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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, 2014 through October 31, 2015
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.
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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).
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Annual Report
J.P. Morgan International Equity Funds
October 31, 2015
JPMorgan Emerging Economies Fund
JPMorgan Emerging Markets Equity Fund
JPMorgan Emerging Markets Equity Income Fund
JPMorgan Global Research Enhanced Index Fund
JPMorgan Global Unconstrained Equity Fund
JPMorgan International Equity Fund
JPMorgan International Equity Income Fund
(formerly JPMorgan Global Equity Income Fund)
JPMorgan International Opportunities Fund
JPMorgan International Research Enhanced Equity Fund
JPMorgan International Unconstrained Equity Fund
JPMorgan International Value Fund
JPMorgan Intrepid International Fund
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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.
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November 17, 2015 (Unaudited)
Dear Shareholder,
Developed market nations extended their slow-growth recovery over the past twelve months with generous support from central banks, while emerging markets weathered falling global commodities prices and fears of spillover effects from slowing economic growth in China. Financial market volatility increased over the twelve months ended October 31, 2015, and the period was punctuated by a sharp sell-off in late August that erased the year-to-date gains in China’s equity markets and rapidly spread to financial markets in both developed and emerging markets.
 |
“Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations.” |
While equity markets in the U.S., European Union (EU) and Japan largely recovered from the August sell-off, the magnitude of the event helped persuade the U.S. Federal Reserve (the “Fed”) to maintain historically low interest rates at its September meeting. Central bankers in the EU and Japan also reiterated their intent to maintain or increase stimulus measures to fend off deflationary pressure and maintain market stability. On the back of the central banks’ support, developed market equities in October turned in their best monthly performance in years. However, emerging market equities remained under pressure from sharply lower commodities prices, slowing economic growth in China, currency devaluations and deterioration in corporate balance sheets. Russia and Brazil remained in economic recession through the third quarter of 2015.
The U.S. economy largely remained on a slow but steady growth trajectory, despite fluctuations in quarterly gross domestic product (GDP), consumer confidence and industrial output data over the twelve month period. However, the U.S. jobless rate fell to 5.0% in October 2015 from 5.9% one year earlier, and the average number of applications for unemployment benefits in October 2015 was the lowest in 42 years. For more than a year, Fed policymakers had noted that meaningful wage growth was a key missing component of a stable economic recovery in the U.S. In October 2015, wage growth registered its biggest gain in six years.
Meanwhile, unprecedented economic stimulus from both the European Central Bank (ECB) and the Bank of Japan had a significant impact — particularly on equity prices — and appeared
to be largely successful at bolstering economic output through the spring of 2015. However, the economic recovery slowed in both the EU and Japan during the summer months and by the third quarter of 2015, Japan had slid back into economic recession. By the end of the twelve month period, the Organization for Economic Cooperation and Development (OECD) reduced its 2015 forecast for EU area GDP by 0.1 percentage point to 1.5% but maintained its 2015 estimate for Japan’s GDP at 0.6%.
In China, the central bank and financial regulators responded to slowing economic growth and the June-August cratering of equity prices by enacting a range of policies designed to shore up the economy and stabilize financial markets. Besides moving to prevent a sharper economic deceleration, a number of regulatory measures were designed to crackdown on illegal cross-border currency transactions and irregular stock market activity. At the end of the twelve month period, questions remained about the longer-term effectiveness of central bank stimulus in the face of financial market volatility and slowing growth. Notably, China’s economy was poised to deliver its weakest expansion in more than two decades.
Overall, the outlook for global economic growth remained positive even as slack prices for oil and lower demand for other commodities put increasing pressure on emerging market nations. However, volatility in financial markets remained relatively high after peaking in the “Black Monday” sell-off on August 24, 2015, and global investors once again turned their focus to the Fed and the potential for rising interest rates in the U.S. The environment of slowing global economic growth and heightened volatility in financial markets may provide opportunities for those investors who remain patient and hold to a long-term view through a well-diversified portfolio.
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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 1 | ||||||
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J.P. Morgan International Equity Funds
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
Global financial markets experienced increased volatility through the second half of the twelve month period, punctuated by a sharp sell-off in equities and bonds in August. Even as the Greek debt crisis was largely resolved by June, weakness in commodities prices, slowing economic growth in China and anxiety over U.S. interest rate policy weighed on financial markets through the summer. In mid-August, Chinese authorities surprised markets by devaluing the yuan by 2%, but when that didn’t halt declines in Shanghai/Shenzhen markets, a global sell-off followed on August 24, 2015. The Shanghai Composite Index had its worst one-day performance since 2007. For the day, the Standard & Poor’s 500 Index dropped 3.9%, and equity markets in Europe and Japan also fell. The sell-off also led to declines in the values of certain emerging market currencies.
However, most equity markets rebounded in October as China’s central bank undertook further actions to bolster domestic financial markets and the U.S. Federal Reserve held interest rates at historically low levels. October was an especially strong month for global equities: the S&P 500 turned in its best one-month performance since October 2011, Japan’s Nikkei Index posted its largest monthly gain since April 2013 and leading European indexes had their best monthly performance since 2009. While emerging market equities did participate in the October rebound, persistent weakness in global commodities prices along with currency devaluations and deterioration in corporate balance sheets pulled investment capital from emerging market nations.
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JPMorgan Emerging Economies Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | -14.45% | |||
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | -14.53% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $ | 1,100,843 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Economies Fund (the “Fund”) seeks long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Select Class Shares outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection in the materials and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the financials and information technology sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s position in Netease Inc. and its overweight positions in China Merchants Bank Co. and Pegatron Corp. Shares of Netease, an Internet portal provider based in Beijing and not held in the Benchmark, rose on growth in earnings and revenue amid demand for its online games. Shares of China Merchants Bank, based in Shenzhen, China, rose on earnings growth. Shares of Pegatron, a Taiwan consumer electronics maker and the main assembler of Apple Inc. products, rose on strong earnings and sales growth.
Leading individual detractors from relative performance included the Fund’s underweight positions in Samsung Electronics Co. and Tencent Holdings Ltd. and its overweight position in Banco do Brasil SA. Shares of Samsung Electronics, a
Korean consumer electronics maker, rose on profit growth and strong sales of components. Shares of Tencent Holdings, a provider of Internet and mobile services in China, gained from continued growth in its online advertising businesses. Shares of Banco do Brasil, a Brazilian bank, declined as Brazil’s economy slid into recession.
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 positions during the twelve months ended October 31, 2015, were in China, South Korea and Taiwan and its smallest average positions in which the Fund invested were in Greece, Malaysia and Qatar. From a sector perspective, the Fund’s largest average positions were in the financials, information technology and consumer discretionary sectors, while its smallest average positions in which it was invested were in the health care, consumer staples and utilities.
| * | 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 3 | ||||||
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JPMorgan Emerging Economies Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Industrial & Commercial Bank of China Ltd., Class H (China) | 2.0 | % | |||||
| 2. | Samsung Electronics Co., Ltd. (South Korea) | 1.7 | ||||||
| 3. | China Merchants Bank Co., Ltd., Class H (China) | 1.4 | ||||||
| 4. | Itau Unibanco Holding S.A. (Preference Shares), ADR (Brazil) | 1.4 | ||||||
| 5. | Bank of China Ltd., Class H (China) | 1.3 | ||||||
| 6. | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan) | 1.2 | ||||||
| 7. | KT&G Corp. (South Korea) | 1.2 | ||||||
| 8. | NetEase, Inc., ADR (China) | 1.2 | ||||||
| 9. | Sberbank PAO, ADR (Russia) | 1.1 | ||||||
| 10. | Kia Motors Corp. (South Korea) | 1.1 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| China | 25.1 | % | ||
| Taiwan | 18.1 | |||
| South Korea | 17.6 | |||
| Turkey | 6.9 | |||
| Russia | 6.5 | |||
| India | 5.2 | |||
| Hong Kong | 5.0 | |||
| Brazil | 3.1 | |||
| South Africa | 2.5 | |||
| Indonesia | 2.1 | |||
| Poland | 1.5 | |||
| Others (each less than 1.0%) | 3.0 | |||
| Short-Term Investment | 3.4 | |||
| * | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
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AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | SINCE INCEPTION | |||||||||||||
CLASS A SHARES | February 28, 2008 | |||||||||||||||
Without Sales Charge | (14.60 | )% | (3.57 | )% | (2.49 | )% | ||||||||||
With Sales Charge* | (19.10 | ) | (4.60 | ) | (3.17 | ) | ||||||||||
CLASS C SHARES | February 28, 2008 | |||||||||||||||
Without CDSC | (15.02 | ) | (4.04 | ) | (2.98 | ) | ||||||||||
With CDSC** | (16.02 | ) | (4.04 | ) | (2.98 | ) | ||||||||||
CLASS R5 SHARES | February 28, 2008 | (14.20 | ) | (3.12 | ) | (2.04 | ) | |||||||||
CLASS R6 SHARES | September 1, 2015 | (14.28 | ) | (3.14 | ) | (2.05 | ) | |||||||||
SELECT CLASS SHARES | February 28, 2008 | (14.45 | ) | (3.33 | ) | (2.25 | ) | |||||||||
| * | 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 10/31/15)
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.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in 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, 2015. 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 5 | ||||||
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JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Institutional Class Shares)* | -16.60% | |||
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | -14.53% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $ | 2,265,851 | ||
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’s Institutional Class Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.
The Fund’s security selection in the industrials and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection and underweight position in the energy sector and its security selection in the financials sector were leading positive contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in CCR SA, and Copa Holdings SA and its underweight position in Samsung Electronics Ltd. Shares of CCR, a Brazilian operator of tolled highways, fell as Brazil’s economy retreated into recession. Shares of Copa Holdings, an airline holding company based in Panama, declined amid an economic recession in Brazil and weakening economic conditions throughout Latin America. Shares of Samsung Electronics, a Korean consumer electronics maker, rose on profit growth and strong sales of components.
Leading individual contributors to relative performance included the Fund’s overweight positions in Lukoil PJSC and
HDFC Bank Ltd. and its position in AIA Group PLC. Shares of Lukoil, Russia’s largest integrated oil and gas company, rose amid perceived improvements in diplomatic relations between Russia and Western Europe and support for oil prices in October 2015. Shares of HDFC Bank, India’s second largest private sector lending company, rose on loan growth and strong quarterly earnings. Shares of AIA Group, a Hong Kong insurer and financial services company not held in the Benchmark, rose on continued growth in new business.
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 average sector positions were the financials, information technology and consumer discretionary sectors, while the smallest average sector positions in which the Fund as invested were in the utilities, health care and telecommunication services sectors.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
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| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Housing Development Finance Corp., Ltd. (India) | 3.7 | % | |||||
| 2. | AIA Group Ltd. (Hong Kong) | 3.7 | ||||||
| 3. | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan) | 3.3 | ||||||
| 4. | Tata Consultancy Services Ltd. (India) | 3.2 | ||||||
| 5. | Tencent Holdings Ltd. (China) | 2.9 | ||||||
| 6. | Bidvest Group Ltd. (The) (South Africa) | 2.3 | ||||||
| 7. | HDFC Bank Ltd., ADR (India) | 2.3 | ||||||
| 8. | ITC Ltd. (India) | 2.1 | ||||||
| 9. | Remgro Ltd. (South Africa) | 2.1 | ||||||
| 10. | Woolworths Holdings Ltd. (South Africa) | 2.1 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| India | 19.6 | % | ||
| South Africa | 17.2 | |||
| China | 9.9 | |||
| Brazil | 7.9 | |||
| Taiwan | 7.3 | |||
| Hong Kong | 7.0 | |||
| Russia | 5.7 | |||
| South Korea | 4.2 | |||
| Thailand | 4.2 | |||
| Indonesia | 3.4 | |||
| Turkey | 2.4 | |||
| United Kingdom | 2.1 | |||
| Mexico | 2.1 | |||
| Australia | 1.2 | |||
| Switzerland | 1.1 | |||
| Peru | 1.0 | |||
| Others (each less than 1.0%) | 0.9 | |||
| Short-Term Investment | 2.8 | |||
| * | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 7 | ||||||
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JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||||
Without Sales Charge | (16.95 | )% | (3.24 | )% | 5.29 | % | ||||||||||
With Sales Charge* | (21.30 | ) | (4.28 | ) | 4.72 | |||||||||||
CLASS C SHARES | February 28, 2006 | |||||||||||||||
Without CDSC | (17.34 | ) | (3.72 | ) | 4.77 | |||||||||||
With CDSC** | (18.34 | ) | (3.72 | ) | 4.77 | |||||||||||
CLASS R6 SHARES | December 23, 2013 | (16.50 | ) | (2.82 | ) | 5.74 | ||||||||||
INSTITUTIONAL CLASS SHARES | November 15, 1993 | (16.60 | ) | (2.85 | ) | 5.73 | ||||||||||
SELECT CLASS SHARES | September 10, 2001 | (16.70 | ) | (2.99 | ) | 5.56 | ||||||||||
| * | 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 (10/31/05 TO 10/31/15)
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, all of which converted to Class A Shares on June 19, 2015. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have similar expenses to 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, 2005 to October 31, 2015. 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.
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, 2015 | ||||
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JPMorgan Emerging Markets Equity Income Fund
FUND COMMENTARY
FOR THE PERIOD DECEMBER 12, 2014 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | -13.77% | |||
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | | -7.54% | | |
| Net Assets as of 10/31/2015 (In Thousands) | $2,693 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Markets Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Select Class Shares underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) from its inception on December 12, 2014 to October 31, 2015. The Fund’s security selection in the information technology and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the materials and consumer staples sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Banco do Brasil SA and MediaTek Inc. and its underweight position in Tencent Holdings Ltd. Shares of Banco do Brasil, a Brazilian bank, declined as Brazil’s economy slid into recession. Shares of MediaTek, a Taiwan semiconductor maker, fell on weakening sales and concerns of spillover effects from slowing economic growth in China. Shares of Tencent Holdings, a provider of Internet and mobile services in China, gained from continued growth in its online advertising businesses.
Leading individual contributors to relative performance included the Fund’s overweight positions in KT&G Corp., OTP Bank Nyrt and Kimberly-Clark de Mexico SAB. Shares of KT&G Corp., a South Korean tobacco company, rose on quarterly earnings growth. Shares of OTP Bank, Hungary’s largest bank, rose on an increase in quarterly profit and the company’s forecast for lower risk costs. Shares of Kimberly-Clark de Mexico, a consumer products company, rose as revenue earned in U.S. dollars helped insulate the company from the impact of weakness in the Mexican peso.
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.
| * | 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 9 | ||||||
Table of Contents
JPMorgan Emerging Markets Equity Income Fund
FUND COMMENTARY
FOR THE PERIOD DECEMBER 12, 2014 (FUND INCEPTION DATE) THROUGH OCTOBER 31, 2015 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan) | 3.0 | % | |||||
| 2. | Delta Electronics, Inc. (Taiwan) | 2.6 | ||||||
| 3. | Kimberly-Clark de Mexico S.A.B. de C.V., Class A (Mexico) | 2.5 | ||||||
| 4. | Banco Santander Chile, ADR (Chile) | 2.4 | ||||||
| 5. | KT&G Corp. (South Korea) | 2.4 | ||||||
| 6. | MediaTek, Inc. (Taiwan) | 2.3 | ||||||
| 7. | Bidvest Group Ltd. (The) (South Africa) | 2.3 | ||||||
| 8. | Life Healthcare Group Holdings Ltd. (South Africa) | 2.3 | ||||||
| 9. | Siliconware Precision Industries Co., Ltd. (Taiwan) | 2.2 | ||||||
| 10. | China Construction Bank Corp., Class H (China) | 2.1 | ||||||
SUMMARY OF INVESTMENTS BY COUNTRY* | ||||
| Taiwan | 23.0 | % | ||
| South Africa | 14.8 | |||
| China | 9.6 | |||
| Brazil | 8.1 | |||
| Hong Kong | 8.1 | |||
| Russia | 6.7 | |||
| South Korea | 6.3 | |||
| Thailand | 4.0 | |||
| Turkey | 3.3 | |||
| Mexico | 2.5 | |||
| Chile | 2.4 | |||
| Czech Republic | 2.0 | |||
| Poland | 2.0 | |||
| Saudi Arabia | 1.8 | |||
| Hungary | 1.6 | |||
| United Arab Emirates | 1.5 | |||
| Singapore | 1.3 | |||
| Indonesia | 1.0 | |||
| * | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| 10 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||
| INCEPTION DATE OF CLASS | SINCE INCEPTION | |||||
CLASS A SHARES | December 12, 2014 | |||||
Without Sales Charge | (13.93 | )% | ||||
With Sales Charge* | (18.44 | ) | ||||
CLASS C SHARES | December 12, 2014 | |||||
Without CDSC | (14.33 | ) | ||||
With CDSC** | (15.33 | ) | ||||
CLASS R5 SHARES | December 12, 2014 | (13.62 | ) | |||
CLASS R6 SHARES | December 12, 2014 | (13.51 | ) | |||
SELECT CLASS SHARES | December 12, 2014 | (13.77 | ) | |||
| * | 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 (12/12/14 TO 10/31/15)
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 December 12, 2014.
The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan Emerging Markets Equity Income Fund, the MSCI Emerging Markets Index and the Lipper Emerging Markets Funds Index from December 12, 2014 to October 31, 2015. 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 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 11 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | 1.51% | |||
| Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)1 | 1.77% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $7,415,278 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Global Research Enhanced Index Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Select Class Shares underperformed the MSCI World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. By sector, the Fund’s security selection in the basic industries and health care sectors detracted from performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the technology-software and retail sectors made a positive contribution to relative performance. By region, the Fund’s security selection in Europe and North America, combined with an underweight position in the Pacific region (excluding Japan), contributed to relative performance. The Fund’s security selection in Japan detracted from relative performance.
Due to the Fund holding 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. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while being marginally underweight in 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.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Apple, Inc. (United States) | 2.1 | % | |||||
| 2. | Microsoft Corp. (United States) | 1.5 | ||||||
| 3. | Wells Fargo & Co. (United States) | 1.0 | ||||||
| 4. | Exxon Mobil Corp. (United States) | 1.0 | ||||||
| 5. | Nestle S.A. (Switzerland) | 0.9 | ||||||
| 6. | Amazon.com, Inc. (United States) | 0.9 | ||||||
| 7. | Facebook, Inc., Class A (United States) | 0.8 | ||||||
| 8. | Alphabet, Inc., Class C (United States) | 0.8 | ||||||
| 9. | Bank of America Corp. (United States) | 0.8 | ||||||
| 10. | Pfizer, Inc. (United States) | 0.8 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| United States | 54.2 | % | ||
| Japan | 8.7 | |||
| United Kingdom | 7.6 | |||
| Switzerland | 4.4 | |||
| France | 3.8 | |||
| Germany | 3.4 | |||
| Canada | 2.9 | |||
| Australia | 2.4 | |||
| Netherlands | 1.7 | |||
| Spain | 1.2 | |||
| Hong Kong | 1.2 | |||
| Italy | 1.1 | |||
| Ireland | 1.0 | |||
| Others (each less than 1.0%) | 3.6 | |||
| Short-Term Investment | 2.8 | |||
| 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. |
| *** | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| 12 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | SINCE INCEPTION | ||||||||
CLASS A SHARES | February 28, 2013 | |||||||||
Without Sales Charge | 1.28 | % | 9.85 | % | ||||||
With Sales Charge* | (4.04 | ) | 7.66 | |||||||
CLASS C SHARES | February 28, 2013 | |||||||||
Without CDSC | 0.73 | 9.29 | ||||||||
With CDSC** | (0.27 | ) | 9.29 | |||||||
CLASS R2 SHARES | February 28, 2013 | 0.98 | 9.56 | |||||||
SELECT CLASS SHARES | February 28, 2013 | 1.51 | 10.13 | |||||||
| * | 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 10/31/15)
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, 2015. 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)
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 13 | ||||||
Table of Contents
JPMorgan Global Unconstrained Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | 5.20% | |||
| Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes) | -0.03% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $1,641 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Global Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Select Class Shares outperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.
The Fund’s security selection and overweight positions in both the financials and information technology sectors were leading contributors to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the consumer discretionary sector and its underweight position in the consumer staples sectors were leading detractors from relative performance.
By region, the Fund’s security selection and underweight position in emerging markets and its security selection and overweight position in Continental Europe were leading contributors to relative performance, while the Fund’s underweight position in Japan and its security selection in the Pacific region (excluding Japan) were leading detractors from relative performance.
Leading individual contributors to the Fund’s relative performance included overweight positions in Amazon.com Inc., Google Inc. and Boston Scientific Corp. Shares of both Amazon.com, an online retailer, and Google, an Internet search and technology company, rose as both companies delivered higher-than-expected sales and earnings. Shares of Boston Scientific, a medical device manufacturer, rose after the company settled a long-running product litigation and continued to deliver accelerating revenue growth.
Leading individual detractors from the Fund’s relative performance included overweight positions in MEG Energy Corp. and Sands China Ltd. and its position in Valeant Pharmaceuticals International Ltd. Shares of MEG Energy, a Canadian energy company focused on the Alberta oils sands region, declined on global weakness in oil prices. Shares of Sands China, a Macau casino operator, fell as slowing economic growth in China and Chinese government efforts to curb corruption reduced casino traffic among wealthy customers. Shares of Valeant, a manufacture of drugs and medical devices, declined amid investor questions related to the company’s accounting methodology.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers combined a contrarian approach with bottom-up fundamental research to construct a global
portfolio of what they believed were undervalued companies, characterized by sustainability of earnings, strong free cash flow and the ability to increase earnings faster than their sector peers.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Twenty-First Century Fox, Inc., Class A (United States) | 3.7 | % | |||||
| 2. | Teva Pharmaceutical Industries Ltd., ADR (Israel) | 3.4 | ||||||
| 3. | Citigroup, Inc. (United States) | 3.3 | ||||||
| 4. | Baidu, Inc., ADR (China) | 3.2 | ||||||
| 5. | Fluor Corp. (United States) | 2.5 | ||||||
| 6. | MetLife, Inc. (United States) | 2.4 | ||||||
| 7. | Time, Inc. (United States) | 2.4 | ||||||
| 8. | Vodafone Group plc (United Kingdom) | 2.4 | ||||||
| 9. | Alphabet, Inc., Class C (United States) | 2.3 | ||||||
| 10. | Sanofi (France) | 2.2 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| United States | 55.1 | % | ||
| China | 7.6 | |||
| United Kingdom | 7.1 | |||
| France | 6.9 | |||
| Switzerland | 5.3 | |||
| Israel | 3.4 | |||
| Ireland | 1.7 | |||
| Canada | 1.7 | |||
| Finland | 1.6 | |||
| India | 1.5 | |||
| South Korea | 1.4 | |||
| Germany | 1.3 | |||
| Netherlands | 1.3 | |||
| Japan | 1.2 | |||
| Brazil | 1.2 | |||
| Others (each less than 1.0%) | 1.7 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| 14 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 3 YEAR | SINCE INCEPTION | |||||||||||||
CLASS A SHARES | November 30, 2011 | |||||||||||||||
Without Sales Charge | 4.76 | % | 12.11 | % | 12.23 | % | ||||||||||
With Sales Charge* | (0.73 | ) | 10.10 | 10.69 | ||||||||||||
CLASS C SHARES | November 30, 2011 | |||||||||||||||
Without CDSC | 4.26 | 11.54 | 11.67 | |||||||||||||
With CDSC** | 3.26 | 11.54 | 11.67 | |||||||||||||
CLASS R2 SHARES | November 30, 2011 | 4.55 | 11.85 | 11.96 | ||||||||||||
CLASS R5 SHARES | November 30, 2011 | 5.26 | 12.63 | 12.74 | ||||||||||||
CLASS R6 SHARES | November 30, 2011 | 5.34 | 12.69 | 12.80 | ||||||||||||
SELECT CLASS SHARES | November 30, 2011 | 5.20 | 12.45 | 12.55 | ||||||||||||
| * | 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 10/31/15)
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 Global Unconstrained Equity Fund and the MSCI All Country World Index from November 30, 2011 to October 31, 2015. 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 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 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. 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 January 5, 2015, 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 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 15 | ||||||
Table of Contents
JPMorgan International Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | -1.66% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | -0.07% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $2,922,623 | |||
INVESTMENT OBJECTIVE**
The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Select Class Shares underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015. The Fund’s security selection in the consumer discretionary and industrials sectors was a leading detractor from performance relative to the Benchmark during the twelve month reporting period. The Fund’s security selection in the financials and information technology sectors was a leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Glencore PLC, Sands China Ltd. and Wynn Macau Ltd. Shares of Glencore, a mining and commodities trading company based in Switzerland, fell sharply as declining prices for commodities, particularly copper, reduced revenue and profit. Shares of Sands China and Wynn Macau, both resort casino operators in Macau, came under pressure as slower growth in China and Chinese government efforts to curb corruption reduced casino traffic among wealthy customers.
Leading individual contributors to the Fund’s relative performance included the Fund’s underweight position in Banco Santander SA and its overweight positions in Ping An Insurance Group Co. and WPP PLC. Shares of Banco Santander, a Spanish banking company that was not held in the Fund, declined as a recession in Brazil, combined with margin pressure in Spain, reduced revenue in the bank’s two largest markets. Shares of Ping An Insurance Group Co., a Chinese insurer not held in the Benchmark, rose as the company continued to take advantage of the underserved Chinese insurance market to expand. Shares of WPP, a U.K. advertising company, rose as improving economic conditions in the U.K. fueled sales growth.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they
believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Vodafone Group plc (United Kingdom) | 2.3 | % | |||||
| 2. | Novartis AG (Switzerland) | 2.2 | ||||||
| 3. | Roche Holding AG (Switzerland) | 2.1 | ||||||
| 4. | HSBC Holdings plc (United Kingdom) | 2.1 | ||||||
| 5. | UBS Group AG (Switzerland) | 2.0 | ||||||
| 6. | Sumitomo Mitsui Financial Group, Inc. (Japan) | 2.0 | ||||||
| 7. | Prudential plc (United Kingdom) | 2.0 | ||||||
| 8. | BG Group plc (United Kingdom) | 2.0 | ||||||
| 9. | SAP SE (Germany) | 2.0 | ||||||
| 10. | Toyota Motor Corp. (Japan) | 1.8 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| United Kingdom | 22.1 | % | ||
| Japan | 21.8 | |||
| Switzerland | 13.2 | |||
| France | 11.7 | |||
| Germany | 8.8 | |||
| Netherlands | 4.2 | |||
| Hong Kong | 4.1 | |||
| China | 2.6 | |||
| South Korea | 1.9 | |||
| Belgium | 1.7 | |||
| Taiwan | 1.1 | |||
| Australia | 1.1 | |||
| Israel | 1.1 | |||
| South Africa | 1.0 | |||
| Others (each less than 1.0%) | 2.4 | |||
| Short-Term Investment | 1.2 | |||
| * | 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, 2015. The Fund’s portfolio composition is subject to change. |
| 16 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 28, 2002 | |||||||||||||
Without Sales Charge | (1.89 | )% | 3.62 | % | 3.54 | % | ||||||||
With Sales Charge* | (7.01 | ) | 2.51 | 2.98 | ||||||||||
CLASS C SHARES | January 31, 2003 | |||||||||||||
Without CDSC | (2.36 | ) | 3.10 | 2.99 | ||||||||||
With CDSC** | (3.36 | ) | 3.10 | 2.99 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (2.14 | ) | 3.36 | 3.34 | |||||||||
CLASS R5 SHARES | May 15, 2006 | (1.42 | ) | 4.09 | 3.98 | |||||||||
CLASS R6 SHARES | November 30, 2010 | (1.44 | ) | 4.12 | 4.00 | |||||||||
SELECT CLASS SHARES | January 1, 1997 | (1.66 | ) | 3.86 | 3.79 | |||||||||
| * | 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 (10/31/05 TO 10/31/15)
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, 2005 to October 31, 2015. 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.
Select Class Shares have a $1,000,000 minimum initial investment.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 17 | ||||||
Table of Contents
JPMorgan International Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
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.
| 18 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
JPMorgan International Equity Income Fund1
(formerly JPMorgan Global Equity Income Fund)
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | 0.66% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes)2 | -0.07% | |||
| Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes) | -0.03% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $110,417 | |||
INVESTMENT OBJECTIVE**
The JPMorgan International Equity Income Fund (the “Fund”) seeks to provide both current income and long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Select Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.
The Fund’s security selection in the banks and industrial cyclical sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the health care sector and its security selection and underweight position in the technology-software sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Bezeq Israel Telecommunication Corp., Direct Line Insurance Group PLC and Japan Airlines Co. Shares of Bezeq, an Israeli telecommunications provider, rose amid investor expectations that consolidation in the Israeli telecommunications sector would lead to improved earnings. Shares of Direct Line, a U.K. property insurer, rose on strong earnings growth. Shares of Japan Airlines rose as lower fuel costs and an increase in traffic — fueled partly by a weaker yen — boosted earnings.
Leading individual detractors from relative performance included the Fund’s overweight positions in Suncorp Group Ltd., Johnson & Johnson and Centrica PLC. Shares of Suncorp Group, an Australian banking and insurance company, detracted from performance as the Australian dollar
depreciated sharply, undermining the value of the shares. Shares of Johnson & Johnson, a U.S. diversified health care products company, were weighed down by investor concerns that a strong U.S. dollar and increased competition for several of the company’s best selling drugs would hurt earnings. Shares of Centrica, a U.K. energy utility, fell as global weakness in energy prices weighed on its earnings and the company reduced its dividend to shareholders.
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.
| 1 | Effective January 30, 2015, the Fund’s name was changed from JPMorgan Global Equity Income Fund and the Fund’s investment strategy was changed. |
| 2 | Effective January 30, 2015, the Fund’s primary benchmark changed from the MSCI All Country World Index (net of foreign withholding taxes) to the MSCI EAFE Index (net of foreign withholding taxes) to more closely align the Fund’s primary benchmark with its investment 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 19 | ||||||
Table of Contents
JPMorgan International Equity Income Fund
(formerly JPMorgan Global Equity Income Fund)
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Bezeq The Israeli Telecommunication Corp., Ltd. (Israel) | 3.2 | % | |||||
| 2. | Roche Holding AG (Switzerland) | 3.2 | ||||||
| 3. | TOTAL S.A. (France) | 2.8 | ||||||
| 4. | MMC Norilsk Nickel PJSC, ADR (Russia) | 2.8 | ||||||
| 5. | Nippon Telegraph & Telephone Corp. (Japan) | 2.6 | ||||||
| 6. | GlaxoSmithKline plc (United Kingdom) | 2.6 | ||||||
| 7. | Bayer AG (Germany) | 2.4 | ||||||
| 8. | Atlantia S.p.A. (Italy) | 2.4 | ||||||
| 9. | Mitsubishi UFJ Financial Group, Inc. (Japan) | 2.2 | ||||||
| 10. | UPM-Kymmene OYJ (Finland) | 2.2 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| United Kingdom | 18.1 | % | ||
| Japan | 15.6 | |||
| Germany | 13.7 | |||
| Switzerland | 7.0 | |||
| France | 6.1 | |||
| Italy | 5.9 | |||
| Australia | 5.4 | |||
| Israel | 3.2 | |||
| Netherlands | 3.1 | |||
| Hong Kong | 2.8 | |||
| Russia | 2.7 | |||
| Finland | 2.2 | |||
| Taiwan | 2.1 | |||
| Denmark | 2.1 | |||
| United States | 2.1 | |||
| Canada | 2.0 | |||
| Spain | 1.5 | |||
| Portugal | 1.2 | |||
| Short-Term Investment | 3.2 | |||
| * | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| 20 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 3 YEAR | SINCE INCEPTION | |||||||||||
CLASS A SHARES | February 28, 2011 | |||||||||||||
Without Sales Charge | 0.29 | % | 7.90 | % | 4.90 | % | ||||||||
With Sales Charge* | (4.98 | ) | 5.98 | 3.69 | ||||||||||
CLASS C SHARES | February 28, 2011 | |||||||||||||
Without CDSC | (0.29 | ) | 7.32 | 4.36 | ||||||||||
With CDSC** | (1.29 | ) | 7.32 | 4.36 | ||||||||||
CLASS R2 SHARES | February 28, 2011 | 0.05 | 7.61 | 4.62 | ||||||||||
CLASS R5 SHARES | February 28, 2011 | 0.71 | 8.36 | 5.35 | ||||||||||
CLASS R6 SHARES | January 30, 2015 | 0.69 | 8.35 | 5.35 | ||||||||||
SELECT CLASS SHARES | February 28, 2011 | 0.66 | 8.20 | 5.18 | ||||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (2/28/11 TO 10/31/15)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
The Fund commenced operations on February 28, 2011.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan International Equity Income Fund, the MSCI EAFE Index, the MSCI All Country World Index and the Lipper International Equity Income Funds Index from February 28, 2011 to October 31, 2015. Return information prior to July 31, 2013 for the Lipper International Equity Income Funds Index is not provided by Lipper, Inc. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index and the MSCI All Country 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 International Equity Income Funds Index includes expenses associated with a mutual fund,
such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.
The 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 Lipper International Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
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.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 21 | ||||||
Table of Contents
JPMorgan International Equity Income Fund
(formerly JPMorgan Global Equity Income Fund)
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
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)
| 22 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
JPMorgan International Opportunities Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Institutional Class Shares)* | 0.33% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | -0.07% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $2,240,370 | |||
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’s Institutional Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.
By sector, the Fund’s security selection in the industrial cyclical and banks sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the health care and transportation services & construction cyclical sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in the U.K., Continental Europe and Japan, combined with an underweight position in the Pacific region (excluding Japan), made a positive contribution to relative performance. The Fund’s sole holding of a Canadian issuer, First Quantum Minerals Ltd., detracted from relative performance. Canada is not represented in the Benchmark.
Leading individual contributors to relative performance included the Fund’s overweight positions in Dentsu Inc., Daiwa House Industry Co. and Mitsubishi UFJ Financial Group Ltd. Shares of Dentsu, a Japanese advertising and communications company, rose on improved revenue growth. Shares of Daiwa House, a Japanese construction company, rose as an increase in domestic demand for housing boosted Daiwa’s earnings.
Shares of Mitsubishi UFJ, rose as the company moved to improve profitability and increase return to shareholders.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Sands China Ltd., Mazda Motor Corp. and Australia and New Zealand Banking Group Ltd. Shares of Sands China, a Macau casino resort operator, declined as slower economic growth in China and Chinese government efforts to curb corruption reduced casino traffic among wealthy customers. Shares of Mazda, a Japanese automaker, declined on disappointing earnings. Shares of Australia and New Zealand Banking Group, a financial services company, declined as weak commodities prices hurt Australian economic activity and undermined the value of the Australian dollar.
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. |
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 23 | ||||||
Table of Contents
JPMorgan International Opportunities Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Nestle S.A. (Switzerland) | 3.2 | % | |||||
| 2. | Roche Holding AG (Switzerland) | 2.9 | ||||||
| 3. | Bayer AG (Germany) | 2.3 | ||||||
| 4. | Vodafone Group plc (United Kingdom) | 2.2 | ||||||
| 5. | Royal Dutch Shell plc, Class A (Netherlands) | 2.2 | ||||||
| 6. | British American Tobacco plc (United Kingdom) | 2.0 | ||||||
| 7. | HSBC Holdings plc (United Kingdom) | 1.9 | ||||||
| 8. | Rio Tinto plc (United Kingdom) | 1.9 | ||||||
| 9. | Mitsubishi UFJ Financial Group, Inc. (Japan) | 1.9 | ||||||
| 10. | Dentsu, Inc. (Japan) | 1.8 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| United Kingdom | 26.0 | % | ||
| Japan | 21.7 | |||
| Switzerland | 11.1 | |||
| France | 9.8 | |||
| Germany | 6.7 | |||
| Netherlands | 5.0 | |||
| Australia | 3.6 | |||
| Italy | 2.8 | |||
| Finland | 2.0 | |||
| Hong Kong | 2.0 | |||
| Ireland | 1.5 | |||
| Sweden | 1.4 | |||
| Norway | 1.0 | |||
| Others (each less than 1.0%) | 3.1 | |||
| Short-Term Investment | 2.3 | |||
| * | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| 24 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | September 10, 2001 | |||||||||||||
Without Sales Charge | (0.15 | )% | 3.99 | % | 4.16 | % | ||||||||
With Sales Charge* | (5.40 | ) | 2.88 | 3.60 | ||||||||||
CLASS C SHARES | July 31, 2007 | |||||||||||||
Without CDSC | (0.63 | ) | 3.49 | 3.64 | ||||||||||
With CDSC** | (1.63 | ) | 3.49 | 3.64 | ||||||||||
CLASS R6 SHARES | November 30, 2010 | 0.41 | 4.53 | 4.67 | ||||||||||
INSTITUTIONAL CLASS SHARES | February 26, 1997 | 0.33 | 4.44 | 4.62 | ||||||||||
SELECT CLASS SHARES | September 10, 2001 | 0.13 | 4.26 | 4.42 | ||||||||||
| * | Sales Charge for Class A Shares is 5.25%. |
| ** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (10/31/05 TO 10/31/15)
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, all of which converted to Class A Shares on June 19, 2015. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have similar expenses to 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, 2005 to October 31, 2015. 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.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 25 | ||||||
Table of Contents
JPMorgan International Opportunities Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the 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.
| 26 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | 0.00% | † | ||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | -0.07% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $884,329 | |||
INVESTMENT OBJECTIVE**
The JPMorgan International Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Select Class Shares marginally outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.
By sector, the Fund’s security selection in the industrial cyclical and property sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the utilities and insurance sectors was a leading detractor from relative performance. By region, the Fund’s security selection in all major geographic regions contributed to relative performance.
HOW WAS THE FUND POSITIONED?
The Fund sought to outperform the Benchmark over time, while seeking to achieve sector, geographic and risk characteristics similar to that of the Benchmark. Using the fundamental equity insights generated by JPMorgan’s team of analysts, the Fund’s portfolio managers took a marginally overweight position in securities included within the universe of the Benchmark that they considered undervalued, while marginally underweighting or not holding securities in the Benchmark that they considered overvalued.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Nestle S.A. (Switzerland) | 2.3 | % | |||||
| 2. | Roche Holding AG (Switzerland) | 2.1 | ||||||
| 3. | Toyota Motor Corp. (Japan) | 1.9 | ||||||
| 4. | Novartis AG (Switzerland) | 1.5 | ||||||
| 5. | British American Tobacco plc (United Kingdom) | 1.5 | ||||||
| 6. | AstraZeneca plc (United Kingdom) | 1.4 | ||||||
| 7. | HSBC Holdings plc (United Kingdom) | 1.3 | ||||||
| 8. | Bayer AG (Germany) | 1.3 | ||||||
| 9. | Vodafone Group plc (United Kingdom) | 1.2 | ||||||
| 10. | SABMiller plc (United Kingdom) | 1.2 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY*** | ||||
| Japan | 22.3 | % | ||
| United Kingdom | 19.8 | |||
| Switzerland | 10.3 | |||
| France | 10.1 | |||
| Germany | 8.6 | |||
| Australia | 5.4 | |||
| Netherlands | 4.4 | |||
| Italy | 2.9 | |||
| Hong Kong | 2.5 | |||
| Spain | 2.4 | |||
| Sweden | 2.3 | |||
| Finland | 2.1 | |||
| Denmark | 1.7 | |||
| Ireland | 1.5 | |||
| Others (each less than 1.0%) | 2.3 | |||
| Short-Term Investment | 1.4 | |||
| * | 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, 2015. The Fund’s portfolio composition is subject to change. |
| † | Amount rounds to less than 0.01%. |
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 27 | ||||||
Table of Contents
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | April 23, 1993 | |||||||||||||
Without Sales Charge | (0.29 | )% | 3.54 | % | 3.55 | % | ||||||||
With Sales Charge* | (5.53 | ) | 2.44 | 3.00 | ||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||
Without CDSC | (0.77 | ) | 2.91 | 2.87 | ||||||||||
With CDSC** | (1.77 | ) | 2.91 | 2.87 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (0.50 | ) | 3.29 | 3.29 | |||||||||
SELECT CLASS SHARES | October 28, 1992 | 0.00 | 3.80 | 3.81 | ||||||||||
| * | 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 (10/31/05 TO 10/31/15)
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 and the Lipper International Multi-Cap Core Funds Index from October 31, 2005 to October 31, 2015. 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.
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.
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,
| 28 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 29 | ||||||
Table of Contents
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Select Class Shares)* | 3.29% | |||
| Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes) | -4.68% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $74,496 | |||
INVESTMENT OBJECTIVE**
The JPMorgan International Unconstrained Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Select Class Shares outperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.
By sector, the Fund’s security selection in the financials, consumer discretionary and health care sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the industrials and energy sectors and its underweight position to the consumer staples sector were leading detractors from relative performance.
By region, the Fund’s security selection in, and relative allocations to, emerging markets and Continental Europe were leading contributors to relative performance, while the Fund’s security selection in Canada detracted from relative performance.
Leading individual contributors to the Fund’s relative performance included its overweight positions in Ping An Insurance Group Co., Accor SA and Cheung Kong Holdings Ltd. Shares of Ping An Insurance Group Co., a Chinese insurer, rose as the company continued to take advantage of the underserved Chinese insurance market in order to expand. Shares of Accor, a French hotel operator that derives the bulk of its revenue from Europe, rose on expectations that the company would benefit from improving economic conditions in Europe as well as the company’s efforts to increase revenue. Shares of Cheung
Kong, a Hong Kong property developer and conglomerate, rose after the company, along with its Hutchison Whampoa affiliate, announced it was revamping its organizational structure to separate its Chinese real estate activities from the rest of the business.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Baidu Inc., Sands China Ltd. and MEG Energy Corp. Shares of Baidu, a Chinese Internet portal operator, fell as a pullback in Chinese equity prices raised concerns about the Chinese economy. Shares of Sands China, a developer-operator of resort casinos in Macau, fell as slower growth in China and Chinese government efforts to quell corruption reduced casino traffic among wealthy customers. Shares of MEG Energy, a Canadian energy company focused on the Alberta oil sands region, fell on weakness in global oil prices.
HOW WAS THE FUND POSITIONED?
By harnessing their team’s global sector specialists, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and “change” companies, whose future prospects the managers believed were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on the share price.
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 30 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
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| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Continental AG (Germany) | 3.3 | % | |||||
| 2. | Nokia OYJ (Finland) | 3.3 | ||||||
| 3. | Samsung Electronics Co., Ltd., Reg. S, GDR (South Korea) | 3.2 | ||||||
| 4. | Baidu, Inc., ADR (China) | 3.1 | ||||||
| 5. | Orange S.A. (France) | 3.1 | ||||||
| 6. | Lloyds Banking Group plc (United Kingdom) | 3.0 | ||||||
| 7. | Prudential plc (United Kingdom) | 2.8 | ||||||
| 8. | Teva Pharmaceutical Industries Ltd., ADR (Israel) | 2.8 | ||||||
| 9. | ING Groep N.V., CVA (Netherlands) | 2.8 | ||||||
| 10. | Vodafone Group plc (United Kingdom) | 2.8 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| United Kingdom | 20.0 | % | ||
| Japan | 13.3 | |||
| France | 11.0 | |||
| China | 8.4 | |||
| Switzerland | 8.1 | |||
| Germany | 5.3 | |||
| Netherlands | 4.9 | |||
| Canada | 3.5 | |||
| Finland | 3.3 | |||
| India | 3.3 | |||
| South Korea | 3.2 | |||
| Hong Kong | 2.8 | |||
| Israel | 2.8 | |||
| Ireland | 2.1 | |||
| Italy | 2.0 | |||
| South Africa | 1.7 | |||
| Australia | 1.6 | |||
| Taiwan | 1.4 | |||
| Short-Term Investment | 1.3 | |||
| * | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 31 | ||||||
Table of Contents
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 3 YEAR | SINCE INCEPTION | |||||||||||
CLASS A SHARES | November 30, 2011 | |||||||||||||
Without Sales Charge | 2.98 | % | 7.08 | % | 9.24 | % | ||||||||
With Sales Charge* | (2.43 | ) | 5.16 | 7.75 | ||||||||||
CLASS C SHARES | November 30, 2011 | |||||||||||||
Without CDSC | 2.39 | 6.53 | 8.69 | |||||||||||
With CDSC** | 1.39 | 6.53 | 8.69 | |||||||||||
CLASS R2 SHARES | November 30, 2011 | 2.67 | 6.80 | 8.96 | ||||||||||
CLASS R5 SHARES | November 30, 2011 | 3.43 | 7.56 | 9.73 | ||||||||||
CLASS R6 SHARES | November 30, 2011 | 3.48 | 7.61 | 9.79 | ||||||||||
SELECT CLASS SHARES | November 30, 2011 | 3.29 | 7.37 | 9.53 | ||||||||||
| * | 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 10/31/15)
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., and the Lipper International Large-Cap Core Funds Index from November 30, 2011 to October 31, 2015. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap 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 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.
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.
| 32 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
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JPMorgan International Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Institutional Class Shares)* | -4.23% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes) | -4.23% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $2,444,196 | |||
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’s Institutional Class Shares performed in line with the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.
By sector, the Fund’s security selection in the banks and technology-hardware sectors was a leading contributor to performance relative to the Benchmark for the twelve month reporting period. The Fund’s security selection in the health care and consumer non-durable sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in the U.K. and Continental Europe was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in Japan and its exposure to emerging markets were leading detractors from relative performance. Emerging markets were not represented in the Benchmark.
Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Mitsubishi UFJ Financial Group Inc., Sony Corp. and Daiwa House Industry Co. Shares of Mitsubishi UFJ, a Japanese banking company, rose on moves to improve profitability and increase returns to shareholders. Shares of Daiwa House, a Japanese construction company, rose on improved earnings due to increased domestic demand for housing. Shares of Sony, an entertainment and
consumer electronics company not held in the Benchmark, rose as strong sales of its PlayStation 4 and cost cutting helped the company return to profitability.
Leading individual detractors from relative performance included the Fund’s overweight positions in Hitachi Ltd., ArcelorMittal SA and Engie SA. Shares of Hitachi, a Japanese industrial conglomerate, declined on disappointing earnings. Shares of ArcelorMittal, a steelmaker, fell on concerns about competition from Chinese steelmakers. Shares of Engie, a French state-owned energy company, fell amid weakness in energy prices and lower output from its Belgian nuclear operations.
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 their 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 33 | ||||||
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JPMorgan International Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
| TOP TEN HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | TOTAL S.A. (France) | 3.1 | % | |||||
| 2. | Toyota Motor Corp. (Japan) | 3.1 | ||||||
| 3. | Mitsubishi UFJ Financial Group, Inc. (Japan) | 3.1 | ||||||
| 4. | Vodafone Group plc (United Kingdom) | 2.8 | ||||||
| 5. | Nippon Telegraph & Telephone Corp. (Japan) | 2.3 | ||||||
| 6. | BNP Paribas S.A. (France) | 2.2 | ||||||
| 7. | Daimler AG (Germany) | 2.0 | ||||||
| 8. | AXA S.A. (France) | 1.9 | ||||||
| 9. | ING Groep N.V., CVA (Netherlands) | 1.8 | ||||||
| 10. | Roche Holding AG (Switzerland) | 1.8 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| Japan | 23.2 | % | ||
| United Kingdom | 22.1 | |||
| France | 12.3 | |||
| Germany | 6.9 | |||
| Switzerland | 6.2 | |||
| Italy | 5.3 | |||
| Netherlands | 4.9 | |||
| Finland | 3.3 | |||
| Australia | 3.0 | |||
| Ireland | 2.0 | |||
| Hong Kong | 1.7 | |||
| Sweden | 1.6 | |||
| Norway | 1.6 | |||
| China | 1.3 | |||
| South Korea | 1.0 | |||
| Others (each less than 1.0%) | 2.4 | |||
| Short-Term Investment | 1.2 | |||
| * | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| 34 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||
Without Sales Charge | (4.63 | )% | 2.36 | % | 3.27 | % | ||||||||
With Sales Charge* | (9.61 | ) | 1.26 | 2.72 | ||||||||||
CLASS C SHARES | July 11, 2006 | |||||||||||||
Without CDSC | (5.01 | ) | 1.85 | 2.76 | ||||||||||
With CDSC** | (6.01 | ) | 1.85 | 2.76 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (4.84 | ) | 2.11 | 3.09 | |||||||||
CLASS R6 SHARES | November 30, 2010 | (4.04 | ) | 2.88 | 3.76 | |||||||||
INSTITUTIONAL CLASS SHARES | November 4, 1993 | (4.23 | ) | 2.76 | 3.70 | |||||||||
SELECT CLASS SHARES | September 10, 2001 | (4.28 | ) | 2.63 | 3.54 | |||||||||
| * | 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 (10/31/05 TO 10/31/15)
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, all of which converted to Class A Shares on June 19, 2015. The actual returns of Class C Shares would have been similar to those shown because Class C Shares have similar expenses to 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, 2005 to October 31, 2015. 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 35 | ||||||
Table of Contents
JPMorgan International Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (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.
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.
| 36 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
JPMorgan Intrepid International Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Institutional Class Shares)* | 0.93% | |||
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | -0.07% | |||
| Net Assets as of 10/31/2015 (In Thousands) | $2,081,916 | |||
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’s Institutional Class Shares outperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the twelve months ended October 31, 2015.
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. In contrast, securities exhibiting the value characteristics targeted by the Fund, (including low price-to-earnings and low price-to-book ratios) generally outperformed the broader market during the twelve month period. Price-to-earnings ratio is the price of a share divided by per share earnings for a twelve month period. Price-to-book ratio is the current closing price of a share divided by the book value per share for the most recent quarter.
The Fund’s security selection in the consumer discretionary and financials sector was a leading contributor to performance relative to the Benchmark for the twelve month period. The Fund’s security selection in the information technology sector was a detractor from relative performance.
The Fund targeted investments in 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. This influence is believed to give 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, value and/or quality characteristics.
| * | 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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 37 | ||||||
Table of Contents
JPMorgan Intrepid International Fund
FUND COMMENTARY
TWELVE MONTHS ENDED OCTOBER 31, 2015 (Unaudited) (continued)
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | ||||||||
| 1. | Novartis AG (Switzerland) | 2.0 | % | |||||
| 2. | Roche Holding AG (Switzerland) | 1.7 | ||||||
| 3. | Royal Dutch Shell plc, Class B (Netherlands) | 1.6 | ||||||
| 4. | Toyota Motor Corp. (Japan) | 1.6 | ||||||
| 5. | Nestle S.A. (Switzerland) | 1.4 | ||||||
| 6. | Sanofi (France) | 1.3 | ||||||
| 7. | Unilever N.V., CVA (United Kingdom) | 1.3 | ||||||
| 8. | British American Tobacco plc (United Kingdom) | 1.2 | ||||||
| 9. | TOTAL S.A. (France) | 1.2 | ||||||
| 10. | Bayer AG (Germany) | 1.2 | ||||||
PORTFOLIO COMPOSITION BY COUNTRY* | ||||
| Japan | 21.7 | % | ||
| United Kingdom | 18.6 | |||
| France | 11.2 | |||
| Switzerland | 8.6 | |||
| Germany | 8.6 | |||
| Australia | 5.4 | |||
| Netherlands | 4.3 | |||
| Sweden | 2.7 | |||
| Denmark | 2.6 | |||
| Spain | 2.6 | |||
| Hong Kong | 2.5 | |||
| Italy | 2.1 | |||
| Ireland | 1.6 | |||
| Belgium | 1.5 | |||
| Others (each less than 1.0%) | 4.7 | |||
| Short-Term Investment | 1.3 | |||
| * | Percentages indicated are based on total investments as of October 31, 2015. The Fund’s portfolio composition is subject to change. |
| 38 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF OCTOBER 31, 2015 | ||||||||||||||
| INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | April 30, 2001 | |||||||||||||
Without Sales Charge | 0.45 | % | 4.45 | % | 3.32 | % | ||||||||
With Sales Charge* | (4.82 | ) | 3.33 | 2.76 | ||||||||||
CLASS C SHARES | February 28, 2006 | |||||||||||||
Without CDSC | 0.00 | 3.93 | 2.83 | |||||||||||
With CDSC** | (1.00 | ) | 3.93 | 2.83 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 0.24 | 4.19 | 3.14 | ||||||||||
CLASS R6 SHARES | May 29, 2015 | 0.98 | 4.97 | 3.84 | ||||||||||
INSTITUTIONAL CLASS SHARES | April 30, 2001 | 0.93 | 4.96 | 3.83 | ||||||||||
SELECT CLASS SHARES | February 28, 2006 | 0.80 | 4.72 | 3.60 | ||||||||||
| * | 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 (10/31/05 TO 10/31/15)
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.
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 Intrepid International Fund, the MSCI EAFE Index and the Lipper International Multi-Cap Core Funds Index from October 31, 2005 to October 31, 2015. 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 $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 39 | ||||||
Table of Contents
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 94.1% |
| ||||||
Brazil — 3.0% | ||||||||
| 2,292 | Banco do Brasil S.A. | 9,490 | ||||||
| 2,134 | Itau Unibanco Holding S.A. (Preference Shares), ADR | 14,616 | ||||||
| 1,543 | JBS S.A. | 5,702 | ||||||
| 1,645 | MRV Engenharia e Participacoes S.A. | 3,166 | ||||||
|
| |||||||
| 32,974 | ||||||||
|
| |||||||
Cayman Islands — 0.3% |
| |||||||
| 401 | Chlitina Holding Ltd. | 3,269 | ||||||
|
| |||||||
China — 24.7% |
| |||||||
| 1,005 | AAC Technologies Holdings, Inc. | 6,374 | ||||||
| 2,116 | ANTA Sports Products Ltd. | 5,919 | ||||||
| 28,948 | Bank of China Ltd., Class H | 13,651 | ||||||
| 8,913 | Belle International Holdings Ltd. | 8,651 | ||||||
| 17,671 | China CITIC Bank Corp., Ltd., Class H (a) | 11,427 | ||||||
| 16,502 | China Everbright Bank Co., Ltd., Class H | 8,087 | ||||||
| 4,708 | China Lesso Group Holdings Ltd. | 3,806 | ||||||
| 3,492 | China Machinery Engineering Corp., Class H | 3,031 | ||||||
| 5,826 | China Merchants Bank Co., Ltd., Class H | 15,212 | ||||||
| 9,639 | China Minsheng Banking Corp., Ltd., Class H | 9,686 | ||||||
| 5,098 | China Railway Construction Corp., Ltd., Class H | 7,620 | ||||||
| 14,982 | China Telecom Corp., Ltd., Class H | 7,815 | ||||||
| 7,532 | CNOOC Ltd. | 8,507 | ||||||
| 15,980 | Geely Automobile Holdings Ltd. | 8,522 | ||||||
| 14,750 | GOME Electrical Appliances Holdings Ltd. | 2,695 | ||||||
| 5,350 | Great Wall Motor Co., Ltd., Class H | 6,497 | ||||||
| 7,436 | Huadian Power International Corp., Ltd., Class H | 5,437 | ||||||
| 8,302 | Huaneng Power International, Inc., Class H | 8,988 | ||||||
| 34,570 | Industrial & Commercial Bank of China Ltd., Class H | 21,928 | ||||||
| 9,448 | Jiangnan Group Ltd. | 2,164 | ||||||
| 10,484 | Lenovo Group Ltd. | 9,741 | ||||||
| 88 | NetEase, Inc., ADR | 12,688 | ||||||
| 5,312 | PICC Property & Casualty Co., Ltd., Class H | 12,053 | ||||||
| 895 | Ping An Insurance Group Co. of China Ltd., Class H | 5,024 | ||||||
| 3,278 | Shanghai Electric Group Co., Ltd., Class H | 2,046 | ||||||
| 1,429 | Shanghai Pharmaceuticals Holding Co., Ltd., Class H | 3,295 | ||||||
| 4,264 | Shenzhen Expressway Co., Ltd., Class H | 3,286 | ||||||
| 2,342 | Sinopharm Group Co., Ltd., Class H | 9,653 | ||||||
| 2,892 | Sunny Optical Technology Group Co., Ltd. | 6,724 | ||||||
| 633 | Tencent Holdings Ltd. | 11,937 | ||||||
| 316 | Trina Solar Ltd., ADR (a) | 3,223 | ||||||
| 282 | Vipshop Holdings Ltd., ADR (a) | 5,795 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
China — continued | ||||||||
| 1,297 | Xinjiang Goldwind Science & Technology Co., Ltd., Class H | 2,435 | ||||||
| 8,154 | Xinyi Solar Holdings Ltd. | 3,242 | ||||||
| 7,354 | Zhejiang Expressway Co., Ltd., Class H | 9,041 | ||||||
| 2,272 | ZTE Corp., Class H | 5,472 | ||||||
|
| |||||||
| 271,672 | ||||||||
|
| |||||||
Cyprus — 0.3% |
| |||||||
| 168 | QIWI plc, ADR | 2,896 | ||||||
|
| |||||||
Egypt — 0.4% |
| |||||||
| 827 | Commercial International Bank Egypt SAE, GDR | 4,826 | ||||||
|
| |||||||
Hong Kong — 4.9% |
| |||||||
| 881 | China Mobile Ltd. | 10,557 | ||||||
| 3,354 | China Overseas Land & Investment Ltd. | 10,833 | ||||||
| 3,060 | China Resources Land Ltd. | 7,952 | ||||||
| 10,764 | China Travel International Investment Hong Kong Ltd. | 4,865 | ||||||
| 34,875 | REXLot Holdings Ltd. | 1,327 | ||||||
| 2,702 | Shenzhen International Holdings Ltd. | 4,104 | ||||||
| 7,364 | Sino Biopharmaceutical Ltd. | 9,151 | ||||||
| 6,702 | Skyworth Digital Holdings Ltd. | 4,960 | ||||||
|
| |||||||
| 53,749 | ||||||||
|
| |||||||
India — 5.1% |
| |||||||
| 1,749 | Apollo Tyres Ltd. | 4,585 | ||||||
| 559 | Bharat Petroleum Corp., Ltd. | 7,434 | ||||||
| 286 | Ceat Ltd. | 4,712 | ||||||
| 756 | HCL Technologies Ltd. | 10,071 | ||||||
| 726 | Hexaware Technologies Ltd. | 2,657 | ||||||
| 807 | Hindustan Petroleum Corp., Ltd. | 9,493 | ||||||
| 533 | Housing Development Finance Corp., Ltd. | 10,209 | ||||||
| 553 | Jubilant Life Sciences Ltd. | 3,452 | ||||||
| 1,130 | Power Finance Corp., Ltd. | 4,126 | ||||||
|
| |||||||
| 56,739 | ||||||||
|
| |||||||
Indonesia — 2.1% |
| |||||||
| 17,126 | Astra International Tbk PT | 7,362 | ||||||
| 22,572 | Bank Negara Indonesia Persero Tbk PT | 7,803 | ||||||
| 10,234 | Bank Rakyat Indonesia Persero Tbk PT | 7,833 | ||||||
|
| |||||||
| 22,998 | ||||||||
|
| |||||||
Malaysia — 0.5% |
| |||||||
| 2,607 | MISC Bhd | 5,479 | ||||||
|
| |||||||
Poland — 1.5% |
| |||||||
| 643 | Polski Koncern Naftowy Orlen S.A. | 10,426 | ||||||
| 3,392 | Polskie Gornictwo Naftowe i Gazownictwo S.A. | 6,010 | ||||||
|
| |||||||
| 16,436 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 40 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Russia — 5.6% |
| |||||||
| 3,247 | Alrosa PAO | 2,615 | ||||||
| 250 | Lukoil PJSC, ADR | 9,069 | ||||||
| 13,114 | Magnitogorsk Iron & Steel Works OJSC | 4,943 | ||||||
| 701 | MMC Norilsk Nickel PJSC, ADR | 10,388 | ||||||
| 811 | Mobile TeleSystems PJSC, ADR | 5,703 | ||||||
| 2,524 | Moscow Exchange MICEX-RTS PJSC | 3,551 | ||||||
| 2,002 | Sberbank PAO, ADR | 12,225 | ||||||
| 552 | Severstal PAO, Reg. S, GDR | 6,480 | ||||||
| 223 | Tatneft PAO, ADR | 6,869 | ||||||
|
| |||||||
| 61,843 | ||||||||
|
| |||||||
South Africa — 2.4% |
| |||||||
| 3,428 | Netcare Ltd. | 9,748 | ||||||
| 374 | Spar Group Ltd. (The) | 5,362 | ||||||
| 1,935 | Steinhoff International Holdings Ltd. | 11,832 | ||||||
|
| |||||||
| 26,942 | ||||||||
|
| |||||||
South Korea — 17.3% |
| |||||||
| 404 | BNK Financial Group, Inc. | 4,952 | ||||||
| 126 | Coway Co., Ltd. | 9,395 | ||||||
| 5 | Crown Confectionery Co., Ltd. | 2,665 | ||||||
| 339 | DGB Financial Group, Inc. | 3,142 | ||||||
| 23 | GS Home Shopping, Inc. | 3,452 | ||||||
| 78 | GS Retail Co., Ltd. | 3,922 | ||||||
| 32 | Hana Tour Service, Inc. | 3,534 | ||||||
| 189 | Hankook Tire Co., Ltd. | 7,207 | ||||||
| 70 | Hyosung Corp. | 7,161 | ||||||
| 103 | Hyundai Development Co-Engineering & Construction | 4,146 | ||||||
| 51 | Hyundai Elevator Co., Ltd. (a) | 2,322 | ||||||
| 27 | Hyundai Mobis Co., Ltd. | 5,596 | ||||||
| 727 | Industrial Bank of Korea | 8,895 | ||||||
| 242 | Kangwon Land, Inc. | 8,990 | ||||||
| 351 | KB Financial Group, Inc. | 11,107 | ||||||
| 40 | KEPCO Plant Service & Engineering Co., Ltd. | 3,621 | ||||||
| 139 | KH Vatec Co., Ltd. | 2,443 | ||||||
| 249 | Kia Motors Corp. | 12,137 | ||||||
| 128 | Korea Electric Power Corp. | 5,761 | ||||||
| 12 | Korea Zinc Co., Ltd. | 4,842 | ||||||
| 130 | KT&G Corp. | 13,030 | ||||||
| 35 | Lotte Chemical Corp. | 7,419 | ||||||
| 931 | Meritz Securities Co., Ltd. | 4,140 | ||||||
| 53 | NCSoft Corp. | 8,811 | ||||||
| 224 | Partron Co., Ltd. | 1,924 | ||||||
| 16 | Samsung Electronics Co., Ltd. | 18,841 | ||||||
| 110 | Seah Besteel Corp. | 2,760 | ||||||
| 303 | SK Hynix, Inc. | 8,105 | ||||||
| 161 | S-Oil Corp. | 9,625 | ||||||
|
| |||||||
| 189,945 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Taiwan — 17.8% |
| |||||||
| 9,213 | Advanced Semiconductor Engineering, Inc. | 10,636 | ||||||
| 1,120 | Casetek Holdings Ltd. | 4,903 | ||||||
| 978 | Catcher Technology Co., Ltd. | 9,598 | ||||||
| 7,213 | Cathay Financial Holding Co., Ltd. | 10,274 | ||||||
| 3,025 | Chailease Holding Co., Ltd. | 5,775 | ||||||
| 1,566 | Chicony Electronics Co., Ltd. | 3,727 | ||||||
| 1,947 | Chipbond Technology Corp. | 2,771 | ||||||
| 5,501 | Compeq Manufacturing Co., Ltd. | 3,605 | ||||||
| 8,948 | E.Sun Financial Holding Co., Ltd. | 5,378 | ||||||
| 2,423 | Elite Material Co., Ltd. | 4,951 | ||||||
| 902 | Feng TAY Enterprise Co., Ltd. | 5,171 | ||||||
| 1,867 | FLEXium Interconnect, Inc. | 5,208 | ||||||
| 5,872 | Fubon Financial Holding Co., Ltd. | 9,491 | ||||||
| 1,319 | Grape King Bio Ltd. | 7,251 | ||||||
| 3,240 | Highwealth Construction Corp. | 4,773 | ||||||
| 4,161 | Hon Hai Precision Industry Co., Ltd. | 11,061 | ||||||
| 1,551 | Hota Industrial Manufacturing Co., Ltd. | 5,142 | ||||||
| 16,765 | Innolux Corp. | 5,624 | ||||||
| 3,721 | Inotera Memories, Inc. (a) | 2,856 | ||||||
| 59 | Largan Precision Co., Ltd. | 4,585 | ||||||
| 13,833 | Mega Financial Holding Co., Ltd. | 10,079 | ||||||
| 3,680 | Pegatron Corp. | 8,993 | ||||||
| 5,337 | Pou Chen Corp. | 7,527 | ||||||
| 1,614 | Ruentex Industries Ltd. | 2,974 | ||||||
| 1,135 | Shin Zu Shing Co., Ltd. | 3,662 | ||||||
| 2,101 | Taiwan Paiho Ltd. | 5,021 | ||||||
| 597 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 13,117 | ||||||
| 3,972 | Vanguard International Semiconductor Corp. | 5,105 | ||||||
| 5,352 | Wan Hai Lines Ltd. | 3,536 | ||||||
| 2,807 | Win Semiconductors Corp. | 3,809 | ||||||
| 810 | Yeong Guan Energy Technology Group Co., Ltd. | 5,183 | ||||||
| 1,376 | Zhen Ding Technology Holding Ltd. | 3,911 | ||||||
|
| |||||||
| 195,697 | ||||||||
|
| |||||||
Thailand — 0.8% |
| |||||||
| 17,853 | Krung Thai Bank PCL, NVDR | 8,567 | ||||||
|
| |||||||
Turkey — 6.7% |
| |||||||
| 1,106 | Arcelik A.S. | 6,026 | ||||||
| 763 | Dogus Otomotiv Servis ve Ticaret A.S. | 2,764 | ||||||
| 5,807 | Emlak Konut Gayrimenkul Yatirim Ortakligi A.S. | 5,626 | ||||||
| 5,903 | Eregli Demir ve Celik Fabrikalari TAS | 8,366 | ||||||
| 2,555 | KOC Holding A.S. | 11,541 | ||||||
| 523 | TAV Havalimanlari Holding A.S. | 4,102 | ||||||
| 735 | Tofas Turk Otomobil Fabrikasi A.S. | 4,846 | ||||||
| 4,119 | Turkiye Garanti Bankasi A.S. | 10,667 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 41 | ||||||
Table of Contents
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands, except number of Futures contracts)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Turkey — continued | ||||||||
| 2,735 | Turkiye Halk Bankasi A.S. | 10,247 | ||||||
| 5,867 | Turkiye Is Bankasi, Class C | 9,999 | ||||||
|
| |||||||
| 74,184 | ||||||||
|
| |||||||
United Arab Emirates — 0.7% |
| |||||||
| 10,631 | Air Arabia PJSC | 3,903 | ||||||
| 1,908 | Dubai Islamic Bank PJSC | 3,352 | ||||||
|
| |||||||
| 7,255 | ||||||||
|
| |||||||
Total Common Stocks | 1,035,471 | |||||||
|
| |||||||
| Preferred Stock — 0.8% | |||||||
Russia — 0.8% |
| |||||||
| 13,051 | Surgutneftegas OAO | 8,896 | ||||||
|
| |||||||
Total Preferred Stocks | 8,896 | |||||||
|
| |||||||
| Short-Term Investment — 3.3% | |||||||
Investment Company — 3.3% |
| |||||||
| 36,465 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 36,465 | ||||||
|
| |||||||
Total Investments — 98.2% (Cost $1,108,704) | 1,080,832 | |||||||
Other Assets in Excess of Liabilities — 1.8% (c) | 20,011 | |||||||
| �� | |||||||
NET ASSETS — 100.0% | $ | 1,100,843 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 20.6 | % | ||
Oil, Gas & Consumable Fuels | 7.1 | |||
Electronic Equipment, Instruments & Components | 5.2 | |||
Technology Hardware, Storage & Peripherals | 5.2 | |||
Semiconductors & Semiconductor Equipment | 4.9 | |||
Metals & Mining | 4.2 | |||
Automobiles | 3.6 | |||
Household Durables | 3.3 | |||
Textiles, Apparel & Luxury Goods | 3.3 | |||
Insurance | 2.5 | |||
Auto Components | 2.5 | |||
Internet Software & Services | 2.3 | |||
Real Estate Management & Development | 2.2 | |||
Diversified Financial Services | 2.1 | |||
Health Care Providers & Services | 2.1 | |||
Transportation Infrastructure | 1.9 | |||
Hotels, Restaurants & Leisure | 1.7 | |||
Wireless Telecommunication Services | 1.5 | |||
IT Services | 1.4 | |||
Construction & Engineering | 1.4 | |||
Chemicals | 1.3 | |||
Independent Power & Renewable Electricity Producers | 1.3 | |||
Tobacco | 1.2 | |||
Pharmaceuticals | 1.2 | |||
Industrial Conglomerates | 1.1 | |||
Personal Products | 1.0 | |||
Others (each less than 1.0%) | 10.5 | |||
Short-Term Investment | 3.4 | |||
| Futures Contracts | ||||||||||||||||||||
| NUMBER OF CONTRACTS | DESCRIPTION | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL VALUE AT | NET UNREALIZED APPRECIATION (DEPRECIATION) | |||||||||||||||
Long Futures Outstanding |
| |||||||||||||||||||
| 966 | Mini MSCI Emerging Markets Index | 12/18/15 | USD | $ | 40,751 | $ | (979 | ) | ||||||||||||
|
| |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 42 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 96.2% |
| ||||||
Australia — 1.2% |
| |||||||
| 4,952 | Oil Search Ltd. | 27,597 | ||||||
|
| |||||||
Brazil — 7.5% |
| |||||||
| 5,268 | AMBEV S.A., ADR | 25,655 | ||||||
| 3,719 | BB Seguridade Participacoes S.A. | 25,652 | ||||||
| 7,433 | CCR S.A. | 23,359 | ||||||
| 1,866 | Cielo S.A. | 17,717 | ||||||
| 3,330 | Itau Unibanco Holding S.A. (Preference Shares), ADR | 22,810 | ||||||
| 3,692 | Lojas Renner S.A. | 17,710 | ||||||
| 845 | Marcopolo S.A. | 408 | ||||||
| 1,563 | Ultrapar Participacoes S.A. | 27,148 | ||||||
| 2,265 | WEG S.A. | 8,457 | ||||||
|
| |||||||
| 168,916 | ||||||||
|
| |||||||
China — 9.6% |
| |||||||
| 143 | Alibaba Group Holding Ltd., ADR (a) | 11,952 | ||||||
| 149 | Baidu, Inc., ADR (a) | 27,997 | ||||||
| 6,281 | Chongqing Changan Automobile Co., Ltd., Class B | 11,559 | ||||||
| 16,843 | CNOOC Ltd. | 19,024 | ||||||
| 28,040 | Geely Automobile Holdings Ltd. | 14,953 | ||||||
| 1,082 | JD.com, Inc., ADR (a) | 29,896 | ||||||
| 3,430 | Tencent Holdings Ltd. | 64,644 | ||||||
| 1,434 | Tsingtao Brewery Co., Ltd., Class H | 6,845 | ||||||
| 1,439 | Vipshop Holdings Ltd., ADR (a) | 29,522 | ||||||
|
| |||||||
| 216,392 | ||||||||
|
| |||||||
Cyprus — 0.2% |
| |||||||
| 1,183 | Globaltrans Investment plc, Reg. S, GDR (a) | 4,966 | ||||||
|
| |||||||
Hong Kong — 7.0% |
| |||||||
| 14,148 | AIA Group Ltd. | 82,953 | ||||||
| 46 | Jardine Matheson Holdings Ltd. | 2,500 | ||||||
| 379 | Jardine Matheson Holdings Ltd. 1 | 20,593 | ||||||
| 9,968 | Sands China Ltd. | 35,894 | ||||||
| 20,496 | Sun Art Retail Group Ltd. | 16,753 | ||||||
|
| |||||||
| 158,693 | ||||||||
|
| |||||||
India — 19.6% |
| |||||||
| 331 | ACC Ltd. | 6,969 | ||||||
| 1,953 | Ambuja Cements Ltd. | 6,174 | ||||||
| 1,442 | Asian Paints Ltd. | 18,286 | ||||||
| 865 | HDFC Bank Ltd. | 17,378 | ||||||
| 850 | HDFC Bank Ltd., ADR | 51,987 | ||||||
| 4,355 | Housing Development Finance Corp., Ltd. | 83,468 | ||||||
| 2,549 | Infosys Ltd., ADR | 46,283 | ||||||
| 9,305 | ITC Ltd. | 47,551 | ||||||
| 1,976 | Kotak Mahindra Bank Ltd. | 20,824 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
India — continued | ||||||||
| 1,306 | Lupin Ltd. | 38,483 | ||||||
| 859 | Mahindra & Mahindra Ltd. | 15,516 | ||||||
| 1,917 | Tata Consultancy Services Ltd. | 73,067 | ||||||
| 619 | Tata Motors Ltd., ADR (a) | 18,296 | ||||||
|
| |||||||
| 444,282 | ||||||||
|
| |||||||
Indonesia — 3.4% |
| |||||||
| 58,797 | Astra International Tbk PT | 25,275 | ||||||
| 23,219 | Bank Central Asia Tbk PT | 21,813 | ||||||
| 38,909 | Bank Rakyat Indonesia Persero Tbk PT | 29,779 | ||||||
|
| |||||||
| 76,867 | ||||||||
|
| |||||||
Mexico — 2.1% |
| |||||||
| 12,036 | Fibra Uno Administracion S.A. de C.V. | 26,435 | ||||||
| 3,015 | Infraestructura Energetica Nova S.A.B. de C.V. | 14,538 | ||||||
| 546 | Promotora y Operadora de Infraestructura S.A.B. de C.V. (a) | 6,847 | ||||||
|
| |||||||
| 47,820 | ||||||||
|
| |||||||
Panama — 0.7% |
| |||||||
| 308 | Copa Holdings S.A., Class A | 15,540 | ||||||
|
| |||||||
Peru — 1.0% |
| |||||||
| 202 | Credicorp Ltd. | 22,826 | ||||||
|
| |||||||
Russia — 5.6% |
| |||||||
| 799 | Lukoil PJSC, ADR | 29,009 | ||||||
| 159 | Magnit PJSC | 27,733 | ||||||
| 366 | Magnit PJSC, Reg. S, GDR | 16,628 | ||||||
| 650 | Mail.Ru Group Ltd., Reg. S, GDR (a) | 12,640 | ||||||
| 29,575 | Sberbank PAO | 41,932 | ||||||
|
| |||||||
| 127,942 | ||||||||
|
| |||||||
South Africa — 17.1% |
| |||||||
| 1,441 | Aspen Pharmacare Holdings Ltd. (a) | 32,296 | ||||||
| 2,036 | Bidvest Group Ltd. (The) | 52,018 | ||||||
| 380 | Capitec Bank Holdings Ltd. | 16,427 | ||||||
| 8,252 | FirstRand Ltd. | 30,236 | ||||||
| 398 | Imperial Holdings Ltd. | 5,179 | ||||||
| 10,567 | Life Healthcare Group Holdings Ltd. | 29,453 | ||||||
| 1,427 | Mr Price Group Ltd. | 21,918 | ||||||
| 2,506 | MTN Group Ltd. | 28,526 | ||||||
| 174 | Naspers Ltd., Class N | 25,410 | ||||||
| 2,369 | Remgro Ltd. | 47,402 | ||||||
| 6,677 | Sanlam Ltd. | 30,165 | ||||||
| 2,145 | Shoprite Holdings Ltd. | 22,287 | ||||||
| 6,337 | Woolworths Holdings Ltd. | 46,882 | ||||||
|
| |||||||
| 388,199 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 43 | ||||||
Table of Contents
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
South Korea — 4.2% |
| |||||||
| 178 | Hyundai Motor Co. | 24,373 | ||||||
| 717 | Kia Motors Corp. | 35,004 | ||||||
| 30 | Samsung Electronics Co., Ltd. | 35,605 | ||||||
|
| |||||||
| 94,982 | ||||||||
|
| |||||||
Switzerland — 1.1% |
| |||||||
| 364 | Luxoft Holding, Inc. (a) | 24,229 | ||||||
|
| |||||||
Taiwan — 7.2% |
| |||||||
| 4,949 | Delta Electronics, Inc. | 25,164 | ||||||
| 1,738 | MediaTek, Inc. | 13,554 | ||||||
| 4,184 | President Chain Store Corp. | 27,776 | ||||||
| 17,474 | Siliconware Precision Industries Co., Ltd. | 23,087 | ||||||
| 3,390 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 74,442 | ||||||
|
| |||||||
| 164,023 | ||||||||
|
| |||||||
Thailand — 4.1% |
| |||||||
| 3,768 | Advanced Info Service PCL, NVDR | 24,653 | ||||||
| 5,803 | Kasikornbank PCL, NVDR | 28,066 | ||||||
| 1,480 | Siam Cement PCL (The) | 18,791 | ||||||
| 341 | Siam Cement PCL (The), NVDR | 4,353 | ||||||
| 4,836 | Siam Commercial Bank PCL (The) | 18,113 | ||||||
|
| |||||||
| 93,976 | ||||||||
|
| |||||||
Turkey — 2.4% |
| |||||||
| 924 | Ford Otomotiv Sanayi A.S. | 10,858 | ||||||
| 5,120 | KOC Holding A.S. | 23,122 | ||||||
| 7,480 | Turkiye Garanti Bankasi A.S. | 19,368 | ||||||
|
| |||||||
| 53,348 | ||||||||
|
| |||||||
United Kingdom — 2.2% |
| |||||||
| 929 | Anglo American plc | 7,798 | ||||||
| 665 | SABMiller plc | 40,877 | ||||||
|
| |||||||
| 48,675 | ||||||||
|
| |||||||
Total Common Stocks | 2,179,273 | |||||||
|
| |||||||
| Preferred Stocks — 0.4% | |||||||
Brazil — 0.4% |
| |||||||
| 1,049 | Itau Unibanco Holding S.A. | 7,201 | ||||||
| 6,486 | Marcopolo S.A. | 3,279 | ||||||
|
| |||||||
Total Preferred Stocks | 10,480 | |||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Structured Instruments — 0.4% | |||||||
China — 0.4% |
| |||||||
Low Exercise Cash Settled Call Warrants — 0.4% |
| |||||||
Chongqing Changan Automobile Co., Ltd., | ||||||||
| 859 | expiring 10/13/16 (Strike Price $0.00) (issued through BNP Paribas) (a) | 2,084 | ||||||
| 2,681 | expiring 10/17/18 (Strike Price $0.00) (issued through UBS AG) (a) | 6,501 | ||||||
|
| |||||||
Total Structured Instruments | 8,585 | |||||||
|
| |||||||
| Short-Term Investment — 2.8% | |||||||
Investment Company — 2.8% |
| |||||||
| 62,382 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 62,382 | ||||||
|
| |||||||
Total Investments — 99.8% | 2,260,720 | |||||||
Other Assets in Excess of | 5,131 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,265,851 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| 44 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 14.1 | % | ||
IT Services | 7.3 | |||
Automobiles | 7.1 | |||
Insurance | 6.1 | |||
Internet Software & Services | 5.2 | |||
Food & Staples Retailing | 4.9 | |||
Semiconductors & Semiconductor Equipment | 4.9 | |||
Oil, Gas & Consumable Fuels | 4.5 | |||
Industrial Conglomerates | 4.3 | |||
Thrifts & Mortgage Finance | 3.7 | |||
Diversified Financial Services | 3.4 | |||
Beverages | 3.2 | |||
Pharmaceuticals | 3.1 | |||
Multiline Retail | 2.9 | |||
| INDUSTRY | PERCENTAGE | |||
Internet & Catalog Retail | 2.6 | % | ||
Wireless Telecommunication Services | 2.4 | |||
Tobacco | 2.1 | |||
Construction Materials | 1.6 | |||
Hotels, Restaurants & Leisure | 1.6 | |||
Technology Hardware, Storage & Peripherals | 1.6 | |||
Health Care Providers & Services | 1.3 | |||
Real Estate Investment Trusts (REITs) | 1.2 | |||
Media | 1.1 | |||
Electronic Equipment, Instruments & Components | 1.1 | |||
Transportation Infrastructure | 1.0 | |||
Specialty Retail | 1.0 | |||
Others (each less than 1.0%) | 3.9 | |||
Short-Term Investment | 2.8 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 45 | ||||||
Table of Contents
JPMorgan Emerging Markets Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 94.0% |
| ||||||
Brazil — 8.1% |
| |||||||
| 11 | AMBEV S.A., ADR | 54 | ||||||
| 5 | Banco Bradesco S.A., ADR | 26 | ||||||
| 11 | Banco do Brasil S.A. | 45 | ||||||
| 8 | BB Seguridade Participacoes S.A. | 54 | ||||||
| 4 | Tractebel Energia S.A. | 38 | ||||||
|
| |||||||
| 217 | ||||||||
|
| |||||||
Chile — 2.4% |
| |||||||
| 3 | Banco Santander Chile, ADR | 65 | ||||||
|
| |||||||
China — 6.6% |
| |||||||
| 101 | Bank of China Ltd., Class H | 48 | ||||||
| 78 | China Construction Bank Corp., Class H | 56 | ||||||
| 83 | Industrial & Commercial Bank of China Ltd., Class H | 53 | ||||||
| 14 | MGM China Holdings Ltd. | 20 | ||||||
|
| |||||||
| 177 | ||||||||
|
| |||||||
Czech Republic — 2.0% |
| |||||||
| – | (h) | Komercni Banka A.S. | 54 | |||||
|
| |||||||
Hong Kong — 8.1% |
| |||||||
| 4 | China Mobile Ltd. | 48 | ||||||
| 20 | China Resources Power Holdings Co., Ltd. | 45 | ||||||
| 3 | Hang Seng Bank Ltd. | 46 | ||||||
| 16 | Sands China Ltd. | 56 | ||||||
| 2 | VTech Holdings Ltd. | 22 | ||||||
|
| |||||||
| 217 | ||||||||
|
| |||||||
Hungary — 1.6% |
| |||||||
| 2 | OTP Bank plc | 44 | ||||||
|
| |||||||
Indonesia — 1.0% |
| |||||||
| 9 | Indo Tambangraya Megah Tbk PT | 6 | ||||||
| 109 | Telekomunikasi Indonesia Persero Tbk PT | 21 | ||||||
|
| |||||||
| 27 | ||||||||
|
| |||||||
Mexico — 2.5% |
| |||||||
| 28 | Kimberly-Clark de Mexico S.A.B. de C.V., Class A | 68 | ||||||
|
| |||||||
Poland — 1.9% |
| |||||||
| 1 | Powszechny Zaklad Ubezpieczen S.A. | 52 | ||||||
|
| |||||||
Russia — 5.8% |
| |||||||
| 1 | Lukoil PJSC, ADR | 45 | ||||||
| 1 | MegaFon PJSC, Reg. S, GDR | 19 | ||||||
| 3 | MMC Norilsk Nickel PJSC, ADR | 43 | ||||||
| 3 | Mobile TeleSystems PJSC, ADR | 23 | ||||||
| 2 | Severstal PAO, Reg. S, GDR | 27 | ||||||
|
| |||||||
| 157 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Singapore — 1.3% |
| |||||||
| 64 | Hutchison Port Holdings Trust, Class U | 36 | ||||||
|
| |||||||
South Africa — 14.7% |
| |||||||
| 7 | AVI Ltd. | 42 | ||||||
| 4 | Barclays Africa Group Ltd. | 54 | ||||||
| 2 | Bidvest Group Ltd. (The) | 61 | ||||||
| 11 | FirstRand Ltd. | 40 | ||||||
| 4 | Imperial Holdings Ltd. | 45 | ||||||
| 22 | Life Healthcare Group Holdings Ltd. | 61 | ||||||
| 29 | MMI Holdings Ltd. | 52 | ||||||
| 4 | MTN Group Ltd. | 41 | ||||||
|
| |||||||
| 396 | ||||||||
|
| |||||||
South Korea — 6.3% |
| |||||||
| 1 | Kangwon Land, Inc. | 24 | ||||||
| 1 | KT&G Corp. | 64 | ||||||
| – | (h) | Samsung Electronics Co., Ltd. | 43 | |||||
| 2 | SK Telecom Co., Ltd., ADR | 38 | ||||||
|
| |||||||
| 169 | ||||||||
|
| |||||||
Taiwan — 22.9% |
| |||||||
| 5 | Asustek Computer, Inc. | 45 | ||||||
| 21 | Cheng Shin Rubber Industry Co., Ltd. | 38 | ||||||
| 9 | Chicony Electronics Co., Ltd. | 22 | ||||||
| 14 | Delta Electronics, Inc. | 71 | ||||||
| 10 | Far EasTone Telecommunications Co., Ltd. | 22 | ||||||
| 8 | MediaTek, Inc. | 63 | ||||||
| 8 | Novatek Microelectronics Corp. | 27 | ||||||
| 6 | President Chain Store Corp. | 40 | ||||||
| 19 | Quanta Computer, Inc. | 32 | ||||||
| 4 | Radiant Opto-Electronics Corp. | 12 | ||||||
| 44 | Siliconware Precision Industries Co., Ltd. | 58 | ||||||
| 4 | Simplo Technology Co., Ltd. | 14 | ||||||
| 16 | Taiwan Mobile Co., Ltd. | 50 | ||||||
| 4 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 80 | ||||||
| 2 | Tripod Technology Corp. | 3 | ||||||
| 31 | Vanguard International Semiconductor Corp. | 40 | ||||||
|
| |||||||
| 617 | ||||||||
|
| |||||||
Thailand — 4.0% |
| |||||||
| 9 | Advanced Info Service PCL | 55 | ||||||
| 4 | Siam Cement PCL (The) | 51 | ||||||
|
| |||||||
| 106 | ||||||||
|
| |||||||
Turkey — 3.3% |
| |||||||
| 12 | Eregli Demir ve Celik Fabrikalari TAS | 18 | ||||||
| 6 | Tofas Turk Otomobil Fabrikasi A.S. | 42 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 46 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Turkey — continued | ||||||||
| 7 | Turkcell Iletisim Hizmetleri A.S. | 29 | ||||||
|
| |||||||
| 89 | ||||||||
|
| |||||||
United Arab Emirates — 1.5% |
| |||||||
| 12 | First Gulf Bank PJSC | 40 | ||||||
|
| |||||||
Total Common Stocks | 2,531 | |||||||
|
| |||||||
| Preferred Stock — 0.8% | |||||||
Russia — 0.8% |
| |||||||
| 34 | Surgutneftegas OAO | 23 | ||||||
|
| |||||||
| Structured Instruments — 3.0% |
| ||||||
China — 3.0% |
| |||||||
Low Exercise Cash Settled Call Warrants — 3.0% |
| |||||||
| 20 | Fuyao Glass Industry Group Co., Ltd., expiring 09/23/16 (Strike Price $0.00) (issued through BNP Paribas) (a) | 42 | ||||||
| 7 | Midea Group Co., Ltd., expiring 06/20/16 (Strike Price $1.00) (issued through UBS AG) (a) | 29 | ||||||
| 2 | Midea Group Co., Ltd., expiring 10/29/18 (Strike Price $0.00) (issued through BNP Paribas) (a) | 9 | ||||||
|
| |||||||
Total Structured Instruments | 80 | |||||||
|
| |||||||
| NUMBER OF WARRANTS | ||||||||
| Warrants — 1.7% | |||||||
Saudi Arabia — 1.7% |
| |||||||
| 3 | Al Rajhi Bank, expiring 08/22/16 (Strike Price $1.00) (a) | 37 | ||||||
| 1 | Yanbu National Petrochemical, expiring 07/31/17 (Strike Price $1.00) (a) | 10 | ||||||
|
| |||||||
Total Warrants | 47 | |||||||
|
| |||||||
Total Investments — 99.5% | 2,681 | �� | ||||||
Other Assets in Excess of | 12 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,693 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 23.1 | % | ||
Wireless Telecommunication Services | 12.1 | |||
Semiconductors & Semiconductor Equipment | 10.4 | |||
Insurance | 5.9 | |||
Technology Hardware, Storage & Peripherals | 5.3 | |||
Hotels, Restaurants & Leisure | 3.7 | |||
Electronic Equipment, Instruments & Components | 3.3 | |||
Metals & Mining | 3.3 | |||
Independent Power & Renewable Electricity Producers | 3.1 | |||
Oil, Gas & Consumable Fuels | 2.7 | |||
Household Products | 2.5 | |||
Tobacco | 2.4 | |||
Industrial Conglomerates | 2.3 | |||
Construction Materials | 2.3 | |||
Health Care Providers & Services | 2.3 | |||
Beverages | 2.0 | |||
Distributors | 1.7 | |||
Automobiles | 1.6 | |||
Food Products | 1.6 | |||
Diversified Financial Services | 1.5 | |||
Food & Staples Retailing | 1.5 | |||
Auto Components | 1.4 | |||
Transportation Infrastructure | 1.3 | |||
Household Durables | 1.1 | |||
Others (each less than 1.0%) | 1.6 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 47 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 96.8% |
| ||||||
Australia — 2.4% |
| |||||||
| 247 | AGL Energy Ltd. | 2,926 | ||||||
| 1,462 | Alumina Ltd. | 1,122 | ||||||
| 356 | Amcor Ltd. | 3,438 | ||||||
| 488 | AMP Ltd. | 1,978 | ||||||
| 275 | APA Group | 1,789 | ||||||
| 284 | Asciano Ltd. | 1,652 | ||||||
| 534 | Aurizon Holdings Ltd. | 1,958 | ||||||
| 642 | Australia & New Zealand Banking Group Ltd. | 12,423 | ||||||
| 107 | Bank of Queensland Ltd. | 997 | ||||||
| 38 | Bendigo & Adelaide Bank Ltd. | 291 | ||||||
| 708 | BHP Billiton Ltd. | 11,611 | ||||||
| 459 | BHP Billiton plc | 7,344 | ||||||
| 144 | Brambles Ltd. | 1,059 | ||||||
| 58 | Caltex Australia Ltd. | 1,296 | ||||||
| 304 | Coca-Cola Amatil Ltd. | 1,968 | ||||||
| 20 | Cochlear Ltd. | 1,252 | ||||||
| 330 | Commonwealth Bank of Australia | 17,943 | ||||||
| 190 | Computershare Ltd. | 1,460 | ||||||
| 8 | Crown Resorts Ltd. | 61 | ||||||
| 127 | CSL Ltd. | 8,469 | ||||||
| 342 | Dexus Property Group | 1,877 | ||||||
| 1,164 | Federation Centres Ltd. | 2,404 | ||||||
| 663 | Goodman Group | 2,847 | ||||||
| 606 | Insurance Australia Group Ltd. | 2,408 | ||||||
| 267 | Lend Lease Group | 2,456 | ||||||
| 84 | Macquarie Group Ltd. | 5,066 | ||||||
| 1,170 | Mirvac Group | 1,495 | ||||||
| 483 | National Australia Bank Ltd. | 10,317 | ||||||
| 204 | Newcrest Mining Ltd. (a) | 1,774 | ||||||
| 112 | Orica Ltd. | 1,313 | ||||||
| 267 | Origin Energy Ltd. | 1,039 | ||||||
| 446 | Qantas Airways Ltd. (a) | 1,256 | ||||||
| 288 | QBE Insurance Group Ltd. | 2,698 | ||||||
| 46 | Ramsay Health Care Ltd. | 2,031 | ||||||
| 22 | REA Group Ltd. | 746 | ||||||
| 179 | Santos Ltd. | 738 | ||||||
| 879 | Scentre Group | 2,578 | ||||||
| 7 | SEEK Ltd. | 64 | ||||||
| 1,438 | South32 Ltd. (a) | 1,489 | ||||||
| 182 | Stockland | 522 | ||||||
| 452 | Suncorp Group Ltd. | 4,196 | ||||||
| 287 | Sydney Airport | 1,313 | ||||||
| 567 | Tabcorp Holdings Ltd. | 1,894 | ||||||
| 929 | Telstra Corp., Ltd. | 3,558 | ||||||
| 113 | TPG Telecom Ltd. | 886 | ||||||
| 538 | Transurban Group | 3,989 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Australia — continued | ||||||||
| 184 | Wesfarmers Ltd. | 5,148 | ||||||
| 266 | Westfield Corp. | 1,933 | ||||||
| 708 | Westpac Banking Corp. | 15,776 | ||||||
| 174 | Woodside Petroleum Ltd. | 3,653 | ||||||
| 357 | Woolworths Ltd. | 6,111 | ||||||
|
| |||||||
| 174,612 | ||||||||
|
| |||||||
Austria — 0.0% (g) |
| |||||||
| – | (h) | Telekom Austria AG | – | (h) | ||||
|
| |||||||
Belgium — 0.3% |
| |||||||
| 112 | Anheuser-Busch InBev S.A. | 13,416 | ||||||
| 79 | Delhaize Group | 7,286 | ||||||
|
| |||||||
| 20,702 | ||||||||
|
| |||||||
Canada — 2.9% |
| |||||||
| 34 | Agrium, Inc. | 3,199 | ||||||
| 89 | Alimentation Couche-Tard, Inc., Class B | 3,811 | ||||||
| 142 | Bank of Montreal | 8,235 | ||||||
| 255 | Bank of Nova Scotia (The) | 12,008 | ||||||
| 237 | Barrick Gold Corp. | 1,818 | ||||||
| 49 | BCE, Inc. | 2,128 | ||||||
| 184 | Brookfield Asset Management, Inc., Class A | 6,438 | ||||||
| 88 | Canadian Imperial Bank of Commerce | 6,782 | ||||||
| 189 | Canadian National Railway Co. | 11,527 | ||||||
| 239 | Canadian Natural Resources Ltd. | 5,547 | ||||||
| 129 | Canadian Pacific Railway Ltd. | 18,140 | ||||||
| 24 | Canadian Tire Corp., Ltd., Class A | 2,102 | ||||||
| 169 | Cenovus Energy, Inc. | 2,511 | ||||||
| 70 | CGI Group, Inc., Class A (a) | 2,600 | ||||||
| 6 | Constellation Software, Inc. | 2,522 | ||||||
| 81 | Crescent Point Energy Corp. | 1,109 | ||||||
| 38 | Dollarama, Inc. | 2,561 | ||||||
| 173 | Enbridge, Inc. | 7,375 | ||||||
| 169 | Encana Corp. | 1,285 | ||||||
| 7 | Fairfax Financial Holdings Ltd. | 3,234 | ||||||
| 163 | First Quantum Minerals Ltd. | 873 | ||||||
| 60 | Fortis, Inc. | 1,737 | ||||||
| 33 | Franco-Nevada Corp. | 1,684 | ||||||
| 71 | Gildan Activewear, Inc. | 2,038 | ||||||
| 183 | Goldcorp, Inc. | 2,338 | ||||||
| 64 | Great-West Lifeco, Inc. | 1,687 | ||||||
| 66 | Imperial Oil Ltd. | 2,195 | ||||||
| 29 | Intact Financial Corp. | 2,077 | ||||||
| 109 | Inter Pipeline Ltd. | 2,038 | ||||||
| 56 | Loblaw Cos. Ltd. | 2,945 | ||||||
| 36 | lululemon athletica, Inc. (a) | 1,755 | ||||||
| 95 | Magna International, Inc. | 5,030 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 48 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Canada — continued | ||||||||
| 407 | Manulife Financial Corp. | 6,752 | ||||||
| 62 | Metro, Inc. | 1,771 | ||||||
| 72 | National Bank of Canada | 2,369 | ||||||
| 68 | Pembina Pipeline Corp. | 1,701 | ||||||
| 187 | Potash Corp. of Saskatchewan, Inc. | 3,779 | ||||||
| 77 | Power Corp. of Canada | 1,740 | ||||||
| 54 | Power Financial Corp. | 1,326 | ||||||
| 63 | Restaurant Brands International, Inc. | 2,520 | ||||||
| 84 | Rogers Communications, Inc., Class B | 3,343 | ||||||
| 319 | Royal Bank of Canada | 18,254 | ||||||
| 85 | Shaw Communications, Inc., Class B | 1,758 | ||||||
| 82 | Silver Wheaton Corp. | 1,116 | ||||||
| 132 | Sun Life Financial, Inc. | 4,458 | ||||||
| 342 | Suncor Energy, Inc. | 10,190 | ||||||
| 404 | Toronto-Dominion Bank (The) | 16,601 | ||||||
| 155 | TransCanada Corp. | 5,201 | ||||||
|
| |||||||
| 214,208 | ||||||||
|
| |||||||
China — 0.0% (g) |
| |||||||
| 1,462 | Yangzijiang Shipbuilding Holdings Ltd. | 1,301 | ||||||
|
| |||||||
Colombia — 0.0% (g) |
| |||||||
| – | (h) | Pacific Exploration and Production Corp. (a) | – | (h) | ||||
|
| |||||||
Denmark — 0.6% |
| |||||||
| 6 | AP Moeller—Maersk A/S, Class B | 9,240 | ||||||
| 241 | Danske Bank A/S | 6,642 | ||||||
| 422 | Novo Nordisk A/S, Class B | 22,391 | ||||||
| 45 | Pandora A/S | 5,145 | ||||||
|
| |||||||
| 43,418 | ||||||||
|
| |||||||
Finland — 0.6% |
| |||||||
| 2,661 | Nokia OYJ | 19,798 | ||||||
| –(h) | Nokian Renkaat OYJ | – | (h) | |||||
| 727 | UPM-Kymmene OYJ | 13,611 | ||||||
| 331 | Wartsila OYJ Abp | 14,137 | ||||||
|
| |||||||
| 47,546 | ||||||||
|
| |||||||
France — 3.8% |
| |||||||
| 157 | Air Liquide S.A. | 20,272 | ||||||
| 283 | Airbus Group SE | 19,738 | ||||||
| 76 | Arkema S.A. | 5,571 | ||||||
| 877 | AXA S.A. | 23,416 | ||||||
| 395 | BNP Paribas S.A. | 23,932 | ||||||
| 190 | Bouygues S.A. | 7,178 | ||||||
| 74 | Cap Gemini S.A. | 6,602 | ||||||
| 224 | Cie de Saint-Gobain | 9,373 | ||||||
| 44 | Cie Generale des Etablissements Michelin | 4,399 | ||||||
| 32 | Danone S.A. | 2,252 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
France — continued | ||||||||
| 101 | Engie S.A. | 1,764 | ||||||
| 57 | L’Oreal S.A. | 10,442 | ||||||
| 13 | LVMH Moet Hennessy Louis Vuitton SE | 2,426 | ||||||
| 1,113 | Natixis S.A. | 6,810 | ||||||
| 166 | Publicis Groupe S.A. | 10,736 | ||||||
| 162 | Renault S.A. | 15,286 | ||||||
| 321 | Sanofi | 32,388 | ||||||
| 74 | Schneider Electric SE | 4,442 | ||||||
| 122 | Societe Generale S.A. | 5,689 | ||||||
| 102 | Sodexo S.A. | 9,075 | ||||||
| 177 | Thales S.A. | 12,806 | ||||||
| 591 | TOTAL S.A. | 28,564 | ||||||
| 25 | Unibail-Rodamco SE | 6,876 | ||||||
| 425 | Vivendi S.A. (a) | 10,227 | ||||||
|
| |||||||
| 280,264 | ||||||||
|
| |||||||
Germany — 3.2% |
| |||||||
| 122 | Allianz SE | 21,349 | ||||||
| 97 | BASF SE | 7,933 | ||||||
| 249 | Bayer AG | 33,210 | ||||||
| 38 | Bayerische Motoren Werke AG | 3,890 | ||||||
| 186 | Brenntag AG | 11,233 | ||||||
| 47 | Continental AG | 11,397 | ||||||
| 330 | Daimler AG | 28,595 | ||||||
| 279 | Deutsche Bank AG | 7,822 | ||||||
| 546 | Deutsche Post AG | 16,208 | ||||||
| 641 | Deutsche Telekom AG | 12,013 | ||||||
| 870 | E.ON SE | 9,179 | ||||||
| 143 | HeidelbergCement AG | 10,646 | ||||||
| 785 | Infineon Technologies AG | 9,665 | ||||||
| 107 | K+S AG | 2,698 | ||||||
| 26 | Muenchener Rueckversicherungs-Gesellschaft AG | 5,131 | ||||||
| 279 | SAP SE | 22,010 | ||||||
| 130 | Siemens AG | 13,046 | ||||||
| 1,335 | Telefonica Deutschland Holding AG | 8,593 | ||||||
|
| |||||||
| 234,618 | ||||||||
|
| |||||||
Hong Kong — 1.2% |
| |||||||
| 2,639 | AIA Group Ltd. | 15,476 | ||||||
| 1,090 | BOC Hong Kong Holdings Ltd. | 3,484 | ||||||
| 739 | Cathay Pacific Airways Ltd. | 1,466 | ||||||
| 285 | Cheung Kong Infrastructure Holdings Ltd. | 2,644 | ||||||
| 565 | Cheung Kong Property Holdings Ltd. | 3,955 | ||||||
| 675 | CK Hutchison Holdings Ltd. | 9,240 | ||||||
| 239 | CLP Holdings Ltd. | 2,078 | ||||||
| 265 | Galaxy Entertainment Group Ltd. | 905 | ||||||
| 80 | Hang Lung Properties Ltd. | 196 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 49 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Hong Kong — continued | ||||||||
| 212 | Hang Seng Bank Ltd. | 3,880 | ||||||
| 495 | Henderson Land Development Co., Ltd. | 3,164 | ||||||
| 837 | HKT Trust & HKT Ltd. | 1,003 | ||||||
| 1,720 | Hong Kong & China Gas Co., Ltd. | 3,488 | ||||||
| 206 | Hong Kong Exchanges and Clearing Ltd. | 5,383 | ||||||
| 504 | Kerry Properties Ltd. | 1,490 | ||||||
| 2,030 | Li & Fung Ltd. | 1,646 | ||||||
| 414 | Link REIT | 2,473 | ||||||
| 582 | MTR Corp., Ltd. | 2,634 | ||||||
| 2,129 | New World Development Co., Ltd. | 2,271 | ||||||
| 183 | NWS Holdings Ltd. | 275 | ||||||
| 249 | Power Assets Holdings Ltd. | 2,477 | ||||||
| 774 | Sands China Ltd. | 2,789 | ||||||
| 1,508 | Sino Land Co., Ltd. | 2,328 | ||||||
| 363 | Sun Hung Kai Properties Ltd. | 4,849 | ||||||
| 185 | Swire Pacific Ltd., Class A | 2,132 | ||||||
| 60 | Techtronic Industries Co., Ltd. | 217 | ||||||
| 528 | Wharf Holdings Ltd. (The) | 3,142 | ||||||
| 121 | Wheelock & Co., Ltd. | 564 | ||||||
| 174 | Yue Yuen Industrial Holdings Ltd. | 635 | ||||||
|
| |||||||
| 86,284 | ||||||||
|
| |||||||
Ireland — 1.0% |
| |||||||
| 338 | Accenture plc, Class A | 36,188 | ||||||
| 67 | Allegion plc | 4,395 | ||||||
| 172 | James Hardie Industries plc | 2,221 | ||||||
| 64 | Medtronic plc | 4,699 | ||||||
| 29 | Perrigo Co. plc | 4,638 | ||||||
| 213 | Shire plc | 16,121 | ||||||
| 220 | XL Group plc | 8,371 | ||||||
|
| |||||||
| 76,633 | ||||||||
|
| |||||||
Israel — 0.1% |
| |||||||
| 155 | Teva Pharmaceutical Industries Ltd., ADR | 9,160 | ||||||
|
| |||||||
Italy — 1.1% |
| |||||||
| 588 | Assicurazioni Generali S.p.A. | 11,140 | ||||||
| 319 | Atlantia S.p.A. | 8,841 | ||||||
| 4,007 | Enel S.p.A. | 18,477 | ||||||
| 166 | Eni S.p.A. | 2,713 | ||||||
| 3,766 | Intesa Sanpaolo S.p.A. | 13,101 | ||||||
| 984 | Snam S.p.A. | 5,093 | ||||||
| 6,576 | Telecom Italia S.p.A. (a) | 9,175 | ||||||
| 1,853 | UniCredit S.p.A. | 11,963 | ||||||
|
| |||||||
| 80,503 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — 8.7% |
| |||||||
| 328 | Ajinomoto Co., Inc. | 7,306 | ||||||
| 4 | Alfresa Holdings Corp. | 77 | ||||||
| 92 | Alps Electric Co., Ltd. | 2,856 | ||||||
| 686 | Amada Holdings Co., Ltd. | 6,119 | ||||||
| 1,534 | ANA Holdings, Inc. | 4,581 | ||||||
| 200 | Asahi Glass Co., Ltd. | 1,145 | ||||||
| 27 | Asahi Group Holdings Ltd. | 845 | ||||||
| 579 | Asahi Kasei Corp. | 3,553 | ||||||
| 521 | Astellas Pharma, Inc. | 7,559 | ||||||
| 194 | Bandai Namco Holdings, Inc. | 4,774 | ||||||
| 824 | Bank of Yokohama Ltd. (The) | 5,143 | ||||||
| 205 | Bridgestone Corp. | 7,521 | ||||||
| 214 | Canon, Inc. | 6,399 | ||||||
| 53 | Central Japan Railway Co. | 9,595 | ||||||
| 894 | Chiba Bank Ltd. (The) | 6,522 | ||||||
| 107 | Chubu Electric Power Co., Inc. | 1,646 | ||||||
| 42 | Chugai Pharmaceutical Co., Ltd. | 1,339 | ||||||
| 354 | Citizen Holdings Co., Ltd. | 2,683 | ||||||
| 82 | COLOPL, Inc. | 1,335 | ||||||
| 203 | Daicel Corp. | 2,683 | ||||||
| 420 | Dai-ichi Life Insurance Co., Ltd. (The) | 7,273 | ||||||
| 102 | Daikin Industries Ltd. | 6,554 | ||||||
| 111 | Daiwa House Industry Co., Ltd. | 2,901 | ||||||
| 54 | Denso Corp. | 2,499 | ||||||
| 101 | Dentsu, Inc. | 5,695 | ||||||
| 140 | East Japan Railway Co. | 13,301 | ||||||
| 50 | Eisai Co., Ltd. | 3,146 | ||||||
| 40 | FamilyMart Co., Ltd. | 1,631 | ||||||
| 25 | FANUC Corp. | 4,323 | ||||||
| 23 | Fast Retailing Co., Ltd. | 8,219 | ||||||
| 188 | Fuji Heavy Industries Ltd. | 7,278 | ||||||
| 118 | FUJIFILM Holdings Corp. | 4,691 | ||||||
| 24 | Fukuoka Financial Group, Inc. | 126 | ||||||
| 770 | Furukawa Electric Co., Ltd. | 1,409 | ||||||
| 1,709 | Hitachi Ltd. | 9,859 | ||||||
| 402 | Hokuhoku Financial Group, Inc. | 893 | ||||||
| 402 | Honda Motor Co., Ltd. | 13,288 | ||||||
| 57 | Hoya Corp. | 2,348 | ||||||
| 105 | Hulic Co., Ltd. | 982 | ||||||
| 257 | Ibiden Co., Ltd. | 3,545 | ||||||
| 15 | Isetan Mitsukoshi Holdings Ltd. | 245 | ||||||
| 2 | Japan Retail Fund Investment Corp. | 4,005 | ||||||
| 352 | Japan Tobacco, Inc. | 12,183 | ||||||
| 87 | JFE Holdings, Inc. | 1,369 | ||||||
| 471 | Kansai Electric Power Co., Inc. (The) (a) | 6,040 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 50 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Japan — continued | ||||||||
| 54 | Kao Corp. | 2,772 | ||||||
| 1,120 | Kawasaki Heavy Industries Ltd. | 4,495 | ||||||
| 619 | KDDI Corp. | 14,986 | ||||||
| 18 | Keyence Corp. | 9,579 | ||||||
| 288 | Kirin Holdings Co., Ltd. | 4,076 | ||||||
| 409 | Kobe Steel Ltd. | 516 | ||||||
| 67 | Komatsu Ltd. | 1,096 | ||||||
| 148 | Kubota Corp. | 2,294 | ||||||
| 33 | Kyocera Corp. | 1,511 | ||||||
| 210 | Kyowa Hakko Kirin Co., Ltd. | 3,461 | ||||||
| 336 | Kyushu Electric Power Co., Inc. (a) | 4,056 | ||||||
| 54 | Mabuchi Motor Co., Ltd. | 2,667 | ||||||
| 67 | Makita Corp. | 3,688 | ||||||
| 339 | Marubeni Corp. | 1,959 | ||||||
| 177 | Marui Group Co., Ltd. | 2,290 | ||||||
| 335 | Medipal Holdings Corp. | 5,852 | ||||||
| 40 | MEIJI Holdings Co., Ltd. | 3,144 | ||||||
| 416 | Mitsubishi Corp. | 7,570 | ||||||
| 844 | Mitsubishi Electric Corp. | 8,790 | ||||||
| 143 | Mitsubishi Estate Co., Ltd. | 3,067 | ||||||
| 300 | Mitsubishi Heavy Industries Ltd. | 1,512 | ||||||
| 7 | Mitsubishi Motors Corp. | 65 | ||||||
| 3,739 | Mitsubishi UFJ Financial Group, Inc. | 24,183 | ||||||
| 726 | Mitsui & Co., Ltd. | 9,213 | ||||||
| 913 | Mitsui Chemicals, Inc. | 3,452 | ||||||
| 400 | Mitsui Fudosan Co., Ltd. | 10,885 | ||||||
| 149 | Mitsui OSK Lines Ltd. | 398 | ||||||
| 4,477 | Mizuho Financial Group, Inc. | 9,223 | ||||||
| 31 | Murata Manufacturing Co., Ltd. | 4,427 | ||||||
| 160 | NGK Spark Plug Co., Ltd. | 3,893 | ||||||
| 157 | NH Foods Ltd. | 3,275 | ||||||
| 92 | Nidec Corp. | 6,910 | ||||||
| 23 | Nintendo Co., Ltd. | 3,677 | ||||||
| 489 | Nippon Electric Glass Co., Ltd. | 2,393 | ||||||
| 429 | Nippon Express Co., Ltd. | 2,210 | ||||||
| – | (h) | Nippon Prologis REIT, Inc. | 264 | |||||
| 340 | Nippon Steel & Sumitomo Metal Corp. | 6,889 | ||||||
| 308 | Nippon Telegraph & Telephone Corp. | 11,273 | ||||||
| 1,133 | Nissan Motor Co., Ltd. | 11,742 | ||||||
| 40 | Nitori Holdings Co., Ltd. | 3,150 | ||||||
| 78 | Nitto Denko Corp. | 5,002 | ||||||
| 1,458 | Nomura Holdings, Inc. | 9,173 | ||||||
| 74 | Nomura Real Estate Holdings, Inc. | 1,586 | ||||||
| 148 | NTT DOCOMO, Inc. | 2,890 | ||||||
| 336 | Obayashi Corp. | 2,947 | ||||||
| 75 | Omron Corp. | 2,487 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued | ||||||||
| 20 | Ono Pharmaceutical Co., Ltd. | 2,671 | ||||||
| 30 | Oriental Land Co., Ltd. | 1,798 | ||||||
| 269 | ORIX Corp. | 3,930 | ||||||
| 159 | Otsuka Holdings Co., Ltd. | 5,298 | ||||||
| 459 | Panasonic Corp. | 5,389 | ||||||
| 144 | Rakuten, Inc. | 1,989 | ||||||
| 1,167 | Resona Holdings, Inc. | 6,175 | ||||||
| 9 | Santen Pharmaceutical Co., Ltd. | 115 | ||||||
| 310 | Sanwa Holdings Corp. | 2,507 | ||||||
| 162 | Seiko Epson Corp. | 2,479 | ||||||
| 427 | Sekisui Chemical Co., Ltd. | 5,038 | ||||||
| 103 | Seven & i Holdings Co., Ltd. | 4,679 | ||||||
| 148 | Shimadzu Corp. | 2,296 | ||||||
| 408 | Shimizu Corp. | 3,572 | ||||||
| 154 | Shin-Etsu Chemical Co., Ltd. | 9,170 | ||||||
| 17 | SMC Corp. | 4,296 | ||||||
| 160 | SoftBank Group Corp. | 8,981 | ||||||
| 222 | Sompo Japan Nipponkoa Holdings, Inc. | 6,977 | ||||||
| 346 | Sony Corp. | 9,835 | ||||||
| 81 | Sumitomo Corp. | 888 | ||||||
| 156 | Sumitomo Electric Industries Ltd. | 2,135 | ||||||
| – | (h) | Sumitomo Forestry Co., Ltd. | 1 | |||||
| 349 | Sumitomo Mitsui Financial Group, Inc. | 13,903 | ||||||
| 32 | Sumitomo Realty & Development Co., Ltd. | 1,054 | ||||||
| – | (h) | Sundrug Co., Ltd. | 21 | |||||
| 76 | Suntory Beverage & Food Ltd. | 3,085 | ||||||
| 158 | Suzuken Co., Ltd. | 6,028 | ||||||
| 32 | Suzuki Motor Corp. | 1,058 | ||||||
| 102 | Sysmex Corp. | 5,813 | ||||||
| 98 | T&D Holdings, Inc. | 1,283 | ||||||
| 771 | Taiheiyo Cement Corp. | 2,542 | ||||||
| 498 | Takashimaya Co., Ltd. | 4,452 | ||||||
| 74 | Takeda Pharmaceutical Co., Ltd. | 3,623 | ||||||
| 312 | Teijin Ltd. | 1,101 | ||||||
| 115 | Terumo Corp. | 3,415 | ||||||
| 185 | Tokio Marine Holdings, Inc. | 7,140 | ||||||
| 1,011 | Tokyo Gas Co., Ltd. | 5,003 | ||||||
| 238 | Toppan Printing Co., Ltd. | 2,134 | ||||||
| 170 | Toshiba Corp. (a) | 480 | ||||||
| 682 | Toyota Motor Corp. | 41,795 | ||||||
| 124 | Unicharm Corp. | 2,657 | ||||||
| 39 | West Japan Railway Co. | 2,719 | ||||||
| 201 | Yamaha Motor Co., Ltd. | 4,514 | ||||||
| 184 | Yamato Holdings Co., Ltd. | 3,612 | ||||||
|
| |||||||
| 646,123 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 51 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Luxembourg — 0.1% |
| |||||||
| 831 | ArcelorMittal | 4,642 | ||||||
|
| |||||||
Netherlands — 1.7% |
| |||||||
| 1,340 | Aegon N.V. | 8,223 | ||||||
| 131 | ASML Holding N.V. | 12,141 | ||||||
| 196 | Heineken Holding N.V. | 15,682 | ||||||
| 39 | Heineken N.V. | 3,537 | ||||||
| 1,308 | ING Groep N.V., CVA | 19,036 | ||||||
| 2,354 | Koninklijke KPN N.V. | 8,625 | ||||||
| 241 | NN Group N.V. | 7,548 | ||||||
| 66 | NXP Semiconductors N.V. (a) | 5,163 | ||||||
| 1,183 | Royal Dutch Shell plc, Class A | 30,893 | ||||||
| 617 | Royal Dutch Shell plc, Class B | 16,164 | ||||||
|
| |||||||
| 127,012 | ||||||||
|
| |||||||
New Zealand — 0.1% |
| |||||||
| 500 | Auckland International Airport Ltd. | 1,778 | ||||||
| 168 | Contact Energy Ltd. | 589 | ||||||
| 444 | Meridian Energy Ltd. | 667 | ||||||
| 72 | Ryman Healthcare Ltd. | 382 | ||||||
| 800 | Spark New Zealand Ltd. | 1,815 | ||||||
|
| |||||||
| 5,231 | ||||||||
|
| |||||||
Norway — 0.3% |
| |||||||
| 676 | DNB ASA | 8,602 | ||||||
| 942 | Norsk Hydro ASA | 3,373 | ||||||
| 411 | Telenor ASA (a) | 7,742 | ||||||
|
| |||||||
| 19,717 | ||||||||
|
| |||||||
Portugal — 0.1% |
| |||||||
| 1,337 | EDP—Energias de Portugal S.A. | 4,943 | ||||||
| 437 | Galp Energia SGPS S.A. | 4,722 | ||||||
|
| |||||||
| 9,665 | ||||||||
|
| |||||||
Singapore — 0.7% |
| |||||||
| 215 | Avago Technologies Ltd. | 26,436 | ||||||
| 1,053 | CapitaLand Commercial Trust Ltd. | 1,056 | ||||||
| 260 | ComfortDelGro Corp., Ltd. | 563 | ||||||
| 470 | DBS Group Holdings Ltd. | 5,779 | ||||||
| 1,558 | Global Logistic Properties Ltd. | 2,492 | ||||||
| 1,942 | Hutchison Port Holdings Trust, Class U | 1,076 | ||||||
| 505 | Keppel Corp., Ltd. | 2,541 | ||||||
| 789 | Oversea-Chinese Banking Corp., Ltd. | 5,073 | ||||||
| 1,435 | Singapore Telecommunications Ltd. | 4,077 | ||||||
| 320 | United Overseas Bank Ltd. | 4,639 | ||||||
| 732 | Wilmar International Ltd. | 1,631 | ||||||
|
| |||||||
| 55,363 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Spain — 1.2% |
| |||||||
| 762 | Banco Bilbao Vizcaya Argentaria S.A. | 6,556 | ||||||
| 3,673 | Banco Santander S.A. | 20,519 | ||||||
| 6,437 | Bankia S.A. | 8,272 | ||||||
| 1,157 | Distribuidora Internacional de Alimentacion S.A. (a) | 7,349 | ||||||
| 1,621 | Iberdrola S.A. | 11,560 | ||||||
| 420 | Industria de Diseno Textil S.A. | 15,739 | ||||||
| 573 | Repsol S.A. | 7,212 | ||||||
| 703 | Telefonica S.A. | 9,270 | ||||||
|
| |||||||
| 86,477 | ||||||||
|
| |||||||
Sweden — 0.6% |
| |||||||
| 320 | Assa Abloy AB, Class B | 6,362 | ||||||
| 62 | Atlas Copco AB, Class A | 1,619 | ||||||
| 319 | Electrolux AB, Series B | 9,393 | ||||||
| 509 | Nordea Bank AB | 5,615 | ||||||
| 1,007 | Sandvik AB | 9,394 | ||||||
| 310 | SKF AB, Class B | 5,454 | ||||||
| 1,625 | TeliaSonera AB | 8,303 | ||||||
|
| |||||||
| 46,140 | ||||||||
|
| |||||||
Switzerland — 4.4% |
| |||||||
| 186 | ABB Ltd. (a) | 3,507 | ||||||
| 258 | ACE Ltd. | 29,295 | ||||||
| 58 | Actelion Ltd. (a) | 8,103 | ||||||
| 259 | Cie Financiere Richemont S.A. | 22,250 | ||||||
| 517 | Credit Suisse Group AG (a) | 12,906 | ||||||
| 241 | LafargeHolcim Ltd. (a) | 13,581 | ||||||
| 874 | Nestle S.A. | 66,733 | ||||||
| 480 | Novartis AG | 43,497 | ||||||
| 193 | Roche Holding AG | 52,470 | ||||||
| 43 | Syngenta AG | 14,342 | ||||||
| 312 | TE Connectivity Ltd. | 20,076 | ||||||
| 1,206 | UBS Group AG | 24,085 | ||||||
| 224 | Wolseley plc | 13,144 | ||||||
| 15 | Zurich Insurance Group AG (a) | 3,931 | ||||||
|
| |||||||
| 327,920 | ||||||||
|
| |||||||
United Kingdom — 7.6% |
| |||||||
| 1,394 | 3i Group plc | 10,741 | ||||||
| 82 | Anglo American plc | 690 | ||||||
| 101 | ARM Holdings plc | 1,593 | ||||||
| 212 | Associated British Foods plc | 11,268 | ||||||
| 436 | AstraZeneca plc | 27,782 | ||||||
| 1,745 | Aviva plc | 13,041 | ||||||
| 1,310 | BAE Systems plc | 8,860 | ||||||
| 6,197 | Barclays plc | 22,080 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 52 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United Kingdom — continued |
| |||||||
| 895 | BG Group plc | 14,134 | ||||||
| 4,062 | BP plc | 24,143 | ||||||
| 621 | British American Tobacco plc | 36,901 | ||||||
| 1,406 | BT Group plc | 10,039 | ||||||
| 94 | Bunzl plc | 2,683 | ||||||
| 516 | Capita plc | 10,114 | ||||||
| 3,147 | Centrica plc | 10,949 | ||||||
| 362 | Compass Group plc | 6,228 | ||||||
| 34 | Delphi Automotive plc | 2,799 | ||||||
| 408 | Diageo plc | 11,753 | ||||||
| 1,492 | Dixons Carphone plc | 10,593 | ||||||
| 1,358 | GlaxoSmithKline plc | 29,287 | ||||||
| 399 | Hammerson plc | 3,912 | ||||||
| 3,818 | HSBC Holdings plc | 29,827 | ||||||
| 157 | Imperial Tobacco Group plc | 8,436 | ||||||
| 3,114 | ITV plc | 12,090 | ||||||
| 1,822 | Kingfisher plc | 9,903 | ||||||
| 32 | Liberty Global plc, Class A (a) | 1,430 | ||||||
| 123 | Liberty Global plc, Series C (a) | 5,256 | ||||||
| 20,676 | Lloyds Banking Group plc | 23,468 | ||||||
| 746 | National Grid plc | 10,632 | ||||||
| 76 | Next plc | 9,364 | ||||||
| 473 | Persimmon plc (a) | 14,497 | ||||||
| 1,073 | Prudential plc | 25,059 | ||||||
| 85 | Randgold Resources Ltd. | 5,689 | ||||||
| 224 | Reckitt Benckiser Group plc | 21,890 | ||||||
| 113 | Rio Tinto Ltd. | 4,036 | ||||||
| 387 | Rio Tinto plc | 14,093 | ||||||
| 649 | RSA Insurance Group plc | 4,199 | ||||||
| 358 | SABMiller plc | 21,965 | ||||||
| 291 | Standard Chartered plc | 3,232 | ||||||
| 2,563 | Tesco plc (a) | 7,228 | ||||||
| 460 | Unilever N.V., CVA | 20,803 | ||||||
| 8,741 | Vodafone Group plc | 28,766 | ||||||
| 144 | Whitbread plc | 10,978 | ||||||
| 132 | WPP plc | 2,954 | ||||||
|
| |||||||
| 565,385 | ||||||||
|
| |||||||
United States — 54.1% |
| |||||||
| 13 | 3M Co. | 1,971 | ||||||
| 531 | Abbott Laboratories | 23,781 | ||||||
| 42 | AbbVie, Inc. | 2,500 | ||||||
| 331 | Adobe Systems, Inc. (a) | 29,352 | ||||||
| 178 | Aetna, Inc. | 20,460 | ||||||
| 269 | Alcoa, Inc. | 2,401 | ||||||
| 94 | Alexion Pharmaceuticals, Inc. (a) | 16,476 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued |
| |||||||
| 118 | Allergan plc (a) | 36,465 | ||||||
| 41 | Alliance Data Systems Corp. (a) | 12,103 | ||||||
| 71 | Alphabet, Inc., Class A (a) | 52,678 | ||||||
| 83 | Alphabet, Inc., Class C (a) | 58,781 | ||||||
| 142 | Altria Group, Inc. | 8,601 | ||||||
| 102 | Amazon.com, Inc. (a) | 64,064 | ||||||
| 439 | American International Group, Inc. | 27,709 | ||||||
| 143 | American Tower Corp. | 14,631 | ||||||
| 215 | American Water Works Co., Inc. | 12,325 | ||||||
| 93 | Ameriprise Financial, Inc. | 10,717 | ||||||
| 58 | AMETEK, Inc. | 3,163 | ||||||
| 36 | Amgen, Inc. | 5,728 | ||||||
| 150 | Amphenol Corp., Class A | 8,142 | ||||||
| 191 | Anadarko Petroleum Corp. | 12,790 | ||||||
| 1,317 | Apple, Inc. | 157,387 | ||||||
| 670 | Applied Materials, Inc. | 11,243 | ||||||
| 235 | Archer-Daniels-Midland Co. | 10,717 | ||||||
| 21 | Arrow Electronics, Inc. (a) | 1,130 | ||||||
| 151 | Arthur J. Gallagher & Co. | 6,622 | ||||||
| 1,119 | AT&T, Inc. | 37,484 | ||||||
| 103 | Automatic Data Processing, Inc. | 8,917 | ||||||
| 81 | AutoNation, Inc. (a) | 5,127 | ||||||
| 12 | AutoZone, Inc. (a) | 9,664 | ||||||
| 91 | AvalonBay Communities, Inc. | 15,962 | ||||||
| 28 | Avnet, Inc. | 1,254 | ||||||
| 91 | Axiall Corp. | 1,846 | ||||||
| 204 | Baker Hughes, Inc. | 10,757 | ||||||
| 3,441 | Bank of America Corp. | 57,732 | ||||||
| 129 | BB&T Corp. | 4,786 | ||||||
| 18 | Becton, Dickinson and Co. | 2,583 | ||||||
| 251 | Berkshire Hathaway, Inc., Class B (a) | 34,203 | ||||||
| 229 | Best Buy Co., Inc. | 8,006 | ||||||
| 92 | Biogen, Inc. (a) | 26,789 | ||||||
| 79 | BioMarin Pharmaceutical, Inc. (a) | 9,264 | ||||||
| 65 | BlackRock, Inc. | 22,825 | ||||||
| 69 | Boston Properties, Inc. | 8,639 | ||||||
| 1,266 | Boston Scientific Corp. (a) | 23,140 | ||||||
| 575 | Bristol-Myers Squibb Co. | 37,913 | ||||||
| 208 | Broadcom Corp., Class A | 10,712 | ||||||
| 32 | Bunge Ltd. | 2,307 | ||||||
| 301 | Cabot Oil & Gas Corp. | 6,530 | ||||||
| 179 | Capital One Financial Corp. | 14,160 | ||||||
| 218 | Carnival Corp. | 11,806 | ||||||
| 23 | Caterpillar, Inc. | 1,669 | ||||||
| 276 | CBS Corp. (Non-Voting), Class B | 12,818 | ||||||
| 296 | Celgene Corp. (a) | 36,261 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 53 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United States — continued |
| |||||||
| 22 | Centene Corp. (a) | 1,321 | ||||||
| 296 | CenterPoint Energy, Inc. | 5,494 | ||||||
| 51 | CF Industries Holdings, Inc. | 2,567 | ||||||
| 686 | Charles Schwab Corp. (The) | 20,935 | ||||||
| 91 | Charter Communications, Inc., Class A (a) | 17,456 | ||||||
| 426 | Chevron Corp. | 38,706 | ||||||
| 54 | Cigna Corp. | 7,229 | ||||||
| 841 | Cisco Systems, Inc. | 24,264 | ||||||
| 1,006 | Citigroup, Inc. | 53,477 | ||||||
| 309 | CMS Energy Corp. | 11,148 | ||||||
| 618 | Coca-Cola Co. (The) | 26,176 | ||||||
| 132 | Coca-Cola Enterprises, Inc. | 6,797 | ||||||
| 363 | Cognizant Technology Solutions Corp., Class A (a) | 24,728 | ||||||
| 113 | Colgate-Palmolive Co. | 7,489 | ||||||
| 470 | Columbia Pipeline Group, Inc. | 9,755 | ||||||
| 660 | Comcast Corp., Class A | 41,317 | ||||||
| 76 | Concho Resources, Inc. (a) | 8,808 | ||||||
| 76 | ConocoPhillips | 4,078 | ||||||
| 140 | Constellation Brands, Inc., Class A | 18,906 | ||||||
| 289 | Corning, Inc. | 5,375 | ||||||
| 178 | Costco Wholesale Corp. | 28,144 | ||||||
| 271 | Crown Holdings, Inc. (a) | 14,383 | ||||||
| 234 | CSX Corp. | 6,308 | ||||||
| 91 | Cummins, Inc. | 9,465 | ||||||
| 151 | CVS Health Corp. | 14,944 | ||||||
| 304 | D.R. Horton, Inc. | 8,945 | ||||||
| 251 | Delta Air Lines, Inc. | 12,741 | ||||||
| 31 | DENTSPLY International, Inc. | 1,914 | ||||||
| 192 | Discover Financial Services | 10,788 | ||||||
| 224 | DISH Network Corp., Class A (a) | 14,117 | ||||||
| 168 | Dollar General Corp. | 11,366 | ||||||
| 133 | Douglas Emmett, Inc. | 4,048 | ||||||
| 374 | Dow Chemical Co. (The) | 19,303 | ||||||
| 71 | Dr. Pepper Snapple Group, Inc. | 6,376 | ||||||
| 88 | DTE Energy Co. | 7,216 | ||||||
| 91 | Dunkin’ Brands Group, Inc. | 3,754 | ||||||
| 327 | E.I. du Pont de Nemours & Co. | 20,760 | ||||||
| 110 | Eastman Chemical Co. | 7,939 | ||||||
| 366 | Eaton Corp. plc | 20,483 | ||||||
| 238 | Edison International | 14,424 | ||||||
| 402 | Eli Lilly & Co. | 32,819 | ||||||
| 321 | EMC Corp. | 8,408 | ||||||
| 225 | EOG Resources, Inc. | 19,340 | ||||||
| 147 | EQT Corp. | 9,690 | ||||||
| 115 | Equifax, Inc. | 12,275 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued |
| |||||||
| 16 | Equinix, Inc. | 4,836 | ||||||
| 41 | Essex Property Trust, Inc. | 8,972 | ||||||
| 105 | Exelon Corp. | 2,933 | ||||||
| 168 | Express Scripts Holding Co. (a) | 14,512 | ||||||
| 878 | Exxon Mobil Corp. | 72,615 | ||||||
| 14 | F5 Networks, Inc. (a) | 1,557 | ||||||
| 613 | Facebook, Inc., Class A (a) | 62,457 | ||||||
| 56 | FedEx Corp. | 8,800 | ||||||
| 263 | Fidelity National Information Services, Inc. | 19,160 | ||||||
| 699 | Fifth Third Bancorp | 13,324 | ||||||
| 31 | Flowserve Corp. | 1,456 | ||||||
| 187 | Fluor Corp. | 8,953 | ||||||
| 31 | Foot Locker, Inc. | 2,131 | ||||||
| 631 | Ford Motor Co. | 9,351 | ||||||
| 41 | Fortune Brands Home & Security, Inc. | 2,150 | ||||||
| 109 | Freescale Semiconductor Ltd. (a) | 3,654 | ||||||
| 47 | General Dynamics Corp. | 6,939 | ||||||
| 1,882 | General Electric Co. | 54,431 | ||||||
| 139 | General Motors Co. | 4,864 | ||||||
| 398 | Gilead Sciences, Inc. | 43,022 | ||||||
| 115 | Goldman Sachs Group, Inc. (The) | 21,573 | ||||||
| 182 | Halliburton Co. | 6,981 | ||||||
| 124 | Harman International Industries, Inc. | 13,685 | ||||||
| 48 | Hartford Financial Services Group, Inc. (The) | 2,243 | ||||||
| 141 | Hershey Co. (The) | 12,533 | ||||||
| 146 | Highwoods Properties, Inc. | 6,329 | ||||||
| 123 | Hilton Worldwide Holdings, Inc. | 3,084 | ||||||
| 40 | HollyFrontier Corp. | 1,981 | ||||||
| 41 | Hologic, Inc. (a) | 1,596 | ||||||
| 395 | Home Depot, Inc. (The) | 48,799 | ||||||
| 362 | Honeywell International, Inc. | 37,380 | ||||||
| 488 | HP, Inc. | 13,160 | ||||||
| 100 | Humana, Inc. | 17,886 | ||||||
| 56 | Illumina, Inc. (a) | 7,952 | ||||||
| 32 | Incyte Corp. (a) | 3,721 | ||||||
| 239 | Ingersoll-Rand plc | 14,145 | ||||||
| 386 | Intel Corp. | 13,081 | ||||||
| 77 | Intercontinental Exchange, Inc. | 19,400 | ||||||
| 81 | International Business Machines Corp. | 11,291 | ||||||
| 448 | Invesco Ltd. | 14,867 | ||||||
| 39 | Jack Henry & Associates, Inc. | 2,982 | ||||||
| 407 | Johnson & Johnson | 41,081 | ||||||
| 626 | KeyCorp | 7,773 | ||||||
| 154 | Kimberly-Clark Corp. | 18,395 | ||||||
| 151 | Kinder Morgan, Inc. | 4,131 | ||||||
| 192 | Kroger Co. (The) | 7,252 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 54 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United States — continued |
| |||||||
| 120 | L-3 Communications Holdings, Inc. | 15,192 | ||||||
| 296 | Lam Research Corp. | 22,708 | ||||||
| 158 | Liberty Property Trust | 5,390 | ||||||
| 81 | Lincoln National Corp. | 4,328 | ||||||
| 428 | Lowe’s Cos., Inc. | 31,587 | ||||||
| 16 | ManpowerGroup, Inc. | 1,472 | ||||||
| 252 | Marathon Petroleum Corp. | 13,069 | ||||||
| 49 | Martin Marietta Materials, Inc. | 7,567 | ||||||
| 328 | Masco Corp. | 9,509 | ||||||
| 37 | MasterCard, Inc., Class A | 3,698 | ||||||
| 12 | McDonald’s Corp. | 1,383 | ||||||
| 36 | McGraw Hill Financial, Inc. | 3,338 | ||||||
| 138 | McKesson Corp. | 24,630 | ||||||
| 44 | Mead Johnson Nutrition Co. | 3,574 | ||||||
| 353 | Merck & Co., Inc. | 19,298 | ||||||
| 577 | MetLife, Inc. | 29,046 | ||||||
| 2,050 | Microsoft Corp. | 107,912 | ||||||
| 227 | Molson Coors Brewing Co., Class B | 19,960 | ||||||
| 758 | Mondelez International, Inc., Class A | 34,998 | ||||||
| 15 | Monsanto Co. | 1,380 | ||||||
| 21 | Moody’s Corp. | 2,039 | ||||||
| 874 | Morgan Stanley | 28,831 | ||||||
| 406 | Mosaic Co. (The) | 13,715 | ||||||
| 92 | Mylan N.V. (a) | 4,053 | ||||||
| 84 | National Oilwell Varco, Inc. | 3,167 | ||||||
| 230 | NextEra Energy, Inc. | 23,659 | ||||||
| 48 | NIKE, Inc., Class B | 6,271 | ||||||
| 80 | Northrop Grumman Corp. | 14,999 | ||||||
| 66 | Nucor Corp. | 2,786 | ||||||
| 320 | Occidental Petroleum Corp. | 23,865 | ||||||
| 506 | Oracle Corp. | 19,668 | ||||||
| 337 | PACCAR, Inc. | 17,750 | ||||||
| 84 | Parker-Hannifin Corp. | 8,762 | ||||||
| 222 | PayPal Holdings, Inc. (a) | 8,010 | ||||||
| 433 | PepsiCo, Inc. | 44,287 | ||||||
| 1,692 | Pfizer, Inc. | 57,213 | ||||||
| 162 | PG&E Corp. | 8,649 | ||||||
| 431 | Philip Morris International, Inc. | 38,076 | ||||||
| 1 | Phillips 66 | 103 | ||||||
| 444 | PPL Corp. | 15,282 | ||||||
| 6 | Priceline Group, Inc. (The) (a) | 7,998 | ||||||
| 680 | Procter & Gamble Co. (The) | 51,910 | ||||||
| 344 | Prologis, Inc. | 14,711 | ||||||
| 131 | Prudential Financial, Inc. | 10,806 | ||||||
| 334 | Public Service Enterprise Group, Inc. | 13,783 | ||||||
| 318 | PulteGroup, Inc. | 5,827 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United States — continued |
| |||||||
| 243 | QUALCOMM, Inc. | 14,419 | ||||||
| 24 | Quest Diagnostics, Inc. | 1,614 | ||||||
| 98 | Questar Corp. | 2,021 | ||||||
| 83 | Ralph Lauren Corp. | 9,180 | ||||||
| 68 | Raytheon Co. | 7,933 | ||||||
| 42 | Red Hat, Inc. (a) | 3,352 | ||||||
| 57 | Regency Centers Corp. | 3,894 | ||||||
| 12 | Regeneron Pharmaceuticals, Inc. (a) | 6,767 | ||||||
| 93 | Republic Services, Inc. | 4,077 | ||||||
| 28 | Robert Half International, Inc. | 1,454 | ||||||
| 204 | Ross Stores, Inc. | 10,304 | ||||||
| 171 | Royal Caribbean Cruises Ltd. | 16,826 | ||||||
| 326 | Schlumberger Ltd. | 25,470 | ||||||
| 49 | Sealed Air Corp. | 2,427 | ||||||
| 44 | Sherwin-Williams Co. (The) | 11,719 | ||||||
| 102 | Simon Property Group, Inc. | 20,577 | ||||||
| 540 | Sirius XM Holdings, Inc. (a) | 2,202 | ||||||
| 108 | SL Green Realty Corp. | 12,787 | ||||||
| 52 | Snap-on, Inc. | 8,573 | ||||||
| 94 | Stanley Black & Decker, Inc. | 9,946 | ||||||
| 441 | Starbucks Corp. | 27,621 | ||||||
| 63 | Stryker Corp. | 6,062 | ||||||
| 223 | SunTrust Banks, Inc. | 9,266 | ||||||
| 61 | SVB Financial Group (a) | 7,426 | ||||||
| 43 | Symantec Corp. | 885 | ||||||
| 37 | Synopsys, Inc. (a) | 1,862 | ||||||
| 230 | Target Corp. | 17,744 | ||||||
| 221 | TD Ameritrade Holding Corp. | 7,604 | ||||||
| 474 | Texas Instruments, Inc. | 26,867 | ||||||
| 142 | Thermo Fisher Scientific, Inc. | 18,566 | ||||||
| 82 | Thomson Reuters Corp. | 3,359 | ||||||
| 52 | Tiffany & Co. | 4,276 | ||||||
| 59 | Time Warner Cable, Inc. | 11,236 | ||||||
| 344 | Time Warner, Inc. | 25,904 | ||||||
| 354 | TJX Cos., Inc. (The) | 25,900 | ||||||
| 124 | T-Mobile USA, Inc. (a) | 4,694 | ||||||
| 211 | Toll Brothers, Inc. (a) | 7,578 | ||||||
| 35 | Total System Services, Inc. | 1,829 | ||||||
| 739 | Twenty-First Century Fox, Inc., Class A | 22,665 | ||||||
| 93 | Twenty-First Century Fox, Inc., Class B | 2,877 | ||||||
| 97 | U.S. Bancorp | 4,094 | ||||||
| 377 | Union Pacific Corp. | 33,694 | ||||||
| 227 | United Continental Holdings, Inc. (a) | 13,702 | ||||||
| 362 | United Technologies Corp. | 35,648 | ||||||
| 326 | UnitedHealth Group, Inc. | 38,354 | ||||||
| 257 | V.F. Corp. | 17,372 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 55 | ||||||
Table of Contents
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands, except number of Futures contracts)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United States — continued |
| |||||||
| 117 | Valeant Pharmaceuticals International, Inc. (a) | 10,904 | ||||||
| 238 | Valero Energy Corp. | 15,703 | ||||||
| 35 | Vantiv, Inc., Class A (a) | 1,747 | ||||||
| – | (h) | Veritiv Corp. (a) | – | (h) | ||||
| 587 | Verizon Communications, Inc. | 27,513 | ||||||
| 120 | Vertex Pharmaceuticals, Inc. (a) | 14,956 | ||||||
| 620 | Visa, Inc., Class A | 48,137 | ||||||
| 49 | Vulcan Materials Co. | 4,770 | ||||||
| 113 | Walgreens Boots Alliance, Inc. | 9,565 | ||||||
| 301 | Walt Disney Co. (The) | 34,200 | ||||||
| 1,380 | Wells Fargo & Co. | 74,726 | ||||||
| 78 | Western Union Co. (The) | 1,498 | ||||||
| 147 | WestRock Co. | 7,904 | ||||||
| 388 | Xcel Energy, Inc. | 13,815 | ||||||
|
| |||||||
| 4,014,809 | ||||||||
|
| |||||||
Total Common Stocks | 7,177,733 | |||||||
|
| |||||||
| | NUMBER OF RIGHTS | | ||||||
| Rights — 0.0% (g) | |||||||
Australia — 0.0% (g) |
| |||||||
| 31 | Westpac Banking Corp., expiring 11/11/15 (a) | 107 | ||||||
|
| |||||||
Spain — 0.0% (g) |
| |||||||
| 3,673 | Banco Santander S.A., expiring 11/03/15 (a) | 202 | ||||||
|
| |||||||
Total Rights | 309 | |||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Preferred Stocks — 0.2% | |||||||
Germany — 0.2% |
| |||||||
| 131 | Henkel AG & Co. KGaA | 14,184 | ||||||
| 30 | Volkswagen AG | 3,605 | ||||||
|
| |||||||
| 17,789 | ||||||||
|
| |||||||
Total Preferred Stocks | 17,789 | |||||||
|
| |||||||
| Short-Term Investment — 2.8% | |||||||
Investment Company — 2.8% |
| |||||||
| 207,057 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $207,057) | 207,057 | ||||||
|
| |||||||
Total Investments — 99.8% | 7,402,888 | |||||||
Other Assets in Excess of | 12,390 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 7,415,278 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| 56 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 8.9 | % | ||
Pharmaceuticals | 7.3 | |||
Oil, Gas & Consumable Fuels | 5.6 | |||
Insurance | 4.2 | |||
Media | 3.1 | |||
Beverages | 2.7 | |||
Capital Markets | 2.7 | |||
Specialty Retail | 2.6 | |||
Software | 2.6 | |||
Technology Hardware, Storage & Peripherals | 2.6 | |||
IT Services | 2.6 | |||
Biotechnology | 2.4 | |||
Internet Software & Services | 2.3 | |||
Diversified Telecommunication Services | 2.3 | |||
Chemicals | 2.2 | |||
Food Products | 2.2 | |||
Aerospace & Defense | 2.2 | |||
Real Estate Investment Trusts (REITs) | 2.1 | |||
Automobiles | 2.0 | |||
| INDUSTRY | PERCENTAGE | |||
Semiconductors & Semiconductor Equipment | 1.9 | % | ||
Health Care Providers & Services | 1.9 | |||
Machinery | 1.8 | |||
Electric Utilities | 1.7 | |||
Household Products | 1.6 | |||
Food & Staples Retailing | 1.5 | |||
Road & Rail | 1.4 | |||
Tobacco | 1.4 | |||
Hotels, Restaurants & Leisure | 1.4 | |||
Industrial Conglomerates | 1.1 | |||
Multi-Utilities | 1.1 | |||
Household Durables | 1.1 | |||
Metals & Mining | 1.0 | |||
Electronic Equipment, Instruments & Components | 1.0 | |||
Health Care Equipment & Supplies | 1.0 | |||
Internet & Catalog Retail | 1.0 | |||
Others (each less than 1.0%) | 12.7 | |||
Short-Term Investment | 2.8 | |||
| Futures Contracts | ||||||||||||||||||||
| NUMBER OF CONTRACTS | DESCRIPTION | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL VALUE AT OCTOBER 31, 2015 | NET UNREALIZED APPRECIATION (DEPRECIATION) | |||||||||||||||
Long Futures Outstanding |
| |||||||||||||||||||
| 1,738 | E-mini S&P 500 | 12/18/15 | USD | $ | 180,205 | $ | 10,589 | |||||||||||||
|
| |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 57 | ||||||
Table of Contents
JPMorgan Global Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 101.0% | |||||||
Brazil — 1.2% | ||||||||
| 3 | Itau Unibanco Holding S.A. (Preference Shares), ADR | 19 | ||||||
|
| |||||||
Canada — 1.7% | ||||||||
| 1 | MEG Energy Corp. (a) | 11 | ||||||
| – | (h) | Toronto-Dominion Bank (The) | 16 | |||||
|
| |||||||
| 27 | ||||||||
|
| |||||||
China — 7.7% | ||||||||
| – | (h) | Baidu, Inc., ADR (a) | 53 | |||||
| – | (h) | Bitauto Holdings Ltd., ADR (a) | 8 | |||||
| – | (h) | CNOOC Ltd., ADR | 18 | |||||
| 56 | Industrial & Commercial Bank of China Ltd., Class H | 35 | ||||||
| 1 | Vipshop Holdings Ltd., ADR (a) | 12 | ||||||
|
| |||||||
| 126 | ||||||||
|
| |||||||
Finland — 1.6% | ||||||||
| 3 | Nokia OYJ | 19 | ||||||
| 2 | Outokumpu OYJ (a) | 7 | ||||||
|
| |||||||
| 26 | ||||||||
|
| |||||||
France — 7.0% | ||||||||
| – | (h) | Airbus Group SE | 13 | |||||
| 1 | AXA S.A. | 29 | ||||||
| 1 | IPSOS | 16 | ||||||
| 1 | Orange S.A. | 19 | ||||||
| – | (h) | Sanofi | 38 | |||||
|
| |||||||
| 115 | ||||||||
|
| |||||||
Germany — 1.3% | ||||||||
| – | (h) | Bayer AG | 22 | |||||
|
| |||||||
India — 1.5% | ||||||||
| 1 | ICICI Bank Ltd., ADR | 12 | ||||||
| – | (h) | Tata Motors Ltd., ADR (a) | 13 | |||||
|
| |||||||
| 25 | ||||||||
|
| |||||||
Ireland — 1.7% | ||||||||
| – | (h) | Shire plc, ADR | 29 | |||||
|
| |||||||
Israel — 3.5% | ||||||||
| 1 | Teva Pharmaceutical Industries Ltd., ADR | 57 | ||||||
|
| |||||||
Japan — 1.2% | ||||||||
| 1 | Sumitomo Mitsui Financial Group, Inc. | 20 | ||||||
|
| |||||||
Netherlands — 1.3% | ||||||||
| – | (h) | NXP Semiconductors N.V. (a) | 21 | |||||
|
| |||||||
Norway — 1.0% | ||||||||
| 1 | DNB ASA | 16 | ||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
South Korea — 1.4% | ||||||||
| – | (h) | Samsung Electronics Co., Ltd. | 23 | |||||
|
| |||||||
Spain — 0.8% | ||||||||
| – | (h) | Grifols S.A., ADR | 13 | |||||
|
| |||||||
Switzerland — 5.3% | ||||||||
| – | (h) | ACE Ltd. | 26 | |||||
| – | (h) | Novartis AG | 27 | |||||
| – | (h) | Roche Holding AG | 17 | |||||
| 1 | UBS Group AG | 17 | ||||||
|
| |||||||
| 87 | ||||||||
|
| |||||||
United Kingdom — 7.1% | ||||||||
| 9 | Barclays plc | 31 | ||||||
| 28 | Lloyds Banking Group plc | 31 | ||||||
| 1 | Standard Chartered plc | 15 | ||||||
| 12 | Vodafone Group plc | 40 | ||||||
|
| |||||||
| 117 | ||||||||
|
| |||||||
United States — 55.7% | ||||||||
| – | (h) | Aetna, Inc. | 18 | |||||
| – | (h) | Alexion Pharmaceuticals, Inc. (a) | 19 | |||||
| – | (h) | Allergan plc (a) | 27 | |||||
| – | (h) | Alphabet, Inc., Class C (a) | 38 | |||||
| – | (h) | Amazon.com, Inc. (a) | 33 | |||||
| – | (h) | Anadarko Petroleum Corp. | 22 | |||||
| – | (h) | Apple, Inc. | 25 | |||||
| 2 | Bank of America Corp. | 34 | ||||||
| – | (h) | Biogen, Inc. (a) | 12 | |||||
| – | (h) | CBS Corp. (Non-Voting), Class B | 20 | |||||
| – | (h) | Charter Communications, Inc., Class A (a) | 23 | |||||
| 1 | Citigroup, Inc. | 55 | ||||||
| 1 | Columbia Pipeline Group, Inc. | 14 | ||||||
| – | (h) | DISH Network Corp., Class A (a) | 15 | |||||
| – | (h) | Eaton Corp. plc | 18 | |||||
| 1 | Fairchild Semiconductor International, Inc. (a) | 15 | ||||||
| 1 | Fluor Corp. | 41 | ||||||
| 2 | Frontier Communications Corp. | 10 | ||||||
| – | (h) | Harman International Industries, Inc. | 24 | |||||
| 1 | Horizon Pharma plc (a) | 14 | ||||||
| – | (h) | Humana, Inc. | 17 | |||||
| 1 | Invesco Ltd. | 19 | ||||||
| – | (h) | Johnson & Johnson | 18 | |||||
| – | (h) | Keurig Green Mountain, Inc. | 8 | |||||
| – | (h) | Lam Research Corp. | 30 | |||||
| – | (h) | McKesson Corp. | 16 | |||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 58 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United States — continued | ||||||||
| 1 | MetLife, Inc. | 41 | ||||||
| 1 | Mosaic Co. (The) | 23 | ||||||
| 1 | Navient Corp. | 9 | ||||||
| – | (h) | Occidental Petroleum Corp. | 27 | |||||
| 1 | Pfizer, Inc. | 28 | ||||||
| – | (h) | QUALCOMM, Inc. | 24 | |||||
| – | (h) | Ralph Lauren Corp. | 22 | |||||
| 2 | Time, Inc. | 40 | ||||||
| 2 | Twenty-First Century Fox, Inc., Class A | 61 | ||||||
| – | (h) | United Continental Holdings, Inc. (a) | 22 | |||||
| – | (h) | Valeant Pharmaceuticals International, Inc. (a) | 20 | |||||
| – | (h) | Vertex Pharmaceuticals, Inc. (a) | 12 | |||||
|
| |||||||
| 914 | ||||||||
|
| |||||||
Total Common Stocks | 1,657 | |||||||
|
| |||||||
Total Investments — 101.0% | 1,657 | |||||||
Liabilities in Excess of | (16 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 1,641 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Pharmaceuticals | 17.9 | % | ||
Banks | 17.3 | |||
Media | 10.5 | |||
Internet Software & Services | 6.0 | |||
Insurance | 5.8 | |||
Oil, Gas & Consumable Fuels | 5.5 | |||
Semiconductors & Semiconductor Equipment | 4.0 | |||
Biotechnology | 3.4 | |||
Health Care Providers & Services | 3.1 | |||
Technology Hardware, Storage & Peripherals | 2.9 | |||
Internet & Catalog Retail | 2.7 | |||
Communications Equipment | 2.6 | |||
Construction & Engineering | 2.5 | |||
Wireless Telecommunication Services | 2.4 | |||
Capital Markets | 2.2 | |||
Diversified Telecommunication Services | 1.8 | |||
Household Durables | 1.5 | |||
Chemicals | 1.4 | |||
Airlines | 1.4 | |||
Textiles, Apparel & Luxury Goods | 1.3 | |||
Electrical Equipment | 1.1 | |||
Others (each less than 1.0%) | 2.7 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 59 | ||||||
Table of Contents
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 98.0% |
| ||||||
Australia — 1.1% |
| |||||||
| 1,226 | BHP Billiton Ltd. | 20,105 | ||||||
| 639 | BHP Billiton plc | 10,206 | ||||||
| 1,794 | South32 Ltd. (a) | 1,858 | ||||||
|
| |||||||
| 32,169 | ||||||||
|
| |||||||
Belgium — 1.7% |
| |||||||
| 418 | Anheuser-Busch InBev S.A./N.V. | 49,894 | ||||||
|
| |||||||
China — 2.6% |
| |||||||
| 13,390 | China Construction Bank Corp., Class H | 9,705 | ||||||
| 21,173 | CNOOC Ltd. | 23,915 | ||||||
| 15,693 | Industrial & Commercial Bank of China Ltd., | 9,954 | ||||||
| 4,362 | Ping An Insurance Group Co. of China Ltd., | 24,482 | ||||||
| 5,737 | Wynn Macau Ltd. | 7,877 | ||||||
|
| |||||||
| 75,933 | ||||||||
|
| |||||||
Denmark — 0.9% |
| |||||||
| 497 | Novo Nordisk A/S, Class B | 26,396 | ||||||
|
| |||||||
France — 11.8% |
| |||||||
| 653 | Accor S.A. | 32,421 | ||||||
| 1,506 | AXA S.A. | 40,185 | ||||||
| 655 | BNP Paribas S.A. | 39,690 | ||||||
| 188 | Essilor International S.A. | 24,670 | ||||||
| 8 | Hermes International | 3,213 | ||||||
| 240 | Imerys S.A. | 16,434 | ||||||
| 92 | Kering | 16,940 | ||||||
| 182 | LVMH Moet Hennessy Louis Vuitton SE | 33,927 | ||||||
| 243 | Pernod-Ricard S.A. | 28,539 | ||||||
| 509 | Sanofi | 51,340 | ||||||
| 633 | Schneider Electric SE | 38,160 | ||||||
| 358 | Technip S.A. | 18,656 | ||||||
|
| |||||||
| 344,175 | ||||||||
|
| |||||||
Germany — 7.7% |
| |||||||
| 265 | Allianz SE | 46,469 | ||||||
| 314 | Bayer AG | 41,906 | ||||||
| 202 | Continental AG | 48,420 | ||||||
| 330 | Fresenius Medical Care AG & Co. KGaA | 29,679 | ||||||
| 734 | SAP SE | 57,835 | ||||||
|
| |||||||
| 224,309 | ||||||||
|
| |||||||
Hong Kong — 4.1% |
| |||||||
| 3,610 | Cheung Kong Property Holdings Ltd. | 25,256 | ||||||
| 6,322 | China Overseas Land & Investment Ltd. | 20,419 | ||||||
| 2,902 | CK Hutchison Holdings Ltd. | 39,732 | ||||||
| 6,606 | Hang Lung Properties Ltd. | 16,164 | ||||||
| 5,482 | Sands China Ltd. | 19,739 | ||||||
|
| |||||||
| 121,310 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
India — 0.9% |
| |||||||
| 449 | HDFC Bank Ltd., ADR | 27,455 | ||||||
|
| |||||||
Indonesia — 0.6% |
| |||||||
| 37,920 | Astra International Tbk PT | 16,301 | ||||||
|
| |||||||
Israel — 1.1% |
| |||||||
| 533 | Teva Pharmaceutical Industries Ltd., ADR | 31,561 | ||||||
|
| |||||||
Japan — 21.9% |
| |||||||
| 2,597 | Astellas Pharma, Inc. | 37,690 | ||||||
| 347 | Daikin Industries Ltd. | 22,263 | ||||||
| 255 | East Japan Railway Co. | 24,225 | ||||||
| 154 | FANUC Corp. | 27,101 | ||||||
| 1,384 | Honda Motor Co., Ltd. | 45,790 | ||||||
| 2,491 | Inpex Corp. | 23,745 | ||||||
| 1,515 | Japan Tobacco, Inc. | 52,419 | ||||||
| 1,054 | KDDI Corp. | 25,498 | ||||||
| 55 | Keyence Corp. | 28,842 | ||||||
| 1,346 | Komatsu Ltd. | 22,117 | ||||||
| 2,668 | Kubota Corp. | 41,358 | ||||||
| 533 | Makita Corp. | 29,205 | ||||||
| 847 | Mitsui Fudosan Co., Ltd. | 23,050 | ||||||
| 302 | Nidec Corp. | 22,765 | ||||||
| 235 | Nitto Denko Corp. | 15,050 | ||||||
| 330 | Shin-Etsu Chemical Co., Ltd. | 19,649 | ||||||
| 142 | SMC Corp. | 36,451 | ||||||
| 1,493 | Sumitomo Mitsui Financial Group, Inc. | 59,557 | ||||||
| 492 | Tokyo Electron Ltd. | 29,522 | ||||||
| 869 | Toyota Motor Corp. | 53,226 | ||||||
|
| |||||||
| 639,523 | ||||||||
|
| |||||||
Netherlands — 4.2% |
| |||||||
| 556 | Akzo Nobel N.V. | 39,317 | ||||||
| 347 | ASML Holding N.V. | 32,195 | ||||||
| 3,450 | ING Groep N.V., CVA | 50,207 | ||||||
|
| |||||||
| 121,719 | ||||||||
|
| |||||||
South Africa — 1.0% |
| |||||||
| 200 | Naspers Ltd., Class N | 29,157 | ||||||
|
| |||||||
South Korea — 1.8% |
| |||||||
| 57 | Hyundai Mobis Co., Ltd. | 11,951 | ||||||
| 71 | Samsung Electronics Co., Ltd., Reg. S, GDR | 42,265 | ||||||
|
| |||||||
| 54,216 | ||||||||
|
| |||||||
Switzerland — 13.3% |
| |||||||
| 375 | Cie Financiere Richemont S.A. | 32,181 | ||||||
| 1,706 | Credit Suisse Group AG (a) | 42,556 | ||||||
| 7,183 | Glencore plc (a) | 12,401 | ||||||
| 546 | LafargeHolcim Ltd. (a) | 30,714 | ||||||
| 545 | Nestle S.A. | 41,604 | ||||||
| 714 | Novartis AG | 64,667 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 60 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Switzerland — continued | ||||||||
| 227 | Roche Holding AG | 61,732 | ||||||
| 3,005 | UBS Group AG | 60,020 | ||||||
| 161 | Zurich Insurance Group AG (a) | 42,396 | ||||||
|
| |||||||
| 388,271 | ||||||||
|
| |||||||
Taiwan — 1.1% |
| |||||||
| 1,476 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 32,414 | ||||||
|
| |||||||
United Kingdom — 22.2% |
| |||||||
| 600 | Aggreko plc | 8,459 | ||||||
| 2,190 | ARM Holdings plc | 34,494 | ||||||
| 12,804 | Barclays plc | 45,616 | ||||||
| 3,704 | BG Group plc | 58,510 | ||||||
| 706 | British American Tobacco plc | 41,968 | ||||||
| 1,493 | Burberry Group plc | 30,500 | ||||||
| 7,856 | HSBC Holdings plc | 61,428 | ||||||
| 667 | Imperial Tobacco Group plc | 35,895 | ||||||
| 38,392 | Lloyds Banking Group plc | 43,575 | ||||||
| 2,908 | Meggitt plc | 15,839 | ||||||
| 2,519 | Prudential plc | 58,828 | ||||||
| 398 | Rio Tinto Ltd. | 14,222 | ||||||
| 436 | Rio Tinto plc | 15,892 | ||||||
| 3,014 | Standard Chartered plc | 33,458 | ||||||
| 796 | Tullow Oil plc (a) | 2,485 | ||||||
| 781 | Unilever plc | 34,771 | ||||||
| 20,721 | Vodafone Group plc | 68,191 | ||||||
| 1,992 | WPP plc | 44,653 | ||||||
|
| |||||||
| 648,784 | ||||||||
|
| |||||||
Total Common Stocks | 2,863,587 | |||||||
|
| |||||||
| Preferred Stock — 1.2% | |||||||
Germany — 1.2% |
| |||||||
| 318 | Henkel AG & Co. KGaA | 34,477 | ||||||
|
| |||||||
| Short-Term Investment — 1.2% |
| ||||||
Investment Company — 1.2% |
| |||||||
| 36,512 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 36,512 | ||||||
|
| |||||||
Total Investments — 100.4% | 2,934,576 | |||||||
Liabilities in Excess of Other | (11,953 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,922,623 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the
| ||||
| INDUSTRY | PERCENTAGE | |||
Banks | 13.0 | % | ||
Pharmaceuticals | 10.7 | |||
Insurance | 7.2 | |||
Machinery | 5.3 | |||
Tobacco | 4.4 | |||
Semiconductors & Semiconductor Equipment | 4.4 | |||
Textiles, Apparel & Luxury Goods | 4.0 | |||
Automobiles | 3.9 | |||
Oil, Gas & Consumable Fuels | 3.7 | |||
Capital Markets | 3.5 | |||
Wireless Telecommunication Services | 3.2 | |||
Real Estate Management & Development | 2.9 | |||
Beverages | 2.7 | |||
Metals & Mining | 2.5 | |||
Chemicals | 2.5 | |||
Media | 2.5 | |||
Electrical Equipment | 2.1 | |||
Auto Components | 2.1 | |||
Hotels, Restaurants & Leisure | 2.0 | |||
Software | 2.0 | |||
Construction Materials | 1.6 | |||
Technology Hardware, Storage & Peripherals | 1.4 | |||
Food Products | 1.4 | |||
Industrial Conglomerates | 1.4 | |||
Personal Products | 1.2 | |||
Household Products | 1.2 | |||
Health Care Providers & Services | 1.0 | |||
Electronic Equipment, Instruments & Components | 1.0 | |||
Others (each less than 1.0%) | 4.0 | |||
Short-Term Investment | 1.2 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 61 | ||||||
Table of Contents
JPMorgan International Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 96.1% |
| ||||||
Australia — 5.3% |
| |||||||
| 149 | BHP Billiton plc | 2,376 | ||||||
| 86 | Suncorp Group Ltd. | 802 | ||||||
| 148 | Transurban Group | 1,098 | ||||||
| 223 | Westfield Corp. | 1,618 | ||||||
|
| |||||||
| 5,894 | ||||||||
|
| |||||||
Canada — 2.0% |
| |||||||
| 46 | Bank of Nova Scotia (The) | 2,185 | ||||||
|
| |||||||
Denmark — 2.1% |
| |||||||
| 84 | Danske Bank A/S | 2,308 | ||||||
|
| |||||||
Finland — 2.2% |
| |||||||
| 128 | UPM-Kymmene OYJ | 2,393 | ||||||
|
| |||||||
France — 6.0% |
| |||||||
| 21 | Accor S.A. | 1,025 | ||||||
| 21 | Thales S.A. | 1,499 | ||||||
| 63 | TOTAL S.A. | 3,043 | ||||||
| 4 | Unibail-Rodamco SE | 1,098 | ||||||
|
| |||||||
| 6,665 | ||||||||
|
| |||||||
Germany — 13.6% |
| |||||||
| 7 | Allianz SE | 1,300 | ||||||
| 20 | Bayer AG | 2,603 | ||||||
| 5 | Continental AG | 1,176 | ||||||
| 58 | Covestro AG (a) (e) | 1,786 | ||||||
| 26 | Daimler AG | 2,270 | ||||||
| 24 | Deutsche Boerse AG | 2,228 | ||||||
| 78 | Deutsche Wohnen AG | 2,211 | ||||||
| 26 | ProSiebenSat.1 Media SE | 1,405 | ||||||
|
| |||||||
| 14,979 | ||||||||
|
| |||||||
Hong Kong — 2.8% |
| |||||||
| 143 | Cheung Kong Property Holdings Ltd. | 1,001 | ||||||
| 151 | CK Hutchison Holdings Ltd. | 2,063 | ||||||
|
| |||||||
| 3,064 | ||||||||
|
| |||||||
Israel — 3.2% |
| |||||||
| 1,664 | Bezeq The Israeli Telecommunication Corp., Ltd. | 3,567 | ||||||
|
| |||||||
Italy — 5.8% |
| |||||||
| 94 | Atlantia S.p.A. | 2,594 | ||||||
| 660 | Intesa Sanpaolo S.p.A. | 2,296 | ||||||
| 214 | Poste Italiane S.p.A. (a) (e) | 1,532 | ||||||
|
| |||||||
| 6,422 | ||||||||
|
| |||||||
Japan — 15.5% |
| |||||||
| 116 | Dai-ichi Life Insurance Co., Ltd. (The) | 2,003 | ||||||
| 87 | Daiwa House Industry Co., Ltd. | 2,279 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued | ||||||||
| 20 | Dentsu, Inc. | 1,124 | ||||||
| 60 | Japan Airlines Co., Ltd. | 2,264 | ||||||
| 61 | Japan Tobacco, Inc. | 2,111 | ||||||
| 377 | Mitsubishi UFJ Financial Group, Inc. | 2,438 | ||||||
| 79 | Nippon Telegraph & Telephone Corp. | 2,889 | ||||||
| 45 | Seven & i Holdings Co., Ltd. | 2,030 | ||||||
|
| |||||||
| 17,138 | ||||||||
|
| |||||||
Netherlands — 3.1% |
| |||||||
| 112 | ING Groep N.V., CVA | 1,626 | ||||||
| 58 | NN Group N.V. | 1,812 | ||||||
|
| |||||||
| 3,438 | ||||||||
|
| |||||||
Portugal — 1.2% |
| |||||||
| 115 | CTT-Correios de Portugal S.A. | 1,301 | ||||||
|
| |||||||
Russia — 2.7% |
| |||||||
| 204 | MMC Norilsk Nickel PJSC, ADR | 3,023 | ||||||
|
| |||||||
Spain — 1.5% |
| |||||||
| 73 | Endesa S.A. | 1,614 | ||||||
|
| |||||||
Switzerland — 6.9% |
| |||||||
| 22 | Novartis AG | 1,950 | ||||||
| 13 | Roche Holding AG | 3,560 | ||||||
| 37 | Wolseley plc | 2,171 | ||||||
|
| |||||||
| 7,681 | ||||||||
|
| |||||||
Taiwan — 2.1% |
| |||||||
| 348 | Siliconware Precision Industries Co., Ltd., | 2,327 | ||||||
|
| |||||||
United Kingdom — 18.0% |
| |||||||
| 257 | 3i Group plc | 1,983 | ||||||
| 346 | BAE Systems plc | 2,341 | ||||||
| 22 | Berkeley Group Holdings plc | 1,102 | ||||||
| 365 | Direct Line Insurance Group plc | 2,217 | ||||||
| 131 | GlaxoSmithKline plc | 2,822 | ||||||
| 164 | Hammerson plc | 1,605 | ||||||
| 35 | InterContinental Hotels Group plc | 1,402 | ||||||
| 276 | ITV plc | 1,070 | ||||||
| 283 | Legal & General Group plc | 1,142 | ||||||
| 142 | Meggitt plc | 776 | ||||||
| 65 | Reed Elsevier N.V. | 1,107 | ||||||
| 84 | RSA Insurance Group plc | 546 | ||||||
| 77 | WPP plc | 1,717 | ||||||
|
| |||||||
| 19,830 | ||||||||
|
| |||||||
United States — 2.1% |
| |||||||
| 41 | Carnival plc | 2,272 | ||||||
|
| |||||||
Total Common Stocks | 106,101 | |||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 62 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Short-Term Investment — 3.2% | |||||||
Investment Company — 3.2% |
| |||||||
| 3,526 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $3,526) | 3,526 | ||||||
|
| |||||||
Total Investments — 99.3% | 109,627 | |||||||
Other Assets in Excess of | 790 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 110,417 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Insurance | 10.4 | % | ||
Pharmaceuticals | 10.0 | |||
Banks | 9.9 | |||
Diversified Telecommunication Services | 5.9 | |||
Media | 5.8 | |||
Real Estate Management & Development | 5.0 | |||
Metals & Mining | 4.9 | |||
Hotels, Restaurants & Leisure | 4.3 | |||
Aerospace & Defense | 4.2 | |||
Real Estate Investment Trusts (REITs) | 3.9 | |||
Transportation Infrastructure | 3.4 | |||
Oil, Gas & Consumable Fuels | 2.8 | |||
Paper & Forest Products | 2.2 | |||
Semiconductors & Semiconductor Equipment | 2.1 | |||
Automobiles | 2.1 | |||
Airlines | 2.1 | |||
Diversified Financial Services | 2.0 | |||
Trading Companies & Distributors | 2.0 | |||
Tobacco | 1.9 | |||
Industrial Conglomerates | 1.9 | |||
Food & Staples Retailing | 1.8 | |||
Capital Markets | 1.8 | |||
Chemicals | 1.6 | |||
Electric Utilities | 1.5 | |||
Air Freight & Logistics | 1.2 | |||
Auto Components | 1.1 | |||
Household Durables | 1.0 | |||
Short-Term Investment | 3.2 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 63 | ||||||
Table of Contents
JPMorgan International Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 96.6% |
| ||||||
Australia — 3.6% |
| |||||||
| 1,589 | Australia & New Zealand Banking Group Ltd. | 30,739 | ||||||
| 4,539 | Goodman Group | 19,473 | ||||||
| 2,121 | Oil Search Ltd. | 11,818 | ||||||
| 2,603 | Westfield Corp. | 18,885 | ||||||
|
| |||||||
| 80,915 | ||||||||
|
| |||||||
China — 0.9% |
| |||||||
| 3,382 | ENN Energy Holdings Ltd. | 19,374 | ||||||
|
| |||||||
Denmark — 0.9% |
| |||||||
| 336 | Chr Hansen Holding A/S | 20,193 | ||||||
|
| |||||||
Finland — 2.0% |
| |||||||
| 3,899 | Nokia OYJ | 29,005 | ||||||
| 809 | UPM-Kymmene OYJ | 15,136 | ||||||
|
| |||||||
| 44,141 | ||||||||
|
| |||||||
France — 9.8% |
| |||||||
| 278 | Air Liquide S.A. | 36,017 | ||||||
| 419 | Airbus Group SE | 29,161 | ||||||
| 725 | AXA S.A. | 19,347 | ||||||
| 556 | BNP Paribas S.A. | 33,662 | ||||||
| 537 | Klepierre | 25,430 | ||||||
| 266 | Renault S.A. | 25,108 | ||||||
| 377 | Thales S.A. | 27,249 | ||||||
| 156 | Valeo S.A. | 24,116 | ||||||
|
| |||||||
| 220,090 | ||||||||
|
| |||||||
Germany — 5.6% |
| |||||||
| 379 | Bayer AG | 50,524 | ||||||
| 92 | Continental AG | 22,064 | ||||||
| 320 | Daimler AG | 27,769 | ||||||
| 2,130 | Infineon Technologies AG | 26,241 | ||||||
|
| |||||||
| 126,598 | ||||||||
|
| |||||||
Hong Kong — 2.0% |
| |||||||
| 5,726 | China Overseas Land & Investment Ltd. | 18,494 | ||||||
| 1,355 | CK Hutchison Holdings Ltd. | 18,549 | ||||||
| 8,358 | Sun Art Retail Group Ltd. | 6,832 | ||||||
|
| |||||||
| 43,875 | ||||||||
|
| |||||||
India — 0.9% |
| |||||||
| 320 | HDFC Bank Ltd., ADR | 19,556 | ||||||
|
| |||||||
Ireland — 1.5% |
| |||||||
| 456 | Shire plc | 34,537 | ||||||
|
| |||||||
Italy — 2.8% |
| |||||||
| 6,185 | Enel S.p.A. | 28,522 | ||||||
| 9,590 | Intesa Sanpaolo S.p.A. | 33,365 | ||||||
|
| |||||||
| 61,887 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — 21.7% |
| |||||||
| 391 | Daikin Industries Ltd. | 25,109 | ||||||
| 1,116 | Daiwa House Industry Co., Ltd. | 29,293 | ||||||
| 725 | Dentsu, Inc. | 40,753 | ||||||
| 1,136 | DMG Mori Co., Ltd. | 16,164 | ||||||
| 952 | Japan Airlines Co., Ltd. | 35,846 | ||||||
| 6,257 | Kajima Corp. | 35,806 | ||||||
| 55 | Keyence Corp. | 28,738 | ||||||
| 6,424 | Mitsubishi UFJ Financial Group, Inc. | 41,545 | ||||||
| 1,037 | Mitsui Fudosan Co., Ltd. | 28,221 | ||||||
| 645 | NH Foods Ltd. | 13,454 | ||||||
| 1,132 | Nippon Steel & Sumitomo Metal Corp. | 22,953 | ||||||
| 772 | Nippon Telegraph & Telephone Corp. | 28,306 | ||||||
| 2,130 | ORIX Corp. | 31,107 | ||||||
| 633 | Seven & i Holdings Co., Ltd. | 28,740 | ||||||
| 679 | Sompo Japan Nipponkoa Holdings, Inc. | 21,329 | ||||||
| 560 | Sumitomo Mitsui Financial Group, Inc. | 22,336 | ||||||
| 350 | Suntory Beverage & Food Ltd. | 14,169 | ||||||
| 1,155 | Yamato Holdings Co., Ltd. | 22,733 | ||||||
|
| |||||||
| 486,602 | ||||||||
|
| |||||||
Netherlands — 4.9% |
| |||||||
| 288 | ASML Holding N.V. | 26,710 | ||||||
| 2,417 | ING Groep N.V., CVA | 35,176 | ||||||
| 1,869 | Royal Dutch Shell plc, Class A | 48,962 | ||||||
|
| |||||||
| 110,848 | ||||||||
|
| |||||||
Norway — 1.0% |
| |||||||
| 6,449 | Norsk Hydro ASA | 23,098 | ||||||
|
| |||||||
Spain — 0.5% |
| |||||||
| 1,770 | Distribuidora Internacional de Alimentacion S.A. (a) | 11,243 | ||||||
|
| |||||||
Sweden — 1.4% |
| |||||||
| 1,069 | Electrolux AB, Series B | 31,451 | ||||||
|
| |||||||
Switzerland — 11.1% |
| |||||||
| 935 | Nestle S.A. | 71,441 | ||||||
| 430 | Novartis AG | 38,921 | ||||||
| 242 | Roche Holding AG | 65,792 | ||||||
| 1,991 | UBS Group AG | 39,761 | ||||||
| 543 | Wolseley plc | 31,902 | ||||||
|
| |||||||
| 247,817 | ||||||||
|
| |||||||
United Kingdom — 26.0% |
| |||||||
| 439 | Associated British Foods plc | 23,330 | ||||||
| 495 | AstraZeneca plc | 31,574 | ||||||
| 2,837 | Aviva plc | 21,202 | ||||||
| 1,235 | BG Group plc | 19,510 | ||||||
| 742 | British American Tobacco plc | 44,104 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 64 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
United Kingdom — continued | ||||||||
| 2,375 | Dixons Carphone plc | 16,861 | ||||||
| 1,708 | GlaxoSmithKline plc | 36,824 | ||||||
| 5,531 | HSBC Holdings plc | 43,215 | ||||||
| 412 | InterContinental Hotels Group plc | 16,452 | ||||||
| 4,696 | Kingfisher plc | 25,529 | ||||||
| 31,268 | Lloyds Banking Group plc | 35,490 | ||||||
| 1,760 | National Grid plc | 25,077 | ||||||
| 1,054 | Pennon Group plc | 13,150 | ||||||
| 1,364 | Prudential plc | 31,852 | ||||||
| 377 | Reckitt Benckiser Group plc | 36,819 | ||||||
| 1,156 | Rio Tinto plc | 42,121 | ||||||
| 438 | SABMiller plc | 26,914 | ||||||
| 1,509 | Smith & Nephew plc | 25,760 | ||||||
| 2,086 | UBM plc | 16,434 | ||||||
| 14,992 | Vodafone Group plc | 49,339 | ||||||
|
| |||||||
| 581,557 | ||||||||
|
| |||||||
Total Common Stocks | 2,163,782 | |||||||
|
| |||||||
| Preferred Stock — 1.0% | |||||||
Germany — 1.0% |
| |||||||
| 208 | Henkel AG & Co. KGaA (Cost $17,432) | 22,519 | ||||||
|
| |||||||
| Short-Term Investment — 2.3% | |||||||
Investment Company — 2.3% |
| |||||||
| 52,566 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) | 52,566 | ||||||
|
| |||||||
Total Investments — 99.9% | 2,238,867 | |||||||
Other Assets in Excess of | 1,503 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,240,370 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 13.2 | % | ||
Pharmaceuticals | 11.5 | |||
Food Products | 4.8 | |||
Insurance | 4.2 | |||
Metals & Mining | 3.9 | |||
Oil, Gas & Consumable Fuels | 3.6 | |||
Real Estate Management & Development | 3.4 | |||
Real Estate Investment Trusts (REITs) | 2.8 | |||
Household Products | 2.7 | |||
Media | 2.6 | |||
Aerospace & Defense | 2.5 | |||
Chemicals | 2.5 | |||
Semiconductors & Semiconductor Equipment | 2.4 | |||
Automobiles | 2.3 | |||
Wireless Telecommunication Services | 2.2 | |||
Food & Staples Retailing | 2.1 | |||
Auto Components | 2.1 | |||
Tobacco | 2.0 | |||
Specialty Retail | 1.9 | |||
Beverages | 1.8 | |||
Capital Markets | 1.8 | |||
Airlines | 1.6 | |||
Construction & Engineering | 1.6 | |||
Trading Companies & Distributors | 1.4 | |||
Household Durables | 1.4 | |||
Diversified Financial Services | 1.4 | |||
Communications Equipment | 1.3 | |||
Electronic Equipment, Instruments & Components | 1.3 | |||
Electric Utilities | 1.3 | |||
Diversified Telecommunication Services | 1.3 | |||
Health Care Equipment & Supplies | 1.2 | |||
Building Products | 1.1 | |||
Multi-Utilities | 1.1 | |||
Air Freight & Logistics | 1.0 | |||
Others (each less than 1.0%) | 4.4 | |||
Short-Term Investment | 2.3 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 65 | ||||||
Table of Contents
JPMorgan International Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands)
| Forward Foreign Currency Exchange Contracts | ||||||||||||||||||||||
| CONTRACTS TO BUY | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2015 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 7,251 | GBP | |||||||||||||||||||||
| 9,945 | for EUR | Societe Generale | 11/09/15 | $ | 10,936 | # | $ | 11,177 | # | $ | 241 | |||||||||||
| 5,674 | GBP | |||||||||||||||||||||
| 1,032,691 | for JPY | Standard Chartered Bank | 11/09/15 | 8,559 | # | 8,747 | # | 188 | ||||||||||||||
| 72,182 | AUD | BNP Paribas | 11/09/15 | 52,952 | 51,458 | (1,494 | ) | |||||||||||||||
| 23,551 | AUD | Standard Chartered Bank | 11/09/15 | 17,089 | 16,789 | (300 | ) | |||||||||||||||
| 22,573 | CHF | Barclays Bank plc | 11/09/15 | 23,059 | 22,841 | (218 | ) | |||||||||||||||
| 27,252 | CHF | Credit Suisse International | 11/09/15 | 27,955 | 27,575 | (380 | ) | |||||||||||||||
| 6,029 | CHF | Goldman Sachs International | 11/09/15 | 6,232 | 6,101 | (131 | ) | |||||||||||||||
| 26,997 | CHF | Royal Bank of Canada | 11/09/15 | 27,986 | 27,317 | (669 | ) | |||||||||||||||
| 139,967 | DKK | Royal Bank of Canada | 11/09/15 | 20,585 | 20,640 | 55 | ||||||||||||||||
| 5,771 | EUR | Barclays Bank plc | 11/09/15 | 6,451 | 6,347 | (104 | ) | |||||||||||||||
| 46,599 | EUR | Goldman Sachs International | 11/09/15 | 52,053 | 51,247 | (806 | ) | |||||||||||||||
| 8,833 | EUR | HSBC Bank, N.A. | 11/09/15 | 9,873 | 9,714 | (159 | ) | |||||||||||||||
| 16,511 | EUR | Morgan Stanley | 11/09/15 | 18,582 | 18,158 | (424 | ) | |||||||||||||||
| 62,104 | EUR | Standard Chartered Bank | 11/09/15 | 69,613 | 68,297 | (1,316 | ) | |||||||||||||||
| 83,541 | EUR | Union Bank of Switzerland AG | 11/09/15 | 91,621 | 91,872 | 251 | ||||||||||||||||
| 25,481 | GBP | Goldman Sachs International | 11/09/15 | 38,913 | 39,280 | 367 | ||||||||||||||||
| 4,810 | GBP | Merrill Lynch International | 11/09/15 | 7,331 | 7,414 | 83 | ||||||||||||||||
| 664,940 | JPY | BNP Paribas | 11/09/15 | 5,343 | 5,511 | 168 | ||||||||||||||||
| 512,043 | JPY | Goldman Sachs International | 11/09/15 | 4,265 | 4,243 | (22 | ) | |||||||||||||||
| 1,463,664 | JPY | Merrill Lynch International | 11/09/15 | 12,149 | 12,130 | (19 | ) | |||||||||||||||
| 1,569,755 | JPY | Morgan Stanley | 11/09/15 | 13,060 | 13,009 | (51 | ) | |||||||||||||||
| 7,520,938 | JPY | Standard Chartered Bank | 11/09/15 | 62,489 | 62,330 | (159 | ) | |||||||||||||||
| 259,269 | SEK | Societe Generale | 11/09/15 | 29,637 | 30,350 | 713 | ||||||||||||||||
| 37,640 | SGD | Standard Chartered Bank | 11/09/15 | 27,045 | 26,862 | (183 | ) | |||||||||||||||
| $ | 643,778 | $ | 639,409 | $ | (4,369 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
| CONTRACTS TO SELL | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2015 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 6,284 | AUD | BNP Paribas | 11/09/15 | $ | 4,466 | $ | 4,479 | $ | (13 | ) | ||||||||||||
| 58,169 | CHF | Credit Suisse International | 11/09/15 | 59,250 | 58,859 | 391 | ||||||||||||||||
| 5,121 | CHF | Goldman Sachs International | 11/09/15 | 5,338 | 5,181 | 157 | ||||||||||||||||
| 6,881 | CHF | Standard Chartered Bank | 11/09/15 | 7,232 | 6,963 | 269 | ||||||||||||||||
| 10,576 | CHF | State Street Corp. | 11/09/15 | 10,958 | 10,702 | 256 | ||||||||||||||||
| 8,985 | CHF | Union Bank of Switzerland AG | 11/09/15 | 9,241 | 9,092 | 149 | ||||||||||||||||
| 19,052 | EUR | Goldman Sachs International | 11/09/15 | 21,284 | 20,952 | 332 | ||||||||||||||||
| 6,538 | EUR | Merrill Lynch International | 11/09/15 | 7,359 | 7,190 | 169 | ||||||||||||||||
| 9,404 | EUR | Morgan Stanley | 11/09/15 | 10,634 | 10,341 | 293 | ||||||||||||||||
| 75,781 | EUR | Royal Bank of Canada | 11/09/15 | 84,485 | 83,338 | 1,147 | ||||||||||||||||
| 10,589 | EUR | Royal Bank of Scotland | 11/09/15 | 11,806 | 11,646 | 160 | ||||||||||||||||
| 4,245 | EUR | Standard Chartered Bank | 11/09/15 | 4,826 | 4,669 | 157 | ||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 66 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| CONTRACTS TO SELL | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2015 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 13,544 | GBP | Citibank, N.A. | 11/09/15 | $ | 21,240 | $ | 20,879 | $ | 361 | |||||||||||||
| 8,128 | GBP | Goldman Sachs International | 11/09/15 | 12,430 | 12,530 | (100 | ) | |||||||||||||||
| 111,576 | GBP | HSBC Bank, N.A. | 11/09/15 | 172,137 | 171,999 | 138 | ||||||||||||||||
| 6,219 | GBP | Morgan Stanley | 11/09/15 | 9,629 | 9,587 | 42 | ||||||||||||||||
| 4,912 | GBP | Royal Bank of Canada | 11/09/15 | 7,707 | 7,571 | 136 | ||||||||||||||||
| 6,517 | GBP | Royal Bank of Scotland | 11/09/15 | 9,885 | 10,047 | (162 | ) | |||||||||||||||
| 17,321 | GBP | Standard Chartered Bank | 11/09/15 | 26,314 | 26,701 | (387 | ) | |||||||||||||||
| 1,116,513 | JPY | Barclays Bank plc | 11/09/15 | 9,299 | 9,253 | 46 | ||||||||||||||||
| 3,551,119 | JPY | Goldman Sachs International | 11/09/15 | 29,590 | 29,430 | 160 | ||||||||||||||||
| 582,546 | JPY | Merrill Lynch International | 11/09/15 | 4,837 | 4,827 | 10 | ||||||||||||||||
| 1,264,101 | JPY | Royal Bank of Canada | 11/09/15 | 10,559 | 10,476 | 83 | ||||||||||||||||
| 2,386,781 | JPY | State Street Corp. | 11/09/15 | 19,274 | 19,781 | (507 | ) | |||||||||||||||
| 100,414 | NOK | Barclays Bank plc | 11/09/15 | 12,182 | 11,817 | 365 | ||||||||||||||||
| $ | 581,962 | $ | 578,310 | $ | 3,652 | |||||||||||||||||
|
| |||||||||||||||||||||
| # | For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2015 of the currency being sold, and the value at October 31, 2015 is the U.S. Dollar market value of the currency being purchased. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 67 | ||||||
Table of Contents
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 97.2% |
| ||||||
Australia — 5.4% |
| |||||||
| 674 | AMP Ltd. | 2,734 | ||||||
| 387 | Australia & New Zealand Banking Group Ltd. | 7,492 | ||||||
| 449 | BGP Holdings plc (a) | – | (h) | |||||
| 430 | BHP Billiton Ltd. | 7,046 | ||||||
| 139 | Commonwealth Bank of Australia | 7,527 | ||||||
| 580 | Dexus Property Group | 3,183 | ||||||
| 983 | Goodman Group | 4,216 | ||||||
| 72 | Macquarie Group Ltd. | 4,382 | ||||||
| 40 | National Australia Bank Ltd. | 847 | ||||||
| 992 | Qantas Airways Ltd. (a) | 2,794 | ||||||
| 183 | Wesfarmers Ltd. | 5,122 | ||||||
| 104 | Westpac Banking Corp. | 2,306 | ||||||
|
| |||||||
| 47,649 | ||||||||
|
| |||||||
Denmark — 1.7% |
| |||||||
| 2 | AP Moeller—Maersk A/S, Class B | 2,624 | ||||||
| 47 | Chr Hansen Holding A/S | 2,848 | ||||||
| 139 | Danske Bank A/S | 3,823 | ||||||
| 105 | Novo Nordisk A/S, Class B | 5,556 | ||||||
|
| |||||||
| 14,851 | ||||||||
|
| |||||||
Finland — 2.1% |
| |||||||
| 1,000 | Nokia OYJ | 7,441 | ||||||
| 389 | Outokumpu OYJ (a) | 1,322 | ||||||
| 319 | UPM-Kymmene OYJ | 5,980 | ||||||
| 78 | Wartsila OYJ Abp | 3,349 | ||||||
|
| |||||||
| 18,092 | ||||||||
|
| |||||||
France — 10.1% |
| |||||||
| 70 | Air Liquide S.A. | 9,086 | ||||||
| 134 | Airbus Group SE | 9,362 | ||||||
| 44 | Arkema S.A. | 3,229 | ||||||
| 390 | AXA S.A. | 10,395 | ||||||
| 113 | BNP Paribas S.A. | 6,855 | ||||||
| 51 | Cap Gemini S.A. | 4,567 | ||||||
| 267 | Engie S.A. | 4,679 | ||||||
| 8 | L’Oreal S.A. | 1,420 | ||||||
| 78 | Renault S.A. | 7,360 | ||||||
| 81 | Sanofi | 8,146 | ||||||
| 49 | Schneider Electric SE | 2,952 | ||||||
| 108 | Societe Generale S.A. | 5,022 | ||||||
| 55 | Thales S.A. | 4,011 | ||||||
| 139 | TOTAL S.A. | 6,720 | ||||||
| 217 | Vivendi S.A. | 5,225 | ||||||
|
| |||||||
| 89,029 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Germany — 7.6% |
| |||||||
| 16 | Allianz SE | 2,811 | ||||||
| 18 | BASF SE | 1,493 | ||||||
| 85 | Bayer AG | 11,376 | ||||||
| 82 | Brenntag AG | 4,934 | ||||||
| 107 | Daimler AG | 9,237 | ||||||
| 43 | Deutsche Bank AG | 1,209 | ||||||
| 65 | Deutsche Post AG | 1,939 | ||||||
| 347 | Deutsche Telekom AG | 6,496 | ||||||
| 166 | E.ON SE | 1,746 | ||||||
| 72 | HeidelbergCement AG | 5,353 | ||||||
| 350 | Infineon Technologies AG | 4,312 | ||||||
| 135 | SAP SE | 10,620 | ||||||
| 57 | Siemens AG | 5,711 | ||||||
|
| |||||||
| 67,237 | ||||||||
|
| |||||||
Hong Kong — 2.5% |
| |||||||
| 478 | AIA Group Ltd. | 2,804 | ||||||
| 431 | Cheung Kong Property Holdings Ltd. | 3,013 | ||||||
| 447 | CK Hutchison Holdings Ltd. | 6,123 | ||||||
| 107 | Hang Seng Bank Ltd. | 1,956 | ||||||
| 377 | Power Assets Holdings Ltd. | 3,755 | ||||||
| 535 | Sands China Ltd. | 1,926 | ||||||
| 471 | Wharf Holdings Ltd. (The) | 2,805 | ||||||
|
| |||||||
| 22,382 | ||||||||
|
| |||||||
Ireland — 1.5% |
| |||||||
| 27 | DCC plc | 2,179 | ||||||
| 54 | Ryanair Holdings plc, ADR | 4,215 | ||||||
| 84 | Shire plc | 6,390 | ||||||
|
| |||||||
| 12,784 | ||||||||
|
| |||||||
Israel — 0.3% |
| |||||||
| 45 | Teva Pharmaceutical Industries Ltd., ADR | 2,679 | ||||||
|
| |||||||
Italy — 2.8% |
| |||||||
| 222 | Assicurazioni Generali S.p.A. | 4,208 | ||||||
| 147 | Atlantia S.p.A. | 4,073 | ||||||
| 1,446 | Enel S.p.A. | 6,666 | ||||||
| 3,527 | Telecom Italia S.p.A. (a) | 4,921 | ||||||
| 806 | UniCredit S.p.A. | 5,201 | ||||||
|
| |||||||
| 25,069 | ||||||||
|
| |||||||
Japan — 22.1% |
| |||||||
| 338 | Amada Holdings Co., Ltd. | 3,015 | ||||||
| 111 | Bridgestone Corp. | 4,056 | ||||||
| 33 | Central Japan Railway Co. | 5,947 | ||||||
| 32 | Daicel Corp. | 420 | ||||||
| 70 | Daikin Industries Ltd. | 4,503 | ||||||
| 109 | Daiwa House Industry Co., Ltd. | 2,851 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 68 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Japan — continued |
| |||||||
| 57 | Dentsu, Inc. | 3,221 | ||||||
| 142 | DMG Mori Co., Ltd. | 2,027 | ||||||
| 60 | East Japan Railway Co. | 5,714 | ||||||
| 78 | Electric Power Development Co., Ltd. | 2,572 | ||||||
| 76 | Fuji Heavy Industries Ltd. | 2,924 | ||||||
| 699 | Fujitsu Ltd. | 3,305 | ||||||
| 915 | Hitachi Ltd. | 5,278 | ||||||
| 55 | Honda Motor Co., Ltd. | 1,810 | ||||||
| 51 | Japan Tobacco, Inc. | 1,751 | ||||||
| 156 | JFE Holdings, Inc. | 2,451 | ||||||
| 531 | JX Holdings, Inc. | 2,083 | ||||||
| 733 | Kajima Corp. | 4,195 | ||||||
| 124 | KDDI Corp. | 3,003 | ||||||
| 9 | Keyence Corp. | 4,894 | ||||||
| 243 | Kirin Holdings Co., Ltd. | 3,444 | ||||||
| 225 | Kyushu Electric Power Co., Inc. (a) | 2,715 | ||||||
| 103 | LIXIL Group Corp. | 2,201 | ||||||
| 71 | Mabuchi Motor Co., Ltd. | 3,523 | ||||||
| 136 | Mazda Motor Corp. | 2,674 | ||||||
| 196 | Medipal Holdings Corp. | 3,417 | ||||||
| 1,526 | Mitsubishi UFJ Financial Group, Inc. | 9,867 | ||||||
| 94 | Mitsui & Co., Ltd. | 1,198 | ||||||
| 191 | Mitsui Fudosan Co., Ltd. | 5,190 | ||||||
| 109 | MS&AD Insurance Group Holdings, Inc. | 3,207 | ||||||
| 48 | NGK Spark Plug Co., Ltd. | 1,161 | ||||||
| 124 | Nippon Steel & Sumitomo Metal Corp. | 2,522 | ||||||
| 215 | Nippon Telegraph & Telephone Corp. | 7,864 | ||||||
| 688 | Nishi-Nippon City Bank Ltd. (The) | 2,010 | ||||||
| 38 | Nitori Holdings Co., Ltd. | 3,001 | ||||||
| 199 | ORIX Corp. | 2,912 | ||||||
| 132 | Otsuka Holdings Co., Ltd. | 4,386 | ||||||
| 273 | Seiko Epson Corp. | 4,166 | ||||||
| 173 | Seven & i Holdings Co., Ltd. | 7,836 | ||||||
| 78 | Shin-Etsu Chemical Co., Ltd. | 4,615 | ||||||
| 196 | Sony Corp. | 5,574 | ||||||
| 611 | Sumitomo Bakelite Co., Ltd. | 2,507 | ||||||
| 195 | Sumitomo Mitsui Financial Group, Inc. | 7,783 | ||||||
| 72 | Suntory Beverage & Food Ltd. | 2,903 | ||||||
| 77 | Suzuken Co., Ltd. | 2,962 | ||||||
| 50 | Sysmex Corp. | 2,858 | ||||||
| 295 | Takashimaya Co., Ltd. | 2,637 | ||||||
| 610 | Tokyo Gas Co., Ltd. | 3,018 | ||||||
| 271 | Toyota Motor Corp. | 16,573 | ||||||
| 113 | Yamato Holdings Co., Ltd. | 2,214 | ||||||
| 149 | Yamazaki Baking Co., Ltd. | 2,870 | ||||||
|
| |||||||
| 195,828 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Luxembourg — 0.2% |
| |||||||
| 367 | ArcelorMittal | 2,048 | ||||||
|
| |||||||
Netherlands — 4.4% |
| |||||||
| 564 | Aegon N.V. | 3,460 | ||||||
| 28 | ASML Holding N.V. | 2,560 | ||||||
| 59 | Heineken N.V. | 5,379 | ||||||
| 494 | ING Groep N.V., CVA | 7,189 | ||||||
| 852 | Koninklijke KPN N.V. | 3,121 | ||||||
| 91 | NN Group N.V. | 2,856 | ||||||
| 342 | Royal Dutch Shell plc, Class A | 8,918 | ||||||
| 207 | Royal Dutch Shell plc, Class B | 5,426 | ||||||
|
| |||||||
| 38,909 | ||||||||
|
| |||||||
New Zealand — 0.3% |
| |||||||
| 1,298 | Spark New Zealand Ltd. | 2,944 | ||||||
|
| |||||||
Norway — 0.4% |
| |||||||
| 148 | DNB ASA | 1,881 | ||||||
| 96 | Telenor ASA | 1,805 | ||||||
|
| |||||||
| 3,686 | ||||||||
|
| |||||||
Portugal — 0.3% |
| |||||||
| 268 | Galp Energia SGPS S.A. | 2,895 | ||||||
|
| |||||||
Singapore — 0.8% |
| |||||||
| 439 | DBS Group Holdings Ltd. | 5,392 | ||||||
| 259 | Singapore Exchange Ltd. | 1,363 | ||||||
|
| |||||||
| 6,755 | ||||||||
|
| |||||||
Spain — 2.4% |
| |||||||
| 780 | Banco Santander S.A. | 4,358 | ||||||
| 2,321 | Bankia S.A. | 2,983 | ||||||
| 429 | Distribuidora Internacional de Alimentacion S.A. (a) | 2,723 | ||||||
| 609 | Iberdrola S.A. | 4,345 | ||||||
| 178 | Repsol S.A. | 2,236 | ||||||
| 333 | Telefonica S.A. | 4,393 | ||||||
|
| |||||||
| 21,038 | ||||||||
|
| |||||||
Sweden — 2.3% |
| |||||||
| 171 | Assa Abloy AB, Class B | 3,392 | ||||||
| 161 | Electrolux AB, Series B | 4,733 | ||||||
| 141 | Hennes & Mauritz AB, Class B | 5,493 | ||||||
| 256 | Nordea Bank AB | 2,827 | ||||||
| 436 | Sandvik AB | 4,063 | ||||||
|
| |||||||
| 20,508 | ||||||||
|
| |||||||
Switzerland — 10.3% |
| |||||||
| 31 | Actelion Ltd. (a) | 4,279 | ||||||
| 50 | Cie Financiere Richemont S.A. | 4,283 | ||||||
| 104 | Credit Suisse Group AG (a) | 2,593 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 69 | ||||||
Table of Contents
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
Switzerland — continued |
| |||||||
| 26 | LafargeHolcim Ltd. (a) | 1,461 | ||||||
| 265 | Nestle S.A. | 20,202 | ||||||
| 144 | Novartis AG | 13,050 | ||||||
| 69 | Roche Holding AG | 18,844 | ||||||
| 21 | Syngenta AG | 7,138 | ||||||
| 522 | UBS Group AG | 10,435 | ||||||
| 107 | Wolseley plc | 6,263 | ||||||
| 9 | Zurich Insurance Group AG (a) | 2,382 | ||||||
|
| |||||||
| 90,930 | ||||||||
|
| |||||||
United Kingdom — 19.7% |
| |||||||
| 403 | 3i Group plc | 3,104 | ||||||
| 92 | Associated British Foods plc | 4,883 | ||||||
| 187 | AstraZeneca plc | 11,909 | ||||||
| 663 | Aviva plc | 4,957 | ||||||
| 2,696 | Barclays plc | 9,605 | ||||||
| 508 | Barratt Developments plc | 4,783 | ||||||
| 494 | BG Group plc | 7,800 | ||||||
| 980 | BP plc | 5,824 | ||||||
| 218 | British American Tobacco plc | 12,937 | ||||||
| 1,291 | Centrica plc | 4,491 | ||||||
| 1,198 | Debenhams plc | 1,647 | ||||||
| 580 | Dixons Carphone plc | 4,117 | ||||||
| 291 | Domino’s Pizza Group plc | 4,884 | ||||||
| 411 | GlaxoSmithKline plc | 8,864 | ||||||
| 1,509 | HSBC Holdings plc | 11,788 | ||||||
| 105 | InterContinental Hotels Group plc | 4,192 | ||||||
| 637 | ITV plc | 2,472 | ||||||
| 6,975 | Lloyds Banking Group plc | 7,916 | ||||||
| 782 | Poundland Group plc | 3,317 | ||||||
| 137 | Prudential plc | 3,206 | ||||||
| 67 | Reckitt Benckiser Group plc | 6,575 | ||||||
| 59 | Rio Tinto Ltd. | 2,107 | ||||||
| 53 | Rio Tinto plc | 1,921 | ||||||
| 388 | RSA Insurance Group plc | 2,514 | ||||||
| 175 | SABMiller plc | 10,726 | ||||||
| 124 | Standard Chartered plc | 1,374 | ||||||
| 996 | Taylor Wimpey plc | 3,034 | ||||||
| 335 | UBM plc | 2,637 | ||||||
| 132 | Unilever N.V., CVA | 5,985 | ||||||
| 3,320 | Vodafone Group plc | 10,924 | ||||||
| 53 | Whitbread plc | 4,016 | ||||||
|
| |||||||
| 174,509 | ||||||||
|
| |||||||
Total Common Stocks | 859,822 | |||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Preferred Stocks — 0.9% |
| ||||||
Germany — 0.9% |
| |||||||
| 58 | Henkel AG & Co. KGaA | 6,261 | ||||||
| 17 | Volkswagen AG | 2,021 | ||||||
|
| |||||||
Total Preferred Stocks | 8,282 | |||||||
|
| |||||||
| NUMBER OF RIGHTS | ||||||||
| Rights — 0.0% (g) |
| ||||||
Australia — 0.0% (g) |
| |||||||
| 5 | Westpac Banking Corp., expiring 11/11/15 (a) | 16 | ||||||
Spain — 0.0% (g) |
| |||||||
| 780 | Banco Santander S.A., expiring 11/03/15 (a) | 43 | ||||||
|
| |||||||
Total Rights | 59 | |||||||
|
| |||||||
| SHARES | ||||||||
| Short-Term Investment — 1.4% |
| ||||||
Investment Company — 1.4% |
| |||||||
| 12,046 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 12,046 | ||||||
|
| |||||||
Total Investments — 99.5% | 880,209 | |||||||
Other Assets in Excess of Liabilities — 0.5% (c) | 4,120 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 884,329 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| 70 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 13.2 | % | ||
Pharmaceuticals | 10.4 | |||
Insurance | 5.2 | |||
Automobiles | 4.8 | |||
Oil, Gas & Consumable Fuels | 4.8 | |||
Diversified Telecommunication Services | 4.2 | |||
Chemicals | 3.6 | |||
Food Products | 3.2 | |||
Beverages | 2.6 | |||
Capital Markets | 2.5 | |||
Metals & Mining | 2.2 | |||
Household Durables | 2.1 | |||
Electric Utilities | 2.0 | |||
Food & Staples Retailing | 1.8 | |||
Hotels, Restaurants & Leisure | 1.7 | |||
Tobacco | 1.7 | |||
| INDUSTRY | PERCENTAGE | |||
Industrial Conglomerates | 1.6 | % | ||
Wireless Telecommunication Services | 1.6 | |||
Real Estate Management & Development | 1.6 | |||
Aerospace & Defense | 1.5 | |||
Household Products | 1.5 | |||
Specialty Retail | 1.4 | |||
Machinery | 1.4 | |||
Trading Companies & Distributors | 1.4 | |||
Road & Rail | 1.3 | |||
Multi-Utilities | 1.2 | |||
Software | 1.2 | |||
Electronic Equipment, Instruments & Components | 1.2 | |||
Building Products | 1.1 | |||
Others (each less than 1.0%) | 14.6 | |||
Short-Term Investment | 1.4 | |||
| Futures Contracts | ||||||||||||||||||||
| NUMBER OF CONTRACTS | DESCRIPTION | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL VALUE AT OCTOBER 31, 2015 | NET UNREALIZED APPRECIATION (DEPRECIATION) | |||||||||||||||
Long Futures Outstanding |
| |||||||||||||||||||
| 166 | Euro STOXX 50 Index | 12/18/15 | EUR | $ | 6,212 | $ | 388 | |||||||||||||
|
| |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 71 | ||||||
Table of Contents
JPMorgan International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 98.3% |
| ||||||
Australia — 1.6% |
| |||||||
| 1,159 | South32 Ltd. (a) | 1,192 | ||||||
|
| |||||||
Canada — 3.5% |
| |||||||
| 28 | Canadian National Railway Co. | 1,708 | ||||||
| 105 | MEG Energy Corp. (a) | 878 | ||||||
|
| |||||||
| 2,586 | ||||||||
|
| |||||||
China — 8.4% |
| |||||||
| 12 | Baidu, Inc., ADR (a) | 2,330 | ||||||
| 1,191 | CNOOC Ltd. | 1,345 | ||||||
| 25 | JD.com, Inc., ADR (a) | 703 | ||||||
| 338 | Ping An Insurance Group Co. of China Ltd., Class H | 1,895 | ||||||
|
| |||||||
| 6,273 | ||||||||
|
| |||||||
Finland — 3.2% |
| |||||||
| 325 | Nokia OYJ | 2,419 | ||||||
|
| |||||||
France — 11.0% |
| |||||||
| 26 | Accor S.A. | 1,306 | ||||||
| 44 | AXA S.A. | 1,162 | ||||||
| 132 | Orange S.A. | 2,326 | ||||||
| 15 | Pernod Ricard S.A. | 1,777 | ||||||
| 16 | Sanofi | 1,586 | ||||||
|
| |||||||
| 8,157 | ||||||||
|
| |||||||
Germany — 5.3% |
| |||||||
| 10 | Continental AG | 2,476 | ||||||
| 24 | Covestro AG (a) (e) | 745 | ||||||
| 21 | Zalando SE (a) (e) | 734 | ||||||
|
| |||||||
| 3,955 | ||||||||
|
| |||||||
Hong Kong — 2.8% |
| |||||||
| 148 | Cheung Kong Property Holdings Ltd. | 1,036 | ||||||
| 78 | CK Hutchison Holdings Ltd. | 1,068 | ||||||
|
| |||||||
| 2,104 | ||||||||
|
| |||||||
India — 3.2% |
| |||||||
| 19 | HDFC Bank Ltd., ADR | 1,140 | ||||||
| 148 | ICICI Bank Ltd., ADR | 1,276 | ||||||
|
| |||||||
| 2,416 | ||||||||
|
| |||||||
Ireland — 2.1% |
| |||||||
| 21 | Shire plc | 1,555 | ||||||
|
| |||||||
Israel — 2.8% |
| |||||||
| 35 | Teva Pharmaceutical Industries Ltd., ADR | 2,081 | ||||||
|
| |||||||
Italy — 2.0% |
| |||||||
| 432 | Intesa Sanpaolo S.p.A. | 1,502 | ||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — 13.2% |
| |||||||
| 44 | Japan Tobacco, Inc. | 1,512 | ||||||
| 60 | KDDI Corp. | 1,445 | ||||||
| 2 | Keyence Corp. | 1,041 | ||||||
| 93 | Kubota Corp. | 1,442 | ||||||
| 23 | Makita Corp. | 1,233 | ||||||
| 41 | Sumitomo Mitsui Financial Group, Inc. | 1,628 | ||||||
| 26 | Tokyo Electron Ltd. | 1,541 | ||||||
|
| |||||||
| 9,842 | ||||||||
|
| |||||||
Netherlands — 4.9% |
| |||||||
| 22 | Akzo Nobel N.V. | 1,581 | ||||||
| 142 | ING Groep N.V., CVA | 2,063 | ||||||
|
| |||||||
| 3,644 | ||||||||
|
| |||||||
South Africa — 1.7% |
| |||||||
| 9 | Naspers Ltd., Class N | 1,301 | ||||||
|
| |||||||
South Korea — 3.2% |
| |||||||
| 4 | Samsung Electronics Co., Ltd., Reg. S, GDR | 2,352 | ||||||
|
| |||||||
Switzerland — 8.1% |
| |||||||
| 9 | Actelion Ltd. (a) | 1,254 | ||||||
| 19 | Cie Financiere Richemont S.A. | 1,649 | ||||||
| 7 | Roche Holding AG | 1,810 | ||||||
| 66 | UBS Group AG | 1,325 | ||||||
|
| |||||||
| 6,038 | ||||||||
|
| |||||||
Taiwan — 1.4% |
| |||||||
| 46 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 1,017 | ||||||
|
| |||||||
United Kingdom — 19.9% |
| |||||||
| 69 | ARM Holdings plc | 1,079 | ||||||
| 508 | Barclays plc | 1,810 | ||||||
| 1,961 | Lloyds Banking Group plc | 2,226 | ||||||
| 180 | Meggitt plc | 979 | ||||||
| 89 | Prudential plc | 2,087 | ||||||
| 80 | RELX N.V. | 1,363 | ||||||
| 70 | Smith & Nephew plc | 1,198 | ||||||
| 626 | Vodafone Group plc | 2,059 | ||||||
| 238 | Worldpay Group plc (a) (e) | 1,022 | ||||||
| 45 | WPP plc | 1,013 | ||||||
|
| |||||||
| 14,836 | ||||||||
|
| |||||||
Total Common Stocks | 73,270 | |||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 72 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Short-Term Investment — 1.3% |
| ||||||
Investment Company — 1.3% |
| |||||||
| 943 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 943 | ||||||
|
| |||||||
Total Investments — 99.6% | 74,213 | |||||||
Other Assets in Excess of Liabilities — 0.4% | 283 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 74,496 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 15.7 | % | ||
Pharmaceuticals | 9.6 | |||
Insurance | 6.9 | |||
Media | 5.0 | |||
Semiconductors & Semiconductor Equipment | 4.9 | |||
Wireless Telecommunication Services | 4.7 | |||
Machinery | 3.6 | |||
Auto Components | 3.3 | |||
Communications Equipment | 3.3 | |||
Technology Hardware, Storage & Peripherals | 3.2 | |||
Internet Software & Services | 3.1 | |||
Chemicals | 3.1 | |||
Diversified Telecommunication Services | 3.1 | |||
Oil, Gas & Consumable Fuels | 3.0 | |||
Beverages | 2.4 | |||
Road & Rail | 2.3 | |||
Textiles, Apparel & Luxury Goods | 2.2 | |||
Tobacco | 2.0 | |||
Internet & Catalog Retail | 1.9 | |||
Capital Markets | 1.8 | |||
Hotels, Restaurants & Leisure | 1.8 | |||
Biotechnology | 1.7 | |||
Health Care Equipment & Supplies | 1.6 | |||
Metals & Mining | 1.6 | |||
Industrial Conglomerates | 1.4 | |||
Electronic Equipment, Instruments & Components | 1.4 | |||
Real Estate Management & Development | 1.4 | |||
IT Services | 1.4 | |||
Aerospace & Defense | 1.3 | |||
Short-Term Investment | 1.3 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 73 | ||||||
Table of Contents
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 98.0% |
| ||||||
Australia — 3.0% |
| |||||||
| 1,762 | Australia & New Zealand Banking Group Ltd. | 34,068 | ||||||
| 4,504 | Goodman Group | 19,325 | ||||||
| 3,517 | Oil Search Ltd. | 19,601 | ||||||
|
| |||||||
| 72,994 | ||||||||
|
| |||||||
Brazil — 0.6% |
| |||||||
| 2,173 | Itau Unibanco Holding S.A. (Preference Shares), ADR | 14,886 | ||||||
|
| |||||||
China — 1.3% |
| |||||||
| 15,211 | CNOOC Ltd. | 17,181 | ||||||
| 22,806 | Industrial & Commercial Bank of China Ltd., | 14,466 | ||||||
|
| |||||||
| 31,647 | ||||||||
|
| |||||||
Finland — 3.3% |
| |||||||
| 5,876 | Nokia OYJ | 43,708 | ||||||
| 1,951 | UPM-Kymmene OYJ | 36,517 | ||||||
|
| |||||||
| 80,225 | ||||||||
|
| |||||||
France — 12.2% |
| |||||||
| 184 | Airbus Group SE | 12,819 | ||||||
| 1,749 | AXA S.A. | 46,690 | ||||||
| 869 | BNP Paribas S.A. | 52,688 | ||||||
| 235 | Cap Gemini S.A. | 20,914 | ||||||
| 341 | Renault S.A. | 32,094 | ||||||
| 459 | Societe Generale S.A. | 21,313 | ||||||
| 128 | Sodexo S.A. | 11,383 | ||||||
| 337 | Thales S.A. | 24,389 | ||||||
| 1,559 | TOTAL S.A. | 75,369 | ||||||
|
| |||||||
| 297,659 | ||||||||
|
| |||||||
Germany — 6.8% |
| |||||||
| 242 | Bayer AG | 32,238 | ||||||
| 355 | Brenntag AG | 21,411 | ||||||
| 568 | Daimler AG | 49,227 | ||||||
| 734 | Deutsche Bank AG | 20,531 | ||||||
| 166 | HeidelbergCement AG | 12,342 | ||||||
| 1,428 | Infineon Technologies AG | 17,587 | ||||||
| 739 | TUI AG | 13,744 | ||||||
|
| |||||||
| 167,080 | ||||||||
|
| |||||||
Hong Kong — 1.7% |
| |||||||
| 569 | Cheung Kong Property Holdings Ltd. | 3,982 | ||||||
| 3,626 | China Overseas Land & Investment Ltd. | 11,711 | ||||||
| 1,912 | CK Hutchison Holdings Ltd. | 26,184 | ||||||
|
| |||||||
| 41,877 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Ireland — 2.0% |
| |||||||
| 230 | Ryanair Holdings plc, ADR | 18,019 | ||||||
| 416 | Shire plc | 31,485 | ||||||
|
| |||||||
| 49,504 | ||||||||
|
| |||||||
Italy — 5.2% |
| |||||||
| 9,305 | Enel S.p.A. | 42,907 | ||||||
| 10,099 | Intesa Sanpaolo S.p.A. | 35,136 | ||||||
| 23,593 | Telecom Italia S.p.A. (a) | 32,915 | ||||||
| 2,543 | UniCredit S.p.A. | 16,420 | ||||||
|
| |||||||
| 127,378 | ||||||||
|
| |||||||
Japan — 23.0% |
| |||||||
| 1,173 | Dai-ichi Life Insurance Co., Ltd. (The) | 20,290 | ||||||
| 368 | Daikin Industries Ltd. | 23,664 | ||||||
| 1,148 | Daiwa House Industry Co., Ltd. | 30,128 | ||||||
| 443 | Dentsu, Inc. | 24,888 | ||||||
| 805 | Japan Airlines Co., Ltd. | 30,308 | ||||||
| 329 | Japan Tobacco, Inc. | 11,370 | ||||||
| 3,170 | Kawasaki Heavy Industries Ltd. | 12,724 | ||||||
| 1,190 | Mitsubishi Corp. | 21,642 | ||||||
| 11,432 | Mitsubishi UFJ Financial Group, Inc. | 73,935 | ||||||
| 1,166 | Mitsui Fudosan Co., Ltd. | 31,731 | ||||||
| 1,514 | Nippon Telegraph & Telephone Corp. | 55,505 | ||||||
| 2,861 | Nissan Motor Co., Ltd. | 29,661 | ||||||
| 488 | Seven & i Holdings Co., Ltd. | 22,163 | ||||||
| 776 | Sompo Japan Nipponkoa Holdings, Inc. | 24,365 | ||||||
| 1,279 | Sony Corp. | 36,342 | ||||||
| 650 | Sumitomo Mitsui Financial Group, Inc. | 25,923 | ||||||
| 1,222 | Toyota Motor Corp. | 74,865 | ||||||
| 588 | Yamato Holdings Co., Ltd. | 11,572 | ||||||
|
| |||||||
| 561,076 | ||||||||
|
| |||||||
Luxembourg — 0.7% |
| |||||||
| 2,936 | ArcelorMittal | 16,396 | ||||||
|
| |||||||
Netherlands — 4.9% |
| |||||||
| 3,056 | ING Groep N.V., CVA | 44,479 | ||||||
| 7,862 | Koninklijke KPN N.V. | 28,806 | ||||||
| 936 | Koninklijke Philips N.V. | 25,236 | ||||||
| 670 | NN Group N.V. | 21,004 | ||||||
|
| |||||||
| 119,525 | ||||||||
|
| |||||||
Norway — 1.5% |
| |||||||
| 932 | DNB ASA | 11,861 | ||||||
| 7,232 | Norsk Hydro ASA | 25,902 | ||||||
|
| |||||||
| 37,763 | ||||||||
|
| |||||||
Singapore — 0.5% |
| |||||||
| 973 | DBS Group Holdings Ltd. | 11,968 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 74 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — continued | |||||||
South Korea — 1.0% |
| |||||||
| 21 | Samsung Electronics Co., Ltd. | 24,761 | ||||||
|
| |||||||
Spain — 0.6% |
| |||||||
| 11,199 | Bankia S.A. | 14,392 | ||||||
|
| |||||||
Sweden — 1.6% |
| |||||||
| 1,294 | Electrolux AB, Series B | 38,057 | ||||||
|
| |||||||
Switzerland — 6.2% |
| |||||||
| 884 | Credit Suisse Group AG (a) | 22,043 | ||||||
| 313 | Nestle S.A. | 23,895 | ||||||
| 311 | Novartis AG | 28,149 | ||||||
| 163 | Roche Holding AG | 44,389 | ||||||
| 559 | Wolseley plc | 32,841 | ||||||
|
| |||||||
| 151,317 | ||||||||
|
| |||||||
United Kingdom — 21.9% |
| |||||||
| 585 | AstraZeneca plc | 37,258 | ||||||
| 3,086 | Aviva plc | 23,061 | ||||||
| 10,775 | Barclays plc | 38,390 | ||||||
| 1,454 | Barratt Developments plc | 13,694 | ||||||
| 2,731 | BG Group plc | 43,151 | ||||||
| 465 | British American Tobacco plc | 27,608 | ||||||
| 949 | British Land Co. plc (The) | 12,717 | ||||||
| 6,589 | Centrica plc | 22,928 | ||||||
| 2,823 | Dixons Carphone plc | 20,041 | ||||||
| 1,403 | GlaxoSmithKline plc | 30,258 | ||||||
| 567 | InterContinental Hotels Group plc | 22,648 | ||||||
| 36,018 | Lloyds Banking Group plc | 40,881 | ||||||
| 2,648 | National Grid plc | 37,727 | ||||||
| 1,892 | Prudential plc | 44,184 | ||||||
| 1,048 | Rio Tinto plc | 38,209 | ||||||
| 233 | SABMiller plc | 14,310 | ||||||
| 20,693 | Vodafone Group plc | 68,100 | ||||||
|
| |||||||
| 535,165 | ||||||||
|
| |||||||
Total Common Stocks | 2,393,670 | |||||||
|
| |||||||
| Short-Term Investment — 1.1% |
| ||||||
Investment Company — 1.1% |
| |||||||
| 28,020 | JPMorgan Prime Money Market Fund, Institutional Class Shares, | 28,020 | ||||||
|
| |||||||
Total Investments — 99.1% | 2,421,690 | |||||||
Other Assets in Excess of Liabilities — 0.9% | 22,506 | |||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,444,196 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 18.6 | % | ||
Pharmaceuticals | 8.4 | |||
Automobiles | 7.7 | |||
Insurance | 7.4 | |||
Oil, Gas & Consumable Fuels | 6.4 | |||
Diversified Telecommunication Services | 4.8 | |||
Household Durables | 3.6 | |||
Metals & Mining | 3.3 | |||
Real Estate Management & Development | 3.2 | |||
Trading Companies & Distributors | 3.1 | |||
Wireless Telecommunication Services | 2.8 | |||
Multi-Utilities | 2.5 | |||
Industrial Conglomerates | 2.1 | |||
Airlines | 2.0 | |||
Hotels, Restaurants & Leisure | 2.0 | |||
Communications Equipment | 1.8 | |||
Electric Utilities | 1.8 | |||
Capital Markets | 1.8 | |||
Tobacco | 1.6 | |||
Aerospace & Defense | 1.5 | |||
Paper & Forest Products | 1.5 | |||
Real Estate Investment Trusts (REITs) | 1.3 | |||
Media | 1.0 | |||
Technology Hardware, Storage & Peripherals | 1.0 | |||
Food Products | 1.0 | |||
Building Products | 1.0 | |||
Others (each less than 1.0%) | 5.6 | |||
Short-Term Investment | 1.2 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 75 | ||||||
Table of Contents
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands)
| Forward Foreign Currency Exchange Contracts | ||||||||||||||||||||||
| CONTRACTS TO BUY | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2015 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 10,104 | EUR | |||||||||||||||||||||
| 7,502 | for GBP | Goldman Sachs International | 11/27/15 | $ | 11,562 | # | $ | 11,114 | # | $ | (448 | ) | ||||||||||
| 12,997 | EUR | |||||||||||||||||||||
| 124,355 | for SEK | Credit Suisse International | 11/27/15 | 14,564 | # | 14,297 | # | (267 | ) | |||||||||||||
| 6,181 | GBP | |||||||||||||||||||||
| 8,353 | for EUR | Royal Bank of Canada | 11/27/15 | 9,188 | # | 9,528 | # | 340 | ||||||||||||||
| 122,166 | AUD | BNP Paribas | 11/27/15 | 87,851 | 87,008 | (843 | ) | |||||||||||||||
| 10,747 | CHF | Citibank, N.A. | 11/27/15 | 10,984 | 10,880 | (104 | ) | |||||||||||||||
| 5,584 | CHF | Royal Bank of Canada | 11/27/15 | 5,677 | 5,653 | (24 | ) | |||||||||||||||
| 7,102 | CHF | Standard Chartered Bank | 11/27/15 | 7,384 | 7,190 | (194 | ) | |||||||||||||||
| 9,278 | CHF | State Street Corp. | 11/27/15 | 9,650 | 9,394 | (256 | ) | |||||||||||||||
| 24,610 | CHF | Union Bank of Switzerland AG | 11/27/15 | 25,649 | 24,916 | (733 | ) | |||||||||||||||
| 105,927 | DKK | Deutsche Bank AG | 11/27/15 | 16,368 | 15,627 | (741 | ) | |||||||||||||||
| 13,415 | EUR | Citibank, N.A. | 11/27/15 | 15,176 | 14,756 | (420 | ) | |||||||||||||||
| 18,196 | EUR | Goldman Sachs International | 11/27/15 | 20,361 | 20,015 | (346 | ) | |||||||||||||||
| 57,979 | EUR | Standard Chartered Bank | 11/27/15 | 65,043 | 63,775 | (1,268 | ) | |||||||||||||||
| 48,515 | GBP | BNP Paribas | 11/27/15 | 76,474 | 74,780 | (1,694 | ) | |||||||||||||||
| 205,669 | HKD | BNP Paribas | 11/27/15 | 26,524 | 26,538 | 14 | ||||||||||||||||
| 699,367 | JPY | BNP Paribas | 11/27/15 | 5,830 | 5,797 | (33 | ) | |||||||||||||||
| 1,414,592 | JPY | Deutsche Bank AG | 11/27/15 | 11,771 | 11,725 | (46 | ) | |||||||||||||||
| 1,007,289 | JPY | Morgan Stanley | 11/27/15 | 8,363 | 8,349 | (14 | ) | |||||||||||||||
| 873,399 | JPY | Royal Bank of Scotland | 11/27/15 | 7,274 | 7,240 | (34 | ) | |||||||||||||||
| 56,533 | NOK | Goldman Sachs International | 11/27/15 | 6,720 | 6,651 | (69 | ) | |||||||||||||||
| 57,586 | SEK | BNP Paribas | 11/27/15 | 6,947 | 6,744 | (203 | ) | |||||||||||||||
| 293,311 | SEK | Deutsche Bank AG | 11/27/15 | 35,333 | 34,349 | (984 | ) | |||||||||||||||
| 15,694 | SGD | BNP Paribas | 11/27/15 | 11,186 | 11,193 | 7 | ||||||||||||||||
| 8,099 | SGD | Royal Bank of Canada | 11/27/15 | 5,766 | 5,777 | 11 | ||||||||||||||||
| 8,233 | SGD | Royal Bank of Scotland | 11/27/15 | 5,761 | 5,872 | 111 | ||||||||||||||||
| $ | 507,406 | $ | 499,168 | $ | (8,238 | ) | ||||||||||||||||
|
| |||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 76 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| CONTRACTS TO SELL | CURRENCY | COUNTERPARTY | SETTLEMENT DATE | SETTLEMENT VALUE | VALUE AT OCTOBER 31, 2015 | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||||||
| 32,256 | CHF | Deutsche Bank AG | 11/27/15 | $ | 34,392 | $ | 32,656 | $ | 1,736 | |||||||||||||
| 5,237 | EUR | BNP Paribas | 11/27/15 | 6,047 | 5,760 | 287 | ||||||||||||||||
| 11,430 | EUR | Citibank, N.A. | 11/27/15 | 12,618 | 12,574 | 44 | ||||||||||||||||
| 4,500 | EUR | Goldman Sachs International | 11/27/15 | 5,039 | 4,949 | 90 | ||||||||||||||||
| 5,150 | EUR | Merrill Lynch International | 11/27/15 | 5,903 | 5,664 | 239 | ||||||||||||||||
| 5,843 | EUR | Morgan Stanley | 11/27/15 | 6,610 | 6,427 | 183 | ||||||||||||||||
| 6,574 | EUR | Royal Bank of Canada | 11/27/15 | 7,469 | 7,232 | 237 | ||||||||||||||||
| 121,462 | EUR | Standard Chartered Bank | 11/27/15 | 139,958 | 133,605 | 6,353 | ||||||||||||||||
| 30,699 | EUR | State Street Corp. | 11/27/15 | 33,940 | 33,769 | 171 | ||||||||||||||||
| 22,381 | GBP | BNP Paribas | 11/27/15 | 34,037 | 34,497 | (460 | ) | |||||||||||||||
| 6,769 | GBP | Citibank, N.A. | 11/27/15 | 10,467 | 10,433 | 34 | ||||||||||||||||
| 5,178 | GBP | Deutsche Bank AG | 11/27/15 | 8,119 | 7,982 | 137 | ||||||||||||||||
| 9,755 | GBP | Goldman Sachs International | 11/27/15 | 15,072 | 15,036 | 36 | ||||||||||||||||
| 3,490 | GBP | Standard Chartered Bank | 11/27/15 | 5,385 | 5,379 | 6 | ||||||||||||||||
| 19,317 | GBP | State Street Corp. | 11/27/15 | 29,732 | 29,775 | (43 | ) | |||||||||||||||
| 8,283 | GBP | Union Bank of Switzerland AG | 11/27/15 | 12,652 | 12,768 | (116 | ) | |||||||||||||||
| 40,187 | HKD | HSBC Bank, N.A. | 11/27/15 | 5,185 | 5,185 | – | (h) | |||||||||||||||
| 63,164 | HKD | Societe Generale | 11/27/15 | 8,150 | 8,151 | (1 | ) | |||||||||||||||
| 1,509,792 | JPY | Goldman Sachs International | 11/27/15 | 12,673 | 12,514 | 159 | ||||||||||||||||
| 1,996,548 | JPY | Standard Chartered Bank | 11/27/15 | 16,721 | 16,548 | 173 | ||||||||||||||||
| 1,420,520 | JPY | State Street Corp. | 11/27/15 | 11,474 | 11,775 | (301 | ) | |||||||||||||||
| 214,054 | NOK | Deutsche Bank AG | 11/27/15 | 26,137 | 25,183 | 954 | ||||||||||||||||
| 46,235 | SEK | Deutsche Bank AG | 11/27/15 | 5,445 | 5,415 | 30 | ||||||||||||||||
| 49,342 | SEK | Merrill Lynch International | 11/27/15 | 5,804 | 5,778 | 26 | ||||||||||||||||
| $ | 459,029 | $ | 449,055 | $ | 9,974 | |||||||||||||||||
|
| |||||||||||||||||||||
| # | For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at October 31, 2015 of the currency being sold, and the value at October 31, 2015 is the U.S. Dollar market value of the currency being purchased. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 77 | ||||||
Table of Contents
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 98.8% |
| ||||||
Australia — 5.4% |
| |||||||
| 296 | Australia & New Zealand Banking Group Ltd. | 5,730 | ||||||
| 678 | Bank of Queensland Ltd. | 6,289 | ||||||
| 705 | Bendigo & Adelaide Bank Ltd. | 5,349 | ||||||
| 898 | BHP Billiton Ltd. | 14,733 | ||||||
| 2,022 | Echo Entertainment Group Ltd. | 7,306 | ||||||
| 11,101 | Fairfax Media Ltd. | 7,425 | ||||||
| 154 | Flight Centre Travel Group Ltd. | 4,154 | ||||||
| 2,199 | GPT Group (The) | 7,448 | ||||||
| 2,297 | Harvey Norman Holdings Ltd. | 6,452 | ||||||
| 627 | Lend Lease Group | 5,766 | ||||||
| 136 | Macquarie Group Ltd. | 8,221 | ||||||
| 4,835 | South32 Ltd. (a) | 5,007 | ||||||
| 1,040 | Westfield Corp. | 7,542 | ||||||
| 657 | Westpac Banking Corp. | 14,638 | ||||||
| 342 | Woodside Petroleum Ltd. | 7,167 | ||||||
|
| |||||||
| 113,227 | ||||||||
|
| |||||||
Belgium — 1.5% |
| |||||||
| 95 | Ageas | 4,180 | ||||||
| 55 | Anheuser-Busch InBev S.A./N.V. | 6,609 | ||||||
| 231 | bpost S.A. | 5,784 | ||||||
| 85 | Delhaize Group | 7,930 | ||||||
| 216 | Proximus SADP | 7,474 | ||||||
|
| |||||||
| 31,977 | ||||||||
|
| |||||||
China — 0.3% |
| |||||||
| 7,737 | China Construction Bank Corp., Class H | 5,607 | ||||||
|
| |||||||
Denmark — 2.6% |
| |||||||
| 4 | AP Moeller—Maersk A/S, Class B | 6,526 | ||||||
| 317 | Danske Bank A/S | 8,730 | ||||||
| 451 | Novo Nordisk A/S, Class B | 23,939 | ||||||
| 62 | Pandora A/S | 7,136 | ||||||
| 142 | Vestas Wind Systems A/S | 8,287 | ||||||
|
| |||||||
| 54,618 | ||||||||
|
| |||||||
Finland — 0.8% |
| |||||||
| 296 | Tieto OYJ | 7,593 | ||||||
| 431 | UPM-Kymmene OYJ | 8,074 | ||||||
|
| |||||||
| 15,667 | ||||||||
|
| |||||||
France — 11.3% |
| |||||||
| 508 | Altran Technologies S.A. | 6,339 | ||||||
| 567 | AXA S.A. | 15,127 | ||||||
| 254 | BNP Paribas S.A. | 15,383 | ||||||
| 104 | Cap Gemini S.A. | 9,281 | ||||||
| 584 | Credit Agricole S.A. | 7,374 | ||||||
| 487 | Engie S.A. | 8,515 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
France — continued |
| |||||||
| 118 | Faurecia | 4,676 | ||||||
| 67 | Gaztransport Et Technigaz S.A. | 3,332 | ||||||
| 83 | LVMH Moet Hennessy Louis Vuitton SE | 15,464 | ||||||
| 1,007 | Natixis S.A. | 6,165 | ||||||
| 638 | Orange S.A. | 11,246 | ||||||
| 106 | Publicis Groupe S.A. | 6,877 | ||||||
| 75 | Renault S.A. | 7,078 | ||||||
| 135 | Safran S.A. | 10,217 | ||||||
| 270 | Sanofi | 27,217 | ||||||
| 207 | Societe Generale S.A. | 9,633 | ||||||
| 1,071 | Technicolor S.A. | 7,241 | ||||||
| 96 | Teleperformance | 7,516 | ||||||
| 94 | Thales S.A. | 6,772 | ||||||
| 527 | TOTAL S.A. | 25,486 | ||||||
| 48 | Valeo S.A. | 7,472 | ||||||
| 218 | Veolia Environnement S.A. | 5,074 | ||||||
| 160 | Vinci S.A. | 10,763 | ||||||
|
| |||||||
| 234,248 | ||||||||
|
| |||||||
Germany — 8.2% |
| |||||||
| 118 | Allianz SE | 20,701 | ||||||
| 112 | Aurubis AG | 7,477 | ||||||
| 191 | Bayer AG | 25,410 | ||||||
| 43 | Continental AG | 10,425 | ||||||
| 225 | Daimler AG | 19,507 | ||||||
| 198 | Evonik Industries AG | 7,184 | ||||||
| 238 | Freenet AG | 8,017 | ||||||
| 101 | Fresenius Medical Care AG & Co. KGaA | 9,095 | ||||||
| 131 | Fresenius SE & Co. KGaA | 9,627 | ||||||
| 77 | Hannover Rueck SE | 8,951 | ||||||
| 113 | HeidelbergCement AG | 8,443 | ||||||
| 92 | KUKA AG | 7,774 | ||||||
| 84 | Merck KGaA | 8,174 | ||||||
| 136 | OSRAM Licht AG | 8,019 | ||||||
| 118 | ProSiebenSat.1 Media SE | 6,351 | ||||||
| 62 | Siemens AG | 6,235 | ||||||
|
| |||||||
| 171,390 | ||||||||
|
| |||||||
Hong Kong — 2.5% |
| |||||||
| 1,306 | BOC Hong Kong Holdings Ltd. | 4,176 | ||||||
| 919 | Cheung Kong Infrastructure Holdings Ltd. | 8,525 | ||||||
| 910 | Cheung Kong Property Holdings Ltd. | 6,367 | ||||||
| 2,196 | China Overseas Land & Investment Ltd. | 7,093 | ||||||
| 732 | China Overseas Property Holdings Ltd. (a) | 126 | ||||||
| 864 | CK Hutchison Holdings Ltd. | 11,825 | ||||||
| 6,039 | New World Development Co., Ltd. | 6,441 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 78 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 98.8% |
| ||||||
Hong Kong — continued |
| |||||||
| 579 | Swire Pacific Ltd., Class A | 6,684 | ||||||
|
| |||||||
| 51,237 | ||||||||
|
| |||||||
India — 0.4% |
| |||||||
| 126 | HDFC Bank Ltd., ADR | 7,686 | ||||||
|
| |||||||
Ireland — 1.6% |
| |||||||
| 97 | DCC plc | 7,753 | ||||||
| 93 | Ryanair Holdings plc, ADR | 7,234 | ||||||
| 154 | Shire plc | 11,656 | ||||||
| 103 | Smurfit Kappa Group plc | 2,924 | ||||||
| 160 | Smurfit Kappa Group plc 1 | 4,566 | ||||||
|
| |||||||
| 34,133 | ||||||||
|
| |||||||
Israel — 0.6% |
| |||||||
| 224 | Teva Pharmaceutical Industries Ltd., ADR | 13,248 | ||||||
|
| |||||||
Italy — 2.1% |
| |||||||
| 178 | Atlantia S.p.A. | 4,937 | ||||||
| 2,252 | Enel S.p.A. | 10,387 | ||||||
| 3,718 | Intesa Sanpaolo S.p.A. | 12,935 | ||||||
| 708 | Mediobanca S.p.A. | 7,122 | ||||||
| 6,512 | Telecom Italia S.p.A. (a) | 9,084 | ||||||
|
| |||||||
| 44,465 | ||||||||
|
| |||||||
Japan — 21.8% |
| |||||||
| 171 | Alps Electric Co., Ltd. | 5,320 | ||||||
| 1,111 | Asahi Glass Co., Ltd. | 6,361 | ||||||
| 1,072 | Asahi Kasei Corp. | 6,578 | ||||||
| 583 | Astellas Pharma, Inc. | 8,462 | ||||||
| 296 | Bandai Namco Holdings, Inc. | 7,266 | ||||||
| 1,230 | Bank of Yokohama Ltd. (The) | 7,677 | ||||||
| 217 | Bridgestone Corp. | 7,972 | ||||||
| 334 | Canon, Inc. | 9,977 | ||||||
| 393 | Casio Computer Co., Ltd. | 7,400 | ||||||
| 1,075 | Citizen Holdings Co., Ltd. | 8,150 | ||||||
| 584 | Daicel Corp. | 7,721 | ||||||
| 177 | FamilyMart Co., Ltd. | 7,239 | ||||||
| 2,047 | Fuji Electric Co., Ltd. | 9,133 | ||||||
| 228 | Fuji Heavy Industries Ltd. | 8,798 | ||||||
| 211 | FUJIFILM Holdings Corp. | 8,405 | ||||||
| 1,287 | Fukuoka Financial Group, Inc. | 6,772 | ||||||
| 58 | Hikari Tsushin, Inc. | 4,376 | ||||||
| 721 | ITOCHU Corp. | 9,017 | ||||||
| 263 | Japan Aviation Electronics Industry Ltd. | 4,659 | ||||||
| 312 | Japan Tobacco, Inc. | 10,802 | ||||||
| 302 | JFE Holdings, Inc. | 4,740 | ||||||
| 483 | KDDI Corp. | 11,681 | ||||||
| 3,905 | Kobe Steel Ltd. | 4,931 | ||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
Japan — continued |
| |||||||
| 75 | Kose Corp. | 7,285 | ||||||
| 96 | MEIJI Holdings Co., Ltd. | 7,596 | ||||||
| 453 | Mitsubishi Corp. | 8,239 | ||||||
| 3,422 | Mitsubishi UFJ Financial Group, Inc. | 22,132 | ||||||
| 2,112 | Mitsui Chemicals, Inc. | 7,986 | ||||||
| 347 | NH Foods Ltd. | 7,238 | ||||||
| 307 | Nippon Telegraph & Telephone Corp. | 11,259 | ||||||
| 997 | Nissan Motor Co., Ltd. | 10,333 | ||||||
| 77 | Nitori Holdings Co., Ltd. | 5,989 | ||||||
| 77 | Nitto Denko Corp. | 4,931 | ||||||
| 832 | Obayashi Corp. | 7,297 | ||||||
| 609 | ORIX Corp. | 8,886 | ||||||
| 158 | Otsuka Holdings Co., Ltd. | 5,252 | ||||||
| 119 | Rohm Co., Ltd. | 5,882 | ||||||
| 595 | Sekisui Chemical Co., Ltd. | 7,020 | ||||||
| 476 | Sekisui House Ltd. | 7,920 | ||||||
| 213 | Shionogi & Co., Ltd. | 8,749 | ||||||
| 247 | Sompo Japan Nipponkoa Holdings, Inc. | 7,740 | ||||||
| 338 | Sony Corp. | 9,605 | ||||||
| 921 | Sumitomo Chemical Co., Ltd. | 5,276 | ||||||
| 442 | Sumitomo Electric Industries Ltd. | 6,035 | ||||||
| 1,202 | Sumitomo Heavy Industries Ltd. | 5,416 | ||||||
| 361 | Sumitomo Mitsui Financial Group, Inc. | 14,390 | ||||||
| 1,927 | Sumitomo Mitsui Trust Holdings, Inc. | 7,397 | ||||||
| 481 | T&D Holdings, Inc. | 6,321 | ||||||
| 1,251 | Taisei Corp. | 8,130 | ||||||
| 588 | Tohoku Electric Power Co., Inc. | 8,250 | ||||||
| 238 | Tokio Marine Holdings, Inc. | 9,182 | ||||||
| 540 | Toyota Motor Corp. | 33,052 | ||||||
| 119 | West Japan Railway Co. | 8,340 | ||||||
| 330 | Yamaha Corp. | 8,195 | ||||||
|
| |||||||
| 454,760 | ||||||||
|
| |||||||
Luxembourg — 0.3% |
| |||||||
| 182 | APERAM S.A. (a) | 5,609 | ||||||
|
| |||||||
Netherlands — 4.3% |
| |||||||
| 1,144 | Aegon N.V. | 7,021 | ||||||
| 114 | Heineken N.V. | 10,409 | ||||||
| 1,113 | ING Groep N.V., CVA | 16,191 | ||||||
| 384 | Koninklijke Ahold N.V. | 7,806 | ||||||
| 237 | NN Group N.V. | 7,433 | ||||||
| 130 | Randstad Holding N.V. | 7,731 | ||||||
| 1,270 | Royal Dutch Shell plc, Class B | 33,261 | ||||||
|
| |||||||
| 89,852 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 79 | ||||||
Table of Contents
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands)
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
| Common Stocks — 98.8% |
| ||||||
Norway — 0.6% |
| |||||||
| 452 | DNB ASA | 5,761 | ||||||
| 142 | Yara International ASA | 6,435 | ||||||
|
| |||||||
| 12,196 | ||||||||
|
| |||||||
Portugal — 0.3% |
| |||||||
| 1,623 | EDP—Energias de Portugal S.A. | 5,997 | ||||||
|
| |||||||
Singapore — 0.4% |
| |||||||
| 618 | DBS Group Holdings Ltd. | 7,600 | ||||||
|
| |||||||
South Africa — 0.3% |
| |||||||
| 861 | Investec plc | 7,175 | ||||||
|
| |||||||
South Korea — 0.4% |
| |||||||
| 6 | Samsung Electronics Co., Ltd. | 7,402 | ||||||
|
| |||||||
Spain — 2.6% |
| |||||||
| 139 | Amadeus IT Holding S.A., Class A | 5,907 | ||||||
| 1,457 | Banco Santander S.A. | 8,138 | ||||||
| 313 | Ferrovial S.A. | 7,892 | ||||||
| 327 | Gas Natural SDG S.A. | 7,076 | ||||||
| 1,610 | Iberdrola S.A. | 11,482 | ||||||
| 509 | Repsol S.A. | 6,411 | ||||||
| 163 | Tecnicas Reunidas S.A. | 7,250 | ||||||
|
| |||||||
| 54,156 | ||||||||
|
| |||||||
Sweden — 2.7% |
| |||||||
| 301 | Boliden AB | 5,759 | ||||||
| 459 | Castellum AB | 6,867 | ||||||
| 548 | Securitas AB, Class B | 7,153 | ||||||
| 327 | Svenska Cellulosa AB S.C.A., Class B | 9,638 | ||||||
| 464 | Svenska Handelsbanken AB, Class A | 6,303 | ||||||
| 328 | Swedbank AB, Class A | 7,524 | ||||||
| 230 | Swedish Match AB | 7,214 | ||||||
| 362 | Trelleborg AB, Class B, | 6,092 | ||||||
|
| |||||||
| 56,550 | ||||||||
|
| |||||||
Switzerland — 8.7% |
| |||||||
| 53 | Actelion Ltd. (a) | 7,389 | ||||||
| 103 | Adecco S.A. (a) | 7,645 | ||||||
| 10 | Georg Fischer AG | 6,204 | ||||||
| 53 | Lonza Group AG (a) | 7,816 | ||||||
| 388 | Nestle S.A. | 29,603 | ||||||
| 458 | Novartis AG | 41,445 | ||||||
| 135 | Roche Holding AG | 36,644 | ||||||
| 21 | Straumann Holding AG | 5,815 | ||||||
| 31 | Swiss Life Holding AG (a) | 7,378 | ||||||
| 126 | Swiss Re AG | 11,695 | ||||||
| 923 | UBS Group AG | 18,443 | ||||||
|
| |||||||
| 180,077 | ||||||||
|
| |||||||
| SHARES | SECURITY DESCRIPTION | VALUE($) | ||||||
United Kingdom — 18.7% |
| |||||||
| 895 | 3i Group plc | 6,897 | ||||||
| 313 | AstraZeneca plc | 19,956 | ||||||
| 1,048 | Aviva plc | 7,829 | ||||||
| 4,285 | Barclays plc | 15,268 | ||||||
| 763 | Barratt Developments plc | 7,189 | ||||||
| 2,384 | Booker Group plc | 6,830 | ||||||
| 3,922 | BP plc | 23,311 | ||||||
| 440 | British American Tobacco plc | 26,111 | ||||||
| 670 | British Land Co. plc (The) | 8,976 | ||||||
| 2,121 | BT Group plc | 15,145 | ||||||
| 1,164 | Carillion plc | 5,475 | ||||||
| 1,257 | Direct Line Insurance Group plc | 7,626 | ||||||
| 1,092 | Dixons Carphone plc | 7,755 | ||||||
| 167 | Hikma Pharmaceuticals plc | 5,576 | ||||||
| 2,196 | HSBC Holdings plc | 17,157 | ||||||
| 273 | Imperial Tobacco Group plc | 14,712 | ||||||
| 1,488 | Indivior plc | 4,701 | ||||||
| 2,023 | ITV plc | 7,853 | ||||||
| 589 | John Wood Group plc | 5,403 | ||||||
| 13,961 | Lloyds Banking Group plc | 15,846 | ||||||
| 942 | Marks & Spencer Group plc | 7,439 | ||||||
| 422 | Northgate plc | 2,635 | ||||||
| 254 | Persimmon plc (a) | 7,778 | ||||||
| 507 | Playtech plc | 6,677 | ||||||
| 670 | Prudential plc | 15,638 | ||||||
| 174 | Reckitt Benckiser Group plc | 16,959 | ||||||
| 418 | Rio Tinto plc | 15,230 | ||||||
| 516 | Sky plc | 8,701 | ||||||
| 2,509 | Taylor Wimpey plc | 7,644 | ||||||
| 248 | Travis Perkins plc | 7,321 | ||||||
| 802 | UBM plc | 6,315 | ||||||
| 579 | Unilever N.V., CVA | 26,193 | ||||||
| 6,458 | Vodafone Group plc | 21,252 | ||||||
| 423 | WPP plc | 9,491 | ||||||
|
| |||||||
| 388,889 | ||||||||
|
| |||||||
United States — 0.4% |
| |||||||
| 148 | Carnival plc | 8,211 | ||||||
|
| |||||||
Total Common Stocks (Cost $2,003,011) | 2,055,977 | |||||||
|
| |||||||
| Preferred Stock — 0.4% |
| ||||||
Germany — 0.4% |
| |||||||
| 76 | Henkel AG & Co. KGaA (Cost $7,461) | 8,227 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 80 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| NUMBER OF RIGHTS | SECURITY DESCRIPTION | VALUE($) | ||||||
| Rights — 0.0% (g) |
| ||||||
Australia — 0.0% (g) |
| |||||||
| 29 | Westpac Banking Corp., expiring 11/11/15 (a) | 100 | ||||||
|
| |||||||
France — 0.0% (g) |
| |||||||
| 1,071 | Technicolor S.A., expiring 11/04/15 (a) | 264 | ||||||
|
| |||||||
Spain — 0.0% (g) |
| |||||||
| 1,457 | Banco Santander S.A., expiring 11/03/15 (a) | 80 | ||||||
|
| |||||||
Total Rights | 444 | |||||||
|
| |||||||
| SHARES | ||||||||
| Short-Term Investment — 1.3% |
| ||||||
Investment Company — 1.3% |
| |||||||
| 26,986 | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.080% (b) (l) (Cost $26,986) | 26,986 | ||||||
|
| |||||||
Total Investments — 100.5% | 2,091,634 | |||||||
Liabilities in Excess of | (9,718 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | $ | 2,081,916 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Summary of Investments by Industry, October 31, 2015
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENTAGE | |||
Banks | 12.8 | % | ||
Pharmaceuticals | 11.5 | |||
Insurance | 6.5 | |||
Oil, Gas & Consumable Fuels | 4.7 | |||
Automobiles | 3.8 | |||
Metals & Mining | 3.0 | |||
Media | 2.9 | |||
Tobacco | 2.8 | |||
Household Durables | 2.6 | |||
Diversified Telecommunication Services | 2.6 | |||
Capital Markets | 2.3 | |||
Chemicals | 2.2 | |||
Electric Utilities | 2.1 | |||
Food Products | 2.1 | |||
Wireless Telecommunication Services | 2.0 | |||
Construction & Engineering | 1.9 | |||
Real Estate Management & Development | 1.9 | |||
Auto Components | 1.8 | |||
Household Products | 1.7 | |||
Personal Products | 1.6 | |||
Food & Staples Retailing | 1.4 | |||
IT Services | 1.4 | |||
Industrial Conglomerates | 1.2 | |||
Technology Hardware, Storage & Peripherals | 1.2 | |||
Machinery | 1.2 | |||
Electrical Equipment | 1.2 | |||
Trading Companies & Distributors | 1.2 | |||
Real Estate Investment Trusts (REITs) | 1.2 | |||
Professional Services | 1.1 | |||
Textiles, Apparel & Luxury Goods | 1.1 | |||
Others (each less than 1.0%) | 13.7 | |||
Short-Term Investment | 1.3 | |||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 81 | ||||||
Table of Contents
J.P. Morgan International Equity Funds
NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS
AS OF OCTOBER 31, 2015 (Unaudited)
| ADR | — American Depositary Receipt | |
| AUD | — Australian 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 | |
| USD | — United States 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. | |
| (c) | — Included in this amount is cash segregated as collateral for futures contracts. | |
| (e) | — Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration normally to qualified institutional buyers. |
| (g) | — Amount rounds to less than 0.1%. | |||||
| (h) | — Amount rounds to less than one thousand (shares or dollars). | |||||
| (l) | — The rate shown is the current yield as of October 31, 2015. | |||||
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 | $ | 938,154 | 86.8 | % | ||||
| Emerging Markets Equity Fund | 1,602,716 | 70.9 | ||||||
| Emerging Markets Equity Income Fund | 2,040 | 76.1 | ||||||
| Global Research Enhanced Index Fund | 2,808,909 | 37.9 | ||||||
| Global Unconstrained Equity Fund | 435 | 26.2 | ||||||
| International Equity Fund | 2,806,634 | 95.6 | ||||||
| International Equity Income Fund | 101,590 | 92.7 | ||||||
| International Opportunities Fund | 2,166,745 | 96.8 | ||||||
| International Research Enhanced Equity Fund | 861,269 | 97.8 | ||||||
| International Unconstrained Equity Fund | 62,136 | 83.7 | ||||||
| International Value Fund | 2,360,765 | 97.5 | ||||||
| Intrepid International Fund | 2,036,480 | 97.4 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 82 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
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| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 83 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2015
(Amounts in thousands, except per share amounts)
| Emerging Economies Fund | Emerging Markets | Emerging Markets | Global Research | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 1,044,367 | $ | 2,198,338 | $ | 2,681 | $ | 7,195,831 | ||||||||
Investments in affiliates, at value | 36,465 | 62,382 | — | 207,057 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment securities, at value | 1,080,832 | 2,260,720 | 2,681 | 7,402,888 | ||||||||||||
Cash | 6,661 | 1,418 | 49 | 1,039 | ||||||||||||
Foreign currency, at value | 1,484 | 587 | 37 | 121 | ||||||||||||
Deposits at broker for futures contracts | 2,232 | — | — | 8,795 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 4,363 | 5,307 | 22 | 60,643 | ||||||||||||
Fund shares sold | 6,355 | 6,786 | — | 2,685 | ||||||||||||
Dividends from non-affiliates | 404 | 218 | 2 | 10,066 | ||||||||||||
Dividends from affiliates | 3 | 5 | — | 14 | ||||||||||||
Tax reclaims | 10 | — | — | 4,720 | ||||||||||||
Variation margin on futures contracts | 116 | — | — | — | ||||||||||||
India tax refund | 31 | — | — | — | ||||||||||||
Due from Adviser | — | — | 19 | — | ||||||||||||
Deferred offering costs | — | — | 14 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 1,102,491 | 2,275,041 | 2,824 | 7,490,971 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 5 | 3,571 | 65 | 71,055 | ||||||||||||
Fund shares redeemed | 308 | 1,952 | — | 1,419 | ||||||||||||
Variation margin on futures contracts | — | — | — | 808 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 773 | 1,704 | — | 284 | ||||||||||||
Administration fees | 34 | 114 | — | — | ||||||||||||
Distribution fees | 10 | 84 | — | (a) | — | (a) | ||||||||||
Shareholder servicing fees | 74 | 116 | 1 | 1,543 | ||||||||||||
Custodian and accounting fees | 318 | 536 | 18 | 189 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 2 | — | (a) | — | (a) | 16 | ||||||||||
Deferred India capital gains tax | — | 402 | — | — | ||||||||||||
Audit fees | 50 | 56 | 46 | 57 | ||||||||||||
Registration fee | — | (a) | 27 | 1 | 236 | |||||||||||
Sub-transfer agent fees | 52 | 342 | — | (a) | 4 | |||||||||||
Other | 22 | 286 | — | (a) | 82 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,648 | 9,190 | 131 | 75,693 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 1,100,843 | $ | 2,265,851 | $ | 2,693 | $ | 7,415,278 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 84 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| Emerging Economies Fund | Emerging Markets | Emerging Markets | Global Research | |||||||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 1,304,709 | $ | 2,244,573 | $ | 3,203 | $ | 6,974,515 | ||||||||
Accumulated undistributed (distributions in excess of) net investment income | 10,066 | 19,491 | 12 | 112,183 | ||||||||||||
Accumulated net realized gains (losses) | (185,097 | ) | (43,803 | ) | (128 | ) | (101,620 | ) | ||||||||
Net unrealized appreciation (depreciation) | (28,835 | ) | 45,590 | (394 | ) | 430,200 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 1,100,843 | $ | 2,265,851 | $ | 2,693 | $ | 7,415,278 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 43,220 | $ | 274,710 | $ | 86 | $ | 20 | ||||||||
Class C | 3,614 | 43,387 | 32 | 20 | ||||||||||||
Class R2 | — | — | — | 20 | ||||||||||||
Class R5 | 81,516 | — | 17 | — | ||||||||||||
Class R6 | 732,627 | 1,128,390 | 17 | — | ||||||||||||
Institutional Class | — | 316,635 | — | — | ||||||||||||
Select Class | 239,866 | 502,729 | 2,541 | 7,415,218 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,100,843 | $ | 2,265,851 | $ | 2,693 | $ | 7,415,278 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 3,920 | 14,063 | 7 | 1 | ||||||||||||
Class C | 332 | 2,288 | 3 | 1 | ||||||||||||
Class R2 | — | — | — | 1 | ||||||||||||
Class R5 | 7,339 | — | 1 | — | ||||||||||||
Class R6 | 65,971 | 56,049 | 1 | — | ||||||||||||
Institutional Class | — | 15,716 | — | — | ||||||||||||
Select Class | 21,678 | 25,165 | 203 | 399,604 | ||||||||||||
Net Asset Value (a): | ||||||||||||||||
Class A — Redemption price per share | $ | 11.03 | $ | 19.53 | $ | 12.50 | $ | 18.52 | ||||||||
Class C — Offering price per share (b) | 10.86 | 18.96 | 12.51 | 18.43 | ||||||||||||
Class R2 — Offering and redemption price per share | — | — | — | 18.47 | ||||||||||||
Class R5 — Offering and redemption price per share | 11.11 | — | 12.53 | — | ||||||||||||
Class R6 — Offering and redemption price per share | 11.11 | 20.13 | 12.53 | — | ||||||||||||
Institutional Class — Offering and redemption price per share | — | 20.15 | — | — | ||||||||||||
Select Class — Offering and redemption price per share | 11.06 | 19.98 | 12.53 | 18.56 | ||||||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 11.64 | $ | 20.61 | $ | 13.19 | $ | 19.55 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 1,072,239 | $ | 2,152,337 | $ | 3,075 | $ | 6,775,877 | ||||||||
Cost of investments in affiliates | 36,465 | 62,382 | — | 207,057 | ||||||||||||
Cost of foreign currency | 1,534 | 587 | 37 | 122 | ||||||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 85 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands, except per share amounts)
Global | International Equity Fund | International Equity Income Fund | International Opportunities Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 1,657 | $ | 2,898,064 | $ | 106,101 | $ | 2,186,301 | ||||||||
Investments in affiliates, at value | — | 36,512 | 3,526 | 52,566 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment securities, at value | 1,657 | 2,934,576 | 109,627 | 2,238,867 | ||||||||||||
Cash | 80 | 446 | 20 | 46 | ||||||||||||
Foreign currency, at value | — | 91 | 12 | 17 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 31 | — | — | 4,086 | ||||||||||||
Fund shares sold | — | 880 | 748 | 1,843 | ||||||||||||
Dividends from non-affiliates | — | (a) | 6,016 | 233 | 4,341 | |||||||||||
Dividends from affiliates | — | 4 | — | (a) | 4 | |||||||||||
Tax reclaims | 4 | 5,089 | 81 | 3,085 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | — | — | 6,887 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 1,772 | 2,947,102 | 110,721 | 2,259,176 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 18 | — | — | 13 | ||||||||||||
Fund shares redeemed | — | 22,050 | 78 | 9,584 | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 7,604 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 45 | 1,773 | 30 | 1,095 | ||||||||||||
Administration fees | — | 88 | — | (a) | 154 | |||||||||||
Distribution fees | — | (a) | 67 | 19 | 35 | |||||||||||
Shareholder servicing fees | — | (a) | 99 | 15 | 15 | |||||||||||
Custodian and accounting fees | 15 | 131 | 24 | 112 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | 5 | — | (a) | 4 | ||||||||||
Audit fees | 51 | 27 | 55 | 57 | ||||||||||||
Registration fee | 1 | 37 | 59 | 27 | ||||||||||||
Sub-transfer agent fees | — | (a) | 134 | 17 | 75 | |||||||||||
Other | 1 | 68 | 7 | 31 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 131 | 24,479 | 304 | 18,806 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 1,641 | $ | 2,922,623 | $ | 110,417 | $ | 2,240,370 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 86 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
Global | International Equity Fund | International Equity Income Fund | International Opportunities Fund | |||||||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 1,514 | $ | 2,743,027 | $ | 106,802 | $ | 2,126,663 | ||||||||
Accumulated undistributed (distributions in excess of) net investment income | 12 | 6,664 | 30 | 11,104 | ||||||||||||
Accumulated net realized gains (losses) | 8 | (24,670 | ) | 823 | (41,449 | ) | ||||||||||
Net unrealized appreciation (depreciation) | 107 | 197,602 | 2,762 | 144,052 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 1,641 | $ | 2,922,623 | $ | 110,417 | $ | 2,240,370 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 244 | $ | 224,370 | $ | 66,499 | $ | 155,397 | ||||||||
Class C | 317 | 28,313 | 8,649 | 1,743 | ||||||||||||
Class R2 | 20 | 1,203 | 52 | — | ||||||||||||
Class R5 | 20 | 57,500 | 19 | — | ||||||||||||
Class R6 | 20 | 2,088,835 | 21 | 2,003,409 | ||||||||||||
Institutional Class | — | — | — | 55,273 | ||||||||||||
Select Class | 1,020 | 522,402 | 35,177 | 24,548 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,641 | $ | 2,922,623 | $ | 110,417 | $ | 2,240,370 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 15 | 15,213 | 4,246 | 10,731 | ||||||||||||
Class C | 20 | 2,020 | 555 | 124 | ||||||||||||
Class R2 | 2 | 82 | 4 | — | ||||||||||||
Class R5 | 1 | 3,841 | 1 | — | ||||||||||||
Class R6 | 1 | 139,581 | 1 | 135,794 | ||||||||||||
Institutional Class | — | — | — | 3,745 | ||||||||||||
Select Class | 63 | 34,932 | 2,241 | 1,672 | ||||||||||||
Net Asset Value (a): | ||||||||||||||||
Class A — Redemption price per share | $ | 16.12 | $ | 14.75 | $ | 15.66 | $ | 14.48 | ||||||||
Class C — Offering price per share (b) | 16.01 | 14.02 | 15.59 | 14.04 | ||||||||||||
Class R2 — Offering and redemption price per share | 16.11 | 14.69 | 15.65 | — | ||||||||||||
Class R5 — Offering and redemption price per share | 16.21 | 14.97 | 15.70 | — | ||||||||||||
Class R6 — Offering and redemption price per share | 16.22 | 14.97 | 15.69 | 14.75 | ||||||||||||
Institutional Class — Offering and redemption price per share | — | — | — | 14.76 | ||||||||||||
Select Class — Offering and redemption price per share | 16.18 | 14.95 | 15.70 | 14.68 | ||||||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 17.01 | $ | 15.57 | $ | 16.53 | $ | 15.28 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 1,550 | $ | 2,700,037 | $ | 103,332 | $ | 2,041,302 | ||||||||
Cost of investments in affiliates | — | 36,512 | 3,526 | 52,566 | ||||||||||||
Cost of foreign currency | — | (c) | 94 | 12 | 19 | |||||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
| (c) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 87 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF OCTOBER 31, 2015 (continued)
(Amounts in thousands, except per share amounts)
| International Research Enhanced Equity Fund | International Unconstrained Equity Fund | International Value Fund | Intrepid International Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 868,163 | $ | 73,270 | $ | 2,393,670 | $ | 2,064,648 | ||||||||
Investments in affiliates, at value | 12,046 | 943 | 28,020 | 26,986 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment securities, at value | 880,209 | 74,213 | 2,421,690 | 2,091,634 | ||||||||||||
Cash | 49 | 172 | 48 | 47 | ||||||||||||
Foreign currency, at value | 427 | 11 | 167 | 79 | ||||||||||||
Deposits at broker for futures contracts | 840 | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 176 | — | 10,621 | — | ||||||||||||
Fund shares sold | 151 | 133 | 16,576 | 639 | ||||||||||||
Dividends from non-affiliates | 2,139 | 86 | 6,462 | 5,150 | ||||||||||||
Dividends from affiliates | 1 | — | (a) | 2 | 3 | |||||||||||
Tax reclaims | 1,859 | 14 | 4,609 | 1,994 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | — | — | 11,378 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 885,851 | 74,629 | 2,471,553 | 2,099,546 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 876 | — | 11,899 | — | ||||||||||||
Fund shares redeemed | 193 | — | 2,246 | 16,087 | ||||||||||||
Variation margin on futures contracts | 31 | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | — | 9,642 | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | — | 2 | 1,214 | 1,037 | ||||||||||||
Administration fees | — | — | 167 | 147 | ||||||||||||
Distribution fees | 30 | 3 | 163 | 35 | ||||||||||||
Shareholder servicing fees | 161 | 9 | 264 | 4 | ||||||||||||
Custodian and accounting fees | 61 | 7 | 225 | 105 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 2 | — | (a) | 8 | 5 | |||||||||||
Audit fees | 54 | 54 | 56 | 50 | ||||||||||||
Registration fee | 32 | 49 | 26 | 51 | ||||||||||||
Sub-transfer agent fees | 45 | 3 | 1,197 | 76 | ||||||||||||
Other | 37 | 6 | 250 | 33 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 1,522 | 133 | 27,357 | 17,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 884,329 | $ | 74,496 | $ | 2,444,196 | $ | 2,081,916 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 88 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| International Research Enhanced Equity Fund | International Unconstrained Equity Fund | International Value Fund | Intrepid International Fund | |||||||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 805,510 | $ | 76,813 | $ | 2,676,902 | $ | 2,560,105 | ||||||||
Accumulated undistributed (distributions in excess of) net investment income | 18,491 | 222 | 25,330 | 36,755 | ||||||||||||
Accumulated net realized gains (losses) | 2,270 | (822 | ) | (365,314 | ) | (568,900 | ) | |||||||||
Net unrealized appreciation (depreciation) | 58,058 | (1,717 | ) | 107,278 | 53,956 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 884,329 | $ | 74,496 | $ | 2,444,196 | $ | 2,081,916 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 82,667 | $ | 5,824 | $ | 695,251 | $ | 152,834 | ||||||||
Class C | 18,423 | 3,439 | 31,296 | 2,789 | ||||||||||||
Class R2 | 3,331 | 20 | 1,929 | 227 | ||||||||||||
Class R5 | — | 20 | — | — | ||||||||||||
Class R6 | — | 5,335 | 2,354 | 1,854,941 | ||||||||||||
Institutional Class | — | — | 1,480,321 | 51,833 | ||||||||||||
Select Class | 779,908 | 59,858 | 233,045 | 19,292 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 884,329 | $ | 74,496 | $ | 2,444,196 | $ | 2,081,916 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 4,998 | 331 | 53,380 | 7,893 | ||||||||||||
Class C | 1,162 | 197 | 2,475 | 143 | ||||||||||||
Class R2 | 205 | 1 | 150 | 12 | ||||||||||||
Class R5 | — | 1 | — | — | ||||||||||||
Class R6 | — | 301 | 177 | 93,510 | ||||||||||||
Institutional Class | — | — | 111,377 | 2,614 | ||||||||||||
Select Class | 46,712 | 3,379 | 17,429 | 958 | ||||||||||||
Net Asset Value (a): | ||||||||||||||||
Class A — Redemption price per share | $ | 16.54 | $ | 17.61 | $ | 13.02 | $ | 19.36 | ||||||||
Class C — Offering price per share (b) | 15.85 | 17.45 | 12.65 | 19.52 | ||||||||||||
Class R2 — Offering and redemption price per share | 16.21 | 17.57 | 12.83 | 19.21 | ||||||||||||
Class R5 — Offering and redemption price per share | — | 17.75 | — | — | ||||||||||||
Class R6 — Offering and redemption price per share | — | 17.76 | 13.31 | 19.84 | ||||||||||||
Institutional Class — Offering and redemption price per share | — | — | 13.29 | 19.83 | ||||||||||||
Select Class — Offering and redemption price per share | 16.70 | 17.71 | 13.37 | 20.13 | ||||||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 17.46 | $ | 18.59 | $ | 13.74 | $ | 20.43 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 810,271 | $ | 74,986 | $ | 2,287,696 | $ | 2,010,553 | ||||||||
Cost of investments in affiliates | 12,046 | 943 | 28,020 | 26,986 | ||||||||||||
Cost of foreign currency | 450 | 11 | 171 | 79 | ||||||||||||
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 89 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED OCTOBER 31, 2015
(Amounts in thousands)
Emerging | Emerging Markets | Emerging Markets Equity Income Fund (a) | Global Research Enhanced Index Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income from non-affiliates | $ | — | $ | — | $ | — | $ | 7 | ||||||||
Interest income from affiliates | — | (b) | 4 | — | (b) | 2 | ||||||||||
Dividend income from non-affiliates | 28,575 | 50,471 | 150 | 153,215 | ||||||||||||
Dividend income from affiliates | 10 | 23 | — | (b) | 116 | |||||||||||
Foreign taxes withheld | (2,877 | ) | (3,594 | ) | (15 | ) | (6,559 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 25,708 | 46,904 | 135 | 146,781 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 9,369 | 21,646 | 26 | 12,250 | ||||||||||||
Administration fees | 769 | 1,776 | 2 | 5,020 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 117 | 742 | — | (b) | — | (b) | ||||||||||
Class B (c) | — | 10 | — | — | ||||||||||||
Class C | 33 | 388 | — | (b) | 1 | |||||||||||
Class R2 | — | — | — | — | (b) | |||||||||||
Shareholder servicing fees: | ||||||||||||||||
Class A | 117 | 742 | — | (b) | — | (b) | ||||||||||
Class B (c) | — | 4 | — | — | ||||||||||||
Class C | 11 | 129 | — | (b) | — | (b) | ||||||||||
Class R2 | — | — | — | — | ||||||||||||
Class R5 | 305 | — | — | (b) | — | |||||||||||
Institutional Class | — | 379 | — | — | ||||||||||||
Select Class | 640 | 1,350 | 6 | 15,313 | ||||||||||||
Custodian and accounting fees | 674 | 969 | 41 | 585 | ||||||||||||
Interest expense to affiliates | 70 | 11 | — | (b) | 4 | |||||||||||
Professional fees | 132 | 141 | 71 | 138 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 10 | 18 | — | (b) | 62 | |||||||||||
Printing and mailing costs | 41 | 288 | 4 | 145 | ||||||||||||
Registration and filing fees | 96 | 159 | 6 | 531 | ||||||||||||
Transfer agent fees | 42 | 111 | 2 | 49 | ||||||||||||
Sub-transfer agent fees (See Note 2.J.) | 180 | 1,240 | — | (b) | 16 | |||||||||||
Offering costs | — | — | 107 | — | ||||||||||||
Other | 15 | 36 | 8 | 40 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 12,621 | 30,139 | 273 | 34,154 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (1,121 | ) | (2,431 | ) | (28 | ) | (13,753 | ) | ||||||||
Less expense reimbursements | (46 | ) | (134 | ) | (211 | ) | — | (b) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 11,454 | 27,574 | 34 | 20,401 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 14,254 | 19,330 | 101 | 126,380 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | (86,627 | )(d) | (27,772 | ) | (128 | ) | (71,727 | ) | ||||||||
Futures | 1,910 | — | — | (17,615 | ) | |||||||||||
Foreign currency transactions | 377 | 199 | (1 | ) | 328 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (84,340 | ) | (27,573 | ) | (129 | ) | (89,014 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | (70,063 | )(e) | (380,742 | )(f) | (394 | ) | 98,283 | |||||||||
Futures | (979 | ) | — | — | 3,724 | |||||||||||
Foreign currency translations | (42 | ) | (18 | ) | — | (b) | (130 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (71,084 | ) | (380,760 | ) | (394 | ) | 101,877 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (155,424 | ) | (408,333 | ) | (523 | ) | 12,863 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (141,170 | ) | $ | (389,003 | ) | $ | (422 | ) | $ | 139,243 | |||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of operations was December 12, 2014. |
| (b) | Amount rounds to less than $1,000. |
| (c) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (d) | Net of India capital gains tax of approximately $(200,000) for Emerging Economies Fund. |
| (e) | Net of change in India capital gains tax of approximately $694,000 for Emerging Economies Fund. |
| (f) | Net of change in India capital gains tax of approximately $(402,000) for Emerging Markets Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 90 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
Global | International Equity Fund | International Equity Income Fund | International Opportunities Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income from affiliates | $ | — | $ | 1 | $ | — | (a) | $ | — | (a) | ||||||
Dividend income from non-affiliates | 74 | 82,405 | 4,107 | 50,231 | ||||||||||||
Dividend income from affiliates | — | (a) | 40 | 1 | 24 | |||||||||||
Foreign taxes withheld | (3 | ) | (5,282 | ) | (246 | ) | (3,447 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 71 | 77,164 | 3,862 | 46,808 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 26 | 21,714 | 725 | 11,334 | ||||||||||||
Administration fees | 3 | 2,225 | 84 | 1,549 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | — | (a) | 517 | 160 | 299 | |||||||||||
Class B (b) | — | 4 | — | 1 | ||||||||||||
Class C | 1 | 207 | 39 | 12 | ||||||||||||
Class R2 | — | (a) | 6 | 2 | — | |||||||||||
Shareholder servicing fees: | ||||||||||||||||
Class A | — | (a) | 517 | 160 | 299 | |||||||||||
Class B (b) | — | 1 | — | — | (a) | |||||||||||
Class C | 1 | 69 | 13 | 4 | ||||||||||||
Class R2 | — | (a) | 3 | 1 | — | |||||||||||
Class R5 | — | (a) | 36 | — | (a) | — | ||||||||||
Institutional Class | — | — | — | 49 | ||||||||||||
Select Class | 8 | 1,256 | 81 | 97 | ||||||||||||
Custodian and accounting fees | 44 | 344 | 42 | 270 | ||||||||||||
Interest expense to affiliates | — | 2 | 3 | 3 | ||||||||||||
Professional fees | 76 | 140 | 104 | 137 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | 27 | 1 | 19 | |||||||||||
Printing and mailing costs | 10 | 118 | 24 | 56 | ||||||||||||
Registration and filing fees | 97 | 178 | 128 | 140 | ||||||||||||
Transfer agent fees | 1 | 69 | 9 | 37 | ||||||||||||
Sub-transfer agent fees (See Note 2.J.) | — | (a) | 571 | 67 | 268 | |||||||||||
Other | 9 | 37 | 8 | 21 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 276 | 28,041 | 1,651 | 14,595 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (33 | ) | (3,535 | ) | (460 | ) | (201 | ) | ||||||||
Less expense reimbursements | (210 | ) | (42 | ) | — | (a) | (27 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 33 | 24,464 | 1,191 | 14,367 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 38 | 52,700 | 2,671 | 32,441 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | 556 | (12,677 | ) | 1,769 | (31,011 | ) | ||||||||||
Futures | (75 | ) | — | — | 1,916 | |||||||||||
Foreign currency transactions | 1 | 1,013 | 34 | (20,090 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 482 | (11,664 | ) | 1,803 | (49,185 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | (275 | ) | (93,800 | ) | (6,666 | ) | 25,812 | |||||||||
Futures | — | — | — | 45 | ||||||||||||
Foreign currency translations | — | (a) | (107 | ) | (1 | ) | 1,549 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (275 | ) | (93,907 | ) | (6,667 | ) | 27,406 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 207 | (105,571 | ) | (4,864 | ) | (21,779 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 245 | $ | (52,871 | ) | $ | (2,193 | ) | $ | 10,662 | ||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 91 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2015 (continued)
(Amounts in thousands)
International Enhanced | International Unconstrained Equity Fund | International Value Fund | Intrepid International Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income from non-affiliates | $ | 2 | $ | — | (a) | $ | 116 | $ | 576 | |||||||
Interest income from affiliates | 1 | — | (a) | — | (a) | — | (a) | |||||||||
Dividend income from non-affiliates | 26,221 | 567 | 84,940 | 61,334 | ||||||||||||
Dividend income from affiliates | 11 | 1 | 17 | 25 | ||||||||||||
Foreign taxes withheld | (1,709 | ) | (45 | ) | (7,053 | ) | (4,325 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 24,526 | 523 | 78,020 | 57,610 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 1,567 | 214 | 18,028 | 12,491 | ||||||||||||
Administration fees | 642 | 25 | 2,465 | 1,557 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 223 | 5 | 1,496 | 336 | ||||||||||||
Class B (b) | 7 | — | 6 | — | ||||||||||||
Class C | 147 | 7 | 233 | 14 | ||||||||||||
Class R2 | 15 | — | (a) | 8 | 1 | |||||||||||
Shareholder servicing fees: | ||||||||||||||||
Class A | 223 | 5 | 1,496 | 336 | ||||||||||||
Class B (b) | 2 | — | 2 | — | ||||||||||||
Class C | 49 | 2 | 77 | 5 | ||||||||||||
Class R2 | 8 | — | (a) | 4 | — | (a) | ||||||||||
Class R5 | — | — | (a) | — | — | |||||||||||
Institutional Class | — | — | 2,098 | 1,185 | ||||||||||||
Select Class | 1,676 | 68 | 653 | 44 | ||||||||||||
Custodian and accounting fees | 131 | 37 | 505 | 350 | ||||||||||||
Interest expense to affiliates | 1 | — | (a) | 9 | 1 | |||||||||||
Professional fees | 150 | 80 | 168 | 144 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 9 | — | (a) | 32 | 19 | |||||||||||
Printing and mailing costs | 68 | 5 | 495 | 75 | ||||||||||||
Registration and filing fees | 107 | 120 | 331 | 208 | ||||||||||||
Transfer agent fees | 61 | 10 | 71 | 17 | ||||||||||||
Sub-transfer agent fees (See Note 2.J.) | 193 | 2 | 4,738 | 299 | ||||||||||||
Other | 17 | 7 | 36 | 18 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 5,296 | 587 | 32,951 | 17,100 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (2,192 | ) | (208 | ) | (1,389 | ) | (931 | ) | ||||||||
Less expense reimbursements | (4 | ) | (91 | ) | (291 | ) | (17 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 3,100 | 288 | 31,271 | 16,152 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 21,426 | 235 | 46,749 | 41,458 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | 1,858 | (c) | (806 | ) | 4,385 | (23,820 | ) | |||||||||
Investments in affiliates | — | — | (a) | — | — | |||||||||||
Futures | 3,910 | (17 | ) | 4,479 | — | |||||||||||
Foreign currency transactions | 13 | (12 | ) | (8,028 | ) | (151 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 5,781 | (835 | ) | 836 | (23,971 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | (31,545 | ) | (2,077 | ) | (131,408 | ) | (9,658 | ) | ||||||||
Futures | 396 | — | 484 | — | ||||||||||||
Foreign currency translations | (54 | ) | (1 | ) | (1,335 | ) | (19 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (31,203 | ) | (2,078 | ) | (132,259 | ) | (9,677 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (25,422 | ) | (2,913 | ) | (131,423 | ) | (33,648 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (3,996 | ) | $ | (2,678 | ) | $ | (84,674 | ) | $ | 7,810 | |||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (c) | Net of India capital gains tax of approximately $(2,000) for International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 92 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| Emerging Economies Fund | Emerging Markets Equity Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 14,254 | $ | 22,372 | $ | 19,330 | $ | 28,370 | ||||||||
Net realized gain (loss) | (84,340 | ) | (32,703 | ) | (27,573 | ) | 80,394 | |||||||||
Distributions of capital gains received from investment company affiliates | — | — | (a) | — | 1 | |||||||||||
Change in net unrealized appreciation/depreciation | (71,084 | ) | (12,476 | ) | (380,760 | ) | (77,244 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (141,170 | ) | (22,807 | ) | (389,003 | ) | 31,521 | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (1,309 | ) | (788 | ) | (2,876 | ) | (1,101 | ) | ||||||||
Class B (b) | ||||||||||||||||
From net investment income | — | — | (3 | ) | — | |||||||||||
Class C | ||||||||||||||||
From net investment income | (54 | ) | (39 | ) | (188 | ) | — | |||||||||
Class R5 | ||||||||||||||||
From net investment income | (17,780 | ) | (10,129 | ) | — | — | ||||||||||
Class R6 (c) | ||||||||||||||||
From net investment income | — | — | (14,467 | ) | — | |||||||||||
Institutional Class | ||||||||||||||||
From net investment income | — | — | (4,060 | ) | (17,566 | ) | ||||||||||
Select Class | ||||||||||||||||
From net investment income | (4,910 | ) | (3,202 | ) | (5,672 | ) | (1,422 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (24,053 | ) | (14,158 | ) | (27,266 | ) | (20,089 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 39,393 | 234,052 | 147,146 | (888,151 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (125,830 | ) | 197,087 | (269,123 | ) | (876,719 | ) | |||||||||
Beginning of period | 1,226,673 | 1,029,586 | 2,534,974 | 3,411,693 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,100,843 | $ | 1,226,673 | $ | 2,265,851 | $ | 2,534,974 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 10,066 | $ | 19,133 | $ | 19,491 | $ | 27,228 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (c) | Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 93 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| Emerging Markets Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||
| Period Ended October 31, 2015 (a) | Year Ended October 31, 2015 | Year Ended October 31, 2014 | ||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||
Net investment income (loss) | $ | 101 | $ | 126,380 | $ | 61,329 | ||||||
Net realized gain (loss) | (129 | ) | (89,014 | ) | 41,381 | |||||||
Distributions of capital gains received from investment company affiliates | — | — | 1 | |||||||||
Change in net unrealized appreciation/depreciation | (394 | ) | 101,877 | 166,613 | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | (422 | ) | 139,243 | 269,324 | ||||||||
|
|
|
|
|
| |||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Class A | ||||||||||||
From net investment income | (2 | ) | (1 | ) | (1 | ) | ||||||
From net realized gains | — | (1 | ) | — | (b) | |||||||
Class C | ||||||||||||
From net investment income | (1 | ) | — | (b) | — | (b) | ||||||
From net realized gains | — | (1 | ) | (1 | ) | |||||||
Class R2 | ||||||||||||
From net investment income | — | — | (b) | — | (b) | |||||||
From net realized gains | — | (1 | ) | — | (b) | |||||||
Class R5 | ||||||||||||
From net investment income | — | (b) | — | — | ||||||||
Class R6 | ||||||||||||
From net investment income | (1 | ) | — | — | ||||||||
Select Class | ||||||||||||
From net investment income | (84 | ) | (71,222 | ) | (20,542 | ) | ||||||
From net realized gains | — | (47,876 | ) | (11,342 | ) | |||||||
|
|
|
|
|
| |||||||
Total distributions to shareholders | (88 | ) | (119,102 | ) | (31,886 | ) | ||||||
|
|
|
|
|
| |||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Change in net assets resulting from capital transactions | 3,203 | 3,817,424 | 1,445,076 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS: | ||||||||||||
Change in net assets | 2,693 | 3,837,565 | 1,682,514 | |||||||||
Beginning of period | — | 3,577,713 | 1,895,199 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 2,693 | $ | 7,415,278 | $ | 3,577,713 | ||||||
|
|
|
|
|
| |||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 12 | $ | 112,183 | $ | 57,231 | ||||||
|
|
|
|
|
| |||||||
| (a) | Commencement of operations was December 12, 2014. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 94 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| Global Unconstrained Equity Fund | International Equity Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 38 | $ | 66 | $ | 52,700 | $ | 62,055 | ||||||||
Net realized gain (loss) | 482 | 535 | (11,664 | ) | 21,283 | |||||||||||
Distributions of capital gains received from investment company affiliates | — | — | (a) | — | 1 | |||||||||||
Change in net unrealized appreciation/depreciation | (275 | ) | (261 | ) | (93,907 | ) | (123,792 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 245 | 340 | (52,871 | ) | (40,453 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (2 | ) | (1 | ) | (3,160 | ) | (4,391 | ) | ||||||||
From net realized gains | (24 | ) | (6 | ) | — | — | ||||||||||
Class B (b) | ||||||||||||||||
From net investment income | — | — | (1 | ) | (22 | ) | ||||||||||
Class C | ||||||||||||||||
From net investment income | (2 | ) | — | (a) | (332 | ) | (530 | ) | ||||||||
From net realized gains | (36 | ) | (6 | ) | — | — | ||||||||||
Class R2 | ||||||||||||||||
From net investment income | (1 | ) | (1 | ) | (13 | ) | (28 | ) | ||||||||
From net realized gains | (16 | ) | (6 | ) | — | — | ||||||||||
Class R5 | ||||||||||||||||
From net investment income | (2 | ) | (1 | ) | (1,256 | ) | (2,846 | ) | ||||||||
From net realized gains | (16 | ) | (6 | ) | — | — | ||||||||||
Class R6 | ||||||||||||||||
From net investment income | (2 | ) | (1 | ) | (36,053 | ) | (42,018 | ) | ||||||||
From net realized gains | (16 | ) | (6 | ) | — | — | ||||||||||
Select Class | ||||||||||||||||
From net investment income | (89 | ) | (45 | ) | (8,468 | ) | (11,524 | ) | ||||||||
From net realized gains | (887 | ) | (341 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,093 | ) | (420 | ) | (49,283 | ) | (61,359 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (2,043 | ) | 420 | 537,987 | 583,648 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (2,891 | ) | 340 | 435,833 | 481,836 | |||||||||||
Beginning of period | 4,532 | 4,192 | 2,486,790 | 2,004,954 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,641 | $ | 4,532 | $ | 2,922,623 | $ | 2,486,790 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 12 | $ | 63 | $ | 6,664 | $ | 2,234 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 95 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| International Equity Income Fund | International Opportunities Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 2,671 | $ | 6,461 | $ | 32,441 | $ | 46,795 | ||||||||
Net realized gain (loss) | 1,803 | 163 | (49,185 | ) | 56,651 | |||||||||||
Distributions of capital gains received from investment company affiliates | — | — | (a) | — | 1 | |||||||||||
Change in net unrealized appreciation/depreciation | (6,667 | ) | (3,023 | ) | 27,406 | (130,096 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (2,193 | ) | 3,601 | 10,662 | (26,649 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (2,802 | ) | (2,495 | ) | (1,196 | ) | (964 | ) | ||||||||
From net realized gains | (747 | ) | (419 | ) | — | — | ||||||||||
Class B (b) | ||||||||||||||||
From net investment income | — | — | (3 | ) | — | |||||||||||
Class C | ||||||||||||||||
From net investment income | (160 | ) | (109 | ) | (26 | ) | (6 | ) | ||||||||
From net realized gains | (30 | ) | (16 | ) | — | — | ||||||||||
Class R2 | ||||||||||||||||
From net investment income | (19 | ) | (21 | ) | — | — | ||||||||||
From net realized gains | (5 | ) | (4 | ) | — | — | ||||||||||
Class R5 | ||||||||||||||||
From net investment income | (21 | ) | (26 | ) | — | — | ||||||||||
From net realized gains | (6 | ) | (4 | ) | — | — | ||||||||||
Class R6 (c) | ||||||||||||||||
From net investment income | (1 | ) | — | (43,134 | ) | (14,924 | ) | |||||||||
Institutional Class | ||||||||||||||||
From net investment income | — | — | (1,208 | ) | (670 | ) | ||||||||||
Select Class | ||||||||||||||||
From net investment income | (1,460 | ) | (2,019 | ) | (1,161 | ) | (395 | ) | ||||||||
From net realized gains | (342 | ) | (434 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (5,593 | ) | (5,547 | ) | (46,728 | ) | (16,959 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 4,141 | 8,324 | 520,590 | 361,687 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (3,645 | ) | 6,378 | 484,524 | 318,079 | |||||||||||
Beginning of period | 114,062 | 107,684 | 1,755,846 | 1,437,767 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 110,417 | $ | 114,062 | $ | 2,240,370 | $ | 1,755,846 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 30 | $ | 1,110 | $ | 11,104 | $ | 45,420 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (c) | Commencement of offering of class shares effective January 30, 2015, for International Equity Income Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 96 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| International Research Enhanced Equity Fund | International Unconstrained Equity Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 21,426 | $ | 15,366 | $ | 235 | $ | 51 | ||||||||
Net realized gain (loss) | 5,781 | 118,095 | (835 | ) | 314 | |||||||||||
Distributions of capital gains received from investment company affiliates | — | — | (a) | — | — | |||||||||||
Change in net unrealized appreciation/depreciation | (31,203 | ) | (138,448 | ) | (2,078 | ) | (468 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (3,996 | ) | (4,987 | ) | (2,678 | ) | (103 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (2,144 | ) | (2,006 | ) | (3 | ) | (1 | ) | ||||||||
From net realized gains | (14,822 | ) | (1,739 | ) | (23 | ) | (6 | ) | ||||||||
Class B (b) | ||||||||||||||||
From net investment income | (30 | ) | (38 | ) | — | — | ||||||||||
From net realized gains | (279 | ) | (46 | ) | — | — | ||||||||||
Class C | ||||||||||||||||
From net investment income | (384 | ) | (316 | ) | (1 | ) | (1 | ) | ||||||||
From net realized gains | (3,366 | ) | (361 | ) | (9 | ) | (5 | ) | ||||||||
Class R2 | ||||||||||||||||
From net investment income | (65 | ) | (31 | ) | (1 | ) | — | (a) | ||||||||
From net realized gains | (441 | ) | (30 | ) | (5 | ) | (4 | ) | ||||||||
Class R5 | ||||||||||||||||
From net investment income | — | — | (1 | ) | (1 | ) | ||||||||||
From net realized gains | — | — | (5 | ) | (4 | ) | ||||||||||
Class R6 | ||||||||||||||||
From net investment income | — | — | (1 | ) | (1 | ) | ||||||||||
From net realized gains | — | — | (5 | ) | (5 | ) | ||||||||||
Select Class | ||||||||||||||||
From net investment income | (14,339 | ) | (9,519 | ) | (44 | ) | (40 | ) | ||||||||
From net realized gains | (90,006 | ) | (7,401 | ) | (267 | ) | (251 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (125,876 | ) | (21,487 | ) | (365 | ) | (319 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 330,697 | 111,002 | 72,975 | 690 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 200,825 | 84,528 | 69,932 | 268 | ||||||||||||
Beginning of period | 683,504 | 598,976 | 4,564 | 4,296 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 884,329 | $ | 683,504 | $ | 74,496 | $ | 4,564 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 18,491 | $ | 13,515 | $ | 222 | $ | 50 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 97 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| International Value Fund | Intrepid International Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 46,749 | $ | 123,084 | $ | 41,458 | $ | 22,694 | ||||||||
Net realized gain (loss) | 836 | 129,378 | (23,971 | ) | 15,949 | |||||||||||
Distributions of capital gains received from investment company affiliates | — | 1 | — | — | (a) | |||||||||||
Change in net unrealized appreciation/depreciation | (132,259 | ) | (403,321 | ) | (9,677 | ) | (71,955 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (84,674 | ) | (150,858 | ) | 7,810 | (33,312 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | ||||||||||||||||
From net investment income | (17,828 | ) | (5,106 | ) | (1,178 | ) | (764 | ) | ||||||||
Class B (b) | ||||||||||||||||
From net investment income | (34 | ) | (26 | ) | — | — | ||||||||||
Class C | ||||||||||||||||
From net investment income | (874 | ) | (395 | ) | (7 | ) | (7 | ) | ||||||||
Class R2 | ||||||||||||||||
From net investment income | (54 | ) | (18 | ) | (1 | ) | (1 | ) | ||||||||
Class R6 (c) | ||||||||||||||||
From net investment income | (1,141 | ) | (2,279 | ) | — | — | ||||||||||
Institutional Class | ||||||||||||||||
From net investment income | (104,543 | ) | (53,459 | ) | (23,132 | ) | (9,080 | ) | ||||||||
Select Class | ||||||||||||||||
From net investment income | (10,060 | ) | (2,160 | ) | (194 | ) | (181 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (134,534 | ) | (63,443 | ) | (24,512 | ) | (10,033 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (1,126,276 | ) | 927,458 | 505,255 | 978,829 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (1,345,484 | ) | 713,157 | 488,553 | 935,484 | |||||||||||
Beginning of period | 3,789,680 | 3,076,523 | 1,593,363 | 657,879 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,444,196 | $ | 3,789,680 | $ | 2,081,916 | $ | 1,593,363 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | 25,330 | $ | 111,876 | $ | 36,755 | $ | 19,658 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than $1,000. |
| (b) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (c) | Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 98 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| Emerging Economies Fund | Emerging Markets Equity Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 39,047 | $ | 47,826 | $ | 141,966 | $ | 145,040 | ||||||||
Distributions reinvested | 703 | 486 | 2,387 | 933 | ||||||||||||
Cost of shares redeemed | (68,699 | ) | (34,401 | ) | (164,706 | ) | (129,933 | ) | ||||||||
Conversion to Class A Shares | — | — | 1,651 | 127 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (28,949 | ) | $ | 13,911 | $ | (18,702 | ) | $ | 16,167 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class B (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 103 | $ | 89 | ||||||||
Distributions reinvested | — | — | 3 | — | ||||||||||||
Cost of shares redeemed | — | — | (954 | ) | (1,541 | ) | ||||||||||
Conversion from Class B Shares | — | — | (1,651 | ) | (127 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | — | $ | — | $ | (2,499 | ) | $ | (1,579 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 694 | $ | 1,870 | $ | 10,799 | $ | 15,814 | ||||||||
Distributions reinvested | 54 | 39 | 176 | — | ||||||||||||
Cost of shares redeemed | (1,667 | ) | (1,443 | ) | (14,202 | ) | (16,476 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (919 | ) | $ | 466 | $ | (3,227 | ) | $ | (662 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 514,420 | $ | 310,191 | $ | — | $ | — | ||||||||
Distributions reinvested | 17,780 | 10,129 | — | — | ||||||||||||
Cost of shares redeemed | (1,200,435 | ) | (118,184 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (668,235 | ) | $ | 202,136 | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) | ||||||||||||||||
Proceeds from shares issued | $ | 743,085 | $ | — | $ | 600,665 | $ | 1,092,999 | ||||||||
Distributions reinvested | — | — | 14,467 | — | ||||||||||||
Cost of shares redeemed | (150 | ) | — | (448,676 | ) | (58,952 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 742,935 | $ | — | $ | 166,456 | $ | 1,034,047 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 154,149 | $ | 1,560,275 | ||||||||
Distributions reinvested | — | — | 2,196 | 14,367 | ||||||||||||
Cost of shares redeemed | — | — | (175,383 | ) | (2,227,333 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | $ | — | $ | — | $ | (19,038 | ) | $ | (652,691 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 39,198 | $ | 70,981 | $ | 169,818 | $ | 187,126 | ||||||||
Distributions reinvested | 4,292 | 3,170 | 5,148 | 1,240 | ||||||||||||
Cost of shares redeemed | (48,929 | ) | (56,612 | ) | (150,810 | ) | (1,471,799 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | (5,439 | ) | $ | 17,539 | $ | 24,156 | $ | (1,283,433 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 39,393 | $ | 234,052 | $ | 147,146 | $ | (888,151 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
| (b) | Amount rounds to less than $1,000. |
| (c) | Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 99 | ||||||
Table of Contents
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, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 3,271 | 3,659 | 6,573 | 6,374 | ||||||||||||
Reinvested | 58 | 37 | 110 | 43 | ||||||||||||
Redeemed | (5,564 | ) | (2,653 | ) | (7,475 | ) | (5,838 | ) | ||||||||
Conversion to Class A Shares | — | — | 76 | 6 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (2,235 | ) | 1,043 | (716 | ) | 585 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class B (a) | ||||||||||||||||
Issued | — | — | 5 | 5 | ||||||||||||
Reinvested | — | — | — | (b) | — | |||||||||||
Redeemed | — | — | (43 | ) | (70 | ) | ||||||||||
Conversion from Class B Shares | — | — | (78 | ) | (6 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class B Shares | — | — | (116 | ) | (71 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 56 | 143 | 507 | 714 | ||||||||||||
Reinvested | 5 | 3 | 8 | — | ||||||||||||
Redeemed | (141 | ) | (113 | ) | (691 | ) | (755 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (80 | ) | 33 | (176 | ) | (41 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 44,196 | 23,523 | — | — | ||||||||||||
Reinvested | 1,470 | 781 | — | — | ||||||||||||
Redeemed | (102,824 | ) | (9,179 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (57,158 | ) | 15,125 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) | ||||||||||||||||
Issued | 65,993 | — | 28,601 | 48,796 | ||||||||||||
Reinvested | — | — | 646 | — | ||||||||||||
Redeemed | (22 | ) | — | (19,445 | ) | (2,549 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 65,971 | — | 9,802 | 46,247 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Issued | — | — | 6,950 | 68,256 | ||||||||||||
Reinvested | — | — | 98 | 642 | ||||||||||||
Redeemed | — | — | (8,181 | ) | (99,390 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | — | — | (1,133 | ) | (30,492 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Issued | 3,352 | 5,554 | 7,719 | 8,139 | ||||||||||||
Reinvested | 355 | 245 | 231 | 56 | ||||||||||||
Redeemed | (3,905 | ) | (4,249 | ) | (6,853 | ) | (65,118 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | (198 | ) | 1,550 | 1,097 | (56,923 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
| (b) | Amount rounds to less than 1,000 shares. |
| (c) | Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 100 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| Emerging Markets Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||
| Period Ended October 31, 2015 (a) | Year Ended October 31, 2015 | Year Ended October 31, 2014 | ||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Class A | ||||||||||||
Proceeds from shares issued | $ | 95 | $ | — | $ | — | ||||||
Distributions reinvested | 2 | 2 | 1 | |||||||||
Cost of shares redeemed | — | (b) | (45 | ) | — | |||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from Class A capital transactions | $ | 97 | $ | (43 | ) | $ | 1 | |||||
|
|
|
|
|
| |||||||
Class C | ||||||||||||
Proceeds from shares issued | $ | 37 | $ | — | $ | — | ||||||
Distributions reinvested | 1 | 1 | 1 | |||||||||
Cost of shares redeemed | — | (45 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from Class C capital transactions | $ | 38 | $ | (44 | ) | $ | 1 | |||||
|
|
|
|
|
| |||||||
Class R2 | ||||||||||||
Distributions reinvested | $ | — | $ | 1 | $ | — | (b) | |||||
Cost of shares redeemed | — | (45 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | (44 | ) | $ | — | (b) | ||||
|
|
|
|
|
| |||||||
Class R5 | ||||||||||||
Proceeds from shares issued | $ | 20 | $ | — | $ | — | ||||||
Distributions reinvested | — | (b) | — | — | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from Class R5 capital transactions | $ | 20 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Class R6 | ||||||||||||
Proceeds from shares issued | $ | 20 | $ | — | $ | — | ||||||
Distributions reinvested | 1 | — | — | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from Class R6 capital transactions | $ | 21 | $ | — | $ | — | ||||||
|
|
|
|
|
| |||||||
Select Class | ||||||||||||
Proceeds from shares issued | $ | 2,943 | $ | 4,477,297 | $ | 1,641,002 | ||||||
Distributions reinvested | 84 | 12,872 | 5,200 | |||||||||
Cost of shares redeemed | — | (672,614 | ) | (201,128 | ) | |||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from Select Class capital transactions | $ | 3,027 | $ | 3,817,555 | $ | 1,445,074 | ||||||
|
|
|
|
|
| |||||||
Total change in net assets resulting from capital transactions | $ | 3,203 | $ | 3,817,424 | $ | 1,445,076 | ||||||
|
|
|
|
|
| |||||||
| (a) | Commencement of operations was December 12, 2014. |
| (b) | Amount rounds to less than 1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 101 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| Emerging Markets Equity Income Fund | Global Research Enhanced Index Fund | |||||||||||
| Period Ended October 31, 2015 (a) | Year Ended October 31, 2015 | Year Ended October 31, 2014 | ||||||||||
SHARE TRANSACTIONS: | ||||||||||||
Class A | ||||||||||||
Issued | 7 | — | — | |||||||||
Reinvested | — | (b) | — | (b) | — | (b) | ||||||
Redeemed | — | (b) | (2 | ) | — | |||||||
|
|
|
|
|
| |||||||
Change in Class A Shares | 7 | (2 | ) | — | (b) | |||||||
|
|
|
|
|
| |||||||
Class C | ||||||||||||
Issued | 3 | — | — | |||||||||
Reinvested | — | (b) | — | (b) | — | (b) | ||||||
Redeemed | — | (2 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Change in Class C Shares | 3 | (2 | ) | — | (b) | |||||||
|
|
|
|
|
| |||||||
Class R2 | ||||||||||||
Reinvested | — | — | (b) | — | (b) | |||||||
Redeemed | — | (2 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Change in Class R2 Shares | — | (2 | ) | — | (b) | |||||||
|
|
|
|
|
| |||||||
Class R5 | ||||||||||||
Issued | 1 | — | — | |||||||||
Reinvested | — | (b) | — | — | ||||||||
|
|
|
|
|
| |||||||
Change in Class R5 Shares | 1 | — | — | |||||||||
|
|
|
|
|
| |||||||
Class R6 | ||||||||||||
Issued | 1 | — | — | |||||||||
Reinvested | — | (b) | — | — | ||||||||
|
|
|
|
|
| |||||||
Change in Class R6 Shares | 1 | — | — | |||||||||
|
|
|
|
|
| |||||||
Select Class | ||||||||||||
Issued | 196 | 245,025 | 91,856 | |||||||||
Reinvested | 7 | 703 | 299 | |||||||||
Redeemed | — | (36,321 | ) | (11,083 | ) | |||||||
|
|
|
|
|
| |||||||
Change in Select Class Shares | 203 | 209,407 | 81,072 | |||||||||
|
|
|
|
|
| |||||||
| (a) | Commencement of operations was December 12, 2014. |
| (b) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 102 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| Global Unconstrained Equity Fund | International Equity Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 237 | $ | — | $ | 132,476 | $ | 109,685 | ||||||||
Distributions reinvested | 18 | 7 | 1,943 | 2,850 | ||||||||||||
Cost of shares redeemed | (64 | ) | — | (86,116 | ) | (107,650 | ) | |||||||||
Conversion to Class A Shares | — | — | 650 | 27 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 191 | $ | 7 | $ | 48,953 | $ | 4,912 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class B (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 16 | $ | 21 | ||||||||
Distributions reinvested | — | — | 1 | 18 | ||||||||||||
Cost of shares redeemed | — | — | (370 | ) | (714 | ) | ||||||||||
Conversion from Class B Shares | — | — | (650 | ) | (27 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | — | $ | — | $ | (1,003 | ) | $ | (702 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 311 | $ | — | $ | 8,119 | $ | 8,687 | ||||||||
Distributions reinvested | 31 | 6 | 271 | 408 | ||||||||||||
Cost of shares redeemed | (59 | ) | — | (5,118 | ) | (5,189 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 283 | $ | 6 | $ | 3,272 | $ | 3,906 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 7 | $ | — | $ | 437 | $ | 461 | ||||||||
Distributions reinvested | 10 | 7 | 6 | 18 | ||||||||||||
Cost of shares redeemed | (58 | ) | — | (606 | ) | (237 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (41 | ) | $ | 7 | $ | (163 | ) | $ | 242 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 8 | $ | — | $ | 12,066 | $ | 20,589 | ||||||||
Distributions reinvested | 10 | 7 | 1,256 | 2,846 | ||||||||||||
Cost of shares redeemed | (60 | ) | — | (49,835 | ) | (30,870 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (42 | ) | $ | 7 | $ | (36,513 | ) | $ | (7,435 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 8 | $ | — | $ | 643,342 | $ | 512,142 | ||||||||
Distributions reinvested | 11 | 7 | 36,053 | 42,018 | ||||||||||||
Cost of shares redeemed | (61 | ) | — | (200,977 | ) | (54,301 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (42 | ) | $ | 7 | $ | 478,418 | $ | 499,859 | |||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 915 | $ | — | $ | 190,845 | $ | 146,738 | ||||||||
Distributions reinvested | 565 | 386 | 7,832 | 10,417 | ||||||||||||
Cost of shares redeemed | (3,872 | ) | — | (153,654 | ) | (74,289 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | (2,392 | ) | $ | 386 | $ | 45,023 | $ | 82,866 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (2,043 | ) | $ | 420 | $ | 537,987 | $ | 583,648 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 103 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| Global Unconstrained Equity Fund | International Equity Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 14 | — | 8,553 | 6,900 | ||||||||||||
Reinvested | 1 | — | (a) | 124 | 177 | |||||||||||
Redeemed | (4 | ) | — | (5,716 | ) | (6,712 | ) | |||||||||
Conversion to Class A Shares | — | — | 40 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 11 | — | (a) | 3,001 | 367 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class B (b) | ||||||||||||||||
Issued | — | — | 2 | 1 | ||||||||||||
Reinvested | — | — | — | (a) | 1 | |||||||||||
Redeemed | — | — | (25 | ) | (46 | ) | ||||||||||
Conversion from Class B Shares | — | — | (42 | ) | (2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class B Shares | — | — | (65 | ) | (46 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 18 | — | 544 | 572 | ||||||||||||
Reinvested | 2 | — | (a) | 18 | 27 | |||||||||||
Redeemed | (4 | ) | — | (353 | ) | (344 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 16 | — | (a) | 209 | 255 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | — | (a) | — | 30 | 28 | |||||||||||
Reinvested | — | (a) | — | (a) | — | (a) | 1 | |||||||||
Redeemed | (2 | ) | — | (40 | ) | (15 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (2 | ) | — | (a) | (10 | ) | 14 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | — | (a) | — | 767 | 1,286 | |||||||||||
Reinvested | 1 | 1 | 79 | 174 | ||||||||||||
Redeemed | (4 | ) | — | (3,196 | ) | (1,900 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (3 | ) | 1 | (2,350 | ) | (440 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 1 | — | 41,655 | 32,114 | ||||||||||||
Reinvested | 1 | 1 | 2,277 | 2,576 | ||||||||||||
Redeemed | (5 | ) | — | (13,127 | ) | (3,336 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (3 | ) | 1 | 30,805 | 31,354 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Issued | 56 | — | 12,232 | 9,057 | ||||||||||||
Reinvested | 33 | 21 | 491 | 638 | ||||||||||||
Redeemed | (238 | ) | — | (9,778 | ) | (4,642 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | (149 | ) | 21 | 2,945 | 5,053 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than 1,000 shares. |
| (b) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 104 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| International Equity Income Fund | International Opportunities Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 58,461 | $ | 46,956 | $ | 136,311 | $ | 67,660 | ||||||||
Distributions reinvested | 1,987 | 1,278 | 667 | 470 | ||||||||||||
Cost of shares redeemed | (63,685 | ) | (21,768 | ) | (88,624 | ) | (79,052 | ) | ||||||||
Conversion to Class A Shares | — | — | 98 | 10 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (3,237 | ) | $ | 26,466 | $ | 48,452 | $ | (10,912 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class B (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | (b) | $ | 10 | |||||||
Distributions reinvested | — | — | 3 | — | ||||||||||||
Cost of shares redeemed | — | — | (103 | ) | (284 | ) | ||||||||||
Conversion from Class B Shares | — | — | (98 | ) | (10 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | — | $ | — | $ | (198 | ) | $ | (284 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 6,733 | $ | 1,873 | $ | 815 | $ | 830 | ||||||||
Distributions reinvested | 188 | 122 | 23 | 5 | ||||||||||||
Cost of shares redeemed | (1,399 | ) | (360 | ) | (485 | ) | (449 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 5,522 | $ | 1,635 | $ | 353 | $ | 386 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 245 | $ | — | $ | — | $ | — | ||||||||
Distributions reinvested | 24 | 25 | — | — | ||||||||||||
Cost of shares redeemed | (798 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (529 | ) | $ | 25 | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 1 | $ | — | $ | — | $ | — | ||||||||
Distributions reinvested | 27 | 30 | — | — | ||||||||||||
Cost of shares redeemed | (600 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (572 | ) | $ | 30 | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) | ||||||||||||||||
Proceeds from shares issued | $ | 20 | $ | — | $ | 566,773 | $ | 400,224 | ||||||||
Distributions reinvested | 1 | — | 43,134 | 14,924 | ||||||||||||
Cost of shares redeemed | — | (b) | — | (114,856 | ) | (41,399 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 21 | $ | — | $ | 495,051 | $ | 373,749 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 16,816 | $ | 16,360 | ||||||||
Distributions reinvested | — | — | 832 | 435 | ||||||||||||
Cost of shares redeemed | — | — | (17,121 | ) | (19,108 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | $ | — | $ | — | $ | 527 | $ | (2,313 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 32,401 | $ | 21,191 | $ | 11,466 | $ | 17,796 | ||||||||
Distributions reinvested | 1,227 | 1,790 | 899 | 325 | ||||||||||||
Cost of shares redeemed | (30,692 | ) | (42,813 | ) | (35,960 | ) | (17,060 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | 2,936 | $ | (19,832 | ) | $ | (23,595 | ) | $ | 1,061 | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 4,141 | $ | 8,324 | $ | 520,590 | $ | 361,687 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
| (b) | Amount rounds to less than $1,000. |
| (c) | Commencement of offering of class shares effective January 30, 2015, for International Equity Income Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 105 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| International Equity Income Fund | International Opportunities Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 3,583 | 2,826 | 9,264 | 4,460 | ||||||||||||
Reinvested | 123 | 77 | 47 | 31 | ||||||||||||
Redeemed | (4,009 | ) | (1,300 | ) | (6,062 | ) | (5,136 | ) | ||||||||
Conversion to Class A Shares | — | — | 6 | 1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (303 | ) | 1,603 | 3,255 | (644 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class B (a) | ||||||||||||||||
Issued | — | — | 1 | — | (b) | |||||||||||
Reinvested | — | — | — | (b) | — | |||||||||||
Redeemed | — | — | (8 | ) | (18 | ) | ||||||||||
Conversion from Class B Shares | — | — | (6 | ) | (1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class B Shares | — | — | (13 | ) | (19 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 413 | 113 | 56 | 56 | ||||||||||||
Reinvested | 12 | 7 | 2 | 1 | ||||||||||||
Redeemed | (86 | ) | (22 | ) | (34 | ) | (31 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 339 | 98 | 24 | 26 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 16 | — | — | — | ||||||||||||
Reinvested | 1 | 2 | — | — | ||||||||||||
Redeemed | (48 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (31 | ) | 2 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Reinvested | 2 | 2 | — | — | ||||||||||||
Redeemed | (37 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (35 | ) | 2 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) | ||||||||||||||||
Issued | 1 | — | 38,682 | 26,049 | ||||||||||||
Reinvested | — | (b) | — | �� | 2,979 | 972 | ||||||||||
Redeemed | — | — | (7,635 | ) | (2,625 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 1 | — | 34,026 | 24,396 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Issued | — | — | 1,107 | 1,053 | ||||||||||||
Reinvested | — | — | 57 | 28 | ||||||||||||
Redeemed | — | — | (1,144 | ) | (1,230 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | — | — | 20 | (149 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Issued | 1,976 | 1,276 | 778 | 1,159 | ||||||||||||
Reinvested | 76 | 107 | 62 | 21 | ||||||||||||
Redeemed | (1,921 | ) | (2,594 | ) | (2,328 | ) | (1,101 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | 131 | (1,211 | ) | (1,488 | ) | 79 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
| (b) | Amount rounds to less than 1,000 shares. |
| (c) | Commencement of offering of class shares effective January 30, 2015 for International Equity Income Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 106 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| International Research Enhanced Equity Fund | International Unconstrained Equity Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 11,729 | $ | 19,402 | $ | 6,956 | $ | 343 | ||||||||
Distributions reinvested | 16,487 | 3,637 | 26 | 7 | ||||||||||||
Cost of shares redeemed | (25,950 | ) | (30,904 | ) | (1,313 | ) | (66 | ) | ||||||||
Conversion to Class A Shares | 1,210 | 90 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 3,476 | $ | (7,775 | ) | $ | 5,669 | $ | 284 | |||||||
|
|
|
| �� |
|
|
|
| ||||||||
Class B (a) | ||||||||||||||||
Proceeds from shares issued | $ | 4 | $ | 33 | $ | — | $ | — | ||||||||
Distributions reinvested | 305 | 83 | — | — | ||||||||||||
Cost of shares redeemed | (612 | ) | (941 | ) | — | — | ||||||||||
Conversion from Class B Shares | (1,210 | ) | (90 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | (1,513 | ) | $ | (915 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 3,206 | $ | 4,045 | $ | 3,688 | $ | 64 | ||||||||
Distributions reinvested | 3,601 | 650 | 10 | 5 | ||||||||||||
Cost of shares redeemed | (5,182 | ) | (4,908 | ) | (334 | ) | — | (b) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 1,625 | $ | (213 | ) | $ | 3,364 | $ | 69 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 2,346 | $ | 2,020 | $ | — | (b) | $ | — | (b) | ||||||
Distributions reinvested | 130 | 18 | 6 | 4 | ||||||||||||
Cost of shares redeemed | (1,185 | ) | (1,369 | ) | (52 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 1,291 | $ | 669 | $ | (46 | ) | $ | 4 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | — | (b) | $ | — | (b) | ||||||
Distributions reinvested | — | — | 6 | 5 | ||||||||||||
Cost of shares redeemed | — | — | (53 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | (47 | ) | $ | 5 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 5,150 | $ | — | (b) | |||||||
Distributions reinvested | — | — | 6 | 6 | ||||||||||||
Cost of shares redeemed | — | — | (53 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | — | $ | — | $ | 5,103 | $ | 6 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 282,422 | $ | 141,311 | $ | 63,186 | $ | 53 | ||||||||
Distributions reinvested | 93,786 | 14,567 | 311 | 290 | ||||||||||||
Cost of shares redeemed | (50,390 | ) | (36,642 | ) | (4,565 | ) | (21 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | 325,818 | $ | 119,236 | $ | 58,932 | $ | 322 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 330,697 | $ | 111,002 | $ | 72,975 | $ | 690 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 107 | ||||||
Table of Contents
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, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 687 | 922 | 387 | 18 | ||||||||||||
Reinvested | 1,007 | 179 | 2 | 1 | ||||||||||||
Redeemed | (1,492 | ) | (1,481 | ) | (77 | ) | (4 | ) | ||||||||
Conversion to Class A Shares | 69 | 4 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 271 | (376 | ) | 312 | 15 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class B (a) | ||||||||||||||||
Issued | — | (b) | 2 | — | — | |||||||||||
Reinvested | 21 | 4 | — | — | ||||||||||||
Redeemed | (38 | ) | (48 | ) | — | — | ||||||||||
Conversion from Class B Shares | (76 | ) | (5 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class B Shares | (93 | ) | (47 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 196 | 199 | 208 | 3 | ||||||||||||
Reinvested | 229 | 33 | 1 | — | (b) | |||||||||||
Redeemed | (316 | ) | (242 | ) | (19 | ) | — | (b) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 109 | (10 | ) | 190 | 3 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 141 | 96 | — | — | ||||||||||||
Reinvested | 8 | 1 | — | (b) | — | (b) | ||||||||||
Redeemed | (70 | ) | (65 | ) | (2 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 79 | 32 | (2 | ) | — | (b) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Reinvested | — | — | — | (b) | — | (b) | ||||||||||
Redeemed | — | — | (2 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | (2 | ) | — | (b) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | — | — | 301 | — | ||||||||||||
Reinvested | — | — | — | (b) | — | (b) | ||||||||||
Redeemed | — | — | (3 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | — | — | 298 | — | (b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Issued | 16,621 | 6,662 | 3,408 | 2 | ||||||||||||
Reinvested | 5,675 | 711 | 19 | 16 | ||||||||||||
Redeemed | (2,957 | ) | (1,734 | ) | (255 | ) | (1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Select Class Shares | 19,339 | 5,639 | 3,172 | 17 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
| (b) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 108 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| International Value Fund | Intrepid International Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 371,930 | $ | 400,838 | $ | 95,968 | $ | 90,342 | ||||||||
Distributions reinvested | 17,402 | 4,863 | 490 | 357 | ||||||||||||
Cost of shares redeemed | (138,921 | ) | (111,037 | ) | (42,454 | ) | (46,032 | ) | ||||||||
Conversion to Class A Shares | 971 | 84 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 251,382 | $ | 294,748 | $ | 54,004 | $ | 44,667 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class B (a) | ||||||||||||||||
Proceeds from shares issued | $ | 25 | $ | 51 | $ | — | $ | — | ||||||||
Distributions reinvested | 30 | 22 | — | — | ||||||||||||
Cost of shares redeemed | (679 | ) | (758 | ) | — | — | ||||||||||
Conversion from Class B Shares | (971 | ) | (84 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class B capital transactions | $ | (1,595 | ) | $ | (769 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 11,310 | $ | 17,441 | $ | 1,873 | $ | 346 | ||||||||
Distributions reinvested | 726 | 310 | 6 | 6 | ||||||||||||
Cost of shares redeemed | (9,151 | ) | (7,324 | ) | (324 | ) | (137 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 2,885 | $ | 10,427 | $ | 1,555 | $ | 215 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 867 | $ | 1,108 | $ | 215 | $ | 6 | ||||||||
Distributions reinvested | 19 | 9 | 1 | 1 | ||||||||||||
Cost of shares redeemed | (577 | ) | (491 | ) | (81 | ) | (6 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 309 | $ | 626 | $ | 135 | $ | 1 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (b) | ||||||||||||||||
Proceeds from shares issued | $ | 2,297 | $ | 766 | $ | 1,949,477 | $ | — | ||||||||
Distributions reinvested | 36 | 36 | — | — | ||||||||||||
Cost of shares redeemed | (29,993 | ) | (73,309 | ) | (16,332 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (27,660 | ) | $ | (72,507 | ) | $ | 1,933,145 | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | $ | 578,308 | $ | 2,501,197 | $ | 387,580 | $ | 956,719 | ||||||||
Distributions reinvested | 74,288 | 35,770 | 22,528 | 8,462 | ||||||||||||
Cost of shares redeemed | (1,957,791 | ) | (518,984 | ) | (1,897,256 | ) | (33,648 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | $ | (1,305,195 | ) | $ | 2,017,983 | $ | (1,487,148 | ) | $ | 931,533 | ||||||
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|
|
|
|
| |||||||||
Select Class | ||||||||||||||||
Proceeds from shares issued | $ | 63,280 | $ | 159,987 | $ | 8,368 | $ | 7,397 | ||||||||
Distributions reinvested | 4,957 | 992 | 105 | 78 | ||||||||||||
Cost of shares redeemed | (114,639 | ) | (1,484,029 | ) | (4,909 | ) | (5,062 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Select Class capital transactions | $ | (46,402 | ) | $ | (1,323,050 | ) | $ | 3,564 | $ | 2,413 | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (1,126,276 | ) | $ | 927,458 | $ | 505,255 | $ | 978,829 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
| (b) | Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 109 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| International Value Fund | Intrepid International Fund | |||||||||||||||
| Year Ended October 31, 2015 | Year Ended October 31, 2014 | Year Ended October 31, 2015 | Year Ended October 31, 2014 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 27,494 | 27,171 | 4,850 | 4,442 | ||||||||||||
Reinvested | 1,313 | 330 | 26 | 18 | ||||||||||||
Redeemed | (10,221 | ) | (7,499 | ) | (2,172 | ) | (2,309 | ) | ||||||||
Conversion to Class A Shares | 69 | 6 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 18,655 | 20,008 | 2,704 | 2,151 | ||||||||||||
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| |||||||||
Class B (a) | ||||||||||||||||
Issued | 2 | 4 | — | — | ||||||||||||
Reinvested | 2 | 1 | — | — | ||||||||||||
Redeemed | (49 | ) | (51 | ) | — | — | ||||||||||
Conversion from Class B Shares | (69 | ) | (6 | ) | — | — | ||||||||||
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| |||||||||
Change in Class B Shares | (114 | ) | (52 | ) | — | — | ||||||||||
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| |||||||||
Class C | ||||||||||||||||
Issued | 847 | 1,212 | 92 | 17 | ||||||||||||
Reinvested | 56 | 22 | — | (b) | — | (b) | ||||||||||
Redeemed | (700 | ) | (515 | ) | (16 | ) | (7 | ) | ||||||||
|
|
|
|
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| |||||||||
Change in Class C Shares | 203 | 719 | 76 | 10 | ||||||||||||
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| |||||||||
Class R2 | ||||||||||||||||
Issued | 65 | 76 | 11 | — | (b) | |||||||||||
Reinvested | 2 | 1 | — | (b) | — | (b) | ||||||||||
Redeemed | (44 | ) | (34 | ) | (4 | ) | — | (b) | ||||||||
|
| �� |
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| |||||||||
Change in Class R2 Shares | 23 | 43 | 7 | — | (b) | |||||||||||
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Class R6 (c) | ||||||||||||||||
Issued | 163 | 50 | 94,346 | — | ||||||||||||
Reinvested | 3 | 2 | — | — | ||||||||||||
Redeemed | (2,138 | ) | (4,922 | ) | (836 | ) | — | |||||||||
|
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|
|
|
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| |||||||||
Change in Class R6 Shares | (1,972 | ) | (4,870 | ) | 93,510 | — | ||||||||||
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| |||||||||
Institutional Class | ||||||||||||||||
Issued | 41,907 | 164,839 | 19,195 | 46,347 | ||||||||||||
Reinvested | 5,511 | 2,393 | 1,164 | 421 | ||||||||||||
Redeemed | (139,563 | ) | (34,844 | ) | (91,679 | ) | (1,633 | ) | ||||||||
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| |||||||||
Change in Institutional Class Shares | (92,145 | ) | 132,388 | (71,320 | ) | 45,135 | ||||||||||
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| |||||||||
Select Class | ||||||||||||||||
Issued | 4,565 | 10,593 | 405 | 354 | ||||||||||||
Reinvested | 365 | 66 | 5 | 4 | ||||||||||||
Redeemed | (8,265 | ) | (97,497 | ) | (241 | ) | (247 | ) | ||||||||
|
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| |||||||||
Change in Select Class Shares | (3,335 | ) | (86,838 | ) | 169 | 111 | ||||||||||
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| |||||||||
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. Prior year amounts, related to the conversion of Class B Shares to Class A Shares, have been reclassified to conform to the current year presentation. |
| (b) | Amount rounds to less than 1,000 shares. |
| (c) | Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 110 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 111 | ||||||
Table of Contents
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, 2015 | $ | 13.13 | $ | 0.13 | (f)(g) | $ | (2.03 | ) | $ | (1.90 | ) | $ | (0.20 | ) | $ | — | ||||||||
Year Ended October 31, 2014 | 13.63 | 0.22 | (f) | (0.57 | ) | (0.35 | ) | (0.15 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.88 | 0.19 | (f) | 0.67 | 0.86 | (0.11 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.65 | 0.17 | (f) | 0.21 | 0.38 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.91 | 0.20 | (f) | (1.44 | ) | (1.24 | ) | (0.02 | ) | — | (h) | |||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 12.92 | 0.10 | (f)(g) | (2.03 | ) | (1.93 | ) | (0.13 | ) | — | ||||||||||||||
Year Ended October 31, 2014 | 13.44 | 0.15 | (f) | (0.57 | ) | (0.42 | ) | (0.10 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.72 | 0.13 | (f) | 0.66 | 0.79 | (0.07 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.58 | 0.15 | (f) | 0.15 | 0.30 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.87 | 0.08 | (f) | (1.37 | ) | (1.29 | ) | — | — | (h) | ||||||||||||||
Class R5 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 13.22 | 0.20 | (f)(g) | (2.06 | ) | (1.86 | ) | (0.25 | ) | — | ||||||||||||||
Year Ended October 31, 2014 | 13.71 | 0.29 | (f) | (0.58 | ) | (0.29 | ) | (0.20 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.94 | 0.25 | (f) | 0.68 | 0.93 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.71 | 0.25 | (f) | 0.18 | 0.43 | (0.20 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.93 | 0.30 | (f) | (1.47 | ) | (1.17 | ) | (0.05 | ) | — | (h) | |||||||||||||
Class R6 | ||||||||||||||||||||||||
September 1, 2015 (i) through October 31, 2015 | 10.46 | (0.02 | )(f)(g) | 0.67 | 0.65 | — | — | |||||||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 13.17 | 0.18 | (f)(g) | (2.06 | ) | (1.88 | ) | (0.23 | ) | — | ||||||||||||||
Year Ended October 31, 2014 | 13.67 | 0.26 | (f) | (0.58 | ) | (0.32 | ) | (0.18 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 12.91 | 0.21 | (f) | 0.70 | 0.91 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 12.68 | 0.22 | (f) | 0.18 | 0.40 | (0.17 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 13.92 | 0.25 | (f) | (1.45 | ) | (1.20 | ) | (0.04 | ) | — | (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 the 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.
| 112 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 11.03 | (14.60 | )% | $ | 43,220 | 1.58 | % | 1.06 | %(g) | 1.99 | % | 118 | % | |||||||||||||
| 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 | |||||||||||||||||||
| 10.86 | (15.02 | ) | 3,614 | 2.09 | 0.80 | (g) | 2.36 | 118 | ||||||||||||||||||
| 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 | |||||||||||||||||||
| 11.11 | (14.20 | ) | 81,516 | 1.14 | 1.65 | (g) | 1.25 | 118 | ||||||||||||||||||
| 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 | |||||||||||||||||||
| 11.11 | 6.21 | 732,627 | 1.07 | (0.92 | )(g) | 1.17 | 118 | |||||||||||||||||||
| 11.06 | (14.45 | ) | 239,866 | 1.34 | 1.51 | (g) | 1.46 | 118 | ||||||||||||||||||
| 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 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 113 | ||||||
Table of Contents
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, 2015 | $ | 23.72 | $ | 0.12 | (f)(g) | $ | (4.12 | ) | $ | (4.00 | ) | $ | (0.19 | ) | $ | — | ||||||||
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) | |||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 23.03 | 0.03 | (f)(g) | (4.02 | ) | (3.99 | ) | (0.08 | ) | — | ||||||||||||||
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) | |||||||||||||
Class R6 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 24.44 | 0.22 | (f)(g) | (4.23 | ) | (4.01 | ) | (0.30 | ) | — | ||||||||||||||
December 23, 2013 (i) through October 31, 2014 | 22.47 | 0.38 | (f)(g) | 1.59 | 1.97 | — | — | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 24.42 | 0.23 | (f)(g) | (4.26 | ) | (4.03 | ) | (0.24 | ) | — | ||||||||||||||
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) | |||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 24.24 | 0.19 | (f)(g) | (4.21 | ) | (4.02 | ) | (0.24 | ) | — | ||||||||||||||
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) | |||||||||||||
| (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 the 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.
| 114 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 19.53 | (16.95 | )% | $ | 274,710 | 1.61 | % | 0.57 | %(g) | 1.88 | % | 35 | % | |||||||||||||
| 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 | |||||||||||||||||||
| 18.96 | (17.38 | ) | 43,387 | 2.10 | 0.13 | (g) | 2.33 | 35 | ||||||||||||||||||
| 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 | ||||||||||||||||||
| 20.13 | (16.54 | ) | 1,128,390 | 1.10 | 0.99 | (g) | 1.16 | 35 | ||||||||||||||||||
| 24.44 | 8.77 | 1,130,050 | 1.20 | 1.85 | (g) | 1.33 | 33 | |||||||||||||||||||
| 20.15 | (16.60 | ) | 316,635 | 1.21 | 1.05 | (g) | 1.31 | 35 | ||||||||||||||||||
| 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 | |||||||||||||||||||
| 19.98 | (16.70 | ) | 502,729 | 1.35 | 0.88 | (g) | 1.48 | 35 | ||||||||||||||||||
| 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 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 115 | ||||||
Table of Contents
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 | ||||||||||||||||
Emerging Markets Equity Income Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
December 12, 2014 (g) through October 31, 2015 | $ | 15.00 | $ | 0.45 | (h) | $ | (2.52 | ) | $ | (2.07 | ) | $ | (0.43 | ) | ||||||
Class C | ||||||||||||||||||||
December 12, 2014 (g) through October 31, 2015 | 15.00 | 0.42 | (h) | (2.55 | ) | (2.13 | ) | (0.36 | ) | |||||||||||
Class R5 | ||||||||||||||||||||
December 12, 2014 (g) through October 31, 2015 | 15.00 | 0.51 | (h) | (2.53 | ) | (2.02 | ) | (0.45 | ) | |||||||||||
Class R6 | ||||||||||||||||||||
December 12, 2014 (g) through October 31, 2015 | 15.00 | 0.52 | (h) | (2.53 | ) | (2.01 | ) | (0.46 | ) | |||||||||||
Select Class | ||||||||||||||||||||
December 12, 2014 (g) through October 31, 2015 | 15.00 | 0.49 | (h) | (2.53 | ) | (2.04 | ) | (0.43 | ) | |||||||||||
| (a) | Annualized. |
| (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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2015. |
| (f) | 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. |
| (g) | Commencement of operations. |
| (h) | Calculated based upon average shares outstanding. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 116 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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)(e) | Net investment income (loss) (e) | Expenses without waivers and reimbursements (e) | Portfolio turnover rate (b)(f) | ||||||||||||||||||||
| $12.50 | (13.93 | )% | $ | 86 | 1.57 | % | 3.72 | % | 10.55 | % | 25 | % | ||||||||||||||
| 12.51 | (14.26 | ) | 32 | 2.08 | 3.32 | 12.02 | 25 | |||||||||||||||||||
| 12.53 | (13.55 | ) | 17 | 1.14 | 4.05 | 10.84 | 25 | |||||||||||||||||||
| 12.53 | (13.51 | ) | 17 | 1.08 | 4.10 | 10.82 | 25 | |||||||||||||||||||
| 12.53 | (13.70 | ) | 2,541 | 1.33 | 3.85 | 10.36 | 25 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 117 | ||||||
Table of Contents
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, 2015 | $ | 18.77 | $ | 0.37 | (f) | $ | (0.15 | ) | $ | 0.22 | $ | (0.22 | ) | $ | (0.25 | ) | $ | (0.47 | ) | |||||||||
Year Ended October 31, 2014 | 17.33 | 0.34 | (f) | 1.35 | 1.69 | (0.15 | ) | (0.10 | ) | (0.25 | ) | |||||||||||||||||
February 28, 2013 (g) through October 31, 2013 | 15.00 | 0.19 | (f) | 2.14 | 2.33 | — | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 18.68 | 0.28 | (f) | (0.15 | ) | 0.13 | (0.13 | ) | (0.25 | ) | (0.38 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 17.28 | 0.25 | (f) | 1.33 | 1.58 | (0.08 | ) | (0.10 | ) | (0.18 | ) | |||||||||||||||||
February 28, 2013 (g) through October 31, 2013 | 15.00 | 0.14 | (f) | 2.14 | 2.28 | — | — | — | ||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 18.72 | 0.32 | (f) | (0.15 | ) | 0.17 | (0.17 | ) | (0.25 | ) | (0.42 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 17.30 | 0.29 | (f) | 1.35 | 1.64 | (0.12 | ) | (0.10 | ) | (0.22 | ) | |||||||||||||||||
February 28, 2013 (g) through October 31, 2013 | 15.00 | 0.17 | (f) | 2.13 | 2.30 | — | — | — | ||||||||||||||||||||
Select Class | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 18.81 | 0.39 | (f) | (0.12 | ) | 0.27 | (0.27 | ) | (0.25 | ) | (0.52 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 17.37 | 0.39 | (f) | 1.33 | 1.72 | (0.18 | ) | (0.10 | ) | (0.28 | ) | |||||||||||||||||
February 28, 2013 (g) 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) | Commencement of operations. |
| (h) | Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2013. |
| (i) | Ratios are disproportionate among classes due to the size of net assets and fixed expenses. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 118 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 18.52 | 1.22 | % | $ | 20 | 0.58 | % | 1.98 | % | 0.99 | % | 44 | % | |||||||||||||
| 18.77 | 9.90 | 64 | 0.58 | 1.87 | 0.81 | 40 | ||||||||||||||||||||
| 17.33 | 15.53 | 58 | 0.58 | (h) | 1.79 | (h) | 1.62 | (h)(i) | 25 | |||||||||||||||||
| 18.43 | 0.73 | 20 | 1.08 | 1.48 | 1.50 | 44 | ||||||||||||||||||||
| 18.68 | 9.27 | 63 | 1.08 | 1.37 | 1.31 | 40 | ||||||||||||||||||||
| 17.28 | 15.20 | 58 | 1.08 | (h) | 1.29 | (h) | 2.12 | (h)(i) | 25 | |||||||||||||||||
| 18.47 | 0.98 | 20 | 0.83 | 1.73 | 1.25 | 44 | ||||||||||||||||||||
| 18.72 | 9.58 | 63 | 0.83 | 1.62 | 1.06 | 40 | ||||||||||||||||||||
| 17.30 | 15.33 | 58 | 0.83 | (h) | 1.54 | (h) | 1.87 | (h)(i) | 25 | |||||||||||||||||
| 18.56 | 1.51 | 7,415,218 | 0.33 | 2.06 | 0.56 | 44 | ||||||||||||||||||||
| 18.81 | 10.09 | 3,577,523 | 0.33 | 2.16 | 0.56 | 40 | ||||||||||||||||||||
| 17.37 | 15.80 | 1,895,025 | 0.33 | (h) | 1.73 | (h) | 0.60 | (h)(i) | 25 | |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 119 | ||||||
Table of Contents
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 Unconstrained Equity Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Year Ended October 31, 2015 | $ | 19.55 | $ | 0.11 | (f) | $ | 0.66 | $ | 0.77 | $ | (0.31 | ) | $ | (3.89 | ) | $ | (4.20 | ) | ||||||||||
Year Ended October 31, 2014 | 20.11 | 0.23 | 1.17 | 1.40 | (0.17 | ) | (1.79 | ) | (1.96 | ) | ||||||||||||||||||
Year Ended October 31, 2013 | 16.73 | 0.24 | 3.77 | 4.01 | (0.22 | ) | (0.41 | ) | (0.63 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.17 | 1.56 | 1.73 | — | (i) | — | — | (i) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.43 | 0.04 | (f) | 0.64 | 0.68 | (0.21 | ) | (3.89 | ) | (4.10 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.01 | 0.14 | 1.16 | 1.30 | (0.09 | ) | (1.79 | ) | (1.88 | ) | ||||||||||||||||||
Year Ended October 31, 2013 | 16.65 | 0.16 | 3.76 | 3.92 | (0.15 | ) | (0.41 | ) | (0.56 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.09 | 1.56 | 1.65 | — | — | — | |||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.49 | 0.08 | (f) | 0.65 | 0.73 | (0.22 | ) | (3.89 | ) | (4.11 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.06 | 0.18 | 1.17 | 1.35 | (0.13 | ) | (1.79 | ) | (1.92 | ) | ||||||||||||||||||
Year Ended October 31, 2013 | 16.69 | 0.20 | 3.77 | 3.97 | (0.19 | ) | (0.41 | ) | (0.60 | ) | ||||||||||||||||||
November 30, 2011 (i) through October 31, 2012 | 15.00 | 0.13 | 1.56 | 1.69 | — | — | — | |||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.65 | 0.21 | (f) | 0.64 | 0.85 | (0.40 | ) | (3.89 | ) | (4.29 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.19 | 0.31 | 1.19 | 1.50 | (0.25 | ) | (1.79 | ) | (2.04 | ) | ||||||||||||||||||
Year Ended October 31, 2013 | 16.79 | 0.32 | 3.79 | 4.11 | (0.30 | ) | (0.41 | ) | (0.71 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.23 | 1.57 | 1.80 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.66 | 0.21 | (f) | 0.66 | 0.87 | (0.42 | ) | (3.89 | ) | (4.31 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.20 | 0.32 | 1.19 | 1.51 | (0.26 | ) | (1.79 | ) | (2.05 | ) | ||||||||||||||||||
Year Ended October 31, 2013 | 16.80 | 0.33 | 3.78 | 4.11 | (0.30 | ) | (0.41 | ) | (0.71 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.24 | 1.57 | 1.81 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
Select Class | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.60 | 0.19 | (f) | 0.64 | 0.83 | (0.36 | ) | (3.89 | ) | (4.25 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.15 | 0.27 | 1.19 | 1.46 | (0.22 | ) | (1.79 | ) | (2.01 | ) | ||||||||||||||||||
Year Ended October 31, 2013 | 16.76 | 0.29 | 3.77 | 4.06 | (0.26 | ) | (0.41 | ) | (0.67 | ) | ||||||||||||||||||
November 30, 2011 (h) through October 31, 2012 | 15.00 | 0.20 | 1.57 | 1.77 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
| (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 year ended October 31, 2013 and for the period ended October 31, 2012. |
| (h) | Commencement of operations. |
| (i) | Amount rounds to less than $0.01. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 120 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 16.12 | 4.76 | % | $ | 244 | 1.00 | % | 0.67 | % | 7.57 | % | 132 | % | |||||||||||||
| 19.55 | 7.83 | 75 | 1.35 | 1.27 | 4.32 | 97 | ||||||||||||||||||||
| 20.11 | 24.74 | 70 | 1.35 | (g) | 1.37 | (g) | 5.36 | (g) | 71 | |||||||||||||||||
| 16.73 | 11.55 | 56 | 1.35 | (g) | 1.14 | (g) | 6.89 | (g) | 49 | |||||||||||||||||
| 16.01 | 4.26 | 317 | 1.48 | 0.21 | 9.92 | 132 | ||||||||||||||||||||
| 19.43 | 7.28 | 74 | 1.85 | 0.77 | 4.82 | 97 | ||||||||||||||||||||
| 20.01 | 24.16 | 69 | 1.85 | (g) | 0.87 | (g) | 5.85 | (g) | 71 | |||||||||||||||||
| 16.65 | 11.00 | 56 | 1.85 | (g) | 0.65 | (g) | 7.38 | (g) | 49 | |||||||||||||||||
| 16.11 | 4.55 | 20 | 1.46 | 0.45 | 8.67 | 132 | ||||||||||||||||||||
| 19.49 | 7.55 | 75 | 1.60 | 1.02 | 4.56 | 97 | ||||||||||||||||||||
| 20.06 | 24.45 | 69 | 1.60 | (g) | 1.12 | (g) | 5.60 | (g) | 71 | |||||||||||||||||
| 16.69 | 11.27 | 56 | 1.60 | (g) | 0.90 | (g) | 7.14 | (g) | 49 | |||||||||||||||||
| 16.21 | 5.26 | 20 | 0.76 | 1.15 | 7.97 | 132 | ||||||||||||||||||||
| 19.65 | 8.34 | 76 | 0.90 | 1.72 | 3.86 | 97 | ||||||||||||||||||||
| 20.19 | 25.29 | 70 | 0.90 | (g) | 1.82 | (g) | 4.89 | (g) | 71 | |||||||||||||||||
| 16.79 | 11.99 | 56 | 0.90 | (g) | 1.60 | (g) | 6.45 | (g) | 49 | |||||||||||||||||
| 16.22 | 5.34 | 20 | 0.71 | 1.20 | 7.91 | 132 | ||||||||||||||||||||
| 19.66 | 8.39 | 76 | 0.85 | 1.77 | 3.81 | 97 | ||||||||||||||||||||
| 20.20 | 25.33 | 70 | 0.85 | (g) | 1.87 | (g) | 4.85 | (g) | 71 | |||||||||||||||||
| 16.80 | 12.06 | 56 | 0.85 | (g) | 1.65 | (g) | 6.40 | (g) | 49 | |||||||||||||||||
| 16.18 | 5.13 | 1,020 | 0.88 | 1.06 | 7.34 | 132 | ||||||||||||||||||||
| 19.60 | 8.11 | 4,156 | 1.10 | 1.52 | 4.06 | 97 | ||||||||||||||||||||
| 20.15 | 25.04 | 3,844 | 1.10 | (g) | 1.62 | (g) | 5.10 | (g) | 71 | |||||||||||||||||
| 16.76 | 11.77 | 3,075 | 1.10 | (g) | 1.40 | (g) | 6.64 | (g) | 49 | |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 121 | ||||||
Table of Contents
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, 2015 | $ | 15.25 | $ | 0.23 | (f) | $ | (0.50 | ) | $ | (0.27 | ) | $ | (0.23 | ) | $ | — | ||||||||
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) | |||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 14.52 | 0.15 | (f) | (0.48 | ) | (0.33 | ) | (0.17 | ) | — | ||||||||||||||
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) | |||||||||||||
Class R2 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 15.19 | 0.20 | (f) | (0.51 | ) | (0.31 | ) | (0.19 | ) | — | ||||||||||||||
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) | |||||||||||||
Class R5 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 15.46 | 0.29 | (f) | (0.49 | ) | (0.20 | ) | (0.29 | ) | — | ||||||||||||||
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) | |||||||||||||
Class R6 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 15.46 | 0.32 | (f) | (0.52 | ) | (0.20 | ) | (0.29 | ) | — | ||||||||||||||
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, 2015 | 15.45 | 0.29 | (f) | (0.53 | ) | (0.24 | ) | (0.26 | ) | — | ||||||||||||||
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) | |||||||||||||
| (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, $0.21, $0.25, $0.39, $0.40 and $0.34 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 2.01%, 1.40%, 1.59%, 2.40%, 2.48% and 2.08% for Class A, 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.
| 122 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 14.75 | (1.89 | )% | $ | 224,370 | 1.31 | % | 1.50 | % | 1.59 | % | 13 | % | |||||||||||||
| 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 | |||||||||||||||||||
| 14.02 | (2.36 | ) | 28,313 | 1.81 | 1.02 | 2.05 | 13 | |||||||||||||||||||
| 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 | |||||||||||||||||||
| 14.69 | (2.14 | ) | 1,203 | 1.56 | 1.28 | 1.92 | 13 | |||||||||||||||||||
| 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 | |||||||||||||||||||
| 14.97 | (1.42 | ) | 57,500 | 0.86 | 1.88 | 1.06 | 13 | |||||||||||||||||||
| 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 | |||||||||||||||||||
| 14.97 | (1.37 | ) | 2,088,835 | 0.80 | 2.03 | 0.91 | 13 | |||||||||||||||||||
| 15.46 | (1.60 | ) | 1,681,788 | 0.81 | 2.81 | (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 | ||||||||||||||||||||
| 14.95 | (1.66 | ) | 522,402 | 1.06 | 1.84 | 1.19 | 13 | |||||||||||||||||||
| 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 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 123 | ||||||
Table of Contents
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 Equity Income Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Year Ended October 31, 2015 | $ | 16.41 | $ | 0.39 | (f)(g) | $ | (0.33 | ) | $ | 0.06 | $ | (0.65 | ) | $ | (0.16 | ) | $ | (0.81 | ) | |||||||||
Year Ended October 31, 2014 | 16.67 | 0.91 | (f)(h) | (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 (i) through October 31, 2011 | 15.00 | 0.33 | (f) | (1.64 | ) | (1.31 | ) | (0.32 | ) | — | (0.32 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 16.36 | 0.39 | (f)(g) | (0.42 | ) | (0.03 | ) | (0.58 | ) | (0.16 | ) | (0.74 | ) | |||||||||||||||
Year Ended October 31, 2014 | 16.63 | 0.84 | (f)(h) | (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 (i) through October 31, 2011 | 15.00 | 0.30 | (f) | (1.66 | ) | (1.36 | ) | (0.29 | ) | — | (0.29 | ) | ||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 16.41 | 0.61 | (f)(g) | (0.60 | ) | 0.01 | (0.61 | ) | (0.16 | ) | (0.77 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 16.67 | 0.87 | (f)(h) | (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 (i) through October 31, 2011 | 15.00 | 0.32 | (f) | (1.66 | ) | (1.34 | ) | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 16.46 | 0.76 | (f)(g) | (0.63 | ) | 0.13 | (0.73 | ) | (0.16 | ) | (0.89 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 16.72 | 0.99 | (f)(h) | (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 (i) through October 31, 2011 | 15.00 | 0.38 | (f) | (1.65 | ) | (1.27 | ) | (0.35 | ) | — | (0.35 | ) | ||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
January 30, 2015 (l) through October 31, 2015 | 15.82 | 0.69 | (f)(g) | (0.41 | ) | 0.28 | (0.41 | ) | — | (0.41 | ) | |||||||||||||||||
Select Class | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 16.45 | 0.49 | (f)(g) | (0.37 | ) | 0.12 | (0.71 | ) | (0.16 | ) | (0.87 | ) | ||||||||||||||||
Year Ended October 31, 2014 | 16.71 | 0.96 | (f)(h) | (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 (i) 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) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (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 $0.66, $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. |
| (i) | Commencement of operations. |
| (j) | Ratios are disproportionate among classes due to the size of net assets and fixed expenses. |
| (k) | Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2011. |
| (l) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 124 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 15.66 | 0.29 | % | $ | 66,499 | 1.25 | % | 2.42 | %(g) | 1.67 | % | 238 | % | |||||||||||||
| 16.41 | 3.18 | 74,652 | 1.25 | 5.44 | (h) | 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 | (j) | 3.53 | (j) | 10.16 | (j)(k) | 40 | ||||||||||||||||
| 15.59 | (0.23 | ) | 8,649 | 1.75 | 2.45 | (g) | 2.20 | 238 | ||||||||||||||||||
| 16.36 | 2.67 | 3,530 | 1.75 | 5.03 | (h) | 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 | (j) | 3.17 | (j) | 10.82 | (j)(k) | 40 | ||||||||||||||||
| 15.65 | (0.01 | ) | 52 | 1.50 | 3.74 | (g) | 1.89 | 238 | ||||||||||||||||||
| 16.41 | 2.90 | 574 | 1.50 | 5.24 | (h) | 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 | (j) | 3.36 | (j) | 10.72 | (j)(k) | 40 | ||||||||||||||||
| 15.70 | 0.71 | 19 | 0.80 | 4.59 | (g) | 1.16 | 238 | |||||||||||||||||||
| 16.46 | 3.60 | 587 | 0.80 | 5.94 | (h) | 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 | (j) | 4.05 | (j) | 10.05 | (j)(k) | 40 | ||||||||||||||||
| 15.69 | 1.66 | 21 | 0.75 | 5.70 | (g) | 1.15 | 238 | |||||||||||||||||||
| 15.70 | 0.66 | 35,177 | 0.91 | 3.00 | (g) | 1.41 | 238 | |||||||||||||||||||
| 16.45 | 3.39 | 34,719 | 1.00 | 5.75 | (h) | 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 | (j) | 3.85 | (j) | 10.23 | (j)(k) | 40 | ||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 125 | ||||||
Table of Contents
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, 2015 | $ | 14.80 | $ | 0.20 | (f) | $ | (0.23 | ) | $ | (0.03 | ) | $ | (0.29 | ) | $ | — | ||||||||
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) | |||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 14.41 | 0.10 | (f) | (0.19 | ) | (0.09 | ) | (0.28 | ) | — | ||||||||||||||
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) | |||||||||||||
Class R6 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 15.13 | 0.26 | (f) | (0.21 | ) | 0.05 | (0.43 | ) | — | |||||||||||||||
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, 2015 | 15.13 | 0.24 | (f) | (0.20 | ) | 0.04 | (0.41 | ) | — | |||||||||||||||
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) | |||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 15.06 | 0.25 | (f) | (0.24 | ) | 0.01 | (0.39 | ) | — | |||||||||||||||
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) | |||||||||||||
| (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.
| 126 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 14.48 | (0.15 | )% | $ | 155,397 | 1.31 | % | 1.34 | % | 1.43 | % | 43 | % | |||||||||||||
| 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 | |||||||||||||||||||
| 14.04 | (0.63 | ) | 1,743 | 1.83 | 0.70 | 1.83 | 43 | |||||||||||||||||||
| 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 | |||||||||||||||||||
| 14.75 | 0.41 | 2,003,409 | 0.71 | 1.75 | 0.72 | 43 | ||||||||||||||||||||
| 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 | |||||||||||||||||||
| 14.76 | 0.33 | 55,273 | 0.82 | 1.61 | 0.83 | 43 | ||||||||||||||||||||
| 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 | |||||||||||||||||||
| 14.68 | 0.13 | 24,548 | 1.00 | 1.71 | 1.01 | 43 | ||||||||||||||||||||
| 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 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 127 | ||||||
Table of Contents
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, 2015 | $ | 20.38 | $ | 0.43 | (d) | $ | (0.60 | ) | $ | (0.17 | ) | $ | (0.40 | ) | $ | (3.27 | ) | $ | (3.67 | ) | $ | — | ||||||||||
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) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.68 | 0.33 | (d) | (0.58 | ) | (0.25 | ) | (0.31 | ) | (3.27 | ) | (3.58 | ) | — | ||||||||||||||||||
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) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 20.07 | 0.37 | (d) | (0.58 | ) | (0.21 | ) | (0.38 | ) | (3.27 | ) | (3.65 | ) | — | ||||||||||||||||||
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) | ||||||||||||||||||
Select Class | ||||||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 20.54 | 0.48 | (d) | (0.60 | ) | (0.12 | ) | (0.45 | ) | (3.27 | ) | (3.72 | ) | — | ||||||||||||||||||
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) | ||||||||||||||||||
| (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. |
| (f) | Amount rounds to less than 0.01% |
SEE NOTES TO FINANCIAL STATEMENTS.
| 128 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 16.54 | (0.29 | )% | $ | 82,667 | 0.60 | % | 2.51 | % | 0.99 | % | 39 | % | |||||||||||||
| 20.38 | (0.40 | ) | 96,325 | 0.59 | 2.23 | 1.10 | 63 | |||||||||||||||||||
| 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 | |||||||||||||||||||
| 15.85 | (0.77 | ) | 18,423 | 1.10 | 2.01 | 1.52 | 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 | |||||||||||||||||||
| 16.21 | (0.50 | ) | 3,331 | 0.85 | 2.22 | 1.41 | 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 | |||||||||||||||||||
| 16.70 | 0.00 | (f) | 779,908 | 0.35 | 2.79 | 0.60 | 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 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 129 | ||||||
Table of Contents
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, 2015 | $ | 18.59 | $ | 0.09 | (f)(g) | $ | 0.39 | $ | 0.48 | $ | (0.17 | ) | $ | (1.29 | ) | $ | (1.46 | ) | ||||||||||
Year Ended October 31, 2014 | 20.59 | 0.13 | (h) | (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 (j) through October 31, 2012 | 15.00 | 0.17 | 2.11 | 2.28 | — | — | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 18.44 | (0.02 | )(f)(g) | 0.39 | 0.37 | (0.07 | ) | (1.29 | ) | (1.36 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.47 | 0.09 | (h) | (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 (j) through October 31, 2012 | 15.00 | 0.10 | 2.10 | 2.20 | — | — | — | |||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 18.55 | 0.03 | (f)(g) | 0.39 | 0.42 | (0.11 | ) | (1.29 | ) | (1.40 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.53 | 0.12 | (h) | (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 (j) through October 31, 2012 | 15.00 | 0.14 | 2.10 | 2.24 | — | — | — | |||||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 18.72 | 0.16 | (f)(g) | 0.39 | 0.55 | (0.23 | ) | (1.29 | ) | (1.52 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.69 | 0.24 | (h) | (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 (j) through October 31, 2012 | 15.00 | 0.24 | 2.11 | 2.35 | — | — | — | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 18.73 | (0.01 | )(f)(g) | 0.57 | 0.56 | (0.24 | ) | (1.29 | ) | (1.53 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.70 | 0.25 | (h) | (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 (j) through October 31, 2012 | 15.00 | 0.25 | 2.11 | 2.36 | — | — | — | |||||||||||||||||||||
Select Class | ||||||||||||||||||||||||||||
Year Ended October 31, 2015 | 18.67 | 0.15 | (f)(g) | 0.38 | 0.53 | (0.20 | ) | (1.29 | ) | (1.49 | ) | |||||||||||||||||
Year Ended October 31, 2014 | 20.64 | 0.21 | (h) | (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 (j) 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) | Calculated based upon average shares outstanding. |
| (g) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (h) | 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. |
| (i) | 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. |
| (j) | Commencement of operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 130 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
| 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) | ||||||||||||||||||||
| $ | 17.61 | 3.04 | % | $ | 5,824 | 1.24 | % | 0.49 | %(g) | 2.31 | % | 42 | % | |||||||||||||
| 18.59 | (2.47 | ) | 351 | 1.32 | 0.98 | (h) | 5.09 | 63 | ||||||||||||||||||
| 20.59 | 22.23 | 83 | 1.32 | (i) | 0.89 | (i) | 7.99 | (i) | 65 | |||||||||||||||||
| 17.28 | 15.20 | 58 | 1.32 | (i) | 1.17 | (i) | 6.99 | (i) | 40 | |||||||||||||||||
| 17.45 | 2.39 | 3,439 | 1.74 | (0.12 | )(g) | 2.79 | 42 | |||||||||||||||||||
| 18.44 | (2.91 | ) | 137 | 1.82 | 0.55 | (h) | 6.19 | 63 | ||||||||||||||||||
| 20.47 | 21.61 | 76 | 1.82 | (i) | 0.40 | (i) | 8.35 | (i) | 65 | |||||||||||||||||
| 17.20 | 14.67 | 57 | 1.82 | (i) | 0.67 | (i) | 7.47 | (i) | 40 | |||||||||||||||||
| 17.57 | 2.67 | 20 | 1.51 | 0.19 | (g) | 5.11 | 42 | |||||||||||||||||||
| 18.55 | (2.68 | ) | 68 | 1.57 | 0.66 | (h) | 6.05 | 63 | ||||||||||||||||||
| 20.53 | 21.92 | 70 | 1.57 | (i) | 0.67 | (i) | 8.01 | (i) | 65 | |||||||||||||||||
| 17.24 | 14.93 | 57 | 1.57 | (i) | 0.92 | (i) | 7.23 | (i) | 40 | |||||||||||||||||
| 17.75 | 3.43 | 20 | 0.81 | 0.89 | (g) | 4.43 | 42 | |||||||||||||||||||
| 18.72 | (1.99 | ) | 70 | 0.87 | 1.36 | (h) | 5.34 | 63 | ||||||||||||||||||
| 20.69 | 22.76 | 71 | 0.87 | (i) | 1.37 | (i) | 7.31 | (i) | 65 | |||||||||||||||||
| 17.35 | 15.67 | 58 | 0.87 | (i) | 1.62 | (i) | 6.54 | (i) | 40 | |||||||||||||||||
| 17.76 | 3.48 | 5,335 | 0.74 | (0.05 | )(g) | 2.87 | 42 | |||||||||||||||||||
| 18.73 | (1.95 | ) | 70 | 0.82 | 1.41 | (h) | 5.29 | 63 | ||||||||||||||||||
| 20.70 | 22.80 | 71 | 0.82 | (i) | 1.42 | (i) | 7.26 | (i) | 65 | |||||||||||||||||
| 17.36 | 15.73 | 58 | 0.82 | (i) | 1.67 | (i) | 6.49 | (i) | 40 | |||||||||||||||||
| 17.71 | 3.29 | 59,858 | 0.89 | 0.83 | (g) | 1.84 | 42 | |||||||||||||||||||
| 18.67 | (2.18 | ) | 3,868 | 1.07 | 1.17 | (h) | 5.55 | 63 | ||||||||||||||||||
| 20.64 | 22.49 | 3,925 | 1.07 | (i) | 1.17 | (i) | 7.52 | (i) | 65 | |||||||||||||||||
| 17.32 | 15.47 | 3,175 | 1.07 | (i) | 1.42 | (i) | 6.74 | (i) | 40 | |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 131 | ||||||
Table of Contents
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, 2015 | $ | 14.14 | $ | 0.18 | (f)(g) | $ | (0.83 | ) | $ | (0.65 | ) | $ | (0.47 | ) | $ | — | ||||||||
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) | |||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 13.72 | 0.10 | (f)(g) | (0.78 | ) | (0.68 | ) | (0.39 | ) | — | ||||||||||||||
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) | |||||||||||||
Class R2 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 13.93 | 0.14 | (f)(g) | (0.81 | ) | (0.67 | ) | (0.43 | ) | — | ||||||||||||||
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) | |||||||||||||
Class R6 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 14.42 | 0.18 | (f)(g) | (0.76 | ) | (0.58 | ) | (0.53 | ) | — | ||||||||||||||
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, 2015 | 14.41 | 0.23 | (f)(g) | (0.83 | ) | (0.60 | ) | (0.52 | ) | — | ||||||||||||||
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) | |||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 14.48 | 0.23 | (f)(g) | (0.84 | ) | (0.61 | ) | (0.50 | ) | — | ||||||||||||||
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) | |||||||||||||
| (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 the 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, $0.30, $0.34, $0.46, $0.45 and $0.37 for Class A, 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%, 2.13%, 2.39%, 3.06%, 2.99% and 2.44% for Class A, 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.
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| 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) | ||||||||||||||||||||
| $ | 13.02 | (4.63 | )% | $ | 695,251 | 1.35 | % | 1.31 | %(g) | 1.45 | % | 74 | % | |||||||||||||
| 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 | |||||||||||||||||||
| 12.65 | (5.01 | ) | 31,296 | 1.85 | 0.79 | (g) | 1.90 | 74 | ||||||||||||||||||
| 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 | |||||||||||||||||||
| 12.83 | (4.84 | ) | 1,929 | 1.60 | 1.01 | (g) | 2.01 | 74 | ||||||||||||||||||
| 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 | |||||||||||||||||||
| 13.31 | (4.04 | ) | 2,354 | 0.73 | 1.32 | (g) | 0.73 | 74 | ||||||||||||||||||
| 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 | |||||||||||||||||||
| 13.29 | (4.23 | ) | 1,480,321 | 0.95 | 1.63 | (g) | 0.99 | 74 | ||||||||||||||||||
| 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 | |||||||||||||||||||
| 13.37 | (4.28 | ) | 233,045 | 1.03 | 1.62 | (g) | 1.03 | 74 | ||||||||||||||||||
| 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 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 133 | ||||||
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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, 2015 | $ | 19.49 | $ | 0.34 | (f)(g) | $ | (0.26 | ) | $ | 0.08 | $ | (0.21 | ) | $ | — | |||||||||
Year Ended October 31, 2014 | 19.79 | 0.39 | (f)(g) | (0.45 | ) | (0.06 | ) | (0.24 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 15.90 | 0.25 | (f) | 3.88 | 4.13 | (0.24 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.32 | 0.25 | (f) | 0.49 | 0.74 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.59 | 0.24 | (f) | (1.27 | ) | (1.03 | ) | (0.24 | ) | — | (h) | |||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.63 | 0.23 | (f)(g) | (0.24 | ) | (0.01 | ) | (0.10 | ) | — | ||||||||||||||
Year Ended October 31, 2014 | 19.92 | 0.36 | (f)(g) | (0.52 | ) | (0.16 | ) | (0.13 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 16.00 | 0.17 | (f) | 3.90 | 4.07 | (0.15 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.36 | 0.18 | (f) | 0.50 | 0.68 | (0.04 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.61 | 0.15 | (f) | (1.26 | ) | (1.11 | ) | (0.14 | ) | — | (h) | |||||||||||||
Class R2 | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.31 | 0.38 | (f)(g) | (0.34 | ) | 0.04 | (0.14 | ) | — | |||||||||||||||
Year Ended October 31, 2014 | 19.61 | 0.40 | (f)(g) | (0.53 | ) | (0.13 | ) | (0.17 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 15.74 | 0.20 | (f) | 3.86 | 4.06 | (0.19 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.21 | 0.19 | (f) | 0.50 | 0.69 | (0.16 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.46 | 0.17 | (f) | (1.22 | ) | (1.05 | ) | (0.20 | ) | — | (h) | |||||||||||||
Class R6 | ||||||||||||||||||||||||
May 29, 2015(i) through October 31, 2015 | 21.08 | 0.12 | (f)(g) | (1.36 | ) | (1.24 | ) | — | — | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 19.95 | 0.52 | (f)(g) | (0.34 | ) | 0.18 | (0.30 | ) | — | |||||||||||||||
Year Ended October 31, 2014 | 20.23 | 0.49 | (f)(g) | (0.46 | ) | 0.03 | (0.31 | ) | — | |||||||||||||||
Year Ended October 31, 2013 | 16.24 | 0.34 | (f) | 3.97 | 4.31 | (0.32 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.66 | 0.33 | (f) | 0.50 | 0.83 | (0.25 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.94 | 0.32 | (f) | (1.29 | ) | (0.97 | ) | (0.31 | ) | — | (h) | |||||||||||||
Select Class | ||||||||||||||||||||||||
Year Ended October 31, 2015 | 20.22 | 0.42 | (f)(g) | (0.26 | ) | 0.16 | (0.25 | ) | — | |||||||||||||||
Year Ended October 31, 2014 | 20.51 | 0.51 | (f)(g) | (0.53 | ) | (0.02 | ) | (0.27 | ) | — | ||||||||||||||
Year Ended October 31, 2013 | 16.46 | 0.31 | (f) | 4.01 | 4.32 | (0.27 | ) | — | ||||||||||||||||
Year Ended October 31, 2012 | 15.85 | 0.30 | (f) | 0.51 | 0.81 | (0.20 | ) | — | ||||||||||||||||
Year Ended October 31, 2011 | 16.99 | 0.26 | (f) | (1.28 | ) | (1.02 | ) | (0.12 | ) | — | (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 the 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.
| 134 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
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| 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) | ||||||||||||||||||||
| $ | 19.36 | 0.45 | % | $ | 152,834 | 1.29 | % | 1.75 | %(g) | 1.49 | 33 | % | ||||||||||||||
| 19.49 | (0.33 | ) | 101,114 | 1.39 | 1.96 | (g) | 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 | |||||||||||||||||||
| 19.52 | (0.05 | ) | 2,789 | 1.78 | 1.17 | (g) | 1.91 | 33 | ||||||||||||||||||
| 19.63 | (0.84 | ) | 1,318 | 1.89 | 1.79 | (g) | 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 | |||||||||||||||||||
| 19.21 | 0.24 | 227 | 1.52 | 1.91 | (g) | 1.69 | 33 | |||||||||||||||||||
| 19.31 | (0.66 | ) | 98 | 1.64 | 2.03 | (g) | 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 | |||||||||||||||||||
| 19.84 | (5.88 | ) | 1,854,941 | 0.73 | 1.47 | (g) | 0.74 | 33 | ||||||||||||||||||
| 19.83 | 0.93 | 51,833 | 0.85 | 2.57 | (g) | 0.91 | 33 | |||||||||||||||||||
| 19.95 | 0.13 | 1,474,870 | 0.89 | 2.39 | (g) | 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 | |||||||||||||||||||
| 20.13 | 0.80 | 19,292 | 0.97 | 2.04 | (g) | 1.12 | 33 | |||||||||||||||||||
| 20.22 | (0.13 | ) | 15,963 | 1.14 | 2.47 | (g) | 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 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 135 | ||||||
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AS OF OCTOBER 31, 2015
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 12 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, Class R6* and Select Class | JPM I | Diversified | |||
| Emerging Markets Equity Fund | Class A, Class C, Class R6**, Institutional Class and Select Class | JPM I | Diversified | |||
| Emerging Markets Equity Income Fund | Class A, Class C, Class R5, Class R6 and Select Class | JPM I | Diversified | |||
| Global Research Enhanced Index Fund | Class A, Class C, Class R2, and Select Class | JPM I | Diversified | |||
| Global Unconstrained Equity Fund | Class A, Class C, Class R2, Class R5, Class R6 and Select Class | JPM I | Diversified | |||
| International Equity Fund | Class A, Class C, Class R2, Class R5, Class R6 and Select Class | JPM I | Diversified | |||
| International Equity Income Fund | Class A, Class C, Class R2, Class R5, Class R6*** and Select Class | JPM I | Diversified | |||
| International Opportunities Fund | Class A, Class C, Class R6, Institutional Class and Select Class | JPM I | Diversified | |||
| International Research Enhanced Equity Fund | Class A, 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 C, Class R2, Class R6, Institutional Class and Select Class | JPM I | Diversified | |||
| Intrepid International Fund | Class A, Class C, Class R2, Class R6****, Institutional Class and Select Class | JPM I | Diversified |
Emerging Markets Equity Income Fund commenced operations on December 12, 2014. Prior to March 27, 2015, the Fund was not publicly offered for investment.
As of October 31, 2015, Class A, Class C and Class R2 Shares of Global Research Enhanced Index Fund were not publicly offered for investment.
Prior to January 5, 2015, Class A, Class C, Class R5, Class R6 and Select Class Shares of Global Unconstrained Equity Fund were not publicly offered for investment.
| * | Class R6 Shares commenced operations on September 1, 2015, for Emerging Economies Fund. |
| ** | Class R6 Shares commenced operations on December 23, 2013, for Emerging Markets Equity Fund. |
| *** | Class R6 Shares commenced operations on January 30, 2015, for International Equity Income Fund. |
| **** | Class R6 Shares commenced operations on May 29, 2015, for Intrepid International Fund. |
Effective January 30, 2015, Global Equity Income Fund changed its name to International Equity Income 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 Emerging Markets Equity Income Fund and the International 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 Global 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.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class 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 sub-transfer agency, 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.
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On June 19, 2015, all Class B Shares converted to Class A Shares of the same Fund. Prior to June 19, 2015 Class B Shares automatically converted to Class A Shares after eight years and provided for a CDSC. Information relating to certain fees and other characteristics of the Class B Shares prior to June 19, 2015 is included in Note 3.
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”) 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 affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the 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 Underlying Fund’s NAV per share as of the report date.
Futures are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
| • | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
| • | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| • | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
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, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 137 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (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 | $ | 32,974 | $ | — | $ | — | $ | 32,974 | ||||||||
Cayman Islands | — | 3,269 | — | 3,269 | ||||||||||||
China | 21,706 | 247,920 | 2,046 | 271,672 | ||||||||||||
Cyprus | 2,896 | — | — | 2,896 | ||||||||||||
Egypt | — | 4,826 | — | 4,826 | ||||||||||||
Hong Kong | — | 52,422 | 1,327 | 53,749 | ||||||||||||
India | 9,493 | 47,246 | — | 56,739 | ||||||||||||
Indonesia | — | 22,998 | — | 22,998 | ||||||||||||
Malaysia | 5,479 | — | — | 5,479 | ||||||||||||
Poland | — | 16,436 | — | 16,436 | ||||||||||||
Russia | 26,559 | 35,284 | — | 61,843 | ||||||||||||
South Africa | — | 26,942 | — | 26,942 | ||||||||||||
South Korea | 25,641 | 164,304 | — | 189,945 | ||||||||||||
Taiwan | 13,117 | 182,580 | — | 195,697 | ||||||||||||
Thailand | — | 8,567 | — | 8,567 | ||||||||||||
Turkey | — | 74,184 | — | 74,184 | ||||||||||||
United Arab Emirates | — | 7,255 | — | 7,255 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 137,865 | 894,233 | 3,373 | 1,035,471 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Russia | 5,587 | 3,309 | — | 8,896 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 36,465 | — | — | 36,465 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 179,917 | $ | 897,542 | $ | 3,373 | $ | 1,080,832 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||
Futures Contracts | $ | (979 | ) | $ | — | $ | — | $ | (979 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Emerging Markets Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 27,597 | $ | — | $ | 27,597 | ||||||||
Brazil | 168,916 | — | — | 168,916 | ||||||||||||
China | 99,367 | 117,025 | — | 216,392 | ||||||||||||
Cyprus | — | 4,966 | — | 4,966 | ||||||||||||
Hong Kong | 2,500 | 156,193 | — | 158,693 | ||||||||||||
India | 116,566 | 327,716 | — | 444,282 | ||||||||||||
Indonesia | — | 76,867 | — | 76,867 | ||||||||||||
Mexico | 47,820 | — | — | 47,820 | ||||||||||||
Panama | 15,540 | — | — | 15,540 | ||||||||||||
Peru | 22,826 | — | — | 22,826 | ||||||||||||
Russia | — | 127,942 | — | 127,942 | ||||||||||||
South Africa | 21,918 | 366,281 | — | 388,199 | ||||||||||||
South Korea | — | 94,982 | — | 94,982 | ||||||||||||
Switzerland | 24,229 | — | — | 24,229 | ||||||||||||
Taiwan | 74,442 | 89,581 | — | 164,023 | ||||||||||||
Thailand | 22,466 | 71,510 | — | 93,976 | ||||||||||||
Turkey | — | 53,348 | — | 53,348 | ||||||||||||
United Kingdom | — | 48,675 | — | 48,675 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 616,590 | 1,562,683 | — | 2,179,273 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 138 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
Emerging Markets Equity Fund (continued)
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 unobservable inputs | Total | |||||||||||||
Preferred Stocks | ||||||||||||||||
Brazil | $ | 10,480 | $ | — | $ | — | $ | 10,480 | ||||||||
Structured Instruments | ||||||||||||||||
China | — | 8,585 | — | 8,585 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 62,382 | — | — | 62,382 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 689,452 | $ | 1,571,268 | $ | — | $ | 2,260,720 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Emerging Markets Equity Income Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Brazil | $ | 217 | $ | — | $ | — | $ | 217 | ||||||||
Chile | 65 | — | — | 65 | ||||||||||||
China | — | 177 | — | 177 | ||||||||||||
Czech Republic | — | 54 | — | 54 | ||||||||||||
Hong Kong | — | 217 | — | 217 | ||||||||||||
Hungary | — | 44 | — | 44 | ||||||||||||
Indonesia | — | 27 | — | 27 | ||||||||||||
Mexico | 68 | — | — | 68 | ||||||||||||
Poland | — | 52 | — | 52 | ||||||||||||
Russia | 23 | 134 | — | 157 | ||||||||||||
Singapore | — | 36 | — | 36 | ||||||||||||
South Africa | — | 396 | — | 396 | ||||||||||||
South Korea | 126 | 43 | — | 169 | ||||||||||||
Taiwan | 80 | 537 | — | 617 | ||||||||||||
Thailand | 55 | 51 | — | 106 | ||||||||||||
Turkey | — | 89 | — | 89 | ||||||||||||
United Arab Emirates | — | 40 | — | 40 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 634 | 1,897 | — | 2,531 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Russia | 23 | — | — | 23 | ||||||||||||
Structured Instruments | ||||||||||||||||
China | — | 80 | — | 80 | ||||||||||||
Warrants | ||||||||||||||||
Saudi Arabia | — | 47 | — | 47 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 657 | $ | 2,024 | $ | — | $ | 2,681 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 139 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (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 | $ | 1,256 | $ | 173,356 | $ | — | $ | 174,612 | ||||||||
Austria | — | (a) | — | — | — | (a) | ||||||||||
Belgium | — | 20,702 | — | 20,702 | ||||||||||||
Canada | 214,208 | — | — | 214,208 | ||||||||||||
China | — | 1,301 | — | 1,301 | ||||||||||||
Colombia | — | (a) | — | — | — | (a) | ||||||||||
Denmark | — | 43,418 | — | 43,418 | ||||||||||||
Finland | — | 47,546 | — | 47,546 | ||||||||||||
France | — | 280,264 | — | 280,264 | ||||||||||||
Germany | — | 234,618 | — | 234,618 | ||||||||||||
Hong Kong | 1,003 | 85,281 | — | 86,284 | ||||||||||||
Ireland | 58,291 | 18,342 | — | 76,633 | ||||||||||||
Israel | 9,160 | — | — | 9,160 | ||||||||||||
Italy | — | 80,503 | — | 80,503 | ||||||||||||
Japan | — | 646,123 | — | 646,123 | ||||||||||||
Luxembourg | — | 4,642 | — | 4,642 | ||||||||||||
Netherlands | 24,199 | 102,813 | — | 127,012 | ||||||||||||
New Zealand | — | 5,231 | — | 5,231 | ||||||||||||
Norway | — | 19,717 | — | 19,717 | ||||||||||||
Portugal | — | 9,665 | — | 9,665 | ||||||||||||
Singapore | 26,436 | 28,927 | — | 55,363 | ||||||||||||
Spain | — | 86,477 | — | 86,477 | ||||||||||||
Sweden | — | 46,140 | — | 46,140 | ||||||||||||
Switzerland | 49,371 | 278,549 | — | 327,920 | ||||||||||||
United Kingdom | 30,288 | 535,097 | — | 565,385 | ||||||||||||
United States | 4,014,809 | — | — | 4,014,809 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 4,429,021 | 2,748,712 | — | 7,177,733 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 17,789 | — | 17,789 | ||||||||||||
Rights | ||||||||||||||||
Australia | 107 | — | — | 107 | ||||||||||||
Spain | 202 | — | — | 202 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Rights | 309 | — | — | 309 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 207,057 | — | — | 207,057 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 4,636,387 | $ | 2,766,501 | $ | — | $ | 7,402,888 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 10,589 | $ | — | $ | — | $ | 10,589 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| 140 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
JPMorgan Global Unconstrained Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Brazil | $ | 19 | $ | — | $ | — | $ | 19 | ||||||||
Canada | 27 | — | — | 27 | ||||||||||||
China | 91 | 35 | — | 126 | ||||||||||||
Finland | — | 26 | — | 26 | ||||||||||||
France | — | 115 | — | 115 | ||||||||||||
Germany | — | 22 | — | 22 | ||||||||||||
India | 25 | — | — | 25 | ||||||||||||
Ireland | 29 | — | — | 29 | ||||||||||||
Israel | 57 | — | — | 57 | ||||||||||||
Japan | — | 20 | — | 20 | ||||||||||||
Netherlands | 21 | — | — | 21 | ||||||||||||
Norway | — | 16 | — | 16 | ||||||||||||
South Korea | — | 23 | — | 23 | ||||||||||||
Spain | 13 | — | — | 13 | ||||||||||||
Switzerland | 26 | 61 | — | 87 | ||||||||||||
United Kingdom | — | 117 | — | 117 | ||||||||||||
United States | 914 | — | — | 914 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 1,222 | 435 | — | 1,657 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,222 | $ | 435 | $ | — | $ | 1,657 | ||||||||
|
|
|
|
|
|
|
| |||||||||
JPMorgan 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 | $ | — | $ | 32,169 | $ | — | $ | 32,169 | ||||||||
Belgium | — | 49,894 | — | 49,894 | ||||||||||||
China | — | 75,933 | — | 75,933 | ||||||||||||
Denmark | — | 26,396 | — | 26,396 | ||||||||||||
France | — | 344,175 | — | 344,175 | ||||||||||||
Germany | — | 224,309 | — | 224,309 | ||||||||||||
Hong Kong | — | 121,310 | — | 121,310 | ||||||||||||
India | 27,455 | — | — | 27,455 | ||||||||||||
Indonesia | — | 16,301 | — | 16,301 | ||||||||||||
Israel | 31,561 | — | — | 31,561 | ||||||||||||
Japan | — | 639,523 | — | 639,523 | ||||||||||||
Netherlands | 50,207 | 71,512 | — | 121,719 | ||||||||||||
South Africa | — | 29,157 | — | 29,157 | ||||||||||||
South Korea | — | 54,216 | — | 54,216 | ||||||||||||
Switzerland | — | 388,271 | — | 388,271 | ||||||||||||
Taiwan | 32,414 | — | — | 32,414 | ||||||||||||
United Kingdom | — | 648,784 | — | 648,784 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 141,637 | 2,721,950 | — | 2,863,587 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 34,477 | — | 34,477 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 36,512 | — | — | 36,512 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 178,149 | $ | 2,756,427 | $ | — | $ | 2,934,576 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 141 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
International Equity Income Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 5,894 | $ | — | $ | 5,894 | ||||||||
Canada | 2,185 | — | — | 2,185 | ||||||||||||
Denmark | — | 2,308 | — | 2,308 | ||||||||||||
Finland | — | 2,393 | — | 2,393 | ||||||||||||
France | — | 6,665 | — | 6,665 | ||||||||||||
Germany | 1,786 | 13,193 | — | 14,979 | ||||||||||||
Hong Kong | — | 3,064 | — | 3,064 | ||||||||||||
Israel | — | 3,567 | — | 3,567 | ||||||||||||
Italy | 1,532 | 4,890 | — | 6,422 | ||||||||||||
Japan | — | 17,138 | — | 17,138 | ||||||||||||
Netherlands | 1,626 | 1,812 | — | 3,438 | ||||||||||||
Portugal | — | 1,301 | — | 1,301 | ||||||||||||
Russia | — | 3,023 | — | 3,023 | ||||||||||||
Spain | — | 1,614 | — | 1,614 | ||||||||||||
Switzerland | — | 7,681 | — | 7,681 | ||||||||||||
Taiwan | 2,327 | — | — | 2,327 | ||||||||||||
United Kingdom | — | 19,830 | — | 19,830 | ||||||||||||
United States | — | 2,272 | — | 2,272 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 9,456 | 96,645 | — | 106,101 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 3,526 | — | — | 3,526 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 12,982 | $ | 96,645 | $ | — | $ | 109,627 | ||||||||
|
|
|
|
|
|
|
| |||||||||
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 | $ | — | $ | 80,915 | $ | — | $ | 80,915 | ||||||||
China | — | 19,374 | — | 19,374 | ||||||||||||
Denmark | — | 20,193 | — | 20,193 | ||||||||||||
Finland | — | 44,141 | — | 44,141 | ||||||||||||
France | — | 220,090 | — | 220,090 | ||||||||||||
Germany | — | 126,598 | — | 126,598 | ||||||||||||
Hong Kong | — | 43,875 | — | 43,875 | ||||||||||||
India | 19,556 | — | — | 19,556 | ||||||||||||
Ireland | — | 34,537 | — | 34,537 | ||||||||||||
Italy | — | 61,887 | — | 61,887 | ||||||||||||
Japan | — | 486,602 | — | 486,602 | ||||||||||||
Netherlands | 35,176 | 75,672 | — | 110,848 | ||||||||||||
Norway | — | 23,098 | — | 23,098 | ||||||||||||
Spain | — | 11,243 | — | 11,243 | ||||||||||||
Sweden | — | 31,451 | — | 31,451 | ||||||||||||
Switzerland | — | 247,817 | — | 247,817 | ||||||||||||
United Kingdom | — | 581,557 | — | 581,557 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 54,732 | 2,109,050 | — | 2,163,782 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 142 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
International Opportunities Fund (continued)
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Preferred Stock | ||||||||||||||||
Germany | $ | — | $ | 22,519 | $ | — | $ | 22,519 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 52,566 | — | — | 52,566 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 107,298 | $ | 2,131,569 | $ | — | $ | 2,238,867 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 6,887 | $ | — | $ | 6,887 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (7,604 | ) | $ | — | $ | (7,604 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
International Research Enhanced Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | 2,794 | $ | 44,855 | $ | — | (a) | $ | 47,649 | |||||||
Denmark | — | 14,851 | — | 14,851 | ||||||||||||
Finland | — | 18,092 | — | 18,092 | ||||||||||||
France | — | 89,029 | — | 89,029 | ||||||||||||
Germany | — | 67,237 | — | 67,237 | ||||||||||||
Hong Kong | — | 22,382 | — | 22,382 | ||||||||||||
Ireland | 4,215 | 8,569 | — | 12,784 | ||||||||||||
Israel | 2,679 | — | — | 2,679 | ||||||||||||
Italy | — | 25,069 | — | 25,069 | ||||||||||||
Japan | — | 195,828 | — | 195,828 | ||||||||||||
Luxembourg | — | 2,048 | — | 2,048 | ||||||||||||
Netherlands | 7,189 | 31,720 | — | 38,909 | ||||||||||||
New Zealand | — | 2,944 | — | 2,944 | ||||||||||||
Norway | — | 3,686 | — | 3,686 | ||||||||||||
Portugal | — | 2,895 | — | 2,895 | ||||||||||||
Singapore | — | 6,755 | — | 6,755 | ||||||||||||
Spain | — | 21,038 | — | 21,038 | ||||||||||||
Sweden | — | 20,508 | — | 20,508 | ||||||||||||
Switzerland | — | 90,930 | — | 90,930 | ||||||||||||
United Kingdom | 9,302 | 165,207 | — | 174,509 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 26,179 | 833,643 | — | (a) | 859,822 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
Germany | — | 8,282 | — | 8,282 | ||||||||||||
Rights | ||||||||||||||||
Australia | 16 | — | — | 16 | ||||||||||||
Spain | 43 | — | — | 43 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Rights | 59 | — | — | 59 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 12,046 | — | — | 12,046 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 38,284 | $ | 841,925 | $ | — | (a) | $ | 880,209 | |||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 388 | $ | — | $ | — | $ | 388 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 143 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
JPMorgan International Unconstrained Equity Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 1,192 | $ | — | $ | 1,192 | ||||||||
Canada | 2,586 | — | — | 2,586 | ||||||||||||
China | 3,033 | 3,240 | — | 6,273 | ||||||||||||
Finland | — | 2,419 | — | 2,419 | ||||||||||||
France | — | 8,157 | — | 8,157 | ||||||||||||
Germany | 745 | 3,210 | — | 3,955 | ||||||||||||
Hong Kong | — | 2,104 | — | 2,104 | ||||||||||||
India | 2,416 | — | — | 2,416 | ||||||||||||
Ireland | — | 1,555 | — | 1,555 | ||||||||||||
Israel | 2,081 | — | — | 2,081 | ||||||||||||
Italy | — | 1,502 | — | 1,502 | ||||||||||||
Japan | — | 9,842 | — | 9,842 | ||||||||||||
Netherlands | 2,063 | 1,581 | — | 3,644 | ||||||||||||
South Africa | — | 1,301 | — | 1,301 | ||||||||||||
South Korea | — | 2,352 | — | 2,352 | ||||||||||||
Switzerland | — | 6,038 | — | 6,038 | ||||||||||||
Taiwan | 1,017 | — | — | 1,017 | ||||||||||||
United Kingdom | 1,022 | 13,814 | — | 14,836 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 14,963 | 58,307 | — | 73,270 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 943 | — | — | 943 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 15,906 | $ | 58,307 | $ | — | $ | 74,213 | ||||||||
|
|
|
|
|
|
|
| |||||||||
JPMorgan 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 | $ | — | $ | 72,994 | $ | — | $ | 72,994 | ||||||||
Brazil | 14,886 | — | — | 14,886 | ||||||||||||
China | — | 31,647 | — | 31,647 | ||||||||||||
Finland | — | 80,225 | — | 80,225 | ||||||||||||
France | — | 297,659 | — | 297,659 | ||||||||||||
Germany | — | 167,080 | — | 167,080 | ||||||||||||
Hong Kong | — | 41,877 | — | 41,877 | ||||||||||||
Ireland | 18,019 | 31,485 | — | 49,504 | ||||||||||||
Italy | — | 127,378 | — | 127,378 | ||||||||||||
Japan | — | 561,076 | — | 561,076 | ||||||||||||
Luxembourg | — | 16,396 | — | 16,396 | ||||||||||||
Netherlands | 44,479 | 75,046 | — | 119,525 | ||||||||||||
Norway | — | 37,763 | — | 37,763 | ||||||||||||
Singapore | — | 11,968 | — | 11,968 | ||||||||||||
South Korea | — | 24,761 | — | 24,761 | ||||||||||||
Spain | — | 14,392 | — | 14,392 | ||||||||||||
Sweden | — | 38,057 | — | 38,057 | ||||||||||||
Switzerland | — | 151,317 | — | 151,317 | ||||||||||||
United Kingdom | — | 535,165 | — | 535,165 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 77,384 | 2,316,286 | — | 2,393,670 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| 144 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
JPMorgan 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 | $ | 28,020 | $ | — | $ | — | $ | 28,020 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 105,404 | $ | 2,316,286 | $ | — | $ | 2,421,690 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 11,378 | $ | — | $ | 11,378 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (9,642 | ) | $ | — | $ | (9,642 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
JPMorgan 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 | $ | — | $ | 113,227 | $ | — | $ | 113,227 | ||||||||
Belgium | — | 31,977 | — | 31,977 | ||||||||||||
China | — | 5,607 | — | 5,607 | ||||||||||||
Denmark | — | 54,618 | — | 54,618 | ||||||||||||
Finland | — | 15,667 | — | 15,667 | ||||||||||||
France | — | 234,248 | — | 234,248 | ||||||||||||
Germany | — | 171,390 | — | 171,390 | ||||||||||||
Hong Kong | 126 | 51,111 | — | 51,237 | ||||||||||||
India | 7,686 | — | — | 7,686 | ||||||||||||
Ireland | 7,234 | 26,899 | — | 34,133 | ||||||||||||
Israel | 13,248 | — | — | 13,248 | ||||||||||||
Italy | — | 44,465 | — | 44,465 | ||||||||||||
Japan | — | 454,760 | — | 454,760 | ||||||||||||
Luxembourg | — | 5,609 | — | 5,609 | ||||||||||||
Netherlands | 16,191 | 73,661 | — | 89,852 | ||||||||||||
Norway | — | 12,196 | — | 12,196 | ||||||||||||
Portugal | — | 5,997 | — | 5,997 | ||||||||||||
Singapore | — | 7,600 | — | 7,600 | ||||||||||||
South Africa | — | 7,175 | — | 7,175 | ||||||||||||
South Korea | — | 7,402 | — | 7,402 | ||||||||||||
Spain | — | 54,156 | — | 54,156 | ||||||||||||
Sweden | — | 56,550 | — | 56,550 | ||||||||||||
Switzerland | — | 180,077 | — | 180,077 | ||||||||||||
United Kingdom | 26,193 | 362,696 | — | 388,889 | ||||||||||||
United States | — | 8,211 | — | 8,211 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 70,678 | 1,985,299 | — | 2,055,977 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stock | ||||||||||||||||
Germany | — | 8,227 | — | 8,227 | ||||||||||||
Rights | ||||||||||||||||
Australia | 100 | — | — | 100 | ||||||||||||
France | 264 | — | — | 264 | ||||||||||||
Spain | 80 | — | — | 80 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Rights | 444 | — | — | 444 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 26,986 | — | — | 26,986 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 98,108 | $ | 1,993,526 | $ | — | $ | 2,091,634 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 145 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
| (a) | Amount rounds to less than $1,000. |
For the Emerging Economies Fund the transfers from Level 2 to Level 1 in the amount of approximately $25,660,000 are due to not applying the fair value factors to certain securities as of October 31, 2015. Transfers from Level 2 to Level 3 in the amount of approximately $9,767,000 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine price.
For the Emerging Markets Equity Fund the transfers from Level 1 to Level 2 in the amount of approximately $86,162,000 are due to applying the fair value factors to certain securities as of October 31, 2015. The transfers from Level 2 to Level 1 in the amount of approximately $29,517,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.
For the Emerging Markets Equity Income Fund and International Equity Income Fund there were no transfers among any levels during the year ended October 31, 2015.
For the Global Research Enhanced Index Fund and International Unconstrained Equity Fund there were no significant transfers among any levels during the year ended October 31, 2015.
For the Global Unconstrained Equity Fund the transfers from Level 1 to Level 2 in the amount of approximately $45,000 are due to applying the fair value factors to certain securities as of October 31, 2015.
For the International Equity Fund the transfers from Level 2 to Level 1 in the amount of approximately $36,011,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.
For the International Opportunities Fund the transfers from Level 2 to Level 1 in the amount of approximately $20,403,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.
For the International Research Enhanced Equity Fund the transfers from Level 2 to Level 1 in the amount of approximately $6,074,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.
For the International Value Fund the transfers from Level 2 to Level 1 in the amount of approximately $53,069,000 are due to not applying the fair value factors to certain securities as of October 31, 2015.
For the Intrepid International Fund the transfers from Level 2 to Level 1 in the amount of approximately $10,716,000 are due to not applying the fair value factors to certain securities as of October 31, 2015. There were no significant transfers from Level 1 to Level 2 for the year ended October 31, 2015.
Transfers between fair value levels are valued utilizing values as of the beginning of the period.
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933 (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net assets of the Funds.
As of October 31, 2015, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A or Regulation S under the Securities Act.
C. Futures Contracts — Emerging Economies Fund, Global Research Enhanced Index Fund, Global Unconstrained Equity Fund, International Opportunities Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund and International Value Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on 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.
| 146 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
Table of Contents
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, 2015 (amounts in thousands):
| Emerging Economies Fund | Global Research Enhanced Index Fund | Global Unconstrained Equity Fund | International Opportunities Fund | International Research Enhanced Equity Fund | International Unconstrained Equity Fund | International Value Fund | ||||||||||||||||||||||
Futures Contracts: | ||||||||||||||||||||||||||||
Average Notional Balance Long | $ | 40,751 | (a) | $ | 194,391 | (b) | $ | 858 | (c) | $ | 8,867 | $ | 20,104 | $ | 369 | $ | 8,425 | |||||||||||
Ending Notional Balance Long | 40,751 | 180,205 | — | — | 6,212 | — | — | |||||||||||||||||||||
| (a) | For the period from October 1, 2015 to October 31, 2015. |
| (b) | For the periods November 1, 2014 through June 30, 2015 and August 1, 2015 through October 31, 2015. |
| (c) | For the period from July 1, 2015 to July 31, 2015. |
D. Forward Foreign Currency Exchange Contracts — International Equity Fund, International Opportunities Fund and International Value Fund may be exposed to foreign currency risks associated with portfolio investments and therefore, at times, used forward foreign currency exchange contracts to hedge or manage these exposures. The Funds also bought forward currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.
As of October 31, 2015, 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, 2015 (amounts in thousands):
| International Equity Fund | International Opportunities Fund | International Value Fund | ||||||||||
Forward Foreign Currency Exchange Contracts: | ||||||||||||
Average Settlement Value Purchased | $ | 4,252 | (a) | $ | 405,825 | $ | 565,329 | |||||
Average Settlement Value Sold | — | 360,274 | 499,380 | |||||||||
Ending Settlement Value Purchased | — | 643,778 | 507,406 | |||||||||
Ending Settlement Value Sold | — | 581,962 | 459,029 | |||||||||
| (a) | For the period from April 1, 2015 to April 30, 2015. |
The Funds’ forward foreign currency contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
E. Summary of Derivatives Information
The following table presents the value of derivatives held as of October 31, 2015, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):
Emerging Economies Fund
| Derivative Contracts | Statements of Assets and Liabilities Location | |||||
| Gross Liabilities: | Futures Contracts (a) | |||||
Equity contracts | Payables, Net Assets — Unrealized Depreciation | $ | (979 | ) | ||
|
| |||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 147 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
The following table presents the value of derivatives held as of October 31, 2015, 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 | $ | 10,589 | |||
|
| |||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
The following table presents the value of derivatives held as of October 31, 2015, 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: | Forward Foreign Currency Exchange Contracts | |||||
Foreign exchange contracts | Receivables | $ | 6,887 | |||
|
| |||||
Gross Liabilities: | ||||||
Foreign exchange contracts | Payables | $ | (7,604 | ) | ||
|
| |||||
The following table presents the value of derivatives held as of October 31, 2015, 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 | $ | 388 | |||
|
| |||||
| (a) | This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers. |
The following table presents the value of derivatives held as of October 31, 2015, 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: | Forward Foreign Currency Exchange Contracts | |||||
Foreign exchange contracts | Receivables | $ | 11,378 | |||
|
| |||||
Gross Liabilities: | ||||||
Foreign exchange contracts | Payables | $ | (9,642 | ) | ||
|
| |||||
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against 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.
| 148 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
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The following tables present the effect of derivatives on the Statements of Operations for the year ended October 31, 2015, by primary underlying risk exposure (amounts in thousands):
Emerging Economies Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 1,910 | ||
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | (979 | ) | |
|
| |||
Global Research Enhanced Index Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | (17,615 | ) | |
|
| |||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 3,724 | ||
|
| |||
Global Unconstrained Equity Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | (75 | ) | |
|
| |||
International Equity Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Forward Foreign Currency Exchange Contracts | |||
Foreign exchange contracts | $ | (108 | ) | |
|
| |||
International Opportunities Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Equity contracts | $ | 1,916 | $ | — | $ | 1,916 | ||||||
Foreign exchange contracts | — | (18,683 | ) | (18,683 | ) | |||||||
|
|
|
|
|
| |||||||
Total | $ | 1,916 | $ | (18,683 | ) | $ | (16,767 | ) | ||||
|
|
|
|
|
| |||||||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Equity contracts | $ | 45 | $ | — | $ | 45 | ||||||
Foreign exchange contracts | — | 1,568 | 1,568 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 45 | $ | 1,568 | $ | 1,613 | ||||||
|
|
|
|
|
| |||||||
International Research Enhanced Equity Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 3,910 | ||
|
| |||
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 149 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | 396 | ||
|
| |||
International Unconstrained Equity Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations | ||||
| Derivative Contracts | Futures Contracts | |||
Equity contracts | $ | (17 | ) | |
|
| |||
International Value Fund
| Amount of Realized Gain (Loss) on Derivatives Recognized on Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Equity contracts | $ | 4,479 | $ | — | $ | 4,479 | ||||||
Foreign exchange contracts | — | (5,266 | ) | (5,266 | ) | |||||||
|
|
|
|
|
| |||||||
Total | $ | 4,479 | $ | (5,266 | ) | $ | (787 | ) | ||||
|
|
|
|
|
| |||||||
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on Statements of Operations | ||||||||||||
| Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||
Equity contracts | $ | 484 | $ | — | $ | 484 | ||||||
Foreign exchange contracts | — | (1,460 | ) | (1,460 | ) | |||||||
|
|
|
|
|
| |||||||
Total | $ | 484 | $ | (1,460 | ) | $ | (976 | ) | ||||
|
|
|
|
|
| |||||||
The Funds’ derivatives contracts held at October 31, 2015 are not accounted for as hedging instruments under GAAP.
F. Structured Instruments — Emerging Markets Equity Fund and Emerging Markets Equity Income Fund invested in structured instruments that have similar economic characteristics to equity securities. These instruments often seek to replicate the performance of an underlying reference asset such as an equity security or market (“reference asset”). The value of these instruments is generally derived from the price movements of the reference asset. On maturity date of each instrument, the Funds will receive a payment from the instrument’s issuing entity based on the value of the reference asset and record a realized gain or loss. The instrument may receive dividends paid in connection with the reference asset which are reported as Net realized gain (loss) on investment transactions on the Statements of Operations.
Structured instruments may be issued by banks, broker dealers or their affiliates and typically constitute unsecured contractual obligations of the issuing entity. In addition to credit risk, investments in structured instruments generally have the same risks associated with a direct investment in the reference asset. However, there can be no assurance that structured instruments will trade at the same price or have the same value as the reference asset. In addition, structured instruments may be subject to transfer restrictions and a liquid market may not exist for these instruments.
The lack of a liquid market may make it difficult to sell the structured instruments or accurately value them. Investments in structured instruments subject the Funds to counterparty risk.
G. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
| 150 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
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H. Offering and Organizational Costs — Total offering costs of approximately $121,000 incurred in connection with the offering of shares of Emerging Markets Equity Income Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the Statements of Operations. For the period ended October 31, 2015, total offering costs amortized were approximately $107,000.
I. 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.
J. 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.
Sub-transfer agent fees are class-specific expenses. The amount of the Sub-transfer agent fees charged to each class of the Funds for the year ended October 31, 2015 are as follows (amounts in thousands):
| Class A | Class B | Class C | Class R2 | Class R5 | Institutional Class | Select Class | Total | |||||||||||||||||||||||||
Emerging Economies Fund | $ | 145 | n/a | $ | 6 | n/a | $ | 3 | n/a | $ | 26 | $ | 180 | |||||||||||||||||||
Emerging Markets Equity Fund | 629 | $ | 3 | 80 | n/a | n/a | $ | 178 | 350 | 1,240 | ||||||||||||||||||||||
Emerging Markets Equity Income Fund | — | (a) | n/a | — | (a) | n/a | — | n/a | — | — | (a) | |||||||||||||||||||||
Global Research Enhanced Index Fund | — | n/a | — | — | n/a | n/a | 16 | 16 | ||||||||||||||||||||||||
Global Unconstrained Equity Fund | — | (a) | n/a | — | (a) | — | — | n/a | — | (a) | — | (a) | ||||||||||||||||||||
International Equity Fund | 347 | 1 | 33 | $ | 3 | 65 | n/a | 122 | 571 | |||||||||||||||||||||||
International Equity Income Fund | 44 | n/a | 4 | — | (a) | — | n/a | 19 | 67 | |||||||||||||||||||||||
International Opportunities Fund | 251 | — | (a) | 1 | n/a | n/a | 5 | 11 | 268 | |||||||||||||||||||||||
International Research Enhanced Equity Fund | 104 | 3 | 32 | 9 | n/a | n/a | 45 | 193 | ||||||||||||||||||||||||
International Unconstrained Equity Fund | — | (a) | n/a | — | (a) | — | — | n/a | 2 | 2 | ||||||||||||||||||||||
International Value Fund | 1,259 | 2 | 49 | 8 | n/a | 3,318 | 102 | 4,738 | ||||||||||||||||||||||||
Intrepid International Fund | 282 | n/a | 2 | — | (a) | n/a | 1 | 14 | 299 | |||||||||||||||||||||||
| (a) | Amount rounds to less than $1,000. |
K. 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, 2015, 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.
L. 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 the indirect transfers of Indian shares. Based upon current guidance from the Indian tax authorities, 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.
M. Distributions to Shareholders — Distributions from net investment income if any, are generally declared and paid annually, except for International Equity Income Fund, which are declared and 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.
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NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
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 | $ | — | $ | 732 | $ | (732 | ) | |||||
Emerging Markets Equity Fund | — | 199 | (199 | ) | ||||||||
Emerging Markets Equity Income Fund | — | (a) | (1 | ) | 1 | |||||||
Global Research Enhanced Index Fund | — | (a) | (205 | ) | 205 | |||||||
Global Unconstrained Equity Fund | — | 9 | (9 | ) | ||||||||
International Equity Fund | — | 1,013 | (1,013 | ) | ||||||||
International Equity Income Fund | — | 712 | (712 | ) | ||||||||
International Opportunities Fund | — | (20,029 | ) | 20,029 | ||||||||
International Research Enhanced Equity Fund | — | (a) | 512 | (512 | ) | |||||||
International Unconstrained Equity Fund | — | (12 | ) | 12 | ||||||||
International Value Fund | — | 1,239 | (1,239 | ) | ||||||||
Intrepid International Fund | — | (a) | 151 | (151 | ) | |||||||
| (a) | Amount rounds to less than $1,000. |
The reclassifications for the Funds relate primarily to foreign currency gains or losses, non-deductible expenses 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 | |||
Emerging Markets Equity Income Fund | 1.00 | |||
Global Research Enhanced Index Fund | 0.20 | |||
Global Unconstrained Equity Fund | 0.70 | (a) | ||
International Equity Fund | 0.80 | |||
International Equity Income Fund | 0.70 | (a) | ||
International Opportunities Fund | 0.60 | |||
International Research Enhanced Equity Fund | 0.20 | |||
International Unconstrained Equity Fund | 0.70 | (a) | ||
International Value Fund | 0.60 | |||
Intrepid International Fund | 0.60 | (b) |
| (a) | Prior to December 1, 2014, the investment advisory fee was 0.80% for Global Unconstrained Equity Fund, International Equity Income Fund and International Unconstrained Equity Fund. |
| (b) | Prior to March 1, 2015, the investment advisory fee was 0.80% 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, 2015, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived Administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
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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, as applicable, 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 | |||||||||||
Emerging Markets Equity Income Fund | 0.25 | n/a | 0.75 | n/a | ||||||||||||
Global Research Enhanced Index Fund | 0.25 | n/a | 0.75 | 0.50 | % | |||||||||||
Global Unconstrained Equity Fund | 0.25 | n/a | 0.75 | 0.50 | ||||||||||||
International Equity Fund | 0.25 | 0.75 | 0.75 | 0.50 | ||||||||||||
International Equity Income Fund | 0.25 | n/a | 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, 2015, the Distributor retained the following amounts (in thousands):
| Front-End Sales Charge | CDSC | |||||||
Emerging Economies Fund | $ | 6 | $ | — | (a) | |||
Emerging Markets Equity Fund | 65 | — | (a) | |||||
Emerging Markets Equity Income Fund | — | (a) | — | |||||
Global Unconstrained Equity Fund | — | (a) | — | |||||
International Equity Fund | 29 | — | (a) | |||||
International Equity Income Fund | 37 | — | (a) | |||||
International Opportunities Fund | 4 | — | ||||||
International Research Enhanced Equity Fund | 12 | — | (a) | |||||
International Unconstrained Equity Fund | 8 | — | (a) | |||||
International Value Fund | 429 | — | (a) | |||||
Intrepid International Fund | 5 | — | (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 | |||||||||||||||||||
Emerging Markets Equity Income Fund | 0.25 | n/a | 0.25 | n/a | 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 | ||||||||||||||||||||
Global Unconstrained Equity Fund | 0.25 | n/a | 0.25 | 0.25 | 0.05 | n/a | 0.25 | |||||||||||||||||||||
International Equity Fund | 0.25 | 0.25 | 0.25 | 0.25 | 0.05 | n/a | 0.25 | |||||||||||||||||||||
International Equity Income Fund | 0.25 | n/a | 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 | |||||||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
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.
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 on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included as Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and 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 and extraordinary expenses) 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* | 1.55 | % | n/a | 2.05 | % | n/a | 1.10 | % | 1.05 | % | n/a | 1.30 | % | |||||||||||||||||||
Emerging Markets Equity Fund** | 1.55 | 2.05 | % | 2.05 | n/a | n/a | 1.05 | 1.15 | % | 1.30 | ||||||||||||||||||||||
Emerging Markets Equity Income Fund*** | 1.55 | n/a | 2.05 | n/a | 1.10 | 1.05 | n/a | 1.30 | ||||||||||||||||||||||||
Global Research Enhanced Index Fund | 0.59 | n/a | 1.09 | 0.84 | % | n/a | n/a | n/a | 0.34 | |||||||||||||||||||||||
Global Unconstrained Equity Fund**** | 0.75 | n/a | 1.25 | 1.00 | 0.30 | 0.25 | n/a | 0.40 | ||||||||||||||||||||||||
International Equity Fund | 1.31 | 1.81 | 1.81 | 1.56 | 0.86 | 0.81 | n/a | 1.06 | ||||||||||||||||||||||||
International Equity Income Fund | 1.25 | n/a | 1.75 | 1.50 | 0.80 | 0.75 | n/a | 0.90^ | ||||||||||||||||||||||||
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^^ | 1.25 | n/a | 1.75 | 1.50 | 0.80 | 0.75 | n/a | 0.90 | ||||||||||||||||||||||||
International Value Fund | 1.35 | 1.85 | 1.85 | 1.60 | n/a | 0.85 | 0.95 | 1.10 | ||||||||||||||||||||||||
Intrepid International Fund^^^ | 1.25 | n/a | 1.75 | 1.50 | n/a | 0.75 | 0.85 | 0.90 | ||||||||||||||||||||||||
| * | Prior to July 1, 2015, the contractual expense limitations for Emerging Economies Fund were 1.60%, 2.10%, 1.15% and 1.35% for Class A, Class C, Class R5 and Select Class Shares, respectively. |
| ** | Prior to March 1, 2015, the contractual expense limitations for Emerging Markets Equity Fund were 1.70%, 2.20%, 2.20%, 1.20%, 1.30% and 1.45% for Class A, Class B, Class C, Class R6, Institutional Class and Select Class Shares, respectively. |
| *** | Prior to July 1, 2015, the contractual expense limitations for Emerging Markets Equity Income Fund were 1.60%, 2.10%, 1.15%, 1.10% and 1.35% for Class A, Class C, Class R5, Class R6 and Select Class Shares, respectively. |
| **** | During the period December 1, 2014 through July 9, 2015, the contractual expense limitations for Global Unconstrained Equity Fund were 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 December 1, 2014, the contractual expense limitations for Global Unconstrained Equity Fund were 1.35%, 1.85%, 1.60%, 0.90%, 0.85% and 1.10% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively. Effective July 2, 2016 the contractual expense limitations will revert to 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 December 1, 2014, the contractual expense limitation for the Select Class Shares of International Equity Income Fund was 1.00%. |
| ^^ | Prior to December 1, 2014, the contractual expense limitations for International Unconstrained Equity Fund were 1.32%, 1.82%, 1.57%, 0.87%, 0.82% and 1.07% for Class A, Class C, Class R2, Class R5, Class R6 and Select Class Shares, respectively. |
| ^^^ | Prior to March 1, 2015, the contractual expense limitations for Intrepid International Fund were 1.40%, 1.90%, 1.65%, 0.90% and 1.15% 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, 2015 and are in place until February 29, 2016, except for class B Shares which are no longer operating.
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For the year ended October 31, 2015, 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 | $ | 575 | $ | 384 | $ | 137 | $ | 1,096 | $ | 46 | ||||||||||
Emerging Markets Equity Fund | 774 | 521 | 1,061 | 2,356 | 134 | |||||||||||||||
Emerging Markets Equity Income Fund | 26 | 2 | — | (a) | 28 | 211 | ||||||||||||||
Global Research Enhanced Index Fund | 8,302 | 5,020 | 2 | 13,324 | — | (a) | ||||||||||||||
Global Unconstrained Equity Fund | 24 | 3 | 4 | 31 | 210 | |||||||||||||||
International Equity Fund | 1,708 | 1,130 | 556 | 3,394 | 42 | |||||||||||||||
International Equity Income Fund | 289 | 84 | 82 | 455 | — | (a) | ||||||||||||||
International Opportunities Fund | — | — | 123 | 123 | 27 | |||||||||||||||
International Research Enhanced Equity Fund | 1,346 | 642 | 167 | 2,155 | 4 | |||||||||||||||
International Unconstrained Equity Fund | 156 | 25 | 25 | 206 | 91 | |||||||||||||||
International Value Fund | 8 | 1 | 1,325 | 1,334 | 291 | |||||||||||||||
Intrepid International Fund | 258 | 172 | 409 | 839 | 17 | |||||||||||||||
| (a) | Amount rounds to less than $1,000. |
| Voluntary Waivers | ||||||||
| Investment Advisory | Total | |||||||
Global Unconstrained Equity Fund | $ | 2 | $ | 2 | ||||
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and Distributor, as shareholder servicing agent, waive fees in an amount sufficient to offset the respective net fees collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. A portion of the waiver is voluntary.
The amounts of these waivers resulting from investments in these money market funds for the year ended October 31, 2015 were as follows (amounts in thousands):
Emerging Economies Fund | $ | 25 | ||
Emerging Markets Equity Fund | 75 | |||
Global Research Enhanced Index Fund | 429 | |||
International Equity Fund | 141 | |||
International Equity Income Fund | 5 | |||
International Opportunities Fund | 78 | |||
International Research Enhanced Equity Fund | 37 | |||
International Unconstrained Equity Fund | 2 | |||
International Value Fund | 55 | |||
Intrepid International Fund | 92 |
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 on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended October 31, 2015, 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.
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NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
The Funds may use related party broker-dealers. For the year ended October 31, 2015, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):
Emerging Economics Fund | $ | 13 | ||
Emerging Markets Equity Fund | 22 | |||
Emerging Markets Equity Income Fund | — | (a) | ||
Global Research Enhanced Index Fund | 68 | |||
Global Unconstrained Equity Fund | — | (a) | ||
International Equity Fund | 18 | |||
International Equity Income Fund | 4 | |||
International Opportunities Fund | 24 | |||
International Research Enhanced Equity Fund | 10 | |||
International Unconstrained Equity Fund | 1 | |||
International Value Fund | 49 | |||
Intrepid International Fund | 34 |
| (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, 2015, 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 | $ | 1,100,634 | $ | 1,109,281 | ||||
Emerging Markets Equity Fund | 872,834 | 752,474 | ||||||
Emerging Markets Equity Income Fund | 3,840 | 712 | ||||||
Global Research Enhanced Index Fund | 6,349,299 | 2,545,165 | ||||||
Global Unconstrained Equity Fund | 4,771 | 7,822 | ||||||
International Equity Fund | 999,125 | 339,696 | ||||||
International Equity Income Fund | 237,085 | 237,088 | ||||||
International Opportunities Fund | 1,268,679 | 787,700 | ||||||
International Research Enhanced Equity Fund | 538,235 | 293,680 | ||||||
International Unconstrained Equity Fund | 84,131 | 12,536 | ||||||
International Value Fund | 2,206,128 | 3,406,055 | ||||||
Intrepid International Fund | 1,272,554 | 605,232 | ||||||
During the year ended October 31, 2015, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities held at October 31, 2015 were as follows (amounts in thousands):
| Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Emerging Economies Fund | $ | 1,117,883 | $ | 68,328 | $ | 105,379 | $ | (37,051 | ) | |||||||
Emerging Markets Equity Fund | 2,228,297 | 330,239 | 297,816 | 32,423 | ||||||||||||
Equity Markets Equity Income Fund | 3,075 | 65 | 459 | (394 | ) | |||||||||||
Global Research Enhanced Index Fund | 7,054,288 | 652,987 | 304,387 | 348,600 | ||||||||||||
Global Unconstrained Equity Fund | 1,596 | 145 | 84 | 61 | ||||||||||||
International Equity Fund | 2,740,915 | 468,324 | 274,663 | 193,661 | ||||||||||||
International Equity Income Fund | 108,076 | 4,910 | 3,359 | 1,551 | ||||||||||||
International Opportunities Fund | 2,102,689 | 237,904 | 101,726 | 136,178 | ||||||||||||
International Research Enhanced Equity Fund | 828,808 | 119,921 | 68,520 | 51,401 | ||||||||||||
International Unconstrained Equity Fund | 75,997 | 2,653 | 4,437 | (1,784 | ) | |||||||||||
International Value Fund | 2,326,092 | 238,502 | 142,904 | 95,598 | ||||||||||||
Intrepid International Fund | 2,051,534 | 189,764 | 149,664 | 40,100 | ||||||||||||
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The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in PFICs and wash sale loss deferrals.
The tax character of distributions paid during the year ended October 31, 2015 was as follows (amounts in thousands):
| Ordinary Income | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Emerging Economies Fund | $ | 24,053 | $ | — | $ | 24,053 | ||||||
Emerging Markets Equity Fund | 27,266 | — | 27,266 | |||||||||
Emerging Markets Equity Income Fund | 88 | — | 88 | |||||||||
Global Research Enhanced Index Fund | 101,093 | 18,009 | 119,102 | |||||||||
Global Unconstrained Equity Fund | 414 | 679 | 1,093 | |||||||||
International Equity Fund | 49,283 | — | 49,283 | |||||||||
International Equity Income Fund | 4,463 | 1,130 | 5,593 | |||||||||
International Opportunities Fund | 46,728 | — | 46,728 | |||||||||
International Research Enhanced Equity Fund | 21,518 | 104,358 | 125,876 | |||||||||
International Unconstrained Equity Fund | 135 | 230 | 365 | |||||||||
International Value Fund | 134,534 | — | 134,534 | |||||||||
Intrepid International Fund | 24,512 | — | 24,512 | |||||||||
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 Research Enhanced Index Fund | 29,275 | 2,611 | 31,886 | |||||||||
Global Unconstrained Equity Fund | 142 | 278 | 420 | |||||||||
International Equity Fund | 61,359 | — | 61,359 | |||||||||
International Equity Income Fund | 4,670 | 877 | 5,547 | |||||||||
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 | |||||||||
At October 31, 2015, the estimated 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 | $ | 10,454 | $ | (177,283 | ) | $ | (37,030 | ) | ||||
Emerging Markets Equity Fund | 19,537 | (30,227 | ) | 32,009 | ||||||||
Emerging Markets Equity Income Fund | 10 | (126 | ) | (394 | ) | |||||||
Global Research Enhanced Index Fund | 116,545 | (24,001 | ) | 348,240 | ||||||||
Global Unconstrained Equity Fund | 59 | 8 | 61 | |||||||||
International Equity Fund | 6,915 | (20,476 | ) | 193,237 | ||||||||
International Equity Income Fund | 331 | 1,742 | 1,544 | |||||||||
International Opportunities Fund | 12,033 | (34,125 | ) | 135,819 | ||||||||
International Research Enhanced Equity Fund | 19,710 | 7,959 | 51,179 | |||||||||
International Unconstrained Equity Fund | 223 | (754 | ) | (1,785 | ) | |||||||
International Value Fund | 27,755 | (354,987 | ) | 94,566 | ||||||||
Intrepid International Fund | 39,300 | (557,434 | ) | 39,961 | ||||||||
For the Funds the cumulative timing differences primarily consist of wash sale loss deferrals, investments in PFICs, trustee deferred compensation, mark to market of futures contracts and mark to market of forward foreign currency contracts.
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NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
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.
At October 31, 2015, 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 | $ | 101,060 | $ | 57,603 | ||||
Emerging Markets Equity Fund | 9,367 | 15,957 | ||||||
Emerging Markets Equity Income Fund | 126 | — | ||||||
Global Research Enhanced Index Fund | 13,051 | 10,950 | ||||||
International Equity Fund | 1,547 | 11,085 | ||||||
International Opportunities Fund | 28,676 | — | ||||||
International Unconstrained Equity Fund | 754 | — | ||||||
International Value Fund | 13,872 | — | ||||||
Intrepid International Fund | 25,306 | — | ||||||
At October 31, 2015, the Funds had the following 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 | 281,157 | 250,971 | — | — | 532,128 | |||||||||||||||
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).
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 7, 2016.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at October 31, 2015. Average borrowings from the Facility for, or at any time during, the year ended October 31, 2015, were as follows (amounts in thousands):
| Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Emerging Economies Fund | $ | 60,897 | 0.23 | % | 27 | $ | 10 | |||||||||
Emerging Markets Equity Fund | 86,600 | 0.23 | 20 | 11 | ||||||||||||
International Equity Income Fund | 12,624 | 0.23 | 2 | — | (a) | |||||||||||
International Opportunities Fund | 31,722 | 0.21 | 4 | 1 | ||||||||||||
International Value Fund | 83,581 | 0.24 | 11 | 6 | ||||||||||||
| (a) | Amount rounds to less than $1,000. |
Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.
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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 Global Research Enhanced Index Fund.
As of October 31, 2015, 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 | 16.8 | % | 65.5 | % | ||||
Emerging Markets Equity Fund | n/a | 42.5 | ||||||
International Equity Fund | 13.2 | 61.4 | ||||||
International Opportunities Fund | n/a | 76.0 | ||||||
International Research Enhanced Equity Fund | 77.3 | n/a | ||||||
International Unconstrained Equity Fund | 68.5 | n/a | ||||||
Intrepid International Fund | n/a | 84.8 | ||||||
Additionally, the Adviser owns 96.1% and 12.7% of the outstanding shares of Emerging Markets Equity Income Fund and Global Unconstrained Equity Fund, respectively.
International Value Fund has shareholders, which are accounts maintained by financial intermediaries on behalf of their clients, that own 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, 2015, a significant portion of each Fund’s net assets consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
As of October 31, 2015, the Funds had the following country allocations representing greater than 10% of total investments:
| China | France | Germany | India | Japan | ||||||||||||||||
Emerging Economies Fund | 25.1 | % | — | % | — | % | — | % | — | % | ||||||||||
Emerging Markets Equity Fund | — | — | — | 19.6 | — | |||||||||||||||
Emerging Markets Equity Income Fund | — | — | — | — | — | |||||||||||||||
Global Research Enhanced Index Fund | — | — | — | — | — | |||||||||||||||
Global Unconstrained Equity Fund | — | — | — | — | — | |||||||||||||||
International Equity Fund | — | 11.7 | — | — | 21.8 | |||||||||||||||
International Equity Income Fund | — | — | 13.7 | — | 15.6 | |||||||||||||||
International Opportunities Fund | — | — | — | — | 21.7 | |||||||||||||||
International Research Enhanced Equity Fund | — | 10.1 | — | — | 22.3 | |||||||||||||||
International Unconstrained Equity Fund | — | 11.0 | — | — | 13.3 | |||||||||||||||
International Value Fund | — | 12.3 | — | — | 23.2 | |||||||||||||||
Intrepid International Fund | — | 11.2 | — | — | 21.7 | |||||||||||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF OCTOBER 31, 2015 (continued)
| South Africa | South Korea | Switzerland | Taiwan | United Kingdom | United States | |||||||||||||||||||
Emerging Economies Fund | — | % | 17.6 | % | — | % | 18.1 | % | — | % | — | % | ||||||||||||
Emerging Markets Equity Fund | 17.2 | — | — | — | — | — | ||||||||||||||||||
Emerging Markets Equity Income Fund | 14.8 | — | — | 23.0 | — | — | ||||||||||||||||||
Global Research Enhanced Index Fund | — | — | — | — | — | 54.2 | ||||||||||||||||||
Global Unconstrained Equity Fund | — | — | — | — | — | 55.1 | ||||||||||||||||||
International Equity Fund | — | — | 13.2 | — | 22.1 | — | ||||||||||||||||||
International Equity Income Fund | — | — | — | — | 18.1 | — | ||||||||||||||||||
International Opportunities Fund | — | — | 11.1 | — | 26.0 | — | ||||||||||||||||||
International Research Enhanced Equity Fund | — | — | 10.3 | — | 19.8 | — | ||||||||||||||||||
International Unconstrained Equity Fund | — | — | — | — | 20.0 | — | ||||||||||||||||||
International Value Fund | — | — | — | — | 22.1 | — | ||||||||||||||||||
Intrepid International Fund | — | — | — | — | 18.6 | — | ||||||||||||||||||
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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 Emerging Markets Equity Income Fund, JPMorgan Global Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund (formerly JPMorgan Global Equity Income Fund), JPMorgan International Opportunities Fund, JPMorgan International Research Enhanced Equity 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 Research Enhanced Index Fund, JPMorgan Global Unconstrained Equity Fund, JPMorgan International Equity Fund, JPMorgan International Equity Income Fund (formerly JPMorgan Global Equity Income 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 (a separate Fund of JPMorgan Trust II) at October 31, 2015, 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 Emerging Markets Equity Income Fund (a separate fund of JPMorgan Trust I) (hereafter collectively referred to as the “Funds”) at October 31, 2015, and the results of its operations, the changes in its net assets and the financial highlights for the period December 12, 2014 (commencement of operations) through October 31, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter collectively 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, 2015 by correspondence with the transfer agent, custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
New York, New York
December 23, 2015
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(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). | 147 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
| Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999). | 147 | 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). | 147 | None | |||
| Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 147 | Trustee, The Victory Portfolios (2000-2008) (Investment companies). | |||
| Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 147 | 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). | 147 | 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). | 147 | 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). | 147 | 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). | 147 | Director, Radio Shack Corp. (electronics) (1987-2008); Director, National Organization of Investment Professionals (2010-present); Trustee of the Stratton Mountain School (2001-present). | |||
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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 (continued) | ||||||
| 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). | 147 | Chairman, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American Schools of Oriental Research (2011-present); Trustee, American University in Cairo (1999-2014); Trustee, American Museum of Fly Fishing (2013-present). | |||
| 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). | 147 | 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). | 147 | 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). | 147 | None | |||
| (1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
| (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 (147 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. |
The contact address for each of the Trustees is 270 Park Avenue, New York, NY 10017.
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(Unaudited)
Name (Year of Birth), Positions Held with the Trusts (Since) | Principal Occupations During Past 5 Years | |
| Robert L. Young (1963), President and Principal Executive Officer (2013)* | 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. | |
| Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
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 to 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 to February 2011. | |
| Carmine Lekstutis (1980), Assistant Secretary (2011) | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015; 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. | |
| 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. since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014; prior to joining JPMorgan Chase, Mr. D’Ambrosio was a Tax Director at PricewaterhouseCoopers LLP since 2006. | |
| Lauren A. Paino (1973), Assistant Treasurer (2014) | Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013. | |
| 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. | |
| Lauren A. Paino (1973), Assistant Treasurer (2014) | Executive Director, JPMorgan Funds Management, Inc. since August 2013; formerly Director, Credit Suisse Asset Management from 2000-2013. | |
Julie A. Roach (1971), Assistant Treasurer (2012)* | Vice President, JPMorgan Funds Management, Inc. since 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. since 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 460 Polaris Parkway, Westerville, OH 43082. |
| ** | The contact address for the officer is 4 New York Plaza, Floor 21, New York, NY 10004. |
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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, 2015, and continued to hold your shares at the end of the reporting period, October 31, 2015.
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, 2015 | Ending Account Value October 31, 2015 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
Emerging Economies Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 822.50 | $ | 7.26 | 1.58 | % | ||||||||
Hypothetical* | 1,000.00 | 1,017.24 | 8.03 | 1.58 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 820.20 | 9.54 | 2.08 | ||||||||||||
Hypothetical* | 1,000.00 | 1,014.72 | 10.56 | 2.08 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 824.20 | 5.20 | 1.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.51 | 5.75 | 1.13 | ||||||||||||
Class R6 | ||||||||||||||||
Actual** | 1,000.00 | 1,062.10 | 1.81 | 1.07 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.81 | 5.45 | 1.07 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 822.90 | 6.11 | 1.33 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.50 | 6.77 | 1.33 | ||||||||||||
Emerging Markets Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 857.70 | 7.26 | 1.55 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.39 | 7.88 | 1.55 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 855.60 | 9.59 | 2.05 | ||||||||||||
Hypothetical* | 1,000.00 | 1,014.87 | 10.41 | 2.05 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 859.90 | 4.92 | 1.05 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.91 | 5.35 | 1.05 | ||||||||||||
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 165 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
Emerging Markets Equity Fund (continued) | ||||||||||||||||
Institutional Class | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 859.60 | $ | 5.48 | 1.17 | % | ||||||||
Hypothetical* | 1,000.00 | 1,019.31 | 5.96 | 1.17 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 859.00 | 6.09 | 1.30 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.65 | 6.61 | 1.30 | ||||||||||||
Emerging Markets Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 821.10 | 7.16 | 1.56 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.34 | 7.93 | 1.56 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 819.50 | 9.49 | 2.07 | ||||||||||||
Hypothetical* | 1,000.00 | 1,014.77 | 10.51 | 2.07 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 823.00 | 5.15 | 1.12 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.56 | 5.70 | 1.12 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 823.40 | 4.92 | 1.07 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.81 | 5.45 | 1.07 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 822.20 | 6.06 | 1.32 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.55 | 6.72 | 1.32 | ||||||||||||
Global Research Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 970.60 | 2.88 | 0.58 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.28 | 2.96 | 0.58 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 968.50 | 5.36 | 1.08 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.76 | 5.50 | 1.08 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 969.00 | 4.17 | 0.84 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 972.20 | 1.64 | 0.33 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.54 | 1.68 | 0.33 | ||||||||||||
Global Unconstrained Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 977.70 | 4.39 | 0.88 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.77 | 4.48 | 0.88 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 975.20 | 6.87 | 1.38 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.25 | 7.02 | 1.38 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 976.80 | 6.78 | 1.36 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.35 | 6.92 | 1.36 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 980.10 | 3.29 | 0.66 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.88 | 3.36 | 0.66 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 980.40 | 3.04 | 0.61 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.13 | 3.11 | 0.61 | ||||||||||||
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Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
Global Unconstrained Equity Fund (continued) | ||||||||||||||||
Select Class | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 979.50 | $ | 3.94 | 0.79 | % | ||||||||
Hypothetical* | 1,000.00 | 1,021.22 | 4.02 | 0.79 | ||||||||||||
International Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 914.90 | 6.32 | 1.31 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.60 | 6.67 | 1.31 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 912.70 | 8.73 | 1.81 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.08 | 9.20 | 1.81 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 914.00 | 7.53 | 1.56 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.34 | 7.93 | 1.56 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 917.10 | 4.16 | 0.86 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.87 | 4.38 | 0.86 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 917.30 | 3.87 | 0.80 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.17 | 4.08 | 0.80 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 915.90 | 5.07 | 1.05 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.91 | 5.35 | 1.05 | ||||||||||||
International Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 946.10 | 6.13 | 1.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.90 | 6.36 | 1.25 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 944.00 | 8.57 | 1.75 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.38 | 8.89 | 1.75 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 945.10 | 7.31 | 1.49 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.69 | 7.58 | 1.49 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 947.90 | 3.88 | 0.79 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.22 | 4.02 | 0.79 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 948.70 | 3.63 | 0.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 948.00 | 4.42 | 0.90 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.67 | 4.58 | 0.90 | ||||||||||||
International Opportunities Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 947.60 | 6.43 | 1.31 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.60 | 6.67 | 1.31 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 945.50 | 9.02 | 1.84 | ||||||||||||
Hypothetical* | 1,000.00 | 1,015.93 | 9.35 | 1.84 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 950.40 | 3.49 | 0.71 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.63 | 3.62 | 0.71 | ||||||||||||
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 167 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
International Opportunities Fund (continued) | ||||||||||||||||
Institutional Class | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 949.80 | $ | 4.03 | 0.82 | % | ||||||||
Hypothetical* | 1,000.00 | 1,021.07 | 4.18 | 0.82 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 948.90 | 4.96 | 1.01 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.11 | 5.14 | 1.01 | ||||||||||||
International Research Enhanced Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 939.80 | 2.93 | 0.60 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.18 | 3.06 | 0.60 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 937.30 | 5.37 | 1.10 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.66 | 5.60 | 1.10 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 938.60 | 4.15 | 0.85 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.92 | 4.33 | 0.85 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 941.40 | 1.71 | 0.35 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.44 | 1.79 | 0.35 | ||||||||||||
International Unconstrained Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 940.70 | 6.07 | 1.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 937.70 | 8.50 | 1.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 938.60 | 7.28 | 1.49 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.69 | 7.58 | 1.49 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 942.10 | 3.92 | 0.80 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.17 | 4.08 | 0.80 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 942.70 | 3.62 | 0.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 941.50 | 4.36 | 0.89 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.72 | 4.53 | 0.89 | ||||||||||||
International Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 921.40 | 6.54 | 1.35 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.40 | 6.87 | 1.35 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 920.00 | 8.95 | 1.85 | ||||||||||||
Hypothetical* | 1,000.00 | 1,015.88 | 9.40 | 1.85 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 921.00 | 7.75 | 1.60 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.14 | 8.13 | 1.60 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 924.30 | 3.73 | 0.77 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.32 | 3.92 | 0.77 | ||||||||||||
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Beginning Account Value May 1, 2015 | Ending Account Value October 31, 2015 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
International Value Fund (continued) | ||||||||||||||||
Institutional Class | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 923.60 | $ | 4.56 | 0.94 | % | ||||||||
Hypothetical* | 1,000.00 | 1,020.47 | 4.79 | 0.94 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 923.30 | 5.04 | 1.04 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.96 | 5.30 | 1.04 | ||||||||||||
Intrepid International Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 944.90 | 6.13 | 1.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.90 | 6.36 | 1.25 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 942.50 | 8.57 | 1.75 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.38 | 8.89 | 1.75 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 944.00 | 7.35 | 1.50 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.64 | 7.63 | 1.50 | ||||||||||||
Class R6 | ||||||||||||||||
Actual*** | 1,000.00 | 941.20 | 3.58 | 0.88 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.77 | 4.48 | 0.88 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 947.00 | 4.07 | 0.83 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.02 | 4.23 | 0.83 | ||||||||||||
Select Class | ||||||||||||||||
Actual* | 1,000.00 | 946.80 | 4.42 | 0.90 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.67 | 4.58 | 0.90 | ||||||||||||
| * | 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). |
| ** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 60/365 (to reflect the actual period.) Commencement of operations was September 1, 2015. |
| *** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 155/365 (to reflect the actual period.) Commencement of operations was May 29, 2015. |
| OCTOBER 31, 2015 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | 169 | ||||||
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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 2015, 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 19, 2015.
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 Advisory 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 Advisory Agreements. The Trustees also discussed the proposed Advisory 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 each 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 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 their 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.
| 170 | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | OCTOBER 31, 2015 | ||||
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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 may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as
assets increase. The Trustees noted that the proposed investment advisory fee schedule for each Fund does not contain breakpoints, but that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception. The Trustees also considered that the Adviser has shared economies of scale by adding or enhancing services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. 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 Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.
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, Emerging Markets Equity Income Fund, Global Research Enhanced Index Fund, Global Unconstrained Equity Fund, International Equity Income 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, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. 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 which had at least one full year of performance at the time of review in a report prepared by Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds which had at least one full year of performance at the time of review 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, fourth and third quintiles for both Class A and Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable. 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 second, third, and third quintiles for both Class A and Select Class shares for the one-, three- and five-year periods ended December 31, 2014, 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 Fund’s performance was reasonable.
The Trustees noted the performance of the Emerging Markets Equity Income Fund since its inception on December 12, 2014 as compared with that of a broad-based securities market index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.
The Trustees noted that the Global Research Enhanced Index Fund’s performance was in the second quintile for the Select Class shares for the one-year period ended December 31, 2014, 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 the performance was reasonable.
The Trustees noted that the Global Unconstrained Equity Fund’s performance was in the second and third quintiles for Class A shares and in the second quintile for Select Class shares for the one- and three-year periods ended December 31, 2014, 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 various other factors, concluded that the Fund’s performance was reasonable.
The Trustees noted that the International Equity Fund’s performance was in the fourth quintile for Class A shares and in the fourth, fourth, and third quintiles for Select Class shares for the one-, three- and five-year periods ended December 31, 2014, respectively, and that the Trustees’ independent consultant indicated that overall performance needed enhancement. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable. 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 Equity Income Fund’s performance was in the fourth and third quintiles for Class A shares and in the third quintile for Select Class shares for the
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one- and three-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis and various other factors, including changes to the Fund’s name and investment strategy effective January 30, 2015, concluded that the Fund’s performance was reasonable.
The Trustees noted that the International Opportunities Fund’s performance was in the fifth, fourth, and fourth quintiles for Class A shares and in the fifth, third, and third quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable. 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, third, and fifth quintiles for Class A shares and in the third, second, and fifth quintiles for Select Class shares for the one-, three-, and five-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable.
The Trustees noted that the International Unconstrained Equity Fund’s performance was in the fourth and second quintiles for Class A shares and in the third and second quintiles for Select Class shares for the one- and three-year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis and various other factors, concluded that the Fund’s performance was reasonable.
The Trustees noted that the International Value Fund’s performance was in the fifth, fourth, and third quintiles for both Class A and Select Class shares for the one-, three- and five- year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis and other factors, concluded that the Fund’s performance was reasonable.
The Trustees noted that the Intrepid International Fund’s performance was in the fourth, second, and third quintiles for Class A shares and in the fourth, second, and second quintiles for Select Class shares for the one-, three- and five- year periods ended December 31, 2014, 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, the Adviser’s and/or independent consultant’s analysis 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 fourth 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. The Trustees also noted that Fund’s expense caps were reduced effective July 1, 2015. 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 second 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. The Trustees also noted that Fund’s expense caps were reduced effective March 1, 2015. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
The Trustees noted that the Emerging Markets Equity Income 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. The Trustees also noted that Fund’s expense caps were reduced effective July 1, 2015. 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 fee and actual 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 Global 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 second and first quintiles, respectively, of the Universe Group. The Trustees also noted that the Fund’s contractual advisory fee and expense caps were reduced effective December 1, 2014. 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 Class A and Select Class shares was in the second and third quintiles, respectively, 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 fees were reasonable.
The Trustees noted that the International Equity Income Fund’s net advisory fee for Class A and Select Class shares was in the second and first quintiles, and that the actual total expenses for Class A and Select Class shares were in the second and first quintiles, respectively, of the Universe Group. The Trustees also noted that the Fund’s contractual advisory fee and expense caps were reduced effective December 1, 2014. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.
The Trustees noted that the International Research Enhanced Equity Fund’s net advisory fee and actual total expenses for both Class A and Select Class shares were in the first 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 Opportunities Fund’s net advisory fee for both Class A and Select Class shares was in the second 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 both Class A and Select Class shares were in the second quintile of the Universe Group. The Trustees also noted that the Fund’s expense caps were reduced effective December 1, 2014. 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 Value Fund’s net advisory fee for Class A and Select Class shares was in the first and second quintiles, and that the actual total expenses for Class A and Select Class shares were in the second and third quintiles of the Universe Group, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.
The Trustees noted that the Intrepid International 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 both Class A and Select Class shares were in the second quintile of the Universe Group. The Trustees also noted that the Fund’s contractual advisory fee and expense caps were reduced effective March 1, 2015. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were reasonable.
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(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, 2015. 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, 2015. The information necessary to complete your income tax returns for the calendar year ending December 31, 2015 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, 2015:
| Dividends Received Deduction | ||||
Global Research Enhanced Index Fund | 49.73 | % | ||
Global Unconstrained Equity Fund | 15.15 | |||
International Equity Income Fund | 12.48 | |||
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, 2015 (amounts in thousands):
| Long- Term Capital Gain Distribution | ||||
Global Research Enhanced Index Fund | $ | 18,009 | ||
Global Unconstrained Equity Fund | 679 | |||
International Equity Income Fund | 1,130 | |||
International Research Enhanced Equity Fund | 104,358 | |||
International Unconstrained Equity Fund | 230 | |||
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, 2015 (amounts in thousands):
| Qualified Dividend Income | ||||
Emerging Economies Fund | $ | 27,494 | ||
Emerging Markets Equity Fund | 31,535 | |||
Emerging Markets Equity Income Fund | 106 | |||
Global Research Enhanced Index Fund | 101,093 | |||
Global Unconstrained Equity Fund | 74 | |||
International Equity Fund | 55,051 | |||
International Equity Income Fund | 4,107 | |||
International Opportunities Fund | 50,503 | |||
International Research Enhanced Equity Fund | 23,235 | |||
International Unconstrained Equity Fund | 182 | |||
International Value Fund | 85,034 | |||
Intrepid International Fund | 28,839 | |||
Foreign Source Income and Foreign Tax Credit Pass Through
For the fiscal year ended October 31, 2015, 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 | $ | 28,476 | $ | 3,441 | ||||
Emerging Markets Equity Fund | 50,569 | 4,269 | ||||||
Emerging Markets Equity Income Fund | 148 | 18 | ||||||
International Equity Fund | 82,797 | 5,768 | ||||||
International Equity Income Fund | 3,695 | 287 | ||||||
International Opportunities Fund | 50,559 | 3,775 | ||||||
International Research Enhanced Equity Fund | 26,228 | 1,718 | ||||||
International Unconstrained Equity Fund | 567 | 47 | ||||||
International Value Fund | 85,034 | 7,147 | ||||||
Intrepid International Fund | 61,683 | 4,327 | ||||||
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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 | |
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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. | |
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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.
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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., 2015. All rights reserved. October 2015. | AN-INTEQ-1015 |
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ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 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.
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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
2015 – $45,600
2014 – $43,803
(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
2015 – $12,300
2014 – $12,000
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
2015 – $11,380
2014 – $10,670
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, 2015 and 2014, 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
2015 – Not applicable
2014 – 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
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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.
2015 – 0.0%
2014 – 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:
2014 - $30.6 million
2013 - $33.7 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.
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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
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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.
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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 Office | ||
| December 30, 2015 |
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 30, 2015 |
| By: | /s/ Laura M. Del Prato | |
| Laura M. Del Prato | ||
| Treasurer and Principal Financial Officer | ||
| December 30, 2015 |