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, 2015 through April 30, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
Semi-Annual Report
J.P. Morgan International Equity Funds
April 30, 2016 (Unaudited)
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
JPMorgan International Opportunities Fund
JPMorgan International Research Enhanced Equity Fund
JPMorgan International Unconstrained Equity Fund
JPMorgan International Value Fund
JPMorgan Intrepid International Fund
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. 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.
CEO’S LETTER
May 18, 2016 (Unaudited)
Dear Shareholder,
Global economic growth appeared to decelerate as 2015 ended and 2016 began. Slowing growth in China, anemic growth in Europe and falling oil prices drained momentum from the U.S. economy and put pressure on emerging market and developed market economies across the globe.
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 | | “Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.” |
In December, the U.S. Federal Reserve (the “Fed”) raised interest rates for the first time in 10 years in a clear signal to financial markets that the central bank’s policymakers believed the domestic economy and, to some extent, the world economy was objectively moving in a trajectory toward self-sustaining growth.
However, economic data from China, the European Union (EU) and Japan provided a worrisome picture and the drag from weak overseas demand, and the U.S. dollar’s relative strength, reduced corporate earnings and gross domestic product (GDP) in the U.S. Meanwhile, volatility in global financial markets spiked in January and February.
Citing weakness in global economic conditions, the Fed declined to raise interest rates further at its March meeting. In the same month, the European Central Bank (ECB) unleashed a flurry of measures to bolster growth. The ECB moved deposit rates further into negative territory — an experiment that the Bank of Japan embarked upon at the end of January — and increased the size and scope of its monthly asset purchases and unveiled a program to increase bank lending. China’s central bank acted earlier, cutting bank reserve ratios in February for the second time in four months.
While the impact of all this central bank activity and accommodative policy on global growth remained uncertain at the end of April, financial markets overall responded favorably and leading central banks took no further action during the month. Moreover, fresh signs of stability in China’s economy, a modest rebound in commodities prices and the Fed’s stated cautiousness in raising U.S. interest rates further helped drive a rally in emerging market equity and bonds prices that began in March and extended into mid-April. In the EU, the unemployment rate shrank and first quarter 2016 GDP rose 0.6% to an annual rate of 2.2%, bringing it back above levels last seen before the 2008 financial crisis. The U.S. economy, which had been outpacing the rest of the world throughout 2015, turned in a lower-than-expected 0.5% rise in GDP in the first quarter of 2016, mostly due to reductions in capital spending in the energy sector, a pullback in inventory growth and the strong U.S. dollar.
Even as global economic conditions appeared to stabilize in April, there remained worrisome aspects to the data. The upward momentum in emerging market equity and bond markets faded by the end of April as U.S. investors retreated from perceived higher risk assets. In the EU, price inflation remained consistently below the ECB’s targets despite massive central bank stimulus. The U.S. economy continued to expand through April and the employment picture remained healthy and wage growth, which had been lacking for much of the current economic recovery, also showed improvement. However, job gains slowed in April and hourly productivity failed to rise, which could hinder growth in U.S. corporate profits.
Throughout the six month period, global oil prices remained low and volatile. Prices appeared to bottom out in mid-February before strengthening ahead of the mid-April meeting of the Organization of Petroleum Exporting Countries (OPEC) and talk of a cap on production. Investment in U.S. shale oil production fell sharply in early 2016, which also supported higher oil prices. However, OPEC failed to reach an agreement to curb output and oil prices slumped but ended the month of April with the largest monthly gain in a year.
In early April, the International Monetary Fund (IMF) cut its forecast for 2016 global economic growth to 3.2% from its previous forecast of 3.4%. The IMF stated that the prolonged period of slow growth in the global economy has left it vulnerable to events that could halt growth and lead to economic stagnation. Among those risks, the IMF cited financial market turmoil, which could hurt investor confidence and demand. The IMF also noted geopolitical risks from populist movements in the U.S. and in Europe, Britain’s June referendum on exiting the EU and the strain from the large number of refugees seeking to enter Europe. However, the IMF stated that China’s economy appears to be improving amid resilient domestic demand and growth in service industries that have offset weakness in manufacturing.
Uneven economic growth and a certain measure of financial market volatility have been persistent features of the current phase of the global recovery. Given the uncertain outlook for global growth, investors who maintain a properly diversified portfolio and an eye toward long term performance may benefit from changing economic and market conditions.
Sincerely yours,
George C.W. Gatch
CEO, Investment Funds Management,
J.P. Morgan Asset Management
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| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 1 | |
J.P. Morgan International Equity Funds
MARKET OVERVIEW
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
Financial market volatility rose sharply in the first two months of 2016 amid investor concerns about economic stability in China, falling global oil prices and uncertainty about the direction of central bank interest rate policy in the U.S. However, the U.S. Federal Reserve responded to global conditions by adopting a more accommodative policy stance and central banks in China, Japan and the European Union took further steps to stabilize markets and extend economic expansion. By the end of March, global prices for both equities and crude oil had rebounded from mid-February lows.
Emerging markets debt and equity prices came under pressure in late 2015 and early 2016 from weakness in commodities prices and slowing demand in China. However, as financial markets elsewhere stabilized somewhat, emerging market equities experienced significant but brief rally in April. The MSCI World Index (net of foreign withholding taxes) returned -1.05% and the MSCI Emerging Markets Index (net of foreign withholding taxes) returned -0.13% for the six month period.
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| 2 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan Emerging Economies Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Select Class Shares)* | | | (3.05)% | |
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | | | (0.13)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 1,119,904 | |
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 underperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.
The Fund’s underweight position and security selection in the materials sector and its security selection in the information technology sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the telecommunication services and consumer discretionary sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s underweight position in Banco Bradesco SA and its overweight positions Huaneng Power International Inc. and Belle International Holdings Ltd. Shares of Banco Bradesco, a Brazilian bank, rose on investor expectations about a change in Brazil’s government. Shares of Huaneng Power, an electricity provider based in China, fell on disappointing earnings. Shares of Belle International, a footwear retailer based in Hong Kong, fell on weakness in sales.
Leading individual contributors to relative performance included the Fund’s overweight position in Banco Do Brasil SA and S-Oil Corp. and its underweight position in China Life
Insurance Co. Shares of Banco do Brasil, a Brazilian bank, rose on investor expectations for a change in Brazil’s government. Shares of S-Oil Corp., a South Korean oil refiner, rose on improved profit margins due to increased demand for petroleum products. Shares of China Life Insurance fell on disappointing earnings results and tighter government regulation of insurance policies.
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 country exposures during the six months ended April 30, 2016, were to China, Taiwan and South Korea and its smallest average country exposures were to Egypt, Singapore and Malaysia. From a sector perspective, the Fund’s largest average weighting were in the financials, information technology and consumer discretionary sectors, while its smallest average weightings were in the telecommunications services, utilities and materials sectors.
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
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| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 3 | |
JPMorgan Emerging Economies Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
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| 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) | | | 1.6 | |
| | 3. | | | China Merchants Bank Co., Ltd., Class H (China) | | | 1.6 | |
| | 4. | | | Gazprom PAO, ADR (Russia) | | | 1.6 | |
| | 5. | | | Tencent Holdings Ltd. (China) | | | 1.5 | |
| | 6. | | | Korea Electric Power Corp. (South Korea) | | | 1.3 | |
| | 7. | | | KT&G Corp. (South Korea) | | | 1.3 | |
| | 8. | | | Polski Koncern Naftowy Orlen S.A. (Poland) | | | 1.3 | |
| | 9. | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan) | | | 1.3 | |
| | 10. | | | Steinhoff International Holdings N.V. (Netherlands) | | | 1.2 | |
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PORTFOLIO COMPOSITION BY COUNTRY* | |
| China | | | 25.9 | % |
| South Korea | | | 16.2 | |
| Taiwan | | | 14.2 | |
| Russia | | | 8.7 | |
| Turkey | | | 7.6 | |
| Hong Kong | | | 5.2 | |
| India | | | 4.7 | |
| Brazil | | | 3.0 | |
| Thailand | | | 2.3 | |
| Poland | | | 2.3 | |
| United Arab Emirates | | | 1.9 | |
| Mexico | | | 1.7 | |
| Netherlands | | | 1.2 | |
| South Africa | | | 1.2 | |
| Hungary | | | 1.0 | |
| Others (each less than 1.0%) | | | 1.3 | |
| Short-Term Investment | | | 1.6 | |
| * | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
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| 4 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES | | February 28, 2008 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (8.32 | )% | | | (24.58 | )% | | | (7.56 | )% | | | (3.37 | )% |
Without Sales Charge | | | | | (3.25 | ) | | | (20.42 | ) | | | (6.56 | ) | | | (2.73 | ) |
CLASS C SHARES | | February 28, 2008 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | (4.46 | ) | | | (21.81 | ) | | | (7.03 | ) | | | (3.22 | ) |
Without CDSC | | | | | (3.46 | ) | | | (20.81 | ) | | | (7.03 | ) | | | (3.22 | ) |
CLASS R5 SHARES | | February 28, 2008 | | | (3.06 | ) | | | (20.10 | ) | | | (6.13 | ) | | | (2.29 | ) |
CLASS R6 SHARES | | September 1, 2015 | | | (2.88 | ) | | | (20.02 | ) | | | (6.11 | ) | | | (2.28 | ) |
SELECT CLASS SHARES | | February 28, 2008 | | | (3.05 | ) | | | (20.22 | ) | | | (6.31 | ) | | | (2.48 | ) |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (2/28/08 TO 4/30/16)
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 April 30, 2016. 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.
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| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 5 | |
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Institutional Class Shares)* | | | 1.53% | |
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | | | (0.13)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 2,247,554 | |
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 outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.
The Fund’s security selection in the financials and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples and its underweight position and security selection in the materials sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in CCR SA, Sberbank of Russia OJSC and Siliconware Precision Industries Co. Shares of CCR, a Brazilian operator of tolled highways, rose on news that it would sell its 32% stake in electronic toll road payment company Servicos e Tecnologia de Pagamentos SA. Shares of Sberbank, a Russian bank, rose on better than expected quarterly earnings. Shares of Siliconware, a Taiwanese provider of semiconductor packaging and testing, rose on news of a takeover offer from Advanced Semiconductor Engineering Inc.
Leading individual detractors from relative performance included the Fund’s overweight positions in Housing
Development Finance Corp, Vipshop Holdings Ltd. and Magnit PAO. Shares of Housing Development Finance, an Indian mortgage lender, fell on investor concerns about slowing loan growth and a weakening housing market in India. Shares of Vipshop Holdings, an online discount retailer based in China, declined on weakness in revenue and earnings. Shares of Magnit, a Russian food retailer, fell on weakness in sales.
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, 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, telecommunication services and materials 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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| 6 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | |
| | 1. | | | Tencent Holdings Ltd. (China) | | | 4.1 | % |
| | 2. | | | AIA Group Ltd. (Hong Kong) | | | 3.9 | |
| | 3. | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan) | | | 3.6 | |
| | 4. | | | Tata Consultancy Services Ltd. (India) | | | 3.3 | |
| | 5. | | | Housing Development Finance Corp., Ltd. (India) | | | 3.3 | |
| | 6. | | | HDFC Bank Ltd., ADR (India) | | | 2.5 | |
| | 7. | | | Bidvest Group Ltd. (The) (South Africa) | | | 2.4 | |
| | 8. | | | Infosys Ltd., ADR (India) | | | 2.2 | |
| | 9. | | | Sberbank PAO (Russia) | | | 2.1 | |
| | 10. | | | ITC Ltd. (India) | | | 2.1 | |
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PORTFOLIO COMPOSITION BY COUNTRY* | |
| India | | | 20.6 | % |
| South Africa | | | 16.6 | |
| China | | | 11.4 | |
| Brazil | | | 11.2 | |
| Hong Kong | | | 6.3 | |
| Taiwan | | | 6.1 | |
| Russia | | | 5.9 | |
| South Korea | | | 4.0 | |
| Indonesia | | | 3.3 | |
| Mexico | | | 2.5 | |
| Thailand | | | 2.1 | |
| United Kingdom | | | 1.5 | |
| Peru | | | 1.3 | |
| Australia | | | 1.2 | |
| Switzerland | | | 1.0 | |
| Others (each less than 1.0%) | | | 2.8 | |
| Short-Term Investment | | | 2.2 | |
| * | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
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| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 7 | |
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
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AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | September 28, 2001 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (3.98 | )% | | | (17.65 | )% | | | (5.13 | )% | | | 1.91 | % |
Without Sales Charge | | | | | 1.33 | | | | (13.09 | ) | | | (4.10 | ) | | | 2.46 | |
CLASS C SHARES | | February 28, 2006 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | 0.11 | | | | (14.49 | ) | | | (4.58 | ) | | | 1.95 | |
Without CDSC | | | | | 1.11 | | | | (13.49 | ) | | | (4.58 | ) | | | 1.95 | |
CLASS R6 SHARES | | December 23, 2013 | | | 1.58 | | | | (12.65 | ) | | | (3.68 | ) | | | 2.90 | |
INSTITUTIONAL CLASS SHARES | | November 15, 1993 | | | 1.53 | | | | (12.72 | ) | | | (3.72 | ) | | | 2.88 | |
SELECT CLASS SHARES | | September 10, 2001 | | | 1.43 | | | | (12.87 | ) | | | (3.87 | ) | | | 2.72 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of 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 April 30, 2006 to April 30, 2016. 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.
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| 8 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan Emerging Markets Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Select Class Shares)* | | | 1.73% | |
| Morgan Stanley Capital International (“MSCI”) Emerging Markets Index (net of foreign withholding taxes) | | | (0.13)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | | $2,789 | |
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 outperformed the MSCI Emerging Markets Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.
The Fund’s security selection in the financials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark. The Fund’s underweight position in the energy sector and its security selection in the telecommunication services sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in BB Seguridade Participacoes SA, OTP Bank Nyrt and Siliconware Precision Industries Ltd. Shares of BB Seguridade, a Brazilian insurer, rose after the company issued a forecast for profit growth. Shares of OTP Bank, Hungary’s largest bank, rose on improved credit conditions. Shares of Siliconware, a Taiwanese provider of semiconductor packaging and testing, rose on news of a takeover offer from Advanced Semiconductor Engineering Inc.
Leading individual detractors from relative performance included the Fund’s overweight positions in Advanced Info
Services Public Co., China Resources Power Holdings Co. and MTN Group Ltd. Shares of Advanced Info Services, a Thailand mobile communications provider, fell after the company failed to win any new wireless spectrum at a government auction. Shares of China Resources Power, an investment company based in China, declined on investor concerns about earnings growth. Shares of MTN Group, a mobile communications provider based in South Africa, fell as fluctuations in currency exchange rates hurt revenue.
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. |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 9 | |
JPMorgan Emerging Markets Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | |
| | 1. | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR (Taiwan) | | | 3.9 | % |
| | 2. | | | AMBEV S.A., ADR (Brazil) | | | 3.0 | |
| | 3. | | | China Mobile Ltd. (Hong Kong) | | | 2.8 | |
| | 4. | | | Kimberly-Clark de Mexico S.A.B. de C.V., Class A (Mexico) | | | 2.7 | |
| | 5. | | | Komercni Banka A.S. (Czech Republic) | | | 2.7 | |
| | 6. | | | Banco Santander Chile, ADR (Chile) | | | 2.7 | |
| | 7. | | | KT&G Corp. (South Korea) | | | 2.6 | |
| | 8. | | | Delta Electronics, Inc. (Taiwan) | | | 2.6 | |
| | 9. | | | BB Seguridade Participacoes S.A. (Brazil) | | | 2.6 | |
| | 10. | | | Bidvest Group Ltd. (The) (South Africa) | | | 2.3 | |
| | | | |
SUMMARY OF INVESTMENTS BY COUNTRY* | |
| Taiwan | | | 22.4 | % |
| South Africa | | | 14.9 | |
| Hong Kong | | | 10.3 | |
| Brazil | | | 9.3 | |
| Russia | | | 8.1 | |
| South Korea | | | 6.2 | |
| China | | | 5.9 | |
| Mexico | | | 3.5 | |
| Czech Republic | | | 2.7 | |
| Chile | | | 2.7 | |
| Turkey | | | 2.3 | |
| Thailand | | | 2.1 | |
| Saudi Arabia | | | 2.0 | |
| Hungary | | | 1.9 | |
| United Arab Emirates | | | 1.8 | |
| Poland | | | 1.7 | |
| Indonesia | | | 1.1 | |
| Singapore | | | 1.1 | |
| * | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | |
| | | |
| 10 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES | | December 12, 2014 | | | | | | | | | | | | |
With Sales Charge** | | | | | (3.82 | )% | | | (21.02 | )% | | | (12.80 | )% |
Without Sales Charge | | | | | 1.49 | | | | (16.67 | ) | | | (9.33 | ) |
CLASS C SHARES | | December 12, 2014 | | | | | | | | | | | | |
With CDSC*** | | | | | 0.33 | | | | (18.02 | ) | | | (9.73 | ) |
Without CDSC | | | | | 1.33 | | | | (17.02 | ) | | | (9.73 | ) |
CLASS R5 SHARES | | December 12, 2014 | | | 1.80 | | | | (16.28 | ) | | | (8.89 | ) |
CLASS R6 SHARES | | December 12, 2014 | | | 1.73 | | | | (16.23 | ) | | | (8.85 | ) |
SELECT CLASS SHARES | | December 12, 2014 | | | 1.73 | | | | (16.43 | ) | | | (9.05 | ) |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (12/12/14 TO 4/30/16)
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 April 30, 2016. 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 11 | |
JPMorgan Global Research Enhanced Index Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | | | |
| Fund (Select Class Shares)* | | | (1.67)% | |
| Morgan Stanley Capital International (“MSCI”) World Index (net of foreign withholding taxes)1 | | | (1.05)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 6,854,192 | |
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 six months ended April 30, 2016.
By sector, the Fund’s security selection in the health care and transportation services & consumer cyclicals sectors were leading detractors from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the technology-semiconductors and utilities sectors was a leading positive contributor to relative performance. By region, the Fund’s security selection in North America was the leading detractor from relative performance, while the Fund’s security selection in the U.K. made a small but positive contribution to 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) | | | 1.8 | % |
| | 2. | | | Microsoft Corp. (United States) | | | 1.5 | |
| | 3. | | | Facebook, Inc., Class A (United States) | | | 1.1 | |
| | 4. | | | Exxon Mobil Corp. (United States) | | | 1.0 | |
| | 5. | | | Amazon.com, Inc. (United States) | | | 1.0 | |
| | 6. | | | Wells Fargo & Co. (United States) | | | 1.0 | |
| | 7. | | | Nestle S.A. (Switzerland) | | | 0.9 | |
| | 8. | | | Alphabet, Inc., Class C (United States) | | | 0.9 | |
| | 9. | | | Pfizer, Inc. (United States) | | | 0.8 | |
| | 10. | | | General Electric Co. (United States) | | | 0.8 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| United States | | | 56.3 | % |
| Japan | | | 8.6 | |
| United Kingdom | | | 6.7 | |
| Switzerland | | | 4.1 | |
| Canada | | | 3.8 | |
| France | | | 3.7 | |
| Germany | | | 3.6 | |
| Australia | | | 2.7 | |
| Netherlands | | | 2.2 | |
| Ireland | | | 1.2 | |
| Hong Kong | | | 1.2 | |
| Spain | | | 1.0 | |
| Italy | | | 1.0 | |
| Others (each less than 1.0%) | | | 3.9 | |
| 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 April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | |
| | | |
| 12 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | | 6 MONTH* | | | 1 YEAR | | | 3 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES | | | February 28, 2013 | | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | | | (6.95 | )% | | | (9.67 | )% | | | 4.36 | % | | | 5.82 | % |
Without Sales Charge | | | | | | | (1.77 | ) | | | (4.66 | ) | | | 6.24 | | | | 7.63 | |
CLASS C SHARES | | | February 28, 2013 | | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | | | (3.01 | ) | | | (6.10 | ) | | | 5.73 | | | | 7.10 | |
Without CDSC | | | | | | | (2.01 | ) | | | (5.10 | ) | | | 5.73 | | | | 7.10 | |
CLASS R2 SHARES | | | February 28, 2013 | | | | (1.88 | ) | | | (4.87 | ) | | | 5.98 | | | | 7.36 | |
SELECT CLASS SHARES | | | February 28, 2013 | | | | (1.67 | ) | | | (4.40 | ) | | | 6.52 | | | | 7.90 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (2/28/13 TO 4/30/16)
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 April 30, 2016. 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)
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 13 | |
JPMorgan Global Unconstrained Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Select Class Shares)* | | | (6.14)% | |
| Morgan Stanley Capital International (“MSCI”) All Country World Index (net of foreign withholding taxes) | | | (0.94)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | | $2,533 | |
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 underperformed the MSCI All Country World Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.
By sector, the Fund’s security selection and overweight position in the financials sector and its security selection in the health care sector were leading detractors from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection and overweight positions in both the information technology and consumer discretionary sectors were leading positive contributors to relative performance.
By region, the Fund’s security selection and overweight position in the U.K. and its overweight position in continental Europe were leading detractors from relative performance, while the Fund’s overweight position in North America and its underweight position in Japan contributed to relative performance.
Leading individual detractors from the Fund’s relative performance included overweight positions in Barclays PLC, Sanofi SA and AXA SA. Shares of Barclays, a U.K. financial services company, fell as its investment banking unit continued to struggle and the company’s new chief executive lowered near-term earnings expectations. Shares of Sanofi, a pharmaceuticals company, declined after the company’s new chief executive warned of sluggish earnings growth in the near term. Shares of AXA, an insurance company, fell as financial market turbulence and low interest rates raised questions about the ability of life insurers to generate investment income.
Leading individual contributors to the Fund’s relative performance included overweight positions in Qualcomm Inc., 21st Century Fox Inc. and Hewlett-Packard Co. Shares of Qualcomm, a provider of digital communications products, rose on investor expectations for improved earnings, a new mobile licensing agreement with Lenovo and news that Samsung Electronics would use Qualcomm’s Snapdragon processer in its smartphones. Shares of 21st Century Fox, a media and entertainment company, rose as Pay-TV subscriptions stabilized, advertising revenue remained strong and the company released several box office hit movies. Shares of Hewlett-Packard, a provider of technology services, rose following a prolonged period of underperformance and as management cut costs.
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) | | | 4.2 | % |
| | 2. | | | Time, Inc. (United States) | | | 3.7 | |
| | 3. | | | Teva Pharmaceutical Industries Ltd., ADR (Israel) | | | 3.5 | |
| | 4. | | | Citigroup, Inc. (United States) | | | 3.3 | |
| | 5. | | | Amazon.com, Inc. (United States) | | | 3.1 | |
| | 6. | | | MetLife, Inc. (United States) | | | 3.0 | |
| | 7. | | | McKesson Corp. (United States) | | | 2.9 | |
| | 8. | | | NXP Semiconductors N.V. (Netherlands) | | | 2.6 | |
| | 9. | | | Alphabet, Inc., Class C (United States) | | | 2.4 | |
| | 10. | | | Sanofi (France) | | | 2.4 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| United States | | | 56.0 | % |
| China | | | 8.6 | |
| Switzerland | | | 6.2 | |
| Japan | | | 5.6 | |
| United Kingdom | | | 5.5 | |
| France | | | 5.0 | |
| Israel | | | 3.5 | |
| Netherlands | | | 2.6 | |
| Ireland | | | 2.2 | |
| India | | | 1.9 | |
| Germany | | | 1.4 | |
| Others (each less than 1.0%) | | | 1.5 | |
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | |
| | | |
| 14 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 3 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES | | November 30, 2011 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (11.17 | )% | | | (13.18 | )% | | | 4.00 | % | | | 7.85 | % |
Without Sales Charge | | | | | (6.26 | ) | | | (8.36 | ) | | | 5.88 | | | | 9.17 | |
CLASS C SHARES | | November 30, 2011 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | (7.48 | ) | | | (9.80 | ) | | | 5.35 | | | | 8.63 | |
Without CDSC | | | | | (6.48 | ) | | | (8.80 | ) | | | 5.35 | | | | 8.63 | |
CLASS R2 SHARES | | November 30, 2011 | | | (6.42 | ) | | | (8.59 | ) | | | 5.61 | | | | 8.90 | |
CLASS R5 SHARES | | November 30, 2011 | | | (6.12 | ) | | | (7.98 | ) | | | 6.33 | | | | 9.65 | |
CLASS R6 SHARES | | November 30, 2011 | | | (6.10 | ) | | | (7.94 | ) | | | 6.40 | | | | 9.71 | |
SELECT CLASS SHARES | | November 30, 2011 | | | (6.14 | ) | | | (8.06 | ) | | | 6.20 | | | | 9.48 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (11/30/11 TO 4/30/16)
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, the MSCI All Country World Index and the Lipper Global Multi-Cap Core Funds Index from November 30, 2011 to April 30, 2016. 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. The Lipper Global Multi-Cap Core Funds Index is an index based on the total returns of certain
mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
Select Class Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception date of the Fund and through 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 15 | |
JPMorgan International Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Select Class Shares)* | | | (4.90)% | |
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | | | (3.07)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 3,343,109 | |
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 six months ended April 30, 2016.
The Fund’s security selection in the financials and health care sectors was a leading detractor from performance relative to the Benchmark during the six month reporting period. The Fund’s security selection in the information technology and consumer staples sectors was a leading positive contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Credit Suisse Group AG, Sumitomo Mitsui Financial Group and Barclays PLC. Shares of both Credit Suisse Group, a Swiss bank, and Barclays, a U.K. bank, declined amid weakness in their investment banking business. Additionally, both banks named new chief executives who reduced near-term earnings expectations. Shares of Sumitomo Mitsui Financial Group, a Japanese financial services company, fell after the Bank of Japan imposed negative interest rates on banks’ excess reserves.
Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Japan Tobacco Inc., Makita Corp. and BG Group PLC. Shares of Japan Tobacco rose as the company continued to return capital to shareholders in the form of dividends. Shares of Makita, a Japanese maker of power tools, rose as a weaker yen and economic recovery in Europe helped lift earnings. Shares of BG Group, a U.K. producer of natural gas, rose on news of a takeover offer from Royal Dutch Shell PLC.
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) | | | 2.4 | % |
| | 2. | | | Roche Holding AG (Switzerland) | | | 2.3 | |
| | 3. | | | Novartis AG (Switzerland) | | | 2.1 | |
| | 4. | | | Japan Tobacco, Inc. (Japan) | | | 2.1 | |
| | 5. | | | Prudential plc (United Kingdom) | | | 2.1 | |
| | 6. | | | HSBC Holdings plc (United Kingdom) | | | 1.9 | |
| | 7. | | | UBS Group AG (Switzerland) | | | 1.9 | |
| | 8. | | | Allianz SE (Germany) | | | 1.7 | |
| | 9. | | | Sumitomo Mitsui Financial Group, Inc. (Japan) | | | 1.7 | |
| | 10. | | | SAP SE (Germany) | | | 1.7 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| Japan | | | 21.7 | % |
| United Kingdom | | | 20.6 | |
| Switzerland | | | 12.0 | |
| France | | | 11.9 | |
| Germany | | | 7.9 | |
| Netherlands | | | 5.6 | |
| Hong Kong | | | 4.4 | |
| China | | | 3.1 | |
| South Korea | | | 2.1 | |
| Belgium | | | 1.6 | |
| Denmark | | | 1.3 | |
| Taiwan | | | 1.2 | |
| Australia | | | 1.1 | |
| Israel | | | 1.1 | |
| India | | | 1.0 | |
| Others (each less than 1.0%) | | | 1.5 | |
| Short-Term Investment | | | 1.9 | |
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | |
| | | |
| 16 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | February 28, 2002 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (10.07 | )% | | | (17.70 | )% | | | (0.88 | )% | | | 0.41 | % |
Without Sales Charge | | | | | (5.07 | ) | | | (13.15 | ) | | | 0.19 | | | | 0.95 | |
CLASS C SHARES | | January 31, 2003 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | (6.32 | ) | | | (14.59 | ) | | | (0.32 | ) | | | 0.42 | |
Without CDSC | | | | | (5.32 | ) | | | (13.59 | ) | | | (0.32 | ) | | | 0.42 | |
CLASS R2 SHARES | | November 3, 2008 | | | (5.17 | ) | | | (13.33 | ) | | | (0.06 | ) | | | 0.75 | |
CLASS R5 SHARES | | May 15, 2006 | | | (4.85 | ) | | | (12.74 | ) | | | 0.63 | | | | 1.40 | |
CLASS R6 SHARES | | November 30, 2010 | | | (4.77 | ) | | | (12.70 | ) | | | 0.69 | | | | 1.42 | |
SELECT CLASS SHARES | | January 1, 1997 | | | (4.90 | ) | | | (12.90 | ) | | | 0.44 | | | | 1.20 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)
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 April 30, 2006 to April 30, 2016. 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.
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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 17 | |
JPMorgan International Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Select Class Shares)* | | | (2.26)% | |
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | | | (3.07)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 115,356 | |
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 six months ended April 30, 2016.
The Fund’s security selection in the telecommunications sector and its security selection and underweight position in the banks sector were leading contributors to performance relative to the Benchmark for the six month reporting period, while the Fund’s security selection in the health care sector and the transportation services and consumer cyclical sector were leading detractors from relative performance.
The Fund’s security selection in Continental Europe and Japan was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position to the Pacific region, excluding Japan, and its overweight position in North America were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Nippon Telegraph and Telephone Corp., Japan Tobacco Inc. and Danske Bank A/S. Shares of all three companies, Nippon Telegraph, a Japanese provider of telecommunications services, Japan Tobacco and Danske Bank, a Danish bank, rose as they continued to return
capital to shareholders in the form of dividends and/or share buybacks.
Leading individual detractors from relative performance included the Fund’s overweight positions in Dai-Ichi Life Insurance Co., CTT — Correios de Portugal SA and Carnival PLC. Shares of Dai-Ichi Life, a Japanese insurer, fell amid equity market turbulence and the Bank of Japan’s decision to adopt negative interest rates, which raised investor questions about the ability of life insurers to generate investment gains. Shares of CTT, a Portuguese provider of parcel and courier services, fell on disappointing earnings results. Shares of Carnival, a cruise ship operator, fell amid investor concerns that earnings may be hurt by the impact of global terrorist attacks and the spread of the Zika virus.
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. |
| | | | | | |
| | | |
| 18 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | |
| | 1. | | | GlaxoSmithKline plc (United Kingdom) | | | 3.4 | % |
| | 2. | | | Japan Tobacco, Inc. (Japan) | | | 2.9 | |
| | 3. | | | WPP plc (United Kingdom) | | | 2.8 | |
| | 4. | | | Wolseley plc (Switzerland) | | | 2.7 | |
| | 5. | | | Anheuser-Busch InBev S.A./N.V. (Belgium) | | | 2.7 | |
| | 6. | | | Bayer AG (Germany) | | | 2.5 | |
| | 7. | | | UPM-Kymmene OYJ (Finland) | | | 2.5 | |
| | 8. | | | Nippon Telegraph & Telephone Corp. (Japan) | | | 2.5 | |
| | 9. | | | Atlantia S.p.A. (Italy) | | | 2.5 | |
| | 10. | | | Sumitomo Mitsui Financial Group, Inc., ADR (Japan) | | | 2.4 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY* | |
| United Kingdom | | | 20.2 | % |
| Japan | | | 17.3 | |
| Germany | | | 9.0 | |
| Netherlands | | | 5.3 | |
| France | | | 4.9 | |
| Switzerland | | | 4.6 | |
| Australia | | | 3.9 | |
| Israel | | | 3.6 | |
| Taiwan | | | 3.5 | |
| Belgium | | | 2.7 | |
| Finland | | | 2.5 | |
| Italy | | | 2.5 | |
| Norway | | | 2.4 | |
| Russia | | | 2.3 | |
| New Zealand | | | 2.0 | |
| United States | | | 1.8 | |
| Denmark | | | 1.5 | |
| Ireland | | | 1.3 | |
| India | | | 1.3 | |
| Canada | | | 1.2 | |
| Others (each less than 1.0%) | | | 1.8 | |
| Short-Term Investment | | | 4.4 | |
| * | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 19 | |
JPMorgan International Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES | | February 28, 2011 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (7.52 | )% | | | (12.48 | )% | | | 2.21 | % | | | 2.85 | % |
Without Sales Charge | | | | | (2.38 | ) | | | (7.64 | ) | | | 3.32 | | | | 3.93 | |
CLASS C SHARES | | February 28, 2011 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | (3.63 | ) | | | (9.14 | ) | | | 2.80 | | | | 3.40 | |
Without CDSC | | | | | (2.63 | ) | | | (8.14 | ) | | | 2.80 | | | | 3.40 | |
CLASS R2 SHARES | | February 28, 2011 | | | (2.53 | ) | | | (7.88 | ) | | | 3.05 | | | | 3.66 | |
CLASS R5 SHARES | | February 28, 2011 | | | (2.14 | ) | | | (7.24 | ) | | | 3.77 | | | | 4.39 | |
CLASS R6 SHARES | | January 30, 2015 | | | (2.12 | ) | | | (7.14 | ) | | | 3.77 | | | | 4.39 | |
SELECT CLASS SHARES | | February 28, 2011 | | | (2.26 | ) | | | (7.35 | ) | | | 3.59 | | | | 4.21 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (2/28/11 TO 4/30/16)
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 and the Lipper International Equity Income Funds Index from February 28, 2011 to April 30, 2016. Return information prior to July 31, 2013 for the Lipper International Equity Income Funds Index is not provided by Lipper, Inc. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the 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 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.
| | | | | | |
| | | |
| 20 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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)
| | | | | | | | |
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| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 21 | |
JPMorgan International Opportunities Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Institutional Class Shares)* | | | (3.57)% | |
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | | | (3.07)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 2,623,178 | |
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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.
By sector, the Fund’s security selection in the health care sector and its underweight position and security selection in the basic industries sector were leading detractors from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection in the industrial cyclical and technology semiconductors sectors was a leading contributor to relative performance.
By region, the Fund’s underweight position in the Pacific region, excluding Japan, and its overweight position in emerging markets were leading detractors from relative performance. Emerging markets were not represented in the Benchmark. The Fund’s security selection in Japan and the U.K. contributed to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Telecom Italia SpA, Mitsubishi UFJ Financial Group Inc. and Nokia Corp. Shares of Telecom Italia, an Italian telecommunications provider, fell as political and economic turmoil in Brazil weighed on the company’s Brazilian unit and undermined group earnings. Shares of Mitsubishi UFJ Financial, a Japanese bank, fell after the Bank of Japan imposed negative interest rates on banks’ excess reserves. Shares of Nokia, a Finnish telecommunications
provider, declined on investor disappointment with the size of a damages award after the company won a patent case against Samsung Electronics.
Leading individual contributors to relative performance included the Fund’s overweight positions in Nippon Telegraph and Telephone Corp., Keyence Corp. and Daikin Industries Ltd. Shares of Nippon Telegraph and Telephone, a Japanese telecommunications provider, rose as the company continued to return capital to shareholders through shares buybacks and dividends. Shares of Keyence, a Japanese maker of sensors used in factory automation equipment, rose on record high operating profit. Shares of Daikin Industries, a Japanese maker of air conditioners, rose amid sales growth in in emerging markets, an expanding U.S. presence, and as a weaker yen boosted earnings.
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. |
| | | | | | |
| | | |
| 22 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | |
| | 1. | | | Roche Holding AG (Switzerland) | | | 2.5 | % |
| | 2. | | | Royal Dutch Shell plc, Class A (Netherlands) | | | 2.3 | |
| | 3. | | | GlaxoSmithKline plc (United Kingdom) | | | 2.3 | |
| | 4. | | | Anheuser-Busch InBev S.A./N.V. (Belgium) | | | 2.1 | |
| | 5. | | | British American Tobacco plc (United Kingdom) | | | 2.1 | |
| | 6. | | | Vodafone Group plc (United Kingdom) | | | 1.9 | |
| | 7. | | | Nippon Telegraph & Telephone Corp. (Japan) | | | 1.9 | |
| | 8. | | | Reckitt Benckiser Group plc (United Kingdom) | | | 1.7 | |
| | 9. | | | HSBC Holdings plc (United Kingdom) | | | 1.7 | |
| | 10. | | | UBS Group AG (Switzerland) | | | 1.6 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY* | |
| Japan | | | 23.9 | % |
| United Kingdom | | | 22.9 | |
| France | | | 8.6 | |
| Germany | | | 7.6 | |
| Switzerland | | | 6.3 | |
| Netherlands | | | 5.3 | |
| Australia | | | 3.9 | |
| Denmark | | | 3.5 | |
| Italy | | | 3.3 | |
| Sweden | | | 2.2 | |
| Belgium | | | 2.1 | |
| Finland | | | 1.8 | |
| Hong Kong | | | 1.6 | |
| Norway | | | 1.5 | |
| Ireland | | | 1.4 | |
| Others (each less than 1.0%) | | | 2.2 | |
| Short-Term Investment | | | 1.9 | |
| * | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 23 | |
JPMorgan International Opportunities Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | September 10, 2001 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (8.83 | )% | | | (13.64 | )% | | | (0.22 | )% | | | 0.87 | % |
Without Sales Charge | | | | | (3.80 | ) | | | (8.83 | ) | | | 0.86 | | | | 1.42 | |
CLASS C SHARES | | July 31, 2007 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | (5.12 | ) | | | (10.35 | ) | | | 0.34 | | | | 0.90 | |
Without CDSC | | | | | (4.12 | ) | | | (9.35 | ) | | | 0.34 | | | | 0.90 | |
CLASS R6 SHARES | | November 30, 2010 | | | (3.47 | ) | | | (8.26 | ) | | | 1.40 | | | | 1.93 | |
INSTITUTIONAL CLASS SHARES | | February 26, 1997 | | | (3.57 | ) | | | (8.41 | ) | | | 1.30 | | | | 1.87 | |
SELECT CLASS SHARES | | September 10, 2001 | | | (3.65 | ) | | | (8.57 | ) | | | 1.13 | | | | 1.68 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)
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 had 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 April 30, 2006 to April 30, 2016. 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.
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.
| | | | | | |
| | | |
| 24 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Select Class Shares)* | | | (3.53)% | |
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | | | (3.07)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 1,207,960 | |
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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.
By sector, the Fund’s security selection in both the transportation services & consumer cyclical sector and the health care sector was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and industrial cyclicals sector was a leading positive contributor to relative performance.
By region, the Fund’s security selection and underweight position in the Pacific region, excluding Japan, detracted from relative performance, while the Fund’s security selection in Japan and Europe 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) | | | 2.5 | % |
| | 2. | | | Roche Holding AG (Switzerland) | | | 1.8 | |
| | 3. | | | British American Tobacco plc (United Kingdom) | | | 1.6 | |
| | 4. | | | Royal Dutch Shell plc, Class B (Netherlands) | | | 1.6 | |
| | 5. | | | Toyota Motor Corp. (Japan) | | | 1.5 | |
| | 6. | | | Novartis AG (Switzerland) | | | 1.4 | |
| | 7. | | | Bayer AG (Germany) | | | 1.3 | |
| | 8. | | | GlaxoSmithKline plc (United Kingdom) | | | 1.2 | |
| | 9. | | | Vodafone Group plc (United Kingdom) | | | 1.2 | |
| | 10. | | | HSBC Holdings plc (United Kingdom) | | | 1.1 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY*** | |
| Japan | | | 22.0 | % |
| United Kingdom | | | 18.1 | |
| Switzerland | | | 9.7 | |
France | | | 9.4 | |
Germany | | | 9.2 | |
Netherlands | | | 6.3 | |
Australia | | | 5.9 | |
Italy | | | 2.7 | |
Hong Kong | | | 2.4 | |
Spain | | | 2.3 | |
Finland | | | 1.9 | |
Sweden | | | 1.8 | |
Ireland | | | 1.7 | |
Denmark | | | 1.1 | |
Belgium | | | 1.1 | |
Others (each less than 1.0%) | | | 2.4 | |
Short-Term Investment | | | 2.0 | |
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 25 | |
JPMorgan International Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | April 23, 1993 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (8.71 | )% | | | (14.21 | )% | | | (0.59 | )% | | | 0.44 | % |
Without Sales Charge | | | | | (3.63 | ) | | | (9.43 | ) | | | 0.49 | | | | 0.98 | |
CLASS C SHARES | | November 4, 1997 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | (4.80 | ) | | | (10.83 | ) | | | (0.07 | ) | | | 0.34 | |
Without CDSC | | | | | (3.80 | ) | | | (9.83 | ) | | | (0.07 | ) | | | 0.34 | |
CLASS R2 SHARES | | November 3, 2008 | | | (3.73 | ) | | | (9.64 | ) | | | 0.25 | | | | 0.73 | |
SELECT CLASS SHARES | | October 28, 1992 | | | (3.53 | ) | | | (9.18 | ) | | | 0.75 | | | | 1.23 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)
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 April 30, 2006 to April 30, 2016. 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,
| | | | | | |
| | | |
| 26 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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)
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 27 | |
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Select Class Shares)* | | | (3.27)% | |
| Morgan Stanley Capital International (“MSCI”) All Country World Index, Ex-U.S. (net of foreign withholding taxes) | | | (1.75)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | | $95,743 | |
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 underperformed the MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.
By sector, the Fund’s security selection in the financials sector and its underweight position in the materials sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials and telecommunication services sectors were leading contributors to relative performance.
By region, the Fund’s security selection in Continental Europe and its underweight position and security selection in the Pacific region, excluding Japan, were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in Japan contributed to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Nokia Corp., Barclays PLC and Compagnie Financiere Richmont SA. Shares of Nokia, a Finnish telecommunications provider, declined as investors were disappointed with the size of an award of damages after the company won a patent case against Samsung Electronics. Shares of Barclays, a U.K. financial services company, fell on weakness in its investment banking business and after its new
chief executive reduced near-term earnings expectations. Shares of Richmont, a Swiss luxury goods company, fell as slowing growth in China undermined its earnings prospects.
Leading individual contributors to the Fund’s relative performance included its overweight positions in Japan Tobacco Inc., Covestro AG and CNOOC Ltd. Shares of Japan Tobacco rose as the company continued to return capital to shareholders in the form of dividends. Shares of Covestro, a German plastics company, rose following its initial public offering and on better than expected revenue, particularly in China. Shares of CNOOC, China’s large petroleum exploration and drilling company, rose as global oil prices rebounded from February lows.
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. |
| | | | | | |
| | | |
| 28 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | |
| | 1. | | | Teva Pharmaceutical Industries Ltd., ADR (Israel) | | | 3.4 | % |
| | 2. | | | Nokia OYJ (Finland) | | | 3.3 | |
| | 3. | | | Vodafone Group plc (United Kingdom) | | | 3.0 | |
| | 4. | | | Samsung Electronics Co., Ltd., Reg. S, GDR (South Korea) | | | 2.9 | |
| | 5. | | | Roche Holding AG (Switzerland) | | | 2.9 | |
| | 6. | | | Anheuser-Busch InBev S.A./N.V. (Belgium) | | | 2.9 | |
| | 7. | | | Continental AG (Germany) | | | 2.8 | |
| | 8. | | | Pernod Ricard S.A. (France) | | | 2.6 | |
| | 9. | | | Baidu, Inc., ADR (China) | | | 2.6 | |
| | 10. | | | LafargeHolcim Ltd. (Switzerland) | | | 2.5 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY* | |
| United Kingdom | | | 20.3 | % |
| Japan | | | 12.1 | |
| Switzerland | | | 10.2 | |
| France | | | 7.4 | |
| Netherlands | | | 6.2 | |
| Germany | | | 6.1 | |
| China | | | 6.0 | |
| Hong Kong | | | 4.1 | |
| Israel | | | 3.4 | |
| Finland | | | 3.4 | |
| South Korea | | | 2.9 | |
| Belgium | | | 2.9 | |
| India | | | 2.0 | |
| Taiwan | | | 1.8 | |
| Denmark | | | 1.7 | |
| Italy | | | 1.6 | |
| South Africa | | | 1.5 | |
| Ireland | | | 1.5 | |
| Canada | | | 1.5 | |
| Short-Term Investment | | | 3.4 | |
| * | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 29 | |
JPMorgan International Unconstrained Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | 1 YEAR | | | 3 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES | | November 30, 2011 | | | | | | | | | | | | | | |
With Sales Charge** | | | | (8.55)% | | | (14.05 | )% | | | 0.51 | % | | | 6.01 | % |
Without Sales Charge | | | | (3.46) | | | (9.28 | ) | | | 2.33 | | | | 7.31 | |
CLASS C SHARES | | November 30, 2011 | | | | | | | | | | | | | | |
With CDSC*** | | | | (4.71) | | | (10.71 | ) | | | 1.81 | | | | 6.76 | |
Without CDSC | | | | (3.71) | | | (9.71 | ) | | | 1.81 | | | | 6.76 | |
CLASS R2 SHARES | | November 30, 2011 | | (3.59) | | | (9.51 | ) | | | 2.07 | | | | 7.03 | |
CLASS R5 SHARES | | November 30, 2011 | | (3.25) | | | (8.84 | ) | | | 2.80 | | | | 7.79 | |
CLASS R6 SHARES | | November 30, 2011 | | (3.21) | | | (8.81 | ) | | | 2.84 | | | | 7.84 | |
SELECT CLASS SHARES | | November 30, 2011 | | (3.27) | | | (8.93 | ) | | | 2.63 | | | | 7.61 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (11/30/11 To 4/30/16)
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 Growth Funds Index from November 30, 2011 to April 30, 2016. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index, ex-U.S. does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The performance of the Lipper International Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI All Country World Index, ex-U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market
performance of developed and emerging markets, excluding the United States. The Lipper International Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category, as determined by Lipper, Inc. Investors cannot invest directly in an index.
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.
| | | | | | |
| | | |
| 30 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan International Value Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Institutional Class Shares)* | | | (5.47)% | |
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Value Index (net of foreign withholding taxes) | | | (4.53)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 2,207,991 | |
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 underperformed the MSCI EAFE Value Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016.
By sector, the Fund’s security selection in the technology-hardware and insurance sectors was a leading detractor from performance relative to the Benchmark for the six month reporting period. The Fund’s security selection and overweight position in the telecommunications sector and its security selection in the energy sector were leading contributors to relative performance.
By region, the Fund’s underweight position and security selection in the Pacific region, excluding Japan, and its security selection in Continental Europe were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the U.K. and emerging markets was a leading contributor to relative performance. Emerging markets were not represented in the Benchmark.
Leading individual detractors from relative performance included the Fund’s overweight positions in Telecom Italia SpA, Nokia Corp. and Mitsubishi UFJ Financial Group. Shares of Telecom Italia, an Italian telecommunications provider, fell as political and economic turmoil in Brazil weighed on the company’s Brazilian unit, which hurt parent company earnings. Shares of Nokia, a Finnish telecommunications provider, declined on investor disappointment with the size of a damages award after the company won a patent case against Samsung Electronics. Shares of Mitsubishi UFJ Financial, a Japanese bank, fell after
the Bank of Japan imposed negative interest rates on banks’ excess deposits.
Leading individual contributors to the Fund’s relative performance included the Fund’s overweight positions in Nippon Telegraph and Telephone Corp., Daikin Industries Ltd. and Norsk Hydro ASA. Shares of Nippon Telegraph and Telephone, a Japanese telecommunications provider, rose on as the company continued to return capital to shareholders through share buybacks and dividends. Shares of Daikin Industries, a Japanese maker of air conditioners, rose on the sales growth in emerging markets, an expanding presence in the U.S., and as a weaker yen boosted company earnings. Shares of Norsk Hydro, a Norwegian aluminum producer, rose as metal prices rebounded and the company reported better than expected earnings.
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. |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 31 | |
JPMorgan International Value Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
| | | | | | | | |
| TOP TEN HOLDINGS OF THE PORTFOLIO* | |
| | 1. | | | Royal Dutch Shell plc, Class A (Netherlands) | | | 4.0 | % |
| | 2. | | | TOTAL S.A (France) | | | 3.3 | |
| | 3. | | | Vodafone Group plc (United Kingdom) | | | 2.7 | |
| | 4. | | | Nippon Telegraph & Telephone Corp. (Japan) | | | 2.6 | |
| | 5. | | | GlaxoSmithKline plc (United Kingdom) | | | 2.6 | |
| | 6. | | | Mitsubishi UFJ Financial Group, Inc. (Japan) | | | 2.3 | |
| | 7. | | | AXA S.A. (France) | | | 2.2 | |
| | 8. | | | Australia & New Zealand Banking Group Ltd. (Australia) | | | 2.1 | |
| | 9. | | | Rio Tinto plc (United Kingdom) | | | 1.9 | |
| | 10. | | | Prudential plc (United Kingdom) | | | 1.9 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY* | |
| Japan | | | 20.2 | % |
| United Kingdom | | | 20.0 | |
| France | | | 11.7 | |
| Netherlands | | | 7.8 | |
| Germany | | | 7.5 | |
| Switzerland | | | 4.6 | |
| Italy | | | 4.0 | |
| Australia | | | 3.1 | |
| Sweden | | | 3.0 | |
| Belgium | | | 2.1 | |
| Hong Kong | | | 1.8 | |
| Finland | | | 1.8 | |
| Spain | | | 1.8 | |
| Ireland | | | 1.4 | |
| Israel | | | 1.2 | |
| Norway | | | 1.1 | |
| Luxembourg | | | 1.1 | |
| China | | | 1.1 | |
| South Korea | | | 1.0 | |
| Others (each less than 1.0%) | | | 1.4 | |
| Short-Term Investment | | | 2.3 | |
| * | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | |
| | | |
| 32 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | September 28, 2001 | | | | | | | | | | | | | | | | |
With Sales Charge** | | | | | (10.65 | )% | | | (17.66 | )% | | | (2.38 | )% | | | (0.24 | )% |
Without Sales Charge | | | | | (5.71 | ) | | | (13.12 | ) | | | (1.32 | ) | | | 0.30 | |
CLASS C SHARES | | July 11, 2006 | | | | | | | | | | | | | | | | |
With CDSC*** | | | | | (6.93 | ) | | | (14.46 | ) | | | (1.79 | ) | | | (0.19 | ) |
Without CDSC | | | | | (5.93 | ) | | | (13.46 | ) | | | (1.79 | ) | | | (0.19 | ) |
CLASS R2 SHARES | | November 3, 2008 | | | (5.83 | ) | | | (13.26 | ) | | | (1.56 | ) | | | 0.11 | |
CLASS R6 SHARES | | November 30, 2010 | | | (5.44 | ) | | | (12.60 | ) | | | (0.80 | ) | | | 0.78 | |
INSTITUTIONAL CLASS SHARES | | November 4, 1993 | | | (5.47 | ) | | | (12.70 | ) | | | (0.91 | ) | | | 0.72 | |
SELECT CLASS SHARES | | September 10, 2001 | | | (5.57 | ) | | | (12.81 | ) | | | (1.04 | ) | | | 0.56 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)
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 had 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 April 30, 2006 to April 30, 2016. 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.
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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 33 | |
JPMorgan Intrepid International Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Institutional Class Shares)* | | | (4.39)% | |
| Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index (net of foreign withholding taxes) | | | (3.07)% | |
| |
| Net Assets as of 4/30/2016 (In Thousands) | | $ | 2,588,044 | |
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 underperformed the MSCI EAFE Index (net of foreign withholding taxes) (the “Benchmark”) for the six months ended April 30, 2016. The Fund’s portfolio managers attempted to construct the Fund so that security selection and style factors (i.e., growth, value and quality characteristics) would be the primary drivers of returns.
During the reporting period, in general, securities exhibiting the value characteristics sought by the Fund’s portfolio managers, including low price-to-book and low price-to-earnings ratios, underperformed the broader market. In contrast, securities exhibiting quality characteristics (high operating profitability) and growth characteristics (high earnings momentum and high medium term price momentum) that were sought by the portfolio managers, in general, outperformed the broader market during the six 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 materials and health care sectors was a leading detractor from performance relative to the Benchmark for the six month period. The Fund’s security selection in the consumer discretionary and industrials sectors was a leading contributor to relative performance.
The Fund targeted investments in companies that exhibited specific growth, value and quality 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, value and quality 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. |
| | | | | | |
| | | |
| 34 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO* | |
| | 1. | | | Royal Dutch Shell plc, Class B (Netherlands) | | | 2.2 | % |
| | 2. | | | Roche Holding AG (Switzerland) | | | 1.9 | |
| | 3. | | | Nestle S.A. (Switzerland) | | | 1.5 | |
| | 4. | | | British American Tobacco plc (United Kingdom) | | | 1.3 | |
| | 5. | | | Unilever N.V., CVA (United Kingdom) | | | 1.3 | |
| | 6. | | | Novo Nordisk A/S, Class B (Denmark) | | | 1.2 | |
| | 7. | | | TOTAL S.A. (France) | | | 1.2 | |
| | 8. | | | Sanofi (France) | | | 1.1 | |
| | 9. | | | Novartis AG (Switzerland) | | | 1.1 | |
| | 10. | | | Vodafone Group plc (United Kingdom) | | | 1.1 | |
| | | | |
PORTFOLIO COMPOSITION BY COUNTRY* | |
| Japan | | | 21.2 | % |
| United Kingdom | | | 17.1 | |
| France | | | 11.0 | |
| Germany | | | 8.6 | |
| Switzerland | | | 8.0 | |
| Australia | | | 6.3 | |
| Netherlands | | | 5.1 | |
| Hong Kong | | | 3.5 | |
| Sweden | | | 2.7 | |
| Spain | | | 2.6 | |
| Denmark | | | 2.4 | |
| Belgium | | | 1.5 | |
| Italy | | | 1.4 | |
| Ireland | | | 1.3 | |
| Others (each less than 1.0%) | | | 4.6 | |
| Short-Term Investment | | | 2.7 | |
| * | | Percentages indicated are based on total investments as of April 30, 2016. The Fund’s portfolio composition is subject to change. |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 35 | |
JPMorgan Intrepid International Fund
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2016 | |
| | | | | |
| | | INCEPTION DATE OF
CLASS | | 6 MONTH* | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | April 30, 2001 | | | | | | | | | | | | | | |
With Sales Charge** | | | | (9.54)% | | | (14.56 | )% | | | (0.27 | )% | | | 0.12 | % |
Without Sales Charge | | | | (4.54) | | | (9.81 | ) | | | 0.81 | | | | 0.66 | |
CLASS C SHARES | | February 28, 2006 | | | | | | | | | | | | | | |
With CDSC*** | | | | (5.81) | | | (11.24 | ) | | | 0.30 | | | | 0.16 | |
Without CDSC | | | | (4.81) | | | (10.24 | ) | | | 0.30 | | | | 0.16 | |
CLASS R2 SHARES | | November 3, 2008 | | (4.68) | | | (10.02 | ) | | | 0.55 | | | | 0.47 | |
CLASS R6 SHARES | | May 29, 2015 | | (4.34) | | | (9.36 | ) | | | 1.31 | | | | 1.17 | |
INSTITUTIONAL CLASS SHARES | | April 30, 2001 | | (4.39) | | | (9.46 | ) | | | 1.29 | | | | 1.16 | |
SELECT CLASS SHARES | | February 28, 2006 | | (4.35) | | | (9.44 | ) | | | 1.08 | | | | 0.93 | |
| ** | | Sales Charge for Class A Shares is 5.25%. |
| *** | | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (4/30/06 TO 4/30/16)
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 for Class R2 Shares would have been lower than those shown because Class 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 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 April 30, 2006 to April 30, 2016. 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 $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | |
| | | |
| 36 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 96.6% | |
| | | | Brazil — 2.2% | |
| | 1,934 | | | Banco do Brasil S.A. | | | 12,267 | |
| | 799 | | | Estacio Participacoes S.A. | | | 2,779 | |
| | 1,760 | | | MRV Engenharia e Participacoes S.A. | | | 6,147 | |
| | 713 | | | Sul America S.A. | | | 3,434 | |
| | | | | | | | |
| | | | | | | 24,627 | |
| | | | | | | | |
| | | | China — 25.9% | |
| | 1,076 | | | AAC Technologies Holdings, Inc. | | | 7,465 | |
| | 2,264 | | | ANTA Sports Products Ltd. | | | 5,767 | |
| | 30,968 | | | Bank of China Ltd., Class H | | | 12,539 | |
| | 9,536 | | | Belle International Holdings Ltd. | | | 5,816 | |
| | 1,062 | | | Biostime International Holdings Ltd. | | | 2,949 | |
| | 16,978 | | | China CITIC Bank Corp., Ltd., Class H (a) | | | 10,648 | |
| | 17,654 | | | China Everbright Bank Co., Ltd., Class H | | | 8,005 | |
| | 5,037 | | | China Lesso Group Holdings Ltd. | | | 2,769 | |
| | 3,566 | | | China Mengniu Dairy Co., Ltd. | | | 6,030 | |
| | 8,080 | | | China Merchants Bank Co., Ltd., Class H | | | 17,700 | |
| | 10,311 | | | China Minsheng Banking Corp., Ltd., Class H | | | 9,685 | |
| | 5,454 | | | China Railway Construction Corp., Ltd., Class H | | | 6,933 | |
| | 3,904 | | | China Vanke Co., Ltd., Class H | | | 9,744 | |
| | 370 | | | Chlitina Holding Ltd. | | | 2,599 | |
| | 9,174 | | | CNOOC Ltd. | | | 11,373 | |
| | 6,220 | | | CSPC Pharmaceutical Group Ltd. | | | 5,528 | |
| | 17,100 | | | Geely Automobile Holdings Ltd. | | | 8,500 | |
| | 15,779 | | | GOME Electrical Appliances Holdings Ltd. | | | 2,024 | |
| | 5,723 | | | Great Wall Motor Co., Ltd., Class H | | | 4,305 | |
| | 7,632 | | | Guangzhou Automobile Group Co., Ltd, Class H | | | 8,869 | |
| | 7,958 | | | Huadian Power International Corp., Ltd., Class H | | | 4,081 | |
| | 8,882 | | | Huaneng Power International, Inc., Class H | | | 6,335 | |
| | 41,374 | | | Industrial & Commercial Bank of China Ltd., Class H | | | 22,152 | |
| | 98 | | | NetEase, Inc., ADR | | | 13,831 | |
| | 100 | | | New Oriental Education & Technology Group, Inc., ADR | | | 3,914 | |
| | 5,684 | | | PICC Property & Casualty Co., Ltd., Class H | | | 10,340 | |
| | 1,971 | | | Ping An Insurance Group Co. of China Ltd., Class H | | | 9,250 | |
| | 1,529 | | | Shanghai Pharmaceuticals Holding Co., Ltd., Class H | | | 3,240 | |
| | 4,562 | | | Shenzhen Expressway Co., Ltd., Class H | | | 4,049 | |
| | 574 | | | Shenzhou International Group Holdings Ltd. | | | 2,967 | |
| | 2,506 | | | Sinopharm Group Co., Ltd., Class H | | | 10,713 | |
| | 1,857 | | | Sunny Optical Technology Group Co., Ltd. | | | 5,727 | |
| | 801 | | | Tencent Holdings Ltd. | | | 16,305 | |
| | 2,322 | | | TravelSky Technology Ltd., Class H | | | 4,315 | |
| | 582 | | | Trina Solar Ltd., ADR (a) | | | 5,673 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | China — continued | |
| | 1,387 | | | Xinjiang Goldwind Science & Technology Co., Ltd., Class H | | | 2,285 | |
| | 8,724 | | | Xinyi Solar Holdings Ltd. | | | 3,439 | |
| | 7,868 | | | Zhejiang Expressway Co., Ltd., Class H | | | 8,028 | |
| | 2,491 | | | ZTE Corp., Class H | | | 3,875 | |
| | | | | | | | |
| | | | | | | 289,767 | |
| | | | | | | | |
| | | | Cyprus — 0.2% | |
| | 180 | | | QIWI plc, ADR | | | 2,202 | |
| | | | | | | | |
| | | | Egypt — 0.4% | |
| | 1,106 | | | Commercial International Bank Egypt SAE, GDR | | | 4,130 | |
| | | | | | | | |
| | | | Hong Kong — 5.2% | |
| | 942 | | | China Mobile Ltd. | | | 10,815 | |
| | 1,808 | | | China Overseas Land & Investment Ltd. | | | 5,739 | |
| | 3,274 | | | China Resources Land Ltd. | | | 8,043 | |
| | 11,516 | | | China Travel International Investment Hong Kong Ltd. | | | 3,356 | |
| | 2,954 | | | COSCO Pacific Ltd. | | | 3,141 | |
| | 34,875 | | | REXLot Holdings Ltd. | | | 625 | |
| | 2,891 | | | Shenzhen International Holdings Ltd. | | | 4,717 | |
| | 11,820 | | | Sino Biopharmaceutical Ltd. | | | 8,376 | |
| | 7,172 | | | Skyworth Digital Holdings Ltd. | | | 4,668 | |
| | 10,415 | | | WH Group Ltd. (a) (e) | | | 8,413 | |
| | | | | | | | |
| | | | | | | 57,893 | |
| | | | | | | | |
| | | | Hungary — 1.0% | |
| | 426 | | | OTP Bank plc | | | 11,296 | |
| | | | | | | | |
| | | | India — 4.7% | |
| | 1,872 | | | Apollo Tyres Ltd. | | | 4,503 | |
| | 779 | | | Bharat Petroleum Corp., Ltd. | | | 11,473 | |
| | 306 | | | Ceat Ltd. | | | 5,052 | |
| | 809 | | | HCL Technologies Ltd. | | | 9,131 | |
| | 769 | | | Hindustan Petroleum Corp., Ltd. | | | 9,653 | |
| | 570 | | | Housing Development Finance Corp., Ltd. | | | 9,337 | |
| | 592 | | | Jubilant Life Sciences Ltd. | | | 3,554 | |
| | | | | | | | |
| | | | | | | 52,703 | |
| | | | | | | | |
| | | | Mexico — 1.7% | |
| | 416 | | | Coca-Cola Femsa S.A.B. de C.V., Series L | | | 3,618 | |
| | 109 | | | Fomento Economico Mexicano S.A.B. de C.V., ADR | | | 10,205 | |
| | 333 | | | Gruma S.A.B. de C.V., Class B | | | 4,862 | |
| | | | | | | | |
| | | | | | | 18,685 | |
| | | | | | | | |
| | | | Netherlands — 1.2% | |
| | 2,211 | | | Steinhoff International Holdings N.V. | | | 13,832 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 37 | |
JPMorgan Emerging Economies Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Poland — 2.3% | |
| | 410 | | | Eurocash S.A. | | | 5,865 | |
| | 821 | | | Polski Koncern Naftowy Orlen S.A. | | | 14,801 | |
| | 3,629 | | | Polskie Gornictwo Naftowe i Gazownictwo S.A. | | | 4,833 | |
| | | | | | | | |
| | | | | | | 25,499 | |
| | | | | | | | |
| | | | Russia — 7.7% | |
| | 3,390 | | | Gazprom PAO, ADR | | | 17,612 | |
| | 4 | | | Lukoil PJSC, ADR | | | 162 | |
| | 263 | | | Lukoil PJSC, ADR | | | 11,218 | |
| | 83 | | | Magnit PJSC | | | 11,492 | |
| | 4,929 | | | Magnitogorsk Iron & Steel Works OJSC | | | 1,811 | |
| | 868 | | | Mobile TeleSystems PJSC, ADR | | | 8,037 | |
| | 2,439 | | | Moscow Exchange MICEX-RTS PJSC | | | 3,855 | |
| | 140 | | | Ros Agro plc, GDR (e) | | | 2,100 | |
| | 1,564 | | | Sberbank PAO, ADR | | | 12,571 | |
| | 591 | | | Severstal PAO, Reg. S, GDR | | | 6,880 | |
| | 238 | | | Tatneft PAO, ADR | | | 7,511 | |
| | 185 | | | X5 Retail Group N.V., GDR (a) | | | 3,659 | |
| | | | | | | | |
| | | | | | | 86,908 | |
| | | | | | | | |
| | | | Singapore — 0.7% | |
| | 268 | | | Jardine Cycle & Carriage Ltd. | | | 7,656 | |
| | | | | | | | |
| | | | South Africa — 1.2% | |
| | 472 | | | Spar Group Ltd. (The) | | | 7,058 | |
| | 893 | | | Truworths International Ltd. | | | 6,667 | |
| | | | | | | | |
| | | | | | | 13,725 | |
| | | | | | | | |
| | | | South Korea — 16.2% | |
| | 18 | | | BGF retail Co., Ltd. | | | 2,980 | |
| | 103 | | | Coway Co., Ltd. | | | 8,886 | |
| | 25 | | | GS Home Shopping, Inc. | | | 4,003 | |
| | 83 | | | GS Retail Co., Ltd. | | | 3,896 | |
| | 190 | | | Hankook Tire Co., Ltd. | | | 8,843 | |
| | 46 | | | Hyosung Corp. | | | 4,886 | |
| | 51 | | | Hyundai Mobis Co., Ltd. | | | 11,646 | |
| | 777 | | | Industrial Bank of Korea | | | 8,263 | |
| | 259 | | | Kangwon Land, Inc. | | | 9,702 | |
| | 321 | | | Kia Motors Corp. | | | 13,474 | |
| | 277 | | | Korea Electric Power Corp. | | | 15,027 | |
| | 139 | | | KT&G Corp. | | | 15,019 | |
| | 609 | | | LG Display Co., Ltd. | | | 12,676 | |
| | 352 | | | LG Uplus Corp. | | | 3,450 | |
| | 20 | | | Lotte Chemical Corp. | | | 5,054 | |
| | 54 | | | NCSoft Corp. | | | 10,838 | |
| | 240 | | | Partron Co., Ltd. | | | 2,338 | |
| | 17 | | | Samsung Electronics Co., Ltd. | | | 18,329 | |
| | 188 | | | Shinhan Financial Group Co., Ltd. | | | 6,887 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | South Korea — continued | |
| | 324 | | | SK Hynix, Inc. | | | 7,947 | |
| | 96 | | | S-Oil Corp. | | | 7,287 | |
| | | | | | | | |
| | | | | | | 181,431 | |
| | | | | | | | |
| | | | Taiwan — 14.2% | |
| | 9,856 | | | Advanced Semiconductor Engineering, Inc. | | | 9,484 | |
| | 980 | | | Casetek Holdings Ltd. | | | 4,401 | |
| | 1,047 | | | Catcher Technology Co., Ltd. | | | 7,328 | |
| | 5,886 | | | Compeq Manufacturing Co., Ltd. | | | 3,257 | |
| | 2,592 | | | Elite Material Co., Ltd. | | | 4,610 | |
| | 792 | | | Feng TAY Enterprise Co., Ltd. | | | 3,405 | |
| | 1,996 | | | FLEXium Interconnect, Inc. | | | 4,577 | |
| | 3,572 | | | Foxconn Technology Co., Ltd. | | | 7,348 | |
| | 6,282 | | | Fubon Financial Holding Co., Ltd. | | | 7,610 | |
| | 904 | | | Grape King Bio Ltd. | | | 5,434 | |
| | 4,451 | | | Hon Hai Precision Industry Co., Ltd. | | | 10,603 | |
| | 1,178 | | | Hota Industrial Manufacturing Co., Ltd. | | | 5,636 | |
| | 18,574 | | | Innolux Corp. | | | 5,732 | |
| | 143 | | | Largan Precision Co., Ltd. | | | 9,982 | |
| | 3,937 | | | Pegatron Corp. | | | 8,294 | |
| | 5,710 | | | Pou Chen Corp. | | | 7,178 | |
| | 1,727 | | | Ruentex Industries Ltd. | | | 2,405 | |
| | 1,214 | | | Shin Zu Shing Co., Ltd. | | | 3,455 | |
| | 91 | | | Silicon Motion Technology Corp., ADR | | | 3,507 | |
| | 284 | | | St. Shine Optical Co., Ltd. | | | 5,303 | |
| | 1,928 | | | Taiwan Paiho Ltd. | | | 5,789 | |
| | 611 | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 14,409 | |
| | 5,841 | | | Uni-President Enterprises Corp. | | | 10,515 | |
| | 3,003 | | | Win Semiconductors Corp. | | | 5,639 | |
| | 1,472 | | | Zhen Ding Technology Holding Ltd. | | | 3,085 | |
| | | | | | | | |
| | | | | | | 158,986 | |
| | | | | | | | |
| | | | Thailand — 2.3% | |
| | 40,280 | | | IRPC PCL, NVDR | | | 5,869 | |
| | 22,891 | | | Krung Thai Bank PCL, NVDR (a) | | | 11,438 | |
| | 10,899 | | | Star Petroleum Refining PCL, NVDR (a) | | | 3,428 | |
| | 2,703 | | | Thai Oil PCL, NVDR | | | 5,099 | |
| | | | | | | | |
| | | | | | | 25,834 | |
| | | | | | | | |
| | | | Turkey — 7.6% | |
| | 1,183 | | | Arcelik A.S. | | | 7,942 | |
| | 463 | | | BIM Birlesik Magazalar A.S. | | | 10,194 | |
| | 816 | | | Dogus Otomotiv Servis ve Ticaret A.S. | | | 3,521 | |
| | 559 | | | TAV Havalimanlari Holding A.S. | | | 3,260 | |
| | 2,083 | | | Tekfen Holding A.S. | | | 4,451 | |
| | 786 | | | Tofas Turk Otomobil Fabrikasi A.S. | | | 6,217 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 38 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Turkey — continued | |
| | 4,095 | | | Turk Hava Yollari AO (a) | | | 10,093 | |
| | 4,407 | | | Turkiye Garanti Bankasi A.S. | | | 13,565 | |
| | 2,926 | | | Turkiye Halk Bankasi A.S. | | | 11,237 | |
| | 6,276 | | | Turkiye Is Bankasi, Class C | | | 11,004 | |
| | 2,649 | | | Turkiye Sise ve Cam Fabrikalari A.S. | | | 3,700 | |
| | | | | | | | |
| | | | | | | 85,184 | |
| | | | | | | | |
| | | | United Arab Emirates — 1.9% | |
| | 7,626 | | | Aldar Properties PJSC | | | 5,619 | |
| | 2,041 | | | Dubai Islamic Bank PJSC | | | 3,221 | |
| | 6,826 | | | Emaar Properties PJSC | | | 12,491 | |
| | | | | | | | |
| | | | | | | 21,331 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $1,097,405) | | | 1,081,689 | |
| | | | | | | | |
| Preferred Stocks — 1.8% | |
| | | | Brazil — 0.8% | |
| | 499 | | | Braskem S.A., Class A | | | 3,572 | |
| | 409 | | | Cia Brasileira de Distribuicao | | | 5,983 | |
| | | | | | | | |
| | | | | | | 9,555 | |
| | | | | | | | |
| | | | Russia — 1.0% | |
| | 17,118 | | | Surgutneftegas OAO | | | 11,109 | |
| | | | | | | | |
| | | | Total Preferred Stocks
(Cost $20,292) | | | 20,664 | |
| | | | | | | | |
| Short-Term Investment — 1.6% | |
| | | | Investment Company — 1.6% | |
| | 17,419 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l)
(Cost $17,419) | | | 17,419 | |
| | | | | | | | |
| | | | Total Investments — 100.0%
(Cost $1,135,116) | | | 1,119,772 | |
| | | | Other Assets in Excess of
Liabilities — 0.0% (g) | | | 132 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 1,119,904 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 16.7 | % |
Oil, Gas & Consumable Fuels | | | 10.8 | |
Electronic Equipment, Instruments & Components | | | 6.3 | |
Food & Staples Retailing | | | 4.6 | |
Semiconductors & Semiconductor Equipment | | | 4.5 | |
Technology Hardware, Storage & Peripherals | | | 4.1 | |
Real Estate Management & Development | | | 3.7 | |
Household Durables | | | 3.7 | |
Automobiles | | | 3.7 | |
Auto Components | | | 3.2 | |
Food Products | | | 3.1 | |
Textiles, Apparel & Luxury Goods | | | 3.0 | |
Internet Software & Services | | | 2.7 | |
Transportation Infrastructure | | | 2.1 | |
Insurance | | | 2.1 | |
Wireless Telecommunication Services | | | 1.7 | |
Pharmaceuticals | | | 1.6 | |
IT Services | | | 1.4 | |
Electric Utilities | | | 1.3 | |
Tobacco | | | 1.3 | |
Health Care Providers & Services | | | 1.2 | |
Beverages | | | 1.2 | |
Hotels, Restaurants & Leisure | | | 1.2 | |
Chemicals | | | 1.2 | |
Diversified Financial Services | | | 1.0 | |
Construction & Engineering | | | 1.0 | |
Distributors | | | 1.0 | |
Software | | | 1.0 | |
Others (each less than 1.0%) | | | 8.0 | |
Short-Term Investment | | | 1.6 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 39 | |
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 95.6% | |
| | | | Australia — 1.2% | |
| | 5,054 | | | Oil Search Ltd. | | | 26,792 | |
| | | | | | | | |
| | | | Brazil — 10.5% | |
| | 5,376 | | | AMBEV S.A., ADR | | | 30,054 | |
| | 4,198 | | | BB Seguridade Participacoes S.A. | | | 36,519 | |
| | 6,394 | | | CCR S.A. | | | 29,804 | |
| | 2,286 | | | Cielo S.A. | | | 22,164 | |
| | 1,271 | | | Itau Unibanco Holding S.A. (Preference Shares), ADR | | | 12,116 | |
| | 2,059 | | | Itau Unibanco Holding S.A., ADR | | | 19,619 | |
| | 4,286 | | | Kroton Educacional S.A. | | | 15,976 | |
| | 4,343 | | | Lojas Renner S.A. | | | 26,074 | |
| | 846 | | | Marcopolo S.A. | | | 485 | |
| | 1,595 | | | Ultrapar Participacoes S.A. | | | 33,651 | |
| | 2,312 | | | WEG S.A. | | | 10,216 | |
| | | | | | | | |
| | | | | | | 236,678 | |
| | | | | | | | |
| | | | China — 10.6% | |
| | 146 | | | Alibaba Group Holding Ltd., ADR (a) | | | 11,195 | |
| | 152 | | | Baidu, Inc., ADR (a) | | | 29,613 | |
| | 6,281 | | | Chongqing Changan Automobile Co., Ltd., Class B | | | 10,861 | |
| | 17,190 | | | CNOOC Ltd. | | | 21,235 | |
| | 28,040 | | | Geely Automobile Holdings Ltd. | | | 13,938 | |
| | 1,336 | | | JD.com, Inc., ADR (a) | | | 34,148 | |
| | 4,530 | | | Tencent Holdings Ltd. | | | 92,184 | |
| | 1,464 | | | Tsingtao Brewery Co., Ltd., Class H | | | 5,526 | |
| | 1,468 | | | Vipshop Holdings Ltd., ADR (a) | | | 20,027 | |
| | | | | | | | |
| | | | | | | 238,727 | |
| | | | | | | | |
| | | | Cyprus — 0.2% | |
| | 1,207 | | | Globaltrans Investment plc, Reg. S, GDR | | | 4,606 | |
| | | | | | | | |
| | | | Hong Kong — 6.3% | |
| | 14,439 | | | AIA Group Ltd. | | | 86,412 | |
| | 55 | | | Jardine Matheson Holdings Ltd. | | | 3,013 | |
| | 379 | | | Jardine Matheson Holdings Ltd. | | | 20,886 | |
| | 8,793 | | | Sands China Ltd. | | | 31,326 | |
| | | | | | | | |
| | | | | | | 141,637 | |
| | | | | | | | |
| | | | India — 20.6% | |
| | 1,472 | | | Asian Paints Ltd. | | | 19,196 | |
| | 1,483 | | | HDFC Bank Ltd. | | | 30,275 | |
| | 874 | | | HDFC Bank Ltd., ADR | | | 54,958 | |
| | 4,444 | | | Housing Development Finance Corp., Ltd. | | | 72,828 | |
| | 1,195 | | | IndusInd Bank Ltd. | | | 18,854 | |
| | 2,601 | | | Infosys Ltd., ADR | | | 48,901 | |
| | 9,496 | | | ITC Ltd. | | | 46,492 | |
| | 2,017 | | | Kotak Mahindra Bank Ltd. | | | 21,781 | |
| | 1,546 | | | Lupin Ltd. | | | 37,380 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | India — continued | |
| | 1,956 | | | Tata Consultancy Services Ltd. | | | 74,685 | |
| | 631 | | | Tata Motors Ltd., ADR (a) | | | 19,184 | |
| | 369 | | | UltraTech Cement Ltd. | | | 17,589 | |
| | | | | | | | |
| | | | | | | 462,123 | |
| | | | | | | | |
| | | | Indonesia — 3.3% | |
| | 60,007 | | | Astra International Tbk PT | | | 30,451 | |
| | 23,697 | | | Bank Central Asia Tbk PT | | | 23,387 | |
| | 26,601 | | | Bank Rakyat Indonesia Persero Tbk PT | | | 20,788 | |
| | | | | | | | |
| | | | | | | 74,626 | |
| | | | | | | | |
| | | | Mexico — 2.5% | |
| | 12,283 | | | Fibra Uno Administracion S.A. de C.V. | | | 29,243 | |
| | 3,077 | | | Infraestructura Energetica Nova S.A.B. de C.V. | | | 12,024 | |
| | 1,130 | | | Promotora y Operadora de Infraestructura S.A.B. de C.V. | | | 14,333 | |
| | | | | | | | |
| | | | | | | 55,600 | |
| | | | | | | | |
| | | | Panama — 0.9% | |
| | 314 | | | Copa Holdings S.A., Class A | | | 20,012 | |
| | | | | | | | |
| | | | Peru — 1.3% | |
| | 206 | | | Credicorp Ltd. | | | 29,932 | |
| | | | | | | | |
| | | | Russia — 5.9% | |
| | 15 | | | Lukoil PJSC, ADR | | | 616 | |
| | 704 | | | Lukoil PJSC, ADR | | | 30,009 | |
| | 250 | | | Magnit PJSC | | | 34,710 | |
| | 181 | | | Magnit PJSC, Reg. S, GDR | | | 6,271 | |
| | 664 | | | Mail.Ru Group Ltd., Reg. S, GDR (a) | | | 13,438 | |
| | 24,879 | | | Sberbank PAO | | | 47,497 | |
| | | | | | | | |
| | | | | | | 132,541 | |
| | | | | | | | |
| | | | South Africa — 16.6% | |
| | 1,470 | | | Aspen Pharmacare Holdings Ltd. (a) | | | 34,688 | |
| | 2,078 | | | Bidvest Group Ltd. (The) | | | 52,801 | |
| | 388 | | | Capitec Bank Holdings Ltd. | | | 16,104 | |
| | 14,127 | | | FirstRand Ltd. | | | 45,407 | |
| | 7,097 | | | Life Healthcare Group Holdings Ltd. | | | 18,618 | |
| | 1,457 | | | Mr Price Group Ltd. | | | 18,519 | |
| | 256 | | | Naspers Ltd., Class N | | | 35,162 | |
| | 2,418 | | | Remgro Ltd. | | | 43,450 | |
| | 8,354 | | | Sanlam Ltd. | | | 40,571 | |
| | 2,189 | | | Shoprite Holdings Ltd. | | | 26,343 | |
| | 6,467 | | | Woolworths Holdings Ltd. | | | 41,643 | |
| | | | | | | | |
| | | | | | | 373,306 | |
| | | | | | | | |
| | | | South Korea — 4% | |
| | 182 | | | Hyundai Motor Co. | | | 22,849 | |
| | 562 | | | Kia Motors Corp. | | | 23,584 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 40 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | South Korea — continued | |
| | 40 | | | Samsung Electronics Co., Ltd. | | | 43,860 | |
| | | | | | | | |
| | | | | | | 90,293 | |
| | | | | | | | |
| | | | Switzerland — 1.0% | |
| | 371 | | | Luxoft Holding, Inc. (a) | | | 21,451 | |
| | | | | | | | |
| | | | Taiwan — 6.1% | |
| | 5,316 | | | Delta Electronics, Inc. | | | 24,624 | |
| | 4,270 | | | President Chain Store Corp. | | | 30,191 | |
| | 3,460 | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 81,613 | |
| | | | | | | | |
| | | | | | | 136,428 | |
| | | | | | | | |
| | | | Thailand — 2.0% | |
| | 4,240 | | | Kasikornbank PCL, NVDR | | | 20,103 | |
| | 1,480 | | | Siam Cement PCL (The) | | | 20,728 | |
| | 379 | | | Siam Cement PCL (The), NVDR | | | 5,279 | |
| | | | | | | | |
| | | | | | | 46,110 | |
| | | | | | | | |
| | | | Turkey — 0.6% | |
| | 943 | | | Ford Otomotiv Sanayi A.S. | | | 12,680 | |
| | | | | | | | |
| | | | United Kingdom — 1.5% | |
| | 551 | | | SABMiller plc | | | 33,759 | |
| | | | | | | | |
| | | | United States — 0.5% | |
| | 149 | | | EPAM Systems, Inc. (a) | | | 10,865 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $1,981,188) | | | 2,148,166 | |
| | | | | | | | |
| Preferred Stocks — 0.7% | | | | |
| | | | Brazil — 0.7% | |
| | 1,071 | | | Itau Unibanco Holding S.A. | | | 10,242 | |
| | 6,486 | | | Marcopolo S.A. | | | 4,507 | |
| | | | | | | | |
| | | | Total Preferred Stocks
(Cost $18,647) | | | 14,749 | |
| | | | | | | | |
| Structured Instruments — 0.7% | | | | |
| | | | China — 0.7% | |
| | | | Low Exercise Cash Settled Call Warrants — 0.7% | |
| | | | Chongqing Changan Automobile Co., Ltd., | | | | |
| | 3,931 | | | expiring 10/13/16 (Strike Price $0.00) (issued through BNP Paribas) (a) | | | 9,669 | |
| | 2,681 | | | expiring 2/17/17 (Strike Price $1.00) (issued through UBS AG) (a) | | | 6,626 | |
| | | | | | | | |
| | | | Total Structured Instruments
(Cost $17,045) | | | 16,295 | |
| | | | | | | | |
| | |
NUMBER OF
WARRANTS | | | | | | |
| Warrant — 0.5% | | | | |
| | | | Saudi Arabia — 0.5% | | | | |
| | 840 | | | Almarai Co., expiring 07/24/17
(Strike Price $1.00) (a)
(Cost $11,257) | | | 12,501 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Short-Term Investment — 2.2% | | | | |
| | | | Investment Company — 2.2% | |
| | 49,636 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $49,636) | | | 49,636 | |
| | | | | | | | |
| | | | Total Investments — 99.7%
(Cost $2,077,773) | | | 2,241,347 | |
| | | | Other Assets in Excess of
Liabilities — 0.3% | | | 6,207 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 2,247,554 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 15.0 | % |
IT Services | | | 7.9 | |
Insurance | | | 7.3 | |
Internet Software & Services | | | 6.5 | |
Automobiles | | | 6.0 | |
Oil, Gas & Consumable Fuels | | | 5.0 | |
Food & Staples Retailing | | | 4.4 | |
Diversified Financial Services | | | 4.0 | |
Semiconductors & Semiconductor Equipment | | | 3.6 | |
Industrial Conglomerates | | | 3.4 | |
Thrifts & Mortgage Finance | | | 3.2 | |
Pharmaceuticals | | | 3.2 | |
Beverages | | | 3.1 | |
Multiline Retail | | | 3.0 | |
Internet & Catalog Retail | | | 2.4 | |
Tobacco | | | 2.1 | |
Transportation Infrastructure | | | 2.0 | |
Technology Hardware, Storage & Peripherals | | | 2.0 | |
Construction Materials | | | 1.9 | |
Media | | | 1.6 | |
Hotels, Restaurants & Leisure | | | 1.4 | |
Real Estate Investment Trusts (REITs) | | | 1.3 | |
Electronic Equipment, Instruments & Components | | | 1.1 | |
Others (each less than 1.0%) | | | 6.4 | |
Short-Term Investment | | | 2.2 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 41 | |
JPMorgan Emerging Markets Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 88.7% | |
| | | | Brazil — 8.8% | |
| | 14 | | | AMBEV S.A., ADR | | | 79 | |
| | 4 | | | Banco Bradesco S.A., ADR (a) | | | 32 | |
| | 3 | | | Banco do Brasil S.A. | | | 19 | |
| | 8 | | | BB Seguridade Participacoes S.A. | | | 68 | |
| | 4 | | | Tractebel Energia S.A. | | | 48 | |
| | | | | | | | |
| | | | | | | 246 | |
| | | | | | | | |
| | | | Chile — 2.6% | |
| | 4 | | | Banco Santander Chile, ADR | | | 72 | |
| | | | | | | | |
| | | | China — 2.3% | |
| | 78 | | | China Construction Bank Corp., Class H | | | 50 | |
| | 7 | | | Fuyao Glass Industry Group Co., Ltd., Class H (a) (e) | | | 15 | |
| | | | | | | | |
| | | | | | | 65 | |
| | | | | | | | |
| | | | Czech Republic — 2.6% | |
| | — | (h) | | Komercni Banka A.S. | | | 72 | |
| | | | | | | | |
| | | | Hong Kong — 9.7% | |
| | 7 | | | China Mobile Ltd. | | | 75 | |
| | 24 | | | China Resources Power Holdings Co., Ltd. | | | 40 | |
| | 3 | | | Hang Seng Bank Ltd. | | | 45 | |
| | 25 | | | HKT Trust & HKT Ltd. | | | 36 | |
| | 16 | | | Sands China Ltd. | | | 56 | |
| | 2 | | | VTech Holdings Ltd. | | | 19 | |
| | | | | | | | |
| | | | | | | 271 | |
| | | | | | | | |
| | | | Hungary — 1.8% | |
| | 2 | | | OTP Bank plc | | | 51 | |
| | | | | | | | |
| | | | Indonesia — 1.1% | |
| | 109 | | | Telekomunikasi Indonesia Persero Tbk PT (a) | | | 29 | |
| | | | | | | | |
| | | | Mexico — 3.3% | |
| | 12 | | | Bolsa Mexicana de Valores S.A.B. de C.V. | | | 21 | |
| | 31 | | | Kimberly-Clark de Mexico S.A.B. de C.V., Class A | | | 72 | |
| | | | | | | | |
| | | | | | | 93 | |
| | | | | | | | |
| | | | Poland — 1.6% | |
| | 5 | | | Powszechny Zaklad Ubezpieczen S.A. | | | 44 | |
| | | | | | | | |
| | | | Russia — 6.8% | |
| | 1 | | | Lukoil PJSC, ADR | | | 49 | |
| | 1 | | | MegaFon PJSC, Reg. S, GDR | | | 17 | |
| | 2 | | | MMC Norilsk Nickel PJSC, ADR | | | 25 | |
| | 2 | | | Mobile TeleSystems PJSC, ADR | | | 23 | |
| | 31 | | | Moscow Exchange MICEX-RTS PJSC | | | 50 | |
| | 2 | | | Severstal PAO, Reg. S, GDR | | | 27 | |
| | | | | | | | |
| | | | | | | 191 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Singapore — 1.0% | |
| | 64 | | | Hutchison Port Holdings Trust, Class U | | | 28 | |
| | | | | | | | |
| | | | South Africa — 14.1% | |
| | 7 | | | AVI Ltd. | | | 46 | |
| | 5 | | | Barclays Africa Group Ltd. | | | 54 | |
| | 2 | | | Bidvest Group Ltd. (The) | | | 61 | |
| | 17 | | | FirstRand Ltd. | | | 55 | |
| | 2 | | | Imperial Holdings Ltd. | | | 26 | |
| | 22 | | | Life Healthcare Group Holdings Ltd. | | | 57 | |
| | 32 | | | MMI Holdings Ltd. | | | 54 | |
| | 3 | | | Vodacom Group Ltd. | | | 39 | |
| | | | | | | | |
| | | | | | | 392 | |
| | | | | | | | |
| | | | South Korea — 5.9% | |
| | 1 | | | Kangwon Land, Inc. | | | 24 | |
| | 1 | | | KT&G Corp. | | | 69 | |
| | — | (h) | | Samsung Electronics Co., Ltd. | | | 39 | |
| | 2 | | | SK Telecom Co., Ltd., ADR | | | 32 | |
| | | | | | | | |
| | | | | | | 164 | |
| | | | | | | | |
| | | | Taiwan — 21.2% | |
| | 4 | | | Asustek Computer, Inc. | | | 38 | |
| | 21 | | | Cheng Shin Rubber Industry Co., Ltd. | | | 44 | |
| | 9 | | | Chicony Electronics Co., Ltd. | | | 22 | |
| | 15 | | | Delta Electronics, Inc. | | | 68 | |
| | 10 | | | Far EasTone Telecommunications Co., Ltd. (a) | | | 23 | |
| | 7 | | | MediaTek, Inc. | | | 50 | |
| | 9 | | | Novatek Microelectronics Corp. | | | 31 | |
| | 6 | | | President Chain Store Corp. | | | 42 | |
| | 19 | | | Quanta Computer, Inc. | | | 30 | |
| | 12 | | | Siliconware Precision Industries Co., Ltd. | | | 18 | |
| | 4 | | | Simplo Technology Co., Ltd. | | | 13 | |
| | 16 | | | Taiwan Mobile Co., Ltd. | | | 53 | |
| | 4 | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 104 | |
| | 37 | | | Vanguard International Semiconductor Corp. | | | 56 | |
| | | | | | | | |
| | | | | | | 592 | |
| | | | | | | | |
| | | | Thailand — 2.0% | |
| | 4 | | | Siam Cement PCL (The) | | | 56 | |
| | | | | | | | |
| | | | Turkey — 2.2% | |
| | 6 | | | Eregli Demir ve Celik Fabrikalari TAS | | | 11 | |
| | 6 | | | Tofas Turk Otomobil Fabrikasi A.S. | | | 51 | |
| | | | | | | | |
| | | | | | | 62 | |
| | | | | | | | |
| | | | United Arab Emirates — 1.7% | |
| | 13 | | | First Gulf Bank PJSC | | | 46 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $2,657) | | | 2,474 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 42 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Preferred Stock — 0.8% | |
| | | | Russia — 0.8% | |
| | 34 | | | Surgutneftegas OAO (Cost $23) | | | 22 | |
| | | | | | | | |
| Structured Instruments — 3.3% | |
| | | | China — 3.3% | |
| | | | Low Exercise Cash Settled Call Warrants — 3.3% | |
| | 20 | | | Fuyao Glass Industry Group Co., Ltd., expiring 09/23/16 (Strike Price $0.00) (issued through BNP Paribas) (a) | | | 44 | |
| | 8 | | | Midea Group Co. Ltd., expiring 02/17/17 (Strike Price $1.00) (issued through UBS AG) (a) | | | 38 | |
| | 2 | | | Midea Group Co., Ltd., expiring 10/29/18 (Strike Price $0.00) (issued through BNP Paribas) (a) | | | 10 | |
| | | | | | | | |
| | | | Total Structured Instruments
(Cost $83) | | | 92 | |
| | | | | | | | |
| | |
NUMBER OF
WARRANTS | | | | | | |
| Warrants — 1.9% | |
| | | | Saudi Arabia — 1.9% | |
| | 3 | | | Al Rajhi Bank, expiring 08/22/16
(Strike Price $1.00) (a) | | | 43 | |
| | 1 | | | Yanbu National Petrochemical, expiring 07/31/17 (Strike Price $1.00) (a) | | | 10 | |
| | | | | | | | |
| | | | Total Warrants
(Cost $47) | | | 53 | |
| | | | | | | | |
| | | | Total Investments — 94.7%
(Cost $2,810) | | | 2,641 | |
| | | | Other Assets in Excess of
Liabilities — 5.3% | | | 148 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 2,789 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 20.4 | % |
Wireless Telecommunication Services | | | 9.9 | |
Semiconductors & Semiconductor Equipment | | | 9.8 | |
Insurance | | | 6.3 | |
Technology Hardware, Storage & Peripherals | | | 4.9 | |
Diversified Financial Services | | | 4.8 | |
Independent Power & Renewable Electricity Producers | | | 3.3 | |
Electronic Equipment, Instruments & Components | | | 3.1 | |
Hotels, Restaurants & Leisure | | | 3.0 | |
Beverages | | | 3.0 | |
Household Products | | | 2.7 | |
Oil, Gas & Consumable Fuels | | | 2.7 | |
Tobacco | | | 2.6 | |
Construction Materials | | | 2.5 | |
Diversified Telecommunication Services | | | 2.5 | |
Metals & Mining | | | 2.4 | |
Industrial Conglomerates | | | 2.3 | |
Auto Components | | | 2.2 | |
Health Care Providers & Services | | | 2.2 | |
Automobiles | | | 1.9 | |
Food Products | | | 1.7 | |
Food & Staples Retailing | | | 1.6 | |
Capital Markets | | | 1.4 | |
Transportation Infrastructure | | | 1.1 | |
Distributors | | | 1.0 | |
Others (each less than 1.0%) | | | 0.7 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 43 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 99.5% | |
| | | | Australia — 2.7% | |
| | 119 | | | AGL Energy Ltd. | | | 1,652 | |
| | 987 | | | Alumina Ltd. | | | 1,115 | |
| | 299 | | | Amcor Ltd. | | | 3,486 | |
| | 531 | | | AMP Ltd. | | | 2,360 | |
| | 306 | | | APA Group | | | 2,027 | |
| | 60 | | | Aristocrat Leisure Ltd. | | | 456 | |
| | 205 | | | Asciano Ltd. | | | 1,372 | |
| | 19 | | | ASX Ltd. | | | 613 | |
| | 637 | | | Aurizon Holdings Ltd. | | | 2,059 | |
| | 683 | | | Australia & New Zealand Banking Group Ltd. | | | 12,522 | |
| | 61 | | | Bendigo & Adelaide Bank Ltd. | | | 430 | |
| | 649 | | | BHP Billiton Ltd. | | | 10,132 | |
| | 459 | | | BHP Billiton plc | | | 6,278 | |
| | 237 | | | Boral Ltd. | | | 1,154 | |
| | 297 | | | Brambles Ltd. | | | 2,808 | |
| | 71 | | | Caltex Australia Ltd. | | | 1,739 | |
| | 71 | | | Challenger Ltd. | | | 480 | |
| | 209 | | | Coca-Cola Amatil Ltd. | | | 1,361 | |
| | 19 | | | Cochlear Ltd. | | | 1,520 | |
| | 349 | | | Commonwealth Bank of Australia | | | 19,498 | |
| | 166 | | | Computershare Ltd. | | | 1,274 | |
| | 23 | | | Crown Resorts Ltd. | | | 207 | |
| | 92 | | | CSL Ltd. | | | 7,315 | |
| | 341 | | | Dexus Property Group | | | 2,177 | |
| | 266 | | | DUET Group | | | 455 | |
| | 127 | | | Fortescue Metals Group Ltd. | | | 327 | |
| | 449 | | | Goodman Group | | | 2,340 | |
| | 211 | | | GPT Group (The) | | | 805 | |
| | 184 | | | Incitec Pivot Ltd. | | | 448 | |
| | 352 | | | Insurance Australia Group Ltd. | | | 1,536 | |
| | 175 | | | LendLease Group | | | 1,682 | |
| | 72 | | | Macquarie Group Ltd. | | | 3,457 | |
| | 487 | | | Medibank Private Ltd. | | | 1,158 | |
| | 1,368 | | | Mirvac Group | | | 1,936 | |
| | 521 | | | National Australia Bank Ltd. | | | 10,692 | |
| | 148 | | | Newcrest Mining Ltd. (a) | | | 2,158 | |
| | 339 | | | Oil Search Ltd. | | | 1,798 | |
| | 112 | | | Orica Ltd. | | | 1,297 | |
| | 267 | | | Origin Energy Ltd. | | | 1,099 | |
| | 341 | | | Qantas Airways Ltd. (a) | | | 832 | |
| | 357 | | | QBE Insurance Group Ltd. | | | 3,002 | |
| | 40 | | | Ramsay Health Care Ltd. | | | 1,988 | |
| | 25 | | | REA Group Ltd. | | | 948 | |
| | 317 | | | Santos Ltd. | | | 1,141 | |
| | 958 | | | Scentre Group | | | 3,400 | |
| | 15 | | | SEEK Ltd. | | | 180 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | |
| | | | Australia — continued | |
| | 44 | | | Sonic Healthcare Ltd. | | | 651 | |
| | 1,438 | | | South32 Ltd. (a) | | | 1,798 | |
| | 490 | | | Stockland | | | 1,621 | |
| | 338 | | | Suncorp Group Ltd. | | | 3,198 | |
| | 319 | | | Sydney Airport | | | 1,645 | |
| | 341 | | | Tabcorp Holdings Ltd. | | | 1,143 | |
| | 166 | | | Tatts Group Ltd. | | | 472 | |
| | 869 | | | Telstra Corp., Ltd. | | | 3,528 | |
| | 131 | | | TPG Telecom Ltd. | | | 1,062 | |
| | 499 | | | Transurban Group | | | 4,377 | |
| | 110 | | | Treasury Wine Estates Ltd. | | | 773 | |
| | 1,285 | | | Vicinity Centres | | | 3,229 | |
| | 215 | | | Wesfarmers Ltd. | | | 6,955 | |
| | 342 | | | Westfield Corp. | | | 2,612 | |
| | 675 | | | Westpac Banking Corp. | | | 15,844 | |
| | 156 | | | Woodside Petroleum Ltd. | | | 3,347 | |
| | 293 | | | Woolworths Ltd. | | | 4,902 | |
| | | | | | | | |
| | | | | | | 183,871 | |
| | | | | | | | |
| | | | Austria — 0.0% (g) | |
| | — | (h) | | Telekom Austria AG | | | — | (h) |
| | | | | | | | |
| | | | Belgium — 0.4% | |
| | 175 | | | Anheuser-Busch InBev S.A. | | | 21,665 | |
| | 79 | | | Delhaize Group | | | 8,251 | |
| | | | | | | | |
| | | | | | | 29,916 | |
| | | | | | | | |
| | | | Canada — 3.7% | |
| | 38 | | | Agrium, Inc. | | | 3,283 | |
| | 98 | | | Alimentation Couche-Tard, Inc., Class B | | | 4,303 | |
| | 157 | | | Bank of Montreal | | | 10,222 | |
| | 283 | | | Bank of Nova Scotia (The) | | | 14,837 | |
| | 262 | | | Barrick Gold Corp. | | | 5,075 | |
| | 53 | | | BCE, Inc. | | | 2,468 | |
| | 204 | | | Brookfield Asset Management, Inc., Class A | | | 6,900 | |
| | 98 | | | Canadian Imperial Bank of Commerce | | | 7,914 | |
| | 209 | | | Canadian National Railway Co. | | | 12,875 | |
| | 265 | | | Canadian Natural Resources Ltd. | | | 7,959 | |
| | 133 | | | Canadian Pacific Railway Ltd. | | | 19,244 | |
| | 27 | | | Canadian Tire Corp., Ltd., Class A | | | 2,995 | |
| | 194 | | | Cenovus Energy, Inc. | | | 3,074 | |
| | 78 | | | CGI Group, Inc., Class A (a) | | | 3,542 | |
| | 7 | | | Constellation Software, Inc. | | | 2,624 | |
| | 94 | | | Crescent Point Energy Corp. | | | 1,577 | |
| | 44 | | | Dollarama, Inc. | | | 3,145 | |
| | 191 | | | Enbridge, Inc. | | | 7,941 | |
| | 194 | | | Encana Corp. | �� | | 1,486 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 44 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Canada — continued | |
| | 7 | | | Fairfax Financial Holdings Ltd. | | | 3,900 | |
| | 163 | | | First Quantum Minerals Ltd. | | | 1,393 | |
| | 69 | | | Fortis, Inc. | | | 2,190 | |
| | 38 | | | Franco-Nevada Corp. | | | 2,683 | |
| | 82 | | | Gildan Activewear, Inc. | | | 2,533 | |
| | 202 | | | Goldcorp, Inc. | | | 4,079 | |
| | 73 | | | Great-West Lifeco, Inc. | | | 2,154 | |
| | 71 | | | Imperial Oil Ltd. | | | 2,351 | |
| | 33 | | | Intact Financial Corp. | | | 2,476 | |
| | 117 | | | Inter Pipeline Ltd. | | | 2,505 | |
| | 62 | | | Loblaw Cos. Ltd. | | | 3,417 | |
| | 203 | | | Magna International, Inc. | | | 8,508 | |
| | 451 | | | Manulife Financial Corp. | | | 6,653 | |
| | 71 | | | Metro, Inc. | | | 2,385 | |
| | 82 | | | National Bank of Canada | | | 2,941 | |
| | 78 | | | Pembina Pipeline Corp. | | | 2,339 | |
| | 207 | | | Potash Corp. of Saskatchewan, Inc. | | | 3,658 | |
| | 89 | | | Power Corp. of Canada | | | 2,165 | |
| | 62 | | | Power Financial Corp. | | | 1,621 | |
| | 72 | | | Restaurant Brands International, Inc. | | | 3,119 | |
| | 93 | | | Rogers Communications, Inc., Class B | | | 3,621 | |
| | 357 | | | Royal Bank of Canada | | | 22,189 | |
| | 97 | | | Shaw Communications, Inc., Class B | | | 1,803 | |
| | 95 | | | Silver Wheaton Corp. | | | 1,981 | |
| | 146 | | | Sun Life Financial, Inc. | | | 4,996 | |
| | 379 | | | Suncor Energy, Inc. | | | 11,137 | |
| | 452 | | | Toronto-Dominion Bank (The) | | | 20,132 | |
| | 171 | | | TransCanada Corp. | | | 7,111 | |
| | | | | | | | |
| | | | | | | 257,504 | |
| | | | | | | | |
| | | | China — 0.0% (g) | |
| | 412 | | | Yangzijiang Shipbuilding Holdings Ltd. | | | 302 | |
| | | | | | | | |
| | | | Colombia — 0.0% | |
| | — | (h) | | Pacific Exploration and Production Corp. (a) | | | — | (h) |
| | | | | | | | |
| | | | Denmark — 0.8% | |
| | 6 | | | AP Moeller — Maersk A/S, Class B | | | 8,812 | |
| | 51 | | | Chr Hansen Holding A/S | | | 3,198 | |
| | 241 | | | Danske Bank A/S | | | 6,830 | |
| | 23 | | | Genmab A/S (a) | | | 3,411 | |
| | 406 | | | Novo Nordisk A/S, Class B | | | 22,660 | |
| | 62 | | | Pandora A/S | | | 8,091 | |
| | | | | | | | |
| | | | | | | 53,002 | |
| | | | | | | | |
| | | | Finland — 0.5% | |
| | 1,899 | | | Nokia OYJ | | | 11,209 | |
| | — | (h) | | Nokian Renkaat OYJ | | | — | (h) |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Finland — continued | |
| | 479 | | | UPM-Kymmene OYJ | | | 9,167 | |
| | 266 | | | Wartsila OYJ Abp | | | 11,430 | |
| | | | | | | | |
| | | | | | | 31,806 | |
| | | | | | | | |
| | | | France — 3.7% | |
| | 172 | | | Air Liquide S.A. | | | 19,492 | |
| | 244 | | | Airbus Group SE | | | 15,284 | |
| | 102 | | | Arkema S.A. | | | 8,160 | |
| | 742 | | | AXA S.A. | | | 18,742 | |
| | 386 | | | BNP Paribas S.A. | | | 20,449 | |
| | 176 | | | Bouygues S.A. | | | 5,885 | |
| | 92 | | | Capgemini S.A. | | | 8,579 | |
| | 174 | | | Cie de Saint-Gobain | | | 7,965 | |
| | 77 | | | Cie Generale des Etablissements Michelin | | | 8,000 | |
| | 32 | | | Danone S.A. | | | 2,270 | |
| | 101 | | | Engie S.A. | | | 1,663 | |
| | 23 | | | L’Oreal S.A. | | | 4,113 | |
| | 13 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 2,171 | |
| | 1,735 | | | Natixis S.A. | | | 9,572 | |
| | 272 | | | Orange S.A. | | | 4,513 | |
| | 112 | | | Publicis Groupe S.A. | | | 8,263 | |
| | 127 | | | Renault S.A. | | | 12,297 | |
| | 261 | | | Sanofi | | | 21,481 | |
| | 121 | | | Schneider Electric SE (a) | | | 7,929 | |
| | 32 | | | Societe Generale S.A. | | | 1,260 | |
| | 102 | | | Sodexo S.A. | | | 10,318 | |
| | 136 | | | Thales S.A. | | | 11,762 | |
| | 626 | | | TOTAL S.A. | | | 31,617 | |
| | 25 | | | Unibail-Rodamco SE | | | 6,621 | |
| | 194 | | | Vivendi S.A. | | | 3,736 | |
| | | | | | | | |
| | | | | | | 252,142 | |
| | | | | | | | |
| | | | Germany — 3.4% | |
| | 124 | | | adidas AG | | | 16,050 | |
| | 105 | | | Allianz SE | | | 17,793 | |
| | 97 | | | BASF SE | | | 8,011 | |
| | 279 | | | Bayer AG | | | 32,281 | |
| | 38 | | | Bayerische Motoren Werke AG | | | 3,514 | |
| | 186 | | | Brenntag AG | | | 10,927 | |
| | 52 | | | Continental AG | | | 11,344 | |
| | 282 | | | Daimler AG | | | 19,667 | |
| | 279 | | | Deutsche Bank AG | | | 5,297 | |
| | 389 | | | Deutsche Post AG | | | 11,422 | |
| | 642 | | | Deutsche Telekom AG | | | 11,263 | |
| | 970 | | | E.ON SE | | | 10,054 | |
| | 143 | | | HeidelbergCement AG | | | 12,735 | |
| | 852 | | | Infineon Technologies AG | | | 12,152 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 45 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Germany — continued | |
| | 50 | | | Linde AG | | | 7,595 | |
| | 26 | | | Muenchener Rueckversicherungs-Gesellschaft AG | | | 4,784 | |
| | 239 | | | SAP SE | | | 18,787 | |
| | 119 | | | Siemens AG | | | 12,446 | |
| | 1,335 | | | Telefonica Deutschland Holding AG | | | 6,792 | |
| | | | | | | | |
| | | | | | | 232,914 | |
| | | | | | | | |
| | | | Hong Kong — 1.2% | |
| | 2,496 | | | AIA Group Ltd. | | | 14,940 | |
| | 53 | | | ASM Pacific Technology Ltd. | | | 384 | |
| | 85 | | | Bank of East Asia Ltd. (The) | | | 310 | |
| | 925 | | | BOC Hong Kong Holdings Ltd. | | | 2,761 | |
| | 572 | | | Cathay Pacific Airways Ltd. | | | 912 | |
| | 176 | | | Cheung Kong Infrastructure Holdings Ltd. | | | 1,661 | |
| | 464 | | | Cheung Kong Property Holdings Ltd. | | | 3,168 | |
| | 650 | | | CK Hutchison Holdings Ltd. | | | 7,774 | |
| | 446 | | | CLP Holdings Ltd. | | | 4,123 | |
| | 409 | | | Galaxy Entertainment Group Ltd. | | | 1,375 | |
| | 153 | | | Hang Lung Properties Ltd. | | | 305 | |
| | 192 | | | Hang Seng Bank Ltd. | | | 3,487 | |
| | 318 | | | Henderson Land Development Co., Ltd. | | | 1,984 | |
| | 322 | | | HKT Trust & HKT Ltd. | | | 467 | |
| | 1,641 | | | Hong Kong & China Gas Co., Ltd. | | | 3,056 | |
| | 229 | | | Hong Kong Exchanges and Clearing Ltd. | | | 5,760 | |
| | 49 | | | Hongkong Land Holdings Ltd. | | | 309 | |
| | 38 | | | Jardine Matheson Holdings Ltd.1 | | | 2,112 | |
| | 342 | | | Kerry Properties Ltd. | | | 929 | |
| | 908 | | | Li & Fung Ltd. | | | 562 | |
| | 349 | | | Link REIT | | | 2,114 | |
| | 240 | | | MTR Corp., Ltd. | | | 1,187 | |
| | 499 | | | New World Development Co., Ltd. | | | 496 | |
| | 311 | | | NWS Holdings Ltd. | | | 472 | |
| | 293 | | | Power Assets Holdings Ltd. | | | 2,783 | |
| | 653 | | | Sands China Ltd. | | | 2,327 | |
| | 1,068 | | | Sino Land Co., Ltd. | | | 1,677 | |
| | 330 | | | Sun Hung Kai Properties Ltd. | | | 4,159 | |
| | 204 | | | Swire Pacific Ltd., Class A | | | 2,208 | |
| | 99 | | | Techtronic Industries Co., Ltd. | | | 369 | |
| | 699 | | | WH Group Ltd. (a) (e) | | | 564 | |
| | 412 | | | Wharf Holdings Ltd. (The) | | | 2,227 | |
| | 388 | | | Wheelock & Co., Ltd. | | | 1,796 | |
| | 223 | | | Yue Yuen Industrial Holdings Ltd. | | | 810 | |
| | | | | | | | |
| | | | | | | 79,568 | |
| | | | | | | | |
| | | | Ireland — 1.2% | |
| | 310 | | | Accenture plc, Class A | | | 35,013 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Ireland — continued | |
| | 182 | | | Allegion plc | | | 11,902 | |
| | 148 | | | James Hardie Industries plc, CDI | | | 2,071 | |
| | 119 | | | Medtronic plc | | | 9,402 | |
| | 29 | | | Perrigo Co. plc | | | 2,810 | |
| | 241 | | | Shire plc | | | 15,029 | |
| | 152 | | | XL Group plc | | | 4,990 | |
| | | | | | | | |
| | | | | | | 81,217 | |
| | | | | | | | |
| | | | Israel — 0.1% | |
| | 155 | | | Teva Pharmaceutical Industries Ltd., ADR | | | 8,427 | |
| | | | | | | | |
| | | | Italy — 1.0% | |
| | 584 | | | Assicurazioni Generali S.p.A. | | | 8,926 | |
| | 319 | | | Atlantia S.p.A. | | | 8,899 | |
| | 3,031 | | | Enel S.p.A. | | | 13,777 | |
| | 48 | | | Eni S.p.A. | | | 783 | |
| | 5,013 | | | Intesa Sanpaolo S.p.A. | | | 13,936 | |
| | 984 | | | Snam S.p.A. | | | 6,019 | |
| | 6,576 | | | Telecom Italia S.p.A. (a) | | | 6,422 | |
| | 1,853 | | | UniCredit S.p.A. | | | 7,185 | |
| | | | | | | | |
| | | | | | | 65,947 | |
| | | | | | | | |
| | | | Japan — 8.5% | |
| | 27 | | | AEON Financial Service Co., Ltd. | | | 600 | |
| | 143 | | | Aeon Mall Co., Ltd. | | | 1,968 | |
| | 193 | | | Air Water, Inc. | | | 2,899 | |
| | 218 | | | Ajinomoto Co., Inc. | | | 5,027 | |
| | 61 | | | Alfresa Holdings Corp. | | | 1,165 | |
| | 318 | | | Amada Holdings Co., Ltd. | | | 3,195 | |
| | 19 | | | Asahi Group Holdings Ltd. | | | 590 | |
| | 135 | | | Asahi Kasei Corp. | | | 924 | |
| | 344 | | | Astellas Pharma, Inc. | | | 4,638 | |
| | 201 | | | Bridgestone Corp. | | | 7,395 | |
| | 277 | | | Canon, Inc. | | | 7,732 | |
| | 54 | | | Casio Computer Co., Ltd. | | | 1,024 | |
| | 45 | | | Central Japan Railway Co. | | | 7,865 | |
| | 471 | | | Chiba Bank Ltd. (The) | | | 2,379 | |
| | 141 | | | Chubu Electric Power Co., Inc. | | | 1,860 | |
| | 54 | | | Chugai Pharmaceutical Co., Ltd. | | | 1,813 | |
| | 702 | | | Concordia Financial Group Ltd. (a) | | | 3,380 | |
| | 67 | | | Dai Nippon Printing Co., Ltd. | | | 628 | |
| | 165 | | | Daicel Corp. | | | 2,066 | |
| | 406 | | | Dai-ichi Life Insurance Co., Ltd. (The) | | | 4,878 | |
| | 78 | | | Daiichi Sankyo Co., Ltd. | | | 1,826 | |
| | 77 | | | Daikin Industries Ltd. | | | 6,144 | |
| | 26 | | | Daito Trust Construction Co., Ltd. | | | 3,677 | |
| | 220 | | | Daiwa House Industry Co., Ltd. | | | 5,867 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 46 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Japan — continued | |
| | 65 | | | DeNA Co., Ltd. | | | 1,092 | |
| | 61 | | | Denso Corp. | | | 2,300 | |
| | 70 | | | Dentsu, Inc. | | | 3,562 | |
| | 807 | | | DIC Corp. | | | 1,856 | |
| | 82 | | | East Japan Railway Co. | | | 7,188 | |
| | 52 | | | Eisai Co., Ltd. | | | 3,194 | |
| | 81 | | | Electric Power Development Co., Ltd. | | | 2,432 | |
| | 20 | | | FamilyMart Co., Ltd. | | | 1,066 | |
| | 44 | | | FANUC Corp. | | | 6,515 | |
| | 7 | | | Fast Retailing Co., Ltd. | | | 1,790 | |
| | 471 | | | Fuji Electric Co., Ltd. | | | 2,004 | |
| | 136 | | | Fuji Heavy Industries Ltd. | | | 4,475 | |
| | 144 | | | FUJIFILM Holdings Corp. | | | 5,923 | |
| | 520 | | | Hankyu Hanshin Holdings, Inc. | | | 3,296 | |
| | 141 | | | Haseko Corp. | | | 1,277 | |
| | 32 | | | Hisamitsu Pharmaceutical Co., Inc. | | | 1,523 | |
| | 1,444 | | | Hitachi Ltd. | | | 6,617 | |
| | 52 | | | Hitachi Metals Ltd. | | | 525 | |
| | 74 | | | Hokuriku Electric Power Co. | | | 969 | |
| | 424 | | | Honda Motor Co., Ltd. | | | 11,431 | |
| | 104 | | | Hoya Corp. | | | 3,979 | |
| | 148 | | | Hulic Co., Ltd. | | | 1,472 | |
| | 175 | | | Inpex Corp. | | | 1,390 | |
| | 347 | | | ITOCHU Corp. | | | 4,405 | |
| | 70 | | | Itochu Techno-Solutions Corp. | | | 1,368 | |
| | 83 | | | Japan Airlines Co., Ltd. | | | 3,002 | |
| | 116 | | | Japan Exchange Group, Inc. | | | 1,725 | |
| | — | (h) | | Japan Prime Realty Investment Corp. | | | 591 | |
| | — | (h) | | Japan Real Estate Investment Corp. | | | 1,980 | |
| | — | (h) | | Japan Retail Fund Investment Corp. | | | 1,157 | |
| | 289 | | | Japan Tobacco, Inc. | | | 11,792 | |
| | 161 | | | JFE Holdings, Inc. | | | 2,265 | |
| | 135 | | | JSR Corp. | | | 1,844 | |
| | 54 | | | JTEKT Corp. | | | 685 | |
| | 155 | | | JX Holdings, Inc. | | | 664 | |
| | 520 | | | Kajima Corp. | | | 3,230 | |
| | 296 | | | Kansai Electric Power Co., Inc. (The) (a) | | | 2,606 | |
| | 110 | | | Kao Corp. | | | 6,057 | |
| | 942 | | | Kawasaki Heavy Industries Ltd. | | | 2,642 | |
| | 360 | | | KDDI Corp. | | | 10,379 | |
| | 67 | | | Keikyu Corp. | | | 606 | |
| | 259 | | | Keio Corp. | | | 2,281 | |
| | 90 | | | Kewpie Corp. | | | 2,341 | |
| | 13 | | | Keyence Corp. | | | 7,612 | |
| | 234 | | | Kirin Holdings Co., Ltd. | | | 3,371 | |
| | 195 | | | Komatsu Ltd. | | | 3,344 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Japan — continued | |
| | 7 | | | Kose Corp. | | | 613 | |
| | 148 | | | Kubota Corp. | | | 2,156 | |
| | 27 | | | Kurita Water Industries Ltd. | | | 647 | |
| | 13 | | | Kyocera Corp. | | | 665 | |
| | 161 | | | Kyowa Hakko Kirin Co., Ltd. | | | 2,860 | |
| | 155 | | | Kyushu Electric Power Co., Inc. (a) | | | 1,553 | |
| | 7 | | | Lawson, Inc. | | | 519 | |
| | 81 | | | LIXIL Group Corp. | | | 1,690 | |
| | 130 | | | M3, Inc. | | | 3,504 | |
| | 19 | | | Mabuchi Motor Co., Ltd. | | | 941 | |
| | 831 | | | Marubeni Corp. | | | 4,409 | |
| | 39 | | | Maruichi Steel Tube Ltd. | | | 1,146 | |
| | 175 | | | Mazda Motor Corp. | | | 2,669 | |
| | 14 | | | MEIJI Holdings Co., Ltd. | | | 1,040 | |
| | 58 | | | Mitsubishi Chemical Holdings Corp. | | | 302 | |
| | 410 | | | Mitsubishi Corp. | | | 6,890 | |
| | 474 | | | Mitsubishi Electric Corp. | | | 5,037 | |
| | 143 | | | Mitsubishi Estate Co., Ltd. | | | 2,717 | |
| | 672 | | | Mitsubishi Heavy Industries Ltd. | | | 2,389 | |
| | 269 | | | Mitsubishi Materials Corp. | | | 853 | |
| | 74 | | | Mitsubishi Tanabe Pharma Corp. | | | 1,318 | |
| | 3,232 | | | Mitsubishi UFJ Financial Group, Inc. | | | 14,915 | |
| | 617 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 2,687 | |
| | 182 | | | Mitsui & Co., Ltd. | | | 2,218 | |
| | 740 | | | Mitsui Chemicals, Inc. | | | 2,454 | |
| | 135 | | | Mitsui Fudosan Co., Ltd. | | | 3,297 | |
| | 1,009 | | | Mitsui Mining & Smelting Co., Ltd. | | | 1,894 | |
| | 471 | | | Mitsui OSK Lines Ltd. | | | 1,001 | |
| | 3,459 | | | Mizuho Financial Group, Inc. | | | 5,184 | |
| | 25 | | | MS&AD Insurance Group Holdings, Inc. | | | 671 | |
| | 57 | | | Murata Manufacturing Co., Ltd. | | | 7,368 | |
| | 192 | | | NGK Insulators Ltd. | | | 3,943 | |
| | 135 | | | NH Foods Ltd. | | | 3,009 | |
| | 75 | | | Nidec Corp. | | | 5,525 | |
| | 13 | | | Nintendo Co., Ltd. | | | 1,747 | |
| | — | (h) | | Nippon Building Fund, Inc. | | | 2,034 | |
| | 135 | | | Nippon Electric Glass Co., Ltd. | | | 715 | |
| | 135 | | | Nippon Express Co., Ltd. | | | 616 | |
| | — | (h) | | Nippon Prologis REIT, Inc. | | | 360 | |
| | 162 | | | Nippon Steel & Sumitomo Metal Corp. | | | 3,377 | |
| | 206 | | | Nippon Telegraph & Telephone Corp. | | | 9,205 | |
| | 405 | | | Nissan Motor Co., Ltd. | | | 3,598 | |
| | 185 | | | Nisshin Seifun Group, Inc. | | | 3,034 | |
| | 39 | | | Nitori Holdings Co., Ltd. | | | 3,609 | |
| | 52 | | | Nitto Denko Corp. | | | 2,801 | |
| | 646 | | | Nomura Holdings, Inc. | | | 2,744 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 47 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Japan — continued | |
| | 1 | | | Nomura Real Estate Master Fund, Inc. | | | 1,161 | |
| | 13 | | | Nomura Research Institute Ltd. | | | 470 | |
| | 242 | | | NSK Ltd. | | | 2,112 | |
| | 257 | | | NTT DOCOMO, Inc. | | | 6,166 | |
| | 45 | | | Obic Co., Ltd. | | | 2,349 | |
| | 104 | | | Olympus Corp. | | | 4,048 | |
| | 75 | | | Omron Corp. | | | 2,383 | |
| | 68 | | | Ono Pharmaceutical Co., Ltd. | | | 3,041 | |
| | 77 | | | Oriental Land Co., Ltd. | | | 5,326 | |
| | 439 | | | ORIX Corp. | | | 6,211 | |
| | 27 | | | Otsuka Corp. | | | 1,283 | |
| | 149 | | | Otsuka Holdings Co., Ltd. | | | 5,793 | |
| | 323 | | | Panasonic Corp. | | | 2,879 | |
| | 144 | | | Rakuten, Inc. | | | 1,561 | |
| | 61 | | | Santen Pharmaceutical Co., Ltd. | | | 867 | |
| | 27 | | | Secom Co., Ltd. | | | 2,067 | |
| | 128 | | | Seiko Epson Corp. | | | 2,094 | |
| | 108 | | | Sekisui Chemical Co., Ltd. | | | 1,345 | |
| | 157 | | | Seven & i Holdings Co., Ltd. | | | 6,402 | |
| | 68 | | | Shimadzu Corp. | | | 1,018 | |
| | 19 | | | Shimamura Co., Ltd. | | | 2,565 | |
| | 13 | | | Shimano, Inc. | | | 1,923 | |
| | 122 | | | Shin-Etsu Chemical Co., Ltd. | | | 6,839 | |
| | 1,481 | | | Shinsei Bank Ltd. | | | 2,076 | |
| | 65 | | | Shionogi & Co., Ltd. | | | 3,313 | |
| | 47 | | | Shiseido Co., Ltd. | | | 1,048 | |
| | 134 | | | Shizuoka Bank Ltd. (The) | | | 993 | |
| | 7 | | | SMC Corp. | | | 1,658 | |
| | 225 | | | SoftBank Group Corp. | | | 12,082 | |
| | 31 | | | Sompo Japan Nipponkoa Holdings, Inc. | | | 822 | |
| | 326 | | | Sony Corp. | | | 7,903 | |
| | 27 | | | Stanley Electric Co., Ltd. | | | 547 | |
| | 66 | | | Sumitomo Chemical Co., Ltd. | | | 298 | |
| | 358 | | | Sumitomo Electric Industries Ltd. | | | 4,301 | |
| | 134 | | | Sumitomo Metal Mining Co., Ltd. | | | 1,512 | |
| | 345 | | | Sumitomo Mitsui Financial Group, Inc. | | | 10,385 | |
| | 1,278 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 3,928 | |
| | 130 | | | Sumitomo Realty & Development Co., Ltd. | | | 3,780 | |
| | 27 | | | Sundrug Co., Ltd. | | | 1,911 | |
| | 34 | | | Suntory Beverage & Food Ltd. | | | 1,472 | |
| | 47 | | | Suruga Bank Ltd. | | | 916 | |
| | 74 | | | Suzuken Co., Ltd. | | | 2,536 | |
| | 153 | | | Suzuki Motor Corp. | | | 4,201 | |
| | 20 | | | Sysmex Corp. | | | 1,263 | |
| | 324 | | | Takashimaya Co., Ltd. | | | 2,365 | |
| | 132 | | | Takeda Pharmaceutical Co., Ltd. | | | 6,295 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | |
| | | | Japan — continued | |
| | 47 | | | Terumo Corp. | | | 1,791 | |
| | 61 | | | Tohoku Electric Power Co., Inc. | | | 773 | |
| | 218 | | | Tokio Marine Holdings, Inc. | | | 7,133 | |
| | 282 | | | Tokyo Electric Power Co. Holdings, Inc. (a) | | | 1,512 | |
| | 46 | | | Tokyo Electron Ltd. | | | 3,007 | |
| | 715 | | | Tokyo Gas Co., Ltd. | | | 3,156 | |
| | 87 | | | Tokyo Tatemono Co., Ltd. | | | 1,154 | |
| | 68 | | | Tokyu Corp. | | | 589 | |
| | 435 | | | Tokyu Fudosan Holdings Corp. | | | 2,956 | |
| | 387 | | | Toppan Printing Co., Ltd. | | | 3,309 | |
| | 67 | | | Toray Industries, Inc. | | | 560 | |
| | 67 | | | Toyota Industries Corp. | | | 2,916 | |
| | 610 | | | Toyota Motor Corp. | | | 30,936 | |
| | 27 | | | Toyota Tsusho Corp. | | | 609 | |
| | 103 | | | Unicharm Corp. | | | 2,125 | |
| | 1 | | | United Urban Investment Corp. | | | 929 | |
| | 52 | | | West Japan Railway Co. | | | 3,139 | |
| | 390 | | | Yahoo Japan Corp. | | | 1,745 | |
| | 582 | | | Yamada Denki Co., Ltd. | | | 2,929 | |
| | 81 | | | Yamaha Motor Co., Ltd. | | | 1,321 | |
| | 194 | | | Yamato Holdings Co., Ltd. | | | 3,911 | |
| | | | | | | | |
| | | | | | | 585,295 | |
| | | | | | | | |
| | | | Luxembourg — 0.1% | |
| | 1,413 | | | ArcelorMittal | | | 7,977 | |
| | | | | | | | |
| | | | Netherlands — 2.2% | |
| | 465 | | | Aegon N.V. | | | 2,674 | |
| | 140 | | | ASML Holding N.V. (a) | | | 13,536 | |
| | 146 | | | Heineken Holding N.V. | | | 12,048 | |
| | 39 | | | Heineken N.V. | | | 3,644 | |
| | 1,427 | | | ING Groep N.V., CVA | | | 17,488 | |
| | 2,205 | | | Koninklijke KPN N.V. | | | 8,664 | |
| | 562 | | | Koninklijke Philips N.V. | | | 15,438 | |
| | 290 | | | NN Group N.V. | | | 10,059 | |
| | 142 | | | NXP Semiconductors N.V. (a) | | | 12,093 | |
| | 1,322 | | | Royal Dutch Shell plc, Class A | | | 34,629 | |
| | 820 | | | Royal Dutch Shell plc, Class B | | | 21,524 | |
| | | | | | | | |
| | | | | | | 151,797 | |
| | | | | | | | |
| | | | New Zealand — 0.1% | |
| | 291 | | | Auckland International Airport Ltd. | | | 1,249 | |
| | 192 | | | Contact Energy Ltd. | | | 680 | |
| | 262 | | | Fletcher Building Ltd. | | | 1,525 | |
| | 102 | | | Ryman Healthcare Ltd. | | | 637 | |
| | 579 | | | Spark New Zealand Ltd. | | | 1,497 | |
| | | | | | | | |
| | | | | | | 5,588 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 48 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Norway — 0.2% | |
| | 676 | | | DNB ASA | | | 8,646 | |
| | 942 | | | Norsk Hydro ASA | | | 4,096 | |
| | | | | | | | |
| | | | | | | 12,742 | |
| | | | | | | | |
| | | | Portugal — 0.1% | |
| | 1,337 | | | EDP — Energias de Portugal S.A. | | | 4,755 | |
| | 437 | | | Galp Energia SGPS S.A. | | | 6,010 | |
| | | | | | | | |
| | | | | | | 10,765 | |
| | | | | | | | |
| | | | Singapore — 0.9% | |
| | 169 | | | Ascendas Real Estate Investment Trust | | | 308 | |
| | 213 | | | Broadcom Ltd. | | | 31,054 | |
| | 335 | | | CapitaLand Ltd. | | | 772 | |
| | 379 | | | CapitaLand Mall Trust | | | 582 | |
| | 390 | | | ComfortDelGro Corp., Ltd. | | | 836 | |
| | 472 | | | DBS Group Holdings Ltd. | | | 5,343 | |
| | 771 | | | Genting Singapore plc | | | 466 | |
| | 866 | | | Global Logistic Properties Ltd. | | | 1,229 | |
| | 2,431 | | | Hutchison Port Holdings Trust, Class U | | | 1,079 | |
| | 17 | | | Jardine Cycle & Carriage Ltd. | | | 477 | |
| | 449 | | | Keppel Corp., Ltd. | | | 1,795 | |
| | 796 | | | Oversea-Chinese Banking Corp., Ltd. | | | 5,172 | |
| | 79 | | | Singapore Exchange Ltd. | | | 443 | |
| | 153 | | | Singapore Press Holdings Ltd. | | | 461 | |
| | 1,756 | | | Singapore Telecommunications Ltd. | | | 5,024 | |
| | 304 | | | United Overseas Bank Ltd. | | | 4,185 | |
| | 618 | | | Wilmar International Ltd. | | | 1,698 | |
| | | | | | | | |
| | | | | | | 60,924 | |
| | | | | | | | |
| | | | Spain — 1.0% | |
| | 762 | | | Banco Bilbao Vizcaya Argentaria S.A. | | | 5,236 | |
| | 3,491 | | | Banco Santander S.A. | | | 17,726 | |
| | 8,117 | | | Bankia S.A. | | | 7,572 | |
| | 1,157 | | | Distribuidora Internacional de Alimentacion S.A. | | | 6,436 | |
| | 1,654 | | | Iberdrola S.A. | | | 11,776 | |
| | 386 | | | Industria de Diseno Textil S.A. | | | 12,409 | |
| | 723 | | | Telefonica S.A. | | | 7,912 | |
| | | | | | | | |
| | | | | | | 69,067 | |
| | | | | | | | |
| | | | Sweden — 0.7% | |
| | 63 | | | Assa Abloy AB, Class B | | | 1,331 | |
| | 442 | | | Electrolux AB, Series B | | | 12,830 | |
| | 1,109 | | | Nordea Bank AB | | | 10,782 | |
| | 1,207 | | | Sandvik AB | | | 12,404 | |
| | 1,625 | | | Telia Co. AB | | | 7,771 | |
| | | | | | | | |
| | | | | | | 45,118 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Switzerland — 4.1% | |
| | 186 | | | ABB Ltd. (a) | | | 3,936 | |
| | 58 | | | Actelion Ltd. (a) | | | 9,461 | |
| | 244 | | | Chubb Ltd. | | | 28,756 | |
| | 216 | | | Cie Financiere Richemont S.A. | | | 14,433 | |
| | 597 | | | Credit Suisse Group AG (a) | | | 9,086 | |
| | 318 | | | LafargeHolcim Ltd. (a) | | | 16,130 | |
| | 800 | | | Nestle S.A. | | | 59,695 | |
| | 423 | | | Novartis AG | | | 32,202 | |
| | 190 | | | Roche Holding AG | | | 48,140 | |
| | 21 | | | Syngenta AG | | | 8,385 | |
| | 348 | | | TE Connectivity Ltd. | | | 20,719 | |
| | 774 | | | UBS Group AG | | | 13,414 | |
| | 204 | | | Wolseley plc | | | 11,425 | |
| | 15 | | | Zurich Insurance Group AG (a) | | | 3,350 | |
| | | | | | | | |
| | | | | | | 279,132 | |
| | | | | | | | |
| | | | United Kingdom — 6.7% | |
| | 1,394 | | | 3i Group plc | | | 9,672 | |
| | 82 | | | Anglo American plc | | | 920 | |
| | 230 | | | Associated British Foods plc | | | 10,326 | |
| | 134 | | | AstraZeneca plc | | | 7,665 | |
| | 1,746 | | | Aviva plc | | | 11,060 | |
| | 508 | | | BAE Systems plc | | | 3,546 | |
| | 1,804 | | | Barclays plc | | | 4,530 | |
| | 596 | | | Barratt Developments plc | | | 4,638 | |
| | 3,201 | | | BP plc | | | 17,637 | |
| | 629 | | | British American Tobacco plc | | | 38,324 | |
| | 1,159 | | | BT Group plc | | | 7,511 | |
| | 516 | | | Capita plc | | | 7,555 | |
| | 2,867 | | | Centrica plc | | | 10,011 | |
| | 137 | | | Compass Group plc | | | 2,444 | |
| | 146 | | | Delphi Automotive plc | | | 10,714 | |
| | 281 | | | Diageo plc | | | 7,596 | |
| | 1,011 | | | Dixons Carphone plc | | | 6,294 | |
| | 1,443 | | | GlaxoSmithKline plc | | | 30,849 | |
| | 399 | | | Hammerson plc | | | 3,417 | |
| | 2,515 | | | HSBC Holdings plc | | | 16,668 | |
| | 157 | | | Imperial Brands plc | | | 8,518 | |
| | 274 | | | InterContinental Hotels Group plc | | | 10,943 | |
| | 2,866 | | | ITV plc | | | 9,446 | |
| | 1,822 | | | Kingfisher plc | | | 9,706 | |
| | 32 | | | Liberty Global plc, Class A (a) | | | 1,210 | |
| | 122 | | | Liberty Global plc, Series C (a) | | | 4,469 | |
| | 17,732 | | | Lloyds Banking Group plc | | | 17,404 | |
| | 319 | | | National Grid plc | | | 4,548 | |
| | 87 | | | Pentair plc | | | 5,051 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 49 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | United Kingdom — continued | |
| | 204 | | | Persimmon plc | | | 5,935 | |
| | 957 | | | Prudential plc | | | 18,881 | |
| | 75 | | | Randgold Resources Ltd. | | | 7,474 | |
| | 241 | | | Reckitt Benckiser Group plc | | | 23,458 | |
| | 98 | | | Rio Tinto Ltd. | | | 3,843 | |
| | 357 | | | Rio Tinto plc | | | 11,972 | |
| | 1,389 | | | RSA Insurance Group plc | | | 9,327 | |
| | 307 | | | SABMiller plc | | | 18,784 | |
| | 1,430 | | | Standard Chartered plc | | | 11,556 | |
| | 2,563 | | | Tesco plc (a) | | | 6,443 | |
| | 413 | | | Unilever N.V., CVA | | | 18,144 | |
| | 7,938 | | | Vodafone Group plc | | | 25,574 | |
| | 166 | | | Whitbread plc | | | 9,396 | |
| | 342 | | | WPP plc | | | 7,992 | |
| | | | | | | | |
| | | | | | | 461,451 | |
| | | | | | | | |
| | | | United States — 56.2% | |
| | 10 | | | 3M Co. | | | 1,667 | |
| | 524 | | | Abbott Laboratories | | | 20,381 | |
| | 102 | | | AbbVie, Inc. | | | 6,246 | |
| | 318 | | | Adobe Systems, Inc. (a) | | | 29,948 | |
| | 183 | | | Aetna, Inc. | | | 20,552 | |
| | 95 | | | Alexion Pharmaceuticals, Inc. (a) | | | 13,221 | |
| | 113 | | | Allergan plc (a) | | | 24,550 | |
| | 41 | | | Alliance Data Systems Corp. (a) | | | 8,378 | |
| | 71 | | | Alphabet, Inc., Class A (a) | | | 50,004 | |
| | 85 | | | Alphabet, Inc., Class C (a) | | | 59,222 | |
| | 140 | | | Altria Group, Inc. | | | 8,801 | |
| | 102 | | | Amazon.com, Inc. (a) | | | 66,952 | |
| | 165 | | | American Electric Power Co., Inc. | | | 10,460 | |
| | 456 | | | American International Group, Inc. | | | 25,448 | |
| | 67 | | | American Water Works Co., Inc. | | | 4,849 | |
| | 129 | | | Ameriprise Financial, Inc. | | | 12,351 | |
| | 65 | | | Amgen, Inc. | | | 10,278 | |
| | 71 | | | Anadarko Petroleum Corp. | | | 3,769 | |
| | 64 | | | Analog Devices, Inc. | | | 3,590 | |
| | 102 | | | Anthem, Inc. | | | 14,426 | |
| | 46 | | | Apache Corp. | | | 2,512 | |
| | 1,281 | | | Apple, Inc. | | | 120,085 | |
| | 126 | | | Archer-Daniels-Midland Co. | | | 5,018 | |
| | 21 | | | Arrow Electronics, Inc. (a) | | | 1,273 | |
| | 269 | | | Arthur J. Gallagher & Co. | | | 12,387 | |
| | 1,308 | | | AT&T, Inc. | | | 50,786 | |
| | 101 | | | Automatic Data Processing, Inc. | | | 8,934 | |
| | 90 | | | AvalonBay Communities, Inc. | | | 15,923 | |
| | 82 | | | Baker Hughes, Inc. | | | 3,987 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | |
| | | | United States — continued | |
| | 3,524 | | | Bank of America Corp. | | | 51,309 | |
| | 215 | | | Bank of New York Mellon Corp. (The) | | | 8,661 | |
| | 26 | | | Becton, Dickinson and Co. | | | 4,230 | |
| | 254 | | | Berkshire Hathaway, Inc., Class B (a) | | | 36,931 | |
| | 226 | | | Best Buy Co., Inc. | | | 7,235 | |
| | 59 | | | Biogen, Inc. (a) | | | 16,225 | |
| | 35 | | | BioMarin Pharmaceutical, Inc. (a) | | | 2,978 | |
| | 64 | | | BlackRock, Inc. | | | 22,784 | |
| | 19 | | | Boston Beer Co., Inc. (The), Class A (a) | | | 3,025 | |
| | 68 | | | Boston Properties, Inc. | | | 8,718 | |
| | 918 | | | Boston Scientific Corp. (a) | | | 20,121 | |
| | 603 | | | Bristol-Myers Squibb Co. | | | 43,517 | |
| | 350 | | | Cabot Oil & Gas Corp. | | | 8,192 | |
| | 241 | | | Capital One Financial Corp. | | | 17,462 | |
| | 150 | | | Carnival Corp. | | | 7,359 | |
| | 38 | | | Caterpillar, Inc. | | | 2,981 | |
| | 199 | | | CBS Corp. (Non-Voting), Class B | | | 11,108 | |
| | 303 | | | Celgene Corp. (a) | | | 31,323 | |
| | 22 | | | Centene Corp. (a) | | | 1,375 | |
| | 570 | | | Charles Schwab Corp. (The) | | | 16,207 | |
| | 97 | | | Charter Communications, Inc., Class A (a) | | | 20,532 | |
| | 423 | | | Chevron Corp. | | | 43,250 | |
| | 53 | | | Cigna Corp. | | | 7,359 | |
| | 727 | | | Cisco Systems, Inc. | | | 19,982 | |
| | 1,035 | | | Citigroup, Inc. | | | 47,899 | |
| | 195 | | | Citizens Financial Group, Inc. | | | 4,453 | |
| | 390 | | | CMS Energy Corp. | | | 15,884 | |
| | 1,017 | | | Coca-Cola Co. (The) | | | 45,573 | |
| | 51 | | | Coca-Cola Enterprises, Inc. | | | 2,654 | |
| | 229 | | | Cognizant Technology Solutions Corp., Class A (a) | | | 13,374 | |
| | 99 | | | Colgate-Palmolive Co. | | | 6,991 | |
| | 683 | | | Comcast Corp., Class A | | | 41,471 | |
| | 33 | | | Comerica, Inc. | | | 1,462 | |
| | 69 | | | ConAgra Foods, Inc. | | | 3,086 | |
| | 27 | | | Concho Resources, Inc. (a) | | | 3,131 | |
| | 361 | | | ConocoPhillips | | | 17,253 | |
| | 145 | | | Constellation Brands, Inc., Class A | | | 22,660 | |
| | 184 | | | Corning, Inc. | | | 3,435 | |
| | 159 | | | Costco Wholesale Corp. | | | 23,607 | |
| | 267 | | | Crown Holdings, Inc. (a) | | | 14,115 | |
| | 73 | | | Cummins, Inc. | | | 8,547 | |
| | 137 | | | CVS Health Corp. | | | 13,757 | |
| | 361 | | | D.R. Horton, Inc. | | | 10,847 | |
| | 30 | | | Danaher Corp. | | | 2,950 | |
| | 267 | | | Delta Air Lines, Inc. | | | 11,143 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 50 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | United States — continued | |
| | 31 | | | DENTSPLY SIRONA, Inc. | | | 1,873 | |
| | 98 | | | Diamondback Energy, Inc. (a) | | | 8,455 | |
| | 229 | | | Discover Financial Services | | | 12,909 | |
| | 268 | | | DISH Network Corp., Class A (a) | | | 13,192 | |
| | 113 | | | Dollar General Corp. | | | 9,253 | |
| | 131 | | | Douglas Emmett, Inc. | | | 4,240 | |
| | 448 | | | Dow Chemical Co. (The) | | | 23,560 | |
| | 42 | | | Dr. Pepper Snapple Group, Inc. | | | 3,830 | |
| | 323 | | | E.I. du Pont de Nemours & Co. | | | 21,276 | |
| | 167 | | | Eastman Chemical Co. | | | 12,781 | |
| | 403 | | | Eaton Corp. plc | | | 25,470 | |
| | 256 | | | Edison International | | | 18,095 | |
| | 407 | | | Eli Lilly & Co. | | | 30,746 | |
| | 111 | | | EMC Corp. | | | 2,889 | |
| | 220 | | | EOG Resources, Inc. | | | 18,207 | |
| | 176 | | | EQT Corp. | | | 12,321 | |
| | 81 | | | Equifax, Inc. | | | 9,750 | |
| | 34 | | | Equinix, Inc. | | | 11,099 | |
| | 22 | | | Essex Property Trust, Inc. | | | 4,843 | |
| | 44 | | | Extra Space Storage, Inc. | | | 3,746 | |
| | 789 | | | Exxon Mobil Corp. | | | 69,756 | |
| | 14 | | | F5 Networks, Inc. (a) | | | 1,437 | |
| | 620 | | | Facebook, Inc., Class A (a) | | | 72,921 | |
| | 56 | | | FedEx Corp. | | | 9,172 | |
| | 319 | | | Fidelity National Information Services, Inc. | | | 20,963 | |
| | 88 | | | FirstEnergy Corp. | | | 2,854 | |
| | 193 | | | Fluor Corp. | | | 10,558 | |
| | 31 | | | Foot Locker, Inc. | | | 1,930 | |
| | 19 | | | General Dynamics Corp. | | | 2,733 | |
| | 1,737 | | | General Electric Co. | | | 53,426 | |
| | 305 | | | General Motors Co. | | | 9,691 | |
| | 457 | | | Gilead Sciences, Inc. | | | 40,323 | |
| | 114 | | | Goldman Sachs Group, Inc. (The) | | | 18,627 | |
| | 180 | | | Halliburton Co. | | | 7,430 | |
| | 123 | | | Harman International Industries, Inc. | | | 9,428 | |
| | 93 | | | Hartford Financial Services Group, Inc. (The) | | | 4,120 | |
| | 135 | | | HCP, Inc. | | | 4,582 | |
| | 99 | | | Hershey Co. (The) | | | 9,246 | |
| | 57 | | | Hess Corp. | | | 3,401 | |
| | 384 | | | Hewlett Packard Enterprise Co. | | | 6,390 | |
| | 122 | | | Hilton Worldwide Holdings, Inc. | | | 2,679 | |
| | 41 | | | Hologic, Inc. (a) | | | 1,378 | |
| | 366 | | | Home Depot, Inc. (The) | | | 49,029 | |
| | 295 | | | Honeywell International, Inc. | | | 33,751 | |
| | 670 | | | HP, Inc. | | | 8,219 | |
| | 78 | | | Humana, Inc. | | | 13,769 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | |
| | | | United States — continued | |
| | 67 | | | Illumina, Inc. (a) | | | 9,058 | |
| | 32 | | | Incyte Corp. (a) | | | 2,283 | |
| | 215 | | | Ingersoll-Rand plc | | | 14,110 | |
| | 375 | | | Intel Corp. | | | 11,362 | |
| | 62 | | | Intercontinental Exchange, Inc. | | | 14,998 | |
| | 102 | | | International Business Machines Corp. | | | 14,952 | |
| | 387 | | | Invesco Ltd. | | | 11,991 | |
| | 88 | | | Jack Henry & Associates, Inc. | | | 7,131 | |
| | 459 | | | Johnson & Johnson | | | 51,444 | |
| | 724 | | | KeyCorp | | | 8,898 | |
| | 210 | | | Kimberly-Clark Corp. | | | 26,296 | |
| | 376 | | | Kimco Realty Corp. | | | 10,584 | |
| | 388 | | | Kinder Morgan, Inc. | | | 6,892 | |
| | 474 | | | Kroger Co. (The) | | | 16,792 | |
| | 117 | | | L-3 Communications Holdings, Inc. | | | 15,394 | |
| | 21 | | | Laboratory Corp. of America Holdings (a) | | | 2,585 | |
| | 279 | | | Lam Research Corp. | | | 21,282 | |
| | 85 | | | LaSalle Hotel Properties | | | 2,029 | |
| | 41 | | | Lennox International, Inc. | | | 5,533 | |
| | 49 | | | Lincoln National Corp. | | | 2,141 | |
| | 438 | | | Lowe’s Cos., Inc. | | | 33,321 | |
| | 80 | | | Macerich Co. (The) | | | 6,056 | |
| | 16 | | | ManpowerGroup, Inc. | | | 1,234 | |
| | 118 | | | Marathon Petroleum Corp. | | | 4,604 | |
| | 53 | | | Martin Marietta Materials, Inc. | | | 9,020 | |
| | 322 | | | Masco Corp. | | | 9,896 | |
| | 28 | | | MasterCard, Inc., Class A | | | 2,689 | |
| | 41 | | | McDonald’s Corp. | | | 5,211 | |
| | 148 | | | McKesson Corp. | | | 24,854 | |
| | 523 | | | Merck & Co., Inc. | | | 28,676 | |
| | 619 | | | MetLife, Inc. | | | 27,904 | |
| | 1,985 | | | Microsoft Corp. | | | 98,990 | |
| | 13 | | | Mohawk Industries, Inc. (a) | | | 2,452 | |
| | 223 | | | Molson Coors Brewing Co., Class B | | | 21,369 | |
| | 719 | | | Mondelez International, Inc., Class A | | | 30,891 | |
| | 96 | | | Monsanto Co. | | | 9,028 | |
| | 874 | | | Morgan Stanley | | | 23,648 | |
| | 400 | | | Mosaic Co. (The) | | | 11,190 | |
| | 91 | | | Mylan N.V. (a) | | | 3,778 | |
| | 86 | | | National Oilwell Varco, Inc. | | | 3,083 | |
| | 112 | | | Newmont Mining Corp. | | | 3,911 | |
| | 228 | | | NextEra Energy, Inc. | | | 26,758 | |
| | 95 | | | NIKE, Inc., Class B | | | 5,570 | |
| | 72 | | | Northrop Grumman Corp. | | | 14,873 | |
| | 263 | | | Occidental Petroleum Corp. | | | 20,139 | |
| | 280 | | | Oracle Corp. | | | 11,162 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 51 | |
JPMorgan Global Research Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | United States — continued | |
| | 63 | | | O’Reilly Automotive, Inc. (a) | | | 16,480 | |
| | 341 | | | PACCAR, Inc. | | | 20,091 | |
| | 41 | | | Parker-Hannifin Corp. | | | 4,757 | |
| | 246 | | | PayPal Holdings, Inc. (a) | | | 9,625 | |
| | 461 | | | PepsiCo, Inc. | | | 47,496 | |
| | 1,717 | | | Pfizer, Inc. | | | 56,158 | |
| | 207 | | | PG&E Corp. | | | 12,019 | |
| | 424 | | | Philip Morris International, Inc. | | | 41,568 | |
| | 107 | | | Pioneer Natural Resources Co. | | | 17,834 | |
| | 31 | | | PPG Industries, Inc. | | | 3,456 | |
| | 163 | | | PPL Corp. | | | 6,124 | |
| | 4 | | | Priceline Group, Inc. (The) (a) | | | 5,509 | |
| | 494 | | | Procter & Gamble Co. (The) | | | 39,548 | |
| | 221 | | | Prologis, Inc. | | | 10,056 | |
| | 35 | | | Prudential Financial, Inc. | | | 2,684 | |
| | 281 | | | Public Service Enterprise Group, Inc. | | | 12,945 | |
| | 268 | | | PulteGroup, Inc. | | | 4,932 | |
| | 30 | | | Qorvo, Inc. (a) | | | 1,347 | |
| | 82 | | | QUALCOMM, Inc. | | | 4,152 | |
| | 23 | | | Quest Diagnostics, Inc. | | | 1,739 | |
| | 60 | | | Ralph Lauren Corp. | | | 5,637 | |
| | 42 | | | Red Hat, Inc. (a) | | | 3,063 | |
| | 8 | | | Regeneron Pharmaceuticals, Inc. (a) | | | 3,017 | |
| | 408 | | | Regions Financial Corp. | | | 3,826 | |
| | 28 | | | Robert Half International, Inc. | | | 1,057 | |
| | 109 | | | Ross Stores, Inc. | | | 6,170 | |
| | 219 | | | Royal Caribbean Cruises Ltd. | | | 16,939 | |
| | 18 | | | S&P Global, Inc. | | | 1,909 | |
| | 242 | | | Schlumberger Ltd. | | | 19,481 | |
| | 169 | | | Sealed Air Corp. | | | 8,020 | |
| | 29 | | | Sempra Energy | | | 3,028 | |
| | 12 | | | Sherwin-Williams Co. (The) | | | 3,402 | |
| | 26 | | | Simon Property Group, Inc. | | | 5,242 | |
| | 1,235 | | | Sirius XM Holdings, Inc. (a) | | | 4,880 | |
| | 41 | | | Skyworks Solutions, Inc. | | | 2,764 | |
| | 106 | | | SL Green Realty Corp. | | | 11,184 | |
| | 78 | | | Snap-on, Inc. | | | 12,384 | |
| | 548 | | | Spirit Realty Capital, Inc. | | | 6,261 | |
| | 192 | | | Stanley Black & Decker, Inc. | | | 21,537 | |
| | 487 | | | Starbucks Corp. | | | 27,368 | |
| | 19 | | | Stericycle, Inc. (a) | | | 1,835 | |
| | 237 | | | STORE Capital Corp. | | | 6,086 | |
| | 32 | | | Stryker Corp. | | | 3,490 | |
| | 103 | | | SunTrust Banks, Inc. | | | 4,310 | |
| | 60 | | | SVB Financial Group (a) | | | 6,259 | |
| | 60 | | | Synchrony Financial (a) | | | 1,821 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | |
| | | | United States — continued | |
| | 37 | | | Synopsys, Inc. (a) | | | 1,768 | |
| | 17 | | | Target Corp. | | | 1,328 | |
| | 317 | | | TD Ameritrade Holding Corp. | | | 9,463 | |
| | 527 | | | Texas Instruments, Inc. | | | 30,056 | |
| | 68 | | | Textron, Inc. | | | 2,613 | |
| | 140 | | | Thermo Fisher Scientific, Inc. | | | 20,192 | |
| | 91 | | | Thomson Reuters Corp. | | | 3,731 | |
| | 38 | | | Time Warner Cable, Inc. | | | 8,133 | |
| | 409 | | | Time Warner, Inc. | | | 30,763 | |
| | 349 | | | TJX Cos., Inc. (The) | | | 26,439 | |
| | 260 | | | T-Mobile USA, Inc. (a) | | | 10,202 | |
| | 858 | | | Twenty-First Century Fox, Inc., Class A | | | 25,972 | |
| | 92 | | | Twenty-First Century Fox, Inc., Class B | | | 2,773 | |
| | 96 | | | U.S. Bancorp | | | 4,090 | |
| | 395 | | | Union Pacific Corp. | | | 34,435 | |
| | 231 | | | United Continental Holdings, Inc. (a) | | | 10,567 | |
| | 351 | | | United Technologies Corp. | | | 36,624 | |
| | 317 | | | UnitedHealth Group, Inc. | | | 41,744 | |
| | 248 | | | V.F. Corp. | | | 15,606 | |
| | 227 | | | Valero Energy Corp. | | | 13,342 | |
| | 148 | | | Vantiv, Inc., Class A (a) | | | 8,064 | |
| | — | (h) | | Veritiv Corp. (a) | | | — | (h) |
| | 616 | | | Verizon Communications, Inc. | | | 31,388 | |
| | 142 | | | Vertex Pharmaceuticals, Inc. (a) | | | 11,979 | |
| | 612 | | | Visa, Inc., Class A | | | 47,248 | |
| | 44 | | | Vornado Realty Trust | | | 4,203 | |
| | 35 | | | Voya Financial, Inc. | | | 1,147 | |
| | 80 | | | Walgreens Boots Alliance, Inc. | | | 6,324 | |
| | 63 | | | Wal-Mart Stores, Inc. | | | 4,188 | |
| | 184 | | | Walt Disney Co. (The) | | | 19,005 | |
| | 1,333 | | | Wells Fargo & Co. | | | 66,645 | |
| | 53 | | | Western Digital Corp. | | | 2,147 | |
| | 78 | | | Western Union Co. (The) | | | 1,553 | |
| | 160 | | | WestRock Co. | | | 6,716 | |
| | 32 | | | Workday, Inc., Class A (a) | | | 2,375 | |
| | 447 | | | Xcel Energy, Inc. | | | 17,879 | |
| | 216 | | | Yum! Brands, Inc. | | | 17,221 | |
| | 169 | | | Zions Bancorp. | | | 4,663 | |
| | 96 | | | Zoetis, Inc. | | | 4,519 | |
| | | | | | | | |
| | | | | | | 3,852,159 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $6,433,884) | | | 6,818,631 | |
| | | | | | | | |
| Preferred Stocks — 0.2% | |
| | | | Germany — 0.2% | |
| | 111 | | | Henkel AG & Co. KGaA | | | 12,719 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 52 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Preferred Stocks — continued | |
| | | | Germany — continued | |
| | 30 | | | Volkswagen AG | | | 4,356 | |
| | | | | | | | |
| | | | | | | 17,075 | |
| | | | | | | | |
| | | | Total Preferred Stocks
(Cost $17,272) | | | 17,075 | |
| | | | | | | | |
| | | | Total Investments — 99.7%
(Cost $6,451,156) | | | 6,835,706 | |
| | | | Other Assets in Excess of
Liabilities — 0.3% | | | 18,486 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 6,854,192 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 8.5 | % |
Pharmaceuticals | | | 7.4 | |
Oil, Gas & Consumable Fuels | | | 6.2 | |
Insurance | | | 4.1 | |
Media | | | 3.2 | |
Beverages | | | 3.2 | |
IT Services | | | 2.9 | |
Internet Software & Services | | | 2.7 | |
Specialty Retail | | | 2.6 | |
Chemicals | | | 2.5 | |
Software | | | 2.5 | |
Diversified Telecommunication Services | | | 2.5 | |
Capital Markets | | | 2.4 | |
Technology Hardware, Storage & Peripherals | | | 2.3 | |
Real Estate Investment Trusts (REITs) | | | 2.3 | |
Biotechnology | | | 2.2 | |
Semiconductors & Semiconductor Equipment | | | 2.1 | |
Electric Utilities | | | 2.1 | |
Machinery | | | 2.1 | |
Food Products | | | 2.0 | |
Aerospace & Defense | | | 2.0 | |
Health Care Providers & Services | | | 2.0 | |
Hotels, Restaurants & Leisure | | | 1.8 | |
Food & Staples Retailing | | | 1.7 | |
Household Products | | | 1.6 | |
Tobacco | | | 1.6 | |
Automobiles | | | 1.6 | |
Industrial Conglomerates | | | 1.4 | |
Road & Rail | | | 1.4 | |
Metals & Mining | | | 1.3 | |
Internet & Catalog Retail | | | 1.1 | |
Health Care Equipment & Supplies | | | 1.1 | |
Diversified Financial Services | | | 1.1 | |
Textiles, Apparel & Luxury Goods | | | 1.0 | |
Wireless Telecommunication Services | | | 1.0 | |
Household Durables | | | 1.0 | |
Others (each less than 1.0%) | | | 11.5 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 53 | |
JPMorgan Global Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 95.3% | |
| | | | China — 8.2% | |
| | — | (h) | | Baidu, Inc., ADR (a) | | | 57 | |
| | — | (h) | | CNOOC Ltd., ADR | | | 39 | |
| | 55 | | | Industrial & Commercial Bank of China Ltd., Class H | | | 29 | |
| | 1 | | | JD.com, Inc., ADR (a) | | | 28 | |
| | 6 | | | Ping An Insurance Group Co. of China Ltd., Class H | | | 26 | |
| | 2 | | | Vipshop Holdings Ltd., ADR (a) | | | 30 | |
| | | | | | | | |
| | | | | | | 209 | |
| | | | | | | | |
| | | | Finland — 0.9% | |
| | 4 | | | Nokia OYJ | | | 23 | |
| | | | | | | | |
| | | | France — 4.8% | |
| | — | (h) | | Airbus Group SE | | | 20 | |
| | 2 | | | AXA S.A. | | | 42 | |
| | 1 | | | Sanofi | | | 59 | |
| | | | | | | | |
| | | | | | | 121 | |
| | | | | | | | |
| | | | Germany — 1.3% | |
| | — | (h) | | Bayer AG | | | 33 | |
| | | | | | | | |
| | | | India — 1.8% | |
| | 5 | | | ICICI Bank Ltd., ADR | | | 32 | |
| | — | (h) | | Tata Motors Ltd., ADR (a) | | | 13 | |
| | | | | | | | |
| | | | | | | 45 | |
| | | | | | | | |
| | | | Ireland — 2.1% | |
| | — | (h) | | Shire plc, ADR | | | 53 | |
| | | | | | | | |
| | | | Israel — 3.4% | |
| | 2 | | | Teva Pharmaceutical Industries Ltd., ADR | | | 85 | |
| | | | | | | | |
| | | | Japan — 5.3% | |
| | 4 | | | Inpex Corp. | | | 31 | |
| | 1 | | | Kubota Corp. | | | 20 | |
| | 3 | | | Minebea Co., Ltd. | | | 25 | |
| | 2 | | | Sumitomo Electric Industries Ltd. | | | 19 | |
| | 1 | | | Sumitomo Mitsui Financial Group, Inc. | | | 39 | |
| | | | | | | | |
| | | | | | | 134 | |
| | | | | | | | |
| | | | Netherlands — 2.4% | |
| | 1 | | | NXP Semiconductors N.V. (a) | | | 62 | |
| | | | | | | | |
| | | | South Africa — 0.6% | |
| | — | (h) | | Naspers Ltd., Class N | | | 14 | |
| | | | | | | | |
| | | | Switzerland — 5.9% | |
| | — | (h) | | Chubb Ltd. | | | 43 | |
| | 1 | | | Credit Suisse Group AG (a) | | | 18 | |
| | — | (h) | | LafargeHolcim Ltd. (a) | | | 19 | |
| | 1 | | | Novartis AG | | | 46 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | |
| | | | Switzerland — continued | |
| | 1 | | | UBS Group AG | | | 24 | |
| | | | | | | | |
| | | | | | | 150 | |
| | | | | | | | |
| | | | United Kingdom — 5.2% | |
| | 8 | | | Barclays plc | | | 19 | |
| | 1 | | | Burberry Group plc | | | 24 | |
| | 36 | | | Lloyds Banking Group plc | | | 35 | |
| | 17 | | | Vodafone Group plc | | | 54 | |
| | | | | | | | |
| | | | | | | 132 | |
| | | | | | | | |
| | | | United States — 53.4% | |
| | — | (h) | | Aetna, Inc. | | | 45 | |
| | — | (h) | | Alexion Pharmaceuticals, Inc. (a) | | | 34 | |
| | — | (h) | | Allergan plc (a) | | | 25 | |
| | — | (h) | | Alphabet, Inc., Class C (a) | | | 59 | |
| | — | (h) | | Amazon.com, Inc. (a) | | | 75 | |
| | — | (h) | | Anadarko Petroleum Corp. | | | 16 | |
| | — | (h) | | Apple, Inc. | | | 43 | |
| | 3 | | | Bank of America Corp. | | | 49 | |
| | — | (h) | | Biogen, Inc. (a) | | | 18 | |
| | 1 | | | CBRE Group, Inc., Class A (a) | | | 34 | |
| | — | (h) | | Celgene Corp. (a) | | | 31 | |
| | — | (h) | | Charter Communications, Inc., Class A (a) | | | 35 | |
| | 2 | | | Citigroup, Inc. | | | 79 | |
| | 1 | | | DISH Network Corp., Class A (a) | | | 49 | |
| | — | (h) | | Gilead Sciences, Inc. | | | 19 | |
| | 1 | | | Harman International Industries, Inc. | | | 42 | |
| | 3 | | | Horizon Pharma plc (a) | | | 40 | |
| | 2 | | | HP, Inc. | | | 25 | |
| | — | (h) | | Lam Research Corp. | | | 32 | |
| | — | (h) | | McKesson Corp. | | | 69 | |
| | 2 | | | MetLife, Inc. | | | 73 | |
| | 1 | | | Morgan Stanley | | | 30 | |
| | 1 | | | Mosaic Co. (The) | | | 36 | |
| | 2 | | | Navient Corp. | | | 28 | |
| | 1 | | | Pfizer, Inc. | | | 34 | |
| | — | (h) | | Pioneer Natural Resources Co. | | | 20 | |
| | 1 | | | QUALCOMM, Inc. | | | 37 | |
| | — | (h) | | SVB Financial Group (a) | | | 14 | |
| | 6 | | | Time, Inc. | | | 89 | |
| | 3 | | | Twenty-First Century Fox, Inc., Class A | | | 102 | |
| | 1 | | | United Continental Holdings, Inc. (a) | | | 37 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 54 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | United States — continued | |
| | — | (h) | | Vertex Pharmaceuticals, Inc. (a) | | | 33 | |
| | | | | | | | |
| | | | | | | 1,352 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $2,347) | | | 2,413 | |
| | | | | | | | |
| | | | Total Investments — 95.3%
(Cost $2,347) | | | 2,413 | |
| | | | Other Assets in Excess of
Liabilities — 4.7% | | | 120 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 2,533 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Pharmaceuticals | | | 15.5 | % |
Banks | | | 12.3 | |
Media | | | 12.0 | |
Insurance | | | 7.6 | |
Biotechnology | | | 5.6 | |
Internet & Catalog Retail | | | 5.5 | |
Semiconductors & Semiconductor Equipment | | | 5.4 | |
Internet Software & Services | | | 4.8 | |
Health Care Providers & Services | | | 4.7 | |
Oil, Gas & Consumable Fuels | | | 4.4 | |
Capital Markets | | | 3.0 | |
Technology Hardware, Storage & Peripherals | | | 2.8 | |
Wireless Telecommunication Services | | | 2.2 | |
Machinery | | | 1.9 | |
Household Durables | | | 1.7 | |
Airlines | | | 1.5 | |
Chemicals | | | 1.5 | |
Real Estate Management & Development | | | 1.4 | |
Consumer Finance | | | 1.1 | |
Textiles, Apparel & Luxury Goods | | | 1.0 | |
Others (each less than 1.0%) | | | 4.1 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 55 | |
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 96.3% | |
| | | | Australia — 1.1% | |
| | 1,626 | | | BHP Billiton Ltd. | | | 25,391 | |
| | 639 | | | BHP Billiton plc | | | 8,725 | |
| | 1,794 | | | South32 Ltd. (a) | | | 2,243 | |
| | | | | | | | |
| | | | | | | 36,359 | |
| | | | | | | | |
| | | | Belgium — 1.6% | |
| | 424 | | | Anheuser-Busch InBev S.A./N.V. | | | 52,541 | |
| | | | | | | | |
| | | | China — 3.1% | |
| | 148 | | | Baidu, Inc., ADR (a) | | | 28,717 | |
| | 29,771 | | �� | CNOOC Ltd. | | | 36,777 | |
| | 5,943 | | | Ping An Insurance Group Co. of China Ltd., Class H | | | 27,891 | |
| | 7,494 | | | Wynn Macau Ltd. | | | 10,656 | |
| | | | | | | | |
| | | | | | | 104,041 | |
| | | | | | | | |
| | | | Denmark — 1.3% | |
| | 763 | | | Novo Nordisk A/S, Class B | | | 42,600 | |
| | | | | | | | |
| | | | France — 11.8% | |
| | 879 | | | Accor S.A. | | | 38,910 | |
| | 1,847 | | | AXA S.A. | | | 46,647 | |
| | 823 | | | BNP Paribas S.A. | | | 43,563 | |
| | 265 | | | Essilor International S.A. | | | 34,298 | |
| | 8 | | | Hermes International | | | 2,975 | |
| | 305 | | | Imerys S.A. | | | 22,491 | |
| | 122 | | | Kering | | | 20,870 | |
| | 218 | | | LVMH Moet Hennessy Louis Vuitton SE | | | 36,294 | |
| | 282 | | | Pernod Ricard S.A. | | | 30,486 | |
| | 602 | | | Sanofi | | | 49,616 | |
| | 729 | | | Schneider Electric SE (a) | | | 47,693 | |
| | 358 | | | Technip S.A. (a) | | | 20,984 | |
| | | | | | | | |
| | | | | | | 394,827 | |
| | | | | | | | |
| | | | Germany — 6.7% | |
| | 339 | | | Allianz SE | | | 57,611 | |
| | 396 | | | Bayer AG | | | 45,810 | |
| | 218 | | | Continental AG | | | 48,059 | |
| | 165 | | | Fresenius Medical Care AG & Co. KGaA | | | 14,356 | |
| | 734 | | | SAP SE | | | 57,561 | |
| | | | | | | | |
| | | | | | | 223,397 | |
| | | | | | | | |
| | | | Hong Kong — 4.3% | |
| | 5,183 | | | Cheung Kong Property Holdings Ltd. | | | 35,397 | |
| | 7,696 | | | China Overseas Land & Investment Ltd. | | | 24,429 | |
| | 3,790 | | | CK Hutchison Holdings Ltd. | | | 45,336 | |
| | 6,606 | | | Hang Lung Properties Ltd. | | | 13,154 | |
| | 7,520 | | | Sands China Ltd. | | | 26,793 | |
| | | | | | | | |
| | | | | | | 145,109 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | India — 1.0% | |
| | 536 | | | HDFC Bank Ltd., ADR | | | 33,727 | |
| | | | | | | | |
| | | | Indonesia — 0.6% | |
| | 39,136 | | | Astra International Tbk PT | | | 19,860 | |
| | | | | | | | |
| | | | Israel — 1.1% | |
| | 667 | | | Teva Pharmaceutical Industries Ltd., ADR | | | 36,324 | |
| | | | | | | | |
| | | | Japan — 21.5% | |
| | 2,767 | | | Astellas Pharma, Inc. | | | 37,304 | |
| | 356 | | | Daikin Industries Ltd. | | | 28,291 | |
| | 124 | | | East Japan Railway Co. | | | 10,891 | |
| | 204 | | | FANUC Corp. | | | 30,135 | |
| | 1,565 | | | Honda Motor Co., Ltd. | | | 42,230 | |
| | 2,843 | | | Inpex Corp. | | | 22,598 | |
| | 1,714 | | | Japan Tobacco, Inc. | | | 70,035 | |
| | 1,282 | | | KDDI Corp. | | | 36,915 | |
| | 67 | | | Keyence Corp. | | | 40,219 | |
| | 1,346 | | | Komatsu Ltd. | | | 23,109 | |
| | 3,111 | | | Kubota Corp. | | | 45,310 | |
| | 696 | | | Makita Corp. | | | 43,906 | |
| | 1,375 | | | Mitsui Fudosan Co., Ltd. | | | 33,581 | |
| | 395 | | | Nidec Corp. | | | 28,907 | |
| | 235 | | | Nitto Denko Corp. | | | 12,643 | |
| | 451 | | | Shin-Etsu Chemical Co., Ltd. | | | 25,254 | |
| | 187 | | | SMC Corp. | | | 45,650 | |
| | 1,914 | | | Sumitomo Mitsui Financial Group, Inc. | | | 57,602 | |
| | 573 | | | Tokyo Electron Ltd. | | | 37,891 | |
| | 938 | | | Toyota Motor Corp. | | | 47,567 | |
| | | | | | | | |
| | | | | | | 720,038 | |
| | | | | | | | |
| | | | Netherlands — 5.6% | |
| | 679 | | | Akzo Nobel N.V. | | | 48,253 | |
| | 371 | | | ASML Holding N.V. (a) | | | 35,847 | |
| | 3,621 | | | ING Groep N.V., CVA | | | 44,373 | |
| | 2,188 | | | Royal Dutch Shell plc, Class A | | | 57,303 | |
| | | | | | | | |
| | | | | | | 185,776 | |
| | | | | | | | |
| | | | South Africa — 0.9% | |
| | 216 | | | Naspers Ltd., Class N | | | 29,780 | |
| | | | | | | | |
| | | | South Korea — 2.1% | |
| | 87 | | | Hyundai Mobis Co., Ltd. | | | 19,930 | |
| | 24 | | | Samsung Electronics Co., Ltd., GDR | | | 13,112 | |
| | 71 | | | Samsung Electronics Co., Ltd., Reg. S, GDR | | | 38,628 | |
| | | | | | | | |
| | | | | | | 71,670 | |
| | | | | | | | |
| | | | Switzerland — 11.9% | |
| | 490 | | | Cie Financiere Richemont S.A. | | | 32,693 | |
| | 2,438 | | | Credit Suisse Group AG (a) | | | 37,104 | |
| | 8,875 | | | Glencore plc (a) | | | 21,212 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 56 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Switzerland — continued | |
| | 796 | | | LafargeHolcim Ltd. (a) | | | 40,282 | |
| | 273 | | | Nestle S.A. | | | 20,372 | |
| | 924 | | | Novartis AG | | | 70,323 | |
| | 300 | | | Roche Holding AG | | | 75,998 | |
| | 3,554 | | | UBS Group AG | | | 61,613 | |
| | 177 | | | Zurich Insurance Group AG (a) | | | 39,661 | |
| | | | | | | | |
| | | | | | | 399,258 | |
| | | | | | | | |
| | | | Taiwan — 1.2% | |
| | 1,654 | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 39,021 | |
| | | | | | | | |
| | | | United Kingdom — 20.5% | |
| | 761 | | | Aggreko plc | | | 12,118 | |
| | 2,622 | | | ARM Holdings plc | | | 35,990 | |
| | 16,724 | | | Barclays plc | | | 41,991 | |
| | 906 | | | British American Tobacco plc | | | 55,236 | |
| | 2,093 | | | Burberry Group plc | | | 36,440 | |
| | 9,646 | | | HSBC Holdings plc | | | 64,206 | |
| | 687 | | | Imperial Brands plc | | | 37,332 | |
| | 46,465 | | | Lloyds Banking Group plc | | | 45,606 | |
| | 4,384 | | | Meggitt plc | | | 26,356 | |
| | 3,493 | | | Prudential plc | | | 68,946 | |
| | 728 | | | Rio Tinto Ltd. | | | 28,403 | |
| | 436 | | | Rio Tinto plc | | | 14,628 | |
| | 4,743 | | | Standard Chartered plc | | | 38,334 | |
| | 1,397 | | | Tullow Oil plc (a) | | | 5,741 | |
| | 971 | | | Unilever plc | | | 43,394 | |
| | 24,421 | | | Vodafone Group plc | | | 78,679 | |
| | 2,196 | | | WPP plc | | | 51,294 | |
| | | | | | | | |
| | | | | | | 684,694 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $3,171,118) | | | 3,219,022 | |
| | | | | | | | |
| Preferred Stock — 1.2% | |
| | | | Germany — 1.2% | |
| | 358 | | | Henkel AG & Co. KGaA
(Cost $32,576) | | | 40,845 | |
| | | | | | | | |
| Short-Term Investment — 1.9% | |
| | | | Investment Company — 1.9% | |
| | 63,437 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l) (Cost $63,437) | | | 63,437 | |
| | | | | | | | |
| | | | Total Investments — 99.4%
(Cost $3,267,131) | | | 3,323,304 | |
| | | | Other Assets in Excess of
Liabilities — 0.6% | | | 19,805 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 3,343,109 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 11.1 | % |
Pharmaceuticals | | | 10.8 | |
Insurance | | | 7.2 | |
Machinery | | | 5.7 | |
Tobacco | | | 4.9 | |
Semiconductors & Semiconductor Equipment | | | 4.5 | |
Textiles, Apparel & Luxury Goods | | | 3.9 | |
Oil, Gas & Consumable Fuels | | | 3.7 | |
Wireless Telecommunication Services | | | 3.5 | |
Automobiles | | | 3.3 | |
Real Estate Management & Development | | | 3.2 | |
Metals & Mining | | | 3.0 | |
Capital Markets | | | 3.0 | |
Chemicals | | | 2.6 | |
Beverages | | | 2.5 | |
Media | | | 2.4 | |
Electrical Equipment | | | 2.3 | |
Hotels, Restaurants & Leisure | | | 2.3 | |
Auto Components | | | 2.0 | |
Construction Materials | | | 1.9 | |
Software | | | 1.7 | |
Technology Hardware, Storage & Peripherals | | | 1.6 | |
Industrial Conglomerates | | | 1.4 | |
Personal Products | | | 1.3 | |
Household Products | | | 1.2 | |
Electronic Equipment, Instruments & Components | | | 1.2 | |
Health Care Equipment & Supplies | | | 1.0 | |
Others (each less than 1.0%) | | | 4.9 | |
Short-Term Investment | | | 1.9 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 57 | |
JPMorgan International Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 95.0% | |
| | | | Australia — 3.9% | |
| | 242 | | | Suncorp Group Ltd. | | | 2,289 | |
| | 129 | | | Transurban Group | | | 1,130 | |
| | 142 | | | Westfield Corp. | | | 1,088 | |
| | | | | | | | |
| | | | | | | 4,507 | |
| | | | | | | | |
| | | | Belgium — 2.6% | |
| | 25 | | | Anheuser-Busch InBev S.A./N.V. | | | 3,049 | |
| | | | | | | | |
| | | | Canada — 1.2% | |
| | 32 | | | Toronto-Dominion Bank (The) | | | 1,417 | |
| | | | | | | | |
| | | | Denmark — 1.5% | |
| | 59 | | | Danske Bank A/S | | | 1,677 | |
| | | | | | | | |
| | | | Finland — 2.5% | |
| | 148 | | | UPM-Kymmene OYJ | | | 2,842 | |
| | | | | | | | |
| | | | France — 4.8% | |
| | 17 | | | Airbus Group SE | | | 1,059 | |
| | 24 | | | Cie Generale des Etablissements Michelin | | | 2,495 | |
| | 8 | | | Unibail-Rodamco SE | | | 2,020 | |
| | | | | | | | |
| | | | | | | 5,574 | |
| | | | | | | | |
| | | | Germany — 9.0% | |
| | 10 | | | Allianz SE | | | 1,658 | |
| | 25 | | | Bayer AG | | | 2,885 | |
| | 11 | | | Deutsche Boerse AG | | | 885 | |
| | 88 | | | Deutsche Telekom AG | | | 1,550 | |
| | 73 | | | Deutsche Wohnen AG | | | 2,252 | |
| | 22 | | | ProSiebenSat.1 Media SE | | | 1,107 | |
| | | | | | | | |
| | | | | | | 10,337 | |
| | | | | | | | |
| | | | Hong Kong — 0.9% | |
| | 286 | | | Sands China Ltd. | | | 1,019 | |
| | | | | | | | |
| | | | India — 1.3% | |
| | 81 | | | Infosys Ltd., ADR | | | 1,516 | |
| | | | | | | | |
| | | | Ireland — 1.3% | |
| | 19 | | | Ryanair Holdings plc, ADR | | | 1,517 | |
| | | | | | | | |
| | | | Israel — 3.6% | |
| | 1,227 | | | Bezeq The Israeli Telecommunication Corp., Ltd. | | | 2,585 | |
| | 28 | | | Teva Pharmaceutical Industries Ltd. | | | 1,553 | |
| | | | | | | | |
| | | | | | | 4,138 | |
| | | | | | | | |
| | | | Italy — 2.5% | |
| | 101 | | | Atlantia S.p.A. | | | 2,824 | |
| | | | | | | | |
| | | | Japan — 17.1% | |
| | 83 | | | Daiwa House Industry Co., Ltd. | | | 2,220 | |
| | 85 | | | Honda Motor Co., Ltd., ADR | | | 2,296 | |
| | 73 | | | Japan Airlines Co., Ltd. | | | 2,624 | |
| | 80 | | | Japan Tobacco, Inc. | | | 3,273 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Japan — continued | |
| | 63 | | | Nippon Telegraph & Telephone Corp. | | | 2,837 | |
| | 60 | | | Sompo Japan Nipponkoa Holdings, Inc. | | | 1,570 | |
| | 206 | | | Sumitomo Corp. | | | 2,182 | |
| | 455 | | | Sumitomo Mitsui Financial Group, Inc., ADR | | | 2,770 | |
| | | | | | | | |
| | | | | | | 19,772 | |
| | | | | | | | |
| | | | Netherlands — 5.3% | |
| | 133 | | | ING Groep N.V., CVA | | | 1,636 | |
| | 61 | | | NN Group N.V. | | | 2,126 | |
| | 89 | | | Royal Dutch Shell plc, Class A | | | 2,359 | |
| | | | | | | | |
| | | | | | | 6,121 | |
| | | | | | | | |
| | | | New Zealand — 2.0% | |
| | 907 | | | Spark New Zealand Ltd. | | | 2,346 | |
| | | | | | | | |
| | | | Norway — 2.4% | |
| | 113 | | | DNB ASA | | | 1,443 | |
| | 78 | | | Telenor ASA | | | 1,339 | |
| | | | | | | | |
| | | | | | | 2,782 | |
| | | | | | | | |
| | | | Russia — 2.3% | |
| | 178 | | | MMC Norilsk Nickel PJSC, ADR | | | 2,624 | |
| | | | | | | | |
| | | | Spain — 0.8% | |
| | 57 | | | Parques Reunidos Servicios Centrales S.A.U. (a) (e) | | | 959 | |
| | | | | | | | |
| | | | Switzerland — 4.6% | |
| | 14 | | | Novartis AG | | | 1,078 | |
| | 4 | | | Roche Holding AG | | | 1,053 | |
| | 56 | | | Wolseley plc | | | 3,132 | |
| | | | | | | | |
| | | | | | | 5,263 | |
| | | | | | | | |
| | | | Taiwan — 3.5% | |
| | 301 | | | Siliconware Precision Industries Co., Ltd., ADR | | | 2,181 | |
| | 77 | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 1,823 | |
| | | | | | | | |
| | | | | | | 4,004 | |
| | | | | | | | |
| | | | United Kingdom — 20.1% | |
| | 235 | | | 3i Group plc | | | 1,627 | |
| | 345 | | | BAE Systems plc | | | 2,406 | |
| | 37 | | | British American Tobacco plc | | | 2,241 | |
| | 113 | | | Compass Group plc | | | 2,011 | |
| | 342 | | | Direct Line Insurance Group plc | | | 1,810 | |
| | 182 | | | GlaxoSmithKline plc | | | 3,880 | |
| | 21 | | | Imperial Brands plc | | | 1,158 | |
| | 40 | | | InterContinental Hotels Group plc | | | 1,598 | |
| | 73 | | | Persimmon plc | | | 2,130 | |
| | 170 | | | RSA Insurance Group plc | | | 1,142 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 58 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | United Kingdom — continued | |
| | 136 | | | WPP plc | | | 3,180 | |
| | | | | | | | |
| | | | | | | 23,183 | |
| | | | | | | | |
| | | | United States — 1.8% | |
| | 42 | | | Carnival plc | | | 2,082 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $103,387) | | | 109,553 | |
| | | | | | | | |
| Short-Term Investment — 4.3% | | | | |
| | | | Investment Company — 4.3% | | | | |
| | 5,006 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l)
(Cost $5,006) | | | 5,006 | |
| | | | | | | | |
| | | | Total Investments — 99.3%
(Cost $108,393) | | | 114,559 | |
| | | | Other Assets in Excess of
Liabilities — 0.7% | | | 797 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 115,356 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Diversified Telecommunication Services | | | 9.3 | % |
Insurance | | | 9.2 | |
Pharmaceuticals | | | 9.1 | |
Banks | | | 7.8 | |
Hotels, Restaurants & Leisure | | | 6.7 | |
Tobacco | | | 5.8 | |
Trading Companies & Distributors | | | 4.6 | |
Real Estate Management & Development | | | 3.9 | |
Media | | | 3.7 | |
Airlines | | | 3.6 | |
Semiconductors & Semiconductor Equipment | | | 3.5 | |
Transportation Infrastructure | | | 3.5 | |
Aerospace & Defense | | | 3.0 | |
Real Estate Investment Trusts (REITs) | | | 2.7 | |
Beverages | | | 2.7 | |
Paper & Forest Products | | | 2.5 | |
Metals & Mining | | | 2.3 | |
Auto Components | | | 2.2 | |
Oil, Gas & Consumable Fuels | | | 2.1 | |
Automobiles | | | 2.0 | |
Household Durables | | | 1.9 | |
Capital Markets | | | 1.4 | |
IT Services | | | 1.3 | |
Others (each less than 1.0%) | | | 0.8 | |
Short-Term Investment | | | 4.4 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | |
CONTRACTS
TO BUY | | | CURRENCY | | COUNTERPARTY | | SETTLEMENT
DATE | | | SETTLEMENT
VALUE | | | VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | 344 | | | GBP | | | | | | | | | | | | | | | | | | |
| | 54,294 | | | for JPY | | Citibank, N.A. | | | 05/20/16 | | | $ | 510 | # | | $ | 502 | # | | $ | (8 | ) |
| | 774 | | | GBP | | | | | | | | | | | | | | | | | | |
| | 124,644 | | | for JPY | | Standard Chartered Bank | | | 05/20/16 | | | | 1,172 | # | | | 1,131 | # | | | (41 | ) |
| | 3,273 | | | AUD | | Societe Generale | | | 05/20/16 | | | | 2,556 | | | | 2,487 | | | | (69 | ) |
| | 1,432 | | | AUD | | Standard Chartered Bank | | | 05/20/16 | | | | 1,101 | | | | 1,088 | | | | (13 | ) |
| | 905,482 | | | JPY | | HSBC Bank, N.A. | | | 05/20/16 | | | | 8,319 | | | | 8,514 | | | | 195 | |
| | | | | | | | | | | | $ | 13,658 | | | $ | 13,722 | | | $ | 64 | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 59 | |
JPMorgan International Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | |
CONTRACTS
TO SELL | | | CURRENCY | | COUNTERPARTY | | SETTLEMENT
DATE | | | SETTLEMENT
VALUE | | | VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | 5,663 | | | GBP | | Goldman Sachs International | | | 05/20/16 | | | $ | 8,029 | | | $ | 8,275 | | | $ | (246 | ) |
| | 9,609 | | | ILS | | Citibank, N.A. | | | 05/20/16 | | | | 2,549 | | | | 2,573 | | | | (24 | ) |
| | 4,067 | | | ILS | | Deutsche Bank AG | | | 05/20/16 | | | | 1,081 | | | | 1,088 | | | | (7 | ) |
| | 31,701 | | | JPY | | Goldman Sachs International | | | 05/20/16 | | | | 290 | | | | 299 | | | | (9 | ) |
| | | | | | | | | | | | $ | 11,949 | | | $ | 12,235 | | | $ | (286 | ) |
| | |
| # | For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2016 of the currency being sold, and the value at April 30, 2016 is the U.S. dollar market value of the currency being purchased. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 60 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan International Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 97.1% | |
| | | | Australia — 3.9% | |
| | 1,960 | | | Australia & New Zealand Banking Group Ltd. | | | 35,927 | |
| | 5,597 | | | Goodman Group | | | 29,161 | |
| | 2,560 | | | Oil Search Ltd. | | | 13,570 | |
| | 3,210 | | | Westfield Corp. | | | 24,516 | |
| | | | | | | | |
| | | | | | | 103,174 | |
| | | | | | | | |
| | | | Belgium — 2.1% | |
| | 452 | | | Anheuser-Busch InBev S.A./N.V. | | | 56,052 | |
| | | | | | | | |
| | | | China — 0.8% | |
| | 4,174 | | | ENN Energy Holdings Ltd. | | | 20,359 | |
| | | | | | | | |
| | | | Denmark — 3.5% | |
| | 414 | | | Chr Hansen Holding A/S | | | 25,808 | |
| | 178 | | | Genmab A/S (a) | | | 26,413 | |
| | 700 | | | Novo Nordisk A/S, Class B | | | 39,088 | |
| | | | | | | | |
| | | | | | | 91,309 | |
| | | | | | | | |
| | | | Finland — 1.8% | |
| | 4,808 | | | Nokia OYJ | | | 28,386 | |
| | 997 | | | UPM-Kymmene OYJ | | | 19,086 | |
| | | | | | | | |
| | | | | | | 47,472 | |
| | | | | | | | |
| | | | France — 8.6% | |
| | 516 | | | Airbus Group SE | | | 32,285 | |
| | 1,307 | | | AXA S.A. | | | 33,008 | |
| | 685 | | | BNP Paribas S.A. | | | 36,279 | |
| | 786 | | | Klepierre | | | 36,973 | |
| | 329 | | | Renault S.A. | | | 31,707 | |
| | 394 | | | Technip S.A. (a) | | | 23,097 | |
| | 372 | | | Thales S.A. | | | 32,178 | |
| | | | | | | | |
| | | | | | | 225,527 | |
| | | | | | | | |
| | | | Germany — 6.5% | |
| | 271 | | | adidas AG | | | 34,912 | |
| | 164 | | | Bayer AG | | | 18,955 | |
| | 309 | | | Bayerische Motoren Werke AG | | | 28,612 | |
| | 135 | | | Continental AG | | | 29,820 | |
| | 2,627 | | | Infineon Technologies AG | | | 37,482 | |
| | 137 | | | Linde AG | | | 20,941 | |
| | | | | | | | |
| | | | | | | 170,722 | |
| | | | | | | | |
| | | | Hong Kong — 1.6% | |
| | 7,062 | | | China Overseas Land & Investment Ltd. | | | 22,417 | |
| | 1,635 | | | CK Hutchison Holdings Ltd. | | | 19,561 | |
| | | | | | | | |
| | | | | | | 41,978 | |
| | | | | | | | |
| | | | India — 0.9% | |
| | 380 | | | HDFC Bank Ltd., ADR | | | 23,895 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Ireland — 1.4% | |
| | 582 | | | Shire plc | | | 36,329 | |
| | | | | | | | |
| | | | Italy — 3.3% | |
| | 8,427 | | | Enel S.p.A. | | | 38,301 | |
| | 3,867 | | | Snam S.p.A. | | | 23,650 | |
| | 25,559 | | | Telecom Italia S.p.A. (a) | | | 24,958 | |
| | | | | | | | |
| | | | | | | 86,909 | |
| | | | | | | | |
| | | | Japan — 23.9% | |
| | 482 | | | Daikin Industries Ltd. | | | 38,269 | |
| | 1,376 | | | Daiwa House Industry Co., Ltd. | | | 36,765 | |
| | 645 | | | Dentsu, Inc. | | | 32,762 | |
| | 2,217 | | | DMG Mori Co., Ltd. | | | 24,869 | |
| | 818 | | | Japan Airlines Co., Ltd. | | | 29,443 | |
| | 5,714 | | | Kajima Corp. | | | 35,496 | |
| | 68 | | | Keyence Corp. | | | 40,819 | |
| | 7,922 | | | Mitsubishi UFJ Financial Group, Inc. | | | 36,556 | |
| | 1,590 | | | Mitsui Fudosan Co., Ltd. | | | 38,832 | |
| | 796 | | | NH Foods Ltd. | | | 17,742 | |
| | 1,396 | | | Nippon Steel & Sumitomo Metal Corp. | | | 29,056 | |
| | 1,097 | | | Nippon Telegraph & Telephone Corp. | | | 49,109 | |
| | 254 | | | Oriental Land Co., Ltd. | | | 17,631 | |
| | 2,627 | | | ORIX Corp. | | | 37,157 | |
| | 338 | | | Seven & i Holdings Co., Ltd. | | | 13,799 | |
| | 1,017 | | | Sompo Japan Nipponkoa Holdings, Inc. | | | 26,692 | |
| | 432 | | | Suntory Beverage & Food Ltd. | | | 18,871 | |
| | 928 | | | Tokio Marine Holdings, Inc. | | | 30,357 | |
| | 729 | | | Toyota Motor Corp. | | | 36,968 | |
| | 1,793 | | | Yamato Holdings Co., Ltd. | | | 36,159 | |
| | | | | | | | |
| | | | | | | 627,352 | |
| | | | | | | | |
| | | | Netherlands — 5.3% | |
| | 417 | | | ASML Holding N.V. (a) | | | 40,292 | |
| | 2,981 | | | ING Groep N.V., CVA | | | 36,522 | |
| | 2,305 | | | Royal Dutch Shell plc, Class A | | | 60,892 | |
| | | | | | | | |
| | | | | | | 137,706 | |
| | | | | | | | |
| | | | Norway — 1.5% | |
| | 8,998 | | | Norsk Hydro ASA | | | 39,150 | |
| | | | | | | | |
| | | | Spain — 0.5% | |
| | 2,136 | | | Distribuidora Internacional de Alimentacion S.A. | | | 11,886 | |
| | | | | | | | |
| | | | Sweden — 2.2% | |
| | 1,017 | | | Electrolux AB, Series B | | | 29,550 | |
| | 2,986 | | | Nordea Bank AB | | | 29,024 | |
| | | | | | | | |
| | | | | | | 58,574 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 61 | |
JPMorgan International Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Switzerland — 6.4% | |
| | 277 | | | Nestle S.A. | | | 20,704 | |
| | 260 | | | Roche Holding AG | | | 65,683 | |
| | 2,455 | | | UBS Group AG | | | 42,559 | |
| | 670 | | | Wolseley plc | | | 37,533 | |
| | | | | | | | |
| | | | | | | 166,479 | |
| | | | | | | | |
| | | | United Kingdom — 22.9% | |
| | 445 | | | Associated British Foods plc | | | 19,950 | |
| | 611 | | | AstraZeneca plc | | | 35,051 | |
| | 2,659 | | | Aviva plc | | | 16,844 | |
| | 915 | | | British American Tobacco plc | | | 55,819 | |
| | 8,434 | | | Centrica plc | | | 29,452 | |
| | 4,305 | | | Dixons Carphone plc | | | 26,796 | |
| | 2,811 | | | GlaxoSmithKline plc | | | 60,070 | |
| | 6,821 | | | HSBC Holdings plc | | | 45,203 | |
| | 508 | | | InterContinental Hotels Group plc | | | 20,291 | |
| | 5,792 | | | Kingfisher plc | | | 30,856 | |
| | 2,231 | | | Pennon Group plc | | | 26,518 | |
| | 1,455 | | | Prudential plc | | | 28,722 | |
| | 465 | | | Reckitt Benckiser Group plc | | | 45,325 | |
| | 991 | | | Rio Tinto plc | | | 33,243 | |
| | 308 | | | SABMiller plc | | | 18,839 | |
| | 1,860 | | | Smith & Nephew plc | | | 31,504 | |
| | 10,210 | | | Taylor Wimpey plc | | | 27,542 | |
| | 15,433 | | | Vodafone Group plc | | | 49,723 | |
| | | | | | | | |
| | | | | | | 601,748 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $2,439,767) | | | 2,546,621 | |
| | | | | | | | |
| Preferred Stock — 1.1% | |
| | | | Germany — 1.1% | |
| | 256 | | | Henkel AG & Co. KGaA
(Cost $22,464) | | | 29,248 | |
| | | | | | | | |
| Short-Term Investment — 1.9% | |
| | | | Investment Company — 1.9% | |
| | 50,458 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l)
(Cost $50,458) | | | 50,458 | |
| | | | | | | | |
| | | | Total Investments — 100.1%
(Cost $2,512,689) | | | 2,626,327 | |
| | | | Liabilities in Excess of
Other Assets — (0.1)% | | | (3,149 | ) |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 2,623,178 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Pharmaceuticals | | | 9.7 | % |
Banks | | | 9.3 | |
Insurance | | | 5.2 | |
Metals & Mining | | | 3.9 | |
Real Estate Management & Development | | | 3.7 | |
Automobiles | | | 3.7 | |
Beverages | | | 3.6 | |
Real Estate Investment Trusts (REITs) | | | 3.5 | |
Semiconductors & Semiconductor Equipment | | | 3.0 | |
Household Products | | | 2.8 | |
Oil, Gas & Consumable Fuels | | | 2.8 | |
Diversified Telecommunication Services | | | 2.8 | |
Aerospace & Defense | | | 2.5 | |
Food Products | | | 2.2 | |
Specialty Retail | | | 2.2 | |
Household Durables | | | 2.2 | |
Tobacco | | | 2.1 | |
Wireless Telecommunication Services | | | 1.9 | |
Chemicals | | | 1.8 | |
Gas Utilities | | | 1.7 | |
Capital Markets | | | 1.6 | |
Electronic Equipment, Instruments & Components | | | 1.6 | |
Electric Utilities | | | 1.5 | |
Building Products | | | 1.5 | |
Hotels, Restaurants & Leisure | | | 1.4 | |
Trading Companies & Distributors | | | 1.4 | |
Diversified Financial Services | | | 1.4 | |
Air Freight & Logistics | | | 1.4 | |
Construction & Engineering | | | 1.4 | |
Textiles, Apparel & Luxury Goods | | | 1.3 | |
Media | | | 1.2 | |
Health Care Equipment & Supplies | | | 1.2 | |
Auto Components | | | 1.1 | |
Multi-Utilities | | | 1.1 | |
Airlines | | | 1.1 | |
Communications Equipment | | | 1.1 | |
Water Utilities | | | 1.0 | |
Biotechnology | | | 1.0 | |
Food & Staples Retailing | | | 1.0 | |
Others (each less than 1.0%) | | | 3.2 | |
Short-Term Investment | | | 1.9 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 62 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | |
CONTRACTS
TO BUY | | | CURRENCY | | COUNTERPARTY | | SETTLEMENT
DATE | | | SETTLEMENT
VALUE | | | VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | 8,335 | | | AUD | | Citibank, N.A. | | | 05/11/16 | | | $ | 6,391 | | | $ | 6,335 | | | $ | (56 | ) |
| | 100,904 | | | AUD | | Goldman Sachs International | | | 05/11/16 | | | | 71,385 | | | | 76,697 | | | | 5,312 | |
| | 16,948 | | | CHF | | Goldman Sachs International | | | 05/11/16 | | | | 17,442 | | | | 17,673 | | | | 231 | |
| | 24,630 | | | CHF | | Morgan Stanley | | | 05/11/16 | | | | 24,931 | | | | 25,684 | | | | 753 | |
| | 41,057 | | | CHF | | Royal Bank of Canada | | | 05/11/16 | | | | 41,645 | | | | 42,813 | | | | 1,168 | |
| | 9,705 | | | CHF | | Standard Chartered Bank | | | 05/11/16 | | | | 9,980 | | | | 10,120 | | | | 140 | |
| | 35,881 | | | CHF | | Union Bank of Switzerland AG | | | 05/11/16 | | | | 37,084 | | | | 37,416 | | | | 332 | |
| | 37,647 | | | DKK | | BNP Paribas | | | 05/11/16 | | | | 5,732 | | | | 5,794 | | | | 62 | |
| | 16,688 | | | EUR | | BNP Paribas | | | 05/11/16 | | | | 18,152 | | | | 19,113 | | | | 961 | |
| | 12,103 | | | EUR | | Goldman Sachs International | | | 05/11/16 | | | | 13,703 | | | | 13,861 | | | | 158 | |
| | 39,685 | | | EUR | | HSBC Bank, N.A. | | | 05/11/16 | | | | 44,902 | | | | 45,452 | | | | 550 | |
| | 39,771 | | | EUR | | Merrill Lynch International | | | 05/11/16 | | | | 45,059 | | | | 45,550 | | | | 491 | |
| | 77,845 | | | EUR | | Union Bank of Switzerland AG | | | 05/11/16 | | | | 87,777 | | | | 89,156 | | | | 1,379 | |
| | 9,167 | | | GBP | | Barclays Bank plc | | | 05/11/16 | | | | 12,860 | | | | 13,395 | | | | 535 | |
| | 50,588 | | | GBP | | Goldman Sachs International | | | 05/11/16 | | | | 71,971 | | | | 73,918 | | | | 1,947 | |
| | 61,405 | | | HKD | | Royal Bank of Canada | | | 05/11/16 | | | | 7,902 | | | | 7,917 | | | | 15 | |
| | 78,133 | | | HKD | | Standard Chartered Bank | | | 05/11/16 | | | | 10,031 | | | | 10,073 | | | | 42 | |
| | 641,704 | | | JPY | | BNP Paribas | | | 05/11/16 | | | | 5,721 | | | | 6,032 | | | | 311 | |
| | 4,399,186 | | | JPY | | Royal Bank of Scotland | | | 05/11/16 | | | | 40,328 | | | | 41,352 | | | | 1,024 | |
| | 1,058,617 | | | JPY | | Societe Generale | | | 05/11/16 | | | | 9,300 | | | | 9,951 | | | | 651 | |
| | 2,293,032 | | | JPY | | Standard Chartered Bank | | | 05/11/16 | | | | 20,242 | | | | 21,555 | | | | 1,313 | |
| | 2,034,787 | | | JPY | | Union Bank of Switzerland AG | | | 05/11/16 | | | | 17,867 | | | | 19,127 | | | | 1,260 | |
| | 373,227 | | | SEK | | Goldman Sachs International | | | 05/11/16 | | | | 44,316 | | | | 46,489 | | | | 2,173 | |
| | 37,640 | | | SGD | | Standard Chartered Bank | | | 05/11/16 | | | | 26,961 | | | | 27,982 | | | | 1,021 | |
| | | | | | | | | | | | $ | 691,682 | | | $ | 713,455 | | | $ | 21,773 | |
| | |
| | | | | | | | | | | | | | | | | | | | | | |
CONTRACTS
TO SELL | | | CURRENCY | | COUNTERPARTY | | SETTLEMENT
DATE | | | SETTLEMENT
VALUE | | | VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | 7,300 | | | CHF | | Goldman Sachs International | | | 05/11/16 | | | $ | 7,348 | | | $ | 7,613 | | | $ | (265 | ) |
| | 50,579 | | | DKK | | Barclays Bank plc | | | 05/11/16 | | | | 7,538 | | | | 7,783 | | | | (245 | ) |
| | 40,369 | | | DKK | | Citibank, N.A. | | | 05/11/16 | | | | 5,890 | | | | 6,212 | | | | (322 | ) |
| | 41,295 | | | DKK | | Goldman Sachs International | | | 05/11/16 | | | | 6,243 | | | | 6,355 | | | | (112 | ) |
| | 36,471 | | | DKK | | Morgan Stanley | | | 05/11/16 | | | | 5,348 | | | | 5,613 | | | | (265 | ) |
| | 31,250 | | | DKK | | Standard Chartered Bank | | | 05/11/16 | | | | 4,719 | | | | 4,809 | | | | (90 | ) |
| | 34,171 | | | EUR | | Citibank, N.A. | | | 05/11/16 | | | | 37,232 | | | | 39,136 | | | | (1,904 | ) |
| | 33,580 | | | EUR | | Goldman Sachs International | | | 05/11/16 | | | | 37,572 | | | | 38,460 | | | | (888 | ) |
| | 14,319 | | | EUR | | HSBC Bank, N.A. | | | 05/11/16 | | | | 16,341 | | | | 16,400 | | | | (59 | ) |
| | 7,771 | | | EUR | | Royal Bank of Canada | | | 05/11/16 | | | | 8,456 | | | | 8,899 | | | | (443 | ) |
| | 65,293 | | | EUR | | State Street Corp. | | | 05/11/16 | | | | 73,943 | | | | 74,781 | | | | (838 | ) |
| | 142,196 | | | GBP | | HSBC Bank, N.A. | | | 05/11/16 | | | | 205,583 | | | | 207,774 | | | | (2,191 | ) |
| | 22,010 | | | GBP | | Royal Bank of Canada | | | 05/11/16 | | | | 31,002 | | | | 32,160 | | | | (1,158 | ) |
| | 3,904 | | | GBP | | Societe Generale | | | 05/11/16 | | | | 5,602 | | | | 5,705 | | | | (103 | ) |
| | 4,812 | | | GBP | | State Street Corp. | | | 05/11/16 | | | | 6,976 | | | | 7,031 | | | | (55 | ) |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 63 | |
JPMorgan International Opportunities Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | |
CONTRACTS
TO SELL | | | CURRENCY | | COUNTERPARTY | | SETTLEMENT
DATE | | | SETTLEMENT
VALUE | | | VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | 1,247,209 | | | JPY | | Barclays Bank plc | | | 05/11/16 | | | $ | 10,985 | | | $ | 11,724 | | | $ | (739 | ) |
| | 6,313,189 | | | JPY | | Goldman Sachs International | | | 05/11/16 | | | | 57,958 | | | | 59,344 | | | | (1,386 | ) |
| | 6,645,111 | | | JPY | | HSBC Bank, N.A. | | | 05/11/16 | | | | 57,820 | | | | 62,464 | | | | (4,644 | ) |
| | 2,221,002 | | | JPY | | Standard Chartered Bank | | | 05/11/16 | | | | 19,520 | | | | 20,878 | | | | (1,358 | ) |
| | 100,414 | | | NOK | | Royal Bank of Canada | | | 05/11/16 | | | | 11,766 | | | | 12,471 | | | | (705 | ) |
| | 89,827 | | | NOK | | State Street Corp. | | | 05/11/16 | | | | 10,830 | | | | 11,156 | | | | (326 | ) |
| | 190,989 | | | SEK | | State Street Corp. | | | 05/11/16 | | | | 23,307 | | | | 23,789 | | | | (482 | ) |
| | | | | | | | | | | | $ | 651,979 | | | $ | 670,557 | | | $ | (18,578 | ) |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 64 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 96.2% | |
| | | | Australia — 5.8% | |
| | 886 | | | AMP Ltd. | | | 3,935 | |
| | 597 | | | Australia & New Zealand Banking Group Ltd. | | | 10,950 | |
| | 449 | | | BGP Holdings plc (a) | | | — | (h) |
| | 663 | | | BHP Billiton Ltd. | | | 10,346 | |
| | 214 | | | Commonwealth Bank of Australia | | | 11,935 | |
| | 44 | | | CSL Ltd. | | | 3,509 | |
| | 762 | | | Dexus Property Group | | | 4,859 | |
| | 1,285 | | | Goodman Group | | | 6,696 | |
| | 95 | | | Macquarie Group Ltd. | | | 4,555 | |
| | 52 | | | National Australia Bank Ltd. | | | 1,070 | |
| | 282 | | | Wesfarmers Ltd. | | | 9,146 | |
| | 136 | | | Westpac Banking Corp. | | | 3,193 | |
| | | | | | | | |
| | | | | | | 70,194 | |
| | | | | | | | |
| | | | Belgium — 1.0% | |
| | 102 | | | Anheuser-Busch InBev S.A./N.V. | | | 12,690 | |
| | | | | | | | |
| | | | Denmark — 1.1% | |
| | 62 | | | Chr Hansen Holding A/S | | | 3,878 | |
| | 161 | | | Novo Nordisk A/S, Class B | | | 9,008 | |
| | | | | | | | |
| | | | | | | 12,886 | |
| | | | | | | | |
| | | | Finland — 1.9% | |
| | 89 | | | Cargotec Oyj, Class B | | | 3,385 | |
| | 1,543 | | | Nokia OYJ | | | 9,107 | |
| | 512 | | | Outokumpu OYJ (a) | | | 2,153 | |
| | 197 | | | UPM-Kymmene OYJ | | | 3,767 | |
| | 103 | | | Wartsila OYJ Abp | | | 4,423 | |
| | | | | | | | |
| | | | | | | 22,835 | |
| | | | | | | | |
| | | | France — 9.4% | |
| | 108 | | | Air Liquide S.A. | | | 12,284 | |
| | 142 | | | Airbus Group SE | | | 8,900 | |
| | 73 | | | Arkema S.A. | | | 5,804 | |
| | 516 | | | AXA S.A. | | | 13,029 | |
| | 174 | | | BNP Paribas S.A. | | | 9,239 | |
| | 67 | | | Capgemini S.A. | | | 6,268 | |
| | 257 | | | Engie S.A. | | | 4,233 | |
| | 836 | | | Natixis S.A. | | | 4,610 | |
| | 84 | | | Renault S.A. | | | 8,064 | |
| | 118 | | | Sanofi | | | 9,712 | |
| | 64 | | | Schneider Electric SE (a) | | | 4,205 | |
| | 39 | | | Sodexo S.A. | | | 3,966 | |
| | 59 | | | Thales S.A. | | | 5,126 | |
| | 221 | | | TOTAL S.A. | | | 11,157 | |
| | 335 | | | Vivendi S.A. | | | 6,434 | |
| | | | | | | | |
| | | | | | | 113,031 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Germany — 8.1% | |
| | 70 | | | adidas AG | | | 9,043 | |
| | 14 | | | Allianz SE | | | 2,390 | |
| | 24 | | | BASF SE | | | 1,980 | |
| | 132 | | | Bayer AG | | | 15,205 | |
| | 115 | | | Brenntag AG | | | 6,740 | |
| | 189 | | | Daimler AG | | | 13,156 | |
| | 57 | | | Deutsche Bank AG | | | 1,076 | |
| | 86 | | | Deutsche Post AG | | | 2,519 | |
| | 535 | | | Deutsche Telekom AG | | | 9,388 | |
| | 314 | | | E.ON SE | | | 3,253 | |
| | 43 | | | HeidelbergCement AG | | | 3,796 | |
| | 540 | | | Infineon Technologies AG | | | 7,702 | |
| | 31 | | | Linde AG | | | 4,691 | |
| | 165 | | | SAP SE | | | 12,930 | |
| | 41 | | | Siemens AG | | | 4,274 | |
| | | | | | | | |
| | | | | | | 98,143 | |
| | | | | | | | |
| | | | Hong Kong — 2.4% | |
| | 628 | | | AIA Group Ltd. | | | 3,761 | |
| | 566 | | | Cheung Kong Property Holdings Ltd. | | | 3,867 | |
| | 690 | | | CK Hutchison Holdings Ltd. | | | 8,251 | |
| | 140 | | | Hang Seng Bank Ltd. | | | 2,539 | |
| | 496 | | | Power Assets Holdings Ltd. | | | 4,724 | |
| | 702 | | | Sands China Ltd. | | | 2,502 | |
| | 619 | | | Wharf Holdings Ltd. (The) | | | 3,347 | |
| | | | | | | | |
| | | | | | | 28,991 | |
| | | | | | | | |
| | | | Ireland — 1.6% | |
| | 49 | | | DCC plc | | | 4,354 | |
| | 62 | | | Ryanair Holdings plc, ADR | | | 4,996 | |
| | 167 | | | Shire plc | | | 10,437 | |
| | | | | | | | |
| | | | | | | 19,787 | |
| | | | | | | | |
| | | | Israel — 0.3% | |
| | 59 | | | Teva Pharmaceutical Industries Ltd., ADR | | | 3,238 | |
| | | | | | | | |
| | | | Italy — 2.6% | |
| | 439 | | | Assicurazioni Generali S.p.A. | | | 6,713 | |
| | 227 | | | Atlantia S.p.A. | | | 6,323 | |
| | 2,229 | | | Enel S.p.A. | | | 10,131 | |
| | 4,635 | | | Telecom Italia S.p.A. (a) | | | 4,526 | |
| | 1,058 | | | UniCredit S.p.A. | | | 4,104 | |
| | | | | | | | |
| | | | | | | 31,797 | |
| | | | | | | | |
| | | | Japan — 21.8% | |
| | 326 | | | Amada Holdings Co., Ltd. | | | 3,279 | |
| | 171 | | | Bridgestone Corp. | | | 6,283 | |
| | 39 | | | Central Japan Railway Co. | | | 6,779 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 65 | |
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Japan — continued | |
| | 91 | | | Daikin Industries Ltd. | | | 7,207 | |
| | 75 | | | Dentsu, Inc. | | | 3,826 | |
| | 343 | | | DMG Mori Co., Ltd. | | | 3,852 | |
| | 93 | | | East Japan Railway Co. | | | 8,147 | |
| | 103 | | | Electric Power Development Co., Ltd. | | | 3,089 | |
| | 919 | | | Fujitsu Ltd. | | | 3,212 | |
| | 1,411 | | | Hitachi Ltd. | | | 6,465 | |
| | 306 | | | Honda Motor Co., Ltd. | | | 8,263 | |
| | 333 | | | J. Front Retailing Co., Ltd. | | | 4,005 | |
| | 67 | | | Japan Tobacco, Inc. | | | 2,717 | |
| | 205 | | | JFE Holdings, Inc. | | | 2,874 | |
| | 982 | | | JX Holdings, Inc. | | | 4,220 | |
| | 861 | | | Kajima Corp. | | | 5,349 | |
| | 163 | | | KDDI Corp. | | | 4,698 | |
| | 10 | | | Keyence Corp. | | | 5,994 | |
| | 403 | | | Kirin Holdings Co., Ltd. | | | 5,806 | |
| | 289 | | | Kyowa Hakko Kirin Co., Ltd. | | | 5,134 | |
| | 296 | | | Kyushu Electric Power Co., Inc. | | | 2,968 | |
| | 135 | | | LIXIL Group Corp. | | | 2,829 | |
| | 112 | | | Mabuchi Motor Co., Ltd. | | | 5,560 | |
| | 354 | | | Mazda Motor Corp. | | | 5,398 | |
| | 257 | | | Medipal Holdings Corp. | | | 4,071 | |
| | 2,353 | | | Mitsubishi UFJ Financial Group, Inc. | | | 10,857 | |
| | 124 | | | Mitsui & Co., Ltd. | | | 1,515 | |
| | 294 | | | Mitsui Fudosan Co., Ltd. | | | 7,173 | |
| | 143 | | | MS&AD Insurance Group Holdings, Inc. | | | 3,777 | |
| | 155 | | | NGK Spark Plug Co., Ltd. | | | 3,089 | |
| | 61 | | | Nidec Corp. | | | 4,477 | |
| | 163 | | | Nippon Steel & Sumitomo Metal Corp. | | | 3,400 | |
| | 200 | | | Nippon Telegraph & Telephone Corp. | | | 8,946 | |
| | 904 | | | Nishi-Nippon City Bank Ltd. (The) | | | 1,631 | |
| | — | (h) | | Nitori Holdings Co., Ltd. | | | 8 | |
| | 165 | | | Omron Corp. | | | 5,243 | |
| | 262 | | | ORIX Corp. | | | 3,706 | |
| | 174 | | | Otsuka Holdings Co., Ltd. | | | 6,775 | |
| | 224 | | | Seiko Epson Corp. | | | 3,671 | |
| | 224 | | | Seven & i Holdings Co., Ltd. | | | 9,152 | |
| | 123 | | | Shin-Etsu Chemical Co., Ltd. | | | 6,889 | |
| | 267 | | | Sony Corp. | | | 6,479 | |
| | 803 | | | Sumitomo Bakelite Co., Ltd. | | | 3,314 | |
| | 301 | | | Sumitomo Mitsui Financial Group, Inc. | | | 9,049 | |
| | 163 | | | Sumitomo Realty & Development Co., Ltd. | | | 4,739 | |
| | 122 | | | Suntory Beverage & Food Ltd. | | | 5,312 | |
| | 102 | | | Suzuken Co., Ltd. | | | 3,485 | |
| | 388 | | | Takashimaya Co., Ltd. | | | 2,833 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | |
| | | | Japan — continued | |
| | 802 | | | Tokyo Gas Co., Ltd. | | | 3,539 | |
| | 343 | | | Toyota Motor Corp. | | | 17,397 | |
| | 273 | | | Yamato Holdings Co., Ltd. | | | 5,510 | |
| | | | | | | | |
| | | | | | | 263,991 | |
| | | | | | | | |
| | | | Luxembourg — 0.5% | |
| | 1,058 | | | ArcelorMittal | | | 5,970 | |
| | | | | | | | |
| | | | Netherlands — 6.3% | |
| | 741 | | | Aegon N.V. | | | 4,260 | |
| | 84 | | | ASML Holding N.V. (a) | | | 8,135 | |
| | 91 | | | Heineken N.V. | | | 8,544 | |
| | 762 | | | ING Groep N.V., CVA | | | 9,334 | |
| | 1,119 | | | Koninklijke KPN N.V. | | | 4,398 | |
| | 292 | | | Koninklijke Philips N.V. | | | 8,028 | |
| | 144 | | | NN Group N.V. | | | 4,983 | |
| | 372 | | | Royal Dutch Shell plc, Class A | | | 9,733 | |
| | 709 | | | Royal Dutch Shell plc, Class B | | | 18,605 | |
| | | | | | | | |
| | | | | | | 76,020 | |
| | | | | | | | |
| | | | New Zealand — 0.4% | |
| | 1,706 | | | Spark New Zealand Ltd. | | | 4,410 | |
| | | | | | | | |
| | | | Norway — 0.2% | |
| | 194 | | | DNB ASA | | | 2,483 | |
| | | | | | | | |
| | | | Portugal — 0.3% | |
| | 266 | | | Galp Energia SGPS S.A. | | | 3,656 | |
| | | | | | | | |
| | | | Singapore — 0.8% | |
| | 676 | | | DBS Group Holdings Ltd. | | | 7,648 | |
| | 340 | | | Singapore Exchange Ltd. | | | 1,899 | |
| | | | | | | | |
| | | | | | | 9,547 | |
| | | | | | | | |
| | | | Spain — 2.3% | |
| | 1,035 | | | Banco Santander S.A. | | | 5,257 | |
| | 4,189 | | | Bankia S.A. | | | 3,907 | |
| | 563 | | | Distribuidora Internacional de Alimentacion S.A. | | | 3,134 | |
| | 958 | | | Iberdrola S.A. | | | 6,822 | |
| | 244 | | | Repsol S.A. | | | 3,214 | |
| | 481 | | | Telefonica S.A. | | | 5,266 | |
| | | | | | | | |
| | | | | | | 27,600 | |
| | | | | | | | |
| | | | Sweden — 1.8% | |
| | 254 | | | Electrolux AB, Series B | | | 7,381 | |
| | 781 | | | Nordea Bank AB | | | 7,594 | |
| | 612 | | | Sandvik AB | | | 6,285 | |
| | | | | | | | |
| | | | | | | 21,260 | |
| | | | | | | | |
| | | | Switzerland — 9.6% | |
| | 40 | | | Actelion Ltd. (a) | | | 6,537 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 66 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Switzerland — continued | |
| | 66 | | | Cie Financiere Richemont S.A. | | | 4,376 | |
| | 158 | | | Credit Suisse Group AG (a) | | | 2,399 | |
| | 162 | | | LafargeHolcim Ltd. (a) | | | 8,232 | |
| | 394 | | | Nestle S.A. | | | 29,374 | |
| | 218 | | | Novartis AG | | | 16,605 | |
| | 87 | | | Roche Holding AG | | | 21,894 | |
| | 10 | | | Syngenta AG | | | 3,872 | |
| | 544 | | | UBS Group AG | | | 9,437 | |
| | 165 | | | Wolseley plc | | | 9,215 | |
| | 20 | | | Zurich Insurance Group AG (a) | | | 4,470 | |
| | | | | | | | |
| | | | | | | 116,411 | |
| | | | | | | | |
| | | | United Kingdom — 18.0% | |
| | 530 | | | 3i Group plc | | | 3,673 | |
| | 142 | | | Associated British Foods plc | | | 6,357 | |
| | 200 | | | AstraZeneca plc | | | 11,479 | |
| | 1,023 | | | Aviva plc | | | 6,481 | |
| | 4,157 | | | Barclays plc | | | 10,438 | |
| | 610 | | | Barratt Developments plc | | | 4,747 | |
| | 1,511 | | | BP plc | | | 8,326 | |
| | 317 | | | British American Tobacco plc | | | 19,302 | |
| | 2,598 | | | Centrica plc | | | 9,071 | |
| | 1,574 | | | Debenhams plc | | | 1,808 | |
| | 814 | | | Dixons Carphone plc | | | 5,070 | |
| | 244 | | | Domino’s Pizza Group plc | | | 3,287 | |
| | 699 | | | GlaxoSmithKline plc | | | 14,945 | |
| | 2,049 | | | HSBC Holdings plc | | | 13,581 | |
| | 236 | | | HSBC Holdings plc | | | 1,571 | |
| | 198 | | | InterContinental Hotels Group plc | | | 7,918 | |
| | 837 | | | ITV plc | | | 2,757 | |
| | 10,760 | | | Lloyds Banking Group plc | | | 10,562 | |
| | 243 | | | Prudential plc | | | 4,799 | |
| | 116 | | | Reckitt Benckiser Group plc | | | 11,289 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | United Kingdom — continued | |
| | 109 | | | Rio Tinto Ltd. | | | 4,268 | |
| | 69 | | | Rio Tinto plc | | | 2,323 | |
| | 683 | | | RSA Insurance Group plc | | | 4,588 | |
| | 122 | | | SABMiller plc | | | 7,498 | |
| | 854 | | | Standard Chartered plc | | | 6,905 | |
| | 1,309 | | | Taylor Wimpey plc | | | 3,531 | |
| | 204 | | | Unilever N.V., CVA | | | 8,967 | |
| | 4,401 | | | Vodafone Group plc | | | 14,179 | |
| | 69 | | | Whitbread plc | | | 3,917 | |
| | 144 | | | WPP plc | | | 3,369 | |
| | | | | | | | |
| | | | | | | 217,006 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $1,135,496) | | | 1,161,946 | |
| | | | | | | | |
| Preferred Stocks — 1.0% | |
| | | | Germany — 1.0% | |
| | 79 | | | Henkel AG & Co. KGaA | | | 8,992 | |
| | 22 | | | Volkswagen AG | | | 3,209 | |
| | | | | | | | |
| | | | Total Preferred Stocks
(Cost $10,217) | | | 12,201 | |
| | | | | | | | |
| Short-Term Investment — 2.0% | |
| | | | Investment Company — 2.0% | |
| | 24,061 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l)
(Cost $24,061) | | | 24,061 | |
| | | | | | | | |
| | | | Total Investments — 99.2%
(Cost $1,169,774) | | | 1,198,208 | |
| | | | Other Assets in Excess of
Liabilities — 0.8% | | | 9,752 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 1,207,960 | |
| | | | | | | | |
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 67 | |
JPMorgan International Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands, except number of Futures contracts)
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 12.4 | % |
Pharmaceuticals | | | 10.4 | |
Insurance | | | 5.3 | |
Oil, Gas & Consumable Fuels | | | 4.9 | |
Automobiles | | | 4.6 | |
Diversified Telecommunication Services | | | 3.6 | |
Chemicals | | | 3.6 | |
Beverages | | | 3.3 | |
Food Products | | | 3.0 | |
Metals & Mining | | | 2.6 | |
Industrial Conglomerates | | | 2.1 | |
Electric Utilities | | | 2.1 | |
Household Durables | | | 1.8 | |
Tobacco | | | 1.8 | |
Hotels, Restaurants & Leisure | | | 1.8 | |
Food & Staples Retailing | | | 1.8 | |
Machinery | | | 1.8 | |
| | | | |
| INDUSTRY | | PERCENTAGE | |
Capital Markets | | | 1.8 | % |
Household Products | | | 1.7 | |
Real Estate Management & Development | | | 1.6 | |
Wireless Telecommunication Services | | | 1.6 | |
Electronic Equipment, Instruments & Components | | | 1.5 | |
Trading Companies & Distributors | | | 1.5 | |
Multi-Utilities | | | 1.4 | |
Semiconductors & Semiconductor Equipment | | | 1.3 | |
Road & Rail | | | 1.2 | |
Electrical Equipment | | | 1.2 | |
Aerospace & Defense | | | 1.2 | |
Textiles, Apparel & Luxury Goods | | | 1.1 | |
Software | | | 1.1 | |
Construction Materials | | | 1.0 | |
Real Estate Investment Trusts (REITs) | | | 1.0 | |
Others (each less than 1.0%) | | | 10.9 | |
Short-Term Investment | | | 2.0 | |
| | | | | | | | | | | | | | | | | | | | |
| Futures Contracts | |
NUMBER OF
CONTRACTS | | | DESCRIPTION | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | | | Long Futures Outstanding | |
| | 38 | | | TOPIX Index | | | 06/09/16 | | | | JPY | | | $ | 4,532 | | | $ | (124 | ) |
| | 28 | | | SPI 200 Index | | | 06/16/16 | | | | AUD | | | | 2,769 | | | | 70 | |
| | 182 | | | Euro STOXX 50 Index | | | 06/17/16 | | | | EUR | | | | 6,214 | | | | 219 | |
| | 65 | | | FTSE 100 Index | | | 06/17/16 | | | | GBP | | | | 5,915 | | | | 176 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | $ | 341 | |
| | | | | | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 68 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 96.6% | |
| | | | Belgium — 2.9% | |
| | 22 | | | Anheuser-Busch InBev S.A./N.V. | | | 2,764 | |
| | | | | | | | |
| | | | Canada — 1.5% | |
| | 23 | | | Canadian National Railway Co. | | | 1,386 | |
| | | | | | | | |
| | | | China — 6.0% | |
| | 13 | | | Baidu, Inc., ADR (a) | | | 2,492 | |
| | 1,862 | | | CNOOC Ltd. | | | 2,300 | |
| | 39 | | | JD.com, Inc., ADR (a) | | | 989 | |
| | | | | | | | |
| | | | | | | 5,781 | |
| | | | | | | | |
| | | | Denmark — 1.7% | |
| | 28 | | | Novo Nordisk A/S, Class B | | | 1,590 | |
| | | | | | | | |
| | | | Finland — 3.4% | |
| | 544 | | | Nokia OYJ | | | 3,209 | |
| | | | | | | | |
| | | | France — 7.4% | |
| | 50 | | | Accor S.A. | | | 2,228 | |
| | 142 | | | Orange S.A. | | | 2,351 | |
| | 23 | | | Pernod Ricard S.A. | | | 2,533 | |
| | | | | | | | |
| | | | | | | 7,112 | |
| | | | | | | | |
| | | | Germany — 6.1% | |
| | 12 | | | Continental AG | | | 2,664 | |
| | 53 | | | Covestro AG (e) (a) | | | 2,092 | |
| | 33 | | | Zalando SE (e) (a) | | | 1,084 | |
| | | | | | | | |
| | | | | | | 5,840 | |
| | | | | | | | |
| | | | Hong Kong — 4.1% | |
| | 287 | | | Cheung Kong Property Holdings Ltd. | | | 1,957 | |
| | 166 | | | CK Hutchison Holdings Ltd. | | | 1,986 | |
| | | | | | | | |
| | | | | | | 3,943 | |
| | | | | | | | |
| | | | India — 2.0% | |
| | 31 | | | HDFC Bank Ltd., ADR | | | 1,957 | |
| | | | | | | | |
| | | | Ireland — 1.5% | |
| | 23 | | | Shire plc | | | 1,424 | |
| | | | | | | | |
| | | | Israel — 3.4% | |
| | 59 | | | Teva Pharmaceutical Industries Ltd., ADR | | | 3,232 | |
| | | | | | | | |
| | | | Italy — 1.6% | |
| | 565 | | | Intesa Sanpaolo S.p.A. | | | 1,570 | |
| | | | | | | | |
| | | | Japan — 12.1% | |
| | 44 | | | Japan Tobacco, Inc. | | | 1,785 | |
| | 66 | | | KDDI Corp. | | | 1,887 | |
| | 3 | | | Keyence Corp. | | | 1,918 | |
| | 118 | | | Kubota Corp. | | | 1,716 | |
| | 60 | | | Shiseido Co., Ltd. | | | 1,330 | |
| | 50 | | | Sumitomo Mitsui Financial Group, Inc. | | | 1,502 | |
| | 23 | | | Tokyo Electron Ltd. | | | 1,487 | |
| | | | | | | | |
| | | | | | | 11,625 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Netherlands — 6.2% | |
| | 22 | | | Akzo Nobel N.V. | | | 1,573 | |
| | 144 | | | Altice N.V., Class A (a) | | | 2,185 | |
| | 179 | | | ING Groep N.V., CVA | | | 2,190 | |
| | | | | | | | |
| | | | | | | 5,948 | |
| | | | | | | | |
| | | | South Africa — 1.5% | |
| | 10 | | | Naspers Ltd., Class N | | | 1,434 | |
| | | | | | | | |
| | | | South Korea — 2.9% | |
| | 5 | | | Samsung Electronics Co., Ltd., Reg. S, GDR | | | 2,783 | |
| | | | | | | | |
| | | | Switzerland — 10.2% | |
| | 10 | | | Actelion Ltd. (a) | | | 1,562 | |
| | 21 | | | Cie Financiere Richemont S.A. | | | 1,405 | |
| | 47 | | | LafargeHolcim Ltd. (a) | | | 2,366 | |
| | 11 | | | Roche Holding AG | | | 2,780 | |
| | 94 | | | UBS Group AG | | | 1,631 | |
| | | | | | | | |
| | | | | | | 9,744 | |
| | | | | | | | |
| | | | Taiwan — 1.8% | |
| | 72 | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 1,700 | |
| | | | | | | | |
| | | | United Kingdom — 20.3% | |
| | 106 | | | ARM Holdings plc | | | 1,456 | |
| | 744 | | | Barclays plc | | | 1,867 | |
| | 114 | | | British Land Co. plc (The) | | | 1,204 | |
| | 2,110 | | | Lloyds Banking Group plc | | | 2,071 | |
| | 340 | | | Meggitt plc | | | 2,042 | |
| | 116 | | | Prudential plc | | | 2,283 | |
| | 90 | | | RELX N.V. | | | 1,505 | |
| | 107 | | | Smith & Nephew plc | | | 1,818 | |
| | 157 | | | Standard Chartered plc | | | 1,268 | |
| | 878 | | | Vodafone Group plc | | | 2,828 | |
| | 47 | | | WPP plc | | | 1,101 | |
| | | | | | | | |
| | | | | | | 19,443 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $92,931) | | | 92,485 | |
| | | | | | | | |
| Short-Term Investment — 3.4% | |
| | | | Investment Company — 3.4% | |
| | 3,281 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l)
(Cost $3,281) | | | 3,281 | |
| | | | | | | | |
| | | | Total Investments — 100.0%
(Cost $96,212) | | | 95,766 | |
| | | | Liabilities in Excess of
Other Assets — 0.0% (g) | | | (23 | ) |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 95,743 | |
| | | | | | | | |
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 69 | |
JPMorgan International Unconstrained Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 13.0 | % |
Pharmaceuticals | | | 9.4 | |
Media | | | 6.5 | |
Beverages | | | 5.5 | |
Wireless Telecommunication Services | | | 4.9 | |
Semiconductors & Semiconductor Equipment | | | 4.8 | |
Chemicals | | | 3.8 | |
Communications Equipment | | | 3.4 | |
Technology Hardware, Storage & Peripherals | | | 2.9 | |
Auto Components | | | 2.8 | |
Internet Software & Services | | | 2.6 | |
Construction Materials | | | 2.5 | |
Diversified Telecommunication Services | | | 2.5 | |
Oil, Gas & Consumable Fuels | | | 2.4 | |
Insurance | | | 2.4 | |
Hotels, Restaurants & Leisure | | | 2.3 | |
| | | | |
| INDUSTRY | | PERCENTAGE | |
Internet & Catalog Retail | | | 2.2 | % |
Aerospace & Defense | | | 2.1 | |
Industrial Conglomerates | | | 2.1 | |
Real Estate Management & Development | | | 2.0 | |
Electronic Equipment, Instruments & Components | | | 2.0 | |
Health Care Equipment & Supplies | | | 1.9 | |
Tobacco | | | 1.9 | |
Machinery | | | 1.8 | |
Capital Markets | | | 1.7 | |
Biotechnology | | | 1.6 | |
Textiles, Apparel & Luxury Goods | | | 1.5 | |
Road & Rail | | | 1.4 | |
Personal Products | | | 1.4 | |
Real Estate Investment Trusts (REITs) | | | 1.3 | |
Short-Term Investment | | | 3.4 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 70 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 96.6% | |
| | | | Australia — 3.1% | |
| | 2,489 | | | Australia & New Zealand Banking Group Ltd. | | | 45,622 | |
| | 4,339 | | | Goodman Group | | | 22,608 | |
| | | | | | | | |
| | | | | | | 68,230 | |
| | | | | | | | |
| | | | Belgium — 2.1% | |
| | 133 | | | Anheuser-Busch InBev S.A./N.V. | | | 16,438 | |
| | 528 | | | KBC Groep N.V. | | | 29,729 | |
| | | | | | | | |
| | | | | | | 46,167 | |
| | | | | | | | |
| | | | Canada — 0.7% | |
| | 384 | | | TransCanada Corp. | | | 15,945 | |
| | | | | | | | |
| | | | China — 1.1% | |
| | 18,972 | | | CNOOC Ltd. | | | 23,436 | |
| | | | | | | | |
| | | | Denmark — 0.7% | |
| | 119 | | | Pandora A/S | | | 15,481 | |
| | | | | | | | |
| | | | Finland — 1.8% | |
| | 2,846 | | | Nokia OYJ | | | 16,802 | |
| | 1,217 | | | UPM-Kymmene OYJ | | | 23,299 | |
| | | | | | | | |
| | | | | | | 40,101 | |
| | | | | | | | |
| | | | France — 11.7% | |
| | 333 | | | Airbus Group SE | | | 20,821 | |
| | 1,893 | | | AXA S.A. | | | 47,795 | |
| | 722 | | | BNP Paribas S.A. | | | 38,227 | |
| | 215 | | | Capgemini S.A. | | | 20,038 | |
| | 1,929 | | | Natixis S.A. | | | 10,645 | |
| | 350 | | | Renault S.A. | | | 33,801 | |
| | 197 | | | Schneider Electric SE (a) | | | 12,884 | |
| | — | (h) | | Thales S.A. | | | 39 | |
| | 1,454 | | | TOTAL S.A. | | | 73,467 | |
| | | | | | | | |
| | | | | | | 257,717 | |
| | | | | | | | |
| | | | Germany — 6.9% | |
| | 102 | | | adidas AG | | | 13,192 | |
| | 314 | | | Bayer AG | | | 36,310 | |
| | 342 | | | Brenntag AG | | | 20,066 | |
| | 528 | | | Daimler AG | | | 36,798 | |
| | 1,438 | | | E.ON SE | | | 14,905 | |
| | 138 | | | HeidelbergCement AG | | | 12,274 | |
| | 1,376 | | | Infineon Technologies AG | | | 19,625 | |
| | | | | | | | |
| | | | | | | 153,170 | |
| | | | | | | | |
| | | | Hong Kong — 1.8% | |
| | 3,494 | | | China Overseas Land & Investment Ltd. | | | 11,091 | |
| | 2,442 | | | CK Hutchison Holdings Ltd. | | | 29,216 | |
| | | | | | | | |
| | | | | | | 40,307 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Ireland — 1.4% | |
| | 128 | | | Ryanair Holdings plc, ADR | | | 10,400 | |
| | 327 | | | Shire plc | | | 20,380 | |
| | | | | | | | |
| | | | | | | 30,780 | |
| | | | | | | | |
| | | | Israel — 1.2% | |
| | 468 | | | Teva Pharmaceutical Industries Ltd., ADR | | | 25,486 | |
| | | | | | | | |
| | | | Italy — 4.0% | |
| | 8,964 | | | Enel S.p.A. | | | 40,741 | |
| | 11,213 | | | Intesa Sanpaolo S.p.A. | | | 31,171 | |
| | 17,131 | | | Telecom Italia S.p.A. (a) | | | 16,728 | |
| | | | | | | | |
| | | | | | | 88,640 | |
| | | | | | | | |
| | | | Japan — 20.0% | |
| | 355 | | | Daikin Industries Ltd. | | | 28,172 | |
| | 1,106 | | | Daiwa House Industry Co., Ltd. | | | 29,543 | |
| | 427 | | | Dentsu, Inc. | | | 21,675 | |
| | 1,202 | | | DMG Mori Co., Ltd. | | | 13,488 | |
| | 991 | | | Honda Motor Co., Ltd. | | | 26,754 | |
| | 632 | | | Japan Airlines Co., Ltd. | | | 22,756 | |
| | 11,014 | | | Mitsubishi UFJ Financial Group, Inc. | | | 50,826 | |
| | 1,396 | | | Mitsui Fudosan Co., Ltd. | | | 34,094 | |
| | 568 | | | NH Foods Ltd. | | | 12,660 | |
| | 1,270 | | | Nippon Telegraph & Telephone Corp. | | | 56,810 | |
| | 847 | | | Sompo Japan Nipponkoa Holdings, Inc. | | | 22,239 | |
| | 777 | | | Sony Corp. | | | 18,827 | |
| | 487 | | | Sumitomo Mitsui Financial Group, Inc. | | | 14,667 | |
| | 4,054 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 12,461 | |
| | 306 | | | Suzuken Co., Ltd. | | | 10,500 | |
| | 969 | | | Suzuki Motor Corp. | | | 26,565 | |
| | 375 | | | Toyota Motor Corp. | | | 19,019 | |
| | 1,067 | | | Yamato Holdings Co., Ltd. | | | 21,518 | |
| | | | | | | | |
| | | | | | | 442,574 | |
| | | | | | | | |
| | | | Luxembourg — 1.1% | |
| | 4,254 | | | ArcelorMittal | | | 24,013 | |
| | | | | | | | |
| | | | Netherlands — 7.8% | |
| | 2,611 | | | ING Groep N.V., CVA | | | 31,997 | |
| | 1,139 | | | Koninklijke Philips N.V. | | | 31,303 | |
| | 602 | | | NN Group N.V. | | | 20,894 | |
| | 3,326 | | | Royal Dutch Shell plc, Class A | | | 87,109 | |
| | | | | | | | |
| | | | | | | 171,303 | |
| | | | | | | | |
| | | | Norway — 1.1% | |
| | 5,711 | | | Norsk Hydro ASA | | | 24,848 | |
| | | | | | | | |
| | | | South Korea — 0.9% | |
| | 19 | | | Samsung Electronics Co., Ltd. | | | 21,025 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 71 | |
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Spain — 1.8% | |
| | 4,830 | | | Banco Santander S.A. | | | 24,528 | |
| | 16,017 | | | Bankia S.A. | | | 14,941 | |
| | | | | | | | |
| | | | | | | 39,469 | |
| | | | | | | | |
| | | | Sweden — 2.9% | |
| | 751 | | | Electrolux AB, Series B | | | 21,832 | |
| | 3,313 | | | Nordea Bank AB | | | 32,208 | |
| | 1,062 | | | Sandvik AB | | | 10,913 | |
| | | | | | | | |
| | | | | | | 64,953 | |
| | | | | | | | |
| | | | Switzerland — 4.6% | |
| | 894 | | | Credit Suisse Group AG (a) | | | 13,610 | |
| | 311 | | | LafargeHolcim Ltd. (a) | | | 15,814 | |
| | 84 | | | Roche Holding AG | | | 21,252 | |
| | 491 | | | Wolseley plc | | | 27,483 | |
| | 100 | | | Zurich Insurance Group AG (a) | | | 22,429 | |
| | | | | | | | |
| | | | | | | 100,588 | |
| | | | | | | | |
| | | | United Kingdom — 19.9% | |
| | 2,500 | | | Aviva plc | | | 15,838 | |
| | 7,251 | | | Barclays plc | | | 18,205 | |
| | 1,400 | | | Barratt Developments plc | | | 10,906 | |
| | 636 | | | British American Tobacco plc | | | 38,768 | |
| | 7,053 | | | Centrica plc | | | 24,631 | |
| | 1,893 | | | Dixons Carphone plc | | | 11,785 | |
| | 2,640 | | | GlaxoSmithKline plc | | | 56,419 | |
| | 552 | | | InterContinental Hotels Group plc | | | 22,058 | |
| | 30,832 | | | Lloyds Banking Group plc | | | 30,262 | |
| | 2,072 | | | National Grid plc | | | 29,566 | |
| | 2,125 | | | Prudential plc | | | 41,955 | |
| | 1,277 | | | Rio Tinto plc | | | 42,840 | |
| | 1,887 | | | RSA Insurance Group plc | | | 12,676 | |
| | 2,799 | | | Standard Chartered plc | | | 22,624 | |
| | 18,664 | | | Vodafone Group plc | | | 60,132 | |
| | | | | | | | |
| | | | | | | 438,665 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $2,117,113) | | | 2,132,898 | |
| | | | | | | | |
| Preferred Stock — 0.5% | | | | |
| | | | Germany — 0.5% | |
| | 93 | | | Henkel AG & Co. KGaA
(Cost $10,409) | | | 10,578 | |
| | | | | | | | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Short-Term Investment — 2.3% | | | | |
| | | | Investment Company — 2.3% | |
| | 51,512 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.391% (b) (l)
(Cost $51,512) | | | 51,512 | |
| | | | | | | | |
| | | | Total Investments — 99.4%
(Cost $2,179,034) | | | 2,194,988 | |
| | | | Other Assets in Excess of
Liabilities — 0.6% | | | 13,003 | |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 2,207,991 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 18.6 | % |
Oil, Gas & Consumable Fuels | | | 9.1 | |
Insurance | | | 8.4 | |
Pharmaceuticals | | | 7.3 | |
Automobiles | | | 6.5 | |
Metals & Mining | | | 4.2 | |
Real Estate Management & Development | | | 3.4 | |
Diversified Telecommunication Services | | | 3.4 | |
Multi-Utilities | | | 3.1 | |
Industrial Conglomerates | | | 2.8 | |
Wireless Telecommunication Services | | | 2.7 | |
Household Durables | | | 2.3 | |
Trading Companies & Distributors | | | 2.2 | |
Electric Utilities | | | 1.9 | |
Tobacco | | | 1.8 | |
Airlines | | | 1.5 | |
Textiles, Apparel & Luxury Goods | | | 1.3 | |
Building Products | | | 1.3 | |
Construction Materials | | | 1.3 | |
Machinery | | | 1.1 | |
Paper & Forest Products | | | 1.1 | |
Real Estate Investment Trusts (REITs) | | | 1.0 | |
Hotels, Restaurants & Leisure | | | 1.0 | |
Media | | | 1.0 | |
Air Freight & Logistics | | | 1.0 | |
Technology Hardware, Storage & Peripherals | | | 1.0 | |
Aerospace & Defense | | | 1.0 | |
Others (each less than 1.0%) | | | 6.4 | |
Short-Term Investment | | | 2.3 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 72 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | |
| Forward Foreign Currency Exchange Contracts | |
CONTRACTS
TO BUY | | | CURRENCY | | COUNTERPARTY | | SETTLEMENT
DATE | | | SETTLEMENT
VALUE | | | VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | 5,849 | | | CAD | | | | | | | | | | | | | | | | | | |
| | 3,181 | | | for GBP | | Barclays Bank plc | | | 05/27/16 | | | $ | 4,649 | # | | $ | 4,662 | # | | $ | 13 | |
| | 121,243 | | | AUD | | Goldman Sachs International | | | 05/27/16 | | | | 87,496 | | | | 92,093 | | | | 4,597 | |
| | 29,153 | | | CHF | | Citibank, N.A. | | | 05/27/16 | | | | 29,784 | | | | 30,421 | | | | 637 | |
| | 4,151 | | | CHF | | Morgan Stanley | | | 05/27/16 | | | | 4,206 | | | | 4,331 | | | | 125 | |
| | 46,988 | | | CHF | | Royal Bank of Canada | | | 05/27/16 | | | | 47,364 | | | | 49,032 | | | | 1,668 | |
| | 61,400 | | | DKK | | Deutsche Bank AG | | | 05/27/16 | | | | 9,074 | | | | 9,453 | | | | 379 | |
| | 46,319 | | | EUR | | Deutsche Bank AG | | | 05/27/16 | | | | 52,568 | | | | 53,075 | | | | 507 | |
| | 38,633 | | | EUR | | Goldman Sachs International | | | 05/27/16 | | | | 43,972 | | | | 44,268 | | | | 296 | |
| | 18,555 | | | EUR | | Royal Bank of Scotland | | | 05/27/16 | | | | 20,702 | | | | 21,261 | | | | 559 | |
| | 9,135 | | | EUR | | State Street Corp. | | | 05/27/16 | | | | 10,299 | | | | 10,468 | | | | 169 | |
| | 13,387 | | | GBP | | Citibank, N.A. | | | 05/27/16 | | | | 19,047 | | | | 19,562 | | | | 515 | |
| | 11,811 | | | GBP | | Deutsche Bank AG | | | 05/27/16 | | | | 17,073 | | | | 17,258 | | | | 185 | |
| | 4,188 | | | GBP | | Goldman Sachs International | | | 05/27/16 | | | | 5,961 | | | | 6,119 | | | | 158 | |
| | 9,984 | | | GBP | | Standard Chartered Bank | | | 05/27/16 | | | | 14,117 | | | | 14,588 | | | | 471 | |
| | 3,679 | | | GBP | | State Street Corp. | | | 05/27/16 | | | | 5,123 | | | | 5,376 | | | | 253 | |
| | 62,115 | | | HKD | | Union Bank of Switzerland AG | | | 05/27/16 | | | | 8,000 | | | | 8,010 | | | | 10 | |
| | 4,158,839 | | | JPY | | BNP Paribas | | | 05/27/16 | | | | 37,058 | | | | 39,108 | | | | 2,050 | |
| | 876,134 | | | JPY | | Goldman Sachs International | | | 05/27/16 | | | | 7,707 | | | | 8,239 | | | | 532 | |
| | 1,683,693 | | | JPY | | HSBC Bank, N.A. | | | 05/27/16 | | | | 15,259 | | | | 15,833 | | | | 574 | |
| | 787,033 | | | JPY | | State Street Corp. | | | 05/27/16 | | | | 6,980 | | | | 7,401 | | | | 421 | |
| | 1,583,337 | | | JPY | | Union Bank of Switzerland AG | | | 05/27/16 | | | | 14,109 | | | | 14,889 | | | | 780 | |
| | 40,864 | | | NOK | | Standard Chartered Bank | | | 05/27/16 | | | | 4,762 | | | | 5,075 | | | | 313 | |
| | 42,929 | | | SGD | | State Street Corp. | | | 05/27/16 | | | | 30,465 | | | | 31,899 | | | | 1,434 | |
| | | | | | | | | | | | $ | 495,775 | | | $ | 512,421 | | | $ | 16,646 | |
| | |
CONTRACTS
TO SELL | | | CURRENCY | | COUNTERPARTY | | SETTLEMENT
DATE | | | SETTLEMENT
VALUE | | | VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | 7,137 | | | AUD | | Australia & New Zealand Banking Group Ltd. | | | 05/27/16 | | | $ | 5,479 | | | $ | 5,420 | | | $ | 59 | |
| | 12,830 | | | AUD | | Goldman Sachs International | | | 05/27/16 | | | | 9,568 | | | | 9,746 | | | | (178 | ) |
| | 19,818 | | | CAD | | Royal Bank of Scotland | | | 05/27/16 | | | | 15,732 | | | | 15,795 | | | | (63 | ) |
| | 8,601 | | | CHF | | Morgan Stanley | | | 05/27/16 | | | | 8,991 | | | | 8,975 | | | | 16 | |
| | 4,600 | | | CHF | | State Street Corp. | | | 05/27/16 | | | | 4,791 | | | | 4,801 | | | | (10 | ) |
| | 68,696 | | | DKK | | Goldman Sachs International | | | 05/27/16 | | | | 10,169 | | | | 10,577 | | | | (408 | ) |
| | 9,074 | | | EUR | | Citibank, N.A. | | | 05/27/16 | | | | 10,142 | | | | 10,397 | | | | (255 | ) |
| | 7,513 | | | EUR | | Deutsche Bank AG | | | 05/27/16 | | | | 8,490 | | | | 8,610 | | | | (120 | ) |
| | 95,494 | | | EUR | | Goldman Sachs International | | | 05/27/16 | | | | 105,288 | | | | 109,422 | | | | (4,134 | ) |
| | 33,531 | | | EUR | | HSBC Bank, N.A. | | | 05/27/16 | | | | 37,526 | | | | 38,421 | | | | (895 | ) |
| | 6,685 | | | EUR | | Royal Bank of Canada | | | 05/27/16 | | | | 7,632 | | | | 7,660 | | | | (28 | ) |
| | 8,879 | | | EUR | | Standard Chartered Bank | | | 05/27/16 | | | | 10,091 | | | | 10,175 | | | | (84 | ) |
| | 8,117 | | | EUR | | State Street Corp. | | | 05/27/16 | | | | 9,017 | | | | 9,302 | | | | (285 | ) |
| | 56,985 | | | GBP | | BNP Paribas | | | 05/27/16 | | | | 80,571 | | | | 83,269 | | | | (2,698 | ) |
| | 5,807 | | | GBP | | Deutsche Bank AG | | | 05/27/16 | | | | 8,150 | | | | 8,485 | | | | (335 | ) |
| | 20,872 | | | GBP | | Morgan Stanley | | | 05/27/16 | | | | 29,259 | | | | 30,499 | | | | (1,240 | ) |
| | 3,661 | | | GBP | | Standard Chartered Bank | | | 05/27/16 | | | | 5,195 | | | | 5,350 | | | | (155 | ) |
| | 10,754 | | | GBP | | State Street Corp. | | | 05/27/16 | | | | 15,300 | | | | 15,714 | | | | (414 | ) |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 73 | |
JPMorgan International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | |
CONTRACTS
TO SELL | | | CURRENCY | | COUNTERPARTY | | SETTLEMENT
DATE | | | SETTLEMENT
VALUE | | | VALUE AT
APRIL 30, 2016 | | | NET
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
| | 1,577,115 | | | JPY | | Australia & New Zealand Banking Group Ltd. | | | 05/27/16 | | | $ | 14,310 | | | $ | 14,831 | | | $ | (521 | ) |
| | 723,537 | | | JPY | | Barclays Bank plc | | | 05/27/16 | | | | 6,636 | | | | 6,804 | | | | (168 | ) |
| | 539,904 | | | JPY | | Goldman Sachs International | | | 05/27/16 | | | | 4,792 | | | | 5,077 | | | | (285 | ) |
| | 737,073 | | | JPY | | HSBC Bank, N.A. | | | 05/27/16 | | | | 6,639 | | | | 6,931 | | | | (292 | ) |
| | 512,780 | | | JPY | | Morgan Stanley | | | 05/27/16 | | | | 4,740 | | | | 4,822 | | | | (82 | ) |
| | 809,313 | | | JPY | | Standard Chartered Bank | | | 05/27/16 | | | | 7,178 | | | | 7,611 | | | | (433 | ) |
| | 1,009,813 | | | JPY | | State Street Corp. | | | 05/27/16 | | | | 9,120 | | | | 9,496 | | | | (376 | ) |
| | 104,090 | | | NOK | | Royal Bank of Canada | | | 05/27/16 | | | | 12,085 | | | | 12,926 | | | | (841 | ) |
| | 53,746 | | | SEK | | State Street Corp. | | | 05/27/16 | | | | 6,387 | | | | 6,699 | | | | (312 | ) |
| | | | | | | | | | | | $ | 453,278 | | | $ | 467,815 | | | $ | (14,537 | ) |
| | |
| # | For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at April 30, 2016 of the currency being sold, and the value at April 30, 2016 is the U.S. Dollar market value of the currency being purchased. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 74 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — 98.2% | |
| | | | Australia — 6.4% | |
| | 744 | | | Australia & New Zealand Banking Group Ltd. | | | 13,629 | |
| | 1,147 | | | Bendigo & Adelaide Bank Ltd. | | | 8,076 | |
| | 1,110 | | | BHP Billiton Ltd. | | | 17,328 | |
| | 1,153 | | | Challenger Ltd. | | | 7,798 | |
| | 14,885 | | | Fairfax Media Ltd. | | | 8,946 | |
| | 306 | | | Flight Centre Travel Group Ltd. | | | 9,123 | |
| | 2,716 | | | GPT Group (The) | | | 10,345 | |
| | 2,837 | | | Harvey Norman Holdings Ltd. | | | 9,606 | |
| | 965 | | | LendLease Group | | | 9,265 | |
| | 194 | | | Macquarie Group Ltd. | | | 9,278 | |
| | 7,366 | | | South32 Ltd. (a) | | | 9,212 | |
| | 2,240 | | | Star Entertainment Grp Ltd. (The) | | | 9,563 | |
| | 1,284 | | | Westfield Corp. | | | 9,807 | |
| | 1,014 | | | Westpac Banking Corp. | | | 23,810 | |
| | 460 | | | Woodside Petroleum Ltd. | | | 9,839 | |
| | | | | | | | |
| | | | | | | 165,625 | |
| | | | | | | | |
| | | | Belgium — 1.5% | |
| | 196 | | | Ageas | | | 7,693 | |
| | 89 | | | Anheuser-Busch InBev S.A./N.V. | | | 11,064 | |
| | 366 | | | bpost S.A. | | | 10,339 | |
| | 90 | | | Delhaize Group | | | 9,504 | |
| | | | | | | | |
| | | | | | | 38,600 | |
| | | | | | | | |
| | | | China — 0.3% | |
| | 11,549 | | | China Construction Bank Corp., Class H | | | 7,335 | |
| | | | | | | | |
| | | | Denmark — 2.5% | |
| | 466 | | | Danske Bank A/S | | | 13,172 | |
| | 587 | | | Novo Nordisk A/S, Class B | | | 32,748 | |
| | 56 | | | Pandora A/S | | | 7,272 | |
| | 147 | | | Vestas Wind Systems A/S | | | 10,510 | |
| | | | | | | | |
| | | | | | | 63,702 | |
| | | | | | | | |
| | | | Finland — 0.7% | |
| | 307 | | | Tieto OYJ | | | 8,058 | |
| | 533 | | | UPM-Kymmene OYJ | | | 10,197 | |
| | | | | | | | |
| | | | | | | 18,255 | |
| | | | | | | | |
| | | | France — 11.1% | |
| | 693 | | | Altran Technologies S.A. | | | 10,279 | |
| | 713 | | | AXA S.A. | | | 18,014 | |
| | 367 | | | BNP Paribas S.A. | | | 19,414 | |
| | 107 | | | Capgemini S.A. | | | 9,955 | |
| | 758 | | | Credit Agricole S.A. | | | 8,389 | |
| | 650 | | | Engie S.A. | | | 10,724 | |
| | 198 | | | Faurecia | | | 8,180 | |
| | 1,681 | | | Natixis S.A. | | | 9,275 | |
| | 788 | | | Orange S.A. | | | 13,089 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | France — continued | |
| | 143 | | | Publicis Groupe S.A. | | | 10,558 | |
| | 105 | | | Renault S.A. | | | 10,096 | |
| | 149 | | | Safran S.A. | | | 10,243 | |
| | 352 | | | Sanofi | | | 29,025 | |
| | 180 | | | Schneider Electric SE (a) | | | 11,750 | |
| | 347 | | | Societe Generale S.A. | | | 13,672 | |
| | 82 | | | Sodexo S.A. | | | 8,319 | |
| | 107 | | | Teleperformance | | | 9,578 | |
| | 117 | | | Thales S.A. | | | 10,115 | |
| | 633 | | | TOTAL S.A. | | | 31,979 | |
| | 65 | | | Valeo S.A. | | | 10,336 | |
| | 389 | | | Veolia Environnement S.A. | | | 9,568 | |
| | 216 | | | Vinci S.A. | | | 16,102 | |
| | | | | | | | |
| | | | | | | 288,660 | |
| | | | | | | | |
| | | | Germany — 8.3% | |
| | 144 | | | Allianz SE | | | 24,564 | |
| | 154 | | | Bayer AG | | | 17,768 | |
| | 130 | | | Bayerische Motoren Werke AG | | | 12,037 | |
| | 53 | | | Continental AG | | | 11,702 | |
| | 210 | | | Covestro AG (a) (e) | | | 8,323 | |
| | 301 | | | Daimler AG | | | 21,006 | |
| | 274 | | | Evonik Industries AG | | | 8,697 | |
| | 175 | | | Freenet AG | | | 5,349 | |
| | 125 | | | Fresenius Medical Care AG & Co. KGaA | | | 10,863 | |
| | 162 | | | Fresenius SE & Co. KGaA | | | 11,800 | |
| | 89 | | | Hannover Rueck SE | | | 10,154 | |
| | 124 | | | HeidelbergCement AG | | | 11,035 | |
| | 764 | | | Infineon Technologies AG | | | 10,905 | |
| | 95 | | | Merck KGaA (a) | | | 8,983 | |
| | 177 | | | OSRAM Licht AG | | | 9,236 | |
| | 103 | | | Rheinmetall AG | | | 8,034 | |
| | 236 | | | Siemens AG | | | 24,657 | |
| | | | | | | | |
| | | | | | | 215,113 | |
| | | | | | | | |
| | | | Hong Kong — 3.6% | |
| | 3,384 | | | BOC Hong Kong Holdings Ltd. | | | 10,108 | |
| | 1,031 | | | Cheung Kong Infrastructure Holdings Ltd. | | | 9,730 | |
| | 1,475 | | | Cheung Kong Property Holdings Ltd. | | | 10,070 | |
| | 3,226 | | | China Overseas Land & Investment Ltd. | | | 10,240 | |
| | 1,067 | | | CK Hutchison Holdings Ltd. | | | 12,759 | |
| | 9,686 | | | New World Development Co., Ltd. | | | 9,633 | |
| | 2,764 | | | Sands China Ltd. | | | 9,847 | |
| | 852 | | | Swire Pacific Ltd., Class A | | | 9,243 | |
| | 670 | | | Wheelock & Co., Ltd. | | | 3,102 | |
| | 11,446 | | | Xinyi Glass Holdings Ltd. | | | 7,797 | |
| | | | | | | | |
| | | | | | | 92,529 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 75 | |
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | India — 0.3% | |
| | 134 | | | HDFC Bank Ltd., ADR | | | 8,439 | |
| | | | | | | | |
| | | | Ireland — 1.3% | |
| �� | 119 | | | DCC plc | | | 10,595 | |
| | 114 | | | Ryanair Holdings plc, ADR | | | 9,251 | |
| | 222 | | | Shire plc | | | 13,873 | |
| | | | | | | | |
| | | | | | | 33,719 | |
| | | | | | | | |
| | | | Israel — 0.6% | |
| | 298 | | | Teva Pharmaceutical Industries Ltd., ADR | | | 16,209 | |
| | | | | | | | |
| | | | Italy — 1.4% | |
| | 3,320 | | | Enel S.p.A. | | | 15,091 | |
| | 4,099 | | | Intesa Sanpaolo S.p.A. | | | 11,395 | |
| | 1,188 | | | Mediobanca S.p.A. | | | 9,787 | |
| | | | | | | | |
| | | | | | | 36,273 | |
| | | | | | | | |
| | | | Japan — 21.5% | |
| | 311 | | | Ajinomoto Co., Inc. | | | 7,162 | |
| | 917 | | | Amada Holdings Co., Ltd. | | | 9,217 | |
| | 787 | | | Astellas Pharma, Inc. | | | 10,615 | |
| | 417 | | | Bandai Namco Holdings, Inc. | | | 8,882 | |
| | 288 | | | Bridgestone Corp. | | | 10,601 | |
| | 1,328 | | | Citizen Holdings Co., Ltd. | | | 7,492 | |
| | 1,807 | | | Concordia Financial Group Ltd. (a) | | | 8,704 | |
| | 730 | | | Daicel Corp. | | | 9,122 | |
| | 170 | | | FamilyMart Co., Ltd. | | | 8,987 | |
| | 2,429 | | | Fuji Electric Co., Ltd. | | | 10,336 | |
| | 309 | | | Fuji Heavy Industries Ltd. | | | 10,153 | |
| | 277 | | | FUJIFILM Holdings Corp. | | | 11,387 | |
| | 117 | | | Hikari Tsushin, Inc. | | | 8,786 | |
| | 709 | | | Hitachi Metals Ltd. | | | 7,195 | |
| | 425 | | | Honda Motor Co., Ltd. | | | 11,480 | |
| | 234 | | | Hoya Corp. | | | 8,942 | |
| | 890 | | | ITOCHU Corp. | | | 11,312 | |
| | 427 | | | Japan Tobacco, Inc. | | | 17,446 | |
| | 708 | | | JTEKT Corp. | | | 9,009 | |
| | 596 | | | KDDI Corp. | | | 17,174 | |
| | 179 | | | Koito Manufacturing Co., Ltd. | | | 7,751 | |
| | 96 | | | Kose Corp. | | | 8,744 | |
| | 154 | | | Matsumotokiyoshi Holdings Co., Ltd. | | | 7,552 | |
| | 621 | | | Mazda Motor Corp. | | | 9,460 | |
| | 560 | | | Mitsubishi Corp. | | | 9,409 | |
| | 949 | | | Mitsubishi Electric Corp. | | | 10,085 | |
| | 4,383 | | | Mitsubishi UFJ Financial Group, Inc. | | | 20,227 | |
| | 1,913 | | | Mitsubishi UFJ Lease & Finance Co., Ltd. | | | 8,336 | |
| | 1,551 | | | Mitsui Chemicals, Inc. | | | 5,144 | |
| | 405 | | | Mitsui Fudosan Co., Ltd. | | | 9,891 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | Japan — continued | |
| | 434 | | | Nippon Steel & Sumitomo Metal Corp. | | | 9,022 | |
| | 318 | | | Nippon Telegraph & Telephone Corp. | | | 14,208 | |
| | 80 | | | Nitori Holdings Co., Ltd. | | | 7,479 | |
| | 139 | | | Nitto Denko Corp. | | | 7,483 | |
| | 537 | | | NTT DOCOMO, Inc. | | | 12,875 | |
| | 1,028 | | | Obayashi Corp. | | | 10,071 | |
| | 818 | | | ORIX Corp. | | | 11,576 | |
| | 262 | | | Otsuka Holdings Co., Ltd. | | | 10,226 | |
| | 767 | | | Sekisui Chemical Co., Ltd. | | | 9,591 | |
| | 549 | | | Sekisui House Ltd. | | | 9,532 | |
| | 141 | | | Shin-Etsu Chemical Co., Ltd. | | | 7,914 | |
| | 217 | | | Shionogi & Co., Ltd. | | | 11,071 | |
| | 145 | | | SoftBank Group Corp. | | | 7,807 | |
| | 299 | | | Sompo Japan Nipponkoa Holdings, Inc. | | | 7,837 | |
| | 2,041 | | | Sumitomo Chemical Co., Ltd. | | | 9,225 | |
| | 773 | | | Sumitomo Electric Industries Ltd. | | | 9,304 | |
| | 2,235 | | | Sumitomo Heavy Industries Ltd. | | | 9,393 | |
| | 475 | | | Sumitomo Mitsui Financial Group, Inc. | | | 14,288 | |
| | 2,592 | | | Sumitomo Mitsui Trust Holdings, Inc. | | | 7,967 | |
| | 674 | | | T&D Holdings, Inc. | | | 6,455 | |
| | 1,438 | | | Taisei Corp. | | | 9,815 | |
| | 724 | | | Taiyo Yuden Co., Ltd. | | | 7,225 | |
| | 147 | | | Tokyo Electron Ltd. | | | 9,682 | |
| | 506 | | | Tokyo Tatemono Co., Ltd. | | | 6,682 | |
| | 390 | | | Toyota Motor Corp. | | | 19,744 | |
| | 328 | | | Yamaha Corp. | | | 9,422 | |
| | | | | | | | |
| | | | | | | 556,495 | |
| | | | | | | | |
| | | | Luxembourg — 0.4% | |
| | 244 | | | APERAM S.A. | | | 9,619 | |
| | | | | | | | |
| | | | Netherlands — 5.2% | |
| | 1,413 | | | Aegon N.V. | | | 8,125 | |
| | 141 | | | Heineken N.V. | | | 13,245 | |
| | 1,482 | | | ING Groep N.V., CVA | | | 18,161 | |
| | 417 | | | Koninklijke Ahold N.V. | | | 9,071 | |
| | 277 | | | NN Group N.V. | | | 9,618 | |
| | 181 | | | Randstad Holding N.V. | | | 9,741 | |
| | 2,207 | | | Royal Dutch Shell plc, Class B | | | 57,932 | |
| | 1,339 | | | Steinhoff International Holdings N.V. (a) | | | 8,375 | |
| | | | | | | | |
| | | | | | | 134,268 | |
| | | | | | | | |
| | | | Norway — 0.8% | |
| | 801 | | | DNB ASA | | | 10,246 | |
| | 2,345 | | | Norsk Hydro ASA | | | 10,202 | |
| | | | | | | | |
| | | | | | | 20,448 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 76 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Common Stocks — continued | |
| | | | Singapore — 0.5% | |
| | 660 | | | DBS Group Holdings Ltd. | | | 7,467 | |
| | 208 | | | Jardine Cycle & Carriage Ltd. | | | 5,958 | |
| | | | | | | | |
| | | | | | | 13,425 | |
| | | | | | | | |
| | | | South Korea — 0.3% | |
| | 158 | | | POSCO, ADR | | | 8,204 | |
| | | | | | | | |
| | | | Spain — 2.6% | |
| | 235 | | | Amadeus IT Holding S.A., Class A | | | 10,732 | |
| | 2,204 | | | Banco Santander S.A. | | | 11,193 | |
| | 427 | | | Ferrovial S.A. | | | 9,222 | |
| | 453 | | | Gas Natural SDG S.A. | | | 9,443 | |
| | 2,134 | | | Iberdrola S.A. | | | 15,188 | |
| | 828 | | | Repsol S.A. | | | 10,907 | |
| | | | | | | | |
| | | | | | | 66,685 | |
| | | | | | | | |
| | | | Sweden — 2.7% | |
| | 574 | | | Boliden AB | | | 10,031 | |
| | 593 | | | Castellum AB | | | 9,494 | |
| | 241 | | | Hexagon AB, Class B | | | 9,636 | |
| | 614 | | | Securitas AB, Class B | | | 9,712 | |
| | 349 | | | Svenska Cellulosa AB S.C.A., Class B | | | 10,997 | |
| | 508 | | | Swedbank AB, Class A | | | 10,967 | |
| | 526 | | | Trelleborg AB, Class B, | | | 9,611 | |
| | | | | | | | |
| | | | | | | 70,448 | |
| | | | | | | | |
| | | | Switzerland — 8.1% | |
| | 66 | | | Actelion Ltd. (a) | | | 10,657 | |
| | 153 | | | Adecco S.A. | | | 9,878 | |
| | 12 | | | Georg Fischer AG | | | 9,742 | |
| | 59 | | | Lonza Group AG (a) | | | 9,914 | |
| | 515 | | | Nestle S.A. | | | 38,439 | |
| | 379 | | | Novartis AG | | | 28,818 | |
| | 196 | | | Roche Holding AG | | | 49,667 | |
| | 2 | | | Sika AG | | | 9,368 | |
| | 36 | | | Swiss Life Holding AG (a) | | | 9,001 | |
| | 155 | | | Swiss Re AG | | | 13,800 | |
| | 1,235 | | | UBS Group AG | | | 21,417 | |
| | | | | | | | |
| | | | | | | 210,701 | |
| | | | | | | | |
| | | | Taiwan — 0.3% | |
| | 338 | | | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | | | 7,967 | |
| | | | | | | | |
| | | | United Kingdom — 17.4% | |
| | 1,306 | | | 3i Group plc | | | 9,058 | |
| | 156 | | | AstraZeneca plc | | | 8,951 | |
| | 1,641 | | | Aviva plc | | | 10,400 | |
| | 5,293 | | | Barclays plc | | | 13,290 | |
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| | | | | | | | |
| | | | United Kingdom — continued | |
| | 1,145 | | | Barratt Developments plc | | | 8,919 | |
| | 2,499 | | | Booker Group plc | | | 5,927 | |
| | 5,117 | | | BP plc | | | 28,191 | |
| | 577 | | | British American Tobacco plc | | | 35,193 | |
| | 906 | | | British Land Co. plc (The) | | | 9,536 | |
| | 2,571 | | | BT Group plc | | | 16,666 | |
| | 443 | | | Burberry Group plc | | | 7,706 | |
| | 1,411 | | | Carillion plc | | | 6,073 | |
| | 1,553 | | | Direct Line Insurance Group plc | | | 8,227 | |
| | 1,349 | | | Dixons Carphone plc | | | 8,399 | |
| | 650 | | | Greene King plc | | | 7,778 | |
| | 2,733 | | | HSBC Holdings plc | | | 18,113 | |
| | 353 | | | Imperial Brands plc | | | 19,216 | |
| | 204 | | | Intertek Group plc | | | 9,738 | |
| | 2,306 | | | ITV plc | | | 7,602 | |
| | 1,885 | | | J Sainsbury plc | | | 7,976 | |
| | 1,015 | | | John Wood Group plc | | | 9,282 | |
| | 18,504 | | | Lloyds Banking Group plc | | | 18,161 | |
| | 1,301 | | | Marks & Spencer Group plc | | | 8,067 | |
| | 292 | | | Persimmon plc | | | 8,482 | |
| | 526 | | | Playtech plc | | | 6,190 | |
| | 870 | | | Prudential plc | | | 17,170 | |
| | 235 | | | Reckitt Benckiser Group plc | | | 22,940 | |
| | 589 | | | Rio Tinto plc | | | 19,744 | |
| | 1,189 | | | Segro plc | | | 7,264 | |
| | 1,074 | | | UBM plc | | | 8,952 | |
| | 756 | | | Unilever N.V., CVA | | | 33,222 | |
| | 8,834 | | | Vodafone Group plc | | | 28,462 | |
| | 610 | | | WPP plc | | | 14,256 | |
| | | | | | | | |
| | | | | | | 449,151 | |
| | | | | | | | |
| | | | United States — 0.4% | |
| | 192 | | | Carnival plc | | | 9,596 | |
| | | | | | | | |
| | | | Total Common Stocks
(Cost $2,577,422) | | | 2,541,466 | |
| | | | | | | | |
| Preferred Stock — 0.4% | | | | |
| | | | Germany — 0.4% | |
| | 94 | | | Henkel AG & Co. KGaA
(Cost $9,338) | | | 10,703 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 77 | |
JPMorgan Intrepid International Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | |
| SHARES | | | SECURITY DESCRIPTION | | VALUE($) | |
| Short-Term Investment — 2.7% | |
| | | | Investment Company — 2.7% | |
| | 70,048 | | | JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.390% (b) (l)
(Cost $70,048) | | | 70,048 | |
| | | | | | | | |
| | | | Total Investments — 101.3%
(Cost $2,656,808) | | | 2,622,217 | |
| | | | Liabilities in Excess of
Other Assets — (1.3)% | | | (34,173 | ) |
| | | | | | | | |
| | | | NET ASSETS — 100.0% | | $ | 2,588,044 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2016
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| | | | |
| INDUSTRY | | PERCENTAGE | |
Banks | | | 11.7 | % |
Pharmaceuticals | | | 9.1 | |
Insurance | | | 5.8 | |
Oil, Gas & Consumable Fuels | | | 5.3 | |
Metals & Mining | | | 3.8 | |
Automobiles | | | 3.6 | |
Real Estate Management & Development | | | 3.0 | |
Tobacco | | | 2.7 | |
Wireless Telecommunication Services | | | 2.7 | |
Auto Components | | | 2.5 | |
Chemicals | | | 2.5 | |
Industrial Conglomerates | | | 2.1 | |
Hotels, Restaurants & Leisure | | | 2.1 | |
Electrical Equipment | | | 2.0 | |
Construction & Engineering | | | 2.0 | |
Media | | | 1.9 | |
Capital Markets | | | 1.9 | |
Food & Staples Retailing | | | 1.9 | |
Machinery | | | 1.8 | |
Food Products | | | 1.7 | |
Household Durables | | | 1.7 | |
Household Products | | | 1.7 | |
Diversified Telecommunication Services | | | 1.7 | |
Personal Products | | | 1.6 | |
Electric Utilities | | | 1.5 | |
IT Services | | | 1.5 | |
Professional Services | | | 1.5 | |
Real Estate Investment Trusts (REITs) | | | 1.4 | |
Semiconductors & Semiconductor Equipment | | | 1.1 | |
Diversified Financial Services | | | 1.1 | |
Others (each less than 1.0%) | | | 12.4 | |
Short-Term Investment | | | 2.7 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 78 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
J.P. Morgan International Equity Funds
NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2016 (Unaudited)
| | |
| ADR | | — American Depositary Receipt |
| AUD | | — Australian Dollar |
| CAD | | — Canadian Dollar |
| CDI | | — CHESS Depository Interest |
| CHF | | — Swiss Franc |
| CVA | | — Dutch Certification |
| DKK | | — Danish Krone |
| EUR | | — Euro |
| GBP | | — British Pound |
| GDR | | — Global Depositary Receipt |
| ILS | | — Israeli Shekel |
| HKD | | — Hong Kong Dollar |
| JPY | | — Japanese Yen |
| NOK | | — Norwegian Krone |
| NVDR | | — Non Voting Depositary Receipt |
| Reg. S | | — Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
| | |
| REIT | | — Real Estate Investment Trust |
| SEK | | — Swedish Krona |
| SGD | | — Singapore Dollar |
| |
| (a) | | — Non-income producing security. |
| (b) | | — Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (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 April 30, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 79 | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2016 (Unaudited)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | Emerging
Economies
Fund | | | Emerging
Markets
Equity Fund | | |
Emerging
Markets
Equity
Income Fund | | | Global
Research
Enhanced
Index Fund | |
ASSETS: | |
Investments in non-affiliates, at value | | $ | 1,102,353 | | | $ | 2,191,711 | | | $ | 2,641 | | | $ | 6,835,706 | |
Investments in affiliates, at value | | | 17,419 | | | | 49,636 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total investment securities, at value | | | 1,119,772 | | | | 2,241,347 | | | | 2,641 | | | | 6,835,706 | |
Cash | | | 853 | | | | 1,167 | | | | 115 | | | | — | |
Foreign currency, at value | | | 507 | | | | 1,206 | | | | 1 | | | | 563 | |
Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 1,882 | | | | — | | | | 11 | | | | 8,944 | |
Fund shares sold | | | 162 | | | | 9,574 | | | | — | | | | 5,812 | |
Dividends from non-affiliates | | | 853 | | | | 2,342 | | | | 11 | | | | 16,004 | |
Dividends from affiliates | | | 4 | | | | 15 | | | | — | | | | 5 | |
Tax reclaims | | | 11 | | | | — | | | | — | | | | 6,763 | |
Due from Adviser | | | — | | | | — | | | | 30 | | | | — | |
Other assets | | | — | | | | — | | | | 33 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 1,124,044 | | | | 2,255,651 | | | | 2,842 | | | | 6,873,797 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Due to custodian | | | — | | | | — | | | | — | | | | 2,310 | |
Investment securities purchased | | | 2,100 | | | | 1,521 | | | | 3 | | | | 9,789 | |
Fund shares redeemed | | | 910 | | | | 3,415 | | | | — | | | | 5,557 | |
Accrued liabilities: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 855 | | | | 1,717 | | | | — | | | | 373 | |
Administration fees | | | 28 | | | | 80 | | | | — | | | | — | |
Distribution fees | | | 12 | | | | 81 | | | | — | (a) | | | — | (a) |
Shareholder servicing fees | | | 12 | | | | 60 | | | | 1 | | | | 1,405 | |
Custodian and accounting fees | | | 85 | | | | 304 | | | | 11 | | | | 58 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) | | | 4 | | | | — | (a) | | | 24 | |
Deferred India capital gains tax | | | 22 | | | | 367 | | | | — | | | | — | |
Audit fees | | | 38 | | | | 47 | | | | 36 | | | | 42 | |
Sub-transfer agent fees | | | 48 | | | | 319 | | | | — | (a) | | | — | |
Other | | | 30 | | | | 182 | | | | 2 | | | | 47 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 4,140 | | | | 8,097 | | | | 53 | | | | 19,605 | |
| | | | | | | | | | | | | | | | |
Net Assets | | $ | 1,119,904 | | | $ | 2,247,554 | | | $ | 2,789 | | | $ | 6,854,192 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 80 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | | Emerging
Economies
Fund | | | Emerging
Markets
Equity Fund | | |
Emerging
Markets
Equity
Income Fund | | | Global
Research
Enhanced
Index Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 1,362,298 | | | $ | 2,209,605 | | | $ | 3,269 | | | $ | 6,685,675 | |
Accumulated undistributed (distributions in excess of) net investment income | | | 615 | | | | 3,884 | | | | 15 | | | | 45,820 | |
Accumulated net realized gains (losses) | | | (227,682 | ) | | | (129,261 | )�� | | | (326 | ) | | | (262,254 | ) |
Net unrealized appreciation (depreciation) | | | (15,327 | ) | | | 163,326 | | | | (169 | ) | | | 384,951 | |
| | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 1,119,904 | | | $ | 2,247,554 | | | $ | 2,789 | | | $ | 6,854,192 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Class A | | $ | 50,346 | | | $ | 284,714 | | | $ | 114 | | | $ | 20 | |
Class C | | | 2,728 | | | | 38,732 | | | | 40 | | | | 19 | |
Class R2 | | | — | | | | — | | | | — | | | | 20 | |
Class R5 | | | 2,779 | | | | — | | | | 18 | | | | — | |
Class R6 | | | 1,008,372 | | | | 1,375,251 | | | | 22 | | | | — | |
Institutional Class | | | — | | | | 285,067 | | | | — | | | | — | |
Select Class | | | 55,679 | | | | 263,790 | | | | 2,595 | | | | 6,854,133 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 1,119,904 | | | $ | 2,247,554 | | | $ | 2,789 | | | $ | 6,854,192 | |
| | | | | | | | | | | | | | | | |
| | | | |
Outstanding units of beneficial interest (shares) | | | | | | | | | | | | | | | | |
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | | | | | |
Class A | | | 4,758 | | | | 14,471 | | | | 9 | | | | 1 | |
Class C | | | 260 | | | | 2,020 | | | | 3 | | | | 1 | |
Class R2 | | | — | | | | — | | | | — | | | | 1 | |
Class R5 | | | 258 | | | | — | | | | 2 | | | | — | |
Class R6 | | | 94,813 | | | | 67,998 | | | | 2 | | | | — | |
Institutional Class | | | — | | | | 14,072 | | | | — | | | | — | |
Select Class | | | 5,208 | | | | 13,104 | | | | 205 | | | | 382,896 | |
| | | | |
Net Asset Value (a): | | | | | | | | | | | | | | | | |
Class A — Redemption price per share | | $ | 10.58 | | | $ | 19.68 | | | $ | 12.61 | | | $ | 18.00 | |
Class C — Offering price per share (b) | | | 10.48 | | | | 19.17 | | | | 12.59 | | | | 18.06 | |
Class R2 — Offering and redemption price per share | | | — | | | | — | | | | — | | | | 18.03 | |
Class R5 — Offering and redemption price per share | | | 10.78 | | | | — | | | | 12.64 | | | | — | |
Class R6 — Offering and redemption price per share | | | 10.64 | | | | 20.22 | | | | 12.64 | | | | — | |
Institutional Class — Offering and redemption price per share | | | — | | | | 20.26 | | | | — | | | | — | |
Select Class — Offering and redemption price per share | | | 10.69 | | | | 20.13 | | | | 12.64 | | | | 17.90 | |
Class A maximum sales charge | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % |
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)] | | $ | 11.17 | | | $ | 20.77 | | | $ | 13.31 | | | $ | 19.00 | |
| | | | | | | | | | | | | | | | |
| | | | |
Cost of investments in non-affiliates | | $ | 1,117,697 | | | $ | 2,028,137 | | | $ | 2,810 | | | $ | 6,451,156 | |
Cost of investments in affiliates | | | 17,419 | | | | 49,636 | | | | — | | | | — | |
Cost of foreign currency | | | 507 | | | | 1,082 | | | | 1 | | | | 561 | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 81 | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | Global
Unconstrained
Equity Fund | | | International
Equity Fund | | | International
Equity
Income Fund | | | International
Opportunities
Fund | |
ASSETS: | | | | | | | | | | | | | | | | |
Investments in non-affiliates, at value | | $ | 2,413 | | | $ | 3,259,867 | | | $ | 109,553 | | | $ | 2,575,869 | |
Investments in affiliates, at value | | | — | | | | 63,437 | | | | 5,006 | | | | 50,458 | |
| | | | | | | | | | | | | | | | |
Total investment securities, at value | | | 2,413 | | | | 3,323,304 | | | | 114,559 | | | | 2,626,327 | |
Cash | | | 6 | | | | 29 | | | | 321 | | | | 33 | |
Foreign currency, at value | | | 2 | | | | 520 | | | | 18 | | | | 793 | |
Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 74 | | | | — | | | | 2,258 | | | | 5,891 | |
Fund shares sold | | | 7 | | | | 1,096 | | | | 660 | | | | 769 | |
Dividends from non-affiliates | | | 62 | | | | 16,142 | | | | 549 | | | | 13,057 | |
Dividends from affiliates | | | 1 | | | | 20 | | | | 1 | | | | 16 | |
Tax reclaims | | | 18 | | | | 5,672 | | | | 170 | | | | 3,843 | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | 195 | | | | 21,829 | |
Due from Adviser | | | 15 | | | | — | | | | — | | | | — | |
Other assets | | | 10 | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 2,608 | | | | 3,346,783 | | | | 118,731 | | | | 2,672,558 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Investment securities purchased | | | 9 | | | | — | | | | 2,597 | | | | 2,292 | |
Fund shares redeemed | | | 5 | | | | 1,084 | | | | 183 | | | | 26,592 | |
Unrealized depreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | 417 | | | | 18,634 | |
Accrued liabilities: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | — | | | | 1,993 | | | | 42 | | | | 1,327 | |
Administration fees | | | — | | | | 114 | | | | — | | | | 181 | |
Distribution fees | | | 4 | | | | 67 | | | | 21 | | | | 42 | |
Shareholder servicing fees | | | 4 | | | | 66 | | | | 20 | | | | 51 | |
Custodian and accounting fees | | | 7 | | | | 76 | | | | 9 | | | | 56 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) | | | 7 | | | | — | (a) | | | 6 | |
Audit fees | | | 40 | | | | 10 | | | | 39 | | | | 38 | |
Sub-transfer agent fees | | | — | (a) | | | 188 | | | | 29 | | | | 136 | |
Other | | | 6 | | | | 69 | | | | 18 | | | | 25 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 75 | | | | 3,674 | | | | 3,375 | | | | 49,380 | |
| | | | | | | | | | | | | | | | |
Net Assets | | $ | 2,533 | | | $ | 3,343,109 | | | $ | 115,356 | | | $ | 2,623,178 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 82 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | | Global
Unconstrained
Equity Fund | | | International
Equity Fund | | | International
Equity
Income Fund | | | International
Opportunities
Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 3,669 | | | $ | 3,287,924 | | | $ | 117,930 | | | $ | 2,574,261 | |
Accumulated undistributed (distributions in excess of) net investment income | | | (68 | ) | | | 18,464 | | | | (198 | ) | | | 20,716 | |
Accumulated net realized gains (losses) | | | (1,138 | ) | | | (19,939 | ) | | | (8,329 | ) | | | (89,096 | ) |
Net unrealized appreciation (depreciation) | | | 70 | | | | 56,660 | | | | 5,953 | | | | 117,297 | |
| | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 2,533 | | | $ | 3,343,109 | | | $ | 115,356 | | | $ | 2,623,178 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Class A | | $ | 766 | | | $ | 256,450 | | | $ | 71,821 | | | $ | 202,152 | |
Class C | | | 309 | | | | 24,556 | | | | 11,304 | | | | 1,565 | |
Class R2 | | | 17 | | | | 1,450 | | | | 116 | | | | — | |
Class R5 | | | 17 | | | | 55,680 | | | | 19 | | | | — | |
Class R6 | | | 17 | | | | 2,881,834 | | | | 20 | | | | 2,341,171 | |
Institutional Class | | | — | | | | — | | | | — | | | | 51,369 | |
Select Class | | | 1,407 | | | | 123,139 | | | | 32,076 | | | | 26,921 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 2,533 | | | $ | 3,343,109 | | | $ | 115,356 | | | $ | 2,623,178 | |
| | | | | | | | | | | | | | | | |
| | | | |
Outstanding units of beneficial interest (shares) | | | | | | | | | | | | | | | | |
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | | | | | |
Class A | | | 56 | | | | 18,366 | | | | 4,846 | | | | 14,542 | |
Class C | | | 23 | | | | 1,853 | | | | 767 | | | | 116 | |
Class R2 | | | 2 | | | | 104 | | | | 8 | | | | — | |
Class R5 | | | 1 | | | | 3,926 | | | | 1 | | | | — | |
Class R6 | | | 1 | | | | 203,243 | | | | 1 | | | | 165,610 | |
Institutional Class | | | — | | | | — | | | | — | | | | 3,631 | |
Select Class | | | 102 | | | | 8,695 | | | | 2,160 | | | | 1,908 | |
| | | | |
Net Asset Value (a): | | | | | | | | | | | | | | | | |
Class A — Redemption price per share | | $ | 13.73 | | | $ | 13.96 | | | $ | 14.82 | | | $ | 13.90 | |
Class C — Offering price per share (b) | | | 13.66 | | | | 13.25 | | | | 14.73 | | | | 13.46 | |
Class R2 — Offering and redemption price per share | | | 13.85 | | | | 13.90 | | | | 14.80 | | | | — | |
Class R5 — Offering and redemption price per share | | | 13.81 | | | | 14.18 | | | | 14.86 | | | | — | |
Class R6 — Offering and redemption price per share | | | 13.80 | | | | 14.18 | | | | 14.85 | | | | 14.14 | |
Institutional Class — Offering and redemption price per share | | | — | | | | — | | | | — | | | | 14.15 | |
Select Class — Offering and redemption price per share | | | 13.81 | | | | 14.16 | | | | 14.85 | | | | 14.11 | |
Class A maximum sales charge | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % |
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)] | | $ | 14.49 | | | $ | 14.73 | | | $ | 15.64 | | | $ | 14.67 | |
| | | | | | | | | | | | | | | | |
| | | | |
Cost of investments in non-affiliates | | $ | 2,347 | | | $ | 3,203,694 | | | $ | 103,387 | | | $ | 2,462,231 | |
Cost of investments in affiliates | | | — | | | | 63,437 | | | | 5,006 | | | | 50,458 | |
Cost of foreign currency | | | 2 | | | | 514 | | | | 18 | | | | 760 | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 83 | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2016 (Unaudited) (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 | | $ | 1,174,147 | | | $ | 92,485 | | | $ | 2,143,476 | | | $ | 2,552,169 | |
Investments in affiliates, at value | | | 24,061 | | | | 3,281 | | | | 51,512 | | | | 70,048 | |
| | | | | | | | | | | | | | | | |
Total investment securities, at value | | | 1,198,208 | | | | 95,766 | | | | 2,194,988 | | | | 2,622,217 | |
Cash | | | 188 | | | | 49 | | | | 2,882 | | | | 30 | |
Foreign currency, at value | | | 1,075 | | | | 23 | | | | 1,200 | | | | 10 | |
Deposits at broker for futures contracts | | | 1,445 | | | | — | | | | — | | | | — | |
Receivables: | | | | | | | | | | | | | | | | |
Due from custodian | | | — | | | | — | | | | — | | | | 16,419 | |
Investment securities sold | | | — | | | | — | | | | 2,466 | | | | 16,947 | |
Fund shares sold | | | 1,916 | | | | 166 | | | | 8,205 | | | | 739 | |
Dividends from non-affiliates | | | 4,246 | | | | 522 | | | | 10,712 | | | | 12,922 | |
Dividends from affiliates | | | 15 | | | | 1 | | | | 13 | | | | 19 | |
Tax reclaims | | | 2,079 | | | | 39 | | | | 3,528 | | | | 3,081 | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | 16,721 | | | | — | |
| | | | | | | | | | | | | | | | |
Total Assets | | | 1,209,172 | | | | 96,566 | | | | 2,240,715 | | | | 2,672,384 | |
| | | | | | | | | | | | | | | | |
| | | | |
LIABILITIES: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Investment securities purchased | | | — | | | | 707 | | | | 9,840 | | | | 51,245 | |
Fund shares redeemed | | | 145 | | | | 6 | | | | 5,144 | | | | 31,318 | |
Variation margin on futures contracts | | | 676 | | | | — | | | | 81 | | | | — | |
Unrealized depreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | 14,612 | | | | — | |
Accrued liabilities: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 42 | | | | 44 | | | | 1,066 | | | | 1,247 | |
Administration fees | | | — | | | | — | | | | 145 | | | | 170 | |
Distribution fees | | | 26 | | | | 5 | | | | 151 | | | | 41 | |
Shareholder servicing fees | | | 203 | | | | 3 | | | | 231 | | | | 44 | |
Custodian and accounting fees | | | 40 | | | | 8 | | | | 150 | | | | 61 | |
Trustees’ and Chief Compliance Officer’s fees | | | 1 | | | | — | (a) | | | 9 | | | | 6 | |
Audit fees | | | 3 | | | | 43 | | | | 41 | | | | 30 | |
Sub-transfer agent fees | | | 40 | | | | 2 | | | | 1,013 | | | | 138 | |
Other | | | 36 | | | | 5 | | | | 241 | | | | 40 | |
| | | | | | | | | | | | | | | | |
Total Liabilities | | | 1,212 | | | | 823 | | | | 32,724 | | | | 84,340 | |
| | | | | | | | | | | | | | | | |
Net Assets | | $ | 1,207,960 | | | $ | 95,743 | | | $ | 2,207,991 | | | $ | 2,588,044 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 84 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | |
International
Research
Enhanced
Equity Fund | | | International
Unconstrained
Equity Fund | | | International
Value Fund | | | Intrepid
International
Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 1,181,285 | | | $ | 99,375 | | | $ | 2,608,720 | | | $ | 3,176,432 | |
Accumulated undistributed (distributions in excess of) net investment income | | | 8,783 | | | | 426 | | | | 15,106 | | | | 20,955 | |
Accumulated net realized gains (losses) | | | (10,918 | ) | | | (3,627 | ) | | | (433,917 | ) | | | (575,181 | ) |
Net unrealized appreciation (depreciation) | | | 28,810 | | | | (431 | ) | | | 18,082 | | | | (34,162 | ) |
| | | | | | | | | | | | | | | | |
Total Net Assets | | $ | 1,207,960 | | | $ | 95,743 | | | $ | 2,207,991 | | | $ | 2,588,044 | |
| | | | | | | | | | | | | | | | |
| | | | |
Net Assets: | | | | | | | | | | | | | | | | |
Class A | | $ | 71,201 | | | $ | 11,118 | | | $ | 653,132 | | | $ | 198,415 | |
Class C | | | 15,714 | | | | 4,823 | | | | 28,901 | | | | 2,437 | |
Class R2 | | | 3,814 | | | | 19 | | | | 1,521 | | | | 481 | |
Class R5 | | | — | | | | 19 | | | | — | | | | — | |
Class R6 | | | — | | | | 69,437 | | | | 28,671 | | | | 2,338,722 | |
Institutional Class | | | — | | | | — | | | | 1,295,143 | | | | 28,749 | |
Select Class | | | 1,117,231 | | | | 10,327 | | | | 200,623 | | �� | | 19,240 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 1,207,960 | | | $ | 95,743 | | | $ | 2,207,991 | | | $ | 2,588,044 | |
| | | | | | | | | | | | | | | | |
| | | | |
Outstanding units of beneficial interest (shares) | | | | | | | | | | | | | | | | |
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | | | | | |
Class A | | | 4,613 | | | | 656 | | | | 53,777 | | | | 10,927 | |
Class C | | | 1,061 | | | | 287 | | | | 2,444 | | | | 133 | |
Class R2 | | | 252 | | | | 1 | | | | 127 | | | | 27 | |
Class R5 | | | — | | | | 1 | | | | — | | | | — | |
Class R6 | | | — | | | | 4,059 | | | | 2,315 | | | | 125,924 | |
Institutional Class | | | — | | | | — | | | | 104,546 | | | | 1,522 | |
Select Class | | | 71,836 | | | | 603 | | | | 16,097 | | | | 1,019 | |
| | | | |
Net Asset Value (a): | | | | | | | | | | | | | | | | |
Class A — Redemption price per share | | $ | 15.44 | | | $ | 16.95 | | | $ | 12.15 | | | $ | 18.16 | |
Class C — Offering price per share (b) | | | 14.82 | | | | 16.79 | | | | 11.83 | | | | 18.33 | |
Class R2 — Offering and redemption price per share | | | 15.11 | | | | 16.94 | | | | 11.97 | | | | 18.04 | |
Class R5 — Offering and redemption price per share | | | — | | | | 17.11 | | | | — | | | | — | |
Class R6 — Offering and redemption price per share | | | — | | | | 17.11 | | | | 12.38 | | | | 18.57 | |
Institutional Class — Offering and redemption price per share | | | — | | | | — | | | | 12.39 | | | | 18.88 | |
Select Class — Offering and redemption price per share | | | 15.55 | | | | 17.13 | | | | 12.46 | | | | 18.88 | |
Class A maximum sales charge | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % | | | 5.25 | % |
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)] | | $ | 16.30 | | | $ | 17.89 | | | $ | 12.82 | | | $ | 19.17 | |
| | | | | | | | | | | | | | | | |
| | | | |
Cost of investments in non-affiliates | | $ | 1,145,713 | | | $ | 92,931 | | | $ | 2,127,522 | | | $ | 2,586,760 | |
Cost of investments in affiliates | | | 24,061 | | | | 3,281 | | | | 51,512 | | | | 70,048 | |
Cost of foreign currency | | | 1,081 | | | | 22 | | | | 1,192 | | | | 10 | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 85 | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Emerging
Economies
Fund | | | Emerging
Markets
Equity Fund | | |
Emerging
Markets
Equity
Income Fund | | | Global
Research
Enhanced
Index Fund | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | | $ | — | (a) | | $ | — | | | $ | — | | | $ | 9 | |
Interest income from affiliates | | | 2 | | | | — | | | | — | | | | — | (a) |
Dividend income from non-affiliates | | | 10,858 | | | | 18,571 | | | | 42 | | | | 87,119 | |
Dividend income from affiliates | | | 26 | | | | 74 | | | | — | | | | 88 | |
Foreign taxes withheld | | | (1,271 | ) | | | (1,504 | ) | | | (3 | ) | | | (3,866 | ) |
| | | | | | | | | | | | | | | | |
Total investment income | | | 9,615 | | | | 17,141 | | | | 39 | | | | 83,350 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 5,342 | | | | 10,673 | | | | 13 | | | | 6,916 | |
Administration fees | | | 439 | | | | 876 | | | | 1 | | | | 2,840 | |
Distribution fees: | | | | | | | | | | | | | | | | |
Class A | | | 55 | | | | 330 | | | | — | (a) | | | — | (a) |
Class C | | | 11 | | | | 142 | | | | — | (a) | | | — | (a) |
Class R2 | | | — | | | | — | | | | — | | | | — | (a) |
Shareholder servicing fees: | | | | | | | | | | | | | | | | |
Class A | | | 55 | | | | 330 | | | | — | (a) | | | — | (a) |
Class C | | | 4 | | | | 48 | | | | — | (a) | | | — | (a) |
Class R2 | | | — | | | | — | | | | — | | | | — | (a) |
Class R5 | | | 3 | | | | — | | | | — | (a) | | | — | |
Institutional Class | | | — | | | | 137 | | | | — | | | | — | |
Select Class | | | 70 | | | | 347 | | | | 3 | | | | 8,645 | |
Custodian and accounting fees | | | 325 | | | | 660 | | | | 24 | | | | 301 | |
Interest expense to affiliates | | | 1 | | | | 1 | | | | — | | | | 9 | |
Professional fees | | | 51 | | | | 57 | | | | 33 | | | | 76 | |
Trustees’ and Chief Compliance Officer’s fees | | | 4 | | | | 14 | | | | 2 | | | | 38 | |
Printing and mailing costs | | | 15 | | | | 2 | | | | 3 | | | | 58 | |
Registration and filing fees | | | 51 | | | | 62 | | | | 26 | | | | 86 | |
Transfer agent fees (See Note 2.J.) | | | 10 | | | | 60 | | | | — | (a) | | | 30 | |
Sub-transfer agent fees (See Note 2.J.) | | | 52 | | | | 431 | | | | — | | | | 8 | |
Offering costs | | | — | | | | — | | | | 14 | | | | — | |
Other | | | 9 | | | | 11 | | | | 3 | | | | 13 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 6,497 | | | | 14,181 | | | | 122 | | | | 19,020 | |
| | | | | | | | | | | | | | | | |
Less fees waived | | | (712 | ) | | | (1,695 | ) | | | (14 | ) | | | (7,360 | ) |
Less expense reimbursements | | | (2 | ) | | | — | | | | (91 | ) | | | (1 | ) |
| | | | | | | | | | | | | | | | |
Net expenses | | | 5,783 | | | | 12,486 | | | | 17 | | | | 11,659 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 3,832 | | | | 4,655 | | | | 22 | | | | 71,691 | |
| | | | | | | | | | | | | | | | |
| | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | | | | | | | | | |
Investments in non-affiliates | | | (38,460 | ) | | | (84,948 | ) | | | (196 | ) | | | (172,253 | ) |
Futures | | | (3,603 | ) | | | — | | | | — | | | | 11,473 | |
Foreign currency transactions | | | (522 | ) | | | (510 | ) | | | (2 | ) | | | 146 | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | (42,585 | ) | | | (85,458 | ) | | | (198 | ) | | | (160,634 | ) |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | | | | | | |
Investments in non-affiliates | | | 12,475 | (b) | | | 117,607 | (c) | | | 225 | | | | (35,404 | ) |
Futures | | | 979 | | | | — | | | | — | | | | (10,589 | ) |
Foreign currency translations | | | 54 | | | | 129 | | | | — | (a) | | | 744 | |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation | | | 13,508 | | | | 117,736 | | | | 225 | | | | (45,249 | ) |
| | | | | | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | (29,077 | ) | | | 32,278 | | | | 27 | | | | (205,883 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | (25,245 | ) | | $ | 36,933 | | | $ | 49 | | | $ | (134,192 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than $1,000. |
| (b) | Net of change in India capital gains tax of approximately $(53,000) for Emerging Economies Fund. |
| (c) | Net of change in India capital gains tax of approximately $34,000 for Emerging Markets Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 86 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | | Global
Unconstrained
Equity Fund | | | International
Equity Fund | | | International
Equity
Income Fund | | | International
Opportunities
Fund | |
INVESTMENT INCOME: | |
Interest income from affiliates | | $ | — | | | $ | — | (a) | | $ | — | | | $ | 1 | |
Dividend income from non-affiliates | | | 443 | | | | 40,774 | | | | 2,121 | | | | 35,465 | |
Dividend income from affiliates | | | 6 | | | | 97 | | | | 5 | | | | 66 | |
Foreign taxes withheld | | | (17 | ) | | | (2,707 | ) | | | (174 | ) | | | (2,279 | ) |
| | | | | | | | | | | | | | | | |
Total investment income | | | 432 | | | | 38,164 | | | | 1,952 | | | | 33,253 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 115 | | | | 11,971 | | | | 359 | | | | 7,300 | |
Administration fees | | | 14 | | | | 1,229 | | | | 42 | | | | 999 | |
Distribution fees: | | | | | | | | | | | | | | | | |
Class A | | | 35 | | | | 283 | | | | 81 | | | | 210 | |
Class C | | | 1 | | | | 94 | | | | 35 | | | | 6 | |
Class R2 | | | — | (a) | | | 3 | | | | — | (a) | | | — | |
Shareholder servicing fees: | | | | | | | | | | | | | | | | |
Class A | | | 35 | | | | 283 | | | | 81 | | | | 210 | |
Class C | | | — | (a) | | | 31 | | | | 12 | | | | 2 | |
Class R2 | | | — | (a) | | | 2 | | | | — | (a) | | | — | |
Class R5 | | | — | (a) | | | 14 | | | | — | (a) | | | — | |
Institutional Class | | | — | | | | — | | | | — | | | | 26 | |
Select Class | | | 6 | | | | 162 | | | | 36 | | | | 30 | |
Custodian and accounting fees | | | 23 | | | | 241 | | | | 29 | | | | 163 | |
Interest expense to affiliates | | | — | (a) | | | 1 | | | | 2 | | | | 1 | |
Professional fees | | | 38 | | | | 69 | | | | 38 | | | | 57 | |
Trustees’ and Chief Compliance Officer’s fees | | | 2 | | | | 15 | | | | 2 | | | | 12 | |
Printing and mailing costs | | | 5 | | | | 65 | | | | 13 | | | | 34 | |
Registration and filing fees | | | 47 | | | | 60 | | | | 28 | | | | 53 | |
Transfer agent fees (See Note 2.J.) | | | 2 | | | | 35 | | | | 5 | | | | 19 | |
Sub-transfer agent fees (See Note 2.J.) | | | — | (a) | | | 217 | | | | 33 | | | | 130 | |
Other | | | 4 | | | | 12 | | | | 3 | | | | 11 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 327 | | | | 14,787 | | | | 799 | | | | 9,263 | |
| | | | | | | | | | | | | | | | |
Less fees waived | | | (125 | ) | | | (1,849 | ) | | | (185 | ) | | | (109 | ) |
Less expense reimbursements | | | (88 | ) | | | (5 | ) | | | — | (a) | | | — | |
| | | | | | | | | | | | | | | | |
Net expenses | | | 114 | | | | 12,933 | | | | 614 | | | | 9,154 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 318 | | | | 25,231 | | | | 1,338 | | | | 24,099 | |
| | | | | | | | | | | | | | | | |
| | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | | | | | | | | | |
Investments in non-affiliates | | | 5,322 | | | | 5,470 | | | | (7,362 | ) | | | (65,938 | ) |
Futures | | | 228 | | | | — | | | | — | | | | 6,448 | |
Foreign currency transactions | | | 129 | | | | (739 | ) | | | (48 | ) | | | 11,843 | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | 5,679 | | | | 4,731 | | | | (7,410 | ) | | | (47,647 | ) |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | | | | | | |
Investments in non-affiliates | | | (41 | ) | | | (141,854 | ) | | | 3,397 | | | | (31,361 | ) |
Foreign currency translations | | | 4 | | | | 912 | | | | (206 | ) | | | 4,606 | |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation | | | (37 | ) | | | (140,942 | ) | | | 3,191 | | | | (26,755 | ) |
| | | | | | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | 5,642 | | | | (136,211 | ) | | | (4,219 | ) | | | (74,402 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | 5,960 | | | $ | (110,980 | ) | | $ | (2,881 | ) | | $ | (50,303 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 87 | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2016 (Unaudited) (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
International
Research
Enhanced
Equity Fund | | | International
Unconstrained
Equity Fund | | | International
Value Fund | | | Intrepid
International
Fund | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | | $ | 5 | | | $ | — | | | $ | — | | | $ | 10 | |
Interest income from affiliates | | | — | (a) | | | — | (a) | | | — | (a) | | | 1 | |
Dividend income from non-affiliates | | | 14,513 | | | | 890 | | | | 33,599 | | | | 38,650 | |
Dividend income from affiliates | | | 40 | | | | 4 | | | | 35 | | | | 82 | |
Foreign taxes withheld | | | (1,165 | ) | | | (64 | ) | | | (2,565 | ) | | | (3,205 | ) |
| | | | | | | | | | | | | | | | |
Total investment income | | | 13,393 | | | | 830 | | | | 31,069 | | | | 35,538 | |
| | | | | | | | | | | | | | | | |
| | | | |
EXPENSES: | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 888 | | | | 286 | | | | 6,645 | | | | 6,726 | |
Administration fees | | | 364 | | | | 34 | | | | 909 | | | | 921 | |
Distribution fees: | | | | | | | | | | | | | | | | |
Class A | | | 92 | | | | 10 | | | | 804 | | | | 204 | |
Class C | | | 61 | | | | 15 | | | | 108 | | | | 10 | |
Class R2 | | | 9 | | | | — | (a) | | | 4 | | | | 1 | |
Shareholder servicing fees: | | | | | | | | | | | | | | | | |
Class A | | | 92 | | | | 10 | | | | 804 | | | | 204 | |
Class C | | | 20 | | | | 5 | | | | 36 | | | | 3 | |
Class R2 | | | 4 | | | | — | (a) | | | 2 | | | | — | (a) |
Class R5 | | | — | | | | — | (a) | | | — | | | | — | |
Institutional Class | | | — | | | | — | | | | 664 | | | | 19 | |
Select Class | | | 993 | | | | 13 | | | | 262 | | | | 23 | |
Custodian and accounting fees | | | 81 | | | | 35 | | | | 168 | | | | 191 | |
Interest expense to affiliates | | | — | (a) | | | — | (a) | | | 1 | | | | — | (a) |
Professional fees | | | 63 | | | | 36 | | | | 64 | | | | 71 | |
Trustees’ and Chief Compliance Officer’s fees | | | 5 | | | | 2 | | | | 12 | | | | 11 | |
Printing and mailing costs | | | 33 | | | | 3 | | | | 140 | | | | 32 | |
Registration and filing fees | | | 33 | | | | 24 | | | | 76 | | | | 56 | |
Transfer agent fees (See Note 2.J.) | | | 27 | | | | 4 | | | | 31 | | | | 17 | |
Sub-transfer agent fees (See Note 2.J.) | | | 87 | | | | 4 | | | | 1,132 | | | | 123 | |
Other | | | 6 | | | | 4 | | | | 15 | | | | 5 | |
| | | | | | | | | | | | | | | | |
Total expenses | | | 2,858 | | | | 485 | | | | 11,877 | | | | 8,617 | |
| | | | | | | | | | | | | | | | |
Less fees waived | | | (1,162 | ) | | | (133 | ) | | | (239 | ) | | | (161 | ) |
Less expense reimbursements | | | — | (a) | | | — | (a) | | | (2 | ) | | | — | (a) |
| | | | | | | | | | | | | | | | |
Net expenses | | | 1,696 | | | | 352 | | | | 11,636 | | | | 8,456 | |
| | | | | | | | | | | | | | | | |
Net investment income (loss) | | | 11,697 | | | | 478 | | | | 19,433 | | | | 27,082 | |
| | | | | | | | | | | | | | | | |
| | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | | | | | | | | | |
Investments in non-affiliates | | | (7,865 | ) | | | (2,814 | ) | | | (76,920 | ) | | | (6,892 | ) |
Futures | | | 2,367 | | | | — | | | | 1,045 | | | | — | |
Foreign currency transactions | | | 269 | | | | 9 | | | | 7,272 | | | | 611 | |
| | | | | | | | | | | | | | | | |
Net realized gain (loss) | | | (5,229 | ) | | | (2,805 | ) | | | (68,603 | ) | | | (6,281 | ) |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | | | | | | |
Investments in non-affiliates | | | (29,456 | )(b) | | | 1,270 | | | | (90,020 | ) | | | (88,686 | ) |
Futures | | | (47 | ) | | | — | | | | — | | | | — | |
Foreign currency translations | | | 255 | | | | 16 | | | | 824 | | | | 568 | |
| | | | | | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation | | | (29,248 | ) | | | 1,286 | | | | (89,196 | ) | | | (88,118 | ) |
| | | | | | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | (34,477 | ) | | | (1,519 | ) | | | (157,799 | ) | | | (94,399 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | (22,780 | ) | | $ | (1,041 | ) | | $ | (138,366 | ) | | $ | (67,317 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than $1,000. |
| (b) | Net of change in India capital gains tax of approximately $2,000 for International Research Enhanced Equity Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 88 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
Emerging Economies Fund | | | Emerging Markets Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 3,832 | | | $ | 14,254 | | | $ | 4,655 | | | $ | 19,330 | |
Net realized gain (loss) | | | (42,585 | ) | | | (84,340 | ) | | | (85,458 | ) | | | (27,573 | ) |
Change in net unrealized appreciation/depreciation | | | 13,508 | | | | (71,084 | ) | | | 117,736 | | | | (380,760 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | (25,245 | ) | | | (141,170 | ) | | | 36,933 | | | | (389,003 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
From net investment income | | | (378 | ) | | | (1,309 | ) | | | (1,590 | ) | | | (2,876 | ) |
Class B (a) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | — | | | | (3 | ) |
Class C | | | | | | | | | | | | | | | | |
From net investment income | | | (1 | ) | | | (54 | ) | | | — | | | | (188 | ) |
Class R5 | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (17,780 | ) | | | — | | | | — | |
Class R6 (b) | | | | | | | | | | | | | | | | |
From net investment income | | | (12,736 | ) | | | — | | | | (13,982 | ) | | | (14,467 | ) |
Institutional Class | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | (2,796 | ) | | | (4,060 | ) |
Select Class | | | | | | | | | | | | | | | | |
From net investment income | | | (168 | ) | | | (4,910 | ) | | | (1,894 | ) | | | (5,672 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (13,283 | ) | | | (24,053 | ) | | | (20,262 | ) | | | (27,266 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | 57,589 | | | | 39,393 | | | | (34,968 | ) | | | 147,146 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Change in net assets | | | 19,061 | | | | (125,830 | ) | | | (18,297 | ) | | | (269,123 | ) |
Beginning of period | | | 1,100,843 | | | | 1,226,673 | | | | 2,265,851 | | | | 2,534,974 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,119,904 | | | $ | 1,100,843 | | | $ | 2,247,554 | | | $ | 2,265,851 | |
| | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | 615 | | | $ | 10,066 | | | $ | 3,884 | | | $ | 19,491 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 89 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Emerging Markets
Equity Income Fund | | | Global Research
Enhanced Index Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Period Ended
October 31, 2015 (a) | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 22 | | | $ | 101 | | | $ | 71,691 | | | $ | 126,380 | |
Net realized gain (loss) | | | (198 | ) | | | (129 | ) | | | (160,634 | ) | | | (89,014 | ) |
Change in net unrealized appreciation/depreciation | | | 225 | | | | (394 | ) | | | (45,249 | ) | | | 101,877 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 49 | | | | (422 | ) | | | (134,192 | ) | | | 139,243 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
From net investment income | | | (1 | ) | | | (2 | ) | | | — | (b) | | | (1 | ) |
From net realized gains | | | — | | | | — | | | | — | | | | (1 | ) |
Class C | | | | | | | | | | | | | | | | |
From net investment income | | | — | (b) | | | (1 | ) | | | — | | | | — | (b) |
From net realized gains | | | — | | | | — | | | | — | | | | (1 | ) |
Class R2 | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | — | (b) | | | — | (b) |
From net realized gains | | | — | | | | — | | | | — | | | | (1 | ) |
Class R5 | | | | | | | | | | | | | | | | |
From net investment income | | | — | (b) | | | — | (b) | | | — | | | | — | |
Class R6 | | | | | | | | | | | | | | | | |
From net investment income | | | — | (b) | | | (1 | ) | | | — | | | | — | |
Select Class | | | | | | | | | | | | | | | | |
From net investment income | | | (18 | ) | | | (84 | ) | | | (138,054 | ) | | | (71,222 | ) |
From net realized gains | | | — | | | | — | | | | — | | | | (47,876 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (19 | ) | | | (88 | ) | | | (138,054 | ) | | | (119,102 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | 66 | | | | 3,203 | | | | (288,840 | ) | | | 3,817,424 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Change in net assets | | | 96 | | | | 2,693 | | | | (561,086 | ) | | | 3,837,565 | |
Beginning of period | | | 2,693 | | | | — | | | | 7,415,278 | | | | 3,577,713 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 2,789 | | | $ | 2,693 | | | $ | 6,854,192 | | | $ | 7,415,278 | |
| | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | 15 | | | $ | 12 | | | $ | 45,820 | | | $ | 112,183 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of operations was December 12, 2014. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 90 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | |
Global Unconstrained Equity Fund | | | International Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 318 | | | $ | 38 | | | $ | 25,231 | | | $ | 52,700 | |
Net realized gain (loss) | | | 5,679 | | | | 482 | | | | 4,731 | | | | (11,664 | ) |
Change in net unrealized appreciation/depreciation | | | (37 | ) | | | (275 | ) | | | (140,942 | ) | | | (93,907 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 5,960 | | | | 245 | | | | (110,980 | ) | | | (52,871 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
From net investment income | | | (339 | ) | | | (2 | ) | | | (688 | ) | | | (3,160 | ) |
From net realized gains | | | (6,015 | ) | | | (24 | ) | | | — | | | | — | |
Class B (a) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | — | | | | (1 | ) |
Class C | | | | | | | | | | | | | | | | |
From net investment income | | | (2 | ) | | | (2 | ) | | | (49 | ) | | | (332 | ) |
From net realized gains | | | (26 | ) | | | (36 | ) | | | — | | | | — | |
Class R2 | | | | | | | | | | | | | | | | |
From net investment income | | | — | (b) | | | (1 | ) | | | (3 | ) | | | (13 | ) |
From net realized gains | | | (2 | ) | | | (16 | ) | | | — | | | | — | |
Class R5 | | | | | | | | | | | | | | | | |
From net investment income | | | — | (b) | | | (2 | ) | | | (249 | ) | | | (1,256 | ) |
From net realized gains | | | (1 | ) | | | (16 | ) | | | — | | | | — | |
Class R6 | | | | | | | | | | | | | | | | |
From net investment income | | | — | (b) | | | (2 | ) | | | (11,937 | ) | | | (36,053 | ) |
From net realized gains | | | (1 | ) | | | (16 | ) | | | — | | | | — | |
Select Class | | | | | | | | | | | | | | | | |
From net investment income | | | (57 | ) | | | (89 | ) | | | (505 | ) | | | (8,468 | ) |
From net realized gains | | | (780 | ) | | | (887 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (7,223 | ) | | | (1,093 | ) | | | (13,431 | ) | | | (49,283 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | 2,155 | | | | (2,043 | ) | | | 544,897 | | | | 537,987 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Change in net assets | | | 892 | | | | (2,891 | ) | | | 420,486 | | | | 435,833 | |
Beginning of period | | | 1,641 | | | | 4,532 | | | | 2,922,623 | | | | 2,486,790 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 2,533 | | | $ | 1,641 | | | $ | 3,343,109 | | | $ | 2,922,623 | |
| | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | (68 | ) | | $ | 12 | | | $ | 18,464 | | | $ | 6,664 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 91 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
International Equity Income Fund | | | International Opportunities Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,338 | | | $ | 2,671 | | | $ | 24,099 | | | $ | 32,441 | |
Net realized gain (loss) | | | (7,410 | ) | | | 1,803 | | | | (47,647 | ) | | | (49,185 | ) |
Change in net unrealized appreciation/depreciation | | | 3,191 | | | | (6,667 | ) | | | (26,755 | ) | | | 27,406 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | (2,881 | ) | | | (2,193 | ) | | | (50,303 | ) | | | 10,662 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
From net investment income | | | (954 | ) | | | (2,802 | ) | | | (362 | ) | | | (1,196 | ) |
From net realized gains | | | (1,055 | ) | | | (747 | ) | | | — | | | | — | |
Class B (a) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | — | | | | (3 | ) |
Class C | | | | | | | | | | | | | | | | |
From net investment income | | | (127 | ) | | | (160 | ) | | | — | (b) | | | (26 | ) |
From net realized gains | | | (151 | ) | | | (30 | ) | | | — | | | | — | |
Class R2 | | | | | | | | | | | | | | | | |
From net investment income | | | (1 | ) | | | (19 | ) | | | — | | | | — | |
From net realized gains | | | (1 | ) | | | (5 | ) | | | — | | | | — | |
Class R5 | | | | | | | | | | | | | | | | |
From net investment income | | | — | (b) | | | (21 | ) | | | — | | | | — | |
From net realized gains | | | — | (b) | | | (6 | ) | | | — | | | | — | |
Class R6 (c) | | | | | | | | | | | | | | | | |
From net investment income | | | — | (b) | | | (1 | ) | | | (13,758 | ) | | | (43,134 | ) |
From net realized gains | | | (1 | ) | | | — | | | | — | | | | — | |
Institutional Class | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | (312 | ) | | | (1,208 | ) |
Select Class | | | | | | | | | | | | | | | | |
From net investment income | | | (484 | ) | | | (1,460 | ) | | | (55 | ) | | | (1,161 | ) |
From net realized gains | | | (534 | ) | | | (342 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (3,308 | ) | | | (5,593 | ) | | | (14,487 | ) | | | (46,728 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | 11,128 | | | | 4,141 | | | | 447,598 | | | | 520,590 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Change in net assets | | | 4,939 | | | | (3,645 | ) | | | 382,808 | | | | 484,524 | |
Beginning of period | | | 110,417 | | | | 114,062 | | | | 2,240,370 | | | | 1,755,846 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 115,356 | | | $ | 110,417 | | | $ | 2,623,178 | | | $ | 2,240,370 | |
| | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | (198 | ) | | $ | 30 | | | $ | 20,716 | | | $ | 11,104 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (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.
| | | | | | |
| | | |
| 92 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | | International Research Enhanced
Equity Fund | | | International Unconstrained
Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 11,697 | | | $ | 21,426 | | | $ | 478 | | | $ | 235 | |
Net realized gain (loss) | | | (5,229 | ) | | | 5,781 | | | | (2,805 | ) | | | (835 | ) |
Change in net unrealized appreciation/depreciation | | | (29,248 | ) | | | (31,203 | ) | | | 1,286 | | | | (2,078 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | (22,780 | ) | | | (3,996 | ) | | | (1,041 | ) | | | (2,678 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
From net investment income | | | (1,772 | ) | | | (2,144 | ) | | | (18 | ) | | | (3 | ) |
From net realized gains | | | (738 | ) | | | (14,822 | ) | | | — | | | | (23 | ) |
Class B (a) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (30 | ) | | | — | | | | — | |
From net realized gains | | | — | | | | (279 | ) | | | — | | | | — | |
Class C | | | | | | | | | | | | | | | | |
From net investment income | | | (316 | ) | | | (384 | ) | | | (3 | ) | | | (1 | ) |
From net realized gains | | | (169 | ) | | | (3,366 | ) | | | — | | | | (9 | ) |
Class R2 | | | | | | | | | | | | | | | | |
From net investment income | | | (80 | ) | | | (65 | ) | | | — | | | | (1 | ) |
From net realized gains | | | (35 | ) | | | (441 | ) | | | — | | | | (5 | ) |
Class R5 | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | — | (b) | | | (1 | ) |
From net realized gains | | | — | | | | — | | | | — | | | | (5 | ) |
Class R6 | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | — | | | | (253 | ) | | | (1 | ) |
From net realized gains | | | — | | | | — | | | | — | | | | (5 | ) |
Select Class | | | | | | | | | | | | | | | | |
From net investment income | | | (19,237 | ) | | | (14,339 | ) | | | — | | | | (44 | ) |
From net realized gains | | | (7,017 | ) | | | (90,006 | ) | | | — | | | | (267 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (29,364 | ) | | | (125,876 | ) | | | (274 | ) | | | (365 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | 375,775 | | | | 330,697 | | | | 22,562 | | | | 72,975 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Change in net assets | | | 323,631 | | | | 200,825 | | | | 21,247 | | | | 69,932 | |
Beginning of period | | | 884,329 | | | | 683,504 | | | | 74,496 | | | | 4,564 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,207,960 | | | $ | 884,329 | | | $ | 95,743 | | | $ | 74,496 | |
| | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | 8,783 | | | $ | 18,491 | | | $ | 426 | | | $ | 222 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 93 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
International Value Fund | | | Intrepid International Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 19,433 | | | $ | 46,749 | | | $ | 27,082 | | | $ | 41,458 | |
Net realized gain (loss) | | | (68,603 | ) | | | 836 | | | | (6,281 | ) | | | (23,971 | ) |
Change in net unrealized appreciation/depreciation | | | (89,196 | ) | | | (132,259 | ) | | | (88,118 | ) | | | (9,677 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | (138,366 | ) | | | (84,674 | ) | | | (67,317 | ) | | | 7,810 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
From net investment income | | | (7,469 | ) | | | (17,828 | ) | | | (2,746 | ) | | | (1,178 | ) |
Class B (a) | | | | | | | | | | | | | | | | |
From net investment income | | | — | | | | (34 | ) | | | — | | | | — | |
Class C | | | | | | | | | | | | | | | | |
From net investment income | | | (176 | ) | | | (874 | ) | | | (35 | ) | | | (7 | ) |
Class R2 | | | | | | | | | | | | | | | | |
From net investment income | | | (18 | ) | | | (54 | ) | | | (3 | ) | | | (1 | ) |
Class R6 (b) | | | | | | | | | | | | | | | | |
From net investment income | | | (61 | ) | | | (1,141 | ) | | | (39,523 | ) | | | — | |
Institutional Class | | | | | | | | | | | | | | | | |
From net investment income | | | (19,068 | ) | | | (104,543 | ) | | | (210 | ) | | | (23,132 | ) |
Select Class | | | | | | | | | | | | | | | | |
From net investment income | | | (2,865 | ) | | | (10,060 | ) | | | (365 | ) | | | (194 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (29,657 | ) | | | (134,534 | ) | | | (42,882 | ) | �� | | (24,512 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | (68,182 | ) | | | (1,126,276 | ) | | | 616,327 | | | | 505,255 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS: | | | | | | | | | | | | | | | | |
Change in net assets | | | (236,205 | ) | | | (1,345,484 | ) | | | 506,128 | | | | 488,553 | |
Beginning of period | | | 2,444,196 | | | | 3,789,680 | | | | 2,081,916 | | | | 1,593,363 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 2,207,991 | | | $ | 2,444,196 | | | $ | 2,588,044 | | | $ | 2,081,916 | |
| | | | | | | | | | | | | | | | |
Accumulated undistributed (distributions in excess of) net investment income | | $ | 15,106 | | | $ | 25,330 | | | $ | 20,955 | | | $ | 36,755 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 94 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | |
Emerging Economies Fund | | | Emerging Markets Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 17,631 | | | $ | 39,047 | | | $ | 58,894 | | | $ | 141,966 | |
Distributions reinvested | | | 376 | | | | 703 | | | | 1,541 | | | | 2,387 | |
Cost of shares redeemed | | | (9,217 | ) | | | (68,699 | ) | | | (52,513 | ) | | | (164,706 | ) |
Conversion from Class B Shares | | | — | | | | — | | | | — | | | | 1,651 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 8,790 | | | $ | (28,949 | ) | | $ | 7,922 | | | $ | (18,702 | ) |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | — | | | $ | 103 | |
Distributions reinvested | | | — | | | | — | | | | — | | | | 3 | |
Cost of shares redeemed | | | — | | | | — | | | | — | | | | (954 | ) |
Conversion to Class A Shares | | | — | | | | — | | �� | | — | | | | (1,651 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class B capital transactions | | $ | — | | | $ | — | | | $ | — | | | $ | (2,499 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 171 | | | $ | 694 | | | $ | 3,693 | | | $ | 10,799 | |
Distributions reinvested | | | 1 | | | | 54 | | | | — | | | | 176 | |
Cost of shares redeemed | | | (889 | ) | | | (1,667 | ) | | | (8,405 | ) | | | (14,202 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | (717 | ) | | $ | (919 | ) | | $ | (4,712 | ) | | $ | (3,227 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 79,262 | | | $ | 514,420 | | | $ | — | | | $ | — | |
Distributions reinvested | | | — | | | | 17,780 | | | | — | | | | — | |
Cost of shares redeemed | | | (157,035 | ) | | | (1,200,435 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | (77,773 | ) | | $ | (668,235 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Class R6 (b) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 462,944 | | | $ | 743,085 | | | $ | 367,934 | | | $ | 600,665 | |
Distributions reinvested | | | 12,736 | | | | — | | | | 13,982 | | | | 14,467 | |
Cost of shares redeemed | | | (160,629 | ) | | | (150 | ) | | | (147,218 | ) | | | (448,676 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | 315,051 | | | $ | 742,935 | | | $ | 234,698 | | | $ | 166,456 | |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 49,497 | | | $ | 154,149 | |
Distributions reinvested | | | — | | | | — | | | | 1,936 | | | | 2,196 | |
Cost of shares redeemed | | | — | | | | — | | | | (82,028 | ) | | | (175,383 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | $ | — | | | $ | — | | | $ | (30,595 | ) | | $ | (19,038 | ) |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 8,896 | | | $ | 39,198 | | | $ | 64,181 | | | $ | 169,818 | |
Distributions reinvested | | | 86 | | | | 4,292 | | | | 1,651 | | | | 5,148 | |
Cost of shares redeemed | | | (196,744 | ) | | | (48,929 | ) | | | (308,113 | ) | | | (150,810 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Select Class capital transactions | | $ | (187,762 | ) | | $ | (5,439 | ) | | $ | (242,281 | ) | | $ | 24,156 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 57,589 | | | $ | 39,393 | | | $ | (34,968 | ) | | $ | 147,146 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Commencement of offering of class of shares effective September 1, 2015, for Emerging Economies Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 95 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
Emerging Economies Fund | | | Emerging Markets Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
SHARE TRANSACTIONS: | |
Class A | |
Issued | | | 1,714 | | | | 3,271 | | | | 3,225 | | | | 6,573 | |
Reinvested | | | 36 | | | | 58 | | | | 84 | | | | 110 | |
Redeemed | | | (912 | ) | | | (5,564 | ) | | | (2,901 | ) | | | (7,475 | ) |
Conversion from Class B Shares | | | — | | | | — | | | | — | | | | 76 | |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 838 | | | | (2,235 | ) | | | 408 | | | | (716 | ) |
| | | | | | | | | | | | | | | | |
Class B (a) | |
Issued | | | — | | | | — | | | | — | | | | 5 | |
Reinvested | | | — | | | | — | | | | — | | | | — | (b) |
Redeemed | | | — | | | | — | | | | — | | | | (43 | ) |
Conversion to Class A Shares | | | — | | | | — | | | | — | | | | (78 | ) |
| | | | | | | | | | | | | | | | |
Change in Class B Shares | | | — | | | | — | | | | — | | | | (116 | ) |
| | | | | | | | | | | | | | | | |
Class C | |
Issued | | | 17 | | | | 56 | | | | 206 | | | | 507 | |
Reinvested | | | — | (b) | | | 5 | | | | — | | | | 8 | |
Redeemed | | | (89 | ) | | | (141 | ) | | | (474 | ) | | | (691 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (72 | ) | | | (80 | ) | | | (268 | ) | | | (176 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | |
Issued | | | 7,173 | | | | 44,196 | | | | — | | | | — | |
Reinvested | | | — | | | | 1,470 | | | | — | | | | — | |
Redeemed | | | (14,254 | ) | | | (102,824 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class R5 Shares | | | (7,081 | ) | | | (57,158 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Class R6 (c) | |
Issued | | | 42,515 | | | | 65,993 | | | | 18,850 | | | | 28,601 | |
Reinvested | | | 1,219 | | | | — | | | | 745 | | | | 646 | |
Redeemed | | | (14,892 | ) | | | (22 | ) | | | (7,646 | ) | | | (19,445 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | 28,842 | | | | 65,971 | | | | 11,949 | | | | 9,802 | |
| | | | | | | | | | | | | | | | |
Institutional Class | |
Issued | | | — | | | | — | | | | 2,617 | | | | 6,950 | |
Reinvested | | | — | | | | — | | | | 103 | | | | 98 | |
Redeemed | | | — | | | | — | | | | (4,364 | ) | | | (8,181 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | — | | | | — | | | | (1,644 | ) | | | (1,133 | ) |
| | | | | | | | | | | | | | | | |
Select Class | |
Issued | | | 862 | | | | 3,352 | | | | 3,465 | | | | 7,719 | |
Reinvested | | | 8 | | | | 355 | | | | 88 | | | | 231 | |
Redeemed | | | (17,340 | ) | | | (3,905 | ) | | | (15,614 | ) | | | (6,853 | ) |
| | | | | | | | | | | | | | | | |
Change in Select Class Shares | | | (16,470 | ) | | | (198 | ) | | | (12,061 | ) | | | 1,097 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (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.
| | | | | | |
| | | |
| 96 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | | Emerging Markets
Equity Income Fund | | | Global Research
Enhanced Index Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Period Ended
October 31, 2015 (a) | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 42 | | | $ | 95 | | | $ | — | | | $ | — | |
Distributions reinvested | | | 1 | | | | 2 | | | | — | (b) | | | 2 | |
Cost of shares redeemed | | | (16 | ) | | | — | (b) | | | — | | | | (45 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 27 | | | $ | 97 | | | $ | — | (b) | | $ | (43 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 7 | | | $ | 37 | | | $ | — | | | $ | — | |
Distributions reinvested | | | — | (b) | | | 1 | | | | — | | | | 1 | |
Cost of shares redeemed | | | — | (b) | | | — | | | | — | | | | (45 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | 7 | | | $ | 38 | | | $ | — | | | $ | (44 | ) |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Distributions reinvested | | $ | — | | | $ | — | | | $ | — | (b) | | $ | 1 | |
Cost of shares redeemed | | | — | | | | — | | | | — | | | | (45 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | — | | | $ | — | | | $ | — | (b) | | $ | (44 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | (b) | | $ | 20 | | | $ | — | | | $ | — | |
Distributions reinvested | | | — | (b) | | | — | (b) | | | — | | | | — | |
Cost of shares redeemed | | | — | (b) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | — | (b) | | $ | 20 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 7 | | | $ | 20 | | | $ | — | | | $ | — | |
Distributions reinvested | | | — | (b) | | | 1 | | | | — | | | | — | |
Cost of shares redeemed | | | (4 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | 3 | | | $ | 21 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 11 | | | $ | 2,943 | | | $ | 795,065 | | | $ | 4,477,297 | |
Distributions reinvested | | | 18 | | | | 84 | | | | 9,477 | | | | 12,872 | |
Cost of shares redeemed | | | — | (b) | | | — | | | | (1,093,382 | ) | | | (672,614 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Select Class capital transactions | | $ | 29 | | | $ | 3,027 | | | $ | (288,840 | ) | | $ | 3,817,555 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 66 | | | $ | 3,203 | | | $ | (288,840 | ) | | $ | 3,817,424 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of operations was December 12, 2014. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 97 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | Emerging Markets
Equity Income Fund | | | Global Research
Enhanced Index Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Period Ended
October 31, 2015 (a) | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 3 | | | | 7 | | | | — | | | | — | |
Reinvested | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Redeemed | | | (1 | ) | | | — | (b) | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 2 | | | | 7 | | | | — | (b) | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | — | (b) | | | 3 | | | | — | | | | — | |
Reinvested | | | — | (b) | | | — | (b) | | | — | | | | — | (b) |
Redeemed | | | — | | | | — | | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | — | (b) | | | 3 | | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Reinvested | | | — | | | | — | | | | — | (b) | | | — | (b) |
Redeemed | | | — | | | | — | | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | — | | | | — | | | | — | (b) | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Issued | | | 1 | | | | 1 | | | | — | | | | — | |
Reinvested | | | — | (b) | | | — | (b) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class R5 Shares | | | 1 | | | | 1 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Issued | | | 2 | | | | 1 | | | | — | | | | — | |
Reinvested | | | — | (b) | | | — | (b) | | | — | | | | — | |
Redeemed | | | (1 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | 1 | | | | 1 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Issued | | | — | (b) | | | 196 | | | | 46,459 | | | | 245,025 | |
Reinvested | | | 2 | | | | 7 | | | | 538 | | | | 703 | |
Redeemed | | | — | (b) | | | — | | | | (63,705 | ) | | | (36,321 | ) |
| | | | | | | | | | | | | | | | |
Change in Select Class Shares | | | 2 | | | | 203 | | | | (16,708 | ) | | | 209,407 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of operations was December 12, 2014. |
| (b) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 98 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | |
Global Unconstrained Equity Fund | | | International Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 121,355 | | | $ | 237 | | | $ | 73,049 | | | $ | 132,476 | |
Distributions reinvested | | | 6,351 | | | | 18 | | | | 681 | | | | 1,943 | |
Cost of shares redeemed | | | (126,476 | ) | | | (64 | ) | | | (31,125 | ) | | | (86,116 | ) |
Conversion from Class B Shares | | | — | | | | — | | | | — | | | | 650 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 1,230 | | | $ | 191 | | | $ | 42,605 | | | $ | 48,953 | |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | — | | | $ | 16 | |
Distributions reinvested | | | — | | | | — | | | | — | | | | 1 | |
Cost of shares redeemed | | | — | | | | — | | | | — | | | | (370 | ) |
Conversion to Class A Shares | | | — | | | | — | | | | — | | | | (650 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class B capital transactions | | $ | — | | | $ | — | | | $ | — | | | $ | (1,003 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 27 | | | $ | 311 | | | $ | 1,484 | | | $ | 8,119 | |
Distributions reinvested | | | 26 | | | | 31 | | | | 40 | | | | 271 | |
Cost of shares redeemed | | | (13 | ) | | | (59 | ) | | | (3,686 | ) | | | (5,118 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | 40 | | | $ | 283 | | | $ | (2,162 | ) | | $ | 3,272 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | (b) | | $ | 7 | | | $ | 699 | | | $ | 437 | |
Distributions reinvested | | | — | | | | 10 | | | | 3 | | | | 6 | |
Cost of shares redeemed | | | — | (b) | | | (58 | ) | | | (386 | ) | | | (606 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | — | (b) | | $ | (41 | ) | | $ | 316 | | | $ | (163 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | (b) | | $ | 8 | | | $ | 3,604 | | | $ | 12,066 | |
Distributions reinvested | | | — | | | | 10 | | | | 249 | | | | 1,256 | |
Cost of shares redeemed | | | — | (b) | | | (60 | ) | | | (2,661 | ) | | | (49,835 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | — | (b) | | $ | (42 | ) | | $ | 1,192 | | | $ | (36,513 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | (b) | | $ | 8 | | | $ | 958,112 | | | $ | 643,342 | |
Distributions reinvested | | | — | | | | 11 | | | | 11,937 | | | | 36,053 | |
Cost of shares redeemed | | | — | (b) | | | (61 | ) | | | (72,761 | ) | | | (200,977 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | — | (b) | | $ | (42 | ) | | $ | 897,288 | | | $ | 478,418 | |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 14,969 | | | $ | 915 | | | $ | 18,239 | | | $ | 190,845 | |
Distributions reinvested | | | 803 | | | | 565 | | | | 370 | | | | 7,832 | |
Cost of shares redeemed | | | (14,887 | ) | | | (3,872 | ) | | | (412,951 | ) | | | (153,654 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Select Class capital transactions | | $ | 885 | | | $ | (2,392 | ) | | $ | (394,342 | ) | | $ | 45,023 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 2,155 | | | $ | (2,043 | ) | | $ | 544,897 | | | $ | 537,987 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 99 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
Global Unconstrained Equity Fund | | | International Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 9,121 | | | | 14 | | | | 5,390 | | | | 8,553 | |
Reinvested | | | 477 | | | | 1 | | | | 49 | | | | 124 | |
Redeemed | | | (9,557 | ) | | | (4 | ) | | | (2,286 | ) | | | (5,716 | ) |
Conversion from Class B Shares | | | — | | | | — | | | | — | | | | 40 | |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 41 | | | | 11 | | | | 3,153 | | | | 3,001 | |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Issued | | | — | | | | — | | | | — | | | | 2 | |
Reinvested | | | — | | | | — | | | | — | | | | — | (b) |
Redeemed | | | — | | | | — | | | | — | | | | (25 | ) |
Conversion to Class A Shares | | | — | | | | — | | | | — | | | | (42 | ) |
| | | | | | | | | | | | | | | | |
Change in Class B Shares | | | — | | | | — | | | | — | | | | (65 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | 2 | | | | 18 | | | | 114 | | | | 544 | |
Reinvested | | | 2 | | | | 2 | | | | 3 | | | | 18 | |
Redeemed | | | (1 | ) | | | (4 | ) | | | (284 | ) | | | (353 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | 3 | | | | 16 | | | | (167 | ) | | | 209 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Issued | | | — | | | | — | (b) | | | 51 | | | | 30 | |
Reinvested | | | — | | | | — | (b) | | | — | (b) | | | — | (b) |
Redeemed | | | — | | | | (2 | ) | | | (29 | ) | | | (40 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | — | | | | (2 | ) | | | 22 | | | | (10 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Issued | | | — | | | | — | (b) | | | 257 | | | | 767 | |
Reinvested | | | — | | | | 1 | | | | 18 | | | | 79 | |
Redeemed | | | — | | | | (4 | ) | | | (190 | ) | | | (3,196 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R5 Shares | | | — | | | | (3 | ) | | | 85 | | | | (2,350 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Issued | | | — | | | | 1 | | | | 68,005 | | | | 41,655 | |
Reinvested | | | — | | | | 1 | | | | 848 | | | | 2,277 | |
Redeemed | | | — | | | | (5 | ) | | | (5,191 | ) | | | (13,127 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | — | | | | (3 | ) | | | 63,662 | | | | 30,805 | |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Issued | | | 1,090 | | | | 56 | | | | 1,315 | | | | 12,232 | |
Reinvested | | | 60 | | | | 33 | | | | 26 | | | | 491 | |
Redeemed | | | (1,111 | ) | | | (238 | ) | | | (27,578 | ) | | | (9,778 | ) |
| | | | | | | | | | | | | | | | |
Change in Select Class Shares | | | 39 | | | | (149 | ) | | | (26,237 | ) | | | 2,945 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 100 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | |
International Equity Income Fund | | | International Opportunities Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 25,111 | | | $ | 58,461 | | | $ | 71,815 | | | $ | 136,311 | |
Distributions reinvested | | | 2,009 | | | | 1,987 | | | | 362 | | | | 667 | |
Cost of shares redeemed | | | (18,387 | ) | | | (63,685 | ) | | | (20,651 | ) | | | (88,624 | ) |
Conversion to Class A Shares | | | — | | | | — | | | | — | | | | 98 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 8,733 | | | $ | (3,237 | ) | | $ | 51,526 | | | $ | 48,452 | |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | — | | | $ | — | (b) |
Distributions reinvested | | | — | | | | — | | | | — | | | | 3 | |
Cost of shares redeemed | | | — | | | | — | | | | — | | | | (201 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class B capital transactions | | $ | — | | | $ | — | | | $ | — | | | $ | (198 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 3,784 | | | $ | 6,733 | | | $ | 215 | | | $ | 812 | |
Distributions reinvested | | | 278 | | | | 188 | | | | — | (b) | | | 26 | |
Cost of shares redeemed | | | (936 | ) | | | (1,399 | ) | | | (323 | ) | | | (485 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | 3,126 | | | $ | 5,522 | | | $ | (108 | ) | | $ | 353 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 70 | | | $ | 245 | | | $ | — | | | $ | — | |
Distributions reinvested | | | 2 | | | | 24 | | | | — | | | | — | |
Cost of shares redeemed | | | (5 | ) | | | (798 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | 67 | | | $ | (529 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | 1 | | | $ | — | | | $ | — | |
Distributions reinvested | | | — | (b) | | | 27 | | | | — | | | | — | |
Cost of shares redeemed | | | — | | | | (600 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | — | (b) | | $ | (572 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Class R6 (c) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | 20 | | | $ | 644,098 | | | $ | 566,773 | |
Distributions reinvested | | | 1 | | | | 1 | | | | 13,758 | | | | 43,134 | |
Cost of shares redeemed | | | — | | | | — | (b) | | | (263,291 | ) | | | (114,856 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | 1 | | | $ | 21 | | | $ | 394,565 | | | $ | 495,051 | |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 6,240 | | | $ | 16,816 | |
Distributions reinvested | | | — | | | | — | | | | 243 | | | | 832 | |
Cost of shares redeemed | | | — | | | | — | | | | (7,944 | ) | | | (17,121 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | $ | — | | | $ | — | | | $ | (1,461 | ) | | $ | 527 | |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 21,824 | | | $ | 32,401 | | | $ | 5,674 | | | $ | 11,466 | |
Distributions reinvested | | | 934 | | | | 1,227 | | | | 35 | | | | 899 | |
Cost of shares redeemed | | | (23,557 | ) | | | (30,692 | ) | | | (2,633 | ) | | | (35,960 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Select Class capital transactions | | $ | (799 | ) | | $ | 2,936 | | | $ | 3,076 | | | $ | (23,595 | ) |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 11,128 | | | $ | 4,141 | | | $ | 447,598 | | | $ | 520,590 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 101 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
International Equity Income Fund | | | International Opportunities Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 1,706 | | | | 3,583 | | | | 5,316 | | | | 9,264 | |
Reinvested | | | 134 | | | | 123 | | | | 26 | | | | 47 | |
Redeemed | | | (1,240 | ) | | | (4,009 | ) | | | (1,531 | ) | | | (6,062 | ) |
Conversion to Class A Shares | | | — | | | | — | | | | — | | | | 6 | |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 600 | | | | (303 | ) | | | 3,811 | | | | 3,255 | |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Issued | | | — | | | | — | | | | — | | | | — | (b) |
Reinvested | | | — | | | | — | | | | — | | | | — | (b) |
Redeemed | | | — | | | | — | | | | — | | | | (13 | ) |
| | | | | | | | | | | | | | | | |
Change in Class B Shares | | | — | | | | — | | | | — | | | | (13 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | 257 | | | | 413 | | | | 16 | | | | 56 | |
Reinvested | | | 19 | | | | 12 | | | | — | (b) | | | 2 | |
Redeemed | | | (64 | ) | | | (86 | ) | | | (24 | ) | | | (34 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | 212 | | | | 339 | | | | (8 | ) | | | 24 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Issued | | | 4 | | | | 16 | | | | — | | | | — | |
Reinvested | | | — | (b) | | | 1 | | | | — | | | | — | |
Redeemed | | | — | (b) | | | (48 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | 4 | | | | (31 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Reinvested | | | — | (b) | | | 2 | | | | — | | | | — | |
Redeemed | | | — | | | | (37 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class R5 Shares | | | — | (b) | | | (35 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Class R6 (c) | | | | | | | | | | | | | | | | |
Issued | | | — | | | | 1 | | | | 47,529 | | | | 38,682 | |
Reinvested | | | — | (b) | | | — | (b) | | | 975 | | | | 2,979 | |
Redeemed | | | — | | | | — | | | | (18,688 | ) | | | (7,635 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | — | (b) | | | 1 | | | | 29,816 | | | | 34,026 | |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Issued | | | — | | | | — | | | | 455 | | | | 1,107 | |
Reinvested | | | — | | | | — | | | | 17 | | | | 57 | |
Redeemed | | | — | | | | — | | | | (586 | ) | | | (1,144 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | — | | | | — | | | | (114 | ) | | | 20 | |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Issued | | | 1,481 | | | | 1,976 | | | | 423 | | | | 778 | |
Reinvested | | | 62 | | | | 76 | | | | 2 | | | | 62 | |
Redeemed | | | (1,624 | ) | | | (1,921 | ) | | | (189 | ) | | | (2,328 | ) |
| | | | | | | | | | | | | | | | |
Change in Select Class Shares | | | (81 | ) | | | 131 | | | | 236 | | | | (1,488 | ) |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (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.
| | | | | | |
| | | |
| 102 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | | International Research Enhanced
Equity Fund | | | International Unconstrained
Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 3,108 | | | $ | 11,729 | | | $ | 6,601 | | | $ | 6,956 | |
Distributions reinvested | | | 2,436 | | | | 16,487 | | | | 18 | | | | 26 | |
Cost of shares redeemed | | | (11,250 | ) | | | (25,950 | ) | | | (1,179 | ) | | | (1,313 | ) |
Conversion from Class B Shares | | | — | | | | 1,210 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | (5,706 | ) | | $ | 3,476 | | | $ | 5,440 | | | $ | 5,669 | |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | 4 | | | $ | — | | | $ | — | |
Distributions reinvested | | | — | | | | 305 | | | | — | | | | — | |
Cost of shares redeemed | | | — | | | | (612 | ) | | | — | | | | — | |
Conversion to Class A Shares | | | — | | | | (1,210 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class B capital transactions | | $ | — | | | $ | (1,513 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 685 | | | $ | 3,206 | | | $ | 1,875 | | | $ | 3,688 | |
Distributions reinvested | | | 467 | | | | 3,601 | | | | 3 | | | | 10 | |
Cost of shares redeemed | | | (2,627 | ) | | | (5,182 | ) | | | (408 | ) | | | (334 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | (1,475 | ) | | $ | 1,625 | | | $ | 1,470 | | | $ | 3,364 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 1,223 | | | $ | 2,346 | | | $ | — | (b) | | $ | — | (b) |
Distributions reinvested | | | 28 | | | | 130 | | | | — | | | | 6 | |
Cost of shares redeemed | | | (520 | ) | | | (1,185 | ) | | | — | (b) | | | (52 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | 731 | | | $ | 1,291 | | | $ | — | (b) | | $ | (46 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | — | (b) | | $ | — | (b) |
Distributions reinvested | | | — | | | | — | | | | — | (b) | | | 6 | |
Cost of shares redeemed | | | — | | | | — | | | | — | (b) | | | (53 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R5 capital transactions | | $ | — | | | $ | — | | | $ | — | (b) | | $ | (47 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 64,930 | | | $ | 5,150 | |
Distributions reinvested | | | — | | | | — | | | | 253 | | | | 6 | |
Cost of shares redeemed | | | — | | | | — | | | | 4 | | | | (53 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | — | | | $ | — | | | $ | 65,187 | | | $ | 5,103 | |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 393,504 | | | $ | 282,422 | | | $ | 5,100 | | | $ | 63,186 | |
Distributions reinvested | | | 25,196 | | | | 93,786 | | | | — | | | | 311 | |
Cost of shares redeemed | | | (36,475 | ) | | | (50,390 | ) | | | (54,635 | ) | | | (4,565 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Select Class capital transactions | | $ | 382,225 | | | $ | 325,818 | | | $ | (49,535 | ) | | $ | 58,932 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 375,775 | | | $ | 330,697 | | | $ | 22,562 | | | $ | 72,975 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Amount rounds to less than $1,000. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 103 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | International Research Enhanced
Equity Fund | | | International Unconstrained
Equity Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 204 | | | | 687 | | | | 396 | | | | 387 | |
Reinvested | | | 157 | | | | 1,007 | | | | 1 | | | | 2 | |
Redeemed | | | (746 | ) | | | (1,492 | ) | | | (72 | ) | | | (77 | ) |
Conversion from Class B Shares | | | — | | | | 69 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | (385 | ) | | | 271 | | | | 325 | | | | 312 | |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Issued | | | — | | | | — | (b) | | | — | | | | — | |
Reinvested | | | — | | | | 21 | | | | — | | | | — | |
Redeemed | | | — | | | | (38 | ) | | | — | | | | — | |
Conversion to Class A Shares | | | — | | | | (76 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class B Shares | | | — | | | | (93 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | 46 | | | | 196 | | | | 115 | | | | 208 | |
Reinvested | | | 32 | | | | 229 | | | | — | (b) | | | 1 | |
Redeemed | | | (179 | ) | | | (316 | ) | | | (25 | ) | | | (19 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (101 | ) | | | 109 | | | | 90 | | | | 190 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Issued | | | 80 | | | | 141 | | | | — | | | | — | |
Reinvested | | | 2 | | | | 8 | | | | — | | | | — | (b) |
Redeemed | | | (35 | ) | | | (70 | ) | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | 47 | | | | 79 | | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Class R5 | | | | | | | | | | | | | | | | |
Reinvested | | | — | | | | — | | | | — | (b) | | | — | (b) |
Redeemed | | | — | | | | — | | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R5 Shares | | | — | | | | — | | | | — | (b) | | | (2 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Issued | | | — | | | | — | | | | 3,743 | | | | 301 | |
Reinvested | | | — | | | | — | | | | 15 | | | | — | (b) |
Redeemed | | | — | | | | — | | | | — | (b) | | | (3 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | — | | | | — | | | | 3,758 | | | | 298 | |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Issued | | | 25,918 | | | | 16,621 | | | | 310 | | | | 3,408 | |
Reinvested | | | 1,614 | | | | 5,675 | | | | — | | | | 19 | |
Redeemed | | | (2,408 | ) | | | (2,957 | ) | | | (3,086 | ) | | | (255 | ) |
| | | | | | | | | | | | | | | | |
Change in Select Class Shares | | | 25,124 | | | | 19,339 | | | | (2,776 | ) | | | 3,172 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Amount rounds to less than 1,000 shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 104 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | |
International Value Fund | | | Intrepid International Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 123,256 | | | $ | 371,930 | | | $ | 72,778 | | | $ | 95,968 | |
Distributions reinvested | | | 7,392 | | | | 17,402 | | | | 2,735 | | | | 490 | |
Cost of shares redeemed | | | (125,313 | ) | | | (138,921 | ) | | | (21,997 | ) | | | (42,454 | ) |
Conversion from Class B Shares | | | — | | | | 971 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | $ | 5,335 | | | $ | 251,382 | | | $ | 53,516 | | | $ | 54,004 | |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | 25 | | | $ | — | | | $ | — | |
Distributions reinvested | | | — | | | | 30 | | | | — | | | | — | |
Cost of shares redeemed | | | — | | | | (679 | ) | | | — | | | | — | |
Conversion to Class A Shares | | | — | | | | (971 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class B capital transactions | | $ | — | | | $ | (1,595 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 4,002 | | | $ | 11,310 | | | $ | 555 | | | $ | 1,873 | |
Distributions reinvested | | | 154 | | | | 726 | | | | 32 | | | | 6 | |
Cost of shares redeemed | | | (4,475 | ) | | | (9,151 | ) | | | (777 | ) | | | (324 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | $ | (319 | ) | | $ | 2,885 | | | $ | (190 | ) | | $ | 1,555 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 579 | | | $ | 867 | | | $ | 273 | | | $ | 215 | |
Distributions reinvested | | | 8 | | | | 19 | | | | 3 | | | | 1 | |
Cost of shares redeemed | | | (873 | ) | | | (577 | ) | | | (11 | ) | | | (81 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R2 capital transactions | | $ | (286 | ) | | $ | 309 | | | $ | 265 | | | $ | 135 | |
| | | | | | | | | | | | | | | | |
Class R6 (b) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 27,312 | | | $ | 2,297 | | | $ | 626,420 | | | $ | 1,949,477 | |
Distributions reinvested | | | 61 | | | | 36 | | | | 39,523 | | | | — | |
Cost of shares redeemed | | | (476 | ) | | | (29,993 | ) | | | (85,343 | ) | | | (16,332 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | $ | 26,897 | | | $ | (27,660 | ) | | $ | 580,600 | | | $ | 1,933,145 | |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 198,640 | | | $ | 578,308 | | | $ | 2,321 | | | $ | 387,580 | |
Distributions reinvested | | | 13,888 | | | | 74,288 | | | | 50 | | | | 22,528 | |
Cost of shares redeemed | | | (295,537 | ) | | | (1,957,791 | ) | | | (21,311 | ) | | | (1,897,256 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | $ | (83,009 | ) | | $ | (1,305,195 | ) | | $ | (18,940 | ) | | $ | (1,487,148 | ) |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 40,700 | | | $ | 63,280 | | | $ | 4,004 | | | $ | 8,368 | |
Distributions reinvested | | | 1,701 | | | | 4,957 | | | | 221 | | | | 105 | |
Cost of shares redeemed | | | (59,201 | ) | | | (114,639 | ) | | | (3,149 | ) | | | (4,909 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Select Class capital transactions | | $ | (16,800 | ) | | $ | (46,402 | ) | | $ | 1,076 | | | $ | 3,564 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (68,182 | ) | | $ | (1,126,276 | ) | | $ | 616,327 | | | $ | 505,255 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (b) | Commencement of offering of class shares effective May 29, 2015, for Intrepid International Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 105 | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
International Value Fund | | | Intrepid International Fund | |
| | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | | | Six Months Ended
April 30, 2016
(Unaudited) | | | Year Ended
October 31, 2015 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 10,351 | | | | 27,494 | | | | 4,117 | | | | 4,850 | |
Reinvested | | | 600 | | | | 1,313 | | | | 148 | | | | 26 | |
Redeemed | | | (10,554 | ) | | | (10,221 | ) | | | (1,231 | ) | | | (2,172 | ) |
Conversion from Class B Shares | | | — | | | | 69 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 397 | | | | 18,655 | | | | 3,034 | | | | 2,704 | |
| | | | | | | | | | | | | | | | |
Class B (a) | | | | | | | | | | | | | | | | |
Issued | | | — | | | | 2 | | | | — | | | | — | |
Reinvested | | | — | | | | 2 | | | | — | | | | — | |
Redeemed | | | — | | | | (49 | ) | | | — | | | | — | |
Conversion to Class A Shares | | | — | | | | (69 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class B Shares | | | — | | | | (114 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | 339 | | | | 847 | | | | 30 | | | | 92 | |
Reinvested | | | 13 | | | | 56 | | | | 2 | | | | — | (b) |
Redeemed | | | (383 | ) | | | (700 | ) | | | (42 | ) | | | (16 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (31 | ) | | | 203 | | | | (10 | ) | | | 76 | |
| | | | | | | | | | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | |
Issued | | | 49 | | | | 65 | | | | 15 | | | | 11 | |
Reinvested | | | 1 | | | | 2 | | | | — | (b) | | | — | (b) |
Redeemed | | | (73 | ) | | | (44 | ) | | | — | (b) | | | (4 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R2 Shares | | | (23 | ) | | | 23 | | | | 15 | | | | 7 | |
| | | | | | | | | | | | | | | | |
Class R6 (c) | | | | | | | | | | | | | | | | |
Issued | | | 2,173 | | | | 163 | | | | 34,937 | | | | 94,346 | |
Reinvested | | | 5 | | | | 3 | | | | 2,101 | | | | — | |
Redeemed | | | (40 | ) | | | (2,138 | ) | | | (4,624 | ) | | | (836 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | 2,138 | | | | (1,972 | ) | | | 32,414 | | | | 93,510 | |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Issued | | | 16,426 | | | | 41,907 | | | | 128 | | | | 19,195 | |
Reinvested | | | 1,108 | | | | 5,511 | | | | 3 | | | | 1,164 | |
Redeemed | | | (24,365 | ) | | | (139,563 | ) | | | (1,223 | ) | | | (91,679 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | (6,831 | ) | | | (92,145 | ) | | | (1,092 | ) | | | (71,320 | ) |
| | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Issued | | | 3,330 | | | | 4,565 | | | | 217 | | | | 405 | |
Reinvested | | | 135 | | | | 365 | | | | 12 | | | | 5 | |
Redeemed | | | (4,797 | ) | | | (8,265 | ) | | | (168 | ) | | | (241 | ) |
| | | | | | | | | | | | | | | | |
Change in Select Class Shares | | | (1,332 | ) | | | (3,335 | ) | | | 61 | | | | 169 | |
| | | | | | | | | | | | | | | | |
| (a) | All remaining Class B Shares converted to Class A Shares on June 19, 2015. |
| (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.
| | | | | | |
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| 106 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
THIS PAGE IS INTENTIONALLY LEFT BLANK
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 107 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | | | | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Redemption
fees | |
Emerging Economies Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 11.03 | | | $ | 0.01 | (g) | | $ | (0.37 | ) | | $ | (0.36 | ) | | $ | (0.09 | ) | | $ | — | |
Year Ended October 31, 2015 | | | 13.13 | | | | 0.13 | (g) | | | (2.03 | ) | | | (1.90 | ) | | | (0.20 | ) | | | — | |
Year Ended October 31, 2014 | | | 13.63 | | | | 0.22 | | | | (0.57 | ) | | | (0.35 | ) | | | (0.15 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.88 | | | | 0.19 | | | | 0.67 | | | | 0.86 | | | | (0.11 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.65 | | | | 0.17 | | | | 0.21 | | | | 0.38 | | | | (0.15 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.91 | | | | 0.20 | | | | (1.44 | ) | | | (1.24 | ) | | | (0.02 | ) | | | — | (h) |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 10.86 | | | | (0.01 | )(g) | | | (0.37 | ) | | | (0.38 | ) | | | — | (h) | | | — | |
Year Ended October 31, 2015 | | | 12.92 | | | | 0.10 | (g) | | | (2.03 | ) | | | (1.93 | ) | | | (0.13 | ) | | | — | |
Year Ended October 31, 2014 | | | 13.44 | | | | 0.15 | | | | (0.57 | ) | | | (0.42 | ) | | | (0.10 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.72 | | | | 0.13 | | | | 0.66 | | | | 0.79 | | | | (0.07 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.58 | | | | 0.15 | | | | 0.15 | | | | 0.30 | | | | (0.16 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.87 | | | | 0.08 | | | | (1.37 | ) | | | (1.29 | ) | | | — | | | | — | (h) |
| | | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 11.11 | | | | (0.01 | )(g) | | | (0.32 | ) | | | (0.33 | ) | | | — | | | | — | |
Year Ended October 31, 2015 | | | 13.22 | | | | 0.20 | (g) | | | (2.06 | ) | | | (1.86 | ) | | | (0.25 | ) | | | — | |
Year Ended October 31, 2014 | | | 13.71 | | | | 0.29 | | | | (0.58 | ) | | | (0.29 | ) | | | (0.20 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.94 | | | | 0.25 | | | | 0.68 | | | | 0.93 | | | | (0.16 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.71 | | | | 0.25 | | | | 0.18 | | | | 0.43 | | | | (0.20 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.93 | | | | 0.30 | | | | (1.47 | ) | | | (1.17 | ) | | | (0.05 | ) | | | — | (h) |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 11.11 | | | | 0.04 | (g) | | | (0.37 | ) | | | (0.33 | ) | | | (0.14 | ) | | | — | |
September 1, 2015 (i) through October 31, 2015 | | | 10.46 | | | | (0.02 | )(g) | | | 0.67 | | | | 0.65 | | | | — | | | | — | |
| | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 11.06 | | | | 0.02 | (g) | | | (0.36 | ) | | | (0.34 | ) | | | (0.03 | ) | | | — | |
Year Ended October 31, 2015 | | | 13.17 | | | | 0.18 | (g) | | | (2.06 | ) | | | (1.88 | ) | | | (0.23 | ) | | | — | |
Year Ended October 31, 2014 | | | 13.67 | | | | 0.26 | | | | (0.58 | ) | | | (0.32 | ) | | | (0.18 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.91 | | | | 0.21 | | | | 0.70 | | | | 0.91 | | | | (0.15 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.68 | | | | 0.22 | | | | 0.18 | | | | 0.40 | | | | (0.17 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.92 | | | | 0.25 | | | | (1.45 | ) | | | (1.20 | ) | | | (0.04 | ) | | | — | (h) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (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) | 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.
| | | | | | |
| | | |
| 108 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 10.58 | | | | (3.25 | )% | | $ | 50,346 | | | | 1.54 | % | | | 0.28 | %(g) | | | 1.86 | % | | | 35 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.48 | | | | (3.46 | ) | | | 2,728 | | | | 2.05 | | | | (0.29 | )(g) | | | 2.43 | | | | 35 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.78 | | | | (2.97 | ) | | | 2,779 | | | | 1.10 | | | | (0.17 | )(g) | | | 1.26 | | | | 35 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.64 | | | | (2.96 | ) | | | 1,008,372 | | | | 1.05 | | | | 0.77 | (g) | | | 1.17 | | | | 35 | |
| | 11.11 | | | | 6.21 | | | | 732,627 | | | | 1.07 | | | | (0.92 | )(g) | | | 1.17 | | | | 118 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.69 | | | | (3.05 | ) | | | 55,679 | | | | 1.30 | | | | 0.40 | (g) | | | 1.46 | | | | 35 | |
| | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 109 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | | | | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Redemption
fees | |
Emerging Markets Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 19.53 | | | $ | 0.01 | (g) | | $ | 0.25 | | | $ | 0.26 | | | $ | (0.11 | ) | | $ | — | |
Year Ended October 31, 2015 | | | 23.72 | | | | 0.12 | (g) | | | (4.12 | ) | | | (4.00 | ) | | | (0.19 | ) | | | — | |
Year Ended October 31, 2014 | | | 23.05 | | | | 0.16 | (g) | | | 0.59 | | | | 0.75 | | | | (0.08 | ) | | | — | |
Year Ended October 31, 2013 | | | 22.01 | | | | 0.10 | | | | 1.02 | | | | 1.12 | | | | (0.08 | ) | | | — | |
Year Ended October 31, 2012 | | | 21.09 | | | | 0.07 | | | | 0.85 | | | | 0.92 | | | | — | | | | — | |
Year Ended October 31, 2011 | | | 23.45 | | | | 0.06 | | | | (2.33 | ) | | | (2.27 | ) | | | (0.09 | ) | | | — | (h) |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 18.96 | | | | (0.04 | )(g) | | | 0.25 | | | | 0.21 | | | | — | | | | — | |
Year Ended October 31, 2015 | | | 23.03 | | | | 0.03 | (g) | | | (4.02 | ) | | | (3.99 | ) | | | (0.08 | ) | | | — | |
Year Ended October 31, 2014 | | | 22.41 | | | | 0.05 | (g) | | | 0.57 | | | | 0.62 | | | | — | | | | — | |
Year Ended October 31, 2013 | | | 21.44 | | | | (0.01 | ) | | | 0.99 | | | | 0.98 | | | | (0.01 | ) | | | — | |
Year Ended October 31, 2012 | | | 20.65 | | | | (0.04 | ) | | | 0.83 | | | | 0.79 | | | | — | | | | — | |
Year Ended October 31, 2011 | | | 23.01 | | | | (0.05 | ) | | | (2.29 | ) | | | (2.34 | ) | | | (0.02 | ) | | | — | (h) |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 20.13 | | | | 0.05 | (g) | | | 0.25 | | | | 0.30 | | | | (0.21 | ) | | | — | |
Year Ended October 31, 2015 | | | 24.44 | | | | 0.22 | (g) | | | (4.23 | ) | | | (4.01 | ) | | | (0.30 | ) | | | — | |
December 23, 2013 (i) through October 31, 2014 | | | 22.47 | | | | 0.38 | (g) | | | 1.59 | | | | 1.97 | | | | — | | | | — | |
| | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 20.15 | | | | 0.04 | (g) | | | 0.25 | | | | 0.29 | | | | (0.18 | ) | | | — | |
Year Ended October 31, 2015 | | | 24.42 | | | | 0.23 | (g) | | | (4.26 | ) | | | (4.03 | ) | | | (0.24 | ) | | | — | |
Year Ended October 31, 2014 | | | 23.73 | | | | 0.17 | (g) | | | 0.70 | | | | 0.87 | | | | (0.18 | ) | | | — | |
Year Ended October 31, 2013 | | | 22.65 | | | | 0.20 | | | | 1.04 | | | | 1.24 | | | | (0.16 | ) | | | — | |
Year Ended October 31, 2012 | | | 21.66 | | | | 0.16 | | | | 0.87 | | | | 1.03 | | | | (0.04 | ) | | | — | |
Year Ended October 31, 2011 | | | 24.04 | | | | 0.16 | | | | (2.40 | ) | | | (2.24 | ) | | | (0.14 | ) | | | — | (h) |
| | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 19.98 | | | | 0.02 | (g) | | | 0.26 | | | | 0.28 | | | | (0.13 | ) | | | — | |
Year Ended October 31, 2015 | | | 24.24 | | | | 0.19 | (g) | | | (4.21 | ) | | | (4.02 | ) | | | (0.24 | ) | | | — | |
Year Ended October 31, 2014 | | | 23.47 | | | | 0.18 | (g) | | | 0.64 | | | | 0.82 | | | | (0.05 | ) | | | — | |
Year Ended October 31, 2013 | | | 22.40 | | | | 0.17 | | | | 1.03 | | | | 1.20 | | | | (0.13 | ) | | | — | |
Year Ended October 31, 2012 | | | 21.42 | | | | 0.13 | | | | 0.86 | | | | 0.99 | | | | (0.01 | ) | | | — | |
Year Ended October 31, 2011 | | | 23.80 | | | | 0.13 | | | | (2.38 | ) | | | (2.25 | ) | | | (0.13 | ) | | | — | (h) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (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) | 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.
| | | | | | |
| | | |
| 110 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 19.68 | | | | 1.38 | % | | $ | 284,714 | | | | 1.55 | % | | | 0.06 | %(g) | | | 1.84 | % | | | 11 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19.17 | | | | 1.11 | | | | 38,732 | | | | 2.05 | | | | (0.47 | )(g) | | | 2.34 | | | | 11 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.22 | | | | 1.58 | | | | 1,375,251 | | | | 1.05 | | | | 0.58 | (g) | | | 1.16 | | | | 11 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.26 | | | | 1.53 | | | | 285,067 | | | | 1.15 | | | | 0.43 | (g) | | | 1.30 | | | | 11 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 20.13 | | | | 1.43 | | | | 263,790 | | | | 1.30 | | | | 0.26 | (g) | | | 1.52 | | | | 11 | |
| | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 111 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
Emerging Markets Equity Income Fund | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 12.50 | | | $ | 0.10 | | | $ | 0.09 | | | $ | 0.19 | | | $ | (0.08 | ) |
December 12, 2014 (h) through October 31, 2015 | | | 15.00 | | | | 0.45 | | | | (2.52 | ) | | | (2.07 | ) | | | (0.43 | ) |
| | | | | |
Class C | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 12.51 | | | | 0.07 | | | | 0.08 | | | | 0.15 | | | | (0.07 | ) |
December 12, 2014 (h) through October 31, 2015 | | | 15.00 | | | | 0.42 | | | | (2.55 | ) | | | (2.13 | ) | | | (0.36 | ) |
| | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 12.53 | | | | 0.12 | | | | 0.09 | | | | 0.21 | | | | (0.10 | ) |
December 12, 2014 (h) through October 31, 2015 | | | 15.00 | | | | 0.51 | | | | (2.53 | ) | | | (2.02 | ) | | | (0.45 | ) |
| | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 12.53 | | | | 0.13 | | | | 0.08 | | | | 0.21 | | | | (0.10 | ) |
December 12, 2014 (h) through October 31, 2015 | | | 15.00 | | | | 0.52 | | | | (2.53 | ) | | | (2.01 | ) | | | (0.46 | ) |
| | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 12.53 | | | | 0.11 | | | | 0.09 | | | | 0.20 | | | | (0.09 | ) |
December 12, 2014 (h) through October 31, 2015 | | | 15.00 | | | | 0.49 | | | | (2.53 | ) | | | (2.04 | ) | | | (0.43 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (f) | Certain non-recurring expenses incurred by the Fund were not annualized for the six months ended April 30, 2016 and for the period ended October 31, 2015. |
| (g) | 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. |
| (h) | Commencement of operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 112 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e)(f) | | | Net
investment
income
(loss) (f) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(g) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12.61 | | | | 1.57 | % | | $ | 114 | | | | 1.55 | % | | | 1.65 | % | | | 10.07 | % | | | 14 | % |
| | 12.50 | | | | (13.93 | ) | | | 86 | | | | 1.57 | | | | 3.72 | | | | 10.55 | | | | 25 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.59 | | | | 1.25 | | | | 40 | | | | 2.05 | | | | 1.17 | | | | 10.76 | | | | 14 | |
| | 12.51 | | | | (14.26 | ) | | | 32 | | | | 2.08 | | | | 3.32 | | | | 12.02 | | | | 25 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.64 | | | | 1.72 | | | | 18 | | | | 1.10 | | | | 2.01 | | | | 9.92 | | | | 14 | |
| | 12.53 | | | | (13.55 | ) | | | 17 | | | | 1.14 | | | | 4.05 | | | | 10.84 | | | | 25 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.64 | | | | 1.73 | | | | 22 | | | | 1.05 | | | | 2.25 | | | | 9.56 | | | | 14 | |
| | 12.53 | | | | (13.51 | ) | | | 17 | | | | 1.08 | | | | 4.10 | | | | 10.82 | | | | 25 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.64 | | | | 1.65 | | | | 2,595 | | | | 1.30 | | | | 1.81 | | | | 9.40 | | | | 14 | |
| | 12.53 | | | | (13.70 | ) | | | 2,541 | | | | 1.33 | | | | 3.85 | | | | 10.36 | | | | 25 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 113 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 18.52 | | | $ | 0.16 | | | $ | (0.49 | ) | | $ | (0.33 | ) | | $ | (0.19 | ) | | $ | — | | | $ | (0.19 | ) |
Year Ended October 31, 2015 | | | 18.77 | | | | 0.37 | | | | (0.15 | ) | | | 0.22 | | | | (0.22 | ) | | | (0.25 | ) | | | (0.47 | ) |
Year Ended October 31, 2014 | | | 17.33 | | | | 0.34 | | | | 1.35 | | | | 1.69 | | | | (0.15 | ) | | | (0.10 | ) | | | (0.25 | ) |
February 28, 2013 (g) through October 31, 2013 | | | 15.00 | | | | 0.19 | | | | 2.14 | | | | 2.33 | | | | — | | | | — | | | | — | |
| | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 18.43 | | | | 0.12 | | | | (0.49 | ) | | | (0.37 | ) | | | — | | | | — | | | | — | |
Year Ended October 31, 2015 | | | 18.68 | | | | 0.28 | | | | (0.15 | ) | | | 0.13 | | | | (0.13 | ) | | | (0.25 | ) | | | (0.38 | ) |
Year Ended October 31, 2014 | | | 17.28 | | | | 0.25 | | | | 1.33 | | | | 1.58 | | | | (0.08 | ) | | | (0.10 | ) | | | (0.18 | ) |
February 28, 2013 (g) through October 31, 2013 | | | 15.00 | | | | 0.14 | | | | 2.14 | | | | 2.28 | | | | — | | | | — | | | | — | |
| | | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 18.47 | | | | 0.14 | | | | (0.49 | ) | | | (0.35 | ) | | | (0.09 | ) | | | — | | | | (0.09 | ) |
Year Ended October 31, 2015 | | | 18.72 | | | | 0.32 | | | | (0.15 | ) | | | 0.17 | | | | (0.17 | ) | | | (0.25 | ) | | | (0.42 | ) |
Year Ended October 31, 2014 | | | 17.30 | | | | 0.29 | | | | 1.35 | | | | 1.64 | | | | (0.12 | ) | | | (0.10 | ) | | | (0.22 | ) |
February 28, 2013 (g) through October 31, 2013 | | | 15.00 | | | | 0.17 | | | | 2.13 | | | | 2.30 | | | | — | | | | — | | | | — | |
| | | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 18.56 | | | | 0.18 | | | | (0.50 | ) | | | (0.32 | ) | | | (0.34 | ) | | | — | | | | (0.34 | ) |
Year Ended October 31, 2015 | | | 18.81 | | | | 0.39 | | | | (0.12 | ) | | | 0.27 | | | | (0.27 | ) | | | (0.25 | ) | | | (0.52 | ) |
Year Ended October 31, 2014 | | | 17.37 | | | | 0.39 | | | | 1.33 | | | | 1.72 | | | | (0.18 | ) | | | (0.10 | ) | | | (0.28 | ) |
February 28, 2013 (g) through October 31, 2013 | | | 15.00 | | | | 0.19 | | | | 2.18 | | | | 2.37 | | | | — | | | | — | | | | — | |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (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) | 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.
| | | | | | |
| | | |
| 114 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 18.00 | | | | (1.77 | )% | | $ | 20 | | | | 0.59 | % | | | 1.83 | % | | | 2.93 | % | | | 21 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.06 | | | | (2.01 | ) | | | 19 | | | | 1.09 | | | | 1.33 | | | | 3.43 | | | | 21 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.03 | | | | (1.88 | ) | | | 20 | | | | 0.84 | | | | 1.58 | | | | 3.18 | | | | 21 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17.90 | | | | (1.67 | ) | | | 6,854,133 | | | | 0.34 | | | | 2.08 | | | | 0.55 | | | | 21 | |
| | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 115 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
Global Unconstrained Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 16.12 | | | $ | 0.14 | (f) | | $ | (1.14 | ) | | $ | (1.00 | ) | | $ | (0.19 | ) | | $ | (1.20 | ) | | $ | (1.39 | ) |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 16.01 | | | | 0.05 | (f) | | | (1.09 | ) | | | (1.04 | ) | | | (0.11 | ) | | | (1.20 | ) | | | (1.31 | ) |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 16.11 | | | | 0.07 | (f) | | | (1.11 | ) | | | (1.04 | ) | | | (0.02 | ) | | | (1.20 | ) | | | (1.22 | ) |
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 (h) through October 31, 2012 | | | 15.00 | | | | 0.13 | | | | 1.56 | | | | 1.69 | | | | — | | | | — | | | | — | |
| | | | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 16.21 | | | | 0.12 | (f) | | | (1.11 | ) | | | (0.99 | ) | | | (0.21 | ) | | | (1.20 | ) | | | (1.41 | ) |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 16.22 | | | | 0.12 | (f) | | | (1.10 | ) | | | (0.98 | ) | | | (0.24 | ) | | | (1.20 | ) | | | (1.44 | ) |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 16.18 | | | | 0.13 | (f) | | | (1.12 | ) | | | (0.99 | ) | | | (0.18 | ) | | | (1.20 | ) | | | (1.38 | ) |
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.
| | | | | | |
| | | |
| 116 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 13.73 | | | | (6.20 | )% | | $ | 766 | | | | 0.74 | % | | | 1.96 | % | | | 1.61 | % | | | 728 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.66 | | | | (6.48 | ) | | | 309 | | | | 1.14 | | | | 0.73 | | | | 10.37 | | | | 728 | |
| | 16.01 | | | | 4.26 | | | | 317 | | | | 1.48 | | | | 0.21 | (g) | | | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.85 | | | | (6.42 | ) | | | 17 | | | | 0.89 | | | | 0.98 | | | | 12.38 | | | | 728 | |
| | 16.11 | | | | 4.55 | | | | 20 | | | | 1.46 | | | | 0.45 | (g) | | | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.81 | | | | (6.05 | ) | | | 17 | | | | 0.19 | | | | 1.68 | | | | 11.70 | | | | 728 | |
| | 16.21 | | | | 5.26 | | | | 20 | | | | 0.76 | | | | 1.15 | (g) | | | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.80 | | | | (6.03 | ) | | | 17 | | | | 0.14 | | | | 1.73 | | | | 11.65 | | | | 728 | |
| | 16.22 | | | | 5.34 | | | | 20 | | | | 0.71 | | | | 1.20 | (g) | | | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.81 | | | | (6.08 | ) | | | 1,407 | | | | 0.36 | | | | 1.90 | | | | 3.63 | | | | 728 | |
| | 16.18 | | | | 5.13 | | | | 1,020 | | | | 0.88 | | | | 1.06 | (g) | | | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 117 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | | | | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Redemption
fees | |
International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 14.75 | | | $ | 0.08 | | | $ | (0.83 | ) | | $ | (0.75 | ) | | $ | (0.04 | ) | | $ | — | |
Year Ended October 31, 2015 | | | 15.25 | | | | 0.23 | | | | (0.50 | ) | | | (0.27 | ) | | | (0.23 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.92 | | | | 0.37 | (g) | | | (0.68 | ) | | | (0.31 | ) | | | (0.36 | ) | | | — | |
Year Ended October 31, 2013 | | | 13.36 | | | | 0.20 | | | | 2.56 | | | | 2.76 | | | | (0.20 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.61 | | | | 0.22 | | | | 0.74 | | | | 0.96 | | | | (0.21 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.40 | | | | 0.22 | | | | (0.80 | ) | | | (0.58 | ) | | | (0.21 | ) | | | — | (h) |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.02 | | | | 0.04 | | | | (0.79 | ) | | | (0.75 | ) | | | (0.02 | ) | | | — | |
Year Ended October 31, 2015 | | | 14.52 | | | | 0.15 | | | | (0.48 | ) | | | (0.33 | ) | | | (0.17 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.20 | | | | 0.26 | (g) | | | (0.64 | ) | | | (0.38 | ) | | | (0.30 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.78 | | | | 0.12 | | | | 2.45 | | | | 2.57 | | | | (0.15 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.08 | | | | 0.16 | | | | 0.69 | | | | 0.85 | | | | (0.15 | ) | | | — | |
Year Ended October 31, 2011 | | | 12.85 | | | | 0.14 | | | | (0.76 | ) | | | (0.62 | ) | | | (0.15 | ) | | | — | (h) |
| | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.69 | | | | 0.06 | | | | (0.82 | ) | | | (0.76 | ) | | | (0.03 | ) | | | — | |
Year Ended October 31, 2015 | | | 15.19 | | | | 0.20 | | | | (0.51 | ) | | | (0.31 | ) | | | (0.19 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.87 | | | | 0.30 | (g) | | | (0.65 | ) | | | (0.35 | ) | | | (0.33 | ) | | | — | |
Year Ended October 31, 2013 | | | 13.31 | | | | 0.11 | | | | 2.61 | | | | 2.72 | | | | (0.16 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.58 | | | | 0.15 | | | | 0.77 | | | | 0.92 | | | | (0.19 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.37 | | | | 0.18 | | | | (0.79 | ) | | | (0.61 | ) | | | (0.18 | ) | | | — | (h) |
| | | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.97 | | | | 0.11 | | | | (0.84 | ) | | | (0.73 | ) | | | (0.06 | ) | | | — | |
Year Ended October 31, 2015 | | | 15.46 | | | | 0.29 | | | | (0.49 | ) | | | (0.20 | ) | | | (0.29 | ) | | | — | |
Year Ended October 31, 2014 | | | 16.13 | | | | 0.44 | (g) | | | (0.69 | ) | | | (0.25 | ) | | | (0.42 | ) | | | — | |
Year Ended October 31, 2013 | | | 13.52 | | | | 0.27 | | | | 2.60 | | | | 2.87 | | | | (0.26 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.75 | | | | 0.29 | | | | 0.74 | | | | 1.03 | | | | (0.26 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.55 | | | | 0.23 | | | | (0.76 | ) | | | (0.53 | ) | | | (0.27 | ) | | | — | (h) |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.97 | | | | 0.12 | | | | (0.84 | ) | | | (0.72 | ) | | | (0.07 | ) | | | — | |
Year Ended October 31, 2015 | | | 15.46 | | | | 0.32 | | | | (0.52 | ) | | | (0.20 | ) | | | (0.29 | ) | | | — | |
Year Ended October 31, 2014 | | | 16.13 | | | | 0.45 | (g) | | | (0.69 | ) | | | (0.24 | ) | | | (0.43 | ) | | | — | |
Year Ended October 31, 2013 | | | 13.52 | | | | 0.28 | | | | 2.59 | | | | 2.87 | | | | (0.26 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.75 | | | | 0.29 | | | | 0.74 | | | | 1.03 | | | | (0.26 | ) | | | — | |
November 30, 2010 (i) through October 31, 2011 | | | 12.85 | | | | 0.28 | | | | (0.10 | ) | | | 0.18 | | | | (0.28 | ) | | | — | (h) |
| | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.95 | | | | 0.08 | | | | (0.81 | ) | | | (0.73 | ) | | | (0.06 | ) | | | — | |
Year Ended October 31, 2015 | | | 15.45 | | | | 0.29 | | | | (0.53 | ) | | | (0.24 | ) | | | (0.26 | ) | | | — | |
Year Ended October 31, 2014 | | | 16.13 | | | | 0.39 | (g) | | | (0.67 | ) | | | (0.28 | ) | | | (0.40 | ) | | | — | |
Year Ended October 31, 2013 | | | 13.52 | | | | 0.23 | | | | 2.61 | | | | 2.84 | | | | (0.23 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.76 | | | | 0.26 | | | | 0.74 | | | | 1.00 | | | | (0.24 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.56 | | | | 0.24 | | | | (0.80 | ) | | | (0.56 | ) | | | (0.24 | ) | | | — | (h) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (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) | 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.
| | | | | | |
| | | |
| 118 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 13.96 | | | | (5.07 | )% | | $ | 256,450 | | | | 1.31 | % | | | 1.21 | % | | | 1.56 | % | | | 4 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.25 | | | | (5.32 | ) | | | 24,556 | | | | 1.81 | | | | 0.57 | | | | 2.06 | | | | 4 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.90 | | | | (5.17 | ) | | | 1,450 | | | | 1.56 | | | | 0.94 | | | | 1.91 | | | | 4 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.18 | | | | (4.85 | ) | | | 55,680 | | | | 0.86 | | | | 1.58 | | | | 1.03 | | | | 4 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.18 | | | | (4.83 | ) | | | 2,881,834 | | | | 0.81 | | | | 1.77 | | | | 0.91 | | | | 4 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.16 | | | | (4.90 | ) | | | 123,139 | | | | 1.06 | | | | 1.22 | | | | 1.23 | | | | 4 | |
| | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 119 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
International Equity Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 15.66 | | | $ | 0.19 | | | $ | (0.56 | ) | | $ | (0.37 | ) | | $ | (0.21 | ) | | $ | (0.26 | ) | | $ | (0.47 | ) |
Year Ended October 31, 2015 | | | 16.41 | | | | 0.39 | (g) | | | (0.33 | ) | | | 0.06 | | | | (0.65 | ) | | | (0.16 | ) | | | (0.81 | ) |
Year Ended October 31, 2014 | | | 16.67 | | | | 0.91 | (h) | | | (0.38 | ) | | | 0.53 | | | | (0.66 | ) | | | (0.13 | ) | | | (0.79 | ) |
Year Ended October 31, 2013 | | | 14.12 | | | | 0.43 | | | | 2.55 | | | | 2.98 | | | | (0.41 | ) | | | (0.02 | ) | | | (0.43 | ) |
Year Ended October 31, 2012 | | | 13.37 | | | | 0.31 | | | | 0.88 | | | | 1.19 | | | | (0.44 | ) | | | — | | | | (0.44 | ) |
February 28, 2011 (i) through October 31, 2011 | | | 15.00 | | | | 0.33 | | | | (1.64 | ) | | | (1.31 | ) | | | (0.32 | ) | | | — | | | | (0.32 | ) |
| | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 15.59 | | | | 0.16 | | | | (0.58 | ) | | | (0.42 | ) | | | (0.18 | ) | | | (0.26 | ) | | | (0.44 | ) |
Year Ended October 31, 2015 | | | 16.36 | | | | 0.39 | (g) | | | (0.42 | ) | | | (0.03 | ) | | | (0.58 | ) | | | (0.16 | ) | | | (0.74 | ) |
Year Ended October 31, 2014 | | | 16.63 | | | | 0.84 | (h) | | | (0.40 | ) | | | 0.44 | | | | (0.58 | ) | | | (0.13 | ) | | | (0.71 | ) |
Year Ended October 31, 2013 | | | 14.11 | | | | 0.34 | | | | 2.55 | | | | 2.89 | | | | (0.35 | ) | | | (0.02 | ) | | | (0.37 | ) |
Year Ended October 31, 2012 | | | 13.35 | | | | 0.36 | | | | 0.77 | | | | 1.13 | | | | (0.37 | ) | | | — | | | | (0.37 | ) |
February 28, 2011 (i) through October 31, 2011 | | | 15.00 | | | | 0.30 | | | | (1.66 | ) | | | (1.36 | ) | | | (0.29 | ) | | | — | | | | (0.29 | ) |
| | | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 15.65 | | | | 0.21 | | | | (0.60 | ) | | | (0.39 | ) | | | (0.20 | ) | | | (0.26 | ) | | | (0.46 | ) |
Year Ended October 31, 2015 | | | 16.41 | | | | 0.61 | (g) | | | (0.60 | ) | | | 0.01 | | | | (0.61 | ) | | | (0.16 | ) | | | (0.77 | ) |
Year Ended October 31, 2014 | | | 16.67 | | | | 0.87 | (h) | | | (0.39 | ) | | | 0.48 | | | | (0.61 | ) | | | (0.13 | ) | | | (0.74 | ) |
Year Ended October 31, 2013 | | | 14.12 | | | | 0.40 | | | | 2.54 | | | | 2.94 | | | | (0.37 | ) | | | (0.02 | ) | | | (0.39 | ) |
Year Ended October 31, 2012 | | | 13.36 | | | | 0.40 | | | | 0.76 | | | | 1.16 | | | | (0.40 | ) | | | — | | | | (0.40 | ) |
February 28, 2011 (i) through October 31, 2011 | | | 15.00 | | | | 0.32 | | | | (1.66 | ) | | | (1.34 | ) | | | (0.30 | ) | | | — | | | | (0.30 | ) |
| | | | | | | |
Class R5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 15.70 | | | | 0.22 | | | | (0.56 | ) | | | (0.34 | ) | | | (0.24 | ) | | | (0.26 | ) | | | (0.50 | ) |
Year Ended October 31, 2015 | | | 16.46 | | | | 0.76 | (g) | | | (0.63 | ) | | | 0.13 | | | | (0.73 | ) | | | (0.16 | ) | | | (0.89 | ) |
Year Ended October 31, 2014 | | | 16.72 | | | | 0.99 | (h) | | | (0.39 | ) | | | 0.60 | | | | (0.73 | ) | | | (0.13 | ) | | | (0.86 | ) |
Year Ended October 31, 2013 | | | 14.15 | | | | 0.51 | | | | 2.54 | | | | 3.05 | | | | (0.46 | ) | | | (0.02 | ) | | | (0.48 | ) |
Year Ended October 31, 2012 | | | 13.38 | | | | 0.50 | | | | 0.76 | | | | 1.26 | | | | (0.49 | ) | | | — | | | | (0.49 | ) |
February 28, 2011 (i) through October 31, 2011 | | | 15.00 | | | | 0.38 | | | | (1.65 | ) | | | (1.27 | ) | | | (0.35 | ) | | | — | | | | (0.35 | ) |
| | | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 15.69 | | | | 0.22 | | | | (0.55 | ) | | | (0.33 | ) | | | (0.25 | ) | | | (0.26 | ) | | | (0.51 | ) |
January 30, 2015 (l) through October 31, 2015 | | | 15.82 | | | | 0.69 | (g) | | | (0.41 | ) | | | 0.28 | | | | (0.41 | ) | | | — | | | | (0.41 | ) |
| | | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 15.70 | | | | 0.20 | | | | (0.55 | ) | | | (0.35 | ) | | | (0.24 | ) | | | (0.26 | ) | | | (0.50 | ) |
Year Ended October 31, 2015 | | | 16.45 | | | | 0.49 | (g) | | | (0.37 | ) | | | 0.12 | | | | (0.71 | ) | | | (0.16 | ) | | | (0.87 | ) |
Year Ended October 31, 2014 | | | 16.71 | | | | 0.96 | (h) | | | (0.40 | ) | | | 0.56 | | | | (0.69 | ) | | | (0.13 | ) | | | (0.82 | ) |
Year Ended October 31, 2013 | | | 14.14 | | | | 0.47 | | | | 2.55 | | | | 3.02 | | | | (0.43 | ) | | | (0.02 | ) | | | (0.45 | ) |
Year Ended October 31, 2012 | | | 13.37 | | | | 0.47 | | | | 0.76 | | | | 1.23 | | | | (0.46 | ) | | | — | | | | (0.46 | ) |
February 28, 2011 (i) through October 31, 2011 | | | 15.00 | | | | 0.37 | | | | (1.66 | ) | | | (1.29 | ) | | | (0.34 | ) | | | — | | | | (0.34 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, less than 0.01% unless otherwise noted. |
| (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) | 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.
| | | | | | |
| | | |
| 120 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 14.82 | | | | (2.38 | )% | | $ | 71,821 | | | | 1.25 | % | | | 2.61 | % | | | 1.58 | % | | | 86 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.73 | | | | (2.69 | ) | | | 11,304 | | | | 1.75 | | | | 2.20 | | | | 2.09 | | | | 86 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.80 | | | | (2.53 | ) | | | 116 | | | | 1.50 | | | | 2.81 | | | | 2.89 | | | | 86 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.86 | | | | (2.14 | ) | | | 19 | | | | 0.80 | | | | 3.00 | | | | 3.38 | | | | 86 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.85 | | | | (2.12 | ) | | | 20 | | | | 0.75 | | | | 3.04 | | | | 1.15 | | | | 86 | |
| | 15.69 | | | | 1.66 | | | | 21 | | | | 0.75 | | | | 5.70 | (g) | | | 1.15 | | | | 238 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.85 | | | | (2.26 | ) | | | 32,076 | | | | 0.90 | | | | 2.74 | | | | 1.33 | | | | 86 | |
| | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 121 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | | | | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Redemption
fees | |
International Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 14.48 | | | $ | 0.10 | | | $ | (0.65 | ) | | $ | (0.55 | ) | | $ | (0.03 | ) | | $ | — | |
Year Ended October 31, 2015 | | | 14.80 | | | | 0.20 | | | | (0.23 | ) | | | (0.03 | ) | | | (0.29 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.25 | | | | 0.36 | | | | (0.69 | ) | | | (0.33 | ) | | | (0.12 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.45 | | | | 0.25 | | | | 2.83 | | | | 3.08 | | | | (0.28 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.00 | | | | 0.23 | | | | 0.56 | | | | 0.79 | | | | (0.34 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.20 | | | | 0.19 | | | | (1.08 | ) | | | (0.89 | ) | | | (0.31 | ) | | | — | (g) |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.04 | | | | 0.05 | | | | (0.63 | ) | | | (0.58 | ) | | | — | (h) | | | — | |
Year Ended October 31, 2015 | | | 14.41 | | | | 0.10 | | | | (0.19 | ) | | | (0.09 | ) | | | (0.28 | ) | | | — | |
Year Ended October 31, 2014 | | | 14.88 | | | | 0.27 | | | | (0.66 | ) | | | (0.39 | ) | | | (0.08 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.15 | | | | 0.16 | | | | 2.77 | | | | 2.93 | | | | (0.20 | ) | | | — | |
Year Ended October 31, 2012 | | | 11.65 | | | | 0.18 | | | | 0.55 | | | | 0.73 | | | | (0.23 | ) | | | — | |
Year Ended October 31, 2011 | | | 12.84 | | | | 0.15 | | | | (1.07 | ) | | | (0.92 | ) | | | (0.27 | ) | | | — | (g) |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.75 | | | | 0.14 | | | | (0.65 | ) | | | (0.51 | ) | | | (0.10 | ) | | | — | |
Year Ended October 31, 2015 | | | 15.13 | | | | 0.26 | | | | (0.21 | ) | | | 0.05 | | | | (0.43 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.57 | | | | 0.44 | | | | (0.70 | ) | | | (0.26 | ) | | | (0.18 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.69 | | | | 0.32 | | | | 2.88 | | | | 3.20 | | | | (0.32 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.20 | | | | 0.31 | | | | 0.56 | | | | 0.87 | | | | (0.38 | ) | | | — | |
November 30, 2010 (h) through October 31, 2011 | | | 12.78 | | | | 0.27 | | | | (0.48 | ) | | | (0.21 | ) | | | (0.37 | ) | | | — | (g) |
| | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.76 | | | | 0.12 | | | | (0.65 | ) | | | (0.53 | ) | | | (0.08 | ) | | | — | |
Year Ended October 31, 2015 | | | 15.13 | | | | 0.24 | | | | (0.20 | ) | | | 0.04 | | | | (0.41 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.57 | | | | 0.42 | | | | (0.69 | ) | | | (0.27 | ) | | | (0.17 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.69 | | | | 0.31 | | | | 2.88 | | | | 3.19 | | | | (0.31 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.20 | | | | 0.30 | | | | 0.56 | | | | 0.86 | | | | (0.37 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.42 | | | | 0.23 | | | | (1.09 | ) | | | (0.86 | ) | | | (0.36 | ) | | | — | (g) |
| | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 14.68 | | | | 0.11 | | | | (0.65 | ) | | | (0.54 | ) | | | (0.03 | ) | | | — | |
Year Ended October 31, 2015 | | | 15.06 | | | | 0.25 | | | | (0.24 | ) | | | 0.01 | | | | (0.39 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.50 | | | | 0.40 | | | | (0.69 | ) | | | (0.29 | ) | | | (0.15 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.64 | | | | 0.29 | | | | 2.87 | | | | 3.16 | | | | (0.30 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.15 | | | | 0.28 | | | | 0.56 | | | | 0.84 | | | | (0.35 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.37 | | | | 0.26 | | | | (1.14 | ) | | | (0.88 | ) | | | (0.34 | ) | | | — | (g) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (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) | Amount rounds to less than $0.01. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 122 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 13.90 | | | | (3.80 | )% | | $ | 202,152 | | | | 1.29 | % | | | 1.41 | % | | | 1.36 | % | | | 28 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.46 | | | | (4.12 | ) | | | 1,565 | | | | 1.87 | | | | 0.70 | | | | 1.87 | | | | 28 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.14 | | | | (3.47 | ) | | | 2,341,171 | | | | 0.71 | | | | 2.04 | | | | 0.71 | | | | 28 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.15 | | | | (3.57 | ) | | | 51,369 | | | | 0.82 | | | | 1.74 | | | | 0.82 | | | | 28 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.11 | | | | (3.65 | ) | | | 26,921 | | | | 1.05 | | | | 1.63 | | | | 1.05 | | | | 28 | |
| | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 123 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | | | | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | | | Redemption
fees | |
International Research Enhanced Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 16.54 | | | $ | 0.17 | (f) | | $ | (0.76 | ) | | $ | (0.59 | ) | | $ | (0.36 | ) | | $ | (0.15 | ) | | $ | (0.51 | ) | | $ | — | |
Year Ended October 31, 2015 | | | 20.38 | | | | 0.43 | (f)(g) | | | (0.60 | ) | | | (0.17 | ) | | | (0.40 | ) | | | (3.27 | ) | | | (3.67 | ) | | | — | |
Year Ended October 31, 2014 | | | 21.20 | | | | 0.47 | (f) | | | (0.56 | ) | | | (0.09 | ) | | | (0.39 | ) | | | (0.34 | ) | | | (0.73 | ) | | | — | |
Year Ended October 31, 2013 | | | 17.24 | | | | 0.38 | (f) | | | 4.00 | | | | 4.38 | | | | (0.42 | ) | | | — | | | | (0.42 | ) | | | — | |
Year Ended October 31, 2012 | | | 16.83 | | | | 0.37 | (f) | | | 0.45 | | | | 0.82 | | | | (0.41 | ) | | | — | | | | (0.41 | ) | | | — | |
Year Ended October 31, 2011 | | | 19.03 | | | | 0.40 | (f) | | | (2.16 | )(h) | | | (1.76 | ) | | | (0.44 | ) | | | — | | | | (0.44 | ) | | | — | (g) |
| | | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 15.85 | | | | 0.13 | (f) | | | (0.73 | ) | | | (0.60 | ) | | | (0.28 | ) | | | (0.15 | ) | | | (0.43 | ) | | | — | |
Year Ended October 31, 2015 | | | 19.68 | | | | 0.33 | (f)(g) | | | (0.58 | ) | | | (0.25 | ) | | | (0.31 | ) | | | (3.27 | ) | | | (3.58 | ) | | | — | |
Year Ended October 31, 2014 | | | 20.51 | | | | 0.36 | (f) | | | (0.56 | ) | | | (0.20 | ) | | | (0.29 | ) | | | (0.34 | ) | | | (0.63 | ) | | | — | |
Year Ended October 31, 2013 | | | 16.68 | | | | 0.27 | (f) | | | 3.86 | | | | 4.13 | | | | (0.30 | ) | | | — | | | | (0.30 | ) | | | — | |
Year Ended October 31, 2012 | | | 16.27 | | | | 0.25 | (f) | | | 0.44 | | | | 0.69 | | | | (0.28 | ) | | | — | | | | (0.28 | ) | | | — | |
Year Ended October 31, 2011 | | | 18.41 | | | | 0.26 | (f) | | | (2.09 | )(h) | | | (1.83 | ) | | | (0.31 | ) | | | — | | | | (0.31 | ) | | | — | (g) |
| | | | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 16.21 | | | | 0.15 | (f) | | | (0.76 | ) | | | (0.61 | ) | | | (0.34 | ) | | | (0.15 | ) | | | (0.49 | ) | | | — | |
Year Ended October 31, 2015 | | | 20.07 | | | | 0.37 | (f)(g) | | | (0.58 | ) | | | (0.21 | ) | | | (0.38 | ) | | | (3.27 | ) | | | (3.65 | ) | | | — | |
Year Ended October 31, 2014 | | | 20.91 | | | | 0.40 | (f) | | | (0.54 | ) | | | (0.14 | ) | | | (0.36 | ) | | | (0.34 | ) | | | (0.70 | ) | | | — | |
Year Ended October 31, 2013 | | | 17.03 | | | | 0.35 | (f) | | | 3.92 | | | | 4.27 | | | | (0.39 | ) | | | — | | | | (0.39 | ) | | | — | |
Year Ended October 31, 2012 | | | 16.66 | | | | 0.32 | (f) | | | 0.45 | | | | 0.77 | | | | (0.40 | ) | | | — | | | | (0.40 | ) | | | — | |
Year Ended October 31, 2011 | | | 18.86 | | | | 0.32 | (f) | | | (2.12 | )(h) | | | (1.80 | ) | | | (0.40 | ) | | | — | | | | (0.40 | ) | | | — | (g) |
| | | | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 16.70 | | | | 0.21 | (f) | | | (0.80 | ) | | | (0.59 | ) | | | (0.41 | ) | | | (0.15 | ) | | | (0.56 | ) | | | — | |
Year Ended October 31, 2015 | | | 20.54 | | | | 0.48 | (f)(g) | | | (0.60 | ) | | | (0.12 | ) | | | (0.45 | ) | | | (3.27 | ) | | | (3.72 | ) | | | — | |
Year Ended October 31, 2014 | | | 21.36 | | | | 0.52 | (f) | | | (0.56 | ) | | | (0.04 | ) | | | (0.44 | ) | | | (0.34 | ) | | | (0.78 | ) | | | — | |
Year Ended October 31, 2013 | | | 17.36 | | | | 0.40 | (f) | | | 4.06 | | | | 4.46 | | | | (0.46 | ) | | | — | | | | (0.46 | ) | | | — | |
Year Ended October 31, 2012 | | | 16.96 | | | | 0.41 | (f) | | | 0.45 | | | | 0.86 | | | | (0.46 | ) | | | — | | | | (0.46 | ) | | | — | |
Year Ended October 31, 2011 | | | 19.17 | | | | 0.45 | (f) | | | (2.17 | )(h) | | | (1.72 | ) | | | (0.49 | ) | | | — | | | | (0.49 | ) | | | — | (g) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (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) | Amount rounds to less than $0.01. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | |
| | | |
| 124 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 15.44 | | | | (3.57 | )% | | $ | 71,201 | | | | 0.60 | % | | | 2.25 | % | | | 1.02 | % | | | 16 | % |
| | 16.54 | | | | (0.29 | ) | | | 82,667 | | | | 0.60 | | | | 2.51 | (g) | | | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.82 | | | | (3.80 | ) | | | 15,714 | | | | 1.10 | | | | 1.75 | | | | 1.54 | | | | 16 | |
| | 15.85 | | | | (0.77 | ) | | | 18,423 | | | | 1.10 | | | | 2.01 | (g) | | | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.11 | | | | (3.73 | ) | | | 3,814 | | | | 0.85 | | | | 2.09 | | | | 1.33 | | | | 16 | |
| | 16.21 | | | | (0.50 | ) | | | 3,331 | | | | 0.85 | | | | 2.22 | (g) | | | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 15.55 | | | | (3.53 | ) | | | 1,117,231 | | | | 0.35 | | | | 2.70 | | | | 0.59 | | | | 16 | |
| | 16.70 | | | | 0.00 | (j) | | | 779,908 | | | | 0.35 | | | | 2.79 | (g) | | | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 125 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) | | | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 17.61 | | | $ | 0.08 | (f) | | $ | (0.70 | ) | | $ | (0.62 | ) | | $ | (0.04 | ) | | $ | — | | | $ | (0.04 | ) |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 17.45 | | | | 0.03 | (f) | | | (0.68 | ) | | | (0.65 | ) | | | (0.01 | ) | | | — | | | | (0.01 | ) |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 17.57 | | | | 0.03 | (f) | | | (0.66 | ) | | | (0.63 | ) | | | — | | | | — | | | | — | |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 17.75 | | | | 0.09 | (f) | | | (0.67 | ) | | | (0.58 | ) | | | (0.06 | ) | | | — | | | | (0.06 | ) |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 17.76 | | | | 0.11 | (f) | | | (0.68 | ) | | | (0.57 | ) | | | (0.08 | ) | | | — | | | | (0.08 | ) |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 17.71 | | | | 0.07 | (f) | | | (0.65 | ) | | | (0.58 | ) | | | — | | | | — | | | | — | |
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.
| | | | | | |
| | | |
| 126 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 16.95 | | | | (3.51 | )% | | $ | 11,118 | | | | 1.24 | % | | | 0.92 | % | | | 1.60 | % | | | 24 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 16.79 | | | | (3.71 | ) | | | 4,823 | | | | 1.74 | | | | 0.31 | | | | 2.13 | | | | 24 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 16.94 | | | | (3.59 | ) | | | 19 | | | | 1.49 | | | | 0.40 | | | | 3.98 | | | | 24 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17.11 | | | | (3.25 | ) | | | 19 | | | | 0.79 | | | | 1.10 | | | | 3.21 | | | | 24 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17.11 | | | | (3.21 | ) | | | 69,437 | | | | 0.74 | | | | 1.33 | | | | 1.04 | | | | 24 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17.13 | | | | (3.27 | ) | | | 10,327 | | | | 0.89 | | | | 0.86 | | | | 1.35 | | | | 24 | |
| | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 127 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | | | | |
| | | Net asset
value,
beginning of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Redemption
fees | |
International Value Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 13.02 | | | $ | 0.09 | | | $ | (0.82 | ) | | $ | (0.73 | ) | | $ | (0.14 | ) | | $ | — | |
Year Ended October 31, 2015 | | | 14.14 | | | | 0.18 | (g) | | | (0.83 | ) | | | (0.65 | ) | | | (0.47 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.02 | | | | 0.47 | (g)(h) | | | (1.07 | ) | | | (0.60 | ) | | | (0.28 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.18 | | | | 0.22 | | | | 2.91 | | | | 3.13 | | | | (0.29 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.05 | | | | 0.31 | | | | 0.21 | | | | 0.52 | | | | (0.39 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.36 | | | | 0.28 | | | | (1.17 | ) | | | (0.89 | ) | | | (0.42 | ) | | | — | (i) |
| | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 12.65 | | | | 0.06 | | | | (0.81 | ) | | | (0.75 | ) | | | (0.07 | ) | | | — | |
Year Ended October 31, 2015 | | | 13.72 | | | | 0.10 | (g) | | | (0.78 | ) | | | (0.68 | ) | | | (0.39 | ) | | | — | |
Year Ended October 31, 2014 | | | 14.61 | | | | 0.38 | (g)(h) | | | (1.05 | ) | | | (0.67 | ) | | | (0.22 | ) | | | — | |
Year Ended October 31, 2013 | | | 11.84 | | | | 0.16 | | | | 2.83 | | | | 2.99 | | | | (0.22 | ) | | | — | |
Year Ended October 31, 2012 | | | 11.72 | | | | 0.25 | | | | 0.19 | | | | 0.44 | | | | (0.32 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.01 | | | | 0.21 | | | | (1.14 | ) | | | (0.93 | ) | | | (0.36 | ) | | | — | (i) |
| | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 12.83 | | | | 0.07 | | | | (0.82 | ) | | | (0.75 | ) | | | (0.11 | ) | | | — | |
Year Ended October 31, 2015 | | | 13.93 | | | | 0.14 | (g) | | | (0.81 | ) | | | (0.67 | ) | | | (0.43 | ) | | | — | |
Year Ended October 31, 2014 | | | 14.78 | | | | 0.42 | (g)(h) | | | (1.05 | ) | | | (0.63 | ) | | | (0.22 | ) | | | — | |
Year Ended October 31, 2013 | | | 11.99 | | | | 0.18 | | | | 2.88 | | | | 3.06 | | | | (0.27 | ) | | | — | |
Year Ended October 31, 2012 | | | 11.86 | | | | 0.28 | | | | 0.19 | | | | 0.47 | | | | (0.34 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.21 | | | | 0.24 | | | | (1.15 | ) | | | (0.91 | ) | | | (0.44 | ) | | | — | (i) |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 13.31 | | | | 0.18 | | | | (0.90 | ) | | | (0.72 | ) | | | (0.21 | ) | | | — | |
Year Ended October 31, 2015 | | | 14.42 | | | | 0.18 | (g) | | | (0.76 | ) | | | (0.58 | ) | | | (0.53 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.29 | | | | 0.54 | (g)(h) | | | (1.09 | ) | | | (0.55 | ) | | | (0.32 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.38 | | | | 0.30 | | | | 2.96 | | | | 3.26 | | | | (0.35 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.26 | | | | 0.37 | | | | 0.21 | | | | 0.58 | | | | (0.46 | ) | | | — | |
November 30, 2010 (j) through October 31, 2011 | | | 12.72 | | | | 0.32 | | | | (0.30 | ) | | | 0.02 | | | | (0.48 | ) | | | — | (i) |
| | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 13.29 | | | | 0.12 | | | | (0.85 | ) | | | (0.73 | ) | | | (0.17 | ) | | | — | |
Year Ended October 31, 2015 | | | 14.41 | | | | 0.23 | (g) | | | (0.83 | ) | | | (0.60 | ) | | | (0.52 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.29 | | | | 0.53 | (g)(h) | | | (1.09 | ) | | | (0.56 | ) | | | (0.32 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.38 | | | | 0.29 | | | | 2.95 | | | | 3.24 | | | | (0.33 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.26 | | | | 0.36 | | | | 0.20 | | | | 0.56 | | | | (0.44 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.59 | | | | 0.33 | | | | (1.19 | ) | | | (0.86 | ) | | | (0.47 | ) | | | — | (i) |
| | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 13.37 | | | | 0.11 | | | | (0.85 | ) | | | (0.74 | ) | | | (0.17 | ) | | | — | |
Year Ended October 31, 2015 | | | 14.48 | | | | 0.23 | (g) | | | (0.84 | ) | | | (0.61 | ) | | | (0.50 | ) | | | — | |
Year Ended October 31, 2014 | | | 15.19 | | | | 0.45 | (g)(h) | | | (1.04 | ) | | | (0.59 | ) | | | (0.12 | ) | | | — | |
Year Ended October 31, 2013 | | | 12.31 | | | | 0.27 | | | | 2.93 | | | | 3.20 | | | | (0.32 | ) | | | — | |
Year Ended October 31, 2012 | | | 12.19 | | | | 0.34 | | | | 0.21 | | | | 0.55 | | | | (0.43 | ) | | | — | |
Year Ended October 31, 2011 | | | 13.50 | | | | 0.31 | | | | (1.18 | ) | | | (0.87 | ) | | | (0.44 | ) | | | — | (i) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (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) | 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.
| | | | | | |
| | | |
| 128 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | |
Net
investment
income
(loss) | | |
Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 12.15 | | | | (5.63 | )% | | $ | 653,132 | | | | 1.35 | % | | | 1.45 | % | | | 1.42 | % | | | 38 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.83 | | | | (5.93 | ) | | | 28,901 | | | | 1.85 | | | | 0.95 | | | | 1.90 | | | | 38 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.97 | | | | (5.83 | ) | | | 1,521 | | | | 1.60 | | | | 1.21 | | | | 1.84 | | | | 38 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.38 | | | | (5.44 | ) | | | 28,671 | | | | 0.74 | | | | 3.02 | | | | 0.74 | | | | 38 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.39 | | | | (5.47 | ) | | | 1,295,143 | | | | 0.90 | | | | 1.91 | | | | 0.90 | | | | 38 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.46 | | | | (5.57 | ) | | | 200,623 | | | | 1.02 | | | | 1.79 | | | | 1.02 | | | | 38 | |
| | 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 129 | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | | | | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Redemption
fees | |
Intrepid International Fund | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | $ | 19.36 | | | $ | 0.17 | | | $ | (1.04 | ) | | $ | (0.87 | ) | | $ | (0.33 | ) | | $ | — | |
Year Ended October 31, 2015 | | | 19.49 | | | | 0.34 | (g) | | | (0.26 | ) | | | 0.08 | | | | (0.21 | ) | | | — | |
Year Ended October 31, 2014 | | | 19.79 | | | | 0.39 | (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 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 19.52 | | | | 0.11 | | | | (1.04 | ) | | | (0.93 | ) | | | (0.26 | ) | | | — | |
Year Ended October 31, 2015 | | | 19.63 | | | | 0.23 | (g) | | | (0.24 | ) | | | (0.01 | ) | | | (0.10 | ) | | | — | |
Year Ended October 31, 2014 | | | 19.92 | | | | 0.36 | (g) | | | (0.52 | ) | | | (0.16 | ) | | | (0.13 | ) | | | — | |
Year Ended October 31, 2013 | | | 16.00 | | | | 0.17 | | | | 3.90 | | | | 4.07 | | | | (0.15 | ) | | | — | |
Year Ended October 31, 2012 | | | 15.36 | | | | 0.18 | | | | 0.50 | | | | 0.68 | | | | (0.04 | ) | | | — | |
Year Ended October 31, 2011 | | | 16.61 | | | | 0.15 | | | | (1.26 | ) | | | (1.11 | ) | | | (0.14 | ) | | | — | (h) |
| | | | | | |
Class R2 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 19.21 | | | | 0.17 | | | | (1.07 | ) | | | (0.90 | ) | | | (0.27 | ) | | | — | |
Year Ended October 31, 2015 | | | 19.31 | | | | 0.38 | (g) | | | (0.34 | ) | | | 0.04 | | | | (0.14 | ) | | | — | |
Year Ended October 31, 2014 | | | 19.61 | | | | 0.40 | (g) | | | (0.53 | ) | | | (0.13 | ) | | | (0.17 | ) | | | — | |
Year Ended October 31, 2013 | | | 15.74 | | | | 0.20 | | | | 3.86 | | | | 4.06 | | | | (0.19 | ) | | | — | |
Year Ended October 31, 2012 | | | 15.21 | | | | 0.19 | | | | 0.50 | | | | 0.69 | | | | (0.16 | ) | | | — | |
Year Ended October 31, 2011 | | | 16.46 | | | | 0.17 | | | | (1.22 | ) | | | (1.05 | ) | | | (0.20 | ) | | | — | (h) |
| | | | | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 19.84 | | | | 0.23 | | | | (1.09 | ) | | | (0.86 | ) | | | (0.41 | ) | | | — | |
May 29, 2015 (i) through October 31, 2015 | | | 21.08 | | | | 0.12 | (g) | | | (1.36 | ) | | | (1.24 | ) | | | — | | | | — | |
| | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 19.83 | | | | 0.16 | | | | (1.03 | ) | | | (0.87 | ) | | | (0.08 | ) | | | — | |
Year Ended October 31, 2015 | | | 19.95 | | | | 0.52 | (g) | | | (0.34 | ) | | | 0.18 | | | | (0.30 | ) | | | — | |
Year Ended October 31, 2014 | | | 20.23 | | | | 0.49 | (g) | | | (0.46 | ) | | | 0.03 | | | | (0.31 | ) | | | — | |
Year Ended October 31, 2013 | | | 16.24 | | | | 0.34 | | | | 3.97 | | | | 4.31 | | | | (0.32 | ) | | | — | |
Year Ended October 31, 2012 | | | 15.66 | | | | 0.33 | | | | 0.50 | | | | 0.83 | | | | (0.25 | ) | | | — | |
Year Ended October 31, 2011 | | | 16.94 | | | | 0.32 | | | | (1.29 | ) | | | (0.97 | ) | | | (0.31 | ) | | | — | (h) |
| | | | | | |
Select Class | | | | | | | | | | | | | | | | | | | | | | | | |
Six Months Ended April 30, 2016 (Unaudited) | | | 20.13 | | | | 0.20 | | | | (1.07 | ) | | | (0.87 | ) | | | (0.38 | ) | | | — | |
Year Ended October 31, 2015 | | | 20.22 | | | | 0.42 | (g) | | | (0.26 | ) | | | 0.16 | | | | (0.25 | ) | | | — | |
Year Ended October 31, 2014 | | | 20.51 | | | | 0.51 | (g) | | | (0.53 | ) | | | (0.02 | ) | | | (0.27 | ) | | | — | |
Year Ended October 31, 2013 | | | 16.46 | | | | 0.31 | | | | 4.01 | | | | 4.32 | | | | (0.27 | ) | | | — | |
Year Ended October 31, 2012 | | | 15.85 | | | | 0.30 | | | | 0.51 | | | | 0.81 | | | | (0.20 | ) | | | — | |
Year Ended October 31, 2011 | | | 16.99 | | | | 0.26 | | | | (1.28 | ) | | | (1.02 | ) | | | (0.12 | ) | | | — | (h) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes interest expense, if applicable, which is less than 0.01% unless otherwise noted. |
| (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) | 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.
| | | | | | |
| | | |
| 130 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets, end of
period (000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | |
Expenses
without waivers
and reimbursements | | | Portfolio
turnover
rate (c)(f) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 18.16 | | | | (4.54 | )% | | $ | 198,415 | | | | 1.24 | % | | | 1.93 | % | | | 1.36 | % | | | 21 | % |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.33 | | | | (4.81 | ) | | | 2,437 | | | | 1.75 | | | | 1.24 | | | | 1.85 | | | | 21 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.04 | | | | (4.68 | ) | | | 481 | | | | 1.50 | | | | 1.94 | | | | 1.80 | | | | 21 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.57 | | | | (4.34 | ) | | | 2,338,722 | | | | 0.71 | | | | 2.48 | | | | 0.72 | | | | 21 | |
| | 19.84 | | | | (5.88 | ) | | | 1,854,941 | | | | 0.73 | | | | 1.47 | (g) | | | 0.74 | | | | 33 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.88 | | | | (4.39 | ) | | | 28,749 | | | | 0.83 | | | | 1.75 | | | | 0.84 | | | | 21 | |
| | 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 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.88 | | | | (4.35 | ) | | | 19,240 | | | | 0.90 | | | | 2.12 | | | | 1.07 | | | | 21 | |
| | 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.
| | | | | | | | |
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| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 131 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited)
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 April 30, 2016, 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 January 30, 2015, for International Equity Income Fund. |
| *** | Class R6 Shares commenced operations on May 29, 2015, for Intrepid International 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 transfer agency, 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.
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.
| | | | | | |
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| 132 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
J.P. Morgan Investment Management Inc. (“JPMIM”) an indirect, wholly owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”) acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds. Prior to April 1, 2016, JPMorgan Funds Management, Inc. (“JPMFM”) served as the Funds’ administrator. Effective April 1, 2016, JPMFM merged into JPMIM and JPMIM became the Funds’ administrator under the Administration Agreement.
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 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.
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, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments 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.
| | | | | | | | |
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| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 133 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (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 | | $ | 24,627 | | | $ | — | | | $ | — | | | $ | 24,627 | |
China | | | 23,418 | | | | 266,349 | | | | — | | | | 289,767 | |
Cyprus | | | 2,202 | | | | — | | | | — | | | | 2,202 | |
Egypt | | | — | | | | 4,130 | | | | — | | | | 4,130 | |
Hong Kong | | | 625 | | | | 57,268 | | | | — | | | | 57,893 | |
Hungary | | | — | | | | 11,296 | | | | — | | | | 11,296 | |
India | | | — | | | | 52,703 | | | | — | | | | 52,703 | |
Mexico | | | 18,685 | | | | — | | | | — | | | | 18,685 | |
Netherlands | | | — | | | | 13,832 | | | | — | | | | 13,832 | |
Poland | | | — | | | | 25,499 | | | | — | | | | 25,499 | |
Russia | | | 13,703 | | | | 73,205 | | | | — | | | | 86,908 | |
Singapore | | | — | | | | 7,656 | | | | — | | | | 7,656 | |
South Africa | | | 7,058 | | | | 6,667 | | | | — | | | | 13,725 | |
South Korea | | | 9,702 | | | | 171,729 | | | | — | | | | 181,431 | |
Taiwan | | | 17,916 | | | | 141,070 | | | | — | | | | 158,986 | |
Thailand | | | — | | | | 25,834 | | | | — | | | | 25,834 | |
Turkey | | | — | | | | 85,184 | | | | — | | | | 85,184 | |
United Arab Emirates | | | — | | | | 21,331 | | | | — | | | | 21,331 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 117,936 | | | | 963,753 | | | | — | | | | 1,081,689 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Brazil | | | 9,555 | | | | — | | | | — | | | | 9,555 | |
Russia | | | 7,961 | | | | 3,148 | | | | — | | | | 11,109 | |
| | | | | | | | | | | | | | | | |
Total Preferred Stocks | | | 17,516 | | | | 3,148 | | | | — | | | | 20,664 | |
| | | | | | | | | | | | | | | | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | | 17,419 | | | | — | | | | — | | | | 17,419 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 152,871 | | | $ | 966,901 | | | $ | — | | | $ | 1,119,772 | |
| | | | | | | | | | | | | | | | |
Emerging Markets Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 26,792 | | | $ | — | | | $ | 26,792 | |
Brazil | | | 236,678 | | | | — | | | | — | | | | 236,678 | |
China | | | 94,983 | | | | 143,744 | | | | — | | | | 238,727 | |
Cyprus | | | 4,606 | | | | — | | | | — | | | | 4,606 | |
Hong Kong | | | 3,013 | | | | 138,624 | | | | — | | | | 141,637 | |
India | | | 123,043 | | | | 339,080 | | | | — | | | | 462,123 | |
Indonesia | | | — | | | | 74,626 | | | | — | | | | 74,626 | |
Mexico | | | 55,600 | | | | — | | | | — | | | | 55,600 | |
Panama | | | 20,012 | | | | — | | | | — | | | | 20,012 | |
Peru | | | 29,932 | | | | — | | | | — | | | | 29,932 | |
Russia | | | 13,438 | | | | 119,103 | | | | — | | | | 132,541 | |
South Africa | | | — | | | | 373,306 | | | | — | | | | 373,306 | |
South Korea | | | — | | | | 90,293 | | | | — | | | | 90,293 | |
Switzerland | | | 21,451 | | | | — | | | | — | | | | 21,451 | |
Taiwan | | | 81,613 | | | | 54,815 | | | | — | | | | 136,428 | |
Thailand | | | — | | | | 46,110 | | | | — | | | | 46,110 | |
Turkey | | | — | | | | 12,680 | | | | — | | | | 12,680 | |
United Kingdom | | | — | | | | 33,759 | | | | — | | | | 33,759 | |
United States | | | 10,865 | | | | — | | | | — | | | | 10,865 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 695,234 | | | | 1,452,932 | | | | — | | | | 2,148,166 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 134 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
Emerging Markets Equity Fund (continued)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Brazil | | $ | 14,749 | | | $ | — | | | $ | — | | | $ | 14,749 | |
Structured Instruments | | | | | | | | | | | | | | | | |
China | | | — | | | | 16,295 | | | | — | | | | 16,295 | |
Warrant | | | | | | | | | | | | | | | | |
Saudi Arabia | | | — | | | | 12,501 | | | | — | | | | 12,501 | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | | 49,636 | | | | — | | | | — | | | | 49,636 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 759,619 | | | $ | 1,481,728 | | | $ | — | | | $ | 2,241,347 | |
| | | | | | | | | | | | | | | | |
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 | | $ | 246 | | | $ | — | | | $ | — | | | $ | 246 | |
Chile | | | 72 | | | | — | | | | — | | | | 72 | |
China | | | — | | | | 65 | | | | — | | | | 65 | |
Czech Republic | | | — | | | | 72 | | | | — | | | | 72 | |
Hong Kong | | | 36 | | | | 235 | | | | — | | | | 271 | |
Hungary | | | — | | | | 51 | | | | — | | | | 51 | |
Indonesia | | | — | | | | 29 | | | | — | | | | 29 | |
Mexico | | | 93 | | | | — | | | | — | | | | 93 | |
Poland | | | — | | | | 44 | | | | — | | | | 44 | |
Russia | | | 73 | | | | 118 | | | | — | | | | 191 | |
Singapore | | | — | | | | 28 | | | | — | | | | 28 | |
South Africa | | | 46 | | | | 346 | | | | — | | | | 392 | |
South Korea | | | 56 | | | | 108 | | | | — | | | | 164 | |
Taiwan | | | 104 | | | | 488 | | | | — | | | | 592 | |
Thailand | | | — | | | | 56 | | | | — | | | | 56 | |
Turkey | | | — | | | | 62 | | | | — | | | | 62 | |
United Arab Emirates | | | — | | | | 46 | | | | — | | | | 46 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 726 | | | | 1,748 | | | | — | | | | 2,474 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Russia | | | 22 | | | | — | | | | — | | | | 22 | |
Structured Instruments | | | | | | | | | | | | | | | | |
China | | | — | | | | 92 | | | | — | | | | 92 | |
Warrants | | | | | | | | | | | | | | | | |
Saudi Arabia | | | — | | | | 53 | | | | — | | | | 53 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 748 | | | $ | 1,893 | | | $ | — | | | $ | 2,641 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 135 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
Global Research Enhanced Index Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | | | | | | | | | | | | | | | | |
Australia | | $ | — | | | $ | 183,871 | | | $ | — | | | $ | 183,871 | |
Austria | | | — | | | | — | (a) | | | — | | | | — | (a) |
Belgium | | | — | | | | 29,916 | | | | — | | | | 29,916 | |
Canada | | | 257,504 | | | | — | | | | — | | | | 257,504 | |
China | | | — | | | | 302 | | | | — | | | | 302 | |
Colombia | | | — | | | | — | | | | — | (a) | | | — | (a) |
Denmark | | | — | | | | 53,002 | | | | — | | | | 53,002 | |
Finland | | | — | | | | 31,806 | | | | — | | | | 31,806 | |
France | | | — | | | | 252,142 | | | | — | | | | 252,142 | |
Germany | | | — | | | | 232,914 | | | | — | | | | 232,914 | |
Hong Kong | | | 467 | | | | 79,101 | | | | — | | | | 79,568 | |
Ireland | | | 64,117 | | | | 17,100 | | | | — | | | | 81,217 | |
Israel | | | 8,427 | | | | — | | | | — | | | | 8,427 | |
Italy | | | — | | | | 65,947 | | | | — | | | | 65,947 | |
Japan | | | 3,380 | | | | 581,915 | | | | — | | | | 585,295 | |
Luxembourg | | | — | | | | 7,977 | | | | — | | | | 7,977 | |
Netherlands | | | 12,093 | | | | 139,704 | | | | — | | | | 151,797 | |
New Zealand | | | — | | | | 5,588 | | | | — | | | | 5,588 | |
Norway | | | — | | | | 12,742 | | | | — | | | | 12,742 | |
Portugal | | | — | | | | 10,765 | | | | — | | | | 10,765 | |
Singapore | | | 31,054 | | | | 29,870 | | | | — | | | | 60,924 | |
Spain | | | — | | | | 69,067 | | | | — | | | | 69,067 | |
Sweden | | | — | | | | 45,118 | | | | — | | | | 45,118 | |
Switzerland | | | 49,475 | | | | 229,657 | | | | — | | | | 279,132 | |
United Kingdom | | | 39,588 | | | | 421,863 | | | | — | | | | 461,451 | |
United States | | | 3,852,159 | | | | — | | | | — | | | | 3,852,159 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 4,318,264 | | | | 2,500,367 | | | | — | (a) | | | 6,818,631 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Germany | | | — | | | | 17,075 | | | | — | | | | 17,075 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 4,318,264 | | | $ | 2,517,442 | | | $ | — | (a) | | $ | 6,835,706 | |
| | | | | | | | | | | | | | | | |
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 | | | | | | | | | | | | | | | | |
China | | $ | 154 | | | $ | 55 | | | $ | — | | | $ | 209 | |
Finland | | | — | | | | 23 | | | | — | | | | 23 | |
France | | | — | | | | 121 | | | | — | | | | 121 | |
Germany | | | — | | | | 33 | | | | — | | | | 33 | |
India | | | 45 | | | | — | | | | — | | | | 45 | |
Ireland | | | 53 | | | | — | | | | — | | | | 53 | |
Israel | | | 85 | | | | — | | | | — | | | | 85 | |
Japan | | | — | | | | 134 | | | | — | | | | 134 | |
Netherlands | | | 62 | | | | — | | | | — | | | | 62 | |
South Africa | | | — | | | | 14 | | | | — | | | | 14 | |
Switzerland | | | 43 | | | | 107 | | | | — | | | | 150 | |
United Kingdom | | | — | | | | 132 | | | | — | | | | 132 | |
United States | | | 1,352 | | | | — | | | | — | | | | 1,352 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 1,794 | | | | 619 | | | | — | | | | 2,413 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 1,794 | | | $ | 619 | | | $ | — | | | $ | 2,413 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 136 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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 | | $ | — | | | $ | 36,359 | | | $ | — | | | $ | 36,359 | |
Belgium | | | — | | | | 52,541 | | | | — | | | | 52,541 | |
China | | | 28,717 | | | | 75,324 | | | | — | | | | 104,041 | |
Denmark | | | — | | | | 42,600 | | | | — | | | | 42,600 | |
France | | | — | | | | 394,827 | | | | — | | | | 394,827 | |
Germany | | | — | | | | 223,397 | | | | — | | | | 223,397 | |
Hong Kong | | | — | | | | 145,109 | | | | — | | | | 145,109 | |
India | | | 33,727 | | | | — | | | | — | | | | 33,727 | |
Indonesia | | | — | | | | 19,860 | | | | — | | | | 19,860 | |
Israel | | | 36,324 | | | | — | | | | — | | | | 36,324 | |
Japan | | | — | | | | 720,038 | | | | — | | | | 720,038 | |
Netherlands | | | — | | | | 185,776 | | | | — | | | | 185,776 | |
South Africa | | | — | | | | 29,780 | | | | — | | | | 29,780 | |
South Korea | | | — | | | | 71,670 | | | | — | | | | 71,670 | |
Switzerland | | | — | | | | 399,258 | | | | — | | | | 399,258 | |
Taiwan | | | 39,021 | | | | — | | | | — | | | | 39,021 | |
United Kingdom | | | — | | | | 684,694 | | | | — | | | | 684,694 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 137,789 | | | | 3,081,233 | | | | — | | | | 3,219,022 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Germany | | | — | | | | 40,845 | | | | — | | | | 40,845 | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | | 63,437 | | | | — | | | | — | | | | 63,437 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 201,226 | | | $ | 3,122,078 | | | $ | — | | | $ | 3,323,304 | |
| | | | | | | | | | | | | | | | |
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 | | $ | — | | | $ | 4,507 | | | $ | — | | | $ | 4,507 | |
Belgium | | | — | | | | 3,049 | | | | — | | | | 3,049 | |
Canada | | | 1,417 | | | | — | | | | — | | | | 1,417 | |
Denmark | | | — | | | | 1,677 | | | | — | | | | 1,677 | |
Finland | | | — | | | | 2,842 | | | | — | | | | 2,842 | |
France | | | — | | | | 5,574 | | | | — | | | | 5,574 | |
Germany | | | — | | | | 10,337 | | | | — | | | | 10,337 | |
Hong Kong | | | — | | | | 1,019 | | | | — | | | | 1,019 | |
India | | | 1,516 | | | | — | | | | — | | | | 1,516 | |
Ireland | | | 1,517 | | | | — | | | | — | | | | 1,517 | |
Israel | | | — | | | | 4,138 | | | | — | | | | 4,138 | |
Italy | | | — | | | | 2,824 | | | | — | | | | 2,824 | |
Japan | | | 5,066 | | | | 14,706 | | | | — | | | | 19,772 | |
Netherlands | | | — | | | | 6,121 | | | | — | | | | 6,121 | |
New Zealand | | | — | | | | 2,346 | | | | — | | | | 2,346 | |
Norway | | | — | | | | 2,782 | | | | — | | | | 2,782 | |
Russia | | | — | | | | 2,624 | | | | — | | | | 2,624 | |
Spain | | | 959 | | | | — | | | | — | | | | 959 | |
Switzerland | | | — | | | | 5,263 | | | | — | | | | 5,263 | |
Taiwan | | | 4,004 | | | | — | | | | — | | | | 4,004 | |
United Kingdom | | | — | | | | 23,183 | | | | — | | | | 23,183 | |
United States | | | — | | | | 2,082 | | | | — | | | | 2,082 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 14,479 | | | | 95,074 | | | | — | | | | 109,553 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 137 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
International Equity Income Fund (continued)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | $ | 5,006 | | | $ | — | | | $ | — | | | $ | 5,006 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 19,485 | | | $ | 95,074 | | | $ | — | | | $ | 114,559 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 195 | | | $ | — | | | $ | 195 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (417 | ) | | $ | — | | | $ | (417 | ) |
| | | | | | | | | | | | | | | | |
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 | | $ | — | | | $ | 103,174 | | | $ | — | | | $ | 103,174 | |
Belgium | | | — | | | | 56,052 | | | | — | | | | 56,052 | |
China | | | — | | | | 20,359 | | | | — | | | | 20,359 | |
Denmark | | | — | | | | 91,309 | | | | — | | | | 91,309 | |
Finland | | | — | | | | 47,472 | | | | — | | | | 47,472 | |
France | | | — | | | | 225,527 | | | | — | | | | 225,527 | |
Germany | | | — | | | | 170,722 | | | | — | | | | 170,722 | |
Hong Kong | | | — | | | | 41,978 | | | | — | | | | 41,978 | |
India | | | 23,895 | | | | — | | | | — | | | | 23,895 | |
Ireland | | | — | | | | 36,329 | | | | — | | | | 36,329 | |
Italy | | | — | | | | 86,909 | | | | — | | | | 86,909 | |
Japan | | | — | | | | 627,352 | | | | — | | | | 627,352 | |
Netherlands | | | — | | | | 137,706 | | | | — | | | | 137,706 | |
Norway | | | — | | | | 39,150 | | | | — | | | | 39,150 | |
Spain | | | — | | | | 11,886 | | | | — | | | | 11,886 | |
Sweden | | | — | | | | 58,574 | | | | — | | | | 58,574 | |
Switzerland | | | — | | | | 166,479 | | | | — | | | | 166,479 | |
United Kingdom | | | — | | | | 601,748 | | | | — | | | | 601,748 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 23,895 | | | | 2,522,726 | | | | — | | | | 2,546,621 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Germany | | | — | | | | 29,248 | | | | — | | | | 29,248 | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | | 50,458 | | | | — | | | | — | | | | 50,458 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 74,353 | | | $ | 2,551,974 | | | $ | — | | | $ | 2,626,327 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 21,829 | | | $ | — | | | $ | 21,829 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (18,634 | ) | | $ | — | | | $ | (18,634 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 138 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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 | | $ | — | | | $ | 70,194 | | | $ | — | (a) | | $ | 70,194 | |
Belgium | | | — | | | | 12,690 | | | | — | | | | 12,690 | |
Denmark | | | — | | | | 12,886 | | | | — | | | | 12,886 | |
Finland | | | — | | | | 22,835 | | | | — | | | | 22,835 | |
France | | | — | | | | 113,031 | | | | — | | | | 113,031 | |
Germany | | | — | | | | 98,143 | | | | — | | | | 98,143 | |
Hong Kong | | | — | | | | 28,991 | | | | — | | | | 28,991 | |
Ireland | | | 4,996 | | | | 14,791 | | | | — | | | | 19,787 | |
Israel | | | 3,238 | | | | — | | | | — | | | | 3,238 | |
Italy | | | — | | | | 31,797 | | | | — | | | | 31,797 | |
Japan | | | — | | | | 263,991 | | | | — | | | | 263,991 | |
Luxembourg | | | — | | | | 5,970 | | | | — | | | | 5,970 | |
Netherlands | | | — | | | | 76,020 | | | | — | | | | 76,020 | |
New Zealand | | | — | | | | 4,410 | | | | — | | | | 4,410 | |
Norway | | | — | | | | 2,483 | | | | — | | | | 2,483 | |
Portugal | | | — | | | | 3,656 | | | | — | | | | 3,656 | |
Singapore | | | — | | | | 9,547 | | | | — | | | | 9,547 | |
Spain | | | — | | | | 27,600 | | | | — | | | | 27,600 | |
Sweden | | | — | | | | 21,260 | | | | — | | | | 21,260 | |
Switzerland | | | — | | | | 116,411 | | | | — | | | | 116,411 | |
United Kingdom | | | 8,967 | | | | 208,039 | | | | — | | | | 217,006 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 17,201 | | | | 1,144,745 | | | | — | (a) | | | 1,161,946 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Germany | | | — | | | | 12,201 | | | | — | | | | 12,201 | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | | 24,061 | | | | — | | | | — | | | | 24,061 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 41,262 | | | $ | 1,156,946 | | | $ | — | (a) | | $ | 1,198,208 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | — | | | $ | 465 | | | $ | — | | | $ | 465 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | — | | | $ | (124 | ) | | $ | — | | | $ | (124 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 139 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
International Unconstrained Equity Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | |
Common Stocks | | | | | | | | | | | | | | | | |
Belgium | | $ | — | | | $ | 2,764 | | | $ | — | | | $ | 2,764 | |
Canada | | | 1,386 | | | | — | | | | — | | | | 1,386 | |
China | | | 3,481 | | | | 2,300 | | | | — | | | | 5,781 | |
Denmark | | | — | | | | 1,590 | | | | — | | | | 1,590 | |
Finland | | | — | | | | 3,209 | | | | — | | | | 3,209 | |
France | | | — | | | | 7,112 | | | | — | | | | 7,112 | |
Germany | | | — | | | | 5,840 | | | | — | | | | 5,840 | |
Hong Kong | | | — | | | | 3,943 | | | | — | | | | 3,943 | |
India | | | 1,957 | | | | — | | | | — | | | | 1,957 | |
Ireland | | | — | | | | 1,424 | | | | — | | | | 1,424 | |
Israel | | | 3,232 | | | | — | | | | — | | | | 3,232 | |
Italy | | | — | | | | 1,570 | | | | — | | | | 1,570 | |
Japan | | | — | | | | 11,625 | | | | — | | | | 11,625 | |
Netherlands | | | — | | | | 5,948 | | | | — | | | | 5,948 | |
South Africa | | | — | | | | 1,434 | | | | — | | | | 1,434 | |
South Korea | | | — | | | | 2,783 | | | | — | | | | 2,783 | |
Switzerland | | | — | | | | 9,744 | | | | — | | | | 9,744 | |
Taiwan | | | 1,700 | | | | — | | | | — | | | | 1,700 | |
United Kingdom | | | — | | | | 19,443 | | | | — | | | | 19,443 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 11,756 | | | | 80,729 | | | | — | | | | 92,485 | |
| | | | | | | | | | | | | | | | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | | 3,281 | | | | — | | | | — | | | | 3,281 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 15,037 | | | $ | 80,729 | | | $ | — | | | $ | 95,766 | |
| | | | | | | | | | | | | | | | |
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 | | $ | — | | | $ | 68,230 | | | $ | — | | | $ | 68,230 | |
Belgium | | | — | | | | 46,167 | | | | — | | | | 46,167 | |
Canada | | | 15,945 | | | | — | | | | — | | | | 15,945 | |
China | | | — | | | | 23,436 | | | | — | | | | 23,436 | |
Denmark | | | — | | | | 15,481 | | | | — | | | | 15,481 | |
Finland | | | — | | | | 40,101 | | | | — | | | | 40,101 | |
France | | | — | | | | 257,717 | | | | — | | | | 257,717 | |
Germany | | | — | | | | 153,170 | | | | — | | | | 153,170 | |
Hong Kong | | | — | | | | 40,307 | | | | — | | | | 40,307 | |
Ireland | | | 10,400 | | | | 20,380 | | | | — | | | | 30,780 | |
Israel | | | 25,486 | | | | — | | | | — | | | | 25,486 | |
Italy | | | — | | | | 88,640 | | | | — | | | | 88,640 | |
Japan | | | — | | | | 442,574 | | | | — | | | | 442,574 | |
Luxembourg | �� | | — | | | | 24,013 | | | | — | | | | 24,013 | |
Netherlands | | | — | | | | 171,303 | | | | — | | | | 171,303 | |
Norway | | | — | | | | 24,848 | | | | — | | | | 24,848 | |
South Korea | | | — | | | | 21,025 | | | | — | | | | 21,025 | |
Spain | | | — | | | | 39,469 | | | | — | | | | 39,469 | |
Sweden | | | — | | | | 64,953 | | | | — | | | | 64,953 | |
Switzerland | | | — | | | | 100,588 | | | | — | | | | 100,588 | |
United Kingdom | | | — | | | | 438,665 | | | | — | | | | 438,665 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 51,831 | | | | 2,081,067 | | | | — | | | | 2,132,898 | |
| | | | | | | | | | | | | | | | |
| | | | | | |
| | | |
| 140 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
International Value Fund (continued)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Germany | | $ | — | | | $ | 10,578 | | | $ | — | | | $ | 10,578 | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | | 51,512 | | | | — | | | | — | | | | 51,512 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 103,343 | | | $ | 2,091,645 | | | $ | — | | | $ | 2,194,988 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 16,721 | | | $ | — | | | $ | 16,721 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (14,612 | ) | | $ | — | | | $ | (14,612 | ) |
| | | | | | | | | | | | | | | | |
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 | | $ | — | | | $ | 165,625 | | | $ | — | | | $ | 165,625 | |
Belgium | | | — | | | | 38,600 | | | | — | | | | 38,600 | |
China | | | — | | | | 7,335 | | | | — | | | | 7,335 | |
Denmark | | | — | | | | 63,702 | | | | — | | | | 63,702 | |
Finland | | | — | | | | 18,255 | | | | — | | | | 18,255 | |
France | | | — | | | | 288,660 | | | | — | | | | 288,660 | |
Germany | | | — | | | | 215,113 | | | | — | | | | 215,113 | |
Hong Kong | | | — | | | | 92,529 | | | | — | | | | 92,529 | |
India | | | 8,439 | | | | — | | | | — | | | | 8,439 | |
Ireland | | | 9,251 | | | | 24,468 | | | | — | | | | 33,719 | |
Israel | | | 16,209 | | | | — | | | | — | | | | 16,209 | |
Italy | | | — | | | | 36,273 | | | | — | | | | 36,273 | |
Japan | | | 8,704 | | | | 547,791 | | | | — | | | | 556,495 | |
Luxembourg | | | — | | | | 9,619 | | | | — | | | | 9,619 | |
Netherlands | | | — | | | | 134,268 | | | | — | | | | 134,268 | |
Norway | | | — | | | | 20,448 | | | | — | | | | 20,448 | |
Singapore | | | — | | | | 13,425 | | | | — | | | | 13,425 | |
South Korea | | | 8,204 | | | | — | | | | — | | | | 8,204 | |
Spain | | | — | | | | 66,685 | | | | — | | | | 66,685 | |
Sweden | | | — | | | | 70,448 | | | | — | | | | 70,448 | |
Switzerland | | | — | | | | 210,701 | | | | — | | | | 210,701 | |
Taiwan | | | 7,967 | | | | — | | | | — | | | | 7,967 | |
United Kingdom | | | 33,222 | | | | 415,929 | | | | — | | | | 449,151 | |
United States | | | — | | | | 9,596 | | | | — | | | | 9,596 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 91,996 | | | | 2,449,470 | | | | — | | | | 2,541,466 | |
| | | | | | | | | | | | | | | | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Germany | | | — | | | | 10,703 | | | | — | | | | 10,703 | |
Short-Term Investment | | | | | | | | | | | | | | | | |
Investment Company | | | 70,048 | | | | — | | | | — | | | | 70,048 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | | 162,044 | | | | 2,460,173 | | | | — | | | | 2,622,217 | |
| | | | | | | | | | | | | | | | �� |
For the Emerging Economies Fund, Emerging Markets Equity Fund, Emerging Markets Equity Income Fund, International Equity Fund, International Equity Income Fund, International Opportunities Fund, International Research Enhanced Equity Fund, International Unconstrained Equity Fund, International Value Equity Fund and Intrepid International Fund the transfers from level 2 to level 1 in the amounts of approximately $25,117,000,
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 141 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
$26,270,000, $64,000, $50,207,000, $1,626,000, $35,176,000, $7,189,000, $2,808,000, $44,479,000 and $16,191,000, respectively, are due to applying the fair value factors to certain securities as of April 30, 2016.
For the Global Research Enhanced Index Fund there were no significant transfers among any levels during the six months ended April 30, 2016.
For the Global Unconstrained Equity Fund there were no transfers among any levels during the six months ended April 30, 2016.
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 April 30, 2016, 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 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.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds’ futures contracts activity during the six months ended April 30, 2016 (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Emerging
Economies
Fund | | | Global
Research Enhanced
Index Fund | | | Global
Unconstrained
Equity Fund | | | International
Opportunities
Fund | | | International
Research Enhanced
Equity Fund | | | International
Value Fund | |
Futures Contracts: | | | | | | | | | | | | | | | | | | | | | | | | |
Average Notional Balance Long | | $ | 11,707 | | | $ | 87,241 | (a) | | $ | 129,611 | (b) | | $ | 43,150 | (c) | | $ | 19,533 | | | $ | 32,445 | (b) |
Ending Notional Balance Long | | | — | | | | — | | | | — | | | | — | | | | 19,430 | | | | — | |
| (a) | For the period November 1, 2015 through March 31, 2016. |
| (b) | For the period March 1, 2016 through March 31, 2016. |
| (c) | For the period January 1, 2016 through January 31, 2016. |
D. Forward Foreign Currency Exchange Contracts — International Equity Income 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
| | | | | | |
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| 142 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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 April 30, 2016, 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 six months ended April 30, 2016 (amounts in thousands):
| | | | | | | | | | | | |
| | | International
Equity
Income Fund | | | International
Opportunities
Fund | | | International
Value Fund | |
| Forward Foreign Currency Exchange Contracts: | | | | | | | | | | | | |
Average Settlement Value Purchased | | $ | 12,363 | (a) | | $ | 521,900 | | | $ | 375,753 | |
Average Settlement Value Sold | | | 13,279 | (b) | | | 469,460 | | | | 334,475 | |
Ending Value Purchased | | | 13,658 | | | | 691,682 | | | | 495,775 | |
Ending Value Sold | | | 11,949 | | | | 651,979 | | | | 453,278 | |
| (a) | For the period February 1, 2016 through April 30, 2016. |
| (b) | For the period March 1, 2016 through April 30, 2016. |
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 April 30, 2016, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities (amounts in thousands):
International Equity Income Fund
| | | | | | |
| Derivative Contracts | | Statements of Assets and Liabilities | | | |
| Gross Assets: | | | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | Receivables | | $ | 195 | |
| | | | | | |
| | |
Gross Liabilities: | | | | | |
Foreign exchange contracts | | Payables | | $ | (417 | ) |
| | | | | | |
The following table presents the value of derivatives held as of April 30, 2016, 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 | | | |
| Gross Assets: | | | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | Receivables | | $ | 21,829 | |
| | | | | | |
| | |
Gross Liabilities: | | | | | |
Foreign exchange contracts | | Payables | | $ | (18,634 | ) |
| | | | | | |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 143 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2016 (amounts in thousands):
International Opportunities Fund
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amount of
Derivative Assets
Presented on the Statement of Assets
and Liabilities (a) | | | Derivatives Available for offset | | | Collateral Received | | | Net Amount Due From Counterparty
(not less than zero) | |
Barclays Bank plc | | $ | 535 | | | $ | (535 | ) | | $ | — | | | $ | — | |
BNP Paribas | | | 1,334 | | | | — | | | | — | | | | 1,334 | |
Goldman Sachs International | | | 9,821 | | | | (2,651 | ) | | | — | | | | 7,170 | |
HSBC Bank, N.A. | | | 550 | | | | (550 | ) | | | — | | | | — | |
Merrill Lynch International | | | 491 | | | | — | | | | — | | | | 491 | |
Morgan Stanley | | | 753 | | | | (265 | ) | | | — | | | | 488 | |
Royal Bank of Canada | | | 1,183 | | | | (1,183 | ) | | | — | | | | — | |
Royal Bank of Scotland | | | 1,024 | | | | — | | | | — | | | | 1,024 | |
Societe Generale | | | 651 | | | | (103 | ) | | | — | | | | 548 | |
Standard Chartered Bank | | | 2,516 | | | | (1,448 | ) | | | — | | | | 1,068 | |
Union Bank of Switzerland AG | | | 2,971 | | | | — | | | | — | | | | 2,971 | |
| | | | | | | | | | | | | | | | |
| | $ | 21,829 | | | $ | (6,735 | ) | | $ | — | | | $ | 15,094 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Counterparty | | Gross Amount of
Derivative Liabilities
Presented on the Statement of Assets
and Liabilities (a) | | | Derivatives Available for offset | | | Collateral Posted | | | Net Amount Due To Counterparty
(Not less than zero) | |
Barclays Bank plc | | $ | 984 | | | $ | (535 | ) | | | | | | $ | 449 | |
Citibank, N.A. | | | 2,282 | | | | — | | | | — | | | | 2,282 | |
Goldman Sachs International | | | 2,651 | | | | (2,651 | ) | | | — | | | | — | |
HSBC Bank, N.A. | | | 6,894 | | | | (550 | ) | | | — | | | | 6,344 | |
Morgan Stanley | | | 265 | | | | (265 | ) | | | — | | | | — | |
Royal Bank of Canada | | | 2,306 | | | | (1,183 | ) | | | — | | | | 1,123 | |
Societe Generale | | | 103 | | | | (103 | ) | | | — | | | | — | |
Standard Chartered Bank | | | 1,448 | | | | (1,448 | ) | | | — | | | | — | |
State Street Corp. | | | 1,701 | | | | — | | | | — | | | | 1,701 | |
| | | | | | | | | | | | | | | | |
| | $ | 18,634 | | | $ | (6,735 | ) | | $ | — | | | $ | 11,899 | |
| | | | | | | | | | | | | | | | |
| (a) | For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities. |
The following table presents the value of derivatives held as of April 30, 2016, 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 | | | |
| Gross Assets: | | | | Futures Contracts (a) | |
Equity contracts | | Receivables, Net Assets — Unrealized Appreciation | | $ | 465 | |
| | | | | | |
| | |
Gross Liabilities: | | | | | |
Equity contracts | | Payables, Net Assets — Unrealized Depreciation | | $ | (124 | ) |
| | | | | | |
| (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. |
| | | | | | |
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| 144 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
The following table presents the value of derivatives held as of April 30, 2016, 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 | | | |
| Gross Assets: | | | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | Receivables | | $ | 16,721 | |
| | | | | | |
| | |
Gross Liabilities: | | | | | |
Foreign exchange contracts | | Payables | | $ | (14,612 | ) |
| | | | | | |
The following table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2016 (amounts in thousands):
International Value Fund
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amount of
Derivative Assets
Presented on the Statement of Assets
and Liabilities (a) | | | Derivatives Available for offset | | | Collateral Received | | | Net Amount Due From Counterparty
(not less than zero) | |
Australia & New Zealand Banking Group Ltd. | | $ | 59 | | | $ | (59 | ) | | $ | — | | | $ | — | |
Barclays Bank plc | | | 13 | | | | (13 | ) | | | — | | | | — | |
BNP Paribas | | | 2,050 | | | | (2,050 | ) | | | — | | | | — | |
Citibank, N.A. | | | 1,152 | | | | (255 | ) | | | — | | | | 897 | |
Deutsche Bank AG | | | 1,071 | | | | (455 | ) | | | — | | | | 616 | |
Goldman Sachs International | | | 5,583 | | | | (5,005 | ) | | | — | | | | 578 | |
HSBC Bank, N.A. | | | 574 | | | | (574 | ) | | | — | | | | — | |
Morgan Stanley | | | 141 | | | | (141 | ) | | | — | | | | — | |
Royal Bank of Canada | | | 1,668 | | | | (869 | ) | | | — | | | | 799 | |
Royal Bank of Scotland | | | 559 | | | | (63 | ) | | | — | | | | 496 | |
Standard Chartered Bank | | | 784 | | | | (672 | ) | | | — | | | | 112 | |
State Street Corp. | | | 2,277 | | | | (1,397 | ) | | | — | | | | 880 | |
Union Bank of Switzerland AG | | | 790 | | | | — | | | | — | | | | 790 | |
| | | | | | | | | | | | | | | | |
| | $ | 16,721 | | | $ | (11,553 | ) | | $ | — | | | $ | 5,168 | |
| | | | | | | | | | | | | | | | |
| | | | |
| Counterparty | | Gross Amount of
Derivative Liabilities
Presented on the Statement of Assets
and Liabilities (a) | | | Derivatives Available for offset | | | Collateral Posted | | | Net Amount Due To Counterparty
(Not less than zero) | |
Australia & New Zealand Banking Group Ltd. | | $ | 521 | | | $ | (59 | ) | | $ | — | | | $ | 462 | |
Barclays Bank plc | | | 168 | | | | (13 | ) | | | — | | | | 155 | |
BNP Paribas | | | 2,698 | | | | (2,050 | ) | | | — | | | | 648 | |
Citibank, N.A. | | | 255 | | | | (255 | ) | | | — | | | | — | |
Deutsche Bank AG | | | 455 | | | | (455 | ) | | | — | | | | — | |
Goldman Sachs International | | | 5,005 | | | | (5,005 | ) | | | — | | | | — | |
HSBC Bank, N.A. | | | 1,187 | | | | (574 | ) | | | — | | | | 613 | |
Morgan Stanley | | | 1,322 | | | | (141 | ) | | | — | | | | 1,181 | |
Royal Bank of Canada | | | 869 | | | | (869 | ) | | | — | | | | — | |
Royal Bank of Scotland | | | 63 | | | | (63 | ) | | | — | | | | — | |
Standard Chartered Bank | | | 672 | | | | (672 | ) | | | — | | | | — | |
State Street Corp. | | | 1,397 | | | | (1,397 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | $ | 14,612 | | | $ | (11,553 | ) | | $ | — | | | $ | 3,059 | |
| (a) | For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities. |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 145 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
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.
The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2016, by primary underlying risk exposure (amounts in thousands):
Emerging Economies Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | (3,603 | ) |
| | | | |
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 979 | |
| | | | |
Global Research Enhanced Index Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 11,473 | |
| | | | |
| (a) | Amount rounds to less than $1,000. |
| | | | |
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | (10,589 | ) |
| | | | |
Global Unconstrained Equity Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 228 | |
| | | | |
| (a) | Amount rounds to less than $1,000. |
International Equity Income Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | | $(41) | |
| | | | |
|
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | $ | (222 | ) |
| | | | |
| | | | | | |
| | | |
| 146 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
International Opportunities Fund
| | | | | | | | | | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | | | Forward Foreign
Currency Exchange
Contracts | | | Total | |
Equity contracts | | $ | 6,448 | | | $ | — | | | $ | 6,448 | |
Foreign exchange contracts | | | — | | | | 12,233 | | | | 12,233 | |
| | | | | | | | | | | | |
| | $ | 6,448 | | | $ | 12,233 | | | $ | 18,681 | |
| | | | | | | | | | | | |
| | | | |
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | $ | 3,912 | |
| | | | |
International Research Enhanced Equity Fund
| | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | 2,367 | |
| | | | |
| | | | |
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | |
Equity contracts | | $ | (47 | ) |
| | | | |
International Value Fund
| | | | | | | | | | | | |
| Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Futures Contracts | | | Forward Foreign
Currency Exchange
Contracts | | | Total | |
Equity contracts | | $ | 1,045 | | | $ | — | | | $ | 1,045 | |
Foreign exchange contracts | | | — | | | | 7,949 | | | | 7,949 | |
| | | | | | | | | | | | |
| | $ | 1,045 | | | $ | 7,949 | | | $ | 8,994 | |
| | | | | | | | | | | | |
| | | | |
| Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations | |
| Derivative Contracts | | Forward Foreign
Currency Exchange
Contracts | |
Foreign exchange contracts | | $ | 373 | |
| | | | |
The Funds’ derivatives contracts held at April 30, 2016 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
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 147 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
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.
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 were amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, were recorded as an expense at the time the Fund commenced operations and are included as part of Professional fees on the Statements of Operations. For the six months ended April 30, 2016, total offering costs amortized were approximately $14,000.
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.
Transfer agent fees and sub-transfer agent fees are class-specific expenses. The amount of the transfer agent fees and sub-transfer agent fees charged to each class of the Funds for the six months ended April 30, 2016 are as follows (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class R2 | | | Class R5 | | | Class R6 | | | Institutional
Class | | | Select Class | | | Total | |
Emerging Economies Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | $ | 3 | | | $ | 1 | | | | n/a | | | $ | 1 | | | $ | 2 | | | | n/a | | | $ | 3 | | | $ | 10 | |
Sub-transfer agent fees | | | 39 | | | | 3 | | | | n/a | | | | 1 | | | | — | | | | n/a | | | | 9 | | | | 52 | |
| | | | | | | |
Emerging Markets Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | 32 | | | | 5 | | | | n/a | | | | n/a | | | | 5 | | | $ | 8 | | | | 10 | | | | 60 | |
Sub-transfer agent fees | | | 211 | | | | 29 | | | | n/a | | | | n/a | | | | — | | | | 47 | | | | 144 | | | | 431 | |
| | | | | | | |
Emerging Markets Equity Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | — | (a) | | | — | (a) | | | n/a | | | | — | | | | — | | | | n/a | | | | — | | | | — | (a) |
Sub-transfer agent fees | | | — | | | | — | | | | n/a | | | | — | | | | — | | | | n/a | | | | — | | | | — | |
| | | | | | | |
Global Research Enhanced Index Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | — | (a) | | | — | (a) | | $ | — | (a) | | | n/a | | | | n/a | | | | n/a | | | | 30 | | | | 30 | |
Sub-transfer agent fees | | | — | | | | — | | | | — | | | | n/a | | | | n/a | | | | n/a | | | | 8 | | | | 8 | |
| | | | | | | |
Global Unconstrained Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | 1 | | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) | | | n/a | | | | 1 | | | | 2 | |
Sub-transfer agent fees | | | — | (a) | | | — | (a) | | | — | | | | — | | | | — | | | | n/a | | | | — | (a) | | | — | (a) |
| | | | | | | |
International Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | 16 | | | | 3 | | | | — | (a) | | | 1 | | | | 9 | | | | n/a | | | | 6 | | | | 35 | |
Sub-transfer agent fees | | | 145 | | | | 14 | | | | 1 | | | | 18 | | | | — | | | | n/a | | | | 39 | | | | 217 | |
| | | | | | | |
International Equity Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | 2 | | | | 1 | | | | 1 | | | | — | (a) | | | — | (a) | | | n/a | | | | 1 | | | | 5 | |
Sub-transfer agent fees | | | 21 | | | | 3 | | | | — | (a) | | | — | | | | — | | | | n/a | | | | 9 | | | | 33 | |
| | | | | | | |
International Opportunities Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | 6 | | | | 1 | | | | n/a | | | | n/a | | | | 6 | | | | 1 | | | | 5 | | | | 19 | |
Sub-transfer agent fees | | | 121 | | | | 1 | | | | n/a | | | | n/a | | | | — | | | | 2 | | | | 6 | | | | 130 | |
| | | | | | |
| | | |
| 148 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class R2 | | | Class R5 | | | Class R6 | | | Institutional
Class | | | Select Class | | | Total | |
| | | | | | | |
International Research Enhanced Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | $ | 19 | | | $ | 2 | | | $ | — | (a) | | | n/a | | | | n/a | | | | n/a | | | $ | 6 | | | $ | 27 | |
Sub-transfer agent fees | | | 48 | | | | 15 | | | | 4 | | | | n/a | | | | n/a | | | | n/a | | | | 20 | | | | 87 | |
| | | | | | | |
International Unconstrained Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | 1 | | | | 1 | | | | — | (a) | | $ | — | (a) | | $ | — | (a) | | | n/a | | | | 2 | | | | 4 | |
Sub-transfer agent fees | | | 1 | | | | 1 | | | | — | | | | — | | | | — | | | | n/a | | | | 2 | | | | 4 | |
| | | | | | | |
International Value Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | 15 | | | | 2 | | | | 1 | | | | n/a | | | | — | (a) | | $ | 7 | | | | 6 | | | | 31 | |
Sub-transfer agent fees | | | 596 | | | | 22 | | | | 3 | | | | n/a | | | | — | | | | 470 | | | | 41 | | | | 1,132 | |
| | | | | | | |
Intrepid International Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Transfer agent fees | | | 4 | | | | 1 | | | | — | (a) | | | n/a | | | | 8 | | | | 3 | | | | 1 | | | | 17 | |
Sub-transfer agent fees | | | 112 | | | | 1 | | | | — | (a) | | | n/a | | | | — | | | | 1 | | | | 9 | | | | 123 | |
| (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 April 30, 2016, 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.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to the Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets.
The annual rate for each Fund is as follows:
| | | | |
Emerging Economies Fund | | | 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 | |
International Equity Fund | | | 0.80 | |
International Equity Income Fund | | | 0.70 | |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 149 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
| | | | |
International Opportunities Fund | | | 0.60 | % |
International Research Enhanced Equity Fund | | | 0.20 | |
International Unconstrained Equity Fund | | | 0.70 | |
International Value Fund | | | 0.60 | |
Intrepid International Fund | | | 0.60 | |
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
Effective May 20, 2016 the Advisory fee for the Emerging Economies Fund and the Emerging Markets Equity Fund was reduced from 1.00% to 0.85%.
B. Administration Fee — Pursuant to Administration Agreements, the Administrator 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 six months ended April 30, 2016, 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.
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 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 C | | | Class R2 | |
Emerging Economies Fund | | | 0.25 | % | | | 0.75 | % | | | n/a | |
Emerging Markets Equity Fund | | | 0.25 | | | | 0.75 | | | | n/a | |
Emerging Markets Equity Income Fund | | | 0.25 | | | | 0.75 | | | | n/a | |
Global Research Enhanced Index Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | % |
Global Unconstrained Equity Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | |
International Equity Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | |
International Equity Income Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | |
International Opportunities Fund | | | 0.25 | | | | 0.75 | | | | n/a | |
International Research Enhanced Equity Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | |
International Unconstrained Equity Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | |
International Value Fund | | | 0.25 | | | | 0.75 | | | | 0.50 | |
Intrepid International Fund | | | 0.25 | | | | 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 C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2016, the Distributor retained the following amounts (in thousands):
| | | | | | | | |
| | | Front-End
Sales Charge | | | CDSC | |
Emerging Economies Fund | | $ | 2 | | | $ | — | |
Emerging Markets Equity Fund | | | 47 | | | | — | (a) |
Emerging Markets Equity Income Fund | | | — | (a) | | | — | |
Global Unconstrained Equity Fund | | | — | (a) | | | — | |
International Equity Fund | | | 7 | | | | — | |
International Equity Income Fund | | | 20 | | | | — | (a) |
International Opportunities Fund | | | 2 | | | | — | |
International Research Enhanced Equity Fund | | | 2 | | | | — | (a) |
International Unconstrained Equity Fund | | | 9 | | | | — | (a) |
International Value Fund | | | 196 | | | | — | |
Intrepid International Fund | | | 1 | | | | — | |
| (a) | Amount rounds to less than $1,000. |
| | | | | | |
| | | |
| 150 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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 charge a shareholder servicing fee. 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 C | | | Class R2 | | | Class R5 | | | Institutional Class | | | Select Class | |
Emerging Economies Fund | | | 0.25 | % | | | 0.25 | % | | | n/a | | | | 0.05 | % | | | n/a | | | | 0.25 | % |
Emerging Markets Equity Fund | | | 0.25 | | | | 0.25 | | | | n/a | | | | n/a | | | | 0.10 | % | | | 0.25 | |
Emerging Markets Equity Income Fund | | | 0.25 | | | | 0.25 | | | | n/a | | | | 0.05 | | | | n/a | | | | 0.25 | |
Global Research Enhanced Index Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | % | | | n/a | | | | n/a | | | | 0.25 | |
Global Unconstrained Equity Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.05 | | | | n/a | | | | 0.25 | |
International Equity Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.05 | | | | n/a | | | | 0.25 | |
International Equity Income Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.05 | | | | n/a | | | | 0.25 | |
International Opportunities Fund | | | 0.25 | | | | 0.25 | | | | n/a | | | | n/a | | | | 0.10 | | | | 0.25 | |
International Research Enhanced Equity Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | n/a | | | | n/a | | | | 0.25 | |
International Unconstrained Equity Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.05 | | | | n/a | | | | 0.25 | |
International Value Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | n/a | | | | 0.10 | | | | 0.25 | |
Intrepid International Fund | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | n/a | | | | 0.10 | | | | 0.25 | |
The Distributor has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which the Distributor will pay all or a portion of such fees earned to financial intermediaries for performing such services.
The Distributor waived shareholder servicing fees as outlined in Note 3.F.
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/or 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 other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class R2 | | | Class R5 | | | Class R6 | | | Institutional Class | | | Select Class | |
Emerging Economies Fund | | | 1.55 | % | | | 2.05 | % | | | n/a | | | | 1.10 | % | | | 1.05 | % | | | n/a | | | | 1.30 | % |
Emerging Markets Equity Fund | | | 1.55 | | | | 2.05 | | | | n/a | | | | n/a | | | | 1.05 | | | | 1.15 | % | | | 1.30 | |
Emerging Markets Equity Income Fund | | | 1.55 | | | | 2.05 | | | | n/a | | | | 1.10 | | | | 1.05 | | | | n/a | | | | 1.30 | |
Global Research Enhanced Index Fund | | | 0.59 | | | | 1.09 | | | | 0.84 | % | | | n/a | | | | n/a | | | | n/a | | | | 0.34 | |
Global Unconstrained Equity Fund* | | | 0.75 | | | | 1.25 | | | | 1.00 | | | | 0.30 | | | | 0.25 | | | | n/a | | | | 0.40 | |
International Equity Fund | | | 1.31 | | | | 1.81 | | | | 1.56 | | | | 0.86 | | | | 0.81 | | | | n/a | | | | 1.06 | |
International Equity Income Fund | | | 1.25 | | | | 1.75 | | | | 1.50 | | | | 0.80 | | | | 0.75 | | | | n/a | | | | 0.90 | |
International Opportunities Fund | | | 1.31 | | | | 1.92 | | | | n/a | | | | n/a | | | | 0.81 | | | | 0.91 | | | | 1.06 | |
International Research Enhanced Equity Fund | | | 0.60 | | | | 1.10 | | | | 0.85 | | | | n/a | | | | n/a | | | | n/a | | | | 0.35 | |
International Unconstrained Equity Fund | | | 1.25 | | | | 1.75 | | | | 1.50 | | | | 0.80 | | | | 0.75 | | | | n/a | | | | 0.90 | |
International Value Fund | | | 1.35 | | | | 1.85 | | | | 1.60 | | | | n/a | | | | 0.85 | | | | 0.95 | | | | 1.10 | |
Intrepid International Fund | | | 1.25 | | | | 1.75 | | | | 1.50 | | | | n/a | | | | 0.75 | | | | 0.85 | | | | 0.90 | |
| * | The expense limitation agreement was in effect for the six months ended April 30, 2016 and is in place until July 1, 2016. An additional expense limitation of 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, is in place until February 28, 2017. |
Except as noted above, the expense limitation agreements were in effect for the six months ended April 30, 2016 and are in place until February 28, 2017.
Effective May 20, 2016, the contractual expense limitation for Emerging Economies Fund were reduced to 1.35%, 1.85%, 0.95%, 085% and 1.10% for Class A, Class C, Class R5, Class R6 and Select Class Shares, respectively until at least May 31, 2017.
Effective May 20, 2016, the contractual expense limitation for Emerging Markets Equity Fund were reduced to 1.35%, 1.85%, 0.85%, 095% and 1.10% for Class A, Class C, Class R6, Institutional Class and Select Class Shares, respectively until at least May 31, 2017.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 151 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
For the six months ended April 30, 2016, 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 | | $ | 377 | | | $ | 251 | | | $ | 58 | | | $ | 686 | | | $ | 2 | |
Emerging Markets Equity Fund | | | 695 | | | | 463 | | | | 483 | | | | 1,641 | | | | — | |
Emerging Markets Equity Income Fund | | | 13 | | | | 1 | | | | — | (a) | | | 14 | | | | 91 | |
Global Research Enhanced Index Fund | | | 4,414 | | | | 2,840 | | | | — | (a) | | | 7,254 | | | | 1 | |
Global Unconstrained Equity Fund | | | 24 | | | | 14 | | | | 3 | | | | 41 | | | | 88 | |
International Equity Fund | | | 933 | | | | 619 | | | | 237 | | | | 1,789 | | | | 5 | |
International Equity Income Fund | | | 125 | | | | 42 | | | | 15 | | | | 182 | | | | — | (a) |
International Opportunities Fund | | | — | | | | — | | | | 58 | | | | 58 | | | | — | |
International Research Enhanced Equity Fund | | | 693 | | | | 364 | | | | 85 | | | | 1,142 | | | | — | (a) |
International Unconstrained Equity Fund | | | 84 | | | | 34 | | | | 12 | | | | 130 | | | | — | (a) |
International Value Fund | | | — | | | | — | | | | 216 | | | | 216 | | | | 2 | |
Intrepid International Fund | | | — | | | | — | | | | 110 | | | | 110 | | | | — | (a) |
| | | | | | | | |
| | | Voluntary Waivers | |
| | | Investment
Advisory | | | Total | |
Global Unconstrained Equity Fund | | $ | 82 | | | $ | 82 | |
| (a) | Amount rounds to less than $1,000. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). Effective March 1, 2016, the Adviser, Administrator and/or Distributor, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Funds’ investment in such affiliated money market fund. Prior to March 1, 2016, a portion of the waiver was voluntary.
The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2016 were as follows (amounts in thousands):
| | | | |
Emerging Economies Fund | | $ | 26 | |
Emerging Markets Equity Fund | | | 54 | |
Global Research Enhanced Index Fund | | | 106 | |
Global Unconstrained Equity Fund | | | 2 | |
International Equity Fund | | | 60 | |
International Equity Income Fund | | | 3 | |
International Opportunities Fund | | | 51 | |
International Research Enhanced Equity Fund | | | 20 | |
International Unconstrained Equity Fund | | | 3 | |
International Value Fund | | | 23 | |
Intrepid International Fund | | | 51 | |
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 six months ended April 30, 2016, International Equity Income Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate are affiliated with the Adviser.
| | | | | | |
| | | |
| 152 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
The Funds may use related party broker-dealers. For the six months ended April 30, 2016, the Funds incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows (amounts in thousands):
| | | | |
Emerging Economics Fund | | $ | 3 | |
Emerging Markets Equity Fund | | | 3 | |
Emerging Markets Equity Income Fund | | | — | (a) |
Global Research Enhanced Index Fund | | | 3 | |
Global Unconstrained Equity Fund | | | 2 | |
International Equity Income Fund | | | 1 | |
International Opportunities Fund | | | 3 | |
International Research Enhanced Equity Fund | | | 5 | |
International Unconstrained Equity Fund | | | 1 | |
International Value Fund | | | 21 | |
Intrepid International Fund | | | | |
| (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 six months ended April 30, 2016, 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 | | $ | 454,897 | | | $ | 370,891 | |
Emerging Markets Equity Fund | | | 223,149 | | | | 270,102 | |
Emerging Markets Equity Income Fund | | | 340 | | | | 375 | |
Global Research Enhanced Index Fund | | | 1,447,707 | | | | 1,592,875 | |
Global Unconstrained Equity Fund | | | 137,494 | | | | 142,019 | |
International Equity Fund | | | 629,056 | | | | 130,870 | |
International Equity Income Fund | | | 94,508 | | | | 87,092 | |
International Opportunities Fund | | | 1,155,296 | | | | 668,428 | |
International Research Enhanced Equity Fund | | | 485,351 | | | | 142,336 | |
International Unconstrained Equity Fund | | | 39,611 | | | | 18,852 | |
International Value Fund | | | 850,746 | | | | 933,999 | |
Intrepid International Fund | | | 1,052,007 | | | | 469,671 | |
During the six months ended April 30, 2016, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation (depreciation) in value of investment securities held at April 30, 2016 were as follows (amounts in thousands):
| | | | | | | | | | | | | | | | |
| | | Aggregate
Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
Emerging Economies Fund | | $ | 1,135,116 | | | $ | 75,726 | | | $ | 91,070 | | | $ | (15,344 | ) |
Emerging Markets Equity Fund | | | 2,077,773 | | | | 340,620 | | | | 177,046 | | | | 163,574 | |
Emerging Markets Equity Income Fund | | | 2,810 | | | | 135 | | | | 304 | | | | (169 | ) |
Global Research Enhanced Index Fund | | | 6,451,156 | | | | 676,179 | | | | 291,629 | | | | 384,550 | |
Global Unconstrained Equity Fund | | | 2,347 | | | | 115 | | | | 49 | | | | 66 | |
International Equity Fund | | | 3,267,131 | | | | 360,154 | | | | 303,981 | | | | 56,173 | |
International Equity Income Fund | | | 108,393 | | | | 7,528 | | | | 1,362 | | | | 6,166 | |
International Opportunities Fund | | | 2,512,689 | | | | 227,382 | | | | 113,744 | | | | 113,638 | |
International Research Enhanced Equity Fund | | | 1,169,774 | | | | 88,581 | | | | 60,147 | | | | 28,434 | |
International Unconstrained Equity Fund | | | 96,212 | | | | 4,510 | | | | 4,956 | | | | (446 | ) |
International Value Fund | | | 2,179,034 | | | | 149,725 | | | | 133,771 | | | | 15,954 | |
Intrepid International Fund | | | 2,656,808 | | | | 150,968 | | | | 185,559 | | | | (34,591 | ) |
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
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 153 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
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 following Funds had pre-enactment net capital loss carryforwards, expiring during the years indicated, which are available to offset future realized gains as follows (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | |
| | | 2016 | | | 2017 | | | 2018 | | | 2019 | | | Total | |
Emerging Economies Fund | | $ | — | | | $ | 1,890 | | | $ | — | | | $ | 16,730 | | | $ | 18,620 | |
Emerging Markets Equity Fund | | | — | | | | 4,903 | | | | — | | | | — | | | | 4,903 | |
International Equity Fund | | | — | | | | — | | | | 4,532 | | | | 3,312 | | | | 7,844 | |
International Opportunities Fund | | | — | | | | — | | | | — | | | | 5,449 | | | | 5,449 | |
International Value Fund | | | 35,803 | | | | 241,545 | | | | 63,767 | | | | — | | | | 341,115 | |
Intrepid International Fund | | | 281,157 | | | | 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 April 30, 2016. Average borrowings from the Facility for, or at any time during, the six months ended April 30, 2016, were as follows (amounts in thousands):
| | | | | | | | | | | | | | | | |
| | | Average
Borrowings | | | Average Interest
Rate Paid | | | Number of Days
Outstanding | | | Interest Paid | |
Emerging Economies Fund | | $ | 26,124 | | | | 0.36 | % | | | 5 | | | $ | 1 | |
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.
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.
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| 154 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
As of April 30, 2016, the J.P. Morgan Investor Funds and the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of certain Funds as follows:
| | | | | | | | |
| | | J.P. Morgan
Investor
Funds | | | JPMorgan
SmartRetirement
Funds | |
Emerging Economies Fund | | | 15.2 | % | | | 66.5 | % |
Emerging Markets Equity Fund | | | n/a | | | | 45.2 | |
International Equity Fund | | | 10.3 | | | | 67.5 | |
International Opportunities Fund | | | n/a | | | | 85.3 | |
International Research Enhanced Equity Fund | | | 58.4 | | | | n/a | |
International Unconstrained Equity Fund | | | 67.0 | | | | n/a | |
Intrepid International Fund | | | n/a | | | | 86.8 | |
As of April 30, 2016, the Funds had individual shareholder accounts and/or omnibus accounts which collectively represented the following percentage of each Fund’s net assets:
| | | | | | | | | | | | | | | | |
| | | Number of
Individual Affiliated
Shareholder
Accounts and/or
Affiliated Omnibus
Accounts | | | % of
the
Fund | | | Number of
Individual Non-
affiliated
Shareholder
Accounts and/or
Non-affiliated
Omnibus Accounts | | | % of
the
Fund | |
Emerging Markets Equity Income Fund | | | 1 | | | | 94.3 | % | | | n/a | | | | n/a | |
Global Research Enhanced Index Fund | | | 1 | | | | 89.5 | | | | n/a | | | | n/a | |
Global Unconstrained Equity Fund | | | 1 | | | | 16.6 | | | | 3 | | | | 41.3 | % |
International Value Fund | | | n/a | | | | n/a | | | | 2 | | | | 63.2 | |
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 April 30, 2016, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Brazil | | | China | | | France | | | Hong-Kong | | | India | | | Japan | |
Emerging Economies Fund | | | — | % | | | 25.9 | % | | | — | % | | | — | % | | | — | % | | | — | % |
Emerging Markets Equity Fund | | | 11.2 | | | | 11.4 | | | | — | | | | — | | | | 20.6 | | | | — | |
Emerging Markets Equity Income Fund | | | — | | | | — | | | | — | | | | 10.3 | | | | — | | | | — | |
International Equity Fund | | | — | | | | — | | | | 11.9 | | | | — | | | | — | | | | 21.7 | |
International Equity Income Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | 17.3 | |
International Opportunities Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | 23.9 | |
International Research Enhanced Equity Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | 22.0 | |
International Unconstrained Equity Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | 12.1 | |
International Value Fund | | | — | | | | — | | | | 11.7 | | | | — | | | | — | | | | 20.2 | |
Intrepid International Fund | | | — | | | | — | | | | 11.0 | | | | — | | | | — | | | | 21.2 | |
| | | | | | | | | | | | | | | | | | | | |
| | | South
Africa | | | South
Korea | | | Switzerland | | | Taiwan | | | United
Kingdom | |
Emerging Economies Fund | | | — | % | | | 16.2 | % | | | — | % | | | 14.2 | % | | | — | % |
Emerging Markets Equity Fund | | | 16.6 | | | | — | | | | — | | | | — | | | | — | |
Emerging Markets Equity Income Fund | | | 14.9 | | | | — | | | | — | | | | 22.4 | | | | — | |
International Equity Fund | | | — | | | | — | | | | 12.0 | | | | — | | | | 20.6 | |
International Equity Income Fund | | | — | | | | — | | | | — | | | | — | | | | 20.2 | |
International Opportunities Fund | | | — | | | | — | | | | — | | | | — | | | | 22.9 | |
International Research Enhanced Equity Fund | | | — | | | | — | | | | — | | | | — | | | | 18.1 | |
International Unconstrained Equity Fund | | | — | | | | — | | | | 10.2 | | | | — | | | | 20.3 | |
International Value Fund | | | — | | | | — | | | | — | | | | — | | | | 20.0 | |
Intrepid International Fund | | | — | | | | — | | | | — | | | | — | | | | 17.1 | |
As of April 30, 2016, 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.
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 155 | |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2016 (Unaudited) (continued)
8. Subsequent Event
During the period April 30, 2016 through June 21, 2016, International Value Fund had net redemptions of ($657,715,391). This amount represented 29.8% of the Fund’s net assets as of April 30, 2016.
| | | | | | |
| | | |
| 156 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
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, November 1, 2015, and continued to hold your shares at the end of the reporting period, April 30, 2016.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| | | | | | | | | | | | | | | | |
| | | Beginning Account Value November 1, 2015 | | | Ending Account Value April 30, 2016 | | | Expenses Paid During
the Period* | | | Annualized Expense Ratio | |
Emerging Economies Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 967.50 | | | $ | 7.53 | | | | 1.54 | % |
Hypothetical | | | 1,000.00 | | | | 1,017.21 | | | | 7.72 | | | | 1.54 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 965.40 | | | | 10.02 | | | | 2.05 | |
Hypothetical | | | 1,000.00 | | | | 1,014.67 | | | | 10.27 | | | | 2.05 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 970.30 | | | | 5.39 | | | | 1.10 | |
Hypothetical | | | 1,000.00 | | | | 1,019.39 | | | | 5.52 | | | | 1.10 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 970.40 | | | | 5.14 | | | | 1.05 | |
Hypothetical | | | 1,000.00 | | | | 1,019.64 | | | | 5.27 | | | | 1.05 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 969.50 | | | | 6.37 | | | | 1.30 | |
Hypothetical | | | 1,000.00 | | | | 1,018.40 | | | | 6.52 | | | | 1.30 | |
| | | | |
Emerging Markets Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,013.80 | | | | 7.76 | | | | 1.55 | |
Hypothetical | | | 1,000.00 | | | | 1,017.16 | | | | 7.77 | | | | 1.55 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,011.10 | | | | 10.25 | | | | 2.05 | |
Hypothetical | | | 1,000.00 | | | | 1,014.67 | | | | 10.27 | | | | 2.05 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,015.80 | | | | 5.26 | | | | 1.05 | |
Hypothetical | | | 1,000.00 | | | | 1,019.64 | | | | 5.27 | | | | 1.05 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,015.30 | | | | 5.76 | | | | 1.15 | |
Hypothetical | | | 1,000.00 | | | | 1,019.14 | | | | 5.77 | | | | 1.15 | |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 157 | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| | | | | | | | | | | | | | | | |
| | | Beginning Account Value November 1, 2015 | | | Ending Account Value April 30, 2016 | | | Expenses Paid During
the Period* | | | Annualized Expense Ratio | |
Emerging Markets Equity Fund (continued) | | | | | | | | | | | | | | | | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,014.30 | | | $ | 6.51 | | | | 1.30 | % |
Hypothetical | | | 1,000.00 | | | | 1,018.40 | | | | 6.52 | | | | 1.30 | |
| | | | |
Emerging Markets Equity Income Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,015.70 | | | | 7.77 | | | | 1.55 | |
Hypothetical | | | 1,000.00 | | | | 1,017.16 | | | | 7.77 | | | | 1.55 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,012.50 | | | | 10.26 | | | | 2.05 | |
Hypothetical | | | 1,000.00 | | | | 1,014.67 | | | | 10.27 | | | | 2.05 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,017.20 | | | | 5.52 | | | | 1.10 | |
Hypothetical | | | 1,000.00 | | | | 1,019.39 | | | | 5.52 | | | | 1.10 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,017.30 | | | | 5.27 | | | | 1.05 | |
Hypothetical | | | 1,000.00 | | | | 1,019.64 | | | | 5.27 | | | | 1.05 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,016.50 | | | | 6.52 | | | | 1.30 | |
Hypothetical | | | 1,000.00 | | | | 1,018.40 | | | | 6.52 | | �� | | 1.30 | |
| | | | |
Global Research Enhanced Index Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 982.30 | | | | 2.91 | | | | 0.59 | |
Hypothetical | | | 1,000.00 | | | | 1,021.93 | | | | 2.97 | | | | 0.59 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 979.90 | | | | 5.37 | | | | 1.09 | |
Hypothetical | | | 1,000.00 | | | | 1,019.44 | | | | 5.47 | | | | 1.09 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 981.20 | | | | 4.14 | | | | 0.84 | |
Hypothetical | | | 1,000.00 | | | | 1,020.69 | | | | 4.22 | | | | 0.84 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 983.30 | | | | 1.68 | | | | 0.34 | |
Hypothetical | | | 1,000.00 | | | | 1,023.17 | | | | 1.71 | | | | 0.34 | |
| | | | |
Global Unconstrained Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 938.00 | | | | 3.57 | | | | 0.74 | |
Hypothetical | | | 1,000.00 | | | | 1,021.18 | | | | 3.72 | | | | 0.74 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 935.20 | | | | 5.49 | | | | 1.14 | |
Hypothetical | | | 1,000.00 | | | | 1,019.19 | | | | 5.72 | | | | 1.14 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 935.80 | | | | 4.28 | | | | 0.89 | |
Hypothetical | | | 1,000.00 | | | | 1,020.44 | | | | 4.47 | | | | 0.89 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 939.50 | | | | 0.92 | | | | 0.19 | |
Hypothetical | | | 1,000.00 | | | | 1,023.92 | | | | 0.96 | | | | 0.19 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 939.70 | | | | 0.68 | | | | 0.14 | |
Hypothetical | | | 1,000.00 | | | | 1,024.17 | | | | 0.70 | | | | 0.14 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 939.20 | | | | 1.74 | | | | 0.36 | |
Hypothetical | | | 1,000.00 | | | | 1,023.07 | | | | 1.81 | | | | 0.36 | |
| | | | | | |
| | | |
| 158 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | | Beginning Account Value November 1, 2015 | | | Ending Account Value April 30, 2016 | | | Expenses Paid During
the Period* | | | Annualized Expense Ratio | |
International Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 949.30 | | | $ | 6.35 | | | | 1.31 | % |
Hypothetical | | | 1,000.00 | | | | 1,018.35 | | | | 6.57 | | | | 1.31 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 946.80 | | | | 8.76 | | | | 1.81 | |
Hypothetical | | | 1,000.00 | | | | 1,015.86 | | | | 9.07 | | | | 1.81 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 948.30 | | | | 7.56 | | | | 1.56 | |
Hypothetical | | | 1,000.00 | | | | 1,017.11 | | | | 7.82 | | | | 1.56 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 951.50 | | | | 4.17 | | | | 0.86 | |
Hypothetical | | | 1,000.00 | | | | 1,020.59 | | | | 4.32 | | | | 0.86 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 951.70 | | | | 3.93 | | | | 0.81 | |
Hypothetical | | | 1,000.00 | | | | 1,020.84 | | | | 4.07 | | | | 0.81 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 951.00 | | | | 5.14 | | | | 1.06 | |
Hypothetical | | | 1,000.00 | | | | 1,019.59 | | | | 5.32 | | | | 1.06 | |
| | | | |
International Equity Income Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 976.20 | | | | 6.14 | | | | 1.25 | |
Hypothetical | | | 1,000.00 | | | | 1,018.65 | | | | 6.27 | | | | 1.25 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 973.10 | | | | 8.59 | | | | 1.75 | |
Hypothetical | | | 1,000.00 | | | | 1,016.16 | | | | 8.77 | | | | 1.75 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 974.70 | | | | 7.36 | | | | 1.50 | |
Hypothetical | | | 1,000.00 | | | | 1,017.40 | | | | 7.52 | | | | 1.50 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 978.60 | | | | 3.94 | | | | 0.80 | |
Hypothetical | | | 1,000.00 | | | | 1,020.89 | | | | 4.02 | | | | 0.80 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 978.80 | | | | 3.69 | | | | 0.75 | |
Hypothetical | | | 1,000.00 | | | | 1,021.13 | | | | 3.77 | | | | 0.75 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 977.40 | | | | 4.42 | | | | 0.90 | |
Hypothetical | | | 1,000.00 | | | | 1,020.39 | | | | 4.52 | | | | 0.90 | |
| | | | |
International Opportunities Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 962.00 | | | | 6.29 | | | | 1.29 | |
Hypothetical | | | 1,000.00 | | | | 1,018.45 | | | | 6.47 | | | | 1.29 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 958.80 | | | | 9.11 | | | | 1.87 | |
Hypothetical | | | 1,000.00 | | | | 1,015.56 | | | | 9.37 | | | | 1.87 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 965.30 | | | | 3.47 | | | | 0.71 | |
Hypothetical | | | 1,000.00 | | | | 1,021.33 | | | | 3.57 | | | | 0.71 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 964.30 | | | | 4.00 | | | | 0.82 | |
Hypothetical | | | 1,000.00 | | | | 1,020.79 | | | | 4.12 | | | | 0.82 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 963.50 | | | | 5.13 | | | | 1.05 | |
Hypothetical | | | 1,000.00 | | | | 1,019.64 | | | | 5.27 | | | | 1.05 | |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 159 | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| | | | | | | | | | | | | | | | |
| | | Beginning Account Value November 1, 2015 | | | Ending Account Value April 30, 2016 | | | Expenses Paid During
the Period* | | | Annualized Expense Ratio | |
International Research Enhanced Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 964.30 | | | $ | 2.93 | | | | 0.60 | % |
Hypothetical | | | 1,000.00 | | | | 1,021.88 | | | | 3.02 | | | | 0.60 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 962.00 | | | | 5.37 | | | | 1.10 | |
Hypothetical | | | 1,000.00 | | | | 1,019.39 | | | | 5.52 | | | | 1.10 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 962.70 | | | | 4.15 | | | | 0.85 | |
Hypothetical | | | 1,000.00 | | | | 1,020.64 | | | | 4.27 | | | | 0.85 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 964.70 | | | | 1.71 | | | | 0.35 | |
Hypothetical | | | 1,000.00 | | | | 1,023.12 | | | | 1.76 | | | | 0.35 | |
| | | | |
International Unconstrained Equity Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 964.90 | | | | 6.06 | | | | 1.24 | |
Hypothetical | | | 1,000.00 | | | | 1,018.70 | | | | 6.22 | | | | 1.24 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 962.90 | | | | 8.49 | | | | 1.74 | |
Hypothetical | | | 1,000.00 | | | | 1,016.21 | | | | 8.72 | | | | 1.74 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 964.10 | | | | 7.28 | | | | 1.49 | |
Hypothetical | | | 1,000.00 | | | | 1,017.45 | | | | 7.47 | | | | 1.49 | |
Class R5 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 967.50 | | | | 3.86 | | | | 0.79 | |
Hypothetical | | | 1,000.00 | | | | 1,020.93 | | | | 3.97 | | | | 0.79 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 967.90 | | | | 3.62 | | | | 0.74 | |
Hypothetical | | | 1,000.00 | | | | 1,021.18 | | | | 3.72 | | | | 0.74 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 967.30 | | | | 4.35 | | | | 0.89 | |
Hypothetical | | | 1,000.00 | | | | 1,020.44 | | | | 4.47 | | | | 0.89 | |
| | | | |
International Value Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 943.70 | | | | 6.52 | | | | 1.35 | |
Hypothetical | | | 1,000.00 | | | | 1,018.15 | | | | 6.77 | | | | 1.35 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 940.70 | | | | 8.93 | | | | 1.85 | |
Hypothetical | | | 1,000.00 | | | | 1,015.66 | | | | 9.27 | | | | 1.85 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 941.70 | | | | 7.72 | | | | 1.60 | |
Hypothetical | | | 1,000.00 | | | | 1,016.91 | | | | 8.02 | | | | 1.60 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 945.60 | | | | 3.58 | | | | 0.74 | |
Hypothetical | | | 1,000.00 | | | | 1,021.18 | | | | 3.72 | | | | 0.74 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 945.30 | | | | 4.35 | | | | 0.90 | |
Hypothetical | | | 1,000.00 | | | | 1,020.39 | | | | 4.52 | | | | 0.90 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 944.30 | | | | 4.93 | | | | 1.02 | |
Hypothetical | | | 1,000.00 | | | | 1,019.79 | | | | 5.12 | | | | 1.02 | |
| | | | | | |
| | | |
| 160 | | | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | APRIL 30, 2016 |
| | | | | | | | | | | | | | | | |
| | | Beginning Account Value November 1, 2015 | | | Ending Account Value April 30, 2016 | | | Expenses Paid During
the Period* | | | Annualized Expense Ratio | |
Intrepid International Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 954.60 | | | | 6.03 | | | | 1.24 | |
Hypothetical | | | 1,000.00 | | | | 1,018.70 | | | | 6.22 | | | | 1.24 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 951.90 | | | | 8.49 | | | | 1.75 | |
Hypothetical | | | 1,000.00 | | | | 1,016.16 | | | | 8.77 | | | | 1.75 | |
Class R2 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 953.20 | | | | 7.28 | | | | 1.50 | |
Hypothetical | | | 1,000.00 | | | | 1,017.40 | | | | 7.52 | | | | 1.50 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 956.60 | | | | 3.45 | | | | 0.71 | |
Hypothetical | | | 1,000.00 | | | | 1,021.33 | | | | 3.57 | | | | 0.71 | |
Institutional Class | | | | | | | | | | | | | �� | | | |
Actual | | | 1,000.00 | | | | 956.10 | | | | 4.04 | | | | 0.83 | |
Hypothetical | | | 1,000.00 | | | | 1,020.74 | | | | 4.17 | | | | 0.83 | |
Select Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 956.50 | | | | 4.38 | | | | 0.90 | |
Hypothetical | | | 1,000.00 | | | | 1,020.39 | | | | 4.52 | | | | 0.90 | |
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
| | | | | | | | |
| | | |
| APRIL 30, 2016 | | J.P. MORGAN INTERNATIONAL EQUITY FUNDS | | | | | 161 | |
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.
| | | | |
| | © JPMorgan Chase & Co., 2016. All rights reserved. April 2016. | | SAN-INTEQ-416 |
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.
Not applicable to a semi-annual report.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
| (a) (1) | Disclose that the registrant’s board of directors has determined that the registrant either: |
| | (i) | Has at least one audit committee financial expert serving on its audit committee; or |
| | (ii) | Does not have an audit committee financial expert serving on its audit committee. |
| | (2) | If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee: |
| | (i) | Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or |
| | (ii) | Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)). |
| | (3) | If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert. |
Not applicable to a semi-annual report.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
| (a) | Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. |
| (b) | Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. |
| (c) | Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. |
| (d) | Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. |
| (e) (1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
| | (2) | Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees. |
Not applicable to a semi-annual report.
| (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. |
| (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. |
Not applicable to a semi-annual report.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
| (a) | If the registrant is a listed issuer as defined in 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 to a semi-annual report.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
Not applicable.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
| (a) | If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781). |
Not applicable.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
| (b) | Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
| (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. |
Not applicable.
| | (a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2). |
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
| | (a)(3) | Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. |
Not applicable.
| | (b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. |
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| JPMorgan Trust II |
| |
| By: | | /s/ Robert L. Young |
| | Robert L. Young President and Principal Executive Office June 29, 2016 |
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 June 29, 2016 |
| | |
| |
| By: | | /s/ Laura M. Del Prato |
| | Laura M. Del Prato Treasurer and Principal Financial Officer June 29, 2016 |
