | 19 | — | (b) | — | |||||||||||
Redeemed | (1,300 | ) | (429 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 1,603 | 2,309 | — | (b) | 3 | |||||||||||
|
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|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 113 | 83 | — | 3 | ||||||||||||
Reinvested | 7 | 2 | — | (b) | — | |||||||||||
Redeemed | (22 | ) | (13 | ) | — | — | ||||||||||
|
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|
|
|
|
|
| |||||||||
Change in Class C Shares | 98 | 72 | — | (b) | 3 | |||||||||||
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|
| |||||||||
Class R2 | ||||||||||||||||
Issued | — | — | — | 3 | ||||||||||||
Reinvested | 2 | — | (b) | — | (b) | — | ||||||||||
|
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|
|
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|
| |||||||||
Change in Class R2 Shares | 2 | — | (b) | — | (b) | 3 | ||||||||||
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|
| |||||||||
Class R5 | ||||||||||||||||
Reinvested | 2 | 1 | — | — | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 2 | 1 | — | — | ||||||||||||
|
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|
| |||||||||
Select Class | ||||||||||||||||
Issued | 1,276 | 1,481 | 91,856 | 112,224 | ||||||||||||
Reinvested | 107 | 61 | 299 | — | ||||||||||||
Redeemed | (2,594 | ) | (150 | ) | (11,083 | ) | (3,099 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | (1,211 | ) | 1,392 | 81,072 | 109,125 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of operations was February 28, 2013. |
| (b) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 91 | ||||||
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| International Equity Fund | International Opportunities Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 109,712 | $ | 105,812 | $ | 67,670 | $ | 59,075 | ||||||||
Distributions reinvested | 2,850 | 1,255 | 470 | 1,575 | ||||||||||||
Cost of shares redeemed | (107,650 | ) | (40,285 | ) | (79,052 | ) | (23,430 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 4,912 | $ | 66,782 | $ | (10,912 | ) | $ | 37,220 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class B | ||||||||||||||||
Proceeds from shares issued | $ | 21 | $ | 21 | $ | 10 | $ | 135 | ||||||||
Distributions reinvested | 18 | 15 | — | 6 | ||||||||||||
Cost of shares redeemed | (741 | ) | (833 | ) | (294 | ) | (216 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | (702 | ) | $ | (797 | ) | $ | (284 | ) | $ | (75 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 8,687 | $ | 6,897 | $ | 830 | $ | 530 | ||||||||
Distributions reinvested | 408 | 149 | 5 | 7 | ||||||||||||
Cost of shares redeemed | (5,189 | ) | (4,742 | ) | (449 | ) | (109 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 3,906 | $ | 2,304 | $ | 386 | $ | 428 | ||||||||
|
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|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 461 | $ | 1,194 | $ | — | $ | — | ||||||||
Distributions reinvested | 18 | 5 | — | — | ||||||||||||
Cost of shares redeemed | (237 | ) | (834 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 242 | $ | 365 | $ | — | $ | — | ||||||||
|
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|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 20,589 | $ | 37,375 | $ | — | $ | — | ||||||||
Distributions reinvested | 2,846 | 1,634 | — | — | ||||||||||||
Cost of shares redeemed | (30,870 | ) | (11,484 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (7,435 | ) | $ | 27,525 | $ | — | $ | — | |||||||
|
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|
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|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 512,142 | $ | 408,248 | $ | 400,224 | $ | 376,122 | ||||||||
Subscriptions in-kind (See Note 8) | — | 47,211 | — | — | ||||||||||||
Distributions reinvested | 42,018 | 16,840 | 14,924 | 17,272 | ||||||||||||
Cost of shares redeemed | (54,301 | ) | (64,207 | ) | (41,399 | ) | (67,810 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 499,859 | $ | 408,092 | $ | 373,749 | $ | 325,584 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 16,360 | $ | 20,744 | ||||||||
Distributions reinvested | — | — | 435 | 699 | ||||||||||||
Cost of shares redeemed | — | — | (19,108 | ) | (13,670 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | $ | — | $ | — | $ | (2,313 | ) | $ | 7,773 | |||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 146,738 | $ | 235,602 | $ | 17,796 | $ | 12,030 | ||||||||
Distributions reinvested | 10,417 | 2,411 | 325 | 549 | ||||||||||||
Cost of shares redeemed | (74,289 | ) | (64,314 | ) | (17,060 | ) | (5,902 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | 82,866 | $ | 173,699 | $ | 1,061 | $ | 6,677 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 583,648 | $ | 677,970 | $ | 361,687 | $ | 377,607 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 92 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| International Equity Fund | International Opportunities Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 6,902 | 7,127 | 4,461 | 4,282 | ||||||||||||
Reinvested | 177 | 88 | 31 | 122 | ||||||||||||
Redeemed | (6,712 | ) | (2,725 | ) | (5,136 | ) | (1,702 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 367 | 4,490 | (644 | ) | 2,702 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class B | ||||||||||||||||
Issued | 1 | 1 | — | (a) | 10 | |||||||||||
Reinvested | 1 | 1 | — | — | (a) | |||||||||||
Redeemed | (48 | ) | (58 | ) | (19 | ) | (15 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class B Shares | (46 | ) | (56 | ) | (19 | ) | (5 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 572 | 487 | 56 | 37 | ||||||||||||
Reinvested | 27 | 11 | 1 | 1 | ||||||||||||
Redeemed | (344 | ) | (341 | ) | (31 | ) | (8 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 255 | 157 | 26 | 30 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 28 | 80 | — | — | ||||||||||||
Reinvested | 1 | — | (a) | — | — | |||||||||||
Redeemed | (15 | ) | (56 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 14 | 24 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 1,286 | 2,576 | — | — | ||||||||||||
Reinvested | 174 | 113 | — | — | ||||||||||||
Redeemed | (1,900 | ) | (774 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (440 | ) | 1,915 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 32,114 | 27,104 | 26,049 | 26,629 | ||||||||||||
Subscriptions in-kind (See Note 8) | — | 3,203 | — | — | ||||||||||||
Reinvested | 2,576 | 1,159 | 972 | 1,310 | ||||||||||||
Redeemed | (3,336 | ) | (4,564 | ) | (2,625 | ) | (5,104 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 31,354 | 26,902 | 24,396 | 22,835 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Issued | — | — | 1,053 | 1,473 | ||||||||||||
Reinvested | — | — | 28 | 53 | ||||||||||||
Redeemed | — | — | (1,230 | ) | (927 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | — | — | (149 | ) | 599 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Issued | 9,057 | 15,550 | 1,159 | 859 | ||||||||||||
Reinvested | 638 | 166 | 21 | 42 | ||||||||||||
Redeemed | (4,642 | ) | (4,340 | ) | (1,101 | ) | (433 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | 5,053 | 11,376 | 79 | 468 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 93 | ||||||
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| International Research Enhanced Equity Fund | International Unconstrained Equity Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 19,492 | $ | 26,970 | $ | 343 | $ | 15 | ||||||||
Distributions reinvested | 3,637 | 2,228 | 7 | 1 | ||||||||||||
Cost of shares redeemed | (30,904 | ) | (37,925 | ) | (66 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (7,775 | ) | $ | (8,727 | ) | $ | 284 | $ | 16 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class B | ||||||||||||||||
Proceeds from shares issued | $ | 33 | $ | 11 | $ | — | $ | — | ||||||||
Distributions reinvested | 83 | 51 | — | — | ||||||||||||
Cost of shares redeemed | (1,031 | ) | (959 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | (915 | ) | $ | (897 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 4,045 | $ | 6,413 | $ | 64 | $ | 5 | ||||||||
Distributions reinvested | 650 | 280 | 5 | 1 | ||||||||||||
Cost of shares redeemed | (4,908 | ) | (5,069 | ) | — | (a) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (213 | ) | $ | 1,624 | $ | 69 | $ | 6 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 2,020 | $ | 1,192 | $ | — | (a) | $ | — | |||||||
Distributions reinvested | 18 | 4 | 4 | 1 | ||||||||||||
Cost of shares redeemed | �� | (1,369 | ) | (310 | ) | — | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 669 | $ | 886 | $ | 4 | $ | 1 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | (a) | $ | — | |||||||
Distributions reinvested | — | — | 5 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | 5 | $ | 2 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | (a) | $ | — | |||||||
Distributions reinvested | — | — | 6 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | — | $ | — | $ | 6 | $ | 2 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 141,311 | $ | 178,267 | $ | 53 | $ | 29 | ||||||||
Distributions reinvested | 14,567 | 1,263 | 290 | 92 | ||||||||||||
Cost of shares redeemed | (36,642 | ) | (270,919 | ) | (21 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | 119,236 | $ | (91,389 | ) | $ | 322 | $ | 121 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 111,002 | $ | (98,503 | ) | $ | 690 | $ | 148 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 94 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| International Research Enhanced Equity Fund | International Unconstrained Equity Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 926 | 1,430 | 18 | 1 | ||||||||||||
Reinvested | 179 | 125 | 1 | — | (a) | |||||||||||
Redeemed | (1,481 | ) | (2,032 | ) | (4 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (376 | ) | (477 | ) | 15 | 1 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class B | ||||||||||||||||
Issued | 2 | 1 | — | — | ||||||||||||
Reinvested | 4 | 3 | — | — | ||||||||||||
Redeemed | (53 | ) | (56 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class B Shares | (47 | ) | (52 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 199 | 347 | 3 | 1 | ||||||||||||
Reinvested | 33 | 16 | — | (a) | — | (a) | ||||||||||
Redeemed | (242 | ) | (277 | ) | — | (a) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (10 | ) | 86 | 3 | 1 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 96 | 65 | — | — | ||||||||||||
Reinvested | 1 | — | (a) | — | (a) | — | (a) | |||||||||
Redeemed | (65 | ) | (17 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 32 | 48 | — | (a) | — | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Reinvested | — | — | — | (a) | — | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | — | (a) | — | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Reinvested | — | — | — | (a) | — | (a) | ||||||||||
| �� |
|
|
|
|
|
|
|
| ||||||||
Change in Class R6 Shares | — | — | — | (a) | — | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Issued | 6,662 | 9,085 | 2 | 2 | ||||||||||||
Reinvested | 711 | 71 | 16 | 5 | ||||||||||||
Redeemed | (1,734 | ) | (14,437 | ) | (1 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | 5,639 | (5,281 | ) | 17 | 7 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 95 | ||||||
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| International Value Fund | Intrepid International Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 400,922 | $ | 112,329 | $ | 90,342 | $ | 32,402 | ||||||||
Distributions reinvested | 4,863 | 2,655 | 357 | 466 | ||||||||||||
Cost of shares redeemed | (111,037 | ) | (52,869 | ) | (46,032 | ) | (14,316 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 294,748 | $ | 62,115 | $ | 44,667 | $ | 18,552 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class B | ||||||||||||||||
Proceeds from shares issued | $ | 51 | $ | 45 | $ | — | $ | — | ||||||||
Distributions reinvested | 22 | 44 | — | — | ||||||||||||
Cost of shares redeemed | (842 | ) | (1,120 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | (769 | ) | $ | (1,031 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 17,441 | $ | 9,020 | $ | 346 | $ | 238 | ||||||||
Distributions reinvested | 310 | 184 | 6 | 7 | ||||||||||||
Cost of shares redeemed | (7,324 | ) | (4,410 | ) | (137 | ) | (208 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 10,427 | $ | 4,794 | $ | 215 | $ | 37 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 1,108 | $ | 612 | $ | 6 | $ | — | (a) | |||||||
Distributions reinvested | 9 | 8 | 1 | 1 | ||||||||||||
Cost of shares redeemed | (491 | ) | (490 | ) | (6 | ) | (4 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 626 | $ | 130 | $ | 1 | $ | (3 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 766 | $ | 68,474 | $ | — | $ | — | ||||||||
Distributions reinvested | 36 | 2 | — | — | ||||||||||||
Cost of shares redeemed | (73,309 | ) | (292 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (72,507 | ) | $ | 68,184 | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | $ | 2,501,197 | $ | 495,944 | $ | 956,719 | $ | 198,991 | ||||||||
Distributions reinvested | 35,770 | 14,688 | 8,462 | 5,184 | ||||||||||||
Cost of shares redeemed | (518,984 | ) | (243,260 | ) | (33,648 | ) | (17,590 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | $ | 2,017,983 | $ | 267,372 | $ | 931,533 | $ | 186,585 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 159,987 | $ | 778,419 | $ | 7,397 | $ | 4,584 | ||||||||
Distributions reinvested | 992 | 22,937 | 78 | 41 | ||||||||||||
Cost of shares redeemed | (1,484,029 | ) | (961,438 | ) | (5,062 | ) | (2,616 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | (1,323,050 | ) | $ | (160,082 | ) | $ | 2,413 | �� | $ | 2,009 | |||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 927,458 | $ | 241,482 | $ | 978,829 | $ | 207,180 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 96 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| International Value Fund | Intrepid International Fund | |||||||||||||||
| Year Ended October 31, 2014 | Year Ended October 31, 2013 | Year Ended October 31, 2014 | Year Ended October 31, 2013 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 27,177 | 8,194 | 4,442 | 1,795 | ||||||||||||
Reinvested | 330 | 210 | 18 | 28 | ||||||||||||
Redeemed | (7,499 | ) | (3,928 | ) | (2,309 | ) | (812 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 20,008 | 4,476 | 2,151 | 1,011 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class B | ||||||||||||||||
Issued | 4 | 4 | — | — | ||||||||||||
Reinvested | 1 | 3 | — | — | ||||||||||||
Redeemed | (57 | ) | (85 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class B Shares | (52 | ) | (78 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 1,212 | 666 | 17 | 12 | ||||||||||||
Reinvested | 22 | 15 | — | (a) | 1 | |||||||||||
Redeemed | (515 | ) | (337 | ) | (7 | ) | (11 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 719 | 344 | 10 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 76 | 46 | — | (a) | — | (a) | ||||||||||
Reinvested | 1 | 1 | — | (a) | — | (a) | ||||||||||
Redeemed | (34 | ) | (36 | ) | — | (a) | — | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 43 | 11 | — | (a) | — | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 50 | 4,945 | — | — | ||||||||||||
Reinvested | 2 | — | (a) | — | — | |||||||||||
Redeemed | (4,922 | ) | (21 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (4,870 | ) | 4,924 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Issued | 164,839 | 35,943 | 46,348 | 10,861 | ||||||||||||
Reinvested | 2,393 | 1,146 | 420 | 306 | ||||||||||||
Redeemed | (34,844 | ) | (17,638 | ) | (1,633 | ) | (1,063 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | 132,388 | 19,451 | 45,135 | 10,104 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Issued | 10,593 | 57,568 | 353 | 248 | ||||||||||||
Reinvested | 66 | 1,797 | 4 | 2 | ||||||||||||
Redeemed | (97,497 | ) | (70,321 | ) | (247 | ) | (146 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | (86,838 | ) | (10,956 | ) | 110 | 104 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 97 | ||||||
FOR THE PERIODS INDICATED
| Per share operating performance | |||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Redemption fees | |||||||||||||||||||
Emerging Economies Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 13.63 | $ | 0.22 | (d) | $ | (0.57 | ) | $ | (0.35 | ) | $ | (0.15 | ) | $ | — | ||||||||
Year Ended October 31, 2013 | 12.88 | 0.19 | (d) | 0.67 | 0.86 | (0.11 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.65 | 0.17 | (d) | 0.21 | 0.38 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.91 | 0.20 | (d) | (1.44 | ) | (1.24 | ) | (0.02 | ) | — | (e) | |||||||||||||
Year Ended October 31, 2010 | 10.47 | 0.11 | (d) | 3.60 | 3.71 | (0.27 | ) | — | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 13.44 | 0.15 | (d) | (0.57 | ) | (0.42 | ) | (0.10 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.72 | 0.13 | (d) | 0.66 | 0.79 | (0.07 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.58 | 0.15 | (d) | 0.15 | 0.30 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.87 | 0.08 | (d) | (1.37 | ) | (1.29 | ) | — | — | (e) | ||||||||||||||
Year Ended October 31, 2010 | 10.46 | 0.05 | (d) | 3.59 | 3.64 | (0.23 | ) | — | ||||||||||||||||
Class R5 | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 13.71 | 0.29 | (d) | (0.58 | ) | (0.29 | ) | (0.20 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.94 | 0.25 | (d) | 0.68 | 0.93 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.71 | 0.25 | (d) | 0.18 | 0.43 | (0.20 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.93 | 0.30 | (d) | (1.47 | ) | (1.17 | ) | (0.05 | ) | — | (e) | |||||||||||||
Year Ended October 31, 2010 | 10.48 | 0.17 | (d) | 3.59 | 3.76 | (0.31 | ) | — | ||||||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 13.67 | 0.26 | (d) | (0.58 | ) | (0.32 | ) | (0.18 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.91 | 0.21 | (d) | 0.70 | 0.91 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.68 | 0.22 | (d) | 0.18 | 0.40 | (0.17 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.92 | 0.25 | (d) | (1.45 | ) | (1.20 | ) | (0.04 | ) | — | (e) | |||||||||||||
Year Ended October 31, 2010 | 10.48 | 0.14 | (d) | 3.59 | 3.73 | (0.29 | ) | — | ||||||||||||||||
| (a) | 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. |
| (b) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (c) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (d) | Calculated based upon average shares outstanding. |
| (e) | Amount rounds to less than $0.01. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 98 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (a) | Net assets, end of period (000’s) | Net expenses (b) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 13.13 | (2.56 | )% | $ | 80,806 | 1.60 | % | 1.71 | % | 1.73 | % | 79 | % | |||||||||||||
| 13.63 | 6.67 | 69,690 | 1.60 | 1.45 | 1.72 | 43 | ||||||||||||||||||||
| 12.88 | 3.15 | 30,356 | 1.65 | 1.37 | 1.76 | 72 | ||||||||||||||||||||
| 12.65 | (8.93 | ) | 43,519 | 1.75 | 1.50 | 1.75 | 84 | |||||||||||||||||||
| 13.91 | 36.12 | 49 | 1.85 | 0.96 | 3.99 | 156 | ||||||||||||||||||||
| 12.92 | (3.12 | ) | 5,331 | 2.10 | 1.13 | 2.23 | 79 | |||||||||||||||||||
| 13.44 | 6.25 | 5,089 | 2.10 | 1.02 | 2.22 | 43 | ||||||||||||||||||||
| 12.72 | 2.54 | 2,088 | 2.12 | 1.21 | 2.27 | 72 | ||||||||||||||||||||
| 12.58 | (9.30 | ) | 516 | 2.28 | 0.57 | 2.32 | 84 | |||||||||||||||||||
| 13.87 | 35.33 | 49 | 2.35 | 0.46 | 4.49 | 156 | ||||||||||||||||||||
| 13.22 | (2.12 | ) | 852,477 | 1.15 | 2.19 | 1.28 | 79 | |||||||||||||||||||
| 13.71 | 7.21 | 676,985 | 1.15 | 1.84 | 1.27 | 43 | ||||||||||||||||||||
| 12.94 | 3.53 | 331,032 | 1.19 | 1.99 | 1.31 | 72 | ||||||||||||||||||||
| 12.71 | (8.45 | ) | 228,411 | 1.31 | 2.14 | 1.32 | 84 | |||||||||||||||||||
| 13.93 | 36.66 | 50 | 1.40 | 1.41 | 3.54 | 156 | ||||||||||||||||||||
| 13.17 | (2.35 | ) | 288,059 | 1.35 | 1.96 | 1.48 | 79 | |||||||||||||||||||
| 13.67 | 7.04 | 277,822 | 1.35 | 1.61 | 1.47 | 43 | ||||||||||||||||||||
| 12.91 | 3.34 | 82,457 | 1.39 | 1.70 | 1.51 | 72 | ||||||||||||||||||||
| 12.68 | (8.65 | ) | 73,787 | 1.52 | 1.76 | 1.55 | 84 | |||||||||||||||||||
| 13.92 | 36.35 | 7,313 | 1.60 | 1.21 | 3.74 | 156 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 99 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Redemption fees | |||||||||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 23.05 | $ | 0.16 | (f)(g) | $ | 0.59 | $ | 0.75 | $ | (0.08 | ) | $ | — | ||||||||||
Year Ended October 31, 2013 | 22.01 | 0.10 | (f) | 1.02 | 1.12 | (0.08 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 21.09 | 0.07 | (f) | 0.85 | 0.92 | — | — | |||||||||||||||||
Year Ended October 31, 2011 | 23.45 | 0.06 | (f) | (2.33 | ) | (2.27 | ) | (0.09 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 18.79 | (0.01 | )(f) | 4.71 | 4.70 | (0.04 | ) | — | (h) | |||||||||||||||
Class B | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 22.57 | 0.02 | (f)(g) | 0.60 | 0.62 | — | — | |||||||||||||||||
Year Ended October 31, 2013 | 21.59 | (0.04 | )(f) | 1.03 | 0.99 | (0.01 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 20.80 | (0.05 | )(f) | 0.84 | 0.79 | — | — | |||||||||||||||||
Year Ended October 31, 2011 | 23.15 | (0.07 | )(f) | (2.28 | ) | (2.35 | ) | — | — | (h) | ||||||||||||||
Year Ended October 31, 2010 | 18.60 | (0.12 | )(f) | 4.67 | 4.55 | — | — | (h) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 22.41 | 0.05 | (f)(g) | 0.57 | 0.62 | — | — | |||||||||||||||||
Year Ended October 31, 2013 | 21.44 | (0.01 | )(f) | 0.99 | 0.98 | (0.01 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 20.65 | (0.04 | )(f) | 0.83 | 0.79 | — | — | |||||||||||||||||
Year Ended October 31, 2011 | 23.01 | (0.05 | )(f) | (2.29 | ) | (2.34 | ) | (0.02 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 18.49 | (0.11 | )(f) | 4.63 | 4.52 | — | — | (h) | ||||||||||||||||
Class R6 | ||||||||||||||||||||||||
December 23, 2013 (i) through October 31, 2014 | 22.47 | 0.38 | (f)(g) | 1.59 | 1.97 | — | — | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 23.73 | 0.17 | (f)(g) | 0.70 | 0.87 | (0.18 | ) | — | ||||||||||||||||
Year Ended October 31, 2013 | 22.65 | 0.20 | (f) | 1.04 | 1.24 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 21.66 | 0.16 | (f) | 0.87 | 1.03 | (0.04 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 24.04 | 0.16 | (f) | (2.40 | ) | (2.24 | ) | (0.14 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 19.23 | 0.08 | (f) | 4.82 | 4.90 | (0.09 | ) | — | (h) | |||||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 23.47 | 0.18 | (f)(g) | 0.64 | 0.82 | (0.05 | ) | — | ||||||||||||||||
Year Ended October 31, 2013 | 22.40 | 0.17 | (f) | 1.03 | 1.20 | (0.13 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 21.42 | 0.13 | (f) | 0.86 | 0.99 | (0.01 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 23.80 | 0.13 | (f) | (2.38 | ) | (2.25 | ) | (0.13 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 19.04 | 0.05 | (f) | 4.77 | 4.82 | (0.06 | ) | — | (h) | |||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (e) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (f) | Calculated based upon average shares outstanding. |
| (g) | Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (h) | Amount rounds to less than $0.01. |
| (i) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 100 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (b)(e) | ||||||||||||||||||||
| $ | 23.72 | 3.26 | % | $ | 350,555 | 1.70 | % | 0.72 | %(g) | 1.81 | % | 33 | % | |||||||||||||
| 23.05 | 5.08 | 327,090 | 1.76 | 0.46 | 1.79 | 34 | ||||||||||||||||||||
| 22.01 | 4.36 | 281,194 | 1.82 | 0.33 | 1.82 | 20 | ||||||||||||||||||||
| 21.09 | (9.73 | ) | 265,458 | 1.79 | 0.28 | 1.80 | 9 | |||||||||||||||||||
| 23.45 | 25.08 | 253,037 | 1.82 | (0.03 | ) | 1.83 | 14 | |||||||||||||||||||
| 23.19 | 2.75 | 2,687 | 2.20 | 0.10 | (g) | 2.31 | 33 | |||||||||||||||||||
| 22.57 | 4.57 | 4,245 | 2.26 | (0.18 | ) | 2.29 | 34 | |||||||||||||||||||
| 21.59 | 3.80 | 6,100 | 2.32 | (0.23 | ) | 2.32 | 20 | |||||||||||||||||||
| 20.80 | (10.15 | ) | 7,572 | 2.29 | (0.32 | ) | 2.30 | 9 | ||||||||||||||||||
| 23.15 | 24.46 | 10,812 | 2.31 | (0.58 | ) | 2.32 | 14 | |||||||||||||||||||
| 23.03 | 2.77 | 56,732 | 2.20 | 0.22 | (g) | 2.31 | 33 | |||||||||||||||||||
| 22.41 | 4.56 | 56,119 | 2.26 | (0.06 | ) | 2.29 | 34 | |||||||||||||||||||
| 21.44 | 3.83 | 44,643 | 2.32 | (0.17 | ) | 2.32 | 20 | |||||||||||||||||||
| 20.65 | (10.18 | ) | 43,437 | 2.29 | (0.23 | ) | 2.30 | 9 | ||||||||||||||||||
| 23.01 | 24.45 | 40,757 | 2.32 | (0.52 | ) | 2.33 | 14 | |||||||||||||||||||
| 24.44 | 8.77 | 1,130,050 | 1.20 | 1.85 | (g) | 1.33 | 33 | |||||||||||||||||||
| 24.42 | 3.72 | 411,449 | 1.30 | 0.72 | (g) | 1.40 | 33 | |||||||||||||||||||
| 23.73 | 5.47 | 1,123,600 | 1.36 | 0.88 | 1.39 | 34 | ||||||||||||||||||||
| 22.65 | 4.80 | 629,223 | 1.41 | 0.73 | 1.42 | 20 | ||||||||||||||||||||
| 21.66 | (9.37 | ) | 596,147 | 1.38 | 0.68 | 1.41 | 9 | |||||||||||||||||||
| 24.04 | 25.55 | 513,904 | 1.40 | 0.37 | 1.43 | 14 | ||||||||||||||||||||
| 24.24 | 3.51 | 583,501 | 1.45 | 0.78 | (g) | 1.56 | 33 | |||||||||||||||||||
| 23.47 | 5.34 | 1,900,639 | 1.51 | 0.74 | 1.54 | 34 | ||||||||||||||||||||
| 22.40 | 4.65 | 1,291,326 | 1.57 | 0.60 | 1.57 | 20 | ||||||||||||||||||||
| 21.42 | (9.51 | ) | 1,251,152 | 1.55 | 0.56 | 1.56 | 9 | |||||||||||||||||||
| 23.80 | 25.38 | 925,631 | 1.57 | 0.23 | 1.58 | 14 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 101 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
Global Equity Income Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 16.67 | $ | 0.91 | (f)(j) | $ | (0.38 | ) | $ | 0.53 | $ | (0.66 | ) | $ | (0.13 | ) | $ | (0.79 | ) | |||||||||
Year Ended October 31, 2013 | 14.12 | 0.43 | (f) | 2.55 | 2.98 | (0.41 | ) | (0.02 | ) | (0.43 | ) | |||||||||||||||||
Year Ended October 31, 2012 | 13.37 | 0.31 | (f) | 0.88 | 1.19 | (0.44 | ) | — | (0.44 | ) | ||||||||||||||||||
February 28, 2011(g) through October 31, 2011 | 15.00 | 0.33 | (f) | (1.64 | ) | (1.31 | ) | (0.32 | ) | — | (0.32 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 16.63 | 0.84 | (f)(j) | (0.40 | ) | 0.44 | (0.58 | ) | (0.13 | ) | (0.71 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.11 | 0.34 | (f) | 2.55 | 2.89 | (0.35 | ) | (0.02 | ) | (0.37 | ) | |||||||||||||||||
Year Ended October 31, 2012 | 13.35 | 0.36 | (f) | 0.77 | 1.13 | (0.37 | ) | — | (0.37 | ) | ||||||||||||||||||
February 28, 2011(g) through October 31, 2011 | 15.00 | 0.30 | (f) | (1.66 | ) | (1.36 | ) | (0.29 | ) | — | (0.29 | ) | ||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 16.67 | 0.87 | (f)(j) | (0.39 | ) | 0.48 | (0.61 | ) | (0.13 | ) | (0.74 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.12 | 0.40 | (f) | 2.54 | 2.94 | (0.37 | ) | (0.02 | ) | (0.39 | ) | |||||||||||||||||
Year Ended October 31, 2012 | 13.36 | 0.40 | (f) | 0.76 | 1.16 | (0.40 | ) | — | (0.40 | ) | ||||||||||||||||||
February 28, 2011(g) through October 31, 2011 | 15.00 | 0.32 | (f) | (1.66 | ) | (1.34 | ) | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 16.72 | 0.99 | (f)(j) | (0.39 | ) | 0.60 | (0.73 | ) | (0.13 | ) | (0.86 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.15 | 0.51 | (f) | 2.54 | 3.05 | (0.46 | ) | (0.02 | ) | (0.48 | ) | |||||||||||||||||
Year Ended October 31, 2012 | 13.38 | 0.50 | (f) | 0.76 | 1.26 | (0.49 | ) | — | (0.49 | ) | ||||||||||||||||||
February 28, 2011(g) through October 31, 2011 | 15.00 | 0.38 | (f) | (1.65 | ) | (1.27 | ) | (0.35 | ) | — | (0.35 | ) | ||||||||||||||||
Select Class | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 16.71 | 0.96 | (f)(j) | (0.40 | ) | 0.56 | (0.69 | ) | (0.13 | ) | (0.82 | ) | ||||||||||||||||
Year Ended October 31, 2013 | 14.14 | 0.47 | (f) | 2.55 | 3.02 | (0.43 | ) | (0.02 | ) | (0.45 | ) | |||||||||||||||||
Year Ended October 31, 2012 | 13.37 | 0.47 | (f) | 0.76 | 1.23 | (0.46 | ) | — | (0.46 | ) | ||||||||||||||||||
February 28, 2011(g) through October 31, 2011 | 15.00 | 0.37 | (f) | (1.66 | ) | (1.29 | ) | (0.34 | ) | — | (0.34 | ) | ||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (e) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (f) | Calculated based upon average shares outstanding. |
| (g) | Commencement of operations. |
| (h) | Ratios are disproportionate among classes due to the size of net assets and fixed expenses. |
| (i) | Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2011. |
| (j) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.66, $0.59, $0.62, $0.74 and $0.71 for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 3.94%, 3.53%, 3.74%, 4.44% and 4.25% for Class A, Class C, Class R2, Class R5 and Select Class Shares, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 102 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (b)(e) | ||||||||||||||||||||
| $ | 16.41 | 3.18 | % | $ | 74,652 | 1.25 | % | 5.44 | %(j) | 1.67 | % | 138 | % | |||||||||||||
| 16.67 | 21.40 | 49,118 | 1.24 | 2.77 | 1.82 | 63 | ||||||||||||||||||||
| 14.12 | 9.09 | 9,003 | 1.25 | 2.21 | 2.31 | 52 | ||||||||||||||||||||
| 13.37 | (8.77 | ) | 127 | 1.25 | (h) | 3.53 | (h) | 10.16 | (h)(i) | 40 | ||||||||||||||||
| 16.36 | 2.67 | 3,530 | 1.75 | 5.03 | (j) | 2.17 | 138 | |||||||||||||||||||
| 16.63 | 20.74 | 1,957 | 1.74 | 2.16 | 2.32 | 63 | ||||||||||||||||||||
| 14.11 | 8.66 | 646 | 1.75 | 2.69 | 2.95 | 52 | ||||||||||||||||||||
| 13.35 | (9.12 | ) | 60 | 1.75 | (h) | 3.17 | (h) | 10.82 | (h)(i) | 40 | ||||||||||||||||
| 16.41 | 2.90 | 574 | 1.50 | 5.24 | (j) | 1.92 | 138 | |||||||||||||||||||
| 16.67 | 21.12 | 558 | 1.49 | 2.60 | 2.11 | 63 | ||||||||||||||||||||
| 14.12 | 8.87 | 461 | 1.50 | 2.95 | 2.70 | 52 | ||||||||||||||||||||
| 13.36 | (8.97 | ) | 45 | 1.50 | (h) | 3.36 | (h) | 10.72 | (h)(i) | 40 | ||||||||||||||||
| 16.46 | 3.60 | 587 | 0.80 | 5.94 | (j) | 1.22 | 138 | |||||||||||||||||||
| 16.72 | 21.94 | 566 | 0.79 | 3.31 | 1.41 | 63 | ||||||||||||||||||||
| 14.15 | 9.62 | 465 | 0.80 | 3.65 | 2.00 | 52 | ||||||||||||||||||||
| 13.38 | (8.52 | ) | 46 | 0.80 | (h) | 4.05 | (h) | 10.05 | (h)(i) | 40 | ||||||||||||||||
| 16.45 | 3.39 | 34,719 | 1.00 | 5.75 | (j) | 1.42 | 138 | |||||||||||||||||||
| 16.71 | 21.73 | 55,485 | 0.99 | 3.04 | 1.59 | 63 | ||||||||||||||||||||
| 14.14 | 9.43 | 27,292 | 1.00 | 3.44 | 2.20 | 52 | ||||||||||||||||||||
| 13.37 | (8.68 | ) | 2,666 | 1.00 | (h) | 3.85 | (h) | 10.23 | (h)(i) | 40 | ||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 103 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
Global Research Enhanced Index Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 17.33 | $ | 0.34 | (f) | $ | 1.35 | $ | 1.69 | $ | (0.15 | ) | $ | (0.10 | ) | $ | (0.25 | ) | ||||||||||
February 28, 2013 (h) through October 31, 2013 | 15.00 | 0.19 | (f) | 2.14 | 2.33 | — | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 17.28 | 0.25 | (f) | 1.33 | 1.58 | (0.08 | ) | (0.10 | ) | (0.18 | ) | |||||||||||||||||
February 28, 2013 (h) through October 31, 2013 | 15.00 | 0.14 | (f) | 2.14 | 2.28 | — | — | — | ||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 17.30 | 0.29 | (f) | 1.35 | 1.64 | (0.12 | ) | (0.10 | ) | (0.22 | ) | |||||||||||||||||
February 28, 2013 (h) through October 31, 2013 | 15.00 | 0.17 | (f) | 2.13 | 2.30 | — | — | — | ||||||||||||||||||||
Select Class | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 17.37 | 0.39 | (f) | 1.33 | 1.72 | (0.18 | ) | (0.10 | ) | (0.28 | ) | |||||||||||||||||
February 28, 2013 (h) through October 31, 2013 | 15.00 | 0.19 | (f) | 2.18 | 2.37 | — | — | — | ||||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (e) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (f) | Calculated based upon average shares outstanding. |
| (g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013. |
| (h) | Commencement of operations. |
| (i) | Ratios are disproportionate among classes due to the size of net assets and fixed expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 104 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (b)(e) | ||||||||||||||||||||
| $ | 18.77 | 9.90 | % | $ | 64 | 0.58 | % | 1.87 | % | 0.81 | % | 40 | % | |||||||||||||
| 17.33 | 15.53 | 58 | 0.58 | (g) | 1.79 | (g) | 1.62 | (g)(i) | 25 | |||||||||||||||||
| 18.68 | 9.27 | 63 | 1.08 | 1.37 | 1.31 | 40 | ||||||||||||||||||||
| 17.28 | 15.20 | 58 | 1.08 | (g) | 1.29 | (g) | 2.12 | (g)(i) | 25 | |||||||||||||||||
| 18.72 | 9.58 | 63 | 0.83 | 1.62 | 1.06 | 40 | ||||||||||||||||||||
| 17.30 | 15.33 | 58 | 0.83 | (g) | 1.54 | (g) | 1.87 | (g)(i) | 25 | |||||||||||||||||
| 18.81 | 10.09 | 3,577,523 | 0.33 | 2.16 | 0.56 | 40 | ||||||||||||||||||||
| 17.37 | 15.80 | 1,895,025 | 0.33 | (g) | 1.73 | (g) | 0.60 | (g)(i) | 25 | |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 105 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Redemption fees | |||||||||||||||||||
International Equity Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 15.92 | $ | 0.37 | (f)(g) | $ | (0.68 | ) | $ | (0.31 | ) | $ | (0.36 | ) | $ | — | ||||||||
Year Ended October 31, 2013 | 13.36 | 0.20 | (f) | 2.56 | 2.76 | (0.20 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.61 | 0.22 | (f) | 0.74 | 0.96 | (0.21 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.40 | 0.22 | (f) | (0.80 | ) | (0.58 | ) | (0.21 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 12.33 | 0.18 | (f) | 1.07 | 1.25 | (0.18 | ) | — | (h) | |||||||||||||||
Class B | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.39 | 0.25 | (f)(g) | (0.63 | ) | (0.38 | ) | (0.29 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.93 | 0.11 | (f) | 2.49 | 2.60 | (0.14 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.22 | 0.16 | (f) | 0.70 | 0.86 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.00 | 0.14 | (f) | (0.77 | ) | (0.63 | ) | (0.15 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 11.97 | 0.11 | (f) | 1.04 | 1.15 | (0.12 | ) | — | (h) | |||||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.20 | 0.26 | (f)(g) | (0.64 | ) | (0.38 | ) | (0.30 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.78 | 0.12 | (f) | 2.45 | 2.57 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.08 | 0.16 | (f) | 0.69 | 0.85 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 12.85 | 0.14 | (f) | (0.76 | ) | (0.62 | ) | (0.15 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 11.85 | 0.11 | (f) | 1.01 | 1.12 | (0.12 | ) | — | (h) | |||||||||||||||
Class R2 | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.87 | 0.30 | (f)(g) | (0.65 | ) | (0.35 | ) | (0.33 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 13.31 | 0.11 | (f) | 2.61 | 2.72 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.58 | 0.15 | (f) | 0.77 | 0.92 | (0.19 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.37 | 0.18 | (f) | (0.79 | ) | (0.61 | ) | (0.18 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 12.31 | 0.15 | (f) | 1.06 | 1.21 | (0.15 | ) | — | (h) | |||||||||||||||
Class R5 | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 16.13 | 0.44 | (f)(g) | (0.69 | ) | (0.25 | ) | (0.42 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 13.52 | 0.27 | (f) | 2.60 | 2.87 | (0.26 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.75 | 0.29 | (f) | 0.74 | 1.03 | (0.26 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.55 | 0.23 | (f) | (0.76 | ) | (0.53 | ) | (0.27 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 12.47 | 0.23 | (f) | 1.09 | 1.32 | (0.24 | ) | — | (h) | |||||||||||||||
Class R6 | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 16.13 | 0.45 | (f)(g) | (0.69 | ) | (0.24 | ) | (0.43 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 13.52 | 0.28 | (f) | 2.59 | 2.87 | (0.26 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.75 | 0.29 | (f) | 0.74 | 1.03 | (0.26 | ) | — | ||||||||||||||||
November 30, 2010 (i) through October 31, 2011 | 12.85 | 0.28 | (f) | (0.10 | ) | 0.18 | (0.28 | ) | — | (h) | ||||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 16.13 | 0.39 | (f)(g) | (0.67 | ) | (0.28 | ) | (0.40 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 13.52 | 0.23 | (f) | 2.61 | 2.84 | (0.23 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.76 | 0.26 | (f) | 0.74 | 1.00 | (0.24 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.56 | 0.24 | (f) | (0.80 | ) | (0.56 | ) | (0.24 | ) | — | (h) | |||||||||||||
Year Ended October 31, 2010 | 12.47 | 0.22 | (f) | 1.08 | 1.30 | (0.21 | ) | — | (h) | |||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (e) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (f) | Calculated based upon average shares outstanding. |
| (g) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.32, $0.20, $0.21, $0.25, $0.39, $0.40 and $0.34 for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively, and the net investment income (loss) ratio would have been 2.01%, 1.30%, 1.40%, 1.59%, 2.40%, 2.48% and 2.08% for Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively. |
| (h) | Amount rounds to less than $0.01. |
| (i) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 106 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (b)(e) | ||||||||||||||||||||
| $ | 15.25 | (2.06 | )% | $ | 186,242 | 1.31 | % | 2.34 | %(g) | 1.45 | % | 6 | % | |||||||||||||
| 15.92 | 20.85 | 188,590 | 1.30 | 1.33 | 1.47 | 8 | ||||||||||||||||||||
| 13.36 | 7.70 | 98,274 | 1.30 | 1.72 | 1.51 | 5 | ||||||||||||||||||||
| 12.61 | (4.49 | ) | 102,866 | 1.31 | 1.63 | 1.52 | 18 | |||||||||||||||||||
| 13.40 | 10.42 | 131,125 | 1.31 | 1.44 | 1.54 | 15 | ||||||||||||||||||||
| 14.72 | (2.57 | ) | 963 | 1.81 | 1.63 | (g) | 1.95 | 6 | ||||||||||||||||||
| 15.39 | 20.26 | 1,711 | 1.80 | 0.80 | 1.97 | 8 | ||||||||||||||||||||
| 12.93 | 7.15 | 2,164 | 1.80 | 1.31 | 2.01 | 5 | ||||||||||||||||||||
| 12.22 | (4.99 | ) | 2,817 | 1.81 | 1.08 | 2.02 | 18 | |||||||||||||||||||
| 13.00 | 9.82 | 4,543 | 1.86 | 0.89 | 2.04 | 15 | ||||||||||||||||||||
| 14.52 | (2.59 | ) | 26,299 | 1.81 | 1.73 | (g) | 1.95 | 6 | ||||||||||||||||||
| 15.20 | 20.25 | 23,655 | 1.80 | 0.83 | 1.97 | 8 | ||||||||||||||||||||
| 12.78 | 7.16 | 17,873 | 1.80 | 1.31 | 2.01 | 5 | ||||||||||||||||||||
| 12.08 | (4.93 | ) | 20,193 | 1.81 | 1.09 | 2.02 | 18 | |||||||||||||||||||
| 12.85 | 9.69 | 23,370 | 1.86 | 0.88 | 2.04 | 15 | ||||||||||||||||||||
| 15.19 | (2.33 | ) | 1,405 | 1.56 | 1.92 | (g) | 1.70 | 6 | ||||||||||||||||||
| 15.87 | 20.58 | 1,230 | 1.55 | 0.78 | 1.72 | 8 | ||||||||||||||||||||
| 13.31 | 7.45 | 721 | 1.55 | 1.16 | 1.74 | 5 | ||||||||||||||||||||
| 12.58 | (4.73 | ) | 67 | 1.56 | 1.33 | 1.77 | 18 | |||||||||||||||||||
| 13.37 | 10.07 | 70 | 1.56 | 1.17 | 1.79 | 15 | ||||||||||||||||||||
| 15.46 | (1.65 | ) | 95,749 | 0.86 | 2.73 | (g) | 1.00 | 6 | ||||||||||||||||||
| 16.13 | 21.42 | 106,963 | 0.85 | 1.79 | 1.02 | 8 | ||||||||||||||||||||
| 13.52 | 8.19 | 63,767 | 0.85 | 2.24 | 1.05 | 5 | ||||||||||||||||||||
| 12.75 | (4.07 | ) | 45,680 | 0.86 | 1.69 | 1.08 | 18 | |||||||||||||||||||
| 13.55 | 10.86 | 242,131 | 0.86 | 1.86 | 1.10 | 15 | ||||||||||||||||||||
| 15.46 | (1.60 | ) | 1,681,788 | 0.81 | 2.81 | (g) | 0.95 | 6 | ||||||||||||||||||
| 16.13 | 21.47 | 1,248,489 | 0.80 | 1.85 | 0.97 | 8 | ||||||||||||||||||||
| 13.52 | 8.23 | 682,861 | 0.80 | 2.26 | 1.00 | 5 | ||||||||||||||||||||
| 12.75 | 1.20 | 347,040 | 0.81 | 2.23 | 1.01 | 18 | ||||||||||||||||||||
| 15.45 | (1.88 | ) | 494,344 | 1.06 | 2.41 | (g) | 1.20 | 6 | ||||||||||||||||||
| 16.13 | 21.23 | 434,316 | 1.05 | 1.51 | 1.22 | 8 | ||||||||||||||||||||
| 13.52 | 7.91 | 210,375 | 1.05 | 2.02 | 1.25 | 5 | ||||||||||||||||||||
| 12.76 | (4.26 | ) | 186,425 | 1.06 | 1.76 | 1.27 | 18 | |||||||||||||||||||
| 13.56 | 10.72 | 241,123 | 1.06 | 1.74 | 1.29 | 15 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 107 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Redemption fees | |||||||||||||||||||
International Opportunities Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 15.25 | $ | 0.36 | (f) | $ | (0.69 | ) | $ | (0.33 | ) | $ | (0.12 | ) | $ | ��� | ||||||||
Year Ended October 31, 2013 | 12.45 | 0.25 | (f) | 2.83 | 3.08 | (0.28 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.00 | 0.23 | (f) | 0.56 | 0.79 | (0.34 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.20 | 0.19 | (f) | (1.08 | ) | (0.89 | ) | (0.31 | ) | — | (g) | |||||||||||||
Year Ended October 31, 2010 | 12.10 | 0.15 | (f) | 1.24 | 1.39 | (0.29 | ) | — | (g) | |||||||||||||||
Class B | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.29 | 0.26 | (f) | (0.66 | ) | (0.40 | ) | — | — | |||||||||||||||
Year Ended October 31, 2013 | 12.46 | 0.18 | (f) | 2.83 | 3.01 | (0.18 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 11.93 | 0.18 | (f) | 0.56 | 0.74 | (0.21 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.09 | 0.15 | (f) | (1.10 | ) | (0.95 | ) | (0.21 | ) | — | (g) | |||||||||||||
Year Ended October 31, 2010 | 12.03 | 0.08 | (f) | 1.23 | 1.31 | (0.25 | ) | — | (g) | |||||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 14.88 | 0.27 | (f) | (0.66 | ) | (0.39 | ) | (0.08 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.15 | 0.16 | (f) | 2.77 | 2.93 | (0.20 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 11.65 | 0.18 | (f) | 0.55 | 0.73 | (0.23 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 12.84 | 0.15 | (f) | (1.07 | ) | (0.92 | ) | (0.27 | ) | — | (g) | |||||||||||||
Year Ended October 31, 2010 | 11.82 | 0.09 | (f) | 1.20 | 1.29 | (0.27 | ) | — | (g) | |||||||||||||||
Class R6 | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.57 | 0.44 | (f) | (0.70 | ) | (0.26 | ) | (0.18 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.69 | 0.32 | (f) | 2.88 | 3.20 | (0.32 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.20 | 0.31 | (f) | 0.56 | 0.87 | (0.38 | ) | — | ||||||||||||||||
November 30, 2010 (h) through October 31, 2011 | 12.78 | 0.27 | (f) | (0.48 | ) | (0.21 | ) | (0.37 | ) | — | (g) | |||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | �� | 15.57 | 0.42 | (f) | (0.69 | ) | (0.27 | ) | (0.17 | ) | — | |||||||||||||
Year Ended October 31, 2013 | 12.69 | 0.31 | (f) | 2.88 | 3.19 | (0.31 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.20 | 0.30 | (f) | 0.56 | 0.86 | (0.37 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.42 | 0.23 | (f) | (1.09 | ) | (0.86 | ) | (0.36 | ) | — | (g) | |||||||||||||
Year Ended October 31, 2010 | 12.29 | 0.22 | (f) | 1.24 | 1.46 | (0.33 | ) | — | (g) | |||||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.50 | 0.40 | (f) | (0.69 | ) | (0.29 | ) | (0.15 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.64 | 0.29 | (f) | 2.87 | 3.16 | (0.30 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.15 | 0.28 | (f) | 0.56 | 0.84 | (0.35 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.37 | 0.26 | (f) | (1.14 | ) | (0.88 | ) | (0.34 | ) | — | (g) | |||||||||||||
Year Ended October 31, 2010 | 12.24 | 0.19 | (f) | 1.25 | 1.44 | (0.31 | ) | — | (g) | |||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (e) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (f) | Calculated based upon average shares outstanding. |
| (g) | Amount rounds to less than $0.01. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 108 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (b)(e) | ||||||||||||||||||||
| $ | 14.80 | (2.18 | )% | $ | 110,667 | 1.23 | % | 2.39 | % | 1.24 | % | 55 | % | |||||||||||||
| 15.25 | 25.09 | 123,807 | 1.25 | 1.78 | 1.26 | 36 | ||||||||||||||||||||
| 12.45 | 6.95 | 67,472 | 1.29 | 1.91 | 1.30 | 45 | ||||||||||||||||||||
| 12.00 | (6.91 | ) | 47,855 | 1.28 | 1.45 | 1.28 | 76 | |||||||||||||||||||
| 13.20 | 11.67 | 13,904 | 1.34 | 1.23 | 1.36 | 57 | ||||||||||||||||||||
| 14.89 | (2.62 | ) | 196 | 1.73 | 1.72 | 1.74 | 55 | |||||||||||||||||||
| 15.29 | 24.45 | 484 | 1.73 | 1.28 | 1.76 | 36 | ||||||||||||||||||||
| 12.46 | 6.46 | 462 | 1.79 | 1.54 | 1.80 | 45 | ||||||||||||||||||||
| 11.93 | (7.40 | ) | 702 | 1.78 | 1.18 | 1.79 | 76 | |||||||||||||||||||
| 13.09 | 11.01 | 949 | 1.85 | 0.65 | 1.86 | 57 | ||||||||||||||||||||
| 14.41 | (2.65 | ) | 1,441 | 1.73 | 1.80 | 1.74 | 55 | |||||||||||||||||||
| 14.88 | 24.41 | 1,109 | 1.75 | 1.19 | 1.76 | 36 | ||||||||||||||||||||
| 12.15 | 6.47 | 531 | 1.79 | 1.55 | 1.80 | 45 | ||||||||||||||||||||
| 11.65 | (7.37 | ) | 576 | 1.78 | 1.14 | 1.79 | 76 | |||||||||||||||||||
| 12.84 | 11.05 | 849 | 1.85 | 0.77 | 1.86 | 57 | ||||||||||||||||||||
| 15.13 | (1.67 | ) | 1,539,613 | 0.73 | 2.82 | 0.74 | 55 | |||||||||||||||||||
| 15.57 | 25.71 | 1,204,314 | 0.75 | 2.27 | 0.76 | 36 | ||||||||||||||||||||
| 12.69 | 7.59 | 692,117 | 0.79 | 2.58 | 0.79 | 45 | ||||||||||||||||||||
| 12.20 | (1.85 | ) | 373,613 | 0.78 | 2.27 | 0.78 | 76 | |||||||||||||||||||
| 15.13 | (1.76 | ) | 56,348 | 0.83 | 2.71 | 0.84 | 55 | |||||||||||||||||||
| 15.57 | 25.60 | 60,310 | 0.85 | 2.18 | 0.86 | 36 | ||||||||||||||||||||
| 12.69 | 7.45 | 41,574 | 0.89 | 2.47 | 0.90 | 45 | ||||||||||||||||||||
| 12.20 | (6.59 | ) | 39,362 | 0.89 | 1.73 | 0.90 | 76 | |||||||||||||||||||
| 13.42 | 12.12 | 272,487 | 0.91 | 1.75 | 0.96 | 57 | ||||||||||||||||||||
| 15.06 | (1.91 | ) | 47,581 | 0.98 | 2.55 | 0.99 | 55 | |||||||||||||||||||
| 15.50 | 25.38 | 47,743 | 0.99 | 2.04 | 1.01 | 36 | ||||||||||||||||||||
| 12.64 | 7.28 | 33,029 | 1.04 | 2.35 | 1.05 | 45 | ||||||||||||||||||||
| 12.15 | (6.77 | ) | 28,476 | 1.03 | 1.97 | 1.04 | 76 | |||||||||||||||||||
| 13.37 | 11.93 | 30,537 | 1.09 | 1.56 | 1.11 | 57 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 109 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | Redemption fees | |||||||||||||||||||||||||
International Research Enhanced Equity Fund | ||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 21.20 | $ | 0.47 | (d) | $ | (0.56 | ) | $ | (0.09 | ) | $ | (0.39 | ) | $ | (0.34 | ) | $ | (0.73 | ) | $ | — | ||||||||||
Year Ended October 31, 2013 | 17.24 | 0.38 | (d) | 4.00 | 4.38 | (0.42 | ) | — | (0.42 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2012 | 16.83 | 0.37 | (d) | 0.45 | 0.82 | (0.41 | ) | — | (0.41 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2011 | 19.03 | 0.40 | (d) | (2.16 | ) | (1.76 | ) | (0.44 | ) | — | (0.44 | ) | — | (e) | ||||||||||||||||||
Year Ended October 31, 2010 | 17.89 | 0.33 | (d) | 1.10 | 1.43 | (0.29 | ) | — | (0.29 | ) | — | (e) | ||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 19.57 | 0.33 | (d) | (0.51 | ) | (0.18 | ) | (0.28 | ) | (0.34 | ) | (0.62 | ) | — | ||||||||||||||||||
Year Ended October 31, 2013 | 15.91 | 0.25 | (d) | 3.70 | 3.95 | (0.29 | ) | — | (0.29 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2012 | 15.52 | 0.23 | (d) | 0.43 | 0.66 | (0.27 | ) | — | (0.27 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2011 | 17.57 | 0.24 | (d) | (1.99 | ) | (1.75 | ) | (0.30 | ) | — | (0.30 | ) | — | (e) | ||||||||||||||||||
Year Ended October 31, 2010 | 16.54 | 0.18 | (d) | 1.02 | 1.20 | (0.17 | ) | — | (0.17 | ) | — | (e) | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.51 | 0.36 | (d) | (0.56 | ) | (0.20 | ) | (0.29 | ) | (0.34 | ) | (0.63 | ) | — | ||||||||||||||||||
Year Ended October 31, 2013 | 16.68 | 0.27 | (d) | 3.86 | 4.13 | (0.30 | ) | — | (0.30 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2012 | 16.27 | 0.25 | (d) | 0.44 | 0.69 | (0.28 | ) | — | (0.28 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2011 | 18.41 | 0.26 | (d) | (2.09 | ) | (1.83 | ) | (0.31 | ) | — | (0.31 | ) | — | (e) | ||||||||||||||||||
Year Ended October 31, 2010 | 17.35 | 0.20 | (d) | 1.06 | 1.26 | (0.20 | ) | — | (0.20 | ) | — | (e) | ||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.91 | 0.40 | (d) | (0.54 | ) | (0.14 | ) | (0.36 | ) | (0.34 | ) | (0.70 | ) | — | ||||||||||||||||||
Year Ended October 31, 2013 | 17.03 | 0.35 | (d) | 3.92 | 4.27 | (0.39 | ) | — | (0.39 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2012 | 16.66 | 0.32 | (d) | 0.45 | 0.77 | (0.40 | ) | — | (0.40 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2011 | 18.86 | 0.32 | (d) | (2.12 | ) | (1.80 | ) | (0.40 | ) | — | (0.40 | ) | — | (e) | ||||||||||||||||||
Year Ended October 31, 2010 | 17.76 | 0.28 | (d) | 1.10 | 1.38 | (0.28 | ) | — | (0.28 | ) | — | (e) | ||||||||||||||||||||
Select Class | ||||||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 21.36 | 0.52 | (d) | (0.56 | ) | (0.04 | ) | (0.44 | ) | (0.34 | ) | (0.78 | ) | — | ||||||||||||||||||
Year Ended October 31, 2013 | 17.36 | 0.40 | (d) | 4.06 | 4.46 | (0.46 | ) | — | (0.46 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2012 | 16.96 | 0.41 | (d) | 0.45 | 0.86 | (0.46 | ) | — | (0.46 | ) | — | |||||||||||||||||||||
Year Ended October 31, 2011 | 19.17 | 0.45 | (d) | (2.17 | ) | (1.72 | ) | (0.49 | ) | — | (0.49 | ) | — | (e) | ||||||||||||||||||
Year Ended October 31, 2010 | 18.01 | 0.37 | (d) | 1.12 | 1.49 | (0.33 | ) | — | (0.33 | ) | — | (e) | ||||||||||||||||||||
| (a) | 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. |
| (b) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (c) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (d) | Calculated based upon average shares outstanding. |
| (e) | Amount rounds to less than $0.01. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 110 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (a) | Net assets, end of period (000’s) | Net expenses (b) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 20.38 | (0.40 | )% | $ | 96,325 | 0.59 | % | 2.23 | % | 1.10 | % | 63 | % | |||||||||||||
| 21.20 | 25.84 | 108,193 | 0.75 | 2.04 | 1.35 | 51 | ||||||||||||||||||||
| 17.24 | 5.16 | 96,191 | 1.07 | 2.27 | 1.31 | 19 | ||||||||||||||||||||
| 16.83 | (9.45 | ) | 99,046 | 1.07 | 2.16 | 1.31 | 40 | |||||||||||||||||||
| 19.03 | 8.09 | 124,178 | 1.07 | 1.89 | 1.34 | 39 | ||||||||||||||||||||
| 18.77 | (0.91 | ) | 1,754 | 1.09 | 1.69 | 1.62 | 63 | |||||||||||||||||||
| 19.57 | 25.13 | 2,751 | 1.34 | 1.42 | 1.85 | 51 | ||||||||||||||||||||
| 15.91 | 4.43 | 3,060 | 1.79 | 1.54 | 1.82 | 19 | ||||||||||||||||||||
| 15.52 | (10.11 | ) | 4,154 | 1.78 | 1.41 | 1.81 | 40 | |||||||||||||||||||
| 17.57 | 7.32 | 6,503 | 1.80 | 1.11 | 1.83 | 39 | ||||||||||||||||||||
| 19.68 | (0.93 | ) | 20,724 | 1.09 | 1.75 | 1.60 | 63 | |||||||||||||||||||
| 20.51 | 25.09 | 21,802 | 1.30 | 1.49 | 1.85 | 51 | ||||||||||||||||||||
| 16.68 | 4.43 | 16,291 | 1.79 | 1.57 | 1.81 | 19 | ||||||||||||||||||||
| 16.27 | (10.08 | ) | 15,428 | 1.78 | 1.46 | 1.81 | 40 | |||||||||||||||||||
| 18.41 | 7.34 | 18,148 | 1.80 | 1.19 | 1.83 | 39 | ||||||||||||||||||||
| 20.07 | (0.66 | ) | 2,521 | 0.84 | 1.95 | 1.33 | 63 | |||||||||||||||||||
| 20.91 | 25.52 | 1,957 | 0.95 | 1.88 | 1.61 | 51 | ||||||||||||||||||||
| 17.03 | 4.94 | 786 | 1.32 | 1.97 | 1.56 | 19 | ||||||||||||||||||||
| 16.66 | (9.72 | ) | 463 | 1.32 | 1.77 | 1.55 | 40 | |||||||||||||||||||
| 18.86 | 7.88 | 251 | 1.32 | 1.62 | 1.59 | 39 | ||||||||||||||||||||
| 20.54 | (0.16 | ) | 562,180 | 0.34 | 2.45 | 0.84 | 63 | |||||||||||||||||||
| 21.36 | 26.18 | 464,273 | 0.53 | 2.10 | 1.09 | 51 | ||||||||||||||||||||
| 17.36 | 5.40 | 469,065 | 0.82 | 2.51 | 1.06 | 19 | ||||||||||||||||||||
| 16.96 | (9.21 | ) | 502,764 | 0.82 | 2.40 | 1.05 | 40 | |||||||||||||||||||
| 19.17 | 8.37 | 516,537 | 0.82 | 2.08 | 1.08 | 39 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 111 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
International Unconstrained Equity Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 20.59 | $ | 0.13 | (f) | $ | (0.65 | ) | $ | (0.52 | ) | $ | (0.17 | ) | $ | (1.31 | ) | $ | (1.48 | ) | ||||||||
Year Ended October 31, 2013 | 17.28 | 0.15 | 3.62 | 3.77 | (0.11 | ) | (0.35 | ) | (0.46 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.17 | 2.11 | 2.28 | — | — | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.47 | 0.09 | (f) | (0.69 | ) | (0.60 | ) | (0.12 | ) | (1.31 | ) | (1.43 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.20 | 0.07 | 3.59 | 3.66 | (0.04 | ) | (0.35 | ) | (0.39 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.10 | 2.10 | 2.20 | — | — | — | |||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.53 | 0.12 | (f) | (0.68 | ) | (0.56 | ) | (0.11 | ) | (1.31 | ) | (1.42 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.24 | 0.12 | 3.59 | 3.71 | (0.07 | ) | (0.35 | ) | (0.42 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.14 | 2.10 | 2.24 | — | — | — | |||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.69 | 0.24 | (f) | (0.67 | ) | (0.43 | ) | (0.23 | ) | (1.31 | ) | (1.54 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.35 | 0.25 | 3.61 | 3.86 | (0.17 | ) | (0.35 | ) | (0.52 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.24 | 2.11 | 2.35 | — | — | — | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.70 | 0.25 | (f) | (0.67 | ) | (0.42 | ) | (0.24 | ) | (1.31 | ) | (1.55 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.36 | 0.26 | 3.61 | 3.87 | (0.18 | ) | (0.35 | ) | (0.53 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.25 | 2.11 | 2.36 | — | — | — | |||||||||||||||||||||
Select Class | ||||||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.64 | 0.21 | (f) | (0.67 | ) | (0.46 | ) | (0.20 | ) | (1.31 | ) | (1.51 | ) | |||||||||||||||
Year Ended October 31, 2013 | 17.32 | 0.21 | 3.60 | 3.81 | (0.14 | ) | (0.35 | ) | (0.49 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.21 | 2.11 | 2.32 | — | — | — | |||||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (e) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (f) | Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividend, the net investment income (loss) per share would have been $0.10, $0.06, $0.08, $0.20, $0.22 and $0.17 for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively and the net investment income (loss) ratio would have been 0.80%, 0.37%, 0.48%, 1.18%, 1.23% and 0.99% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively. |
| (g) | Certain non-recurring expenses incurred by the Fund were not annualized for the year ended October 31, 2013 and for the period ended October 31, 2012. |
| (h) | Commencement of operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 112 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (b)(e) | ||||||||||||||||||||
| $ | 18.59 | (2.47 | )% | $ | 351 | 1.32 | % | 0.98 | %(f) | 5.09 | % | 63 | % | |||||||||||||
| 20.59 | 22.23 | 83 | 1.32 | (g) | 0.89 | (g) | 7.99 | (g) | 65 | |||||||||||||||||
| 17.28 | 15.20 | 58 | 1.32 | (g) | 1.17 | (g) | 6.99 | (g) | 40 | |||||||||||||||||
| 18.44 | (2.91 | ) | 137 | 1.82 | 0.55 | (f) | 6.19 | 63 | ||||||||||||||||||
| 20.47 | 21.61 | 76 | 1.82 | (g) | 0.40 | (g) | 8.35 | (g) | 65 | |||||||||||||||||
| 17.20 | 14.67 | 57 | 1.82 | (g) | 0.67 | (g) | 7.47 | (g) | 40 | |||||||||||||||||
| 18.55 | (2.68 | ) | 68 | 1.57 | 0.66 | (f) | 6.05 | 63 | ||||||||||||||||||
| 20.53 | 21.92 | 70 | 1.57 | (g) | 0.67 | (g) | 8.01 | (g) | 65 | |||||||||||||||||
| 17.24 | 14.93 | 57 | 1.57 | (g) | 0.92 | (g) | 7.23 | (g) | 40 | |||||||||||||||||
| 18.72 | (1.99 | ) | 70 | 0.87 | 1.36 | (f) | 5.34 | 63 | ||||||||||||||||||
| 20.69 | 22.76 | 71 | 0.87 | (g) | 1.37 | (g) | 7.31 | (g) | 65 | |||||||||||||||||
| 17.35 | 15.67 | 58 | 0.87 | (g) | 1.62 | (g) | 6.54 | (g) | 40 | |||||||||||||||||
| 18.73 | (1.95 | ) | 70 | 0.82 | 1.41 | (f) | 5.29 | 63 | ||||||||||||||||||
| 20.70 | 22.80 | 71 | 0.82 | (g) | 1.42 | (g) | 7.26 | (g) | 65 | |||||||||||||||||
| 17.36 | 15.73 | 58 | 0.82 | (g) | 1.67 | (g) | 6.49 | (g) | 40 | |||||||||||||||||
| 18.67 | (2.18 | ) | 3,868 | 1.07 | 1.17 | (f) | 5.55 | 63 | ||||||||||||||||||
| 20.64 | 22.49 | 3,925 | 1.07 | (g) | 1.17 | (g) | 7.52 | (g) | 65 | |||||||||||||||||
| 17.32 | 15.47 | 3,175 | 1.07 | (g) | 1.42 | (g) | 6.74 | (g) | 40 | |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 113 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Redemption fees | |||||||||||||||||||
International Value Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 15.02 | $ | 0.47 | (f)(g)(h) | $ | (1.07 | ) | $ | (0.60 | ) | $ | (0.28 | ) | $ | — | ||||||||
Year Ended October 31, 2013 | 12.18 | 0.22 | (f) | 2.91 | 3.13 | (0.29 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.05 | 0.31 | (f) | 0.21 | 0.52 | (0.39 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.36 | 0.28 | (f) | (1.17 | ) | (0.89 | ) | (0.42 | ) | — | (i) | |||||||||||||
Year Ended October 31, 2010 | 12.27 | 0.17 | (f) | 1.20 | 1.37 | (0.28 | ) | — | (i) | |||||||||||||||
Class B | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 14.86 | 0.37 | (f)(g)(h) | (1.05 | ) | (0.68 | ) | (0.16 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.03 | 0.17 | (f) | 2.87 | 3.04 | (0.21 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 11.89 | 0.25 | (f) | 0.20 | 0.45 | (0.31 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.18 | 0.21 | (f) | (1.16 | ) | (0.95 | ) | (0.34 | ) | — | (i) | |||||||||||||
Year Ended October 31, 2010 | 12.10 | 0.11 | (f) | 1.18 | 1.29 | (0.21 | ) | — | (i) | |||||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 14.61 | 0.38 | (f)(g)(h) | (1.05 | ) | (0.67 | ) | (0.22 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 11.84 | 0.16 | (f) | 2.83 | 2.99 | (0.22 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 11.72 | 0.25 | (f) | 0.19 | 0.44 | (0.32 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.01 | 0.21 | (f) | (1.14 | ) | (0.93 | ) | (0.36 | ) | — | (i) | |||||||||||||
Year Ended October 31, 2010 | 11.96 | 0.11 | (f) | 1.17 | 1.28 | (0.23 | ) | — | (i) | |||||||||||||||
Class R2 | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 14.78 | 0.42 | (f)(g)(h) | (1.05 | ) | (0.63 | ) | (0.22 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 11.99 | 0.18 | (f) | 2.88 | 3.06 | (0.27 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 11.86 | 0.28 | (f) | 0.19 | 0.47 | (0.34 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.21 | 0.24 | (f) | (1.15 | ) | (0.91 | ) | (0.44 | ) | — | (i) | |||||||||||||
Year Ended October 31, 2010 | 12.19 | 0.11 | (f) | 1.21 | 1.32 | (0.30 | ) | — | (i) | |||||||||||||||
Class R6 | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.29 | 0.54 | (f)(g)(h) | (1.09 | ) | (0.55 | ) | (0.32 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.38 | 0.30 | (f) | 2.96 | 3.26 | (0.35 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.26 | 0.37 | (f) | 0.21 | 0.58 | (0.46 | ) | — | ||||||||||||||||
November 30, 2010 (j) through October 31, 2011 | 12.72 | 0.32 | (f) | (0.30 | ) | 0.02 | (0.48 | ) | — | (i) | ||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.29 | 0.53 | (f)(g)(h) | (1.09 | ) | (0.56 | ) | (0.32 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.38 | 0.29 | (f) | 2.95 | 3.24 | (0.33 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.26 | 0.36 | (f) | 0.20 | 0.56 | (0.44 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.59 | 0.33 | (f) | (1.19 | ) | (0.86 | ) | (0.47 | ) | — | (i) | |||||||||||||
Year Ended October 31, 2010 | 12.47 | 0.25 | (f) | 1.19 | 1.44 | (0.32 | ) | — | (i) | |||||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 15.19 | 0.45 | (f)(g)(h) | (1.04 | ) | (0.59 | ) | (0.12 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.31 | 0.27 | (f) | 2.93 | 3.20 | (0.32 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.19 | 0.34 | (f) | 0.21 | 0.55 | (0.43 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.50 | 0.31 | (f) | (1.18 | ) | (0.87 | ) | (0.44 | ) | — | (i) | |||||||||||||
Year Ended October 31, 2010 | 12.40 | 0.23 | (f) | 1.18 | 1.41 | (0.31 | ) | — | (i) | |||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (d) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (e) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (f) | Calculated based upon average shares outstanding. |
| (g) | Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (h) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.39, $0.29, $0.30, $0.34, $0.46, $0.45 and $0.37 for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively and the net investment income (loss) ratio would have been 2.67%, 2.02%, 2.13%, 2.39%, 3.06%, 2.99% and 2.44% for Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class Shares, respectively. |
| (i) | Amount rounds to less than $0.01. |
| (j) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 114 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets (a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (b)(e) | ||||||||||||||||||||
| $ | 14.14 | (4.09 | )% | $ | 491,010 | 1.33 | % | 3.19 | %(g)(h) | 1.36 | % | 59 | % | |||||||||||||
| 15.02 | 26.13 | 221,077 | 1.33 | 1.66 | 1.35 | 66 | ||||||||||||||||||||
| 12.18 | 4.64 | 124,691 | 1.35 | 2.66 | 1.37 | 62 | ||||||||||||||||||||
| 12.05 | (6.91 | ) | 113,976 | 1.34 | 2.15 | 1.36 | 60 | |||||||||||||||||||
| 13.36 | 11.35 | 143,259 | 1.34 | 1.41 | 1.35 | 92 | ||||||||||||||||||||
| 14.02 | (4.61 | ) | 1,602 | 1.83 | 2.54 | (g)(h) | 1.85 | 59 | ||||||||||||||||||
| 14.86 | 25.64 | 2,476 | 1.82 | 1.29 | 1.85 | 66 | ||||||||||||||||||||
| 12.03 | 4.04 | 2,932 | 1.85 | 2.20 | 1.87 | 62 | ||||||||||||||||||||
| 11.89 | (7.42 | ) | 3,557 | 1.84 | 1.61 | 1.86 | 60 | |||||||||||||||||||
| 13.18 | 10.81 | 5,337 | 1.84 | 0.91 | 1.85 | 92 | ||||||||||||||||||||
| 13.72 | (4.64 | ) | 31,176 | 1.83 | 2.65 | (g)(h) | 1.86 | 59 | ||||||||||||||||||
| 14.61 | 25.58 | 22,682 | 1.83 | 1.19 | 1.85 | 66 | ||||||||||||||||||||
| 11.84 | 4.04 | 14,311 | 1.85 | 2.23 | 1.87 | 62 | ||||||||||||||||||||
| 11.72 | (7.38 | ) | 16,510 | 1.84 | 1.60 | 1.86 | 60 | |||||||||||||||||||
| 13.01 | 10.81 | 19,646 | 1.84 | 0.89 | 1.85 | 92 | ||||||||||||||||||||
| 13.93 | (4.33 | ) | 1,768 | 1.58 | 2.91 | (g)(h) | 1.61 | 59 | ||||||||||||||||||
| 14.78 | 25.91 | 1,249 | 1.59 | 1.39 | 1.60 | 66 | ||||||||||||||||||||
| 11.99 | 4.27 | 881 | 1.60 | 2.43 | 1.62 | 62 | ||||||||||||||||||||
| 11.86 | (7.12 | ) | 694 | 1.59 | 1.84 | 1.61 | 60 | |||||||||||||||||||
| 13.21 | 11.00 | 856 | 1.60 | 0.90 | 1.61 | 92 | ||||||||||||||||||||
| 14.42 | (3.64 | ) | 30,992 | 0.83 | 3.58 | (g)(h) | 0.84 | 59 | ||||||||||||||||||
| 15.29 | 26.84 | 107,313 | 0.84 | 2.12 | 0.85 | 66 | ||||||||||||||||||||
| 12.38 | 5.11 | 25,945 | 0.84 | 3.06 | 0.87 | 62 | ||||||||||||||||||||
| 12.26 | (0.10 | ) | 50 | 0.84 | 2.57 | 0.86 | 60 | |||||||||||||||||||
| 14.41 | (3.75 | ) | 2,932,420 | 0.93 | 3.51 | (g)(h) | 0.96 | 59 | ||||||||||||||||||
| 15.29 | 26.72 | 1,087,334 | 0.94 | 2.08 | 0.95 | 66 | ||||||||||||||||||||
| 12.38 | 5.00 | 639,798 | 0.94 | 3.03 | 0.97 | 62 | ||||||||||||||||||||
| 12.26 | (6.56 | ) | 545,034 | 0.94 | 2.48 | 0.96 | 60 | |||||||||||||||||||
| 13.59 | 11.79 | 421,538 | 0.92 | 2.04 | 0.95 | 92 | ||||||||||||||||||||
| 14.48 | (3.90 | ) | 300,712 | 1.08 | 2.96 | (g)(h) | 1.10 | 59 | ||||||||||||||||||
| 15.19 | 26.46 | 1,634,392 | 1.09 | 1.99 | 1.10 | 66 | ||||||||||||||||||||
| 12.31 | 4.87 | 1,458,864 | 1.10 | 2.92 | 1.12 | 62 | ||||||||||||||||||||
| 12.19 | (6.65 | ) | 1,413,804 | 1.09 | 2.37 | 1.12 | 60 | |||||||||||||||||||
| 13.50 | 11.56 | 943,998 | 1.09 | 1.84 | 1.10 | 92 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 115 | ||||||
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Redemption fees | |||||||||||||||||||
Intrepid International Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended October 31, 2014 | $ | 19.79 | $ | 0.39 | (d)(e) | $ | (0.45 | ) | $ | (0.06 | ) | $ | (0.24 | ) | $ | — | ||||||||
Year Ended October 31, 2013 | 15.90 | 0.25 | (d) | 3.88 | 4.13 | (0.24 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.32 | 0.25 | (d) | 0.49 | 0.74 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.59 | 0.24 | (d) | (1.27 | ) | (1.03 | ) | (0.24 | ) | — | (f) | |||||||||||||
Year Ended October 31, 2010 | 14.99 | 0.12 | (d) | 1.73 | 1.85 | (0.25 | ) | — | (f) | |||||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 19.92 | 0.36 | (d)(e) | (0.52 | ) | (0.16 | ) | (0.13 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 16.00 | 0.17 | (d) | 3.90 | 4.07 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.36 | 0.18 | (d) | 0.50 | 0.68 | (0.04 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.61 | 0.15 | (d) | (1.26 | ) | (1.11 | ) | (0.14 | ) | — | (f) | |||||||||||||
Year Ended October 31, 2010 | 14.99 | 0.05 | (d) | 1.73 | 1.78 | (0.16 | ) | — | (f) | |||||||||||||||
Class R2 | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 19.61 | 0.40 | (d)(e) | (0.53 | ) | (0.13 | ) | (0.17 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 15.74 | 0.20 | (d) | 3.86 | 4.06 | (0.19 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.21 | 0.19 | (d) | 0.50 | 0.69 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.46 | 0.17 | (d) | (1.22 | ) | (1.05 | ) | (0.20 | ) | — | (f) | |||||||||||||
Year Ended October 31, 2010 | 14.86 | 0.08 | (d) | 1.72 | 1.80 | (0.20 | ) | — | (f) | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.23 | 0.49 | (d)(e) | (0.46 | ) | 0.03 | (0.31 | ) | — | |||||||||||||||
Year Ended October 31, 2013 | 16.24 | 0.34 | (d) | 3.97 | 4.31 | (0.32 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.66 | 0.33 | (d) | 0.50 | 0.83 | (0.25 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.94 | 0.32 | (d) | (1.29 | ) | (0.97 | ) | (0.31 | ) | — | (f) | |||||||||||||
Year Ended October 31, 2010 | 15.27 | 0.19 | (d) | 1.78 | 1.97 | (0.30 | ) | — | (f) | |||||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2014 | 20.51 | 0.51 | (d)(e) | (0.53 | ) | (0.02 | ) | (0.27 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 16.46 | 0.31 | (d) | 4.01 | 4.32 | (0.27 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.85 | 0.30 | (d) | 0.51 | 0.81 | (0.20 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.99 | 0.26 | (d) | (1.28 | ) | (1.02 | ) | (0.12 | ) | — | (f) | |||||||||||||
Year Ended October 31, 2010 | 15.31 | 0.15 | (d) | 1.79 | 1.94 | (0.26 | ) | — | (f) | |||||||||||||||
| (a) | 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. |
| (b) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (c) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average value of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
| (d) | Calculated based upon average shares outstanding. |
| (e) | Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (f) | Amount rounds to less than $0.01. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 116 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (a) | Net assets, end of period (000’s) | Net expenses (b) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 19.49 | (0.33 | )% | $ | 101,114 | 1.39 | % | 1.96 | %(e) | 1.46 | % | 48 | % | |||||||||||||
| 19.79 | 26.25 | 60,135 | 1.47 | 1.42 | 1.54 | 49 | ||||||||||||||||||||
| 15.90 | 4.97 | 32,231 | 1.50 | 1.65 | 1.62 | 46 | ||||||||||||||||||||
| 15.32 | (6.30 | ) | 31,942 | 1.50 | 1.42 | 1.61 | 79 | |||||||||||||||||||
| 16.59 | 12.54 | 23,960 | 1.50 | 0.78 | 1.73 | 92 | ||||||||||||||||||||
| 19.63 | (0.84 | ) | 1,318 | 1.89 | 1.79 | (e) | 1.96 | 48 | ||||||||||||||||||
| 19.92 | 25.60 | 1,131 | 1.98 | 0.94 | 2.04 | 49 | ||||||||||||||||||||
| 16.00 | 4.45 | 875 | 2.00 | 1.18 | 2.12 | 46 | ||||||||||||||||||||
| 15.36 | (6.75 | ) | 1,018 | 2.00 | 0.91 | 2.11 | 79 | |||||||||||||||||||
| 16.61 | 12.01 | 1,489 | 2.00 | 0.30 | 2.24 | 92 | ||||||||||||||||||||
| 19.31 | (0.66 | ) | 98 | 1.64 | 2.03 | (e) | 1.71 | 48 | ||||||||||||||||||
| 19.61 | 26.02 | 98 | 1.72 | 1.16 | 1.79 | 49 | ||||||||||||||||||||
| 15.74 | 4.64 | 81 | 1.75 | 1.29 | 1.87 | 46 | ||||||||||||||||||||
| 15.21 | (6.48 | ) | 106 | 1.75 | 1.04 | 1.85 | 79 | |||||||||||||||||||
| 16.46 | 12.26 | 68 | 1.75 | 0.53 | 1.99 | 92 | ||||||||||||||||||||
| 19.95 | 0.13 | 1,474,870 | 0.89 | 2.39 | (e) | 1.05 | 48 | |||||||||||||||||||
| 20.23 | 26.90 | 582,599 | 0.97 | 1.88 | 1.14 | 49 | ||||||||||||||||||||
| 16.24 | 5.50 | 303,575 | 1.00 | 2.16 | 1.21 | 46 | ||||||||||||||||||||
| 15.66 | (5.85 | ) | 178,258 | 1.00 | 1.88 | 1.20 | 79 | |||||||||||||||||||
| 16.94 | 13.11 | 99,766 | 1.00 | 1.21 | 1.31 | 92 | ||||||||||||||||||||
| 20.22 | (0.13 | ) | 15,963 | 1.14 | 2.47 | (e) | 1.21 | 48 | ||||||||||||||||||
| 20.51 | 26.56 | 13,916 | 1.23 | 1.68 | 1.29 | 49 | ||||||||||||||||||||
| 16.46 | 5.24 | 9,467 | 1.25 | 1.94 | 1.37 | 46 | ||||||||||||||||||||
| 15.85 | (6.08 | ) | 12,225 | 1.25 | 1.51 | 1.37 | 79 | |||||||||||||||||||
| 16.99 | 12.86 | 26,408 | 1.25 | 0.93 | 1.37 | 92 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 117 | ||||||
AS OF OCTOBER 31, 2014
1. Organization
JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 10 separate funds of the Trusts (collectively, the “Funds”) covered by this report:
| Classes Offered | Trust | Diversified/Non-Diversified | ||||
| Emerging Economies Fund | Class A, Class C, Class R5 and Select Class | JPM I | Diversified | |||
| Emerging Markets Equity Fund | Class A, Class B, Class C, Class R6*, Institutional Class and Select Class | JPM I | Diversified | |||
| Global Equity Income Fund | Class A, Class C, Class R2, Class R5 and Select Class | JPM I | Diversified | |||
| Global Research Enhanced Index Fund | Class A, Class C, Class R2, and Select Class | JPM I | Diversified | |||
| International Equity Fund | Class A, Class B, Class C, Class R2, Class R5, Class R6 and Select Class | JPM I | Diversified | |||
| International Opportunities Fund | Class A, Class B, Class C, Class R6, Institutional Class and Select Class | JPM I | Diversified | |||
| International Research Enhanced Equity Fund | Class A, Class B, Class C, Class R2 and Select Class | JPM II | Diversified | |||
| International Unconstrained Equity Fund | Class A, Class C, Class R2, Class R5, Class R6 and Select Class | JPM I | Diversified | |||
| International Value Fund | Class A, Class B, Class C, Class R2, Class R6, Institutional Class and Select Class | JPM I | Diversified | |||
| Intrepid International Fund | Class A, Class C, Class R2, Institutional Class and Select Class | JPM I | Diversified |
Effective June 30, 2014, International Equity Index Fund changed its name to International Research Enhanced Equity Fund.
Global Research Enhanced Index Fund commenced operations on February 28, 2013.
Prior to May 31, 2013, International Unconstrained Equity Fund was not publicly offered for investment.
| * | Class R6 Shares commenced operations on December 23, 2013 for Emerging Markets Equity Fund. |
The investment objective of Emerging Economies Fund is to seek long-term capital growth.
The investment objective of Emerging Markets Equity Fund is to seek to provide high total return from a portfolio of equity securities from emerging markets issuers.
The investment objective of Global Equity Income Fund is to seek to provide both current income and long-term capital appreciation.
The investment objective of Global Research Enhanced Index Fund, International Research Enhanced Equity Fund and International Unconstrained Equity Fund is to seek to provide long-term capital appreciation.
The investment objective of International Equity Fund is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.
The investment objective of International Opportunities Fund is to seek to provide high total return from a portfolio of equity securities of foreign companies in developed and, to a lesser extent, emerging markets.
The investment objective of International Value Fund is to seek to provide high total return from a portfolio of foreign company equity securities.
The investment objective of Intrepid International Fund is to seek to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.
Prior to June 30, 2014, the investment objective of International Research Enhanced Equity Fund was to seek to provide investment results that correspond to the aggregate price and dividend performance of the securities in the MSCI EAFE Gross Domestic Product Index.
Effective November 1, 2009, Class B Shares of Emerging Markets Equity Fund, International Equity Fund, International Research Enhanced Equity Fund, International Opportunities Fund and International Value Fund may not be purchased or acquired by new or existing shareholders, except through exchanges from Class B Shares of another J.P. Morgan Fund and dividend reinvestments. Shareholders who invested in Class B Shares prior to November 1, 2009 may continue to hold their Class B Shares until they convert automatically to Class A Shares.
Class A Shares generally provide for a front-end sales charge while Class B and Class C Shares provide for a contingent deferred sales charge (“CDSC”). Class B Shares automatically convert to Class A Shares after eight years. No sales charges are assessed with respect to Class R2, Class R5, Class R6, Institutional Class and Select Class Shares. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution and shareholder servicing fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus.
| 118 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of the investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at such unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
JPMorgan Funds Management, Inc. (the “Administrator” or “JPMFM”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight, including but not limited to consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.
A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.
Futures and options are generally valued on the basis of available market quotations. Swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
| Ÿ | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
| Ÿ | Level 2 — Other significant observable inputs including, but are not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| Ÿ | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 119 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Emerging Economies Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Brazil | $ | 104,712 | $ | — | $ | — | $ | 104,712 | ||||||||
China | 28,359 | 195,003 | — | 223,362 | ||||||||||||
Greece | — | 5,968 | — | 5,968 | ||||||||||||
Hong Kong | — | 52,978 | — | (a) | 52,978 | |||||||||||
India | 13,181 | 73,133 | — | 86,314 | ||||||||||||
Indonesia | — | 21,792 | — | 21,792 | ||||||||||||
Netherlands | 1,980 | — | — | 1,980 | ||||||||||||
Poland | — | 12,060 | — | 12,060 | ||||||||||||
Qatar | 3,895 | 4,415 | — | 8,310 | ||||||||||||
Russia | 27,069 | 59,730 | — | 86,799 | ||||||||||||
South Africa | — | 76,912 | — | 76,912 | ||||||||||||
South Korea | 7,282 | 249,758 | — | 257,040 | ||||||||||||
Taiwan | 13,164 | 124,331 | — | 137,495 | ||||||||||||
Thailand | — | 37,288 | — | 37,288 | ||||||||||||
Turkey | — | 75,218 | — | 75,218 | ||||||||||||
United Arab Emirates | — | 16,430 | — | 16,430 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 199,642 | 1,005,016 | — | (a) | 1,204,658 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Brazil | 5,493 | — | — | 5,493 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 15,512 | — | — | 15,512 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 220,647 | $ | 1,005,016 | $ | — | (a) | $ | 1,225,663 | |||||||
|
|
|
|
|
|
|
| |||||||||
Emerging Markets Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 18,679 | $ | — | $ | 18,679 | ||||||||
Brazil | 198,573 | — | — | 198,573 | ||||||||||||
China | 62,290 | 197,334 | — | 259,624 | ||||||||||||
Cyprus | 23,987 | — | — | 23,987 | ||||||||||||
Hong Kong | 192 | 158,466 | — | 158,658 | ||||||||||||
India | 173,811 | 298,047 | — | 471,858 | ||||||||||||
Indonesia | — | 121,960 | — | 121,960 | ||||||||||||
Mexico | 70,929 | — | — | 70,929 | ||||||||||||
Panama | 29,956 | — | — | 29,956 | ||||||||||||
Peru | 38,986 | — | — | 38,986 | ||||||||||||
Poland | — | 8,729 | — | 8,729 | ||||||||||||
Russia | — | 140,814 | — | 140,814 | ||||||||||||
South Africa | — | 378,827 | — | 378,827 | ||||||||||||
South Korea | — | 83,087 | — | 83,087 | ||||||||||||
Taiwan | 65,637 | 74,657 | — | 140,294 | ||||||||||||
Thailand | 35,132 | 116,802 | — | 151,934 | ||||||||||||
Turkey | — | 102,072 | — | 102,072 | ||||||||||||
United Kingdom | — | 67,309 | — | 67,309 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 699,493 | 1,766,783 | — | 2,466,276 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 120 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Emerging Markets Equity Fund (continued) | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Preferred Stocks | ||||||||||||||||
Brazil | $ | 18,637 | $ | — | $ | — | $ | 18,637 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 44,001 | — | — | 44,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 762,131 | $ | 1,766,783 | $ | — | $ | 2,528,914 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Global Equity Income Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 6,113 | $ | — | $ | 6,113 | ||||||||
Brazil | 579 | — | — | 579 | ||||||||||||
China | — | 2,463 | — | 2,463 | ||||||||||||
Denmark | — | 278 | — | 278 | ||||||||||||
Finland | — | 647 | — | 647 | ||||||||||||
France | — | 2,195 | — | 2,195 | ||||||||||||
Germany | — | 4,786 | — | 4,786 | ||||||||||||
Israel | — | 2,039 | — | 2,039 | ||||||||||||
Japan | — | 4,591 | — | 4,591 | ||||||||||||
Netherlands | — | 5,110 | — | 5,110 | ||||||||||||
New Zealand | — | 1,251 | — | 1,251 | ||||||||||||
Norway | — | 2,562 | — | 2,562 | ||||||||||||
Russia | — | 1,201 | — | 1,201 | ||||||||||||
South Africa | — | 1,385 | — | 1,385 | ||||||||||||
South Korea | — | 1,181 | — | 1,181 | ||||||||||||
Spain | — | 833 | — | 833 | ||||||||||||
Sweden | — | 1,472 | — | 1,472 | ||||||||||||
Switzerland | 884 | 5,438 | — | 6,322 | ||||||||||||
Taiwan | — | 1,022 | — | 1,022 | ||||||||||||
United Kingdom | 1,278 | 10,391 | — | 11,669 | ||||||||||||
United States | 52,154 | 1,163 | — | 53,317 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 54,895 | 56,121 | — | 111,016 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 2,653 | — | — | 2,653 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 57,548 | $ | 56,121 | $ | — | $ | 113,669 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 121 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
Global Research Enhanced Index Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 627 | $ | 92,377 | $ | — | $ | 93,004 | ||||||||
Austria | — | (a) | 1,972 | — | 1,972 | |||||||||||
Belgium | — | 23,855 | — | 23,855 | ||||||||||||
Bermuda | 3,113 | — | — | 3,113 | ||||||||||||
Canada | 137,851 | — | — | 137,851 | ||||||||||||
China | — | 1,487 | — | 1,487 | ||||||||||||
Colombia | — | (a) | — | — | — | (a) | ||||||||||
Denmark | — | 28,611 | — | 28,611 | ||||||||||||
Finland | — | 5,090 | — | 5,090 | ||||||||||||
France | — | 138,648 | — | 138,648 | ||||||||||||
Germany | — | 116,856 | — | 116,856 | ||||||||||||
Hong Kong | — | 38,499 | — | 38,499 | ||||||||||||
Ireland | 19,376 | 5,597 | — | 24,973 | ||||||||||||
Italy | — | 37,031 | — | 37,031 | ||||||||||||
Japan | — | 268,428 | — | 268,428 | ||||||||||||
Luxembourg | — | 3,069 | — | 3,069 | ||||||||||||
Netherlands | — | 44,775 | — | 44,775 | ||||||||||||
New Zealand | — | 1,006 | — | 1,006 | ||||||||||||
Norway | — | 12,732 | — | 12,732 | ||||||||||||
Singapore | 10,939 | 15,298 | — | 26,237 | ||||||||||||
Spain | — | 46,261 | — | 46,261 | ||||||||||||
Sweden | — | 27,863 | — | 27,863 | ||||||||||||
Switzerland | 19,504 | 122,638 | — | 142,142 | ||||||||||||
United Kingdom | 3,012 | 251,169 | — | 254,181 | ||||||||||||
United States | 1,868,001 | — | — | 1,868,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 2,062,423 | 1,283,262 | — | 3,345,685 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 14,646 | — | 14,646 | ||||||||||||
United Kingdom | — | 12 | — | 12 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stocks | — | 14,658 | — | 14,658 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | ||||||||||||||||
Spain | 207 | — | — | 207 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 200,095 | — | — | 200,095 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 2,262,725 | $ | 1,297,920 | $ | — | $ | 3,560,645 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 6,865 | $ | — | $ | — | $ | 6,865 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| 122 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
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 | $ | — | $ | 41,059 | $ | — | $ | 41,059 | ||||||||
Belgium | — | 41,962 | — | 41,962 | ||||||||||||
China | — | 64,828 | — | 64,828 | ||||||||||||
Denmark | — | 22,622 | — | 22,622 | ||||||||||||
France | — | 288,034 | — | 288,034 | ||||||||||||
Germany | — | 147,271 | — | 147,271 | ||||||||||||
Hong Kong | — | 94,787 | — | 94,787 | ||||||||||||
India | 15,849 | — | — | 15,849 | ||||||||||||
Indonesia | — | 10,970 | — | 10,970 | ||||||||||||
Israel | 25,935 | — | — | 25,935 | ||||||||||||
Japan | — | 413,435 | — | 413,435 | ||||||||||||
Netherlands | — | 166,077 | — | 166,077 | ||||||||||||
South Korea | — | 44,536 | — | 44,536 | ||||||||||||
Switzerland | — | 341,112 | — | 341,112 | ||||||||||||
Taiwan | 23,495 | — | — | 23,495 | ||||||||||||
United Kingdom | — | 543,916 | — | 543,916 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 65,279 | 2,220,609 | — | 2,285,888 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 59,225 | — | 59,225 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 60,248 | — | — | 60,248 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 125,527 | $ | 2,279,834 | $ | — | $ | 2,405,361 | ||||||||
|
|
|
|
|
|
|
| |||||||||
International Opportunities Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 59,893 | $ | — | $ | 59,893 | ||||||||
Belgium | — | 19,205 | — | 19,205 | ||||||||||||
Canada | 11,003 | — | — | 11,003 | ||||||||||||
China | — | 24,669 | — | 24,669 | ||||||||||||
Denmark | — | 26,016 | — | 26,016 | ||||||||||||
Finland | — | 15,789 | — | 15,789 | ||||||||||||
France | — | 236,721 | — | 236,721 | ||||||||||||
Germany | — | 100,073 | — | 100,073 | ||||||||||||
Hong Kong | — | 36,741 | — | 36,741 | ||||||||||||
Ireland | — | 14,683 | — | 14,683 | ||||||||||||
Italy | — | 12,366 | — | 12,366 | ||||||||||||
Japan | — | 354,801 | — | 354,801 | ||||||||||||
Netherlands | — | 119,029 | — | 119,029 | ||||||||||||
Norway | — | 27,273 | — | 27,273 | ||||||||||||
South Korea | — | 16,480 | — | 16,480 | ||||||||||||
Sweden | — | 22,276 | — | 22,276 | ||||||||||||
Switzerland | — | 248,925 | — | 248,925 | ||||||||||||
United Kingdom | — | 343,028 | — | 343,028 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 11,003 | 1,677,968 | — | 1,688,971 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 21,170 | — | 21,170 | ||||||||||||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 123 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
| International Opportunities Fund (continued) | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | $ | 37,589 | $ | — | $ | — | $ | 37,589 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 48,592 | $ | 1,699,138 | $ | — | $ | 1,747,730 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange | ||||||||||||||||
Contracts | $ | — | $ | 14,779 | $ | — | $ | 14,779 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange | ||||||||||||||||
Contracts | $ | — | $ | (17,064 | ) | $ | — | $ | (17,064 | ) | ||||||
Futures Contracts | (45 | ) | — | — | (45 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Depreciation in Other Financial Instruments | $ | (45 | ) | $ | (17,064 | ) | $ | — | $ | (17,109 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
International Researched Enhanced Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 40,483 | $ | — | (a) | $ | 40,483 | |||||||
Belgium | — | 5,246 | — | 5,246 | ||||||||||||
Denmark | — | 16,853 | — | 16,853 | ||||||||||||
Finland | — | 5,427 | — | 5,427 | ||||||||||||
France | — | 72,203 | — | 72,203 | ||||||||||||
Germany | 2,255 | 55,489 | — | 57,744 | ||||||||||||
Hong Kong | — | 21,316 | — | 21,316 | ||||||||||||
Ireland | 2,803 | 4,000 | — | 6,803 | ||||||||||||
Israel | 2,556 | — | — | 2,556 | ||||||||||||
Italy | — | 15,164 | — | 15,164 | ||||||||||||
Japan | — | 144,156 | — | 144,156 | ||||||||||||
Luxembourg | — | 1,939 | — | 1,939 | ||||||||||||
Netherlands | — | 17,524 | — | 17,524 | ||||||||||||
New Zealand | — | 3,473 | — | 3,473 | ||||||||||||
Norway | — | 7,450 | — | 7,450 | ||||||||||||
Portugal | — | 2,583 | — | 2,583 | ||||||||||||
Singapore | — | 5,381 | — | 5,381 | ||||||||||||
Spain | — | 20,361 | — | 20,361 | ||||||||||||
Sweden | — | 14,236 | — | 14,236 | ||||||||||||
Switzerland | — | 53,635 | — | 53,635 | ||||||||||||
United Kingdom | — | 128,619 | — | 128,619 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 7,614 | 635,538 | — | (a) | 643,152 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 9,788 | — | 9,788 | ||||||||||||
Rights | ||||||||||||||||
Spain | 62 | — | — | 62 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 19,510 | — | — | 19,510 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 27,186 | $ | 645,326 | $ | — | (a) | $ | 672,512 | |||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 127 | $ | — | $ | — | $ | 127 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (135 | ) | $ | — | $ | — | $ | (135 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
| 124 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
International Unconstrained Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Canada | $ | 210 | $ | — | $ | — | $ | 210 | ||||||||
China | 175 | 194 | — | 369 | ||||||||||||
France | — | 464 | — | 464 | ||||||||||||
Germany | — | 365 | — | 365 | ||||||||||||
Hong Kong | — | 227 | — | 227 | ||||||||||||
India | 103 | — | — | 103 | ||||||||||||
Ireland | — | 46 | — | 46 | ||||||||||||
Japan | — | 601 | — | 601 | ||||||||||||
Netherlands | — | 343 | — | 343 | ||||||||||||
South Korea | — | 147 | — | 147 | ||||||||||||
Spain | 46 | — | — | 46 | ||||||||||||
Switzerland | — | 606 | — | 606 | ||||||||||||
Taiwan | 51 | — | — | 51 | ||||||||||||
United Kingdom | — | 980 | — | 980 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 585 | 3,973 | — | 4,558 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 585 | $ | 3,973 | $ | — | $ | 4,558 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | — | $ | 100,048 | $ | — | $ | 100,048 | ||||||||
Belgium | — | 82,157 | — | 82,157 | ||||||||||||
Canada | 27,321 | — | — | 27,321 | ||||||||||||
China | — | 34,884 | — | 34,884 | ||||||||||||
Denmark | — | 37,505 | — | 37,505 | ||||||||||||
Finland | — | 26,505 | — | 26,505 | ||||||||||||
France | — | 599,542 | — | 599,542 | ||||||||||||
Germany | — | 120,888 | — | 120,888 | ||||||||||||
Hong Kong | — | 59,119 | — | 59,119 | ||||||||||||
India | 21,573 | — | — | 21,573 | ||||||||||||
Ireland | 26,749 | 20,134 | — | 46,883 | ||||||||||||
Italy | — | 188,419 | — | 188,419 | ||||||||||||
Japan | — | 904,254 | — | 904,254 | ||||||||||||
Netherlands | — | 237,281 | — | 237,281 | ||||||||||||
Norway | — | 57,176 | — | 57,176 | ||||||||||||
Russia | — | 19,357 | — | 19,357 | ||||||||||||
South Korea | — | 40,851 | — | 40,851 | ||||||||||||
Spain | — | 72,944 | — | 72,944 | ||||||||||||
Sweden | — | 62,600 | — | 62,600 | ||||||||||||
Switzerland | — | 256,358 | — | 256,358 | ||||||||||||
Taiwan | — | 17,725 | — | 17,725 | ||||||||||||
Turkey | — | 26,020 | — | 26,020 | ||||||||||||
United Kingdom | — | 655,237 | — | 655,237 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 75,643 | 3,619,004 | — | 3,694,647 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 24,958 | — | 24,958 | ||||||||||||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 125 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
| International Value Fund (continued) | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | $ | 39,776 | $ | — | $ | — | $ | 39,776 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 115,419 | $ | 3,643,962 | $ | — | $ | 3,759,381 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 29,079 | $ | — | $ | 29,079 | ||||||||
Futures Contracts | 246 | — | — | 246 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Appreciation in Other Financial Instruments | $ | 246 | $ | 29,079 | $ | — | $ | 29,325 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (25,885 | ) | $ | — | $ | (25,885 | ) | ||||||
Futures Contracts | (730 | ) | — | — | (730 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Depreciation in Other Financial Instruments | $ | (730 | ) | $ | (25,885 | ) | $ | — | $ | (26,615 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Intrepid International Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 97,841 | $ | — | $ | 97,841 | ||||||||
Austria | — | 8,288 | — | 8,288 | ||||||||||||
Belgium | 4,813 | 22,516 | — | 27,329 | ||||||||||||
China | — | 6,114 | — | 6,114 | ||||||||||||
Denmark | — | 17,460 | — | 17,460 | ||||||||||||
Finland | — | 30,923 | — | 30,923 | ||||||||||||
France | 2,146 | 160,019 | — | 162,165 | ||||||||||||
Germany | — | 95,287 | — | 95,287 | ||||||||||||
Hong Kong | — | 29,000 | — | 29,000 | ||||||||||||
India | 4,553 | — | — | 4,553 | ||||||||||||
Ireland | 5,220 | 13,878 | — | 19,098 | ||||||||||||
Israel | 10,010 | — | — | 10,010 | ||||||||||||
Italy | — | 25,031 | — | 25,031 | ||||||||||||
Japan | — | 305,367 | — | 305,367 | ||||||||||||
Luxembourg | — | 4,279 | — | 4,279 | ||||||||||||
Netherlands | — | 55,234 | — | 55,234 | ||||||||||||
Norway | — | 23,054 | — | 23,054 | ||||||||||||
Portugal | — | 4,876 | — | 4,876 | ||||||||||||
South Africa | — | 5,199 | — | 5,199 | ||||||||||||
South Korea | — | 8,925 | — | 8,925 | ||||||||||||
Spain | — | 27,781 | — | 27,781 | ||||||||||||
Sweden | — | 30,024 | — | 30,024 | ||||||||||||
Switzerland | — | 156,155 | — | 156,155 | ||||||||||||
United Kingdom | — | 266,077 | — | 266,077 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 26,742 | 1,393,328 | — | 1,420,070 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 11,288 | — | 11,288 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 43,403 | — | — | 43,403 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 70,145 | $ | 1,404,616 | $ | — | $ | 1,474,761 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| 126 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
There were no transfers among any levels during the year ended October 31, 2014.
B. Restricted and Illiquid Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale and/or are illiquid. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Illiquid securities are securities which cannot be disposed of promptly (within seven days) and in the usual course of business at approximately their fair value and include, but are not limited to, repurchase agreements maturing in excess of seven days, time deposits with a withdrawal penalty, non-negotiable instruments and instruments for which no market exists. Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds. As of October 31, 2014, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
The following are the values and percentages of net assets of illiquid securities as of October 31, 2014 (amounts in thousands):
| Value | Percentage | |||||
| Emerging Economies Fund | $—(a) | 0.0 | %(b) | |||
| International Research Enhanced Equity Fund | —(a) | 0.0 | (b) | |||
| (a) | Amount rounds to less than $1,000. |
| (b) | Amount rounds to less than 0.1%. |
C. Futures Contracts — Global Equity Income Fund, Global Research Enhanced Index Fund, International Opportunities Fund, International Research Enhanced Equity Fund and International Value Fund use index futures contracts to gain or reduce exposure to the stock market, maintain liquidity and minimize transaction costs. The Funds also buy futures contracts to immediately invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation in the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported in the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds’ futures contracts activity during the year ended October 31, 2014 (amounts in thousands):
| Global Equity Income Fund | Global Research Enhanced Index | International Opportunities Fund | International Research Enhanced Equity Fund | International Value Fund | ||||||||||||||||
Futures Contracts: | ||||||||||||||||||||
Average Notional Balance Long | $ | 2,610 | (a) | $ | 131,568 | $ | 13,816 | $ | 24,980 | $ | 5,830 | |||||||||
Ending Notional Balance Long | — | 193,217 | 16,746 | 25,872 | 37,070 | |||||||||||||||
| (a) | For the period August 1, 2014 through August 31, 2014. |
D. Forward Foreign Currency Exchange Contracts — Emerging Economies Fund, Global Equity Income Fund, International Opportunities Fund and International Value Fund may be exposed to foreign currency risks associated with portfolio investments and therefore use forward foreign currency exchange contracts to hedge or manage these exposures. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 127 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.
As of October 31, 2014, the Funds did not receive or post collateral for forward foreign currency exchange contracts.
The table below discloses the volume of the Funds’ forward foreign currency exchange contracts activity during the year ended October 31, 2014 (amounts in thousands):
| Emerging Economies Fund | Global Equity Income Fund | International Opportunities Fund | International Value Fund | |||||||||||||
Forward Foreign Currency Exchange Contracts: | ||||||||||||||||
Average Settlement Value Purchased | $ | — | $ | 18,865 | (b) | $ | 408,899 | $ | 655,405 | |||||||
Average Settlement Value Sold | 53 | (a) | 31,030 | (b) | 336,638 | 523,930 | ||||||||||
Ending Settlement Value Purchased | — | — | 427,153 | 644,991 | ||||||||||||
Ending Settlement Value Sold | — | — | 386,547 | 570,394 | ||||||||||||
| (a) | For the period January 1, 2014 through January 31, 2014. |
| (b) | For the period November 1, 2013 through May 31, 2014. |
E. Summary of Derivatives Information
The following table presents the value of derivatives held as of October 31, 2014, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):
Global Research Enhanced Index Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||
| Gross Assets: | Futures Contracts (a) | |||||
Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $ | 6,865 | |||
|
| |||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
The following table presents the value of derivatives held as of October 31, 2014, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):
International Opportunities Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||||||||||
| Gross Assets: | Futures Contracts (a) | Forward Foreign Currency Exchange Contracts | Total | |||||||||||
Foreign exchange contracts | Receivables | $ | — | $ | 14.779 | $ | 14.779 | |||||||
|
|
|
|
|
| |||||||||
Gross Liabilities: | ||||||||||||||
Foreign exchange contracts | Payables | $ | — | $ | (17,064 | ) | $ | (17,064 | ) | |||||
Equity contracts | Payables, Net Assets — Unrealized Depreciation | (45 | ) | — | (45 | ) | ||||||||
|
|
|
|
|
| |||||||||
Total | $ | (45 | ) | $ | (17,064 | ) | $ | (17,109 | ) | |||||
|
|
|
|
|
| |||||||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
| 128 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2014 (amounts in thousands):
International Opportunities Fund
| Counterparty | Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities (a) | Derivatives Available for Offset | Collateral Received | Net Amount Due From Counterparty (not less than zero) | ||||||||||||
Australia and New Zealand Banking Group Limited | $ | 5,117 | $ | (1,824 | ) | $ | — | $ | 3,293 | |||||||
Barclays Bank plc | 339 | (239 | ) | — | 100 | |||||||||||
Credit Suisse International | 486 | (486 | ) | — | — | |||||||||||
HSBC Bank, N.A. | 950 | (524 | ) | — | 426 | |||||||||||
Royal Bank of Canada | 1,122 | (108 | ) | — | 1,014 | |||||||||||
Royal Bank of Scotland | 2,365 | (1,505 | ) | — | 860 | |||||||||||
Societe Generale | 533 | — | — | 533 | ||||||||||||
Standard Chartered Bank | 881 | (881 | ) | — | — | |||||||||||
Union Bank of Switzerland AG | 1,157 | (853 | ) | — | 304 | |||||||||||
Westpac Banking Corp. | 1,829 | (1,829 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 14,779 | $ | (8,249 | ) | $ | — | $ | 6,530 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| Counterparty | Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities (a) | Derivatives Available for Offset | Collateral Posted | Net Amount Due To Counterparty (not less than zero) | ||||||||||||
Australia and New Zealand Banking Group Limited | $ | 1,824 | $ | (1,824 | ) | $ | — | $ | — | |||||||
Barclays Bank plc | 239 | (239 | ) | — | — | |||||||||||
Citibank, N.A. | 241 | — | — | 241 | ||||||||||||
Commonwealth Bank of Australia | 102 | — | — | 102 | ||||||||||||
Credit Suisse International | 929 | (486 | ) | — | 443 | |||||||||||
Goldman Sachs International | 741 | — | — | 741 | ||||||||||||
HSBC Bank, N.A. | 524 | (524 | ) | — | — | |||||||||||
Morgan Stanley | 461 | — | — | 461 | ||||||||||||
Royal Bank of Canada | 108 | (108 | ) | — | — | |||||||||||
Royal Bank of Scotland | 1,505 | (1,505 | ) | — | — | |||||||||||
Standard Chartered Bank | 1,149 | (881 | ) | — | 268 | |||||||||||
State Street Corp. | 616 | — | — | 616 | ||||||||||||
TD Bank Financial Group | 1,341 | — | — | 1,341 | ||||||||||||
Union Bank of Switzerland AG | 853 | (853 | ) | — | — | |||||||||||
Westpac Banking Corp. | 6,431 | (1,829 | ) | — | 4,602 | |||||||||||
Exchange Traded Futures and Options Contracts (b) | 45 | (c) | — | — | 45 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 17,109 | $ | (8,249 | ) | $ | — | $ | 8,860 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statements of Assets and Liabilities. |
| (b) | These derivatives are not subject to master netting arrangements. |
| (c) | A portion of this amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers for futures contracts. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 129 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
The following table presents the value of derivatives held as of October 31, 2014, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):
International Research Enhanced Equity Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||
| Gross Assets: | Futures Contracts (a) | |||||
Equity contracts | Receivables, Net Assets — Unrealized Appreciation | $ | 127 | |||
|
| |||||
Gross Liabilities: | ||||||
Equity contracts | Payables, Net Assets — Unrealized Depreciation | $ | (135 | ) | ||
|
| |||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
The following table presents the value of derivatives held as of October 31, 2014, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):
International Value Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||||||||||
| Gross Assets: | Futures Contracts (a) | Forward Foreign Currency Exchange Contracts | Total | |||||||||||
Foreign exchange contracts | Receivables | $ | — | $ | 29,079 | $ | 29,079 | |||||||
Equity contracts | Receivables, Net Assets — Unrealized Appreciation | 246 | — | 246 | ||||||||||
|
|
|
|
|
| |||||||||
Total | $ | 246 | $ | 29,079 | $ | 29,325 | ||||||||
|
|
|
|
|
| |||||||||
Gross Liabilities: | ||||||||||||||
Foreign exchange contracts | Payables | $ | — | $ | (25,885 | ) | $ | (25,885 | ) | |||||
Equity contracts | Payables, Net Assets — Unrealized Depreciation | (730 | ) | — | (730 | ) | ||||||||
|
|
|
|
|
| |||||||||
Total | $ | (730 | ) | $ | (25,885 | ) | $ | (26,615 | ) | |||||
|
|
|
|
|
| |||||||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported in the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of October 31, 2014 (amounts in thousands):
International Value Fund
| Counterparty | Gross Amount of Derivative Assets Presented in the Statement of Assets and Liabilities (a) | Derivatives Available for Offset | Collateral Received | Net Amount Due From Counterparty (not less than zero) | ||||||||||||
Australia and New Zealand Banking Group Limited | $ | 64 | $ | (64 | ) | $ | — | $ | — | |||||||
Barclays Bank plc | 4,324 | (3,964 | ) | — | 360 | |||||||||||
BNP Paribas | 427 | — | — | 427 | ||||||||||||
Citibank, N.A. | 111 | (111 | ) | — | — | |||||||||||
Credit Suisse International | 862 | (4 | ) | — | 858 | |||||||||||
Deutsche Bank AG | 1,104 | (1,104 | ) | — | — | |||||||||||
HSBC Bank, N.A. | 132 | (132 | ) | — | — | |||||||||||
Morgan Stanley | 13,648 | — | — | 13,648 | ||||||||||||
Royal Bank of Scotland | 123 | — | — | 123 | ||||||||||||
Societe Generale | 2,719 | — | — | 2,719 | ||||||||||||
State Street Corp. | 3,692 | (945 | ) | — | 2,747 | |||||||||||
TD Bank Financial Group | 116 | (116 | ) | — | — | |||||||||||
Union Bank of Switzerland AG | 1,757 | (1,757 | ) | — | — | |||||||||||
Exchange Traded Futures and Options Contracts (b) | 246 | (c) | — | — | 246 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 29,325 | $ | (8,197 | ) | $ | — | $ | 21,128 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| 130 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Counterparty | Gross Amount of Derivative Liabilities Presented in the Statement of Assets and Liabilities (a) | Derivatives Available for Offset | Collateral Posted | Net Amount Due To Counterparty (not less than zero) | ||||||||||||
Australia and New Zealand Banking Group Limited | $ | 887 | $ | (64 | ) | $ | — | $ | 823 | |||||||
Barclays Bank plc | 3,964 | (3,964 | ) | — | — | |||||||||||
Citibank, N.A. | 11,462 | (111 | ) | — | 11,351 | |||||||||||
Credit Suisse International | 4 | (4 | ) | — | — | |||||||||||
Deutsche Bank AG | 3,555 | (1,104 | ) | — | 2,451 | |||||||||||
Goldman Sachs International | 901 | — | — | 901 | ||||||||||||
HSBC Bank, N.A. | 573 | (132 | ) | — | 441 | |||||||||||
State Street Corp. | 945 | (945 | ) | — | — | |||||||||||
TD Bank Financial Group | 342 | (116 | ) | — | 226 | |||||||||||
Union Bank of Switzerland AG | 3,062 | (1,757 | ) | — | 1,305 | |||||||||||
Westpac Banking Corp. | 190 | — | — | 190 | ||||||||||||
Exchange Traded Futures and Options Contracts (b) | 730 | (c) | — | — | 730 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 26,615 | $ | (8,197 | ) | $ | — | $ | 18,418 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements in the Statements of Assets and Liabilities. |
| (b) | These derivatives are not subject to master netting arrangements. |
| (c) | A portion of this amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers for futures contracts. |
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against the counterparty (i.e. decline in a counterparty’s credit rating below a specified level). Such rights for both the counterparty and Funds often include the ability to terminate (i.e. close out) open contracts at prices which may favor the counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.
The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2014, by primary underlying risk exposure (amounts in thousands):
Emerging Economies Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations | ||||
| Derivative Contracts | Forward Foreign Currency Exchange Contracts | |||
Foreign exchange contracts | $ | (148 | ) | |
|
| |||
Global Equity Income Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Foreign exchange contracts | $ | — | $ | (605 | ) | $ | (605 | ) | ||||
Equity contracts | 23 | — | 23 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 23 | $ | (605 | ) | $ | (582 | ) | ||||
|
|
|
|
|
| |||||||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 131 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations | ||||
| Derivative Contracts | Forward Foreign Currency Exchange Contracts | |||
Foreign exchange contracts | $ | 190 | ||
|
| |||
Global Research Enhanced Index Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 19,447 | ||
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 4,599 | ||
|
| |||
International Opportunities Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Foreign exchange contracts | $ | — | $ | 4,218 | $ | 4,218 | ||||||
Equity contracts | (3,070 | ) | — | (3,070 | ) | |||||||
|
|
|
|
|
| |||||||
Total | $ | (3,070 | ) | $ | 4,218 | $ | 1,148 | |||||
|
|
|
|
|
| |||||||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Foreign exchange contracts | $ | — | $ | (5,747 | ) | $ | (5,747 | ) | ||||
Equity contracts | (45 | ) | — | (45 | ) | |||||||
|
|
|
|
|
| |||||||
Total | $ | (45 | ) | $ | (5,747 | ) | $ | (5,792 | ) | |||
|
|
|
|
|
| |||||||
International Research Enhanced Equity Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 225 | ||
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | (730 | ) | |
|
| |||
International Value Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Foreign exchange contracts | $ | — | $ | 19,672 | $ | 19,672 | ||||||
Equity contracts | 772 | — | 772 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 772 | $ | 19,672 | $ | 20,444 | ||||||
|
|
|
|
|
| |||||||
| 132 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Foreign exchange contracts | $ | — | $ | (4,610 | ) | $ | (4,610 | ) | ||||
Equity contracts | (575 | ) | — | (575 | ) | |||||||
|
|
|
|
|
| |||||||
Total | $ | (575 | ) | $ | (4,610 | ) | $ | (5,185 | ) | |||
|
|
|
|
|
| |||||||
The Funds’ derivatives contracts held at October 31, 2014 are not accounted for as hedging instruments under GAAP.
F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the year, the Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of securities held. Accordingly, such foreign currency gains (losses) are included in the reported Change in net unrealized appreciation/depreciation on investment transactions on the Statements of Operations. The Funds do isolate the effect of changes in foreign exchange rates from fluctuations in market prices of securities when determining realized gain or loss for sales of fixed income securities.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
G. Offering and Organizational Costs — Total offering costs of approximately $40,000 incurred in connection with the offering of shares of Global Research Enhanced Index Fund were amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations. For the year ended October 31, 2014, total offering costs amortized were approximately $13,000.
H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a fund first learns of the dividend.
I. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of October 31, 2014, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.
K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. The Funds are subject to a tax imposed on short-term capital gains on securities of issuers domiciled in India. The Funds record an estimated deferred tax liability for these securities that have been held for less than one year at the end of the reporting period, assuming those positions were disposed of at the end of the period. This amount, if any, is reported as Deferred India capital gains tax in the accompanying Statements of Assets and Liabilities. Short-term realized capital losses on the sale of securities of issuers domiciled in India can be carried forward for eight years to offset potential future short-term realized capital gains.
India has enacted rules imposing a tax on indirect transfers of Indian shares, although additional guidance from the Indian tax authorities is awaited. At present, management does not believe that such tax will be applicable to the Funds. However, management’s conclusion, regarding this and other foreign tax matters, may be subject to future review based on changes in, or the interpretation of, the accounting standards and the tax laws and regulations.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 133 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
L. Distributions to Shareholders — Distributions from net investment income if any, are generally declared and paid annually, except for Global Equity Income Fund, which are declared and paid monthly and for International Equity Fund, which are declared and paid quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.
The following amounts were reclassified within the capital accounts (amounts in thousands):
| Paid-in-Capital | Accumulated undistributed (distributions in excess of) net Investment income | Accumulated net realized gains (losses) | ||||||||||
Emerging Economies Fund | $ | — | $ | (1,496 | ) | $ | 1,496 | |||||
Emerging Markets Equity Fund | — | (1,206 | ) | 1,206 | ||||||||
Global Equity Income Fund | — | (742 | ) | 742 | ||||||||
Global Research Enhanced Index Fund | — | 2,127 | (2,127 | ) | ||||||||
International Equity Fund | — | (558 | ) | 558 | ||||||||
International Opportunities Fund | — | 3,560 | (3,560 | ) | ||||||||
International Research Enhanced Equity Fund | — | 2,171 | (2,171 | ) | ||||||||
International Unconstrained Equity Fund | — | (1 | ) | 1 | ||||||||
International Value Fund | — | (a) | 20,132 | (20,132 | ) | |||||||
Intrepid International Fund | — | (a) | (240 | ) | 240 | |||||||
| (a) | Amount rounds to less than $1,000. |
The reclassifications for the Funds relate primarily to foreign currency gains or losses, non-deductible expenses, corporate actions and investments in passive foreign investment companies (“PFICs”).
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.
The annual rate for each Fund is as follows:
Emerging Economies Fund | 1.00 | % | ||
Emerging Markets Equity Fund | 1.00 | |||
Global Equity Income Fund | 0.80 | (a) | ||
Global Research Enhanced Index Fund | 0.20 | |||
International Equity Fund | 0.80 | |||
International Opportunities Fund | 0.60 | |||
International Research Enhanced Equity Fund | 0.20 | (b) | ||
International Unconstrained Equity Fund | 0.80 | (a) | ||
International Value Fund | 0.60 | |||
Intrepid International Fund | 0.80 | (c) |
| (a) | Effective December 1, 2014, the investment advisory fee decreased to 0.70% for Global Equity Income Fund and International Unconstrained Equity Fund. |
| (b) | Prior to May 20, 2014, the investment advisory fee was 0.55% for International Research Enhanced Equity Fund. |
| (c) | Prior to September 1, 2013, the investment advisory fee was 0.85% for Intrepid International Fund. |
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to Administration Agreements, the Administrator, an indirect, wholly-owned subsidiary of JPMorgan, provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended October 31, 2014, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
| 134 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
The Administrator waived Administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to Distribution Agreements, JPMorgan Distribution Services, Inc. (the “Distributor”), a wholly-owned subsidiary of JPMorgan, serves as the Trusts’ exclusive underwriter and promotes and arranges for the sale of each Fund’s shares.
The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class B, Class C and Class R2 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to the Distributor, at annual rates of the average daily net assets as shown in the table below:
| Class A | Class B | Class C | Class R2 | |||||||||||||
Emerging Economies Fund | 0.25 | % | n/a | 0.75 | % | n/a | ||||||||||
Emerging Markets Equity Fund | 0.25 | 0.75 | % | 0.75 | n/a | |||||||||||
Global Equity Income Fund | 0.25 | n/a | 0.75 | 0.50 | % | |||||||||||
Global Research Enhanced Index Fund | 0.25 | n/a | 0.75 | 0.50 | ||||||||||||
International Equity Fund | 0.25 | 0.75 | 0.75 | 0.50 | ||||||||||||
International Opportunities Fund | 0.25 | 0.75 | 0.75 | n/a | ||||||||||||
International Research Enhanced Equity Fund | 0.25 | 0.75 | 0.75 | 0.50 | ||||||||||||
International Unconstrained Equity Fund | 0.25 | n/a | 0.75 | 0.50 | ||||||||||||
International Value Fund | 0.25 | 0.75 | 0.75 | 0.50 | ||||||||||||
Intrepid International Fund | 0.25 | n/a | 0.75 | 0.50 | ||||||||||||
In addition, the Distributor is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class B and Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended October 31, 2014, the Distributor retained the following amounts (in thousands):
| Front-End Sales Charge | CDSC | |||||||
Emerging Economies Fund | $ | 16 | $ | — | (a) | |||
Emerging Markets Equity Fund | 99 | — | (a) | |||||
Global Equity Income Fund | 19 | — | (a) | |||||
International Equity Fund | 43 | — | (a) | |||||
International Opportunities Fund | 4 | — | ||||||
International Research Enhanced Equity Fund | 18 | — | (a) | |||||
International Unconstrained Equity Fund | — | (a) | — | |||||
International Value Fund | 439 | — | (a) | |||||
Intrepid International Fund | 3 | — | (a) | |||||
| (a) | Amount rounds to less than $1,000. |
D. Shareholder Servicing Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with the Distributor under which the Distributor provides certain support services to the shareholders. The Class R6 Shares do not participate in the Shareholder Servicing Agreement. For performing these services, the Distributor receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| Class A | Class B | Class C | Class R2 | Class R5 | Institutional Class | Select Class | ||||||||||||||||||||||
Emerging Economies Fund | 0.25 | % | n/a | 0.25 | % | n/a | 0.05 | % | n/a | 0.25 | % | |||||||||||||||||
Emerging Markets Equity Fund | 0.25 | 0.25 | % | 0.25 | n/a | n/a | 0.10 | % | 0.25 | |||||||||||||||||||
Global Equity Income Fund | 0.25 | n/a | 0.25 | 0.25 | % | 0.05 | n/a | 0.25 | ||||||||||||||||||||
Global Research Enhanced Index Fund | 0.25 | n/a | 0.25 | 0.25 | n/a | n/a | 0.25 | |||||||||||||||||||||
International Equity Fund | 0.25 | 0.25 | 0.25 | 0.25 | 0.05 | n/a | 0.25 | |||||||||||||||||||||
International Opportunities Fund | 0.25 | 0.25 | 0.25 | n/a | n/a | 0.10 | 0.25 | |||||||||||||||||||||
International Research Enhanced Equity Fund | 0.25 | 0.25 | 0.25 | 0.25 | n/a | n/a | 0.25 | |||||||||||||||||||||
International Unconstrained Equity Fund | 0.25 | n/a | 0.25 | 0.25 | 0.05 | n/a | 0.25 | |||||||||||||||||||||
International Value Fund | 0.25 | 0.25 | 0.25 | 0.25 | n/a | 0.10 | 0.25 | |||||||||||||||||||||
Intrepid International Fund | 0.25 | n/a | 0.25 | 0.25 | n/a | 0.10 | 0.25 | |||||||||||||||||||||
The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.
The Distributor waived Shareholder Servicing fees as outlined in Note 3.F.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 135 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
E. Custodian and Accounting Fees — JPMCB provides portfolio and accounting services to the Funds. For these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees in the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included as Interest income from affiliates in the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates in the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and Distributor have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board’s deferred compensation plan) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| Class A | Class B | Class C | Class R2 | Class R5 | Class R6 | Institutional Class | Select Class | |||||||||||||||||||||||||
Emerging Economies Fund | 1.60 | % | n/a | 2.10 | % | n/a | 1.15 | % | n/a | n/a | 1.35 | % | ||||||||||||||||||||
Emerging Markets Equity Fund | 1.70 | * | 2.20 | %* | 2.20 | * | n/a | n/a | 1.20 | % | 1.30 | %* | 1.45 | * | ||||||||||||||||||
Global Equity Income Fund | 1.25 | n/a | 1.75 | 1.50 | % | 0.80 | n/a | n/a | 1.00 | ** | ||||||||||||||||||||||
Global Research Enhanced Index Fund | 0.59 | n/a | 1.09 | 0.84 | n/a | n/a | n/a | 0.34 | ||||||||||||||||||||||||
International Equity Fund | 1.31 | 1.81 | 1.81 | 1.56 | 0.86 | 0.81 | n/a | 1.06 | ||||||||||||||||||||||||
International Opportunities Fund | 1.31 | 1.92 | 1.92 | n/a | n/a | 0.81 | 0.91 | 1.06 | ||||||||||||||||||||||||
International Research Enhanced Equity Fund*** | 0.60 | 1.10 | 1.10 | 0.85 | n/a | n/a | n/a | 0.35 | ||||||||||||||||||||||||
International Unconstrained Equity Fund**** | 1.32 | n/a | 1.82 | 1.57 | 0.87 | 0.82 | n/a | 1.07 | ||||||||||||||||||||||||
International Value Fund | 1.35 | 1.85 | 1.85 | 1.60 | n/a | 0.85 | 0.95 | 1.10 | ||||||||||||||||||||||||
Intrepid International Fund***** | 1.40 | n/a | 1.90 | 1.65 | n/a | n/a | 0.90 | 1.15 | ||||||||||||||||||||||||
| * | Prior to September 1, 2013, the contractual expense limitations for Emerging Markets Equity Fund were 2.00%, 2.50%, 2.50%, 1.45% and 1.75% for Class A, Class B, Class C, Institutional Class and Select Class Shares, respectively. |
| ** | Effective December 1, 2014, the contractual expense limitation for the Select Class of Global Equity Income Fund is 0.90%. |
| *** | Prior to February 28, 2013, the contractual expense limitations for International Research Enhanced Equity Fund were 1.07%, 1.80%, 1.80%, 1.32% and 0.82% for Class A, Class B, Class C, Class R2 and Select Class Shares, respectively. |
| **** | Effective December 1, 2014, the contractual expense limitations for International Unconstrained Equity Fund are 1.25%, 1.75%, 1.50%, 0.80%, 0.75% and 0.90% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively. |
| ***** | Prior to September 1, 2013, the contractual expense limitations for Intrepid International Fund were 1.50%, 2.00%, 1.75%, 1.00% and 1.25% for Class A, Class C, Class R2, Institutional Class and Select Class Shares, respectively. |
Except as noted above, the expense limitation agreements were in effect for the year ended October 31, 2014 and are in place until February 28, 2015.
For the year ended October 31, 2014, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| Contractual Waivers | ||||||||||||||||||||
Investment Advisory | Administration | Shareholder Servicing | Total | Contractual Reimbursements | ||||||||||||||||
Emerging Economies Fund | $ | 494 | $ | 592 | $ | 331 | $ | 1,417 | $ | — | ||||||||||
Emerging Markets Equity Fund | 1,367 | 1,511 | 302 | 3,180 | — | |||||||||||||||
Global Equity Income Fund | 354 | 96 | 39 | 489 | — | |||||||||||||||
Global Research Enhanced Index Fund | 1,522 | 944 | 3,682 | 6,148 | — | (a) | ||||||||||||||
International Equity Fund | 1,713 | 1,639 | — | 3,352 | — | |||||||||||||||
International Research Enhanced Equity Fund | 1,615 | 494 | 1,037 | 3,146 | — | |||||||||||||||
International Unconstrained Equity Fund | 36 | 4 | — | 40 | 160 | |||||||||||||||
International Value Fund | 383 | 224 | — | 607 | — | |||||||||||||||
Intrepid International Fund | 176 | 347 | 861 | 1,384 | — | |||||||||||||||
| (a) | Amount rounds to less than $1,000. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates. The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective fees each charges to the affiliated money market fund on the Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.
| 136 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2014 were as follows (amounts in thousands):
Emerging Economies Fund | $ | 30 | ||
Emerging Markets Equity Fund | 122 | |||
Global Equity Income Fund | 5 | |||
Global Research Enhanced Index Fund | 281 | |||
International Equity Fund | 125 | |||
International Opportunities Fund | 90 | |||
International Research Enhanced Equity Fund | 43 | |||
International Value Fund | 173 | |||
Intrepid International Fund | 60 |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and the Distributor. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees in the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended October 31, 2014, the Funds may have purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.
The Funds may use related party broker-dealers. For the year ended October 31, 2014, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):
Emerging Economics Fund | $ | 4 | ||
Emerging Markets Equity Fund | 3 | |||
Global Equity Income Fund | — | (a) | ||
Global Research Enhanced Index Fund | 5 | |||
International Equity Fund | 2 | |||
International Opportunities Fund | 4 | |||
International Research Enhanced Equity Fund | — | (a) | ||
International Unconstrained Equity Fund | — | (a) | ||
International Value Fund | 6 | |||
Intrepid International Fund | 6 |
| (a) | Amount rounds to less than $1,000. |
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended October 31, 2014, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):
| Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |||||||
Emerging Economies Fund | $ | 1,077,236 | $ | 840,226 | ||||
Emerging Markets Equity Fund | 948,493 | 1,753,289 | ||||||
Global Equity Income Fund | 164,169 | 156,222 | ||||||
Global Research Enhanced Index Fund | 2,452,892 | 1,084,257 | ||||||
International Equity Fund | 647,755 | 139,989 | ||||||
International Opportunities Fund | 1,275,909 | 905,343 | ||||||
International Research Enhanced Equity Fund | 489,039 | 387,939 | ||||||
International Unconstrained Equity Fund | 3,263 | 2,798 | ||||||
International Value Fund | 3,130,796 | 2,089,275 | ||||||
Intrepid International Fund | 1,300,278 | 454,553 | ||||||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 137 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
During the year ended October 31, 2014, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2014 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Emerging Economies Fund | $ | 1,194,353 | $ | 118,596 | $ | 87,286 | $ | 31,310 | ||||||||
Emerging Markets Equity Fund | 2,113,703 | 523,389 | 108,178 | 415,211 | ||||||||||||
Global Equity Income Fund | 104,997 | 10,947 | 2,275 | 8,672 | ||||||||||||
Global Research Enhanced Index Fund | 3,249,242 | 394,684 | 83,281 | 311,403 | ||||||||||||
International Equity Fund | 2,117,683 | 421,513 | 133,835 | 287,678 | ||||||||||||
International Opportunities Fund | 1,637,205 | 198,248 | 87,723 | 110,525 | ||||||||||||
International Research Enhanced Equity Fund | 587,413 | 114,694 | 29,595 | 85,099 | ||||||||||||
International Unconstrained Equity Fund | 4,197 | 585 | 224 | 361 | ||||||||||||
International Value Fund | 3,557,012 | 388,551 | 186,182 | 202,369 | ||||||||||||
Intrepid International Fund | 1,424,850 | 121,520 | 71,609 | 49,911 | ||||||||||||
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of PFICs and wash sale loss deferrals.
The tax character of distributions paid during the year ended October 31, 2014 was as follows (amounts in thousands):
| Ordinary Income | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Emerging Economies Fund | $ | 14,158 | $ | — | $ | 14,158 | ||||||
Emerging Markets Equity Fund | 20,089 | — | 20,089 | |||||||||
Global Equity Income Fund | 4,670 | 877 | 5,547 | |||||||||
Global Research Enhanced Index Fund | 29,275 | 2,611 | 31,886 | |||||||||
International Equity Fund | 61,359 | — | 61,359 | |||||||||
International Opportunities Fund | 16,959 | — | 16,959 | |||||||||
International Research Enhanced Equity Fund | 11,910 | 9,577 | 21,487 | |||||||||
International Unconstrained Equity Fund | 115 | 204 | 319 | |||||||||
International Value Fund | 63,443 | — | 63,443 | |||||||||
Intrepid International Fund | 10,033 | — | 10,033 | |||||||||
The tax character of distributions paid during the year ended October 31, 2013 was as follows (amounts in thousands):
Ordinary Income | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Emerging Economies Fund | $ | 6,432 | $ | — | $ | 6,432 | ||||||
Emerging Markets Equity Fund | 13,244 | — | 13,244 | |||||||||
Global Equity Income Fund | 1,893 | 82 | 1,975 | |||||||||
International Equity Fund | 24,618 | — | 24,618 | |||||||||
International Opportunities Fund | 20,653 | — | 20,653 | |||||||||
International Research Enhanced Equity Fund | 14,459 | — | 14,459 | |||||||||
International Unconstrained Equity Fund | 99 | — | 99 | |||||||||
International Value Fund | 59,721 | — | 59,721 | |||||||||
Intrepid International Fund | 6,451 | — | 6,451 | |||||||||
| 138 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
At October 31, 2014, the components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):
| Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
Emerging Economies Fund | $ | 19,763 | $ | (89,075 | ) | $ | 30,674 | |||||
Emerging Markets Equity Fund | 27,266 | (4,903 | ) | 415,220 | ||||||||
Global Equity Income Fund | 1,827 | 953 | 8,665 | |||||||||
Global Research Enhanced Index Fund | 88,669 | 18,145 | 313,832 | |||||||||
International Equity Fund | 2,308 | (7,844 | ) | 287,359 | ||||||||
International Opportunities Fund | 45,493 | (5,449 | ) | 109,745 | ||||||||
International Research Enhanced Equity Fund | 19,306 | 104,358 | 85,058 | |||||||||
International Unconstrained Equity Fund | 134 | 230 | 362 | |||||||||
International Value Fund | 127,238 | (341,115 | ) | 200,412 | ||||||||
Intrepid International Fund | 21,215 | (532,480 | ) | 49,791 | ||||||||
For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of PFICs, mark to market of futures contracts and mark to market of forward foreign currency contracts.
Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized by the Funds after October 31, 2011, are carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Funds were carried forward for eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.
As of October 31, 2014, the following Funds had post-enactment net capital loss carryforwards as follows (amounts in thousands):
| Capital Loss Carryforward Character | ||||||||
| Short-Term | Long-Term | |||||||
Emerging Economies Fund | $ | 34,954 | $ | 35,501 | ||||
As of October 31, 2014, the following Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains as follows (amounts in thousands):
| 2016 | 2017 | 2018 | 2019 | Total | ||||||||||||||||
Emerging Economies Fund | $ | — | $ | 1,890 | $ | — | $ | 16,730 | $ | 18,620 | ||||||||||
Emerging Markets Equity Fund | — | 4,903 | — | — | 4,903 | |||||||||||||||
International Equity Fund | — | — | 4,532 | 3,312 | 7,844 | |||||||||||||||
International Opportunities Fund | — | — | — | 5,449 | 5,449 | |||||||||||||||
International Value Fund | 35,803 | 241,545 | 63,767 | — | 341,115 | |||||||||||||||
Intrepid International Fund | 281,509 | 250,971 | — | — | 532,480 | |||||||||||||||
During the year ended October 31, 2014, the following Funds utilized capital loss carryforwards as follows (amounts in thousands):
| Pre-Enactment Capital Loss Carryforwards Utilized | Post-Enactment Capital Loss Carryforwards Utilized | Total | ||||||||||||||
| Short-Term | Long-Term | |||||||||||||||
Emerging Markets Equity Fund | $ | 4,943 | $ | 34,939 | $ | 51,160 | $ | 91,042 | ||||||||
International Equity Fund | 10,595 | 1,775 | 9,226 | 21,596 | ||||||||||||
International Opportunities Fund | 57,289 | — | — | 57,289 | ||||||||||||
International Value Fund | 83,671 | 16,452 | 7,146 | 107,269 | ||||||||||||
Intrepid International Fund | 12,207 | 1,580 | — | 13,787 | ||||||||||||
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 139 | ||||||
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2014 (continued)
In addition, the Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 9, 2015.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2014. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2014, were as follows (amounts in thousands):
| Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Emerging Economies Fund | $ | 45,983 | 0.18 | % | 7 | $ | 2 | |||||||||
Emerging Markets Equity Fund | 125,239 | 0.18 | 30 | 19 | ||||||||||||
Interest expense paid, if any, as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates in the Statements of Operations.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
One or more affiliates of the Adviser have investment discretion with respect to their clients’ holdings in the Funds, which collectively represent a significant portion of the Funds’ assets for each of Global Research Enhanced Index Fund, International Research Enhanced Equity Fund and International Value Fund.
In addition, as of October 31, 2014, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, own, in the aggregate, more than 10% of the net assets of the Funds as follows:
J.P. Morgan Investor | JPMorgan SmartRetirement Funds | |||||||
Emerging Economies Fund | 17.4 | % | 60.8 | % | ||||
Emerging Markets Equity Fund | n/a | 37.5 | ||||||
Global Research Enhanced Index Fund | 11.8 | n/a | ||||||
International Equity Fund | 11.0 | 53.7 | ||||||
International Opportunities Fund | n/a | 71.2 | ||||||
International Research Enhanced Equity Fund | 64.4 | n/a | ||||||
Intrepid International Fund | n/a | 84.7 | ||||||
Additionally, the Adviser owns a significant portion of the outstanding shares of International Unconstrained Equity Fund.
Global Equity Income Fund and International Value Fund each has a shareholder, which is an account maintained by a financial intermediary on behalf of its clients, that owns a significant portion of the Fund’s outstanding shares.
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of October 31, 2014, a significant portion of each Fund’s net assets consisted of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
As of October 31, 2014, the Funds had the following country allocations representing greater than 10% of total investments:
| Brazil | China | France | Germany | India | Japan | |||||||||||||||||||
Emerging Economies Fund | — | 18.2 | % | — | — | — | — | |||||||||||||||||
Emerging Markets Equity Fund | — | 10.3 | — | — | 18.7 | % | — | |||||||||||||||||
International Equity Fund | — | — | 12.0 | % | — | — | 17.2 | % | ||||||||||||||||
International Opportunities Fund | — | — | 13.6 | — | — | 20.3 | ||||||||||||||||||
International Research Enhanced Equity Fund | — | — | 10.7 | 10.1 | % | — | 21.4 | |||||||||||||||||
International Unconstrained Equity Fund | — | — | 10.2 | — | — | 13.2 | ||||||||||||||||||
International Value Fund | — | — | 15.9 | — | — | 24.1 | ||||||||||||||||||
Intrepid International Fund | — | — | 11.0 | — | — | 20.7 | ||||||||||||||||||
| 140 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| South Africa | South Korea | Switzerland | Taiwan | United Kingdom | United States | |||||||||||||||||||
Emerging Economies Fund | — | 21.1 | % | — | 11.2 | % | — | — | ||||||||||||||||
Emerging Markets Equity Fund | 15.0 | % | — | — | — | — | — | |||||||||||||||||
Global Equity Income Fund | — | — | — | — | 10.3 | % | 46.9 | % | ||||||||||||||||
Global Research Enhanced Index Fund | — | — | — | — | — | 52.5 | ||||||||||||||||||
International Equity Fund | — | — | 14.2 | % | 22.6 | — | ||||||||||||||||||
International Opportunities Fund | — | — | 14.2 | — | 19.6 | — | ||||||||||||||||||
International Research Enhanced Equity Fund | — | — | — | — | 19.1 | — | ||||||||||||||||||
International Unconstrained Equity Fund | — | — | 13.3 | — | 21.5 | — | ||||||||||||||||||
International Value Fund | — | — | — | — | 17.4 | — | ||||||||||||||||||
Intrepid International Fund | — | — | 10.6 | — | 18.0 | — | ||||||||||||||||||
8. Transfers-In-Kind
During the year ended October 31, 2013, certain shareholders of International Equity Fund purchased shares and International Equity Fund received portfolio securities primarily by means of a subscription in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as of the close of business on the date and at the market value listed below (amounts in thousands):
| Date | Market Value | Type | ||||||
January 11, 2013 | $ | 47,211 | Subscription in-kind | |||||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 141 | ||||||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and the Shareholders of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Equity Income Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan International Equity Fund, JPMorgan International Opportunities Fund, JPMorgan International Research Enhanced Equity Fund (formerly JPMorgan International Equity Index Fund), JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of JPMorgan Emerging Economies Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Global Equity Income Fund, JPMorgan International Equity Fund, JPMorgan International Opportunities Fund, JPMorgan International Unconstrained Equity Fund, JPMorgan International Value Fund and JPMorgan Intrepid International Fund (each a separate Fund of JPMorgan Trust I), and JPMorgan International Research Enhanced Equity Fund (formerly JPMorgan International Equity Index Fund) (a separate Fund of JPMorgan Trust II) at October 31, 2014, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, and the financial position of JPMorgan Global Research Enhanced Index Fund (a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2014, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and for the period February 28, 2013 (commencement of operations) through October 31, 2013, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
New York, New York
December 23, 2014
| 142 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds (1) | Principal Occupations During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee (2) | Other Directorships Held Outside Fund Complex During Past 5 Years | |||
Independent Trustees | ||||||
| John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman (1985-present), President and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (1974-present). | 163 | Director, Cardinal Health, Inc. (CAH) (1994-present); Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts. | |||
| Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999). | 163 | Trustee, Museum of Jewish Heritage (2011-present). | |||
| Robert J. Higgins (1945); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2002. | Retired; Director of Administration of the State of Rhode Island (2003-2004); President — Consumer Banking and Investment Services, Fleet Boston Financial (1971-2001). | 163 | None | |||
| Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 163 | None | |||
| Mary E. Martinez (1960); Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-Present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management; U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 163 | None | |||
| Marilyn McCoy* (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President of Administration and Planning, Northwestern University (1985-present). | 163 | Trustee, Carleton College (2003-present). | |||
| Mitchell M. Merin (1953); Trustee of Trusts since 2013. | Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (registered investment adviser) (1998-2005). | 163 | Director, Sun Life Financial (SLF) (2007-2013) (financial services and insurance); Trustee, Trinity College, Hartford, CT (2002-2010). | |||
| William G. Morton, Jr. (1937); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Retired; Chairman Emeritus (2001-2002), and Chairman and Chief Executive Officer, Boston Stock Exchange (1985-2001). | 163 | Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals; Trustee of the Stratton Mountain School (2001-present). | |||
| Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 163 | Trustee, American University in Cairo (1999-present); Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American Museum of Fly Fishing (2013-present). | |||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 143 | ||||||
TRUSTEES
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupations During Past 5 Years | Number of Complex Overseen by Trustee (2) | Other Directorships Held Outside Fund Complex During Past 5 Years | |||
Independent Trustees (continued) | ||||||
| Marian U. Pardo** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (Investment Consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 163 | Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). | |||
| Frederick W. Ruebeck (1939); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1994. | Consultant (2000-present); Adviser, JP Greene & Associates, LLC (broker-dealer) (2000-2009); Chief Investment Officer, Wabash College (2004-present); Director of Investments, Eli Lilly and Company (pharmaceuticals) (1988-1999). | 163 | Trustee, Wabash College (1988-present); Chairman, Indianapolis Symphony Foundation (1994-present). | |||
| James J. Schonbachler (1943); Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2001. | Retired; Managing Director of Bankers Trust Company (financial services) (1968-1998). | 163 | None | |||
Interested Trustee Not Affiliated With the Adviser | ||||||
| Frankie D. Hughes*** (1952), Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014 to present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 163 | Trustee, The Victory Portfolios (2000-2008) (Investment companies). | |||
| (1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. In order to fill the vacancies created by the retirement of Fergus Reid, III, William J. Armstrong, and Leonard J. Spalding Jr., effective December 31, 2012, the Board appointed Ms. Martinez and Mr. Merin to serve as Trustees effective January 1, 2013 and Ms. Pardo to serve as Trustee effective February 1, 2013. |
| (2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (163 funds). |
| * | Two members of the Board of Trustees of Northwestern University are executive officers of registered investment advisers (not affiliated with JPMorgan) that are under common control with sub-advisers to certain J.P. Morgan Funds. |
| ** | In connection with prior employment with JPMorgan Chase, Ms. Pardo is the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully funded qualified plan, which is not an obligation of JPMorgan Chase. |
| *** | Ms. Hughes is treated as an “interested person” based on the portfolio holdings of clients of Hughes Capital Management, Inc. |
The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.
| 144 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
(Unaudited)
Name (Year of Birth), Positions Held with the Trusts (Since) | Principal Occupations During Past 5 Years | |
Robert L. Young (1963), | Chief Operating Officer and Director, J.P. Morgan Investment Management. Inc. since 2010; Senior Vice President, J.P. Morgan Funds (2005-2010), Chief Operating Officer, J.P. Morgan Funds (2005-2010); Director and various officer positions for JPMorgan Funds Management, Inc. (formerly One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly One Group Dealer Services, Inc.) from 1999 to present. Mr. Young has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1997. | |
| Laura M. Del Prato (1964), Treasurer and Principal Financial Officer (2014) | Managing Director, JPMorgan Funds Management, Inc. (since 2014); Partner, Cohen Fund Audit Services, Ltd. (2012-2013); Partner (2004-2012) and various other titles (1990-2004) at KPMG, LLP. | |
| Frank J. Nasta (1964), Secretary (2008) | Managing Director and Associate General Counsel, JPMorgan Chase since 2008; Previously, Director, Managing Director, General Counsel and Corporate Secretary, J. & W. Seligman & Co. Incorporated; Secretary of each of the investment companies of the Seligman Group of Funds and Seligman Data Corp.; Director and Corporate Secretary, Seligman Advisors, Inc. and Seligman Services, Inc. | |
| Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Valerie-Leila Jaber (1965), AML Compliance Officer (2014)* | Managing Director and Global Head of Financial Crime for Asset Management, JPMorgan Chase & Co. since December 2012; Managing Director and Global Head of Financial Crime for Barclays Wealth (2009-2012). | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
| Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2011; Ms. Ditullio has served as an attorney with various titles for JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
| John T. Fitzgerald (1975), Assistant Secretary (2008) | Executive Director and Assistant General Counsel, JPMorgan chase since February 2011; formerly, Vice President and Assistant General Counsel, JPMorgan Chase from 2005 until February 2011. | |
| Carmine Lekstutis (1980), Assistant Secretary (2011) | Vice President and Assistant General Counsel, JPMorgan Chase since 2011; Associate, Skadden, Arps, Slate, Meagher & Flom LLP (law firm) from 2006 to 2011. | |
| Gregory S. Samuels (1980), Assistant Secretary (2010) | Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase since 2010; Associate, Ropes & Gray (law firm) from 2008 to 2010; Associate, Clifford Chance LLP (law firm) from 2005 to 2008. | |
| Pamela L. Woodley (1971), Assistant Secretary (2012)*** | Vice President and Assistant General Counsel, JPMorgan Chase since November 2004. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, JPMorgan Funds Management, Inc. from May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 until May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006. | |
| Joseph Parascondola (1963), Assistant Treasurer (2011) | Vice President, JPMorgan Funds Management, Inc. since August 2006. | |
| Matthew J. Plastina (1970), Assistant Treasurer (2011) | Vice President, JPMorgan Funds Management, Inc. since August 2010; prior to August 2010, Vice President and Controller, Legg Mason Global Asset Management. | |
Julie A. Roach (1971), Assistant Treasurer (2012)** | Vice President, JPMorgan Funds Management, Inc. from August 2012; prior to joining JPMorgan Chase, Ms. Roach was a Senior Manager with Deloitte since 2001. | |
Gillian I. Sands (1969), Assistant Treasurer (2012) | Vice President, JPMorgan Funds Management, Inc. from September 2012; Assistant Treasurer, Wells Fargo Funds Management (2007-2009). | |
The contact address for each of the officers, unless otherwise noted, is 270 Park Avenue, New York, NY 10017.
| * | The contact address for the officer is 277 Park Avenue, New York, NY 10172. |
| ** | The contact address for the officer is 460 Polaris Parkway, Westerville, OH 43082. |
| *** | The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004. |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 145 | ||||||
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, May 1, 2014, and continued to hold your shares at the end of the reporting period, October 31, 2014.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
Emerging Economies Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,021.00 | $ | 8.10 | 1.59 | % | ||||||||
Hypothetical | 1,000.00 | 1,017.19 | 8.08 | 1.59 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,018.10 | 10.68 | 2.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,014.62 | 10.66 | 2.10 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,023.20 | 5.86 | 1.15 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.41 | 5.85 | 1.15 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 1,022.50 | 6.88 | 1.35 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.40 | 6.87 | 1.35 | ||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,041.30 | 8.70 | 1.69 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.69 | 8.59 | 1.69 | ||||||||||||
Class B | ||||||||||||||||
Actual | 1,000.00 | 1,038.50 | 11.30 | 2.20 | ||||||||||||
Hypothetical | 1,000.00 | 1,014.12 | 11.17 | 2.20 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,038.80 | 11.31 | 2.20 | ||||||||||||
Hypothetical | 1,000.00 | 1,014.12 | 11.17 | 2.20 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,044.00 | 6.18 | 1.20 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.16 | 6.11 | 1.20 | ||||||||||||
| 146 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
Emerging Markets Equity Fund (continued) | ||||||||||||||||
Institutional Class | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.00 | $ | 6.55 | 1.30 | % | ||||||||
Hypothetical | 1,000.00 | 1,018.65 | 6.61 | 1.30 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 1,042.60 | 7.47 | 1.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.90 | 7.38 | 1.45 | ||||||||||||
Global Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 992.90 | 6.28 | 1.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.90 | 6.36 | 1.25 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 990.50 | 8.78 | 1.75 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.38 | 8.89 | 1.75 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 992.20 | 7.53 | 1.50 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.64 | 7.63 | 1.50 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 995.10 | 4.02 | 0.80 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.17 | 4.08 | 0.80 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 994.10 | 5.03 | 1.00 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.16 | 5.09 | 1.00 | ||||||||||||
Global Research Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,029.60 | 2.97 | 0.58 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.28 | 2.96 | 0.58 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,026.90 | 5.52 | 1.08 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.76 | 5.50 | 1.08 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,028.00 | 4.24 | 0.83 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.02 | 4.23 | 0.83 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 1,030.70 | 1.69 | 0.33 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.54 | 1.68 | 0.33 | ||||||||||||
International Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 956.60 | 6.46 | 1.31 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.60 | 6.67 | 1.31 | ||||||||||||
Class B | ||||||||||||||||
Actual | 1,000.00 | 953.70 | 8.91 | 1.81 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.08 | 9.20 | 1.81 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 953.90 | 8.91 | 1.81 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.08 | 9.20 | 1.81 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 955.50 | 7.69 | 1.56 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.34 | 7.93 | 1.56 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 958.20 | 4.24 | 0.86 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.87 | 4.38 | 0.86 | ||||||||||||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 147 | ||||||
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
International Equity Fund (continued) | ||||||||||||||||
Class R6 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 959.10 | $ | 4.00 | 0.81 | % | ||||||||
Hypothetical | 1,000.00 | 1,021.12 | 4.13 | 0.81 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 957.30 | 5.23 | 1.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.86 | 5.40 | 1.06 | ||||||||||||
International Opportunities Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 953.60 | 6.11 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
Class B | ||||||||||||||||
Actual | 1,000.00 | 951.40 | 8.56 | 1.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 951.80 | 8.56 | 1.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 956.40 | 3.65 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 955.80 | 4.14 | 0.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 955.60 | 4.88 | 0.99 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.21 | 5.04 | 0.99 | ||||||||||||
International Research Enhanced Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 950.60 | 2.90 | 0.59 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.23 | 3.01 | 0.59 | ||||||||||||
Class B | ||||||||||||||||
Actual | 1,000.00 | 948.00 | 5.35 | 1.09 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.71 | 5.55 | 1.09 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 948.00 | 5.35 | 1.09 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.71 | 5.55 | 1.09 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 949.40 | 4.13 | 0.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 951.80 | 1.67 | 0.34 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.49 | 1.73 | 0.34 | ||||||||||||
International Unconstrained Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 977.90 | 6.58 | 1.32 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.55 | 6.72 | 1.32 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 976.20 | 9.06 | 1.82 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.03 | 9.25 | 1.82 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 977.30 | 7.82 | 1.57 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.29 | 7.98 | 1.57 | ||||||||||||
| 148 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
| Beginning Account Value May 1, 2014 | Ending Account Value October 31, 2014 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
International Unconstrained Equity Fund (continued) | ||||||||||||||||
Class R5 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 980.60 | $ | 4.34 | 0.87 | % | ||||||||
Hypothetical | 1,000.00 | 1,020.82 | 4.43 | 0.87 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 980.60 | 4.09 | 0.82 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.07 | 4.18 | 0.82 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 979.50 | 5.34 | 1.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.81 | 5.45 | 1.07 | ||||||||||||
International Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 935.80 | 6.54 | 1.34 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.45 | 6.82 | 1.34 | ||||||||||||
Class B | ||||||||||||||||
Actual | 1,000.00 | 931.60 | 8.96 | 1.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,015.93 | 9.35 | 1.84 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 931.40 | 8.96 | 1.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,015.93 | 9.35 | 1.84 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 939.60 | 7.77 | 1.59 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.19 | 8.08 | 1.59 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 939.40 | 4.11 | 0.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 938.80 | 4.59 | 0.94 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.47 | 4.79 | 0.94 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 937.20 | 5.32 | 1.09 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.71 | 5.55 | 1.09 | ||||||||||||
Intrepid International Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 957.30 | 6.86 | 1.39 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.20 | 7.07 | 1.39 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 954.80 | 9.31 | 1.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,015.68 | 9.60 | 1.89 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 955.50 | 8.08 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.94 | 8.34 | 1.64 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 959.10 | 4.39 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 | ||||||||||||
Select Class | ||||||||||||||||
Actual | 1,000.00 | 957.80 | 5.63 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.46 | 5.80 | 1.14 | ||||||||||||
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 149 | ||||||
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2014, at which the Trustees considered the continuation of the investment advisory agreements for each of the Funds whose annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 20, 2014.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. The Adviser also periodically provides comparative information regarding the Funds’ expense ratios and those of their peer groups. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Lipper Inc. (“Lipper”), an independent provider of investment company data. The Trustees’ independent consultant also provided additional analyses of the performance of Funds with greater than two years of performance history in connection with the Trustees’ review of the Advisory Agreements. Before voting on the proposed Advisory Agreements, the Trustees reviewed the proposed agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the proposed agreements. The Trustees also discussed the proposed agreements in executive sessions with independent
legal counsel at which no representatives of the Adviser were present. Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement.
The Trustees considered information provided with respect to the Funds over the course of the year. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.
The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by JPMorgan Funds Management, Inc. (“JPMFM”), an affiliate of the Adviser.
The Trustees also considered its knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
| 150 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each of the Funds. The Trustees reviewed and discussed this data. The Trustees recognized that this data is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based on their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.
The Trustees also considered that JPMFM and JPMDS, affiliates of the Adviser, earn fees from the Funds for providing administrative and shareholder services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.
Economies of Scale
The Trustees considered the extent to which the Funds benefit from economies of scale. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fee schedule for the administrative services provided by JPMFM does include a fee
breakpoint, which is tied to the overall level of non-money market fund assets excluding certain funds-of-funds, as applicable, advised by the Adviser, and that the Funds benefit from that breakpoint. The Trustees also noted that the Adviser has implemented fee waivers and expense limitations. The Trustees concluded that shareholders of the Funds generally benefited from the lower expense ratios that resulted from these factors. The Trustees also considered whether it would be appropriate to add advisory fee breakpoints and the Trustees concluded that the current fee structure was reasonable in light of the fee waivers and expense limitations that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, and that shareholders of the Funds effectively participated in the economies of scale through the fee waivers and expense limitations.
Independent Written Evaluation of the Funds’ Senior Officer/ Chief Compliance Officer
The Trustees noted that, upon their direction, the Senior Officer for the International Equity Fund and International Research Enhanced Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the Senior Officer’s report in determining whether to continue the Advisory Agreements.
The Trustees noted that, upon their direction, the Chief Compliance Officer for the Emerging Economies Fund, Emerging Markets Equity Fund, Global Equity Income Fund, Global Research Enhanced Index Fund, International Opportunities Fund, International Unconstrained Equity Fund, International Value Fund and Intrepid International Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser for investment management styles substantially similar to that of each Fund. The Trustees also considered the complexity of investment management for the Funds relative to the Adviser’s other clients and the differences in the nature and extent of the services provided to the different clients. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance for the Funds in a report prepared by Lipper. The Trustees considered the total return performance information,
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 151 | ||||||
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
which included the ranking of the Funds within a performance universe made up of funds with the same Lipper investment classification and objective (the “Universe Group”) by total return for applicable one-, three-, and five-year periods. The Trustees reviewed a description of Lipper’s methodology for selecting mutual funds in each Fund’s Universe Group. The Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the Emerging Economies Fund’s performance was in the fourth, third and second quintiles for Class A shares and in the fourth, third and first quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.
The Trustees noted that the Emerging Markets Equity Fund’s performance was in the fifth, third, and fourth quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.
The Trustees noted that the Global Equity Income Fund’s performance was in the second quintile for both Class A and Select Class shares for the one-year period ending December 31, 2013, and that the Trustees’ independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional
Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.
The Trustees noted the performance of the Global Research Enhanced Index Fund since its inception on February 28, 2013 as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that the performance was reasonable.
The Trustees noted that the International Equity Fund’s performance was in the fifth, third, and second quintiles for Class A shares and in the fifth, second, and second quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.
The Trustees noted that the International Research Enhanced Equity Fund’s performance was in the third, fourth, and fifth quintiles for Class A shares and in the third, third, and fifth quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.
The Trustees noted that the International Opportunities Fund’s performance was in the fourth, third, and second quintiles for Class A shares and in the third, second, and second quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance. They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the equity committee at each of their regular meetings over the course of the next year.
The Trustees noted that the performance of the International Unconstrained Equity Fund was in the fourth quintile for both
| 152 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
Class A and Select Class shares for the one-year period ended December 31, 2013, and that the Trustees’ independent consultant indicated that the overall performance was attractive. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.
The Trustees noted that the International Value Fund’s performance was in the third quintile for Class A shares and in the second quintile for Select Class shares for each of the one-, three- and five- year periods ended December 31, 2013, and that the Trustees’ independent consultant indicated that the overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that they were satisfied with the Adviser’s analysis of the Fund’s performance.
The Trustees noted that the Intrepid International Fund’s performance was in the second, third, and third quintiles for both Class A and Select Class shares for the one-, three- and five- year periods ended December 31, 2013, respectively, and that the Trustees’ independent consultant indicated that the overall performance was satisfactory. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and other factors, concluded that the performance was reasonable.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate paid by each Fund to the Adviser and compared that rate to the information prepared by Lipper concerning management fee rates paid by other funds in the same Lipper category as each Fund. The Trustees recognized that Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the Emerging Economies Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the Emerging Markets Equity Fund’s net advisory fee for both Class A and Select Class shares was in the third quintile, and that the actual total expenses for Class A and Select Class shares were in the third and fourth quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the Global Equity Income Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the Global Research Enhanced Index Fund’s net advisory fees and total expenses for Select Class shares were in the first quintile of the Universe Group. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the International Equity Fund’s net advisory fee for both Class A and Select Class shares was in the second quintile, and that actual total expenses for both Class A and Select Class shares were in the third quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the International Research Enhanced Equity Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. The Trustees also noted that effective May 20, 2014, the Fund’s contractual advisory fee was reduced. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the International Opportunities Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the International Unconstrained Equity Fund’s net advisory fee for both Class A and Select Class shares was in the first quintile, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 153 | ||||||
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
The Trustees noted that the International Value Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, respectively, and that the actual total expenses for Class A and Select Class shares were in the first and third quintiles, respectively, of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the Intrepid International Fund’s net advisory fee for Class A and Select Class shares was in the third and fourth quintiles, respectively, and that the actual total expenses for both Class A and Select Class shares were in the third quintile of the Universe Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
| 154 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
SPECIAL SHAREHOLDER MEETING RESULTS
(Unaudited)
JPM Trust I
JPM I held a special meeting of shareholders on June 10, 2014, for the purpose of considering and voting upon the election of Trustees.
Trustees were elected by the shareholders of all of the series of JPM I (other than Funds that launched subsequent to the record date), including Emerging Economies Fund, Emerging Market Equity Funds, Global Equity Income Fund, International Equity Fund, Global Research Enhanced Index Fund, International Opportunities Fund, International Unconstrained Equity Fund, International Value Fund and Intrepid International Fund. The results of the voting were as follows:
| Votes Received (Amounts in thousands) | ||||
| John F. Finn | ||||
In Favor | 172,130,223 | |||
Withheld | 1,157,495 | |||
| Dr. Matthew Goldstein | ||||
In Favor | 172,109,164 | |||
Withheld | 1,178,553 | |||
| Robert J. Higgins | ||||
In Favor | 158,338,954 | |||
Withheld | 14,948,763 | |||
| Frankie D. Hughes | ||||
In Favor | 172,148,985 | |||
Withheld | 1,138,733 | |||
| Peter C. Marshall | ||||
In Favor | 172,124,473 | |||
Withheld | 1,163,244 | |||
| Mary E. Martinez | ||||
In Favor | 172,132,763 | |||
Withheld | 1,154,954 | |||
| Marilyn McCoy | ||||
In Favor | 172,123,615 | |||
Withheld | 1,164,102 | |||
| Votes Received (Amounts in thousands) | ||||
| Mitchell M. Merin | ||||
In Favor | 172,132,812 | |||
Withheld | 1,154,905 | |||
| William G. Morton, Jr. | ||||
In Favor | 172,111,749 | |||
Withheld | 1,175,968 | |||
| Robert A. Oden, Jr. | ||||
In Favor | 172,098,600 | |||
Withheld | 1,189,117 | |||
| Marian U. Pardo | ||||
In Favor | 172,162,159 | |||
Withheld | 1,125,559 | |||
| Frederick W. Ruebeck | ||||
In Favor | 172,051,301 | |||
Withheld | 1,236,416 | |||
| James J. Schonbachler | ||||
In Favor | 172,078,691 | |||
Withheld | 1,209,026 | |||
JPM Trust II
JPM II held a special meeting of shareholders on June 10, 2014, for the purpose of considering and voting upon the following proposals:
Proposal 1: Election of Trustees
Trustees were elected by the shareholders of all of the series of the JPM II, including International Research Enhanced Equity Fund. The results of the voting were as follows:
| Votes Received (Amounts in thousands) | ||||
| John F. Finn | ||||
In Favor | 132,674,822 | |||
Withheld | 508,692 | |||
| Dr. Matthew Goldstein | ||||
In Favor | 132,670,672 | |||
Withheld | 512,842 | |||
| Robert J. Higgins | ||||
In Favor | 124,038,998 | |||
Withheld | 9,144,516 | |||
| Votes Received (Amounts in thousands) | ||||
| Frankie D. Hughes | ||||
In Favor | 132,681,734 | |||
Withheld | 501,780 | |||
| Peter C. Marshall | ||||
In Favor | 132,663,579 | |||
Withheld | 519,935 | |||
| Mary E. Martinez | ||||
In Favor | 132,682,318 | |||
Withheld | 501,196 | |||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 155 | ||||||
SPECIAL SHAREHOLDER MEETING RESULTS
(Unaudited) (continued)
| Votes Received (Amounts in thousands) | ||||
| Marilyn McCoy | ||||
In Favor | 132,681,993 | |||
Withheld | 501,520 | |||
| Mitchell M. Merin | ||||
In Favor | 132,664,715 | |||
Withheld | 518,799 | |||
| William G. Morton, Jr. | ||||
In Favor | 132,650,698 | |||
Withheld | 532,816 | |||
| Robert A. Oden, Jr. | ||||
In Favor | 132,664,727 | |||
Withheld | 518,788 | |||
| Votes Received (Amounts in thousands) | ||||
| Marian U. Pardo | ||||
In Favor | 132,690,792 | |||
Withheld | 492,722 | |||
| Frederick W. Ruebeck | ||||
In Favor | 132,644,244 | |||
Withheld | 539,269 | |||
| James J. Schonbachler | ||||
In Favor | 132,671,281 | |||
Withheld | 512,233 | |||
Proposal 2: To approve a change to the fundamental investment objective for the International Research Enhanced Equity Fund (formerly, the International Equity Index Fund). The amended fundamental investment objective was approved by shareholders. Following such approval, the Fund’s benchmark, name, and certain of its investment strategies were changed.
The results of the voting were as follows:
| Votes Received (Amounts in thousands) | ||||
For | 21,564 | |||
Against | 100 | |||
Abstain | 28 | |||
Broker Non Votes | 4,677 | |||
| 156 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2014 | ||||
(Unaudited)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2014. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2014. The information necessary to complete your income tax returns for the calendar year ending December 31, 2014 will be provided under separate cover.
Dividends Received Deductions (DRD)
Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the 70% dividends received deductions for corporate shareholders for the fiscal year ended October 31, 2014:
| Dividends Received Deduction | ||||
Global Equity Income Fund | 19.59 | % | ||
Global Research Enhanced Index Fund | 28.51 | |||
Qualified Dividend Income (QDI)
Each fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended October 31, 2014 (amounts in thousands):
| Qualified Dividend Income | ||||
Emerging Economies Fund | $ | 14,158 | ||
Emerging Markets Equity Fund | 20,089 | |||
Global Equity Income Fund | 4,670 | |||
Global Research Enhanced Index Fund | 29,275 | |||
International Equity Fund | 61,359 | |||
International Opportunities Fund | 16,959 | |||
International Research Enhanced Equity Fund | 11,910 | |||
International Unconstrained Equity Fund | 107 | |||
International Value Fund | 63,443 | |||
Intrepid International Fund | 10,033 | |||
Long Term Capital Gain
Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended October 31, 2014 (amounts in thousands):
| Long-Term Capital Gain Distribution | ||||
Global Equity Income Fund | $ | 877 | ||
Global Research Enhanced Index Fund | 2,611 | |||
International Research Enhanced Equity Fund | 9,577 | |||
International Unconstrained Equity Fund | 204 | |||
Foreign Source Income and Foreign Tax Credit Pass Through
For the fiscal year ended October 31, 2014, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined (amounts in thousands):
| Gross Income | Foreign Tax Pass Through | |||||||
Emerging Economies Fund | $ | 35,376 | $ | 3,418 | ||||
Emerging Markets Equity Fund | 68,347 | 5,158 | ||||||
Global Equity Income Fund | 5,280 | 392 | ||||||
International Equity Fund | 83,205 | 4,665 | ||||||
International Opportunities Fund | 59,941 | 4,315 | ||||||
International Research Enhanced Equity Fund | 18,008 | 2,116 | ||||||
International Unconstrained Equity Fund | 99 | 8 | ||||||
International Value Fund | 159,100 | 10,373 | ||||||
Intrepid International Fund | 31,783 | 2,110 | ||||||
| OCTOBER 31, 2014 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 157 | ||||||
Rev. January 2011
| FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
¡ Social Security number and account balances
¡ transaction history and account transactions
¡ checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
| For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
| For nonaffiliates to market to you | No | We don’t share |
| Questions? | Call 1-800-480-4111 or go to www.jpmorganfunds.com | |
Page 2 |
| Who we are | ||
| Who is providing this notice? | J.P. Morgan Funds | |
| What we do | ||
| How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
¡ open an account or provide contact information
¡ give us your account information or pay us by check
¡ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only
¡ sharing for affiliates’ everyday business purposes – information about your creditworthiness
¡ affiliates from using your information to market to you
¡ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. | |
| Definitions | ||
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
¡ J.P. Morgan Funds does not share with our affiliates. | |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
¡ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
| Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
¡ J.P. Morgan Funds doesn’t jointly market. | |
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.
| �� JPMorgan Chase & Co., 2014. All rights reserved. October 2014. | AN-INTEQ-1014 |
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 12(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The audit committee financial expert is Mitchell Merin. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
AUDIT FEES
2014 – $43,803
2013 – $41,583
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
AUDIT-RELATED FEES
2014 – $12,000
2013 – $19,530
Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
TAX FEES
2014 – $10,670
2013 – $9,932
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2014 and 2013, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
ALL OTHER FEES
2014 – Not applicable
2013 – Not applicable
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the
services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
2014 – 0.0%
2013 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
None.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2013 – $33.7 million
2012 – $33.0 million
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable.
ITEM 6. SCHEDULE OF 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.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
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.
(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
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 registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. EXHIBITS.
| (a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(a)(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.
Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
(a)(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).
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(a)(3) 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.
(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| JPMorgan Trust II | ||
| By: | /s/ Robert L. Young | |
| Robert L. Young | ||
| President and Principal Executive Officer | ||
| December 29, 2014 | ||
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/ Robert L. Young | |
| Robert L. Young | ||
| President and Principal Executive Officer | ||
| December 29, 2014 | ||
| By: | /s/ Laura M. Del Prato | |
| Laura M. Del Prato | ||
| Treasurer and Principal Financial Officer | ||
| December 29, 2014 | ||