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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:811-04236
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)
Noah D. Greenhill, Esq.
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: June 30
Date of reporting period: July 1, 2018 through December 31, 2018
FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
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ITEM 1. REPORTS TO STOCKHOLDERS.
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).
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Semi-Annual Report
J.P. Morgan Small Cap Funds
December 31, 2018 (Unaudited)
JPMorgan Small Cap Blend Fund
JPMorgan Small Cap Core Fund
JPMorgan Small Cap Equity Fund
JPMorgan Small Cap Growth Fund
JPMorgan Small Cap Value Fund
JPMorgan U.S. Small Company Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.comand you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.
You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.comor call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).
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Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
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February 14, 2019 (Unaudited)
Dear Shareholder,
While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.
 |
“Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch |
The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.
U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.
Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for
the S&P 500 Index since 1931 erased all gains seen in the prior five months.
By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.
Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.
We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 1 | ||||||
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J.P. Morgan Small Cap Funds
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.
Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 returned (6.85)% and the Russell 2000 Index returned (17.35)%.
| 2 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
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FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class A Shares, without a sales charge)* | (16.33)% | |||
| Russell 2000 Index | (17.35)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $212,971 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Small Cap Blend Fund (the “Fund”) seeks capital growth over the long term.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection and overweight position in the information technology sector and its underweight position in the energy sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and communications sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Amedisys Inc., Elastic NV and Okta Inc. Shares of Amedisys, a home health care and hospice care provider, rose after the company reported better-than-expected results for the second and third quarters of 2018. Shares of Elastic, a provider of open source search and data analytics services not held in the Benchmark, rose following its fourth quarter 2018 initial public stock offering and after the company reported strong revenue growth in its first quarterly report to shareholders. Shares of Okta, a provider of security identify and access management software not held in the Benchmark, rose after the company reported growth in subscription revenue and higher-than-expected free cash flow margins in the second quarter of 2018 and after the company raised its full-year 2018 revenue forecast.
Leading individual detractors from performance relative included the Fund’s overweight positions in OptiNose Inc., Boyd Gaming Corp. and Texas Capital Bancshares Inc. Shares of OptiNose, a specialty pharmaceutical company, fell amid negative investor reaction to the company’s move to a “zeroco-pay” strategy for its products. Shares of Boyd Gaming, a casinos and gaming company, fell after the company reported lower-than-expected earnings for the third quarter of 2018. Shares of Texas Capital Bancshares, a bank not held in the Benchmark, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018.
HOW WAS THE FUND POSITIONED?
During the reporting period, 2018, the Fund’s portfolio managers utilized abottom-up approach to stock selection, researching
individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate consistent earnings. With the effectiveness of the investment strategy change, the portfolio managers positioned the Fund to invest in small cap companies across both growth and value styles.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Advanced Disposal Services, Inc. | 1.0 | % | |||||
| 2. | Envestnet, Inc. | 1.0 | ||||||
| 3. | Performance Food Group Co. | 1.0 | ||||||
| 4. | Wolverine World Wide, Inc. | 0.9 | ||||||
| 5. | Ollie’s Bargain Outlet Holdings, Inc. | 0.9 | ||||||
| 6. | Entegris, Inc. | 0.9 | ||||||
| 7. | Trex Co., Inc. | 0.8 | ||||||
| 8. | ITT, Inc. | 0.8 | ||||||
| 9. | Inphi Corp. | 0.8 | ||||||
| 10. | Hudson Ltd., Class A | 0.8 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Information Technology | 18.3 | % | ||
| Industrials | 15.9 | |||
| Health Care | 13.6 | |||
| Consumer Discretionary | 11.7 | |||
| Financials | 10.9 | |||
| Investment of cash collateral from securities loaned | 10.6 | |||
| Real Estate | 4.2 | |||
| Communication Services | 3.4 | |||
| Utilities | 2.9 | |||
| Consumer Staples | 2.4 | |||
| Materials | 1.9 | |||
| Energy | 1.9 | |||
| Short-Term Investments | 2.3 | |||
| * | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 3 | ||||||
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JPMorgan Small Cap Blend Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | May 19, 1997 | |||||||||||||||||
With Sales Charge** | (20.73 | )% | (8.72 | )% | 6.26 | % | 13.81 | % | ||||||||||
Without Sales Charge | (16.33 | ) | �� | (3.67 | ) | 7.42 | 14.42 | |||||||||||
CLASS C SHARES | January 7, 1998 | |||||||||||||||||
With CDSC*** | (17.57 | ) | (5.19 | ) | 6.87 | 13.83 | ||||||||||||
Without CDSC | (16.57 | ) | (4.19 | ) | 6.87 | 13.83 | ||||||||||||
CLASS I SHARES | April 5, 1999 | (16.22 | ) | (3.43 | ) | 7.69 | 14.78 | |||||||||||
CLASS R6 SHARES | July 2, 2018 | (16.12 | ) | (3.19 | ) | 7.97 | 15.13 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Blend Fund, the Russell 2000 Index and the LipperSmall-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 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 LipperSmall-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 Russell 2000 Index is an unmanaged index
which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The LipperSmall-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.
Effective June 1, 2018 (“the Effective Date”), the Fund’s investment strategies changed. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.
Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 4 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
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FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class R5 Shares)* | (18.49)% | |||
| Russell 2000 Index | (17.35)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $287,036 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Small Cap Core Fund (the “Fund”) seeks capital growth over the long term.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class R5 Shares underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the industrial cyclical and media sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the software & services sector and the systems hardware sector was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Tenet Healthcare Corp., Cooper Standard Holdings Inc. and Acco Brands Corp. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities, fell after the company forecast fourth quarter 2018 results that were below analysts’ expectations and after a U.S. District judge ruled the U.S. Affordable Care Act unconstitutional, though the ruling was stayed pending appeal. Shares of Cooper Standard, a maker of automotive components, fell after the company reported lower-than-expected results for the third quarter of 2018 amid challenging market conditions, particularly in Asia and Europe. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and lowered its earnings forecast for the full year 2018.
Leading individual contributors to relative performance included the Fund’s overweight positions in Renewable Energy Group Inc., Molina Healthcare Inc. and Helen of Troy Corp. Shares of Renewable Energy Group, a producer of biofuel and renewable chemicals, rose after the company reported better-than-expected revenue and cash flow. Shares of Molina Healthcare, a health insurance provider not held in the Benchmark, rose after the company reported better-than-expected results for the second quarter of 2018 and raised its full year 2018 forecast amid continued growth. Shares of Helen of Troy, a maker of personal care products and household appliances, rose after the company reported better-than-expected sales for its fiscal second quarter and raised its revenue and earnings forecast for the full fiscal year.
HOW WAS THE FUND POSITIONED?
In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so
that stock selection is typically the primary driver of the Fund’s relative performance versus the Benchmark. The Fund’s portfolio managers employ abottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong momentum. During the reporting period, the Fund was managed and positioned in accordance with this investment process.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Helen of Troy Ltd. | 1.1 | % | |||||
| 2. | First BanCorp (Puerto Rico) | 1.0 | ||||||
| 3. | Tech Data Corp. | 1.0 | ||||||
| 4. | Fabrinet (Thailand) | 1.0 | ||||||
| 5. | Integer Holdings Corp. | 0.9 | ||||||
| 6. | Travelport Worldwide Ltd. | 0.9 | ||||||
| 7. | Cornerstone OnDemand, Inc. | 0.9 | ||||||
| 8. | TCF Financial Corp. | 0.9 | ||||||
| 9. | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 0.9 | ||||||
| 10. | FirstCash, Inc. | 0.9 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Industrials | 16.0 | % | ||
| Financials | 15.2 | |||
| Health Care | 14.8 | |||
| Information Technology | 13.9 | |||
| Consumer Discretionary | 8.9 | |||
| Real Estate | 7.5 | |||
| Investment of cash collateral from securities loaned | 6.1 | |||
| Materials | 3.6 | |||
| Energy | 3.2 | |||
| Utilities | 2.6 | |||
| Communication Services | 2.1 | |||
| Consumer Staples | 2.0 | |||
| Short-Term Investments | 4.1 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 5 | ||||||
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JPMorgan Small Cap Core Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | May 31, 2016 | |||||||||||||||||
With Sales Charge** | (22.88 | )% | (16.82 | )% | 3.54 | % | 11.76 | % | ||||||||||
Without Sales Charge | (18.60 | ) | (12.20 | ) | 4.66 | 12.36 | ||||||||||||
CLASS C SHARES | May 31, 2016 | |||||||||||||||||
With CDSC*** | (19.79 | ) | (13.64 | ) | 4.40 | 12.22 | ||||||||||||
Without CDSC | (18.79 | ) | (12.64 | ) | 4.40 | 12.22 | ||||||||||||
CLASS I SHARES | January 3, 2017 | (18.49 | ) | (11.99 | ) | 4.82 | 12.45 | |||||||||||
CLASS R2 SHARES | July 31, 2017 | (18.68 | ) | (12.41 | ) | 4.18 | 11.71 | |||||||||||
CLASS R3 SHARES | July 31, 2017 | (18.58 | ) | (12.20 | ) | 4.44 | 11.99 | |||||||||||
CLASS R4 SHARES | July 31, 2017 | (18.49 | ) | (11.97 | ) | 4.70 | 12.27 | |||||||||||
CLASS R5 SHARES | January 1, 1997 | (18.42 | ) | (11.82 | ) | 4.91 | 12.49 | |||||||||||
CLASS R6 SHARES | May 31, 2016 | (18.39 | ) | (11.76 | ) | 4.94 | 12.51 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6 Shares prior to their inception dates are based on the performance of Class R5 Shares. The actual returns of Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares would have been lower than those shown because these classes have higher expenses than Class R5 Shares. The actual returns of the 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 $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Core Fund, the Russell 2000 Index and the LipperSmall-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 Russell 2000 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 LipperSmall-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 Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The LipperSmall-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class R5 Shares have no minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 6 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
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JPMorgan Small Cap Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class A Shares, without a sales charge)* | (14.07)% | |||
| Russell 2000 Index | (17.35)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $5,573,546 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Small Cap Equity Fund (the “Fund”) seeks capital growth over the long term.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the materials & processing sector and the health care sector was a leading contributor to performance relative to the Benchmark, while the Fund’ security selection in the financial services sector and its underweight position in the utilities sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in National Retail Properties Inc., Aptargroup Inc. and Brady Corp. Shares of National Retail Properties, a retail sector real estate investment trust not held in the Benchmark, rose as investors sought the defensive characteristics of the company amid financial market volatility in the fourth quarter of 2018. Shares of Aptargroup, a maker of consumer product dispensers not held in the Benchmark, rose on news that it would acquire CSP Technologies. Shares of Brady, a maker of specialty materials and product identification systems, rose after the company reported better-than-expected quarterly earnings and revenue and raised its 2019 forecast.
Leading individual detractors from relative performance included the Fund’s overweight positions in Core Laboratories NV, SRC Energy Inc. andPatterson-UTI Energy Inc. Shares of Core Laboratories, a provider of analytics and services to petroleum and natural gas producers not held in the Benchmark, fell due to delays in international development activity and a decline in global oil prices. Shares of SRC Energy, and oil and gas exploration company, fell after the company reported lower-than-expected results for the second quarter of 2018 and reduced its production forecast. Shares ofPatterson-UTI Energy, a provider of oil and gas drilling services not held in the Benchmark, fell due to a decline in global oil prices.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed abottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary analysis. The Fund’s
portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Pool Corp. | 2.8 | % | |||||
| 2. | AptarGroup, Inc. | 2.6 | ||||||
| 3. | Toro Co. (The) | 2.5 | ||||||
| 4. | Performance Food Group Co. | 2.1 | ||||||
| 5. | National Retail Properties, Inc. | 2.1 | ||||||
| 6. | Brady Corp., Class A | 1.7 | ||||||
| 7. | West Pharmaceutical Services, Inc. | 1.6 | ||||||
| 8. | RBC Bearings, Inc. | 1.6 | ||||||
| 9. | Portland General Electric Co. | 1.6 | ||||||
| 10. | Encompass Health Corp. | 1.5 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Industrials | 20.2 | % | ||
Financials | 16.8 | |||
Health Care | 11.7 | |||
Information Technology | 10.6 | |||
Consumer Discretionary | 9.2 | |||
Real Estate | 7.8 | |||
Materials | 7.8 | |||
Consumer Staples | 3.4 | |||
Utilities | 3.1 | |||
Investment of cash collateral from securities loaned | 2.8 | |||
Communication Services | 2.0 | |||
Energy | 1.9 | |||
| Short-Term Investments | 2.7 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 7 | ||||||
Table of Contents
JPMorgan Small Cap Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | December 20, 1994 | |||||||||||||||||
With Sales Charge** | (18.59 | )% | (14.00 | )% | 4.86 | % | 13.19 | % | ||||||||||
Without Sales Charge | (14.07 | ) | (9.24 | ) | 6.00 | 13.81 | ||||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||||||
With CDSC*** | (15.29 | ) | (10.69 | ) | 5.47 | 13.24 | ||||||||||||
Without CDSC | (14.29 | ) | (9.69 | ) | 5.47 | 13.24 | ||||||||||||
CLASS I SHARES | May 7, 1996 | (13.96 | ) | (8.99 | ) | 6.31 | 14.14 | |||||||||||
CLASS R2 SHARES | November 3, 2008 | (14.17 | ) | (9.45 | ) | 5.74 | 13.52 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (14.07 | ) | (9.23 | ) | 6.01 | 13.81 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (13.97 | ) | (9.01 | ) | 6.30 | 14.14 | |||||||||||
CLASS R5 SHARES | May 15, 2006 | (13.87 | ) | (8.83 | ) | 6.52 | 14.37 | |||||||||||
CLASS R6 SHARES | May 31, 2016 | (13.84 | ) | (8.77 | ) | 6.55 | 14.38 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been different than those shown because Class R3 Shares had different expenses than Class A Shares at time of launch.
Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.
Returns for Class R6 Shares prior to their inception date are based on the performance of the 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 $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund, the Russell 2000 Index and the LipperSmall-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital
gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 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 LipperSmall-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 Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The LipperSmall-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 8 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Small Cap Growth Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class A Shares, without a sales charge)* | (17.00)% | |||
| Russell 2000 Growth Index | (17.33)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 2,059,146 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Small Cap Growth Fund (the “Fund”) seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the materials & processing sector and its security selection and overweight position in the technology sector were leading contributors to performance relative to the Benchmark. The Fund’s underweight position and security selection in the financial service sector and its security selection in the consumer discretionary sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Amedisys Inc., Okta Inc. and Ciena Corp. Shares of Amedisys, a home health care and hospice care provider, rose after the company reported better-than-expected results for the second and third quarters of 2018. Shares of Okta, a provider of security identify and access management software not held in the Benchmark, rose after the company reported growth in subscription revenue and higher-than-expected free cash flow margins in the second quarter of 2018 and after the company raised its full-year 2018 revenue forecast. Shares of Ciena, a provider of network and communications infrastructure not held in the Benchmark, rose following several quarters of revenue growth and better-than-expected margins.
Leading individual detractors from relative performance included the Fund’s overweight positions in OptiNose Inc., Floor & Décor Holdings Inc. and Texas Capital Bancshares Inc. Shares of OptiNose, a specialty pharmaceutical company, fell amid negative investor reaction to the company’s move to a “zeroco-pay” strategy for its products. Shares of Floor & Décor Holdings, a retailer of hard surface flooring that was not held in the Benchmark, fell after the company issued a weak sales forecast amid decelerating demand in the housing market. Shares of Texas Capital Bancshares, a bank that was not held in the Benchmark, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized abottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Advanced Disposal Services, Inc. | 1.8 | % | |||||
| 2. | Envestnet, Inc. | 1.7 | ||||||
| 3. | Performance Food Group Co. | 1.7 | ||||||
| 4. | Wolverine World Wide, Inc. | 1.6 | ||||||
| 5. | Ollie’s Bargain Outlet Holdings, Inc. | 1.6 | ||||||
| 6. | Entegris, Inc. | 1.6 | ||||||
| 7. | Trex Co., Inc. | 1.5 | ||||||
| 8. | Inphi Corp. | 1.4 | ||||||
| 9. | Hudson Ltd., Class A | 1.4 | ||||||
| 10. | Teladoc Health, Inc. | 1.4 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 26.1 | % | ||
Health Care | 21.9 | |||
Industrials | 17.5 | |||
Consumer Discretionary | 15.3 | |||
Investment of cash collateral from securities loaned | 6.6 | |||
Consumer Staples | 3.1 | |||
Financials | 2.8 | |||
Communication Services | 2.8 | |||
Real Estate | 1.5 | |||
Others (each less than 1.0%) | 1.5 | |||
| Short-Term Investments | 0.9 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 9 | ||||||
Table of Contents
JPMorgan Small Cap Growth Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | July 1, 1991 | |||||||||||||||||
With Sales Charge** | (21.35 | )% | (9.81 | )% | 6.02 | % | 14.82 | % | ||||||||||
Without Sales Charge | (17.00 | ) | (4.82 | ) | 7.17 | 15.43 | ||||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||||||
With CDSC*** | (18.26 | ) | (6.30 | ) | 6.61 | 14.83 | ||||||||||||
Without CDSC | (17.26 | ) | (5.30 | ) | 6.61 | 14.83 | ||||||||||||
CLASS I SHARES | March 26, 1996 | (16.94 | ) | (4.61 | ) | 7.43 | 15.73 | |||||||||||
CLASS L SHARES | February 19, 2005 | (16.83 | ) | (4.41 | ) | 7.60 | 15.90 | |||||||||||
CLASS R2 SHARES | November 3, 2008 | (17.09 | ) | (5.05 | ) | 6.90 | 15.14 | |||||||||||
CLASS R3 SHARES | July 31, 2017 | (17.00 | ) | (4.82 | ) | 7.17 | 15.43 | |||||||||||
CLASS R4 SHARES | July 31, 2017 | (16.91 | ) | (4.63 | ) | 7.43 | 15.72 | |||||||||||
CLASS R5 SHARES | September 9, 2016 | (16.83 | ) | (4.47 | ) | 7.59 | 15.90 | |||||||||||
CLASS R6 SHARES | November 30, 2010 | (16.82 | ) | (4.38 | ) | 7.69 | 15.99 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.
Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.
Returns for Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns for Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class L Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund, the Russell 2000 Growth Index and the LipperSmall-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The
performance of the Russell 2000 Growth 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 LipperSmall-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 Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higherprice-to-book ratios and higher forecasted growth values. The LipperSmall-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 10 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (18.60)% | |||
| Russell 2000 Value Index | (17.36)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 1,470,401 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Small Cap Value Fund (the “Fund”) seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the industrial cyclical and real estate investment trust sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the finance and basic materials sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Acco Brands Corp., Penn National Gaming Inc. and Dillard’s Inc. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and lowered its earnings forecast for the full year 2018. Shares of Penn National Gaming, a casino and racetrack operator, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and issued a fourth quarter 2018 forecast that was below analysts’ expectations. Shares of Dillard’s, a retail chain, fell after the company reported elevated inventory growth.
Leading individual contributors to relative performance included the Fund’s overweight positions in Xperi Corp., FTI Consulting Inc. and K12 Inc. Shares of Xperi, a semiconductor manufacturer, rose after the company raised its earnings forecast for the fourth quarter and the full year 2018 following the settlement of litigation with Samsung Electronics Co. Shares of FTI Consulting, a provider of business advisory services, rose after the company reported better-than-expected earnings and revenue for the second quarter of 2018 and raised its forecast for the full year 2018. Shares of K12, a provider of educations products and technologies, rose after the company reported better-than-expected quarterly earnings and revenue for its fiscal first quarter.
HOW WAS THE FUND POSITIONED?
In accordance with Fund’s investment process, its portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of the Fund’s relative performance versus the Benchmark. The Fund’s portfolio
managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Throughbottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Tech Data Corp. | 1.3 | % | |||||
| 2. | Pebblebrook Hotel Trust | 1.2 | ||||||
| 3. | GEO Group, Inc. (The) | 1.1 | ||||||
| 4. | Westamerica Bancorp | 1.1 | ||||||
| 5. | Abercrombie & Fitch Co., Class A | 1.1 | ||||||
| 6. | KB Home | 1.0 | ||||||
| 7. | FTI Consulting, Inc. | 1.0 | ||||||
| 8. | Beneficial Bancorp, Inc. | 1.0 | ||||||
| 9. | EMCOR Group, Inc. | 1.0 | ||||||
| 10. | Xperi Corp. | 1.0 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 25.6 | % | ||
Industrials | 11.5 | |||
Information Technology | 10.9 | |||
Consumer Discretionary | 9.9 | |||
Real Estate | 9.7 | |||
Utilities | 6.5 | |||
Investment of cash collateral from securities loaned | 6.2 | |||
Health Care | 5.1 | |||
Energy | 4.7 | |||
Materials | 3.5 | |||
Communication Services | 1.9 | |||
Consumer Staples | 1.7 | |||
| Short-Term Investments | 2.8 | |||
| * | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 11 | ||||||
Table of Contents
JPMorgan Small Cap Value Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | January 27, 1995 | |||||||||||||||||
With Sales Charge** | (22.98 | )% | (18.77 | )% | 0.80 | % | 9.83 | % | ||||||||||
Without Sales Charge | (18.71 | ) | (14.27 | ) | 1.90 | 10.42 | ||||||||||||
CLASS C SHARES | March 22, 1999 | |||||||||||||||||
With CDSC*** | (19.87 | ) | (15.67 | ) | 1.31 | 9.76 | ||||||||||||
Without CDSC | (18.87 | ) | (14.67 | ) | 1.31 | 9.76 | ||||||||||||
CLASS I SHARES | January 27, 1995 | (18.60 | ) | (14.04 | ) | 2.15 | 10.69 | |||||||||||
CLASS R2 SHARES | November 3, 2008 | (18.79 | ) | (14.48 | ) | 1.63 | 10.13 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (18.72 | ) | (14.27 | ) | 1.88 | 10.40 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (18.59 | ) | (14.05 | ) | 2.13 | 10.67 | |||||||||||
CLASS R5 SHARES | May 15, 2006 | (18.53 | ) | (13.93 | ) | 2.27 | 10.81 | |||||||||||
CLASS R6 SHARES | February 22, 2005 | (18.50 | ) | (13.85 | ) | 2.38 | 10.89 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.
Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund, the Russell 2000 Value Index and the LipperSmall-Cap Value Funds Index from December 31, 2008 to December 31, 2018. 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 Russell 2000 Value 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 LipperSmall-Cap Value 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 Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lowerprice-to-book ratios and lower forecasted growth values. The LipperSmall-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 12 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan U.S. Small Company Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class L Shares)* | (18.01)% | |||
| Russell 2000 Index | (17.35)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 1,332,085 | ||
INVESTMENT OBJECTIVE**
The JPMorgan U.S. Small Company Fund (the “Fund”) seeks to provide high total return from a portfolio of small company stocks.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the industrial cyclical and telecommunications sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the finance and pharmaceutical sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Acco Brands Corp., Tenet Healthcare Corp. and Rambus Inc. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and lowered its earnings forecast for the full year 2018. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities, fell after the company forecast fourth quarter 2018 results that were below analysts’ expectations and after a U.S. District judge ruled the U.S. Affordable Care Act unconstitutional, though the ruling was stayed pending appeal. Shares of Rambus, a maker of semiconductors and related products, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and forecast a flat outlook for 2019.
Leading individual contributors to relative performance included the Fund’s overweight positions in Mallinckrodt PLC, Molina Healthcare Inc. and Integer Holdings Corp. Shares of Mallinckrodt, a specialty pharmaceuticals company, rose after the company reported better-than-expected revenue and earnings for the third quarter of 2018 and raised its earnings forecast for the full year 2018. Shares of Molina Healthcare, a health insurance provider not held in the Benchmark, rose after the company reported better-than-expected results for the second quarter of 2018 and raised its full year 2018 forecast amid continued growth. Shares of Integer Holdings, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018 and raised its full year 2018 forecast.
HOW WAS THE FUND POSITIONED?
In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of the Fund’s
relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Throughbottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Brinker International, Inc. | 1.2 | % | |||||
| 2. | EMCOR Group, Inc. | 1.2 | ||||||
| 3. | Integer Holdings Corp. | 1.2 | ||||||
| 4. | Banner Corp. | 1.2 | ||||||
| 5. | KB Home | 1.1 | ||||||
| 6. | Aspen Technology, Inc. | 1.0 | ||||||
| 7. | Fair Isaac Corp. | 1.0 | ||||||
| 8. | Darling Ingredients, Inc. | 1.0 | ||||||
| 9. | Abercrombie & Fitch Co., Class A | 0.9 | ||||||
| 10. | RH | 0.9 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Health Care | 15.4 | % | ||
Financials | 14.9 | |||
Information Technology | 14.6 | |||
Industrials | 13.2 | |||
Consumer Discretionary | 13.0 | |||
Investment of cash collateral from securities loaned | 7.6 | |||
Real Estate | 5.8 | |||
Energy | 3.3 | |||
Materials | 3.0 | |||
Communication Services | 2.9 | |||
Utilities | 2.8 | |||
Consumer Staples | 1.8 | |||
| Short-Term Investments | 1.7 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 13 | ||||||
Table of Contents
JPMorgan U.S. Small Company Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | November 1, 2007 | |||||||||||||||||
With Sales Charge** | (22.47 | )% | (17.01 | )% | 2.46 | % | 12.07 | % | ||||||||||
Without Sales Charge | (18.16 | ) | (12.44 | ) | 3.57 | 12.67 | ||||||||||||
CLASS C SHARES | November 1, 2007 | |||||||||||||||||
With CDSC*** | (19.40 | ) | (13.90 | ) | 3.04 | 12.10 | ||||||||||||
Without CDSC | (18.40 | ) | (12.90 | ) | 3.04 | 12.10 | ||||||||||||
CLASS I SHARES | September 10, 2001 | (18.04 | ) | (12.17 | ) | 3.84 | 12.95 | |||||||||||
CLASS L SHARES | November 4, 1993 | (18.01 | ) | (12.08 | ) | 4.01 | 13.15 | |||||||||||
CLASS R2 SHARES | November 1, 2011 | (18.26 | ) | (12.67 | ) | 3.31 | 12.48 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (18.20 | ) | (12.45 | ) | 3.56 | 12.67 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (18.12 | ) | (12.28 | ) | 3.83 | 12.94 | |||||||||||
CLASS R5 SHARES | September 9, 2016 | (17.99 | ) | (12.05 | ) | 4.01 | 13.15 | |||||||||||
CLASS R6 SHARES | November 1, 2011 | (17.94 | ) | (11.97 | ) | 4.11 | 13.22 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.
Returns for Class R2 and Class R3 shares prior to their inception dates are based on the performance of the Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for Class R5 and Class R6 Shares prior to their inception dates are based on the performance of the Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns of Class R6 Shares would have been different than these shown because Class R6 Shares have different expenses than Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Small Company Fund, the Russell 2000 Index and the
LipperSmall-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 Russell 2000 Index does not reflect the deduction of expenses 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 LipperSmall-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 Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The LipperSmall-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 14 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.6% |
| |||||||
Aerospace & Defense — 1.5% |
| |||||||
Curtiss-Wright Corp. | 5 | 460 | ||||||
HEICO Corp. (a) | 13 | 1,039 | ||||||
Hexcel Corp. | 20 | 1,153 | ||||||
National Presto Industries, Inc. | 5 | 532 | ||||||
|
| |||||||
| 3,184 | ||||||||
|
| |||||||
Auto Components — 0.4% | ||||||||
Cooper-Standard Holdings, Inc.* | 5 | 304 | ||||||
LCI Industries | 3 | 215 | ||||||
Tower International, Inc. | 16 | 370 | ||||||
|
| |||||||
| 889 | ||||||||
|
| |||||||
Automobiles — 0.3% | ||||||||
Winnebago Industries, Inc. | 30 | 732 | ||||||
|
| |||||||
Banks — 6.9% |
| |||||||
1st Source Corp. | 20 | 807 | ||||||
BancFirst Corp. | 9 | 449 | ||||||
Camden National Corp. | 22 | 807 | ||||||
City Holding Co. | 9 | 577 | ||||||
Community Trust Bancorp, Inc. | 23 | 911 | ||||||
First Busey Corp. | 32 | 785 | ||||||
First Commonwealth Financial Corp. | 74 | 895 | ||||||
First Financial Bancorp | 34 | 802 | ||||||
First Merchants Corp. | 17 | 585 | ||||||
Heritage Commerce Corp. | 41 | 466 | ||||||
Heritage Financial Corp. | 31 | 916 | ||||||
Independent Bank Corp. | 19 | 390 | ||||||
Independent Bank Corp. | 6 | 437 | ||||||
Lakeland Bancorp, Inc. | 26 | 391 | ||||||
Mercantile Bank Corp. | 15 | 413 | ||||||
NBT Bancorp, Inc. | 16 | 537 | ||||||
Park National Corp. | 7 | 619 | ||||||
S&T Bancorp, Inc. | 25 | 955 | ||||||
Sandy Spring Bancorp, Inc. | 25 | 774 | ||||||
Signature Bank | 4 | 426 | ||||||
Texas Capital Bancshares, Inc.* | 10 | 502 | ||||||
Tompkins Financial Corp. | 8 | 589 | ||||||
Trustmark Corp. (a) | 23 | 650 | ||||||
|
| |||||||
| 14,683 | ||||||||
|
| |||||||
Beverages — 0.4% | ||||||||
Primo Water Corp.* | 57 | 803 | ||||||
|
| |||||||
Biotechnology — 6.7% |
| |||||||
ACADIA Pharmaceuticals, Inc.* (a) | 18 | 288 | ||||||
Adverum Biotechnologies, Inc.* | 107 | 338 | ||||||
Atara Biotherapeutics, Inc.* (a) | 30 | 1,027 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Biotechnology — continued |
| |||||||
Avrobio, Inc.* | 21 | 347 | ||||||
Bellicum Pharmaceuticals, Inc.* | 73 | 214 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.* | 35 | 1,295 | ||||||
Clementia Pharmaceuticals, Inc. (Canada)* | 54 | 640 | ||||||
Coherus Biosciences, Inc.* (a) | 74 | 671 | ||||||
Exact Sciences Corp.* (a) | 16 | 1,013 | ||||||
FibroGen, Inc.* | 25 | 1,141 | ||||||
G1 Therapeutics, Inc.* (a) | 24 | 466 | ||||||
Global Blood Therapeutics, Inc.* (a) | 8 | 310 | ||||||
Halozyme Therapeutics, Inc.* | 93 | 1,357 | ||||||
Homology Medicines, Inc.* (a) | 51 | 1,135 | ||||||
Intercept Pharmaceuticals, Inc.* | 6 | 578 | ||||||
Portola Pharmaceuticals, Inc.* (a) | 15 | 301 | ||||||
REGENXBIO, Inc.* (a) | 21 | 876 | ||||||
Rubius Therapeutics, Inc.* (a) | 12 | 195 | ||||||
Sage Therapeutics, Inc.* | 5 | 514 | ||||||
Spark Therapeutics, Inc.* (a) | 21 | 823 | ||||||
Twist Bioscience Corp.* | 29 | 667 | ||||||
|
| |||||||
| 14,196 | ||||||||
|
| |||||||
Building Products — 3.6% | ||||||||
Advanced Drainage Systems, Inc. | 67 | 1,621 | ||||||
American Woodmark Corp.* | 6 | 334 | ||||||
CSW Industrials, Inc.* | 11 | 548 | ||||||
Lennox International, Inc. | 9 | 1,863 | ||||||
Simpson Manufacturing Co., Inc. (a) | 14 | 758 | ||||||
Trex Co., Inc.* | 34 | 2,020 | ||||||
Universal Forest Products, Inc. | 18 | 461 | ||||||
|
| |||||||
| 7,605 | ||||||||
|
| |||||||
Capital Markets — 1.6% | ||||||||
Evercore, Inc., Class A | 21 | 1,523 | ||||||
LPL Financial Holdings, Inc. | 14 | 857 | ||||||
PennantPark Investment Corp. | 105 | 670 | ||||||
WisdomTree Investments, Inc. | 38 | 251 | ||||||
|
| |||||||
| 3,301 | ||||||||
|
| |||||||
Chemicals — 2.2% | ||||||||
Ferro Corp.* | 74 | 1,158 | ||||||
Innophos Holdings, Inc. | 26 | 638 | ||||||
Innospec, Inc. | 12 | 753 | ||||||
Quaker Chemical Corp. (a) | 3 | 592 | ||||||
Sensient Technologies Corp. (a) | 13 | 706 | ||||||
Stepan Co. | 10 | 740 | ||||||
|
| |||||||
| 4,587 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 15 | ||||||
Table of Contents
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Commercial Services & Supplies — 2.7% | ||||||||
Advanced Disposal Services, Inc.* | 104 | 2,483 | ||||||
Brady Corp., Class A | 19 | 804 | ||||||
Deluxe Corp. | 12 | 469 | ||||||
Kimball International, Inc., Class B | 27 | 383 | ||||||
MSA Safety, Inc. | 12 | 1,096 | ||||||
UniFirst Corp. | 4 | 572 | ||||||
|
| |||||||
| 5,807 | ||||||||
|
| |||||||
Communications Equipment — 1.8% | ||||||||
Ciena Corp.* | 48 | 1,614 | ||||||
EchoStar Corp., Class A* | 12 | 441 | ||||||
NETGEAR, Inc.* (a) | 14 | 721 | ||||||
Quantenna Communications, Inc.* | 76 | 1,098 | ||||||
|
| |||||||
| 3,874 | ||||||||
|
| |||||||
Construction & Engineering — 0.2% | ||||||||
Comfort Systems USA, Inc. | 12 | 524 | ||||||
|
| |||||||
Distributors — 0.7% |
| |||||||
Pool Corp. (a) | 11 | 1,594 | ||||||
|
| |||||||
Diversified Consumer Services — 0.8% |
| |||||||
Bright Horizons Family Solutions, Inc.* | 16 | 1,798 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.5% | ||||||||
Cincinnati Bell, Inc.* (a) | 70 | 544 | ||||||
Vonage Holdings Corp.* | 57 | 497 | ||||||
|
| |||||||
| 1,041 | ||||||||
|
| |||||||
Electric Utilities — 0.7% | ||||||||
El Paso Electric Co. | 12 | 626 | ||||||
Portland General Electric Co. | 20 | 922 | ||||||
|
| |||||||
| 1,548 | ||||||||
|
| |||||||
Electrical Equipment — 0.5% | ||||||||
EnerSys | 9 | 732 | ||||||
nVent Electric plc (United Kingdom) | 17 | 382 | ||||||
|
| |||||||
| 1,114 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.5% |
| |||||||
ePlus, Inc.* | 8 | 571 | ||||||
Littelfuse, Inc. (a) | 8 | 1,344 | ||||||
SYNNEX Corp. (a) | 11 | 870 | ||||||
Tech Data Corp.* | 6 | 491 | ||||||
|
| |||||||
| 3,276 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.1% | ||||||||
Forum Energy Technologies, Inc.* (a) | 53 | 220 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Entertainment — 1.5% | ||||||||
Cinemark Holdings, Inc. | 9 | 319 | ||||||
Glu Mobile, Inc.* | 119 | 959 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 25 | 1,860 | ||||||
|
| |||||||
| 3,138 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 4.4% |
| |||||||
American Campus Communities, Inc. | 19 | 767 | ||||||
American Homes 4 Rent, Class A | 37 | 735 | ||||||
Brixmor Property Group, Inc. | 48 | 698 | ||||||
CubeSmart | 24 | 700 | ||||||
Equity Commonwealth | 24 | 722 | ||||||
Highwoods Properties, Inc. | 32 | 1,242 | ||||||
JBG SMITH Properties | 21 | 728 | ||||||
Rayonier, Inc. | 25 | 692 | ||||||
Rexford Industrial Realty, Inc. | 22 | 662 | ||||||
RLJ Lodging Trust | 39 | 645 | ||||||
Sunstone Hotel Investors, Inc. | 53 | 694 | ||||||
Terreno Realty Corp. | 13 | 441 | ||||||
Washington (a) | 24 | 553 | ||||||
|
| |||||||
| 9,279 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.1% |
| |||||||
Performance Food Group Co.* | 74 | 2,375 | ||||||
|
| |||||||
Food Products — 0.8% |
| |||||||
Flowers Foods, Inc. (a) | 28 | 512 | ||||||
Freshpet, Inc.* (a) | 36 | 1,149 | ||||||
|
| |||||||
| 1,661 | ||||||||
|
| |||||||
Gas Utilities — 1.3% |
| |||||||
Chesapeake Utilities Corp. | 9 | 764 | ||||||
ONE Gas, Inc. | 13 | 1,037 | ||||||
Southwest Gas Holdings, Inc. (a) | 12 | 918 | ||||||
|
| |||||||
| 2,719 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 2.4% |
| |||||||
GenMark Diagnostics, Inc.* (a) | 81 | 392 | ||||||
Insulet Corp.* (a) | 18 | 1,409 | ||||||
iRhythm Technologies, Inc.* (a) | 20 | 1,411 | ||||||
LivaNova plc* | 9 | 779 | ||||||
Nevro Corp.* | 21 | 836 | ||||||
TransEnterix, Inc.* | 131 | 297 | ||||||
|
| |||||||
| 5,124 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.2% |
| |||||||
Acadia Healthcare Co., Inc.* | 26 | 656 | ||||||
Amedisys, Inc.* | 16 | 1,886 | ||||||
Encompass Health Corp. (a) | 11 | 679 | ||||||
Ensign Group, Inc. (The) | 11 | 431 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 16 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — continued |
| |||||||
Providence Service Corp. (The)* | 12 | 720 | ||||||
Tivity Health, Inc.* | 16 | 391 | ||||||
|
| |||||||
| 4,763 | ||||||||
|
| |||||||
Health Care Technology — 1.5% | ||||||||
Evolent Health, Inc., Class A* (a) | 68 | 1,353 | ||||||
Teladoc Health, Inc.* (a) | 39 | 1,939 | ||||||
|
| |||||||
| 3,292 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 3.4% |
| |||||||
Boyd Gaming Corp. (a) | 74 | 1,532 | ||||||
Cheesecake Factory, Inc. (The) (a) | 15 | 666 | ||||||
Cracker Barrel Old Country Store, Inc. (a) | 4 | 575 | ||||||
Jack in the Box, Inc. | 6 | 480 | ||||||
Planet Fitness, Inc., Class A* | 19 | 1,036 | ||||||
Red Rock Resorts, Inc., Class A (a) | 44 | 897 | ||||||
Ruth’s Hospitality Group, Inc. | 16 | 364 | ||||||
Texas Roadhouse, Inc. | 28 | 1,665 | ||||||
|
| |||||||
| 7,215 | ||||||||
|
| |||||||
Household Durables — 0.6% |
| |||||||
Helen of Troy Ltd.* | 5 | 656 | ||||||
TRI Pointe Group, Inc.* (a) | 56 | 610 | ||||||
|
| |||||||
| 1,266 | ||||||||
|
| |||||||
Insurance — 1.6% |
| |||||||
Argo Group International Holdings Ltd. | 3 | 211 | ||||||
James River Group Holdings Ltd. | 7 | 267 | ||||||
Old Republic International Corp. | 34 | 693 | ||||||
Safety Insurance Group, Inc. | 7 | 552 | ||||||
Selective Insurance Group, Inc. | 17 | 1,060 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 55 | 530 | ||||||
|
| |||||||
| 3,313 | ||||||||
|
| |||||||
Interactive Media & Services — 0.3% |
| |||||||
Cars.com, Inc.* | 28 | 602 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.9% |
| |||||||
Farfetch Ltd., Class A (United Kingdom)* | 44 | 785 | ||||||
GrubHub, Inc.* (a) | 7 | 540 | ||||||
Liberty Expedia Holdings, Inc., Class A* | 13 | 508 | ||||||
|
| |||||||
| 1,833 | ||||||||
|
| |||||||
IT Services — 3.0% |
| |||||||
CSG Systems International, Inc. | 22 | 705 | ||||||
ManTech International Corp., Class A | 17 | 890 | ||||||
MAXIMUS, Inc. | 12 | 785 | ||||||
MongoDB, Inc.* (a) | 3 | 276 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
IT Services — continued |
| |||||||
Okta, Inc.* | 25 | 1,626 | ||||||
Science Applications International Corp. | 11 | 707 | ||||||
Sykes Enterprises, Inc.* | 19 | 472 | ||||||
Wix.com Ltd. (Israel)* (a) | 10 | 907 | ||||||
|
| |||||||
| 6,368 | ||||||||
|
| |||||||
Leisure Products — 0.2% | ||||||||
Callaway Golf Co. | 34 | 515 | ||||||
|
| |||||||
Machinery — 4.7% | ||||||||
Alamo Group, Inc. (a) | 8 | 651 | ||||||
Blue Bird Corp.* (a) | 32 | 573 | ||||||
Crane Co. | 8 | 608 | ||||||
Graco, Inc. | 34 | 1,406 | ||||||
Hillenbrand, Inc. | 15 | 569 | ||||||
ITT, Inc. | 42 | 2,007 | ||||||
John Bean Technologies Corp. | 17 | 1,251 | ||||||
Kadant, Inc. | 8 | 611 | ||||||
Mueller Industries, Inc. | 21 | 499 | ||||||
Oshkosh Corp. | 17 | 1,021 | ||||||
Standex International Corp. | 7 | 492 | ||||||
Woodward, Inc. | 4 | 326 | ||||||
|
| |||||||
| 10,014 | ||||||||
|
| |||||||
Marine — 0.4% | ||||||||
Kirby Corp.* (a) | 14 | 939 | ||||||
|
| |||||||
Media — 1.6% | ||||||||
Cable One, Inc. | 1 | 682 | ||||||
Emerald Expositions Events, Inc. | 30 | 369 | ||||||
Hemisphere Media Group, Inc.* | 35 | 430 | ||||||
John Wiley & Sons, Inc., Class A | 10 | 470 | ||||||
Liberty Latin America Ltd., Class C (Chile)* | 29 | 422 | ||||||
MSG Networks, Inc., Class A* | 21 | 496 | ||||||
New York Times Co. (The), Class A | 22 | 486 | ||||||
|
| |||||||
| 3,355 | ||||||||
|
| |||||||
Multiline Retail — 1.1% | ||||||||
Big Lots, Inc. (a) | 5 | 145 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* (a) | 33 | 2,188 | ||||||
|
| |||||||
| 2,333 | ||||||||
|
| |||||||
Multi-Utilities — 0.3% | ||||||||
Unitil Corp. | 15 | 739 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.0% | ||||||||
Antero Midstream GP LP (a) | 40 | 446 | ||||||
Callon Petroleum Co.* | 67 | 433 | ||||||
Centennial Resource Development, Inc., Class A* (a) | 63 | 697 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 17 | ||||||
Table of Contents
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Oil, Gas & Consumable Fuels — continued |
| |||||||
CNX Resources Corp.* | 45 | 512 | ||||||
Delek US Holdings, Inc. | 17 | 541 | ||||||
Matador Resources Co.* | 22 | 334 | ||||||
PDC Energy, Inc.* | 7 | 218 | ||||||
Peabody Energy Corp. | 8 | 257 | ||||||
SemGroup Corp., Class A | 30 | 411 | ||||||
WildHorse Resource Development Corp.* | 28 | 396 | ||||||
|
| |||||||
| 4,245 | ||||||||
|
| |||||||
Personal Products — 0.4% |
| |||||||
Inter Parfums, Inc. | 12 | 764 | ||||||
|
| |||||||
Pharmaceuticals — 2.4% |
| |||||||
Horizon Pharma plc* | 88 | 1,716 | ||||||
Nektar Therapeutics* | 12 | 409 | ||||||
Optinose, Inc.* | 49 | 301 | ||||||
Prestige Consumer Healthcare, Inc.* | 9 | 274 | ||||||
Revance Therapeutics, Inc.* (a) | 46 | 927 | ||||||
TherapeuticsMD, Inc.* | 211 | 806 | ||||||
Tricida, Inc.* (a) | 27 | 625 | ||||||
|
| |||||||
| 5,058 | ||||||||
|
| |||||||
Professional Services — 0.4% |
| |||||||
Insperity, Inc. | 4 | 363 | ||||||
Korn/Ferry International | 12 | 491 | ||||||
|
| |||||||
| 854 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.3% |
| |||||||
RE/MAX Holdings, Inc., Class A | 22 | 671 | ||||||
|
| |||||||
Road & Rail — 1.0% |
| |||||||
Marten Transport Ltd. | 37 | 602 | ||||||
Saia, Inc.* | 26 | 1,477 | ||||||
|
| |||||||
| 2,079 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.8% |
| |||||||
Cabot Microelectronics Corp. | 4 | 424 | ||||||
Entegris, Inc. | 78 | 2,176 | ||||||
Inphi Corp.* (a) | 61 | 1,969 | ||||||
MKS Instruments, Inc. | 22 | 1,428 | ||||||
Monolithic Power Systems, Inc. | 15 | 1,694 | ||||||
Versum Materials, Inc. | 17 | 471 | ||||||
|
| |||||||
| 8,162 | ||||||||
|
| |||||||
Software — 10.3% |
| |||||||
2U, Inc.* (a) | 17 | 862 | ||||||
Anaplan, Inc.* | 32 | 840 | ||||||
Cloudera, Inc.* (a) | 110 | 1,218 | ||||||
Elastic NV* (a) | 12 | 828 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — continued |
| |||||||
Envestnet, Inc.* | 48 | 2,381 | ||||||
HubSpot, Inc.* (a) | 15 | 1,881 | ||||||
Instructure, Inc.* (a) | 30 | 1,111 | ||||||
LogMeIn, Inc. | 5 | 408 | ||||||
New Relic, Inc.* | 9 | 696 | ||||||
Nutanix, Inc., Class A* | 20 | 820 | ||||||
Paycom Software, Inc.* | 11 | 1,394 | ||||||
Pluralsight, Inc., Class A* (a) | 39 | 923 | ||||||
Progress Software Corp. | 21 | 748 | ||||||
Proofpoint, Inc.* | 15 | 1,216 | ||||||
RingCentral, Inc., Class A* | 18 | 1,506 | ||||||
SailPoint Technologies Holding, Inc.* (a) | 68 | 1,588 | ||||||
Smartsheet, Inc., Class A* | 35 | 877 | ||||||
Zendesk, Inc.* | 30 | 1,756 | ||||||
Zscaler, Inc.* (a) | 23 | 918 | ||||||
|
| |||||||
| 21,971 | ||||||||
|
| |||||||
Specialty Retail — 2.7% |
| |||||||
Floor & Decor Holdings, Inc., Class A* (a) | 19 | 480 | ||||||
Hudson Ltd., Class A* (a) | 114 | 1,955 | ||||||
Lithia Motors, Inc., Class A (a) | 16 | 1,212 | ||||||
National Vision Holdings, Inc.* | 61 | 1,717 | ||||||
Williams-Sonoma, Inc. (a) | 8 | 404 | ||||||
|
| |||||||
| 5,768 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.9% |
| |||||||
Carter’s, Inc. | 7 | 550 | ||||||
Columbia Sportswear Co. (a) | 8 | 708 | ||||||
Movado Group, Inc. | 17 | 538 | ||||||
Wolverine World Wide, Inc. | 69 | 2,194 | ||||||
|
| |||||||
| 3,990 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 2.3% |
| |||||||
Axos Financial, Inc.* (a) | 20 | 508 | ||||||
First Defiance Financial Corp. | 28 | 693 | ||||||
Meridian Bancorp, Inc. | 54 | 780 | ||||||
TrustCo Bank Corp. | 114 | 784 | ||||||
Washington Federal, Inc. (a) | 32 | 854 | ||||||
Waterstone Financial, Inc. | 27 | 454 | ||||||
WSFS Financial Corp. | 19 | 720 | ||||||
|
| |||||||
| 4,793 | ||||||||
|
| |||||||
Trading Companies & Distributors — 2.8% |
| |||||||
Applied Industrial Technologies, Inc. | 36 | 1,952 | ||||||
H&E Equipment Services, Inc. | 37 | 755 | ||||||
MSC Industrial Direct Co., Inc., Class A | 5 | 384 | ||||||
Rush Enterprises, Inc., Class A | 48 | 1,665 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 18 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Trading Companies & Distributors — continued |
| |||||||
SiteOne Landscape Supply, Inc.* (a) | 20 | 1,109 | ||||||
|
| |||||||
| 5,865 | ||||||||
|
| |||||||
Water Utilities — 0.9% | ||||||||
American States Water Co. | 13 | 903 | ||||||
Middlesex Water Co. | 18 | 935 | ||||||
|
| |||||||
| 1,838 | ||||||||
|
| |||||||
Total Common Stocks | 207,677 | |||||||
|
| |||||||
Short-Term Investments — 2.5% | ||||||||
Investment Companies — 2.5% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 5,375 | 5,375 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 11.8% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | 19,002 | 19,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 6,185 | 6,185 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 25,185 | |||||||
|
| |||||||
Total Investments — 111.9% |
| 238,237 | ||||||
Liabilities in Excess of |
| (25,266 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 212,971 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $24,891,000. | |
(b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 19 | ||||||
Table of Contents
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 96.1% | ||||||||
Aerospace & Defense — 0.9% | ||||||||
AAR Corp. | 21 | 786 | ||||||
Engility Holdings, Inc.* | 17 | 474 | ||||||
Moog, Inc., Class A | 4 | 333 | ||||||
Vectrus, Inc.* | 45 | 982 | ||||||
|
| |||||||
| 2,575 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.1% | ||||||||
Forward Air Corp. | 3 | 154 | ||||||
|
| |||||||
Airlines — 0.6% | ||||||||
Hawaiian Holdings, Inc. | 13 | 340 | ||||||
SkyWest, Inc. | 32 | 1,432 | ||||||
|
| |||||||
| 1,772 | ||||||||
|
| |||||||
Auto Components — 1.7% | ||||||||
American Axle & Manufacturing Holdings, Inc.* | 108 | 1,203 | ||||||
Cooper-Standard Holdings, Inc.* | 22 | 1,364 | ||||||
Dana, Inc. | 22 | 294 | ||||||
Modine Manufacturing Co.* | 7 | 76 | ||||||
Stoneridge, Inc.* | 2 | 51 | ||||||
Tenneco, Inc., Class A | 65 | 1,786 | ||||||
Tower International, Inc. | 6 | 153 | ||||||
|
| |||||||
| 4,927 | ||||||||
|
| |||||||
Banks — 9.6% | ||||||||
Bancorp, Inc. (The)* | 61 | 489 | ||||||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 88 | 2,765 | ||||||
Cathay General Bancorp | 10 | 346 | ||||||
Central Valley Community Bancorp | 4 | 76 | ||||||
Community Trust Bancorp, Inc. | 2 | 72 | ||||||
East West Bancorp, Inc. | 39 | 1,683 | ||||||
Enterprise Financial Services Corp. | 2 | 75 | ||||||
Fidelity Southern Corp. | 18 | 475 | ||||||
Financial Institutions, Inc. | 23 | 601 | ||||||
First BanCorp (Puerto Rico) | 366 | 3,150 | ||||||
First Business Financial Services, Inc. | 6 | 117 | ||||||
First Community Bancshares, Inc. | 7 | 229 | ||||||
First Financial Bancorp | 7 | 173 | ||||||
First Merchants Corp. | 46 | 1,576 | ||||||
Fulton Financial Corp. (a) | 65 | 1,012 | ||||||
Hancock Whitney Corp. | 49 | 1,701 | ||||||
Hanmi Financial Corp. | 43 | 851 | ||||||
IBERIABANK Corp. | 7 | 433 | ||||||
NBT Bancorp, Inc. | 4 | 140 | ||||||
Northeast Bancorp | 5 | 85 | ||||||
Pacific Mercantile Bancorp* | 6 | 44 | ||||||
PacWest Bancorp | 31 | 1,043 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Banks — continued | ||||||||
Popular, Inc. (Puerto Rico) | 55 | 2,596 | ||||||
Premier Financial Bancorp, Inc. | 3 | 49 | ||||||
Shore Bancshares, Inc. | 8 | 116 | ||||||
Sierra Bancorp | 4 | 90 | ||||||
TCF Financial Corp. | 143 | 2,777 | ||||||
Towne Bank | 2 | 58 | ||||||
TriCo Bancshares | 5 | 185 | ||||||
TriState Capital Holdings, Inc.* | 9 | 177 | ||||||
Umpqua Holdings Corp. | 101 | 1,609 | ||||||
United Community Banks, Inc. | 23 | 489 | ||||||
Wintrust Financial Corp. | 34 | 2,254 | ||||||
|
| |||||||
| 27,536 | ||||||||
|
| |||||||
Biotechnology — 5.8% | ||||||||
Acorda Therapeutics, Inc.* | 12 | 189 | ||||||
Aduro Biotech, Inc.* | 78 | 207 | ||||||
Akebia Therapeutics, Inc.* (a) | 44 | 243 | ||||||
Allena Pharmaceuticals, Inc.* | 33 | 179 | ||||||
AMAG Pharmaceuticals, Inc.* | 43 | 647 | ||||||
Amicus Therapeutics, Inc.* (a) | 74 | 707 | ||||||
AnaptysBio, Inc.* | 8 | 517 | ||||||
Aptinyx, Inc.* (a) | 1 | 17 | ||||||
Arrowhead Pharmaceuticals, Inc.* (a) | 48 | 591 | ||||||
Audentes Therapeutics, Inc.* | 19 | 401 | ||||||
Bellicum Pharmaceuticals, Inc.* | 121 | 354 | ||||||
Bluebird Bio, Inc.* (a) | 5 | 496 | ||||||
Blueprint Medicines Corp.* (a) | 11 | 571 | ||||||
Cara Therapeutics, Inc.* | 22 | 281 | ||||||
Catalyst Pharmaceuticals, Inc.* | 155 | 297 | ||||||
Coherus Biosciences, Inc.* | 48 | 430 | ||||||
Concert Pharmaceuticals, Inc.* | 24 | 305 | ||||||
Dynavax Technologies Corp.* (a) | 43 | 392 | ||||||
Esperion Therapeutics, Inc.* (a) | 11 | 511 | ||||||
FibroGen, Inc.* | 16 | 727 | ||||||
Forty Seven, Inc.* (a) | 18 | 283 | ||||||
Gritstone Oncology, Inc.* (a) | 11 | 165 | ||||||
Heron Therapeutics, Inc.* (a) | 32 | 835 | ||||||
Homology Medicines, Inc.* (a) | 29 | 639 | ||||||
Insmed, Inc.* (a) | 34 | 440 | ||||||
Jounce Therapeutics, Inc.* | 30 | 102 | ||||||
Loxo Oncology, Inc.* | 9 | 1,254 | ||||||
Mersana Therapeutics, Inc.* | 25 | 103 | ||||||
Principia Biopharma, Inc.* | 1 | 33 | ||||||
Ra Pharmaceuticals, Inc.* | 40 | 724 | ||||||
Radius Health, Inc.* | 4 | 61 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 20 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Biotechnology — continued | ||||||||
Rhythm Pharmaceuticals, Inc.* | 19 | 508 | ||||||
Sage Therapeutics, Inc.* | 7 | 675 | ||||||
Sarepta Therapeutics, Inc.* (a) | 7 | 786 | ||||||
Selecta Biosciences, Inc.* | 52 | 138 | ||||||
Spark Therapeutics, Inc.* (a) | 13 | 493 | ||||||
Sutro Biopharma, Inc.* | 9 | 78 | ||||||
Syros Pharmaceuticals, Inc.* | 68 | 377 | ||||||
Twist Bioscience Corp.* (a) | 16 | 362 | ||||||
Xencor, Inc.* | 14 | 513 | ||||||
Y-mAbs Therapeutics, Inc.* (a) | 3 | 55 | ||||||
|
| |||||||
| 16,686 | ||||||||
|
| |||||||
Building Products — 0.6% | ||||||||
Insteel Industries, Inc. | 3 | 70 | ||||||
Masonite International Corp.* | 7 | 323 | ||||||
Universal Forest Products, Inc. | 48 | 1,233 | ||||||
|
| |||||||
| 1,626 | ||||||||
|
| |||||||
Capital Markets — 1.8% | ||||||||
BGC Partners, Inc., Class A | 105 | 542 | ||||||
Blucora, Inc.* | 70 | 1,870 | ||||||
BrightSphere Investment Group plc | 55 | 590 | ||||||
Houlihan Lokey, Inc. | 10 | 383 | ||||||
INTL. FCStone, Inc.* (a) | 2 | 69 | ||||||
Investment Technology Group, Inc. | 47 | 1,424 | ||||||
Pzena Investment Management, Inc., Class A | 9 | 74 | ||||||
Stifel Financial Corp. | 2 | 87 | ||||||
|
| |||||||
| 5,039 | ||||||||
|
| |||||||
Chemicals — 1.5% | ||||||||
AdvanSix, Inc.* | 16 | 392 | ||||||
FutureFuel Corp. | 23 | 370 | ||||||
OMNOVA Solutions, Inc.* | 19 | 136 | ||||||
Rayonier Advanced Materials, Inc. | 7 | 73 | ||||||
Stepan Co. | 14 | 999 | ||||||
Trinseo SA | 54 | 2,481 | ||||||
|
| |||||||
| 4,451 | ||||||||
|
| |||||||
Commercial Services & Supplies — 2.5% | ||||||||
ABM Industries, Inc. | 18 | 578 | ||||||
ACCO Brands Corp. | 230 | 1,557 | ||||||
Essendant, Inc. | 64 | 811 | ||||||
Herman Miller, Inc. | 3 | 106 | ||||||
Kimball International, Inc., Class B | 15 | 219 | ||||||
Knoll, Inc. | 38 | 628 | ||||||
LSC Communications, Inc. | 67 | 471 | ||||||
Quad/Graphics, Inc. | 111 | 1,366 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — continued | ||||||||
Steelcase, Inc., Class A | 34 | 498 | ||||||
UniFirst Corp. | 7 | 1,044 | ||||||
VSE Corp. | 2 | 48 | ||||||
|
| |||||||
| 7,326 | ||||||||
|
| |||||||
Communications Equipment — 0.6% | ||||||||
Ciena Corp.* | 51 | 1,712 | ||||||
|
| |||||||
Construction & Engineering — 2.3% | ||||||||
EMCOR Group, Inc. | 30 | 1,796 | ||||||
HC2 Holdings, Inc.* (a) | 121 | 319 | ||||||
KBR, Inc. | 143 | 2,168 | ||||||
MasTec, Inc.* (a) | 41 | 1,671 | ||||||
Sterling Construction Co., Inc.* | 25 | 273 | ||||||
Tutor Perini Corp.* | 17 | 267 | ||||||
|
| |||||||
| 6,494 | ||||||||
|
| |||||||
Consumer Finance — 1.4% | ||||||||
Enova International, Inc.* | 15 | 292 | ||||||
FirstCash, Inc. | 38 | 2,713 | ||||||
Green Dot Corp., Class A* | 15 | 1,161 | ||||||
|
| |||||||
| 4,166 | ||||||||
|
| |||||||
Containers & Packaging — 0.1% | ||||||||
Berry Global Group, Inc.* | 4 | 186 | ||||||
|
| |||||||
Distributors — 0.2% | ||||||||
Core-Mark Holding Co., Inc. | 21 | 495 | ||||||
|
| |||||||
Diversified Consumer Services — 0.5% | ||||||||
K12, Inc.* | 27 | 679 | ||||||
Strategic Education, Inc. | 2 | 200 | ||||||
Weight Watchers International, Inc.* | 13 | 489 | ||||||
|
| |||||||
| 1,368 | ||||||||
|
| |||||||
Diversified Financial Services — 0.0%(b) | ||||||||
Marlin Business Services Corp. | 4 | 83 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.2% | ||||||||
Ooma, Inc.* | 40 | 550 | ||||||
|
| |||||||
Electric Utilities — 1.4% | ||||||||
IDACORP, Inc. | 7 | 681 | ||||||
MGE Energy, Inc. | 5 | 274 | ||||||
PNM Resources, Inc. | 10 | 419 | ||||||
Portland General Electric Co. | 42 | 1,947 | ||||||
Spark Energy, Inc., Class A (a) | 97 | 721 | ||||||
|
| |||||||
| 4,042 | ||||||||
|
| |||||||
Electrical Equipment — 0.8% | ||||||||
Atkore International Group, Inc.* | 27 | 532 | ||||||
Bloom Energy Corp., Class A* (a) | 2 | 21 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 21 | ||||||
Table of Contents
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Electrical Equipment — continued | ||||||||
EnerSys | 8 | 590 | ||||||
Generac Holdings, Inc.* | 14 | 715 | ||||||
Regal Beloit Corp. | 5 | 317 | ||||||
|
| |||||||
| 2,175 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 5.0% |
| |||||||
Fabrinet (Thailand)* | 60 | 3,063 | ||||||
Insight Enterprises, Inc.* | 32 | 1,289 | ||||||
KEMET Corp. | 89 | 1,556 | ||||||
Kimball Electronics, Inc.* | 32 | 500 | ||||||
Littelfuse, Inc. | 3 | 562 | ||||||
Methode Electronics, Inc. | 61 | 1,410 | ||||||
Sanmina Corp.* | 75 | 1,802 | ||||||
Tech Data Corp.* | 38 | 3,127 | ||||||
Vishay Intertechnology, Inc. | 43 | 782 | ||||||
Vishay Precision Group, Inc.* | 12 | 366 | ||||||
|
| |||||||
| 14,457 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.9% | ||||||||
Exterran Corp.* | 33 | 582 | ||||||
FTS International, Inc.* | 48 | 340 | ||||||
Matrix Service Co.* | 33 | 590 | ||||||
McDermott International, Inc.* (a) | 34 | 225 | ||||||
Nine Energy Service, Inc.* (a) | 26 | 582 | ||||||
RigNet, Inc.* | 27 | 345 | ||||||
|
| |||||||
| 2,664 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 7.3% |
| |||||||
American Assets Trust, Inc. | 15 | 611 | ||||||
Americold Realty Trust | 63 | 1,614 | ||||||
Armada Hoffler Properties, Inc. | 102 | 1,441 | ||||||
Ashford Hospitality Trust, Inc. | 13 | 53 | ||||||
Chatham Lodging Trust | 12 | 208 | ||||||
Chesapeake Lodging Trust | 14 | 330 | ||||||
CoreCivic, Inc. | 41 | 724 | ||||||
CorEnergy Infrastructure Trust, Inc. (a) | 1 | 36 | ||||||
CorePoint Lodging, Inc. | 62 | 764 | ||||||
CoreSite Realty Corp. | 7 | 643 | ||||||
Cousins Properties, Inc. | 264 | 2,086 | ||||||
DiamondRock Hospitality Co. | 45 | 409 | ||||||
First Industrial Realty Trust, Inc. | 56 | 1,606 | ||||||
GEO Group, Inc. (The) | 102 | 2,004 | ||||||
Getty Realty Corp. | 33 | 976 | ||||||
Highwoods Properties, Inc. | 9 | 360 | ||||||
Hudson Pacific Properties, Inc. | 7 | 207 | ||||||
InfraREIT, Inc.* | 12 | 261 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Jernigan Capital, Inc. | 18 | 351 | ||||||
Pebblebrook Hotel Trust | 6 | 168 | ||||||
Preferred Apartment Communities, Inc., Class A | 28 | 394 | ||||||
PS Business Parks, Inc. | 1 | 144 | ||||||
Retail Opportunity Investments Corp. | 35 | 562 | ||||||
Rexford Industrial Realty, Inc. | 19 | 551 | ||||||
RLJ Lodging Trust | 27 | 449 | ||||||
Sun Communities, Inc. | 4 | 357 | ||||||
Sunstone Hotel Investors, Inc. | 90 | 1,177 | ||||||
Tier REIT, Inc. | 31 | 629 | ||||||
Xenia Hotels & Resorts, Inc. | 105 | 1,811 | ||||||
|
| |||||||
| 20,926 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.1% | ||||||||
BJ’s Wholesale Club Holdings, Inc.* | 43 | 944 | ||||||
Performance Food Group Co.* | 38 | 1,217 | ||||||
SpartanNash Co. | 40 | 690 | ||||||
US Foods Holding Corp.* | 12 | 389 | ||||||
|
| |||||||
| 3,240 | ||||||||
|
| |||||||
Food Products — 0.5% | ||||||||
Dean Foods Co. | 45 | 171 | ||||||
Pilgrim’s Pride Corp.* | 36 | 558 | ||||||
Sanderson Farms, Inc. (a) | 4 | 437 | ||||||
TreeHouse Foods, Inc.* | 3 | 162 | ||||||
|
| |||||||
| 1,328 | ||||||||
|
| |||||||
Gas Utilities — 0.7% | ||||||||
New Jersey Resources Corp. (a) | 17 | 792 | ||||||
Southwest Gas Holdings, Inc. (a) | 16 | 1,247 | ||||||
|
| |||||||
| 2,039 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.4% | ||||||||
Axonics Modulation Technologies, Inc.* | 37 | 565 | ||||||
CONMED Corp. | 4 | 270 | ||||||
FONAR Corp.* | 7 | 146 | ||||||
Globus Medical, Inc., Class A* | 7 | 307 | ||||||
Haemonetics Corp.* | 27 | 2,702 | ||||||
Inogen, Inc.* | 8 | 975 | ||||||
Integer Holdings Corp.* | 38 | 2,898 | ||||||
Lantheus Holdings, Inc.* | 53 | 834 | ||||||
Masimo Corp.* | 4 | 440 | ||||||
OraSure Technologies, Inc.* | 52 | 609 | ||||||
SI-BONE, Inc.* | 3 | 71 | ||||||
|
| |||||||
| 9,817 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 22 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — 4.2% |
| |||||||
Addus HomeCare Corp.* (a) | 29 | 1,948 | ||||||
American Renal Associates Holdings, Inc.* (a) | 17 | 196 | ||||||
Cross Country Healthcare, Inc.* | 43 | 317 | ||||||
Encompass Health Corp. | 28 | 1,715 | ||||||
Guardant Health, Inc.* (a) | 4 | 150 | ||||||
HealthEquity, Inc.* | 6 | 346 | ||||||
Molina Healthcare, Inc.* | 22 | 2,583 | ||||||
Owens & Minor, Inc. | 125 | 791 | ||||||
RadNet, Inc.* | 39 | 396 | ||||||
Tenet Healthcare Corp.* (a) | 98 | 1,678 | ||||||
Triple-S Management Corp., Class B (Puerto Rico)* | 46 | 797 | ||||||
WellCare Health Plans, Inc.* | 5 | 1,124 | ||||||
|
| |||||||
| 12,041 | ||||||||
|
| |||||||
Health Care Technology — 0.1% |
| |||||||
HMS Holdings Corp.* | 13 | 369 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.6% |
| |||||||
Marriott Vacations Worldwide Corp. | 9 | 656 | ||||||
Penn National Gaming, Inc.* | 15 | 285 | ||||||
Ruth’s Hospitality Group, Inc. | 26 | 595 | ||||||
Texas Roadhouse, Inc. | 3 | 161 | ||||||
|
| |||||||
| 1,697 | ||||||||
|
| |||||||
Household Durables — 2.2% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 4 | 105 | ||||||
Helen of Troy Ltd.* (a) | 25 | 3,225 | ||||||
Hooker Furniture Corp. | 12 | 303 | ||||||
KB Home | 42 | 806 | ||||||
Lifetime Brands, Inc. | 18 | 177 | ||||||
Taylor Morrison Home Corp., Class A* | 110 | 1,744 | ||||||
|
| |||||||
| 6,360 | ||||||||
|
| |||||||
Household Products — 0.3% |
| |||||||
Central Garden & Pet Co., Class A* | 31 | 981 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.7% |
| |||||||
Atlantic Power Corp.* | 60 | 130 | ||||||
Clearway Energy, Inc., Class A | 6 | 97 | ||||||
Clearway Energy, Inc., Class C | 88 | 1,516 | ||||||
Vistra Energy Corp.* | 12 | 280 | ||||||
|
| |||||||
| 2,023 | ||||||||
|
| |||||||
Insurance — 2.2% |
| |||||||
American Equity Investment Life Holding Co. | 52 | 1,462 | ||||||
CNO Financial Group, Inc. | 68 | 1,014 | ||||||
FedNat Holding Co. | 14 | 277 | ||||||
First American Financial Corp. | 15 | 652 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Insurance — continued |
| |||||||
HCI Group, Inc. | 8 | 400 | ||||||
Heritage Insurance Holdings, Inc. (a) | 5 | 71 | ||||||
National General Holdings Corp. | 7 | 170 | ||||||
Selective Insurance Group, Inc. | 5 | 294 | ||||||
Stewart Information Services Corp. | 20 | 848 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 72 | 694 | ||||||
United Fire Group, Inc. | 5 | 293 | ||||||
Universal Insurance Holdings, Inc. | 4 | 151 | ||||||
|
| |||||||
| 6,326 | ||||||||
|
| |||||||
Interactive Media & Services — 0.2% |
| |||||||
QuinStreet, Inc.* (a) | 32 | 511 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.6% |
| |||||||
Groupon, Inc.* | 104 | 331 | ||||||
Liberty Expedia Holdings, Inc., Class A* | 33 | 1,291 | ||||||
|
| |||||||
| 1,622 | ||||||||
|
| |||||||
IT Services — 2.9% |
| |||||||
CACI International, Inc., Class A* | 7 | 1,051 | ||||||
Limelight Networks, Inc.* | 309 | 724 | ||||||
ManTech International Corp., Class A | 24 | 1,260 | ||||||
MAXIMUS, Inc. | 3 | 176 | ||||||
Perspecta, Inc. | 20 | 336 | ||||||
Travelport Worldwide Ltd. (a) | 183 | 2,860 | ||||||
Unisys Corp.* (a) | 102 | 1,189 | ||||||
Virtusa Corp.* | 16 | 699 | ||||||
|
| |||||||
| 8,295 | ||||||||
|
| |||||||
Leisure Products — 0.1% |
| |||||||
YETI Holdings, Inc.* (a) | 13 | 196 | ||||||
|
| |||||||
Machinery — 3.9% |
| |||||||
Barnes Group, Inc. | 4 | 228 | ||||||
Columbus McKinnon Corp. | 25 | 748 | ||||||
Federal Signal Corp. | 20 | 405 | ||||||
Global Brass & Copper Holdings, Inc. | 65 | 1,633 | ||||||
Greenbrier Cos., Inc. (The) | 7 | 263 | ||||||
Hillenbrand, Inc. | 42 | 1,578 | ||||||
Hurco Cos., Inc. | 2 | 82 | ||||||
Hyster-Yale Materials Handling, Inc. | 5 | 316 | ||||||
Kadant, Inc. | 10 | 780 | ||||||
Meritor, Inc.* | 143 | 2,418 | ||||||
Milacron Holdings Corp.* | 46 | 546 | ||||||
Park-Ohio Holdings Corp. | 5 | 151 | ||||||
SPX FLOW, Inc.* | 14 | 432 | ||||||
Standex International Corp. | 1 | 97 | ||||||
TriMas Corp.* | 12 | 340 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 23 | ||||||
Table of Contents
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Machinery — continued |
| |||||||
Wabash National Corp. | 91 | 1,194 | ||||||
|
| |||||||
| 11,211 | ||||||||
|
| |||||||
Media — 1.9% |
| |||||||
Beasley Broadcast Group, Inc., Class A | 12 | 46 | ||||||
Entravision Communications Corp., Class A | 148 | 431 | ||||||
Gannett Co., Inc. | 122 | 1,038 | ||||||
Gray Television, Inc.* | 49 | 722 | ||||||
Liberty Latin America Ltd., Class A (Chile)* | 63 | 917 | ||||||
Nexstar Media Group, Inc., Class A | 3 | 238 | ||||||
Sinclair Broadcast Group, Inc., Class A (a) | 65 | 1,714 | ||||||
TEGNA, Inc. | 21 | 231 | ||||||
|
| |||||||
| 5,337 | ||||||||
|
| |||||||
Metals & Mining — 0.7% |
| |||||||
Cleveland-Cliffs, Inc. (a) | 61 | 470 | ||||||
Commercial Metals Co. | 24 | 386 | ||||||
Ramaco Resources, Inc.* | 26 | 131 | ||||||
Ryerson Holding Corp.* | 18 | 113 | ||||||
Warrior Met Coal, Inc. | 38 | 909 | ||||||
|
| |||||||
| 2,009 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.4% |
| |||||||
Cherry Hill Mortgage Investment Corp. | 12 | 204 | ||||||
Redwood Trust, Inc. (a) | 55 | 835 | ||||||
|
| |||||||
| 1,039 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.5% |
| |||||||
Abraxas Petroleum Corp.* | 203 | 221 | ||||||
Arch Coal, Inc., Class A (a) | 9 | 780 | ||||||
CVR Energy, Inc. | 9 | 317 | ||||||
Delek US Holdings, Inc. | 78 | 2,537 | ||||||
Denbury Resources, Inc.* (a) | 365 | 624 | ||||||
Peabody Energy Corp. | 26 | 786 | ||||||
Renewable Energy Group, Inc.* (a) | 45 | 1,157 | ||||||
REX American Resources Corp.* | 1 | 41 | ||||||
W&T Offshore, Inc.* (a) | 203 | 836 | ||||||
|
| |||||||
| 7,299 | ||||||||
|
| |||||||
Paper & Forest Products — 1.5% |
| |||||||
Boise Cascade Co. | 17 | 408 | ||||||
Louisiana-Pacific Corp. | 71 | 1,573 | ||||||
Schweitzer-Mauduit International, Inc. | 40 | 998 | ||||||
Verso Corp., Class A* | 63 | 1,400 | ||||||
|
| |||||||
| 4,379 | ||||||||
|
| |||||||
Personal Products — 0.1% |
| |||||||
USANA Health Sciences, Inc.* | 2 | 197 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Pharmaceuticals — 2.2% |
| |||||||
Aclaris Therapeutics, Inc.* | 31 | 232 | ||||||
Arvinas, Inc.* | 1 | 10 | ||||||
Assembly Biosciences, Inc.* | 14 | 305 | ||||||
Dermira, Inc.* (a) | 74 | 531 | ||||||
Endo International plc* | 110 | 800 | ||||||
Horizon Pharma plc* | 80 | 1,569 | ||||||
Lannett Co., Inc.* | 63 | 310 | ||||||
Mallinckrodt plc* | 29 | 460 | ||||||
Medicines Co. (The)* (a) | 4 | 73 | ||||||
Menlo Therapeutics, Inc.* | 71 | 293 | ||||||
Phibro Animal Health Corp., Class A | 13 | 415 | ||||||
Revance Therapeutics, Inc.* | 6 | 129 | ||||||
TherapeuticsMD, Inc.* (a) | 126 | 479 | ||||||
WaVe Life Sciences Ltd.* (a) | 19 | 799 | ||||||
|
| |||||||
| 6,405 | ||||||||
|
| |||||||
Professional Services — 3.9% |
| |||||||
Acacia Research Corp.* | 16 | 48 | ||||||
Barrett Business Services, Inc. | 33 | 1,861 | ||||||
CBIZ, Inc.* | 38 | 747 | ||||||
CRA International, Inc. | 6 | 258 | ||||||
ICF International, Inc. | 1 | 95 | ||||||
Insperity, Inc. | 22 | 2,062 | ||||||
Kelly Services, Inc., Class A (a) | 2 | 42 | ||||||
Kforce, Inc. | 4 | 114 | ||||||
Korn/Ferry International | 8 | 297 | ||||||
TriNet Group, Inc.* | 40 | 1,670 | ||||||
TrueBlue, Inc.* | 63 | 1,395 | ||||||
Upwork, Inc.* (a) | 25 | 446 | ||||||
WageWorks, Inc.* | 76 | 2,061 | ||||||
|
| |||||||
| 11,096 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.8% |
| |||||||
Cushman & Wakefield plc* (a) | 64 | 930 | ||||||
Marcus & Millichap, Inc.* | 26 | 893 | ||||||
Newmark Group, Inc., Class A | 50 | 399 | ||||||
|
| |||||||
| 2,222 | ||||||||
|
| |||||||
Road & Rail — 1.0% |
| |||||||
ArcBest Corp. | 68 | 2,318 | ||||||
Covenant Transportation Group, Inc., Class A* | 6 | 108 | ||||||
Schneider National, Inc., Class B | 13 | 241 | ||||||
Universal Logistics Holdings, Inc. | 2 | 44 | ||||||
YRC Worldwide, Inc.* | 16 | 50 | ||||||
|
| |||||||
| 2,761 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 24 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Semiconductors & Semiconductor Equipment — 2.0% |
| |||||||
Advanced Energy Industries, Inc.* | 17 | 718 | ||||||
Alpha & Omega Semiconductor Ltd.* | 36 | 369 | ||||||
Cirrus Logic, Inc.* | 39 | 1,281 | ||||||
Cohu, Inc. | 39 | 619 | ||||||
Cypress Semiconductor Corp. | 82 | 1,038 | ||||||
Ichor Holdings Ltd.* | 27 | 439 | ||||||
Rambus, Inc.* | 65 | 500 | ||||||
Rudolph Technologies, Inc.* | 9 | 182 | ||||||
Ultra Clean Holdings, Inc.* | 70 | 596 | ||||||
|
| |||||||
| 5,742 | ||||||||
|
| |||||||
Software — 3.9% |
| |||||||
Anaplan, Inc.* | 29 | 756 | ||||||
Bottomline Technologies de, Inc.* | 8 | 365 | ||||||
CommVault Systems, Inc.* | 40 | 2,364 | ||||||
Cornerstone OnDemand, Inc.* | 57 | 2,859 | ||||||
Elastic NV* (a) | 18 | 1,251 | ||||||
Imperva, Inc.* | 22 | 1,231 | ||||||
MicroStrategy, Inc., Class A* | 3 | 441 | ||||||
QAD, Inc., Class A | 4 | 138 | ||||||
SailPoint Technologies Holding, Inc.* (a) | 31 | 723 | ||||||
SPS Commerce, Inc.* | 5 | 395 | ||||||
SVMK, Inc.* (a) | 56 | 687 | ||||||
|
| |||||||
| 11,210 | ||||||||
|
| |||||||
Specialty Retail — 2.8% | ||||||||
America’s Car-Mart, Inc.* | 2 | 138 | ||||||
Asbury Automotive Group, Inc.* | 3 | 207 | ||||||
Caleres, Inc. | 35 | 985 | ||||||
Conn’s, Inc.* | 13 | 236 | ||||||
DSW, Inc., Class A | 26 | 652 | ||||||
Express, Inc.* (a) | 24 | 122 | ||||||
Five Below, Inc.* | 6 | 573 | ||||||
Group 1 Automotive, Inc. | 9 | 469 | ||||||
Office Depot, Inc. | 704 | 1,817 | ||||||
Party City Holdco, Inc.* (a) | 31 | 313 | ||||||
RH* (a) | 8 | 994 | ||||||
Signet Jewelers Ltd. | 5 | 172 | ||||||
Tilly’s, Inc., Class A | 60 | 647 | ||||||
Zumiez, Inc.* | 37 | 703 | ||||||
|
| |||||||
| 8,028 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.5% |
| |||||||
Immersion Corp.* | 161 | 1,442 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Textiles, Apparel & Luxury Goods — 0.7% |
| |||||||
Deckers Outdoor Corp.* | 16 | 1,996 | ||||||
Fossil Group, Inc.* | 7 | 109 | ||||||
|
| |||||||
| 2,105 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.8% |
| |||||||
BankFinancial Corp. | 5 | 81 | ||||||
HomeStreet, Inc.* | 12 | 255 | ||||||
MGIC Investment Corp.* | 78 | 817 | ||||||
OceanFirst Financial Corp. | 15 | 340 | ||||||
PennyMac Financial Services, Inc. (a) | 11 | 238 | ||||||
Radian Group, Inc. | 11 | 178 | ||||||
Walker & Dunlop, Inc. | 11 | 483 | ||||||
|
| |||||||
| 2,392 | ||||||||
|
| |||||||
Tobacco — 0.1% |
| |||||||
Turning Point Brands, Inc. | 14 | 373 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.8% |
| |||||||
Applied Industrial Technologies, Inc. | 11 | 588 | ||||||
MRC Global, Inc.* | 87 | 1,066 | ||||||
NOW, Inc.* | 27 | 317 | ||||||
Rush Enterprises, Inc., Class A | 5 | 155 | ||||||
Veritiv Corp.* | 9 | 220 | ||||||
|
| |||||||
| 2,346 | ||||||||
|
| |||||||
Water Utilities — 0.0%(b) |
| |||||||
Consolidated Water Co. Ltd. (Cayman Islands) | 3 | 37 | ||||||
|
| |||||||
Total Common Stocks | 275,885 | |||||||
|
| |||||||
NO. OF (000) | ||||||||
Warrants — 0.0% |
| |||||||
Consumer Finance — 0.0% |
| |||||||
Emergent Capital, Inc. expiring 10/1/2019, price 10.75* | 2 | — | ||||||
|
| |||||||
| SHARES (000) | ||||||||
Short-Term Investments — 4.4% |
| |||||||
Investment Companies — 4.4% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) | 12,615 | 12,615 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 25 | ||||||
Table of Contents
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 6.5% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL, 2.60% (c) (d) | 14,001 | 14,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d) | 4,684 | 4,684 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 18,684 | |||||||
|
| |||||||
Total Investments — 107.0% |
| 307,184 | ||||||
Liabilities in Excess of |
| (20,148 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 287,036 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
Abbreviations | ||
REIT | Real Estate Investment Trust | |
(a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $18,427,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. | |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts | ||||||||||||||||||
| Russell 2000 E-Mini Index | 164 | 03/2019 | USD | 11,067 | (271 | ) | ||||||||||||
|
| |||||||||||||||||
| (271 | ) | |||||||||||||||||
|
| |||||||||||||||||
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 26 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.4% | ||||||||
Auto Components — 1.0% |
| |||||||
LCI Industries | 875 | 58,449 | ||||||
|
| |||||||
Banks — 10.8% |
| |||||||
Associated Banc-Corp. | 2,560 | 50,663 | ||||||
BankUnited, Inc. | 2,021 | 60,506 | ||||||
Cadence BanCorp | 2,226 | 37,360 | ||||||
Commerce Bancshares, Inc. | 950 | 53,528 | ||||||
Cullen/Frost Bankers, Inc. | 204 | 17,942 | ||||||
First Financial Bancorp | 2,162 | 51,279 | ||||||
First Hawaiian, Inc. | 2,381 | 53,603 | ||||||
First Horizon National Corp. | 4,443 | 58,469 | ||||||
First Interstate BancSystem, Inc., Class A | 426 | 15,569 | ||||||
Great Western Bancorp, Inc. | 1,304 | 40,737 | ||||||
IBERIABANK Corp. | 881 | 56,655 | ||||||
Western Alliance Bancorp* | 1,230 | 48,561 | ||||||
Wintrust Financial Corp. | 835 | 55,502 | ||||||
|
| |||||||
| 600,374 | ||||||||
|
| |||||||
Beverages — 0.5% |
| |||||||
Cott Corp. (a) | 1,871 | 26,083 | ||||||
|
| |||||||
Building Products — 1.9% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,270 | 48,257 | ||||||
USG Corp. (a) | 1,373 | 58,588 | ||||||
|
| |||||||
| 106,845 | ||||||||
|
| |||||||
Capital Markets — 4.2% |
| |||||||
Eaton Vance Corp. | 1,093 | 38,461 | ||||||
FactSet Research Systems, Inc. (a) | 240 | 48,064 | ||||||
Focus Financial Partners, Inc., Class A* | 908 | 23,908 | ||||||
Lazard Ltd., Class A (a) | 1,315 | 48,533 | ||||||
Moelis & Co., Class A (a) | 905 | 31,129 | ||||||
Morningstar, Inc. | 392 | 43,047 | ||||||
|
| |||||||
| 233,142 | ||||||||
|
| |||||||
Chemicals — 4.7% |
| |||||||
GCP Applied Technologies, Inc.* (a) | 2,296 | 56,374 | ||||||
PQ Group Holdings, Inc.* | 3,794 | 56,196 | ||||||
Quaker Chemical Corp. | 445 | 79,133 | ||||||
Valvoline, Inc. | 3,601 | 69,675 | ||||||
|
| |||||||
| 261,378 | ||||||||
|
| |||||||
Commercial Services & Supplies — 6.7% |
| |||||||
Advanced Disposal Services, Inc.* | 2,006 | 48,023 | ||||||
Brady Corp., Class A | 2,269 | 98,616 | ||||||
BrightView Holdings, Inc.* | 2,879 | 29,395 | ||||||
Herman Miller, Inc. | 1,239 | 37,467 | ||||||
KAR Auction Services, Inc. | 1,471 | 70,193 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — continued |
| |||||||
MSA Safety, Inc. | 504 | 47,484 | ||||||
US Ecology, Inc. | 701 | 44,149 | ||||||
|
| |||||||
| 375,327 | ||||||||
|
| |||||||
Construction & Engineering — 0.7% |
| |||||||
Willscot Corp.* (a) | 3,925 | 36,972 | ||||||
|
| |||||||
Containers & Packaging — 3.3% |
| |||||||
AptarGroup, Inc. | 1,606 | 151,102 | ||||||
Crown Holdings, Inc.* (a) | 789 | 32,800 | ||||||
|
| |||||||
| 183,902 | ||||||||
|
| |||||||
Distributors — 2.8% |
| |||||||
Pool Corp. (a) | 1,065 | 158,277 | ||||||
|
| |||||||
Diversified Consumer Services — 0.8% |
| |||||||
ServiceMaster Global Holdings, Inc.* | 1,239 | 45,522 | ||||||
|
| |||||||
Electric Utilities — 1.7% |
| |||||||
Portland General Electric Co. | 2,028 | 92,961 | ||||||
|
| |||||||
Electrical Equipment — 1.0% |
| |||||||
Generac Holdings, Inc.* | 1,083 | 53,828 | ||||||
|
| |||||||
Energy Equipment & Services — 2.0% |
| |||||||
Core Laboratories NV (a) | 825 | 49,223 | ||||||
Patterson-UTI Energy, Inc. (a) | 5,870 | 60,752 | ||||||
|
| |||||||
| 109,975 | ||||||||
|
| |||||||
Entertainment — 1.5% |
| |||||||
Cinemark Holdings, Inc. | 2,382 | 85,270 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.7% |
| |||||||
CubeSmart | 2,107 | 60,438 | ||||||
EastGroup Properties, Inc. | 903 | 82,857 | ||||||
National Retail Properties, Inc. (a) | 2,464 | 119,514 | ||||||
Outfront Media, Inc. | 2,859 | 51,809 | ||||||
RLJ Lodging Trust | 3,434 | 56,322 | ||||||
|
| |||||||
| 370,940 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.0% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.* | 2,162 | 47,901 | ||||||
Performance Food Group Co.* | 3,748 | 120,949 | ||||||
|
| |||||||
| 168,850 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.0% |
| |||||||
ICU Medical, Inc.* | 314 | 72,165 | ||||||
West Pharmaceutical Services, Inc. (a) | 962 | 94,323 | ||||||
|
| |||||||
| 166,488 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 27 | ||||||
Table of Contents
JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — 5.1% |
| |||||||
Encompass Health Corp. | 1,432 | 88,329 | ||||||
HealthEquity, Inc.* | 615 | 36,678 | ||||||
Molina Healthcare, Inc.* | 609 | 70,835 | ||||||
Premier, Inc., Class A* | 1,404 | 52,454 | ||||||
Tivity Health, Inc.* | 1,447 | 35,895 | ||||||
|
| |||||||
| 284,191 | ||||||||
|
| |||||||
Health Care Technology — 1.0% |
| |||||||
Medidata Solutions, Inc.* (a) | 804 | 54,227 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.5% |
| |||||||
Monarch Casino & Resort, Inc.* (a) | 611 | 23,289 | ||||||
Papa John’s International, Inc. (a) | 167 | 6,630 | ||||||
|
| |||||||
| 29,919 | ||||||||
|
| |||||||
Insurance — 2.4% |
| |||||||
Kinsale Capital Group, Inc. | 693 | 38,483 | ||||||
ProAssurance Corp. (a) | 1,087 | 44,071 | ||||||
RLI Corp. (a) | 727 | 50,181 | ||||||
|
| |||||||
| 132,735 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.5% |
| |||||||
GrubHub, Inc.* (a) | 385 | 29,609 | ||||||
|
| |||||||
IT Services — 0.9% |
| |||||||
CoreLogic, Inc.* | 1,455 | 48,620 | ||||||
|
| |||||||
Leisure Products — 2.7% |
| |||||||
Acushnet Holdings Corp. | 2,895 | 60,990 | ||||||
Brunswick Corp. | 1,619 | 75,224 | ||||||
Malibu Boats, Inc., Class A* | 408 | 14,185 | ||||||
|
| |||||||
| 150,399 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.7% |
| |||||||
Syneos Health, Inc.* | 967 | 38,055 | ||||||
|
| |||||||
Machinery — 7.3% |
| |||||||
Altra Industrial Motion Corp. | 1,435 | 36,080 | ||||||
Douglas Dynamics, Inc. | 996 | 35,742 | ||||||
Gates Industrial Corp. plc* (a) | 2,698 | 35,727 | ||||||
Lincoln Electric Holdings, Inc. | 842 | 66,414 | ||||||
RBC Bearings, Inc.* (a) | 718 | 94,175 | ||||||
Toro Co. (The) | 2,524 | 141,038 | ||||||
|
| |||||||
| 409,176 | ||||||||
|
| |||||||
Media — 0.5% |
| |||||||
EW Scripps Co. (The), Class A | 1,831 | 28,803 | ||||||
|
| |||||||
Multi-Utilities — 1.5% |
| |||||||
NorthWestern Corp. | 1,393 | 82,799 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Pharmaceuticals — 2.3% |
| |||||||
Catalent, Inc.* | 2,562 | 79,877 | ||||||
Prestige Consumer Healthcare, Inc.* (a) | 1,591 | 49,134 | ||||||
|
| |||||||
| 129,011 | ||||||||
|
| |||||||
Real Estate Management & Development — 1.4% |
| |||||||
Cushman & Wakefield plc* (a) | 2,549 | 36,885 | ||||||
HFF, Inc., Class A | 1,236 | 40,971 | ||||||
|
| |||||||
| 77,856 | ||||||||
|
| |||||||
Road & Rail — 2.2% |
| |||||||
Knight-Swift Transportation Holdings, Inc. (a) | 2,394 | 60,010 | ||||||
Landstar System, Inc. | 657 | 62,891 | ||||||
|
| |||||||
| 122,901 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.5% |
| |||||||
Cabot Microelectronics Corp. | 598 | 57,006 | ||||||
Power Integrations, Inc. | 419 | 25,535 | ||||||
|
| |||||||
| 82,541 | ||||||||
|
| |||||||
Software — 8.6% |
| |||||||
Aspen Technology, Inc.* | 645 | 53,004 | ||||||
Blackbaud, Inc. | 664 | 41,755 | ||||||
Cision Ltd.* | 4,610 | 53,938 | ||||||
Cornerstone OnDemand, Inc.* | 850 | 42,862 | ||||||
Guidewire Software, Inc.* | 671 | 53,856 | ||||||
Instructure, Inc.* (a) | 1,003 | 37,638 | ||||||
Q2 Holdings, Inc.* | 1,295 | 64,184 | ||||||
SailPoint Technologies Holding, Inc.* (a) | 1,333 | 31,306 | ||||||
Tableau Software, Inc., Class A* | 416 | 49,927 | ||||||
Tyler Technologies, Inc.* | 277 | 51,470 | ||||||
|
| |||||||
| 479,940 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.0% |
| |||||||
Carter’s, Inc. | 661 | 53,958 | ||||||
|
| |||||||
Trading Companies & Distributors — 1.0% |
| |||||||
Applied Industrial Technologies, Inc. | 994 | 53,605 | ||||||
|
| |||||||
Total Common Stocks |
| 5,422,928 | ||||||
|
| |||||||
Short-Term Investments — 2.7% | ||||||||
Investment Companies — 2.7% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 152,021 | 152,021 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 28 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 2.8% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | 133,013 | 133,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 24,951 | 24,951 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 157,951 | |||||||
|
| |||||||
Total Investments — 102.9% | 5,732,900 | |||||||
Liabilities in Excess of | (159,354 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | 5,573,546 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $137,012,000. | |
(b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 29 | ||||||
Table of Contents
JPMorgan Small Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.2% | ||||||||
Aerospace & Defense — 1.7% |
| |||||||
HEICO Corp. | 216 | 16,733 | ||||||
Hexcel Corp. | 324 | 18,572 | ||||||
|
| |||||||
| 35,305 | ||||||||
|
| |||||||
Automobiles — 0.6% |
| |||||||
Winnebago Industries, Inc. (a) | 487 | 11,786 | ||||||
|
| |||||||
Banks — 0.7% |
| |||||||
Signature Bank | 67 | 6,848 | ||||||
Texas Capital Bancshares, Inc.* | 158 | 8,070 | ||||||
|
| |||||||
| 14,918 | ||||||||
|
| |||||||
Beverages — 0.6% |
| |||||||
Primo Water Corp.* | 922 | 12,916 | ||||||
|
| |||||||
Biotechnology — 11.1% |
| |||||||
ACADIA Pharmaceuticals, Inc.* (a) | 286 | 4,631 | ||||||
Adverum Biotechnologies, Inc.* | 1,723 | 5,429 | ||||||
Atara Biotherapeutics, Inc.* (a) | 476 | 16,529 | ||||||
Avrobio, Inc.* (a) | 335 | 5,579 | ||||||
Bellicum Pharmaceuticals, Inc.* (a) | 1,178 | 3,439 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.* | 564 | 20,844 | ||||||
Clementia Pharmaceuticals, Inc. (Canada)* | 875 | 10,292 | ||||||
Coherus Biosciences, Inc.* (a) | 1,194 | 10,803 | ||||||
Exact Sciences Corp.* (a) | 259 | 16,314 | ||||||
FibroGen, Inc.* | 397 | 18,374 | ||||||
G1 Therapeutics, Inc.* | 392 | 7,498 | ||||||
Global Blood Therapeutics, Inc.* (a) | 121 | 4,972 | ||||||
Halozyme Therapeutics, Inc.* | 1,494 | 21,856 | ||||||
Homology Medicines, Inc.* (a) | 817 | 18,271 | ||||||
Intercept Pharmaceuticals, Inc.* | 92 | 9,302 | ||||||
Portola Pharmaceuticals, Inc.* (a) | 248 | 4,835 | ||||||
REGENXBIO, Inc.* (a) | 336 | 14,092 | ||||||
Rubius Therapeutics, Inc.* (a) | 194 | 3,123 | ||||||
Sage Therapeutics, Inc.* | 86 | 8,267 | ||||||
Spark Therapeutics, Inc.* (a) | 338 | 13,244 | ||||||
Twist Bioscience Corp.* (a) | 465 | 10,732 | ||||||
|
| |||||||
| 228,426 | ||||||||
|
| |||||||
Building Products — 4.3% |
| |||||||
Advanced Drainage Systems, Inc. | 1,077 | 26,111 | ||||||
Lennox International, Inc. | 137 | 30,012 | ||||||
Trex Co., Inc.* | 548 | 32,537 | ||||||
|
| |||||||
| 88,660 | ||||||||
|
| |||||||
Capital Markets — 1.9% |
| |||||||
Evercore, Inc., Class A | 343 | 24,531 | ||||||
PennantPark Investment Corp. | 1,692 | 10,778 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Capital Markets — continued |
| |||||||
WisdomTree Investments, Inc. | 605 | 4,023 | ||||||
|
| |||||||
| 39,332 | ||||||||
|
| |||||||
Chemicals — 0.9% |
| |||||||
Ferro Corp.* | 1,189 | 18,644 | ||||||
|
| |||||||
Commercial Services & Supplies — 2.8% |
| |||||||
Advanced Disposal Services, Inc.* | 1,671 | 39,995 | ||||||
MSA Safety, Inc. | 187 | 17,649 | ||||||
|
| |||||||
| 57,644 | ||||||||
|
| |||||||
Communications Equipment — 2.1% |
| |||||||
Ciena Corp.* | 767 | 26,003 | ||||||
Quantenna Communications, Inc.* | 1,232 | 17,673 | ||||||
|
| |||||||
| 43,676 | ||||||||
|
| |||||||
Distributors — 1.2% |
| |||||||
Pool Corp. (a) | 173 | 25,679 | ||||||
|
| |||||||
Diversified Consumer Services — 1.4% |
| |||||||
Bright Horizons Family Solutions, Inc.* | 260 | 28,964 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.4% |
| |||||||
Vonage Holdings Corp.* | 915 | 7,988 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.1% |
| |||||||
Littelfuse, Inc. (a) | 126 | 21,642 | ||||||
|
| |||||||
Energy Equipment & Services — 0.2% |
| |||||||
Forum Energy Technologies, Inc.* (a) | 855 | 3,532 | ||||||
|
| |||||||
Entertainment — 2.2% |
| |||||||
Glu Mobile, Inc.* (a) | 1,913 | 15,442 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 401 | 29,960 | ||||||
|
| |||||||
| 45,402 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.1% |
| |||||||
CubeSmart | 393 | 11,268 | ||||||
Highwoods Properties, Inc. | 273 | 10,559 | ||||||
|
| |||||||
| 21,827 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.9% |
| |||||||
Performance Food Group Co.* | 1,186 | 38,264 | ||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Freshpet, Inc.* (a) | 575 | 18,497 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 4.0% |
| |||||||
GenMark Diagnostics, Inc.* | 1,298 | 6,306 | ||||||
Insulet Corp.* (a) | 286 | 22,686 | ||||||
iRhythm Technologies, Inc.* (a) | 327 | 22,730 | ||||||
LivaNova plc* | 137 | 12,540 | ||||||
Nevro Corp.* | 346 | 13,453 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 30 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Equipment & Supplies — continued |
| |||||||
TransEnterix, Inc.* | 2,108 | 4,765 | ||||||
|
| |||||||
| 82,480 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.0% |
| |||||||
Acadia Healthcare Co., Inc.* (a) | 411 | 10,562 | ||||||
Amedisys, Inc.* | 259 | 30,378 | ||||||
|
| |||||||
| 40,940 | ||||||||
|
| |||||||
Health Care Technology — 2.6% |
| |||||||
Evolent Health, Inc., Class A* (a) | 1,138 | 22,693 | ||||||
Teladoc Health, Inc.* (a) | 630 | 31,228 | ||||||
|
| |||||||
| 53,921 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.0% |
| |||||||
Boyd Gaming Corp. | 1,187 | 24,673 | ||||||
Planet Fitness, Inc., Class A* | 311 | 16,680 | ||||||
Red Rock Resorts, Inc., Class A (a) | 711 | 14,435 | ||||||
Texas Roadhouse, Inc. (a) | 449 | 26,819 | ||||||
|
| |||||||
| 82,607 | ||||||||
|
| |||||||
Household Durables — 0.5% |
| |||||||
TRI Pointe Group, Inc.* (a) | 898 | 9,811 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.0% |
| |||||||
Farfetch Ltd., Class A (United Kingdom)* (a) | 713 | 12,634 | ||||||
GrubHub, Inc.* (a) | 113 | 8,678 | ||||||
|
| |||||||
| 21,312 | ||||||||
|
| |||||||
IT Services — 2.9% |
| |||||||
ManTech International Corp., Class A | 274 | 14,320 | ||||||
MongoDB, Inc.* (a) | 53 | 4,436 | ||||||
Okta, Inc.* | 411 | 26,196 | ||||||
Wix.com Ltd. (Israel)* (a) | 162 | 14,592 | ||||||
|
| |||||||
| 59,544 | ||||||||
|
| |||||||
Machinery — 4.1% |
| |||||||
Graco, Inc. | 541 | 22,632 | ||||||
ITT, Inc. | 525 | 25,331 | ||||||
John Bean Technologies Corp. | 281 | 20,150 | ||||||
Oshkosh Corp. | 268 | 16,443 | ||||||
|
| |||||||
| 84,556 | ||||||||
|
| |||||||
Marine — 0.7% |
| |||||||
Kirby Corp.* (a) | 224 | 15,121 | ||||||
|
| |||||||
Media — 0.4% |
| |||||||
New York Times Co. (The), Class A | 351 | 7,818 | ||||||
|
| |||||||
Multiline Retail — 1.7% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.* (a) | 530 | 35,244 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — 0.5% |
| |||||||
Centennial Resource Development, Inc., Class A* (a) | 1,018 | 11,222 | ||||||
|
| |||||||
Pharmaceuticals — 3.8% |
| |||||||
Horizon Pharma plc* | 1,414 | 27,636 | ||||||
Nektar Therapeutics* | 200 | 6,576 | ||||||
Optinose, Inc.* | 780 | 4,835 | ||||||
Revance Therapeutics, Inc.* (a) | 795 | 16,006 | ||||||
TherapeuticsMD, Inc.* | 3,403 | 12,967 | ||||||
Tricida, Inc.* (a) | 427 | 10,059 | ||||||
|
| |||||||
| 78,079 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
RE/MAX Holdings, Inc., Class A | 351 | 10,798 | ||||||
|
| |||||||
Road & Rail — 1.2% |
| |||||||
Saia, Inc.* | 426 | 23,790 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.7% |
| |||||||
Entegris, Inc. | 1,256 | 35,045 | ||||||
Inphi Corp.* (a) | 986 | 31,711 | ||||||
MKS Instruments, Inc. | 356 | 23,000 | ||||||
Monolithic Power Systems, Inc. | 235 | 27,291 | ||||||
|
| |||||||
| 117,047 | ||||||||
|
| |||||||
Software — 16.3% |
| |||||||
2U, Inc.* (a) | 279 | 13,877 | ||||||
Anaplan, Inc.* | 509 | 13,519 | ||||||
Cloudera, Inc.* (a) | 1,774 | 19,620 | ||||||
Elastic NV* (a) | 186 | 13,321 | ||||||
Envestnet, Inc.* | 780 | 38,358 | ||||||
HubSpot, Inc.* (a) | 241 | 30,294 | ||||||
Instructure, Inc.* (a) | 477 | 17,886 | ||||||
New Relic, Inc.* | 138 | 11,193 | ||||||
Nutanix, Inc., Class A* | 317 | 13,192 | ||||||
Paycom Software, Inc.* (a) | 183 | 22,454 | ||||||
Pluralsight, Inc., Class A* (a) | 631 | 14,858 | ||||||
Proofpoint, Inc.* | 234 | 19,588 | ||||||
RingCentral, Inc., Class A* | 294 | 24,254 | ||||||
SailPoint Technologies Holding, Inc.* | 1,089 | 25,582 | ||||||
Smartsheet, Inc., Class A* | 568 | 14,109 | ||||||
Zendesk, Inc.* | 484 | 28,280 | ||||||
Zscaler, Inc.* (a) | 377 | 14,779 | ||||||
|
| |||||||
| 335,164 | ||||||||
|
| |||||||
Specialty Retail — 4.2% |
| |||||||
Floor & Decor Holdings, Inc., Class A* (a) | 298 | 7,711 | ||||||
Hudson Ltd., Class A* | 1,836 | 31,490 | ||||||
Lithia Motors, Inc., Class A | 256 | 19,522 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 31 | ||||||
Table of Contents
JPMorgan Small Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — continued |
| |||||||
National Vision Holdings, Inc.* | 982 | 27,661 | ||||||
|
| |||||||
| 86,384 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.7% | ||||||||
Wolverine World Wide, Inc. | 1,108 | 35,335 | ||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.4% |
| |||||||
Axos Financial, Inc.* (a) | 324 | 8,171 | ||||||
|
| |||||||
Trading Companies & Distributors — 3.9% |
| |||||||
Applied Industrial Technologies, Inc. | 442 | 23,814 | ||||||
H&E Equipment Services, Inc. | 595 | 12,155 | ||||||
Rush Enterprises, Inc., Class A | 778 | 26,814 | ||||||
SiteOne Landscape Supply, Inc.* (a) | 323 | 17,860 | ||||||
|
| |||||||
| 80,643 | ||||||||
|
| |||||||
Total Common Stocks |
| 2,043,089 | ||||||
|
| |||||||
Short-Term Investments — 1.0% | ||||||||
Investment Companies — 1.0% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 19,836 | 19,836 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 7.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | 125,013 | 125,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 21,444 | 21,444 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 146,444 | |||||||
|
| |||||||
Total Investments — 107.3% | 2,209,369 | |||||||
Liabilities in Excess of | (150,223 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 2,059,146 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $145,272,000. | |
(b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 32 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 96.3% | ||||||||
Aerospace & Defense — 0.7% | ||||||||
Curtiss-Wright Corp. | 43 | 4,350 | ||||||
Moog, Inc., Class A | 80 | 6,199 | ||||||
|
| |||||||
| 10,549 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.0% (a) | ||||||||
Echo Global Logistics, Inc.* | 16 | 320 | ||||||
|
| |||||||
Auto Components — 1.1% | ||||||||
Cooper-Standard Holdings, Inc.* | 7 | 453 | ||||||
Stoneridge, Inc.* | 144 | 3,547 | ||||||
Tenneco, Inc., Class A | 366 | 10,014 | ||||||
Tower International, Inc. | 62 | 1,485 | ||||||
|
| |||||||
| 15,499 | ||||||||
|
| |||||||
Banks — 15.4% | ||||||||
1st Source Corp. | 101 | 4,062 | ||||||
American National Bankshares, Inc. | 6 | 170 | ||||||
BancFirst Corp. | 117 | 5,848 | ||||||
BancorpSouth Bank | 72 | 1,893 | ||||||
Bank of Hawaii Corp. | 152 | 10,260 | ||||||
Banner Corp. | 142 | 7,578 | ||||||
Bryn Mawr Bank Corp. | 29 | 991 | ||||||
Cadence BanCorp | 16 | 265 | ||||||
Cathay General Bancorp | 192 | 6,448 | ||||||
Central Pacific Financial Corp. | 417 | 10,164 | ||||||
Central Valley Community Bancorp | 23 | 425 | ||||||
Century Bancorp, Inc., Class A | 8 | 535 | ||||||
Citizens & Northern Corp. | 18 | 476 | ||||||
City Holding Co. | 135 | 9,118 | ||||||
Community Bank System, Inc. (b) | 127 | 7,381 | ||||||
Community Trust Bancorp, Inc. | 114 | 4,514 | ||||||
East West Bancorp, Inc. | 11 | 494 | ||||||
Enterprise Financial Services Corp. | 197 | 7,428 | ||||||
FCB Financial Holdings, Inc., Class A* | 229 | 7,700 | ||||||
Financial Institutions, Inc. | 65 | 1,665 | ||||||
First Bancorp | 28 | 924 | ||||||
First BanCorp (Puerto Rico) | 1,129 | 9,709 | ||||||
First Citizens BancShares, Inc., Class A | 8 | 2,979 | ||||||
First Commonwealth Financial Corp. | 1,132 | 13,679 | ||||||
First Community Bancshares, Inc. | 56 | 1,769 | ||||||
First Financial Bankshares, Inc. (b) | 71 | 4,067 | ||||||
First Financial Corp. | 19 | 775 | ||||||
First Hawaiian, Inc. | 88 | 1,983 | ||||||
First Interstate BancSystem, Inc., Class A | 92 | 3,369 | ||||||
Flushing Financial Corp. | 136 | 2,932 | ||||||
Glacier Bancorp, Inc. (b) | 198 | 7,829 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Banks — continued | ||||||||
Great Southern Bancorp, Inc. | 34 | 1,583 | ||||||
Great Western Bancorp, Inc. | 96 | 2,984 | ||||||
Hancock Whitney Corp. | 24 | 839 | ||||||
Hope Bancorp, Inc. | 598 | 7,094 | ||||||
Independent Bank Corp. | 51 | 1,074 | ||||||
Investors Bancorp, Inc. (b) | 907 | 9,437 | ||||||
Lakeland Financial Corp. | 39 | 1,562 | ||||||
Mercantile Bank Corp. | 18 | 500 | ||||||
OFG Bancorp (Puerto Rico)(b) | 237 | 3,896 | ||||||
Preferred Bank (b) | 16 | 711 | ||||||
Republic Bancorp, Inc., Class A | 18 | 709 | ||||||
S&T Bancorp, Inc. | 20 | 772 | ||||||
South State Corp. | 7 | 405 | ||||||
Stock Yards Bancorp, Inc. | 18 | 581 | ||||||
Tompkins Financial Corp. | 21 | 1,553 | ||||||
TriState Capital Holdings, Inc.* (b) | 24 | 463 | ||||||
Trustmark Corp. (b) | 331 | 9,396 | ||||||
UMB Financial Corp. | 208 | 12,651 | ||||||
Umpqua Holdings Corp. | 550 | 8,746 | ||||||
Washington Trust Bancorp, Inc. | 35 | 1,683 | ||||||
Webster Financial Corp. | 104 | 5,131 | ||||||
West Bancorp, Inc. | 12 | 228 | ||||||
Westamerica Bancorp (b) | 306 | 17,055 | ||||||
|
| |||||||
| 226,483 | ||||||||
|
| |||||||
Biotechnology — 1.4% | ||||||||
Acorda Therapeutics, Inc.* | 31 | 481 | ||||||
AMAG Pharmaceuticals, Inc.* (b) | 228 | 3,468 | ||||||
Arcus Biosciences, Inc.* (b) | 308 | 3,321 | ||||||
Enanta Pharmaceuticals, Inc.* | 33 | 2,302 | ||||||
Epizyme, Inc.* | 230 | 1,418 | ||||||
Fate Therapeutics, Inc.* | 283 | 3,626 | ||||||
Five Prime Therapeutics, Inc.* | 150 | 1,394 | ||||||
Iovance Biotherapeutics, Inc.* | 269 | 2,377 | ||||||
Tocagen, Inc.* (b) | 239 | 1,965 | ||||||
|
| |||||||
| 20,352 | ||||||||
|
| |||||||
Building Products — 0.2% | ||||||||
Armstrong Flooring, Inc.* | 132 | 1,563 | ||||||
Masonite International Corp.* | 17 | 766 | ||||||
|
| |||||||
| 2,329 | ||||||||
|
| |||||||
Capital Markets — 1.1% | ||||||||
Arlington Asset Investment Corp., Class A (b) | 40 | 293 | ||||||
Associated Capital Group, Inc., Class A (b) | 10 | 366 | ||||||
Donnelley Financial Solutions, Inc.* | 168 | 2,361 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 33 | ||||||
Table of Contents
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Capital Markets — continued | ||||||||
GAMCO Investors, Inc., Class A | 18 | 299 | ||||||
Oppenheimer Holdings, Inc., Class A | 14 | 350 | ||||||
Stifel Financial Corp. (b) | 196 | 8,118 | ||||||
Virtus Investment Partners, Inc. | 49 | 3,884 | ||||||
|
| |||||||
| 15,671 | ||||||||
|
| |||||||
Chemicals — 1.0% | ||||||||
FutureFuel Corp. | 157 | 2,490 | ||||||
Minerals Technologies, Inc. | 87 | 4,461 | ||||||
Trinseo SA | 172 | 7,870 | ||||||
|
| |||||||
| 14,821 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.3% | ||||||||
ACCO Brands Corp. | 1,266 | 8,580 | ||||||
Ennis, Inc. | 78 | 1,496 | ||||||
Essendant, Inc. | 202 | 2,536 | ||||||
Quad/Graphics, Inc. | 254 | 3,126 | ||||||
VSE Corp. | 109 | 3,257 | ||||||
|
| |||||||
| 18,995 | ||||||||
|
| |||||||
Communications Equipment — 1.1% | ||||||||
Comtech Telecommunications Corp. | 33 | 806 | ||||||
Infinera Corp.* | 675 | 2,693 | ||||||
InterDigital, Inc. | 1 | 47 | ||||||
NETGEAR, Inc.* (b) | 58 | 2,997 | ||||||
NetScout Systems, Inc.* (b) | 424 | 10,026 | ||||||
|
| |||||||
| 16,569 | ||||||||
|
| |||||||
Construction & Engineering — 1.7% | ||||||||
Argan, Inc. | 33 | 1,256 | ||||||
EMCOR Group, Inc. | 251 | 14,982 | ||||||
KBR, Inc. | 221 | 3,353 | ||||||
MYR Group, Inc.* | 161 | 4,547 | ||||||
Sterling Construction Co., Inc.* | 11 | 120 | ||||||
Tutor Perini Corp.* | 52 | 831 | ||||||
|
| |||||||
| 25,089 | ||||||||
|
| |||||||
Consumer Finance — 0.3% | ||||||||
Nelnet, Inc., Class A | 85 | 4,423 | ||||||
|
| |||||||
Containers & Packaging — 0.2% | ||||||||
Graphic Packaging Holding Co. | 136 | 1,450 | ||||||
Myers Industries, Inc. | 51 | 769 | ||||||
|
| |||||||
| 2,219 | ||||||||
|
| |||||||
Distributors — 0.0% (a) | ||||||||
Weyco Group, Inc. | 6 | 178 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Diversified Consumer Services — 0.9% | ||||||||
Houghton Mifflin Harcourt Co.* | 547 | 4,846 | ||||||
K12, Inc.* | 364 | 9,026 | ||||||
|
| |||||||
| 13,872 | ||||||||
|
| |||||||
Diversified Financial Services — 0.1% | ||||||||
Marlin Business Services Corp. | 30 | 672 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.4% |
| |||||||
Consolidated Communications Holdings, Inc. (b) | 256 | 2,529 | ||||||
Frontier Communications Corp. (b) | 1,164 | 2,771 | ||||||
Windstream Holdings, Inc.* (b) | 452 | 944 | ||||||
|
| |||||||
| 6,244 | ||||||||
|
| |||||||
Electric Utilities — 1.8% |
| |||||||
El Paso Electric Co. | 240 | 12,011 | ||||||
Portland General Electric Co. | 301 | 13,796 | ||||||
Spark Energy, Inc., Class A(b) | 87 | 650 | ||||||
|
| |||||||
| 26,457 | ||||||||
|
| |||||||
Electrical Equipment — 0.2% | ||||||||
Bloom Energy Corp., Class A* (b) | 13 | 132 | ||||||
Powell Industries, Inc. | 111 | 2,786 | ||||||
|
| |||||||
| 2,918 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.2% |
| |||||||
Bel Fuse, Inc., Class B | 184 | 3,393 | ||||||
Benchmark Electronics, Inc. (b) | 447 | 9,472 | ||||||
Fabrinet (Thailand)* | 91 | 4,679 | ||||||
Insight Enterprises, Inc.* | 125 | 5,102 | ||||||
OSI Systems, Inc.* | 68 | 4,977 | ||||||
Tech Data Corp.* | 242 | 19,757 | ||||||
|
| |||||||
| 47,380 | ||||||||
|
| |||||||
Energy Equipment & Services — 1.3% | ||||||||
Archrock, Inc. | 563 | 4,216 | ||||||
Dawson Geophysical Co.* | 13 | 43 | ||||||
FTS International, Inc.* | 404 | 2,869 | ||||||
Matrix Service Co.* | 136 | 2,437 | ||||||
Natural Gas Services Group, Inc.* | 41 | 679 | ||||||
Nine Energy Service, Inc.* (b) | 42 | 942 | ||||||
Noble Corp. plc* (b) | 1,204 | 3,156 | ||||||
SEACOR Holdings, Inc.* | 16 | 577 | ||||||
Unit Corp.* | 169 | 2,416 | ||||||
US Silica Holdings, Inc. (b) | 207 | 2,107 | ||||||
|
| |||||||
| 19,442 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 10.3% |
| |||||||
Alexander & Baldwin, Inc.* | 186 | 3,411 | ||||||
American Assets Trust, Inc. | 221 | 8,878 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 34 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Ashford Hospitality Trust, Inc. | 831 | 3,325 | ||||||
Bluerock Residential Growth REIT, Inc. | 5 | 48 | ||||||
Braemar Hotels & Resorts, Inc. | 274 | 2,448 | ||||||
CBL & Associates Properties, Inc. (b) | 336 | 645 | ||||||
Cedar Realty Trust, Inc. | 255 | 801 | ||||||
City Office, Inc. | 45 | 458 | ||||||
CorEnergy Infrastructure Trust, Inc. (b) | 72 | 2,374 | ||||||
CoreSite Realty Corp. | 77 | 6,725 | ||||||
DiamondRock Hospitality Co. | 1,018 | 9,245 | ||||||
Franklin Street Properties Corp. | 308 | 1,919 | ||||||
GEO Group, Inc. (The) | 878 | 17,287 | ||||||
Getty Realty Corp. | 136 | 3,989 | ||||||
Gladstone Commercial Corp. | 68 | 1,217 | ||||||
Hersha Hospitality Trust | 111 | 1,950 | ||||||
Highwoods Properties, Inc. | 28 | 1,072 | ||||||
Hospitality Properties Trust | 148 | 3,532 | ||||||
Industrial Logistics Properties Trust | 34 | 667 | ||||||
InfraREIT, Inc.* | 331 | 6,962 | ||||||
Kite Realty Group Trust | 113 | 1,591 | ||||||
LTC Properties, Inc. | 40 | 1,646 | ||||||
Mack-Cali Realty Corp. | 394 | 7,716 | ||||||
Pebblebrook Hotel Trust | 650 | 18,413 | ||||||
Pennsylvania (b) | 413 | 2,451 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 796 | 13,569 | ||||||
PotlatchDeltic Corp. | 101 | 3,180 | ||||||
Preferred Apartment Communities, Inc., Class A | 184 | 2,591 | ||||||
PS Business Parks, Inc. | 40 | 5,214 | ||||||
RLJ Lodging Trust | 79 | 1,292 | ||||||
Saul Centers, Inc. | 11 | 519 | ||||||
Select Income | 68 | 497 | ||||||
STAG Industrial, Inc. | 65 | 1,622 | ||||||
Sunstone Hotel Investors, Inc. | 467 | 6,079 | ||||||
Urstadt Biddle Properties, Inc., Class A | 72 | 1,388 | ||||||
Washington (b) | 9 | 195 | ||||||
Washington Prime Group, Inc. (b) | 608 | 2,953 | ||||||
Xenia Hotels & Resorts, Inc. | 184 | 3,163 | ||||||
|
| |||||||
| 151,032 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.2% | ||||||||
BJ’s Wholesale Club Holdings, Inc.* | 58 | 1,294 | ||||||
Rite Aid Corp.* (b) | 3,022 | 2,140 | ||||||
|
| |||||||
| 3,434 | ||||||||
|
| |||||||
Food Products — 0.7% | ||||||||
Darling Ingredients, Inc.* | 509 | 9,785 | ||||||
Dean Foods Co. | 55 | 208 | ||||||
|
| |||||||
| 9,993 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Gas Utilities — 2.0% |
| |||||||
Northwest Natural Holding Co. | 208 | 12,564 | ||||||
Southwest Gas Holdings, Inc. (b) | 140 | 10,702 | ||||||
Spire, Inc. | 84 | 6,245 | ||||||
|
| |||||||
| 29,511 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.2% |
| |||||||
AngioDynamics, Inc.* | 138 | 2,780 | ||||||
FONAR Corp.* | 37 | 749 | ||||||
|
| |||||||
| 3,529 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.3% |
| |||||||
American Renal Associates Holdings, Inc.* | 313 | 3,609 | ||||||
Brookdale Senior Living, Inc.* (b) | 312 | 2,091 | ||||||
Community Health Systems, Inc.* (b) | 897 | 2,528 | ||||||
Cross Country Healthcare, Inc.* | 215 | 1,574 | ||||||
Magellan Health, Inc.* | 51 | 2,873 | ||||||
Owens & Minor, Inc. (b) | 573 | 3,625 | ||||||
Patterson Cos., Inc. (b) | 421 | 8,279 | ||||||
Triple-S Management Corp., Class B (Puerto Rico)* | 545 | 9,477 | ||||||
|
| |||||||
| 34,056 | ||||||||
|
| |||||||
Health Care Technology — 0.3% |
| |||||||
Allscripts Healthcare Solutions, Inc.* (b) | 395 | 3,807 | ||||||
NantHealth, Inc.* (b) | 234 | 127 | ||||||
|
| |||||||
| 3,934 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.5% |
| |||||||
Brinker International, Inc. (b) | 338 | 14,878 | ||||||
Penn National Gaming, Inc.* | 358 | 6,740 | ||||||
Speedway Motorsports, Inc. | 38 | 617 | ||||||
|
| |||||||
| 22,235 | ||||||||
|
| |||||||
Household Durables — 2.2% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 54 | 1,262 | ||||||
Helen of Troy Ltd.* (b) | 26 | 3,411 | ||||||
Hovnanian Enterprises, Inc., Class A* (b) | 2,386 | 1,632 | ||||||
KB Home | 807 | 15,404 | ||||||
Sonos, Inc.* (b) | 399 | 3,913 | ||||||
TRI Pointe Group, Inc.* (b) | 576 | 6,290 | ||||||
|
| |||||||
| 31,912 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 1.3% |
| |||||||
Atlantic Power Corp.* | 1,922 | 4,171 | ||||||
Clearway Energy, Inc., Class A | 381 | 6,438 | ||||||
Clearway Energy, Inc., Class C | 497 | 8,573 | ||||||
|
| |||||||
| 19,182 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 35 | ||||||
Table of Contents
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Insurance — 4.6% |
| |||||||
Ambac Financial Group, Inc.* | 92 | 1,590 | ||||||
American Equity Investment Life Holding Co. | 101 | 2,832 | ||||||
Argo Group International Holdings Ltd. | 70 | 4,695 | ||||||
CNO Financial Group, Inc. | 761 | 11,318 | ||||||
Global Indemnity Ltd. (Cayman Islands) | 11 | 391 | ||||||
Hallmark Financial Services, Inc.* | 68 | 728 | ||||||
HCI Group, Inc. | 31 | 1,596 | ||||||
Heritage Insurance Holdings, Inc. (b) | 559 | 8,230 | ||||||
Horace Mann Educators Corp. | 70 | 2,610 | ||||||
MBIA, Inc.* (b) | 1,102 | 9,829 | ||||||
Navigators Group, Inc. (The) | 54 | 3,766 | ||||||
Primerica, Inc. | 94 | 9,146 | ||||||
ProAssurance Corp. (b) | 120 | 4,847 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 366 | 3,528 | ||||||
Universal Insurance Holdings, Inc. | 52 | 1,987 | ||||||
|
| |||||||
| 67,093 | ||||||||
|
| |||||||
Interactive Media & Services — 0.2% |
| |||||||
Liberty TripAdvisor Holdings, Inc., Class A* | 225 | 3,574 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.7% |
| |||||||
Liberty Expedia Holdings, Inc., Class A* | 249 | 9,723 | ||||||
|
| |||||||
IT Services — 0.6% |
| |||||||
Perficient, Inc.* | 201 | 4,474 | ||||||
Perspecta, Inc. | 153 | �� | 2,635 | |||||
Unisys Corp.* (b) | 168 | 1,954 | ||||||
|
| |||||||
| 9,063 | ||||||||
|
| |||||||
Leisure Products — 0.1% |
| |||||||
YETI Holdings, Inc.* | 68 | 1,014 | ||||||
|
| |||||||
Machinery — 2.1% |
| |||||||
AGCO Corp. | 89 | 4,932 | ||||||
Briggs & Stratton Corp. | 142 | 1,863 | ||||||
Douglas Dynamics, Inc. | 228 | 8,165 | ||||||
EnPro Industries, Inc. | 19 | 1,154 | ||||||
Graham Corp. | 24 | 546 | ||||||
Harsco Corp.* | 204 | 4,050 | ||||||
Hurco Cos., Inc. | 42 | 1,503 | ||||||
LB Foster Co., Class A* | 31 | 491 | ||||||
Wabash National Corp. | 654 | 8,549 | ||||||
|
| |||||||
| 31,253 | ||||||||
|
| |||||||
Marine — 0.2% |
| |||||||
Costamare, Inc. (Monaco) | 587 | 2,577 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Media — 1.3% |
| |||||||
Gannett Co., Inc. (b) | 1,025 | 8,741 | ||||||
Hemisphere Media Group, Inc.* | 317 | 3,853 | ||||||
MSG Networks, Inc., Class A* | 18 | 430 | ||||||
New Media Investment Group, Inc. (b) | 253 | 2,929 | ||||||
Tribune Publishing Co.* | 217 | 2,461 | ||||||
WideOpenWest, Inc.* (b) | 134 | 958 | ||||||
|
| |||||||
| 19,372 | ||||||||
|
| |||||||
Metals & Mining — 1.5% |
| |||||||
Kaiser Aluminum Corp. | 40 | 3,536 | ||||||
SunCoke Energy, Inc.* | 354 | 3,030 | ||||||
Warrior Met Coal, Inc. | 312 | 7,520 | ||||||
Worthington Industries, Inc. | 217 | 7,574 | ||||||
|
| |||||||
| 21,660 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 2.2% |
| |||||||
AG Mortgage Investment Trust, Inc. | 87 | 1,392 | ||||||
ARMOUR Residential REIT, Inc. | 110 | 2,249 | ||||||
Capstead Mortgage Corp. (b) | 948 | 6,322 | ||||||
Cherry Hill Mortgage Investment Corp. | 233 | 4,082 | ||||||
Dynex Capital, Inc. | 365 | 2,085 | ||||||
Invesco Mortgage Capital, Inc. | 558 | 8,081 | ||||||
Two Harbors Investment Corp. (b) | 637 | 8,176 | ||||||
|
| |||||||
| 32,387 | ||||||||
|
| |||||||
Multiline Retail — 0.2% |
| |||||||
Dillard’s, Inc., Class A (b) | 54 | 3,245 | ||||||
|
| |||||||
Multi-Utilities — 1.2% |
| |||||||
Avista Corp. (b) | 231 | 9,804 | ||||||
NorthWestern Corp. | 122 | 7,258 | ||||||
Unitil Corp. | 20 | 1,013 | ||||||
|
| |||||||
| 18,075 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.7% |
| |||||||
Arch Coal, Inc., Class A (b) | 132 | 10,938 | ||||||
CVR Energy, Inc. | 54 | 1,845 | ||||||
Denbury Resources, Inc.* (b) | 1,891 | 3,233 | ||||||
EP Energy Corp., Class A* | 1,631 | 1,142 | ||||||
Gulfport Energy Corp.* | 1,407 | 9,218 | ||||||
Midstates Petroleum Co., Inc.* | 61 | 458 | ||||||
NACCO Industries, Inc., Class A | 44 | 1,488 | ||||||
PDC Energy, Inc.* | 52 | 1,536 | ||||||
Peabody Energy Corp. | 221 | 6,724 | ||||||
Renewable Energy Group, Inc.* (b) | 267 | 6,867 | ||||||
REX American Resources Corp.* | 96 | 6,545 | ||||||
W&T Offshore, Inc.* | 969 | 3,991 | ||||||
|
| |||||||
| 53,985 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 36 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Paper & Forest Products — 1.1% | ||||||||
Boise Cascade Co. | 69 | 1,637 | ||||||
Domtar Corp. | 92 | 3,235 | ||||||
Louisiana-Pacific Corp. | 17 | 371 | ||||||
Schweitzer-Mauduit International, Inc. | 210 | 5,271 | ||||||
Verso Corp., Class A* | 217 | 4,861 | ||||||
|
| |||||||
| 15,375 | ||||||||
|
| |||||||
Personal Products — 0.7% |
| |||||||
Edgewell Personal Care Co.* | 287 | 10,712 | ||||||
|
| |||||||
Pharmaceuticals — 1.2% |
| |||||||
Endo International plc* | 538 | 3,924 | ||||||
Intra-Cellular Therapies, Inc.* (b) | 123 | 1,404 | ||||||
Mallinckrodt plc* | 226 | 3,563 | ||||||
Medicines Co. (The)* (b) | 197 | 3,771 | ||||||
Prestige Consumer Healthcare, Inc.* | 151 | 4,660 | ||||||
|
| |||||||
| 17,322 | ||||||||
|
| |||||||
Professional Services — 3.4% |
| |||||||
Acacia Research Corp.* | 490 | 1,460 | ||||||
Barrett Business Services, Inc. | 104 | 5,961 | ||||||
CRA International, Inc. | 25 | 1,072 | ||||||
FTI Consulting, Inc.* | 229 | 15,287 | ||||||
Huron Consulting Group, Inc.* | 173 | 8,892 | ||||||
Navigant Consulting, Inc. | 583 | 14,026 | ||||||
TrueBlue, Inc.* (b) | 171 | 3,803 | ||||||
|
| |||||||
| 50,501 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.0% (a) |
| |||||||
Cushman & Wakefield plc* | 13 | 188 | ||||||
|
| |||||||
Road & Rail — 0.9% |
| |||||||
ArcBest Corp. | 295 | 10,089 | ||||||
Covenant Transportation Group, Inc., Class A* | 40 | 772 | ||||||
YRC Worldwide, Inc.* | 727 | 2,290 | ||||||
|
| |||||||
| 13,151 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.9% |
| |||||||
Amkor Technology, Inc.* | 696 | 4,565 | ||||||
Cirrus Logic, Inc.* | 429 | 14,224 | ||||||
Cohu, Inc. | 25 | 395 | ||||||
NeoPhotonics Corp.* | 154 | 998 | ||||||
Rambus, Inc.* | 1,279 | 9,812 | ||||||
Synaptics, Inc.* (b) | 238 | 8,868 | ||||||
Veeco Instruments, Inc.* | 381 | 2,820 | ||||||
Xperi Corp. (b) | 813 | 14,944 | ||||||
|
| |||||||
| 56,626 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — 2.7% |
| |||||||
ACI Worldwide, Inc.* | 234 | 6,477 | ||||||
Fair Isaac Corp.* | 65 | 12,080 | ||||||
MicroStrategy, Inc., Class A* | 97 | 12,392 | ||||||
Progress Software Corp. | 118 | 4,196 | ||||||
Synchronoss Technologies, Inc.* | 168 | 1,034 | ||||||
TiVo Corp. | 412 | 3,879 | ||||||
|
| |||||||
| 40,058 | ||||||||
|
| |||||||
Specialty Retail — 3.0% |
| |||||||
Abercrombie & Fitch Co., Class A (b) | 826 | 16,563 | ||||||
Cato Corp. (The), Class A | 138 | 1,965 | ||||||
Chico’s FAS, Inc. (b) | 175 | 981 | ||||||
Conn’s, Inc.* (b) | 99 | 1,861 | ||||||
Express, Inc.* (b) | 513 | 2,621 | ||||||
Hibbett Sports, Inc.* | 278 | 3,968 | ||||||
Murphy USA, Inc.* | 111 | 8,530 | ||||||
Office Depot, Inc. | 1,063 | 2,743 | ||||||
Sally Beauty Holdings, Inc.* | 240 | 4,099 | ||||||
Signet Jewelers Ltd. (b) | 43 | 1,350 | ||||||
|
| |||||||
| 44,681 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.8% |
| |||||||
Deckers Outdoor Corp.* | 63 | 8,099 | ||||||
Movado Group, Inc. | 112 | 3,551 | ||||||
|
| |||||||
| 11,650 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 3.5% |
| |||||||
BankFinancial Corp. | 125 | 1,863 | ||||||
Beneficial Bancorp, Inc. | 1,064 | 15,202 | ||||||
First Defiance Financial Corp. | 64 | 1,564 | ||||||
Meridian Bancorp, Inc. | 289 | 4,138 | ||||||
Northfield Bancorp, Inc. | 580 | 7,859 | ||||||
Oritani Financial Corp. | 26 | 378 | ||||||
Radian Group, Inc. | 103 | 1,687 | ||||||
Territorial Bancorp, Inc. | 15 | 382 | ||||||
United Community Financial Corp. | 40 | 350 | ||||||
United Financial Bancorp, Inc. | 90 | 1,324 | ||||||
Washington Federal, Inc. | 555 | 14,821 | ||||||
Waterstone Financial, Inc. | 82 | 1,379 | ||||||
WSFS Financial Corp. | 18 | 694 | ||||||
|
| |||||||
| 51,641 | ||||||||
|
| |||||||
Tobacco — 0.1% |
| |||||||
Vector Group Ltd. (b) | 193 | 1,880 | ||||||
|
| |||||||
Trading Companies & Distributors — 1.5% |
| |||||||
BMC Stock Holdings, Inc.* | 55 | 847 | ||||||
DXP Enterprises, Inc.* | 127 | 3,530 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 37 | ||||||
Table of Contents
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Trading Companies & Distributors — continued |
| |||||||
MRC Global, Inc.* | 451 | 5,510 | ||||||
Nexeo Solutions, Inc.* (b) | 103 | 885 | ||||||
NOW, Inc.* | 345 | 4,010 | ||||||
Titan Machinery, Inc.* | 348 | 4,580 | ||||||
Veritiv Corp.* | 84 | 2,095 | ||||||
|
| |||||||
| 21,457 | ||||||||
|
| |||||||
Water Utilities — 0.5% |
| |||||||
American States Water Co. | 115 | 7,716 | ||||||
|
| |||||||
Total Common Stocks |
| 1,415,279 | ||||||
|
| |||||||
NO. OF (000) | ||||||||
Warrants — 0.0% | ||||||||
Consumer Finance — 0.0% | ||||||||
Emergent Capital, Inc. expiring 10/1/2019, price 10.75* | 3 |
| — |
| ||||
|
| |||||||
Short-Term Investments — 3.0% | ||||||||
Investment Companies — 3.0% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) | 44,230 | 44,230 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 6.6% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (c) (d) | 86,009 | 86,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d) | 10,998 | 10,998 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 96,998 | |||||||
|
| |||||||
Total Investments — 105.9% | 1,556,507 | |||||||
Liabilities in Excess of | (86,106 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 1,470,401 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
Abbreviations | ||
REIT | Real Estate Investment Trust | |
(a) | Amount rounds to less than 0.1% of net assets. | |
(b) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $92,921,000. | |
(c) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
| Russell 2000 E-Mini Index | 558 | 03/2019 | USD | 37,654 | (761 | ) | ||||||||||||
|
| |||||||||||||||||
| (761 | ) | |||||||||||||||||
|
| |||||||||||||||||
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 38 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.8% | ||||||||
Aerospace & Defense — 0.4% | ||||||||
Curtiss-Wright Corp. | 34 | 3,513 | ||||||
Moog, Inc., Class A | 29 | 2,262 | ||||||
|
| |||||||
| 5,775 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.0% (a) | ||||||||
Echo Global Logistics, Inc.* | 15 | 313 | ||||||
|
| |||||||
Auto Components — 0.9% | ||||||||
Stoneridge, Inc.* | 307 | 7,575 | ||||||
Tenneco, Inc., Class A | 178 | 4,867 | ||||||
|
| |||||||
| 12,442 | ||||||||
|
| |||||||
Banks — 8.3% | ||||||||
1st Source Corp. | 49 | 1,996 | ||||||
BancFirst Corp. | 151 | 7,525 | ||||||
BancorpSouth Bank | 203 | 5,296 | ||||||
Banner Corp. | 325 | 17,360 | ||||||
Cadence BanCorp | 13 | 221 | ||||||
Cathay General Bancorp | 79 | 2,656 | ||||||
Central Pacific Financial Corp. | 246 | 5,983 | ||||||
Central Valley Community Bancorp | 18 | 347 | ||||||
Citizens & Northern Corp. | 20 | 536 | ||||||
City Holding Co. | 51 | 3,413 | ||||||
CVB Financial Corp. | 327 | 6,619 | ||||||
East West Bancorp, Inc. | 3 | 128 | ||||||
Enterprise Financial Services Corp. | 47 | 1,754 | ||||||
FCB Financial Holdings, Inc., Class A* | 243 | 8,170 | ||||||
First Commonwealth Financial Corp. | 331 | 3,998 | ||||||
First Community Bancshares, Inc. | 22 | 696 | ||||||
First Hawaiian, Inc. | 72 | 1,625 | ||||||
First Interstate BancSystem, Inc., Class A | 50 | 1,839 | ||||||
Flushing Financial Corp. | 67 | 1,445 | ||||||
Great Western Bancorp, Inc. | 25 | 766 | ||||||
Guaranty Bancorp | 33 | 691 | ||||||
Hope Bancorp, Inc. | 162 | 1,918 | ||||||
Independent Bank Corp. | 94 | 1,980 | ||||||
Independent Bank Corp. | 10 | 731 | ||||||
Investors Bancorp, Inc. | 222 | 2,312 | ||||||
National Bank Holdings Corp., Class A | 18 | 570 | ||||||
OFG Bancorp (Puerto Rico) | 29 | 479 | ||||||
PacWest Bancorp | 54 | 1,797 | ||||||
People’s United Financial, Inc. | 110 | 1,593 | ||||||
Simmons First National Corp., Class A | 94 | 2,269 | ||||||
TCF Financial Corp. | 204 | 3,968 | ||||||
Trustmark Corp. (b) | 70 | 1,982 | ||||||
UMB Financial Corp. | 49 | 2,988 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Banks — continued | ||||||||
Union Bankshares Corp. | 40 | 1,118 | ||||||
Webster Financial Corp. | 47 | 2,336 | ||||||
West Bancorp, Inc. | 32 | 618 | ||||||
Westamerica Bancorp (b) | 190 | 10,590 | ||||||
|
| |||||||
| 110,313 | ||||||||
|
| |||||||
Biotechnology — 7.1% | ||||||||
ACADIA Pharmaceuticals, Inc.* (b) | 267 | 4,319 | ||||||
Achillion Pharmaceuticals, Inc.* | 824 | 1,311 | ||||||
Aimmune Therapeutics, Inc.* | 110 | 2,636 | ||||||
Alder Biopharmaceuticals, Inc.* (b) | 211 | 2,159 | ||||||
AMAG Pharmaceuticals, Inc.* (b) | 156 | 2,364 | ||||||
Amicus Therapeutics, Inc.* (b) | 337 | 3,231 | ||||||
Aptinyx, Inc.* (b) | 134 | 2,213 | ||||||
Arena Pharmaceuticals, Inc.* | 103 | 4,002 | ||||||
Athenex, Inc.* (b) | 269 | 3,414 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.* | 126 | 4,648 | ||||||
Bluebird Bio, Inc.* (b) | 17 | 1,716 | ||||||
Clovis Oncology, Inc.* (b) | 127 | 2,277 | ||||||
CytomX Therapeutics, Inc.* | 115 | 1,742 | ||||||
Eagle Pharmaceuticals, Inc.* | 27 | 1,104 | ||||||
Flexion Therapeutics, Inc.* (b) | 119 | 1,344 | ||||||
Forty Seven, Inc.* (b) | 121 | 1,905 | ||||||
Global Blood Therapeutics, Inc.* (b) | 120 | 4,926 | ||||||
Gritstone Oncology, Inc.* (b) | 50 | 779 | ||||||
Homology Medicines, Inc.* (b) | 138 | 3,081 | ||||||
La Jolla Pharmaceutical Co.* (b) | 110 | 1,033 | ||||||
Mersana Therapeutics, Inc.* | 129 | 528 | ||||||
Myriad Genetics, Inc.* | 138 | 3,997 | ||||||
Natera, Inc.* | 133 | 1,859 | ||||||
NewLink Genetics Corp.* | 401 | 609 | ||||||
Novavax, Inc.* (b) | 1,679 | 3,089 | ||||||
Principia Biopharma, Inc.* | 124 | 3,383 | ||||||
Puma Biotechnology, Inc.* (b) | 80 | 1,618 | ||||||
REGENXBIO, Inc.* | 71 | 2,978 | ||||||
Sangamo Therapeutics, Inc.* | 66 | 761 | ||||||
Sarepta Therapeutics, Inc.* (b) | 30 | 3,241 | ||||||
Selecta Biosciences, Inc.* | 244 | 648 | ||||||
Seres Therapeutics, Inc.* (b) | 343 | 1,549 | ||||||
Solid Biosciences, Inc.* (b) | 108 | 2,881 | ||||||
Spark Therapeutics, Inc.* (b) | 54 | 2,106 | ||||||
Sutro Biopharma, Inc.* | 40 | 363 | ||||||
Synlogic, Inc.* (b) | 220 | 1,540 | ||||||
TG Therapeutics, Inc.* (b) | 238 | 976 | ||||||
Twist Bioscience Corp.* (b) | 72 | 1,658 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 39 | ||||||
Table of Contents
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Biotechnology — continued | ||||||||
Vanda Pharmaceuticals, Inc.* (b) | 171 | 4,479 | ||||||
Voyager Therapeutics, Inc.* | 182 | 1,713 | ||||||
Xencor, Inc.* | 130 | 4,708 | ||||||
Y-mAbs Therapeutics, Inc.* (b) | 12 | 244 | ||||||
|
| |||||||
| 95,132 | ||||||||
|
| |||||||
Building Products — 1.2% | ||||||||
Continental Building Products, Inc.* | 365 | 9,292 | ||||||
CSW Industrials, Inc.* | 42 | 2,045 | ||||||
Masonite International Corp.* | 93 | 4,183 | ||||||
|
| |||||||
| 15,520 | ||||||||
|
| |||||||
Capital Markets — 0.9% | ||||||||
BrightSphere Investment Group plc | 52 | 553 | ||||||
Donnelley Financial Solutions, Inc.* | 110 | 1,539 | ||||||
Evercore, Inc., Class A | 16 | 1,131 | ||||||
Houlihan Lokey, Inc. | 133 | 4,887 | ||||||
Stifel Financial Corp. | 64 | 2,645 | ||||||
Virtus Investment Partners, Inc. | 17 | 1,311 | ||||||
|
| |||||||
| 12,066 | ||||||||
|
| |||||||
Chemicals — 1.6% | ||||||||
FutureFuel Corp. | 180 | 2,861 | ||||||
Minerals Technologies, Inc. | 85 | 4,364 | ||||||
OMNOVA Solutions, Inc.* | 285 | 2,088 | ||||||
PolyOne Corp. | 38 | 1,098 | ||||||
Sensient Technologies Corp. (b) | 30 | 1,681 | ||||||
Trinseo SA | 214 | 9,783 | ||||||
|
| |||||||
| 21,875 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.6% | ||||||||
ACCO Brands Corp. | 1,060 | 7,188 | ||||||
Deluxe Corp. | 98 | 3,763 | ||||||
Ennis, Inc. | 277 | 5,330 | ||||||
Essendant, Inc. | 60 | 751 | ||||||
HNI Corp. | 28 | 999 | ||||||
Interface, Inc. | 60 | 854 | ||||||
VSE Corp. | 84 | 2,506 | ||||||
|
| |||||||
| 21,391 | ||||||||
|
| |||||||
Communications Equipment — 1.1% | ||||||||
Infinera Corp.* | 393 | 1,568 | ||||||
InterDigital, Inc. | 19 | 1,256 | ||||||
NetScout Systems, Inc.* | 507 | 11,971 | ||||||
|
| |||||||
| 14,795 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Construction & Engineering — 1.9% | ||||||||
EMCOR Group, Inc. | 294 | 17,531 | ||||||
MasTec, Inc.* (b) | 105 | 4,251 | ||||||
MYR Group, Inc.* | 98 | 2,755 | ||||||
Sterling Construction Co., Inc.* | 16 | 174 | ||||||
Tutor Perini Corp.* | 15 | 235 | ||||||
|
| |||||||
| 24,946 | ||||||||
|
| |||||||
Consumer Finance — 0.6% | ||||||||
Credit Acceptance Corp.* | 9 | 3,321 | ||||||
Green Dot Corp., Class A* | 42 | 3,348 | ||||||
Nelnet, Inc., Class A | 12 | 649 | ||||||
|
| |||||||
| 7,318 | ||||||||
|
| |||||||
Containers & Packaging — 0.2% | ||||||||
Graphic Packaging Holding Co. | 175 | 1,857 | ||||||
Myers Industries, Inc. | 29 | 435 | ||||||
|
| |||||||
| 2,292 | ||||||||
|
| |||||||
Distributors — 0.0% (a) | ||||||||
Weyco Group, Inc. | 11 | 312 | ||||||
|
| |||||||
Diversified Consumer Services — 0.8% | ||||||||
Houghton Mifflin Harcourt Co.* | 779 | 6,899 | ||||||
K12, Inc.* | 153 | 3,801 | ||||||
|
| |||||||
| 10,700 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.6% |
| |||||||
Frontier Communications Corp. (b) | 1,230 | 2,926 | ||||||
Vonage Holdings Corp.* | 414 | 3,618 | ||||||
Windstream Holdings, Inc.* (b) | 568 | 1,188 | ||||||
|
| |||||||
| 7,732 | ||||||||
|
| |||||||
Electric Utilities — 1.3% | ||||||||
El Paso Electric Co. | 96 | 4,792 | ||||||
PNM Resources, Inc. | 71 | 2,901 | ||||||
Portland General Electric Co. | 166 | 7,630 | ||||||
Spark Energy, Inc., Class A (b) | 249 | 1,852 | ||||||
|
| |||||||
| 17,175 | ||||||||
|
| |||||||
Electrical Equipment — 1.1% | ||||||||
Bloom Energy Corp., Class A* (b) | 11 | 111 | ||||||
Generac Holdings, Inc.* | 257 | 12,763 | ||||||
Powell Industries, Inc. | 83 | 2,086 | ||||||
|
| |||||||
| 14,960 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.7% |
| |||||||
Bel Fuse, Inc., Class B | 20 | 367 | ||||||
Benchmark Electronics, Inc. (b) | 287 | 6,070 | ||||||
ePlus, Inc.* | 78 | 5,537 | ||||||
OSI Systems, Inc.* | 101 | 7,418 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 40 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Electronic Equipment, Instruments & Components — continued |
| |||||||
Tech Data Corp.* | 147 | 12,034 | ||||||
Vishay Intertechnology, Inc. | 222 | 3,991 | ||||||
|
| |||||||
| 35,417 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.7% |
| |||||||
Archrock, Inc. | 259 | 1,939 | ||||||
Dawson Geophysical Co.* | 11 | 36 | ||||||
FTS International, Inc.* | 125 | 891 | ||||||
Matrix Service Co.* | 36 | 653 | ||||||
Natural Gas Services Group, Inc.* | 49 | 802 | ||||||
Nine Energy Service, Inc.* | 18 | 404 | ||||||
SEACOR Holdings, Inc.* | 40 | 1,491 | ||||||
Unit Corp.* | 113 | 1,609 | ||||||
US Silica Holdings, Inc. (b) | 129 | 1,313 | ||||||
|
| |||||||
| 9,138 | ||||||||
|
| |||||||
Entertainment — 0.1% |
| |||||||
Eros International plc (India)* (b) | 224 | 1,859 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.3% |
| |||||||
Alexander & Baldwin, Inc.* | 41 | 753 | ||||||
American Assets Trust, Inc. | 88 | 3,515 | ||||||
Ashford Hospitality Trust, Inc. | 587 | 2,346 | ||||||
CBL & Associates Properties, Inc. (b) | 95 | 182 | ||||||
City Office, Inc. | 26 | 264 | ||||||
CorEnergy Infrastructure Trust, Inc. (b) | 50 | 1,659 | ||||||
CoreSite Realty Corp. | 126 | 11,026 | ||||||
CubeSmart | 63 | 1,808 | ||||||
DiamondRock Hospitality Co. | 536 | 4,865 | ||||||
EastGroup Properties, Inc. | 41 | 3,761 | ||||||
Equity LifeStyle Properties, Inc. | 24 | 2,331 | ||||||
First Industrial Realty Trust, Inc. | 47 | 1,351 | ||||||
Franklin Street Properties Corp. | 81 | 502 | ||||||
GEO Group, Inc. (The) | 417 | 8,219 | ||||||
Gladstone Commercial Corp. | 18 | 328 | ||||||
Hersha Hospitality Trust | 152 | 2,671 | ||||||
Highwoods Properties, Inc. | 35 | 1,354 | ||||||
Hospitality Properties Trust | 96 | 2,283 | ||||||
InfraREIT, Inc.* | 9 | 185 | ||||||
LTC Properties, Inc. | 42 | 1,769 | ||||||
Mack-Cali Realty Corp. | 84 | 1,653 | ||||||
National Retail Properties, Inc. (b) | 12 | 572 | ||||||
Pebblebrook Hotel Trust | 470 | 13,300 | ||||||
Pennsylvania | 49 | 292 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 304 | 5,182 | ||||||
PotlatchDeltic Corp. | 38 | 1,214 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
PS Business Parks, Inc. | 24 | 3,105 | ||||||
RLJ Lodging Trust | 53 | 866 | ||||||
RPT Realty | 173 | 2,063 | ||||||
Saul Centers, Inc. | 46 | 2,167 | ||||||
Taubman Centers, Inc. | 31 | 1,410 | ||||||
Xenia Hotels & Resorts, Inc. | 40 | 679 | ||||||
|
| |||||||
| 83,675 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.1% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.* | 83 | 1,846 | ||||||
|
| |||||||
Food Products — 1.3% |
| |||||||
Darling Ingredients, Inc.* | 725 | 13,953 | ||||||
Dean Foods Co. | 241 | 918 | ||||||
Post Holdings, Inc.* | 23 | 2,050 | ||||||
Seneca Foods Corp., Class A* | 19 | 528 | ||||||
|
| |||||||
| 17,449 | ||||||||
|
| |||||||
Gas Utilities — 0.4% |
| |||||||
Northwest Natural Holding Co. | 24 | 1,451 | ||||||
Southwest Gas Holdings, Inc. (b) | 48 | 3,649 | ||||||
|
| |||||||
| 5,100 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 2.8% |
| |||||||
AngioDynamics, Inc.* | 280 | 5,639 | ||||||
Axonics Modulation Technologies, Inc.* | 12 | 181 | ||||||
Integer Holdings Corp.* | 229 | 17,464 | ||||||
Lantheus Holdings, Inc.* | 74 | 1,161 | ||||||
Meridian Bioscience, Inc. (b) | 206 | 3,575 | ||||||
NuVasive, Inc.* | 95 | 4,703 | ||||||
Orthofix Medical, Inc.* | 45 | 2,383 | ||||||
SI-BONE, Inc.* | 16 | 336 | ||||||
Utah Medical Products, Inc. | 18 | 1,487 | ||||||
|
| |||||||
| 36,929 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.8% |
| |||||||
Amedisys, Inc.* | 43 | 5,083 | ||||||
Civitas Solutions, Inc.* | 324 | 5,673 | ||||||
Community Health Systems, Inc.* (b) | 290 | 818 | ||||||
Cross Country Healthcare, Inc.* | 374 | 2,744 | ||||||
Guardant Health, Inc.* | 18 | 669 | ||||||
Molina Healthcare, Inc.* | 53 | 6,195 | ||||||
Owens & Minor, Inc. | 297 | 1,877 | ||||||
Patterson Cos., Inc. (b) | 132 | 2,589 | ||||||
Quorum Health Corp.* (b) | 581 | 1,680 | ||||||
RadNet, Inc.* | 126 | 1,279 | ||||||
Surgery Partners, Inc.* (b) | 132 | 1,291 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 41 | ||||||
Table of Contents
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — continued |
| |||||||
Tenet Healthcare Corp.* (b) | 447 | 7,662 | ||||||
Tivity Health, Inc.* | 295 | 7,324 | ||||||
Triple-S Management Corp., Class B (Puerto Rico)* | 323 | 5,611 | ||||||
|
| |||||||
| 50,495 | ||||||||
|
| |||||||
Health Care Technology — 0.3% |
| |||||||
Allscripts Healthcare Solutions, Inc.* (b) | 464 | 4,476 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.6% |
| |||||||
Bloomin’ Brands, Inc. | 492 | 8,804 | ||||||
Brinker International, Inc. (b) | 405 | 17,829 | ||||||
Penn National Gaming, Inc.* | 366 | 6,886 | ||||||
Speedway Motorsports, Inc. | 78 | 1,269 | ||||||
|
| |||||||
| 34,788 | ||||||||
|
| |||||||
Household Durables — 2.5% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 71 | 1,673 | ||||||
Hovnanian Enterprises, Inc., Class A* (b) | 1,834 | 1,254 | ||||||
KB Home | 837 | 15,977 | ||||||
Sonos, Inc.* (b) | 216 | 2,124 | ||||||
Taylor Morrison Home Corp., Class A* | 705 | 11,213 | ||||||
TRI Pointe Group, Inc.* | 114 | 1,250 | ||||||
|
| |||||||
| 33,491 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.6% |
| |||||||
Atlantic Power Corp.* | 1,668 | 3,619 | ||||||
Clearway Energy, Inc., Class A | 88 | 1,491 | ||||||
Clearway Energy, Inc., Class C | 192 | 3,314 | ||||||
|
| |||||||
| 8,424 | ||||||||
|
| |||||||
Insurance — 2.6% |
| |||||||
Ambac Financial Group, Inc.* | 15 | 252 | ||||||
American Equity Investment Life Holding Co. | 9 | 241 | ||||||
CNO Financial Group, Inc. | 280 | 4,166 | ||||||
First American Financial Corp. | 32 | 1,424 | ||||||
Global Indemnity Ltd. (Cayman Islands) | 19 | 678 | ||||||
Kemper Corp. | 29 | 1,912 | ||||||
Kinsale Capital Group, Inc. | 77 | 4,284 | ||||||
MBIA, Inc.* (b) | 479 | 4,274 | ||||||
Navigators Group, Inc. (The) | 49 | 3,426 | ||||||
Primerica, Inc. | 81 | 7,924 | ||||||
ProAssurance Corp. (b) | 59 | 2,397 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 100 | 967 | ||||||
Universal Insurance Holdings, Inc. | 57 | 2,146 | ||||||
|
| |||||||
| 34,091 | ||||||||
|
| |||||||
Interactive Media & Services — 0.8% |
| |||||||
Care.com, Inc.* | 96 | 1,858 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A* | 237 | 3,764 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Interactive Media & Services — continued |
| |||||||
Yelp, Inc.* | 158 | 5,518 | ||||||
|
| |||||||
| 11,140 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.3% |
| |||||||
Liberty Expedia Holdings, Inc., Class A* | 240 | 9,367 | ||||||
Overstock.com, Inc.* (b) | 343 | 4,658 | ||||||
Shutterfly, Inc.* | 72 | 2,910 | ||||||
|
| |||||||
| 16,935 | ||||||||
|
| |||||||
IT Services — 2.0% |
| |||||||
Brightcove, Inc.* | 339 | 2,384 | ||||||
CACI International, Inc., Class A* | 18 | 2,564 | ||||||
Endurance International Group Holdings, Inc.* | 209 | 1,390 | ||||||
Euronet Worldwide, Inc.* (b) | 24 | 2,457 | ||||||
NIC, Inc. | 215 | 2,686 | ||||||
Perficient, Inc.* | 311 | 6,932 | ||||||
Science Applications International Corp. | 108 | 6,867 | ||||||
Switch, Inc., Class A (b) | 45 | 311 | ||||||
Unisys Corp.* (b) | 36 | 420 | ||||||
|
| |||||||
| 26,011 | ||||||||
|
| |||||||
Leisure Products — 0.1% |
| |||||||
YETI Holdings, Inc.* (b) | 60 | 892 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.5% |
| |||||||
Luminex Corp. (b) | 77 | 1,770 | ||||||
Medpace Holdings, Inc.* | 90 | 4,785 | ||||||
|
| |||||||
| 6,555 | ||||||||
|
| |||||||
Machinery — 3.2% |
| |||||||
Actuant Corp., Class A | 197 | 4,127 | ||||||
Briggs & Stratton Corp. | 189 | 2,467 | ||||||
Douglas Dynamics, Inc. | 230 | 8,237 | ||||||
FreightCar America, Inc.* | 35 | 236 | ||||||
Graham Corp. | 33 | 763 | ||||||
Harsco Corp.* | 141 | 2,796 | ||||||
Hillenbrand, Inc. | 182 | 6,918 | ||||||
Kadant, Inc. | 66 | 5,376 | ||||||
LB Foster Co., Class A* | 22 | 344 | ||||||
Meritor, Inc.* | 163 | 2,758 | ||||||
Wabash National Corp. | 705 | 9,225 | ||||||
|
| |||||||
| 43,247 | ||||||||
|
| |||||||
Media — 1.6% |
| |||||||
Entravision Communications Corp., Class A | 223 | 649 | ||||||
Gannett Co., Inc. (b) | 810 | 6,905 | ||||||
Hemisphere Media Group, Inc.* | 215 | 2,610 | ||||||
MSG Networks, Inc., Class A* | 40 | 935 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 42 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Media — continued |
| |||||||
New Media Investment Group, Inc. (b) | 118 | 1,363 | ||||||
Sinclair Broadcast Group, Inc., Class A (b) | 199 | 5,247 | ||||||
Tribune Publishing Co.* | 173 | 1,965 | ||||||
WideOpenWest, Inc.* | 161 | 1,150 | ||||||
|
| |||||||
| 20,824 | ||||||||
|
| |||||||
Metals & Mining — 1.3% |
| |||||||
Kaiser Aluminum Corp. | 52 | 4,628 | ||||||
SunCoke Energy, Inc.* | 43 | 367 | ||||||
Warrior Met Coal, Inc. | 259 | 6,237 | ||||||
Worthington Industries, Inc. | 160 | 5,561 | ||||||
|
| |||||||
| 16,793 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.1% |
| |||||||
Capstead Mortgage Corp. | 491 | 3,272 | ||||||
Cherry Hill Mortgage Investment Corp. | 102 | 1,782 | ||||||
Dynex Capital, Inc. | 40 | 226 | ||||||
Invesco Mortgage Capital, Inc. | 180 | 2,606 | ||||||
Two Harbors Investment Corp. | 482 | 6,194 | ||||||
|
| |||||||
| 14,080 | ||||||||
|
| |||||||
Multiline Retail — 0.2% |
| |||||||
Dillard’s, Inc., Class A (b) | 51 | 3,076 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.9% |
| |||||||
Adams Resources & Energy, Inc. | 14 | 522 | ||||||
Arch Coal, Inc., Class A (b) | 54 | 4,448 | ||||||
CVR Energy, Inc. | 37 | 1,283 | ||||||
Denbury Resources, Inc.* | 972 | 1,662 | ||||||
Dorian LPG Ltd.* | 6 | 33 | ||||||
EP Energy Corp., Class A* | 644 | 451 | ||||||
Gulfport Energy Corp.* | 925 | 6,057 | ||||||
NACCO Industries, Inc., Class A | 52 | 1,753 | ||||||
PDC Energy, Inc.* | 36 | 1,083 | ||||||
Peabody Energy Corp. | 121 | 3,676 | ||||||
Renewable Energy Group, Inc.* (b) | 239 | 6,136 | ||||||
REX American Resources Corp.* | 103 | 7,002 | ||||||
W&T Offshore, Inc.* (b) | 1,204 | 4,959 | ||||||
|
| |||||||
| 39,065 | ||||||||
|
| |||||||
Paper & Forest Products — 0.2% |
| |||||||
Domtar Corp. | 38 | 1,318 | ||||||
Verso Corp., Class A* | 74 | 1,664 | ||||||
|
| |||||||
| 2,982 | ||||||||
|
| |||||||
Personal Products — 0.6% |
| |||||||
Edgewell Personal Care Co.* | 44 | 1,625 | ||||||
Herbalife Nutrition Ltd.* | 33 | 1,951 | ||||||
Medifast, Inc. | 12 | 1,550 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Personal Products — continued |
| |||||||
USANA Health Sciences, Inc.* | 19 | 2,237 | ||||||
|
| |||||||
| 7,363 | ||||||||
|
| |||||||
Pharmaceuticals — 2.2% |
| |||||||
Arvinas, Inc.* | 4 | 52 | ||||||
Cymabay Therapeutics, Inc.* (b) | 264 | 2,077 | ||||||
Endo International plc* | 551 | 4,020 | ||||||
Horizon Pharma plc* | 267 | 5,225 | ||||||
Lannett Co., Inc.* (b) | 109 | 540 | ||||||
Mallinckrodt plc* | 100 | 1,586 | ||||||
Menlo Therapeutics, Inc.* | 93 | 381 | ||||||
MyoKardia, Inc.* | 81 | 3,963 | ||||||
Paratek Pharmaceuticals, Inc.* (b) | 270 | 1,383 | ||||||
Prestige Consumer Healthcare, Inc.* | 177 | 5,450 | ||||||
Reata Pharmaceuticals, Inc., Class A* (b) | 71 | 3,961 | ||||||
resTORbio, Inc.* (b) | 68 | 586 | ||||||
|
| |||||||
| 29,224 | ||||||||
|
| |||||||
Professional Services — 3.0% |
| |||||||
Acacia Research Corp.* | 353 | 1,052 | ||||||
Barrett Business Services, Inc. | 161 | 9,196 | ||||||
Huron Consulting Group, Inc.* | 196 | 10,072 | ||||||
Navigant Consulting, Inc. | 396 | 9,529 | ||||||
TrueBlue, Inc.* | 149 | 3,322 | ||||||
Upwork, Inc.* (b) | 113 | 2,048 | ||||||
WageWorks, Inc.* | 184 | 5,000 | ||||||
|
| |||||||
| 40,219 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.0%(a) |
| |||||||
Cushman & Wakefield plc* (b) | 9 | 136 | ||||||
|
| |||||||
Road & Rail — 0.7% |
| |||||||
ArcBest Corp. | 207 | 7,085 | ||||||
Covenant Transportation Group, Inc., Class A* | 28 | 532 | ||||||
Schneider National, Inc., Class B | 48 | 892 | ||||||
YRC Worldwide, Inc.* | 171 | 538 | ||||||
|
| |||||||
| 9,047 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.8% |
| |||||||
Advanced Energy Industries, Inc.* | 24 | 1,017 | ||||||
Amkor Technology, Inc.* | 636 | 4,169 | ||||||
Cirrus Logic, Inc.* | 228 | 7,575 | ||||||
Cohu, Inc. | 192 | 3,084 | ||||||
Entegris, Inc. | 131 | 3,665 | ||||||
NeoPhotonics Corp.* | 133 | 862 | ||||||
Rambus, Inc.* | 1,622 | 12,444 | ||||||
Synaptics, Inc.* (b) | 172 | 6,386 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 43 | ||||||
Table of Contents
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Semiconductors & Semiconductor Equipment — continued |
| |||||||
Xperi Corp. | 586 | 10,782 | ||||||
|
| |||||||
| 49,984 | ||||||||
|
| |||||||
Software — 6.4% | ||||||||
ACI Worldwide, Inc.* | 408 | 11,281 | ||||||
Anaplan, Inc.* | 130 | 3,440 | ||||||
Aspen Technology, Inc.* | 181 | 14,875 | ||||||
Box, Inc., Class A* (b) | 71 | 1,190 | ||||||
Cloudera, Inc.* (b) | 161 | 1,781 | ||||||
CommVault Systems, Inc.* | 28 | 1,660 | ||||||
Domo, Inc., Class B* (b) | 195 | 3,834 | ||||||
Elastic NV* (b) | 79 | 5,647 | ||||||
Fair Isaac Corp.* | 77 | 14,399 | ||||||
Manhattan Associates, Inc.* | 40 | 1,707 | ||||||
MicroStrategy, Inc., Class A* | 16 | 2,095 | ||||||
Progress Software Corp. | 326 | 11,562 | ||||||
Proofpoint, Inc.* | 36 | 3,009 | ||||||
SPS Commerce, Inc.* | 43 | 3,534 | ||||||
Synchronoss Technologies, Inc.* | 256 | 1,572 | ||||||
Telenav, Inc.* | 76 | 307 | ||||||
TiVo Corp. | 159 | 1,495 | ||||||
Zix Corp.* | 369 | 2,117 | ||||||
|
| |||||||
| 85,505 | ||||||||
|
| |||||||
Specialty Retail — 3.8% | ||||||||
Abercrombie & Fitch Co., Class A (b) | 678 | 13,598 | ||||||
American Eagle Outfitters, Inc. | 305 | 5,892 | ||||||
Asbury Automotive Group, Inc.* | 76 | 5,053 | ||||||
Conn’s, Inc.* (b) | 43 | 816 | ||||||
Murphy USA, Inc.* | 60 | 4,629 | ||||||
RH* (b) | 113 | 13,540 | ||||||
Signet Jewelers Ltd. | 12 | 394 | ||||||
Sleep Number Corp.* | 200 | 6,346 | ||||||
|
| |||||||
| 50,268 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.1% |
| |||||||
Electronics For Imaging, Inc.* (b) | 30 | 741 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.7% | ||||||||
Crocs, Inc.* | 239 | 6,212 | ||||||
Deckers Outdoor Corp.* (b) | 96 | 12,296 | ||||||
Wolverine World Wide, Inc. | 145 | 4,624 | ||||||
|
| |||||||
| 23,132 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Thrifts & Mortgage Finance — 2.8% |
| |||||||
BankFinancial Corp. | 80 | 1,197 | ||||||
Beneficial Bancorp, Inc. | 603 | 8,618 | ||||||
Capitol Federal Financial, Inc. | 18 | 227 | ||||||
First Defiance Financial Corp. | 36 | 882 | ||||||
Meridian Bancorp, Inc. | 485 | 6,947 | ||||||
MGIC Investment Corp.* | 208 | 2,173 | ||||||
NMI Holdings, Inc., Class A* | 97 | 1,724 | ||||||
Northfield Bancorp, Inc. | 492 | 6,663 | ||||||
Radian Group, Inc. | 54 | 887 | ||||||
Washington Federal, Inc. | 320 | 8,539 | ||||||
|
| |||||||
| 37,857 | ||||||||
|
| |||||||
Trading Companies & Distributors — 1.3% |
| |||||||
Applied Industrial Technologies, Inc. | 42 | 2,277 | ||||||
DXP Enterprises, Inc.* | 123 | 3,435 | ||||||
MRC Global, Inc.* | 412 | 5,039 | ||||||
NOW, Inc.* | 226 | 2,632 | ||||||
Titan Machinery, Inc.* | 297 | 3,899 | ||||||
Veritiv Corp.* | 25 | 619 | ||||||
|
| |||||||
| 17,901 | ||||||||
|
| |||||||
Water Utilities — 0.8% | ||||||||
American States Water Co. | 156 | 10,425 | ||||||
|
| |||||||
Total Common Stocks |
| 1,315,637 | ||||||
|
| |||||||
NO. OF (000) | ||||||||
Warrants — 0.0% | ||||||||
Consumer Finance — 0.0% | ||||||||
Emergent Capital, Inc. expiring 10/1/2019, price 10.75* | — | (c) | — | |||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 1.9% |
| |||||||
Investment Companies — 1.9% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (e) | 25,354 | 25,354 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 44 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 8.2% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (d) (e) | 92,009 | 92,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (e) | 17,798 | 17,798 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 109,798 | |||||||
|
| |||||||
Total Investments — 108.9% | 1,450,789 | |||||||
Liabilities in Excess of | (118,704 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 1,332,085 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
(a) | Amount rounds to less than 0.1% of net assets. | |
(b) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $107,364,000. | |
(c) | Amount rounds to less than one thousand. | |
(d) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
| Russell 2000 E-Mini Index | 282 | 03/2019 | USD | 19,029 | 747 | |||||||||||||
|
| |||||||||||||||||
| 747 | ||||||||||||||||||
|
| |||||||||||||||||
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 45 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands, except per share amounts)
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | JPMorgan Small Cap Equity Fund | ||||||||||
ASSETS: | ||||||||||||
Investments innon-affiliates, at value | $ | 207,677 | $ | 275,885 | $ | 5,422,928 | ||||||
Investments in affiliates, at value | 5,375 | 12,615 | 152,021 | |||||||||
Investment of cash collateral received from securities loaned, at value (Note 2.C.) | 25,185 | 18,684 | 157,951 | |||||||||
Cash | — | (a) | 14 | 1,329 | ||||||||
Deposits at broker for futures contracts | — | 628 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 1,240 | 30,388 | |||||||||
Fund shares sold | 3,564 | 254 | 8,154 | |||||||||
Dividends fromnon-affiliates | 166 | 376 | 7,572 | |||||||||
Dividends from affiliates | 9 | 18 | 411 | |||||||||
Securities lending income (Note 2.C.) | 6 | 10 | 34 | |||||||||
Variation margin on futures contracts | — | 87 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 241,982 | 309,811 | 5,780,788 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 1,723 | 2,084 | 2,770 | |||||||||
Collateral received on securities loaned (Note 2.C.) | 25,185 | 18,684 | 157,951 | |||||||||
Fund shares redeemed | 1,893 | 1,709 | 41,243 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 100 | 148 | 3,193 | |||||||||
Administration fees | 3 | 12 | 391 | |||||||||
Distribution fees | 40 | 2 | 255 | |||||||||
Service fees | 44 | 14 | 795 | |||||||||
Custodian and accounting fees | 4 | 11 | 40 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | — | |||||||
Other | 19 | 111 | 604 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 29,011 | 22,775 | 207,242 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 212,971 | $ | 287,036 | $ | 5,573,546 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 46 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | JPMorgan Small Cap Equity Fund | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 208,928 | $ | 283,326 | $ | 4,630,820 | ||||||
Total distributable earnings (loss) (a) | 4,043 | 3,710 | 942,726 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 212,971 | $ | 287,036 | $ | 5,573,546 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 80,951 | $ | 4,381 | $ | 780,128 | ||||||
Class C | 35,706 | 1,975 | 106,059 | |||||||||
Class I | 96,297 | 15,288 | 2,405,067 | |||||||||
Class R2 | — | 92 | 9,427 | |||||||||
Class R3 | — | 200 | 1,966 | |||||||||
Class R4 | — | 1,406 | 496 | |||||||||
Class R5 | — | 189,100 | 1,067,138 | |||||||||
Class R6 | 17 | 74,594 | 1,203,265 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 212,971 | $ | 287,036 | $ | 5,573,546 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 4,928 | 102 | 18,649 | |||||||||
Class C | 3,326 | 46 | 3,492 | |||||||||
Class I | 4,888 | 354 | 49,378 | |||||||||
Class R2 | — | 2 | 230 | |||||||||
Class R3 | — | 5 | 47 | |||||||||
Class R4 | — | 33 | 10 | |||||||||
Class R5 | — | 4,366 | 21,867 | |||||||||
Class R6 | 1 | 1,725 | 24,669 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 16.43 | $ | 43.03 | $ | 41.83 | ||||||
Class C — Offering price per share (c) | 10.74 | 42.52 | 30.37 | |||||||||
Class I — Offering and redemption price per share | 19.70 | 43.21 | 48.71 | |||||||||
Class R2 — Offering and redemption price per share | — | 43.11 | 40.99 | |||||||||
Class R3 — Offering and redemption price per share | — | 43.21 | 41.57 | |||||||||
Class R4 — Offering and redemption price per share | — | 43.24 | 48.64 | |||||||||
Class R5 — Offering and redemption price per share | — | 43.31 | 48.80 | |||||||||
Class R6 — Offering and redemption price per share | 19.73 | 43.24 | 48.78 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 17.34 | $ | 45.41 | $ | 44.15 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 194,230 | $ | 272,620 | $ | 4,468,905 | ||||||
Cost of investments in affiliates | 5,375 | 12,615 | 152,021 | |||||||||
Investment securities on loan, at value | 24,891 | 18,427 | 137,012 | |||||||||
Cost of investment of cash collateral | 25,185 | 18,684 | 157,951 | |||||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 47 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund | JPMorgan U.S. Small | ||||||||||
ASSETS: | ||||||||||||
Investments innon-affiliates, at value | $ | 2,043,089 | $ | 1,415,279 | $ | 1,315,637 | ||||||
Investments in affiliates, at value | 19,836 | 44,230 | 25,354 | |||||||||
Investment of cash collateral received from Securities loaned (Note 2.C.) | 146,444 | 96,998 | 109,798 | |||||||||
Cash | — | 29 | 37 | |||||||||
Deposits at broker for futures contracts | — | 3,542 | 1,980 | |||||||||
Receivables: | ||||||||||||
Due from custodian | — | 798 | 1,902 | |||||||||
Investment securities sold | — | 17,765 | 13,650 | |||||||||
Fund shares sold | 7,534 | 20,145 | 6,519 | |||||||||
Dividends fromnon-affiliates | 822 | 3,010 | 1,353 | |||||||||
Dividends from affiliates | 35 | 98 | 41 | |||||||||
Securities lending income (Note 2.C.) | 50 | 38 | 50 | |||||||||
Variation margin on futures contracts | — | 154 | 76 | |||||||||
Prepaid expenses | 78 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,217,888 | 1,602,086 | 1,476,397 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | — | 18,202 | 19,905 | |||||||||
Collateral received on securities loaned (Note 2.C.) | 146,444 | 96,998 | 109,798 | |||||||||
Fund shares redeemed | 10,685 | 15,085 | 13,354 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 1,143 | 824 | 722 | |||||||||
Administration fees | 131 | 95 | 98 | |||||||||
Distribution fees | 103 | 80 | 78 | |||||||||
Service fees | 156 | 128 | 160 | |||||||||
Custodian and accounting fees | 14 | 20 | 17 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | — | (a) | — | ||||||||
Other | 66 | 253 | 180 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 158,742 | 131,685 | 144,312 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,059,146 | $ | 1,470,401 | $ | 1,332,085 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 48 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund | JPMorgan U.S. Small | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 1,898,756 | $ | 1,440,427 | $ | 1,360,369 | ||||||
Total distributable earnings (loss) (a) | 160,390 | 29,974 | (28,284 | ) | ||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 2,059,146 | $ | 1,470,401 | $ | 1,332,085 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 280,661 | $ | 217,136 | $ | 146,042 | ||||||
Class C | 43,450 | 19,104 | 30,721 | |||||||||
Class I | 192,982 | 263,397 | 285,849 | |||||||||
Class L | 404,852 | — | 396,282 | |||||||||
Class R2 | 25,896 | 33,913 | 42,697 | |||||||||
Class R3 | 749 | 12,643 | 19,334 | |||||||||
Class R4 | 741 | 366 | 5,828 | |||||||||
Class R5 | 28,549 | 86,760 | 9,721 | |||||||||
Class R6 | 1,081,266 | 837,082 | 395,611 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 2,059,146 | $ | 1,470,401 | $ | 1,332,085 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 20,919 | 10,157 | 10,209 | |||||||||
Class C | 4,661 | 1,115 | 2,271 | |||||||||
Class I | 12,854 | 11,514 | 19,478 | |||||||||
Class L | 26,076 | — | 27,048 | |||||||||
Class R2 | 2,009 | 1,605 | 3,055 | |||||||||
Class R3 | 56 | 592 | 1,360 | |||||||||
Class R4 | 55 | 16 | 399 | |||||||||
Class R5 | 1,838 | 3,789 | 665 | |||||||||
Class R6 | 68,858 | 36,504 | 26,991 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 13.42 | $ | 21.38 | $ | 14.31 | ||||||
Class C — Offering price per share (c) | 9.32 | 17.12 | 13.53 | |||||||||
Class I — Offering and redemption price per share | 15.01 | 22.88 | 14.68 | |||||||||
Class L — Offering and redemption price per share | 15.53 | — | 14.65 | |||||||||
Class R2 — Offering and redemption price per share | 12.89 | 21.13 | 13.98 | |||||||||
Class R3 — Offering and redemption price per share | 13.42 | 21.34 | 14.22 | |||||||||
Class R4 — Offering and redemption price per share | 13.47 | 22.85 | 14.60 | |||||||||
Class R5 — Offering and redemption price per share | 15.53 | 22.90 | 14.62 | |||||||||
Class R6 — Offering and redemption price per share | 15.70 | 22.93 | 14.66 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 14.16 | $ | 22.56 | $ | 15.10 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 1,859,781 | $ | 1,387,902 | $ | 1,311,349 | ||||||
Cost of investments in affiliates | 19,836 | 44,230 | 25,354 | |||||||||
Investment securities on loan, at value | 145,272 | 92,921 | 107,364 | |||||||||
Cost of investment of cash collateral | 146,444 | 96,998 | 109,798 | |||||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 49 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands)
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | JPMorgan Small Cap Equity Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income fromnon-affiliates | $ | — | $ | 5 | $ | — | ||||||
Interest income from affiliates | — | (a) | — | (a) | — | (a) | ||||||
Dividend income fromnon-affiliates | 1,204 | 1,998 | 45,077 | |||||||||
Dividend income from affiliates | 58 | 113 | 2,891 | |||||||||
Income from securities lending (net) | 16 | 24 | 83 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 1,278 | 2,140 | 48,051 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 776 | 1,047 | 22,126 | |||||||||
Administration fees | 97 | 131 | 2,761 | |||||||||
Distribution fees: | ||||||||||||
Class A | 112 | 6 | 1,300 | |||||||||
Class C | 150 | 9 | 511 | |||||||||
Class R2 | — | — | (a) | 29 | ||||||||
Class R3 | — | — | (a) | 3 | ||||||||
Service fees: | ||||||||||||
Class A | 112 | 6 | 1,300 | |||||||||
Class C | 50 | 3 | 170 | |||||||||
Class I | 137 | 20 | 3,644 | |||||||||
Class R2 | — | — | (a) | 14 | ||||||||
Class R3 | — | — | (a) | 3 | ||||||||
Class R4 | — | 2 | 1 | |||||||||
Class R5 | — | 110 | 635 | |||||||||
Custodian and accounting fees | 21 | 25 | 91 | |||||||||
Professional fees | 44 | 28 | 62 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 13 | 13 | 26 | |||||||||
Printing and mailing costs | 9 | 10 | 154 | |||||||||
Registration and filing fees | 37 | 77 | 179 | |||||||||
Transfer agency fees (See Note 2.F.) | 11 | 6 | 82 | |||||||||
Other | 7 | 8 | 48 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,576 | 1,501 | 33,139 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (137 | ) | (206 | ) | (916 | ) | ||||||
Less expense reimbursements | — | — | (a) | (4 | ) | |||||||
|
|
|
|
|
| |||||||
Net expenses | 1,439 | 1,295 | 32,219 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | (161 | ) | 845 | 15,832 | ||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments innon-affiliates | 3,742 | 13,299 | 202,199 | |||||||||
Futures contracts | — | (2,127 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 3,742 | 11,172 | 202,199 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||
Investments innon-affiliates | (45,496 | ) | (75,789 | ) | (1,153,583 | ) | ||||||
Futures contracts | — | (201 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (45,496 | ) | (75,990 | ) | (1,153,583 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (41,754 | ) | (64,818 | ) | (951,384 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | (41,915 | ) | $ | (63,973 | ) | $ | (935,552 | ) | |||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 50 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund | JPMorgan U.S. Small Company Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income fromnon-affiliates | $ | — | $ | 21 | $ | 20 | ||||||
Interest income from affiliates | — | (a) | — | (a) | — | (a) | ||||||
Dividend income fromnon-affiliates | 5,123 | 16,131 | 9,844 | |||||||||
Dividend income from affiliates | 354 | 540 | 481 | |||||||||
Non-cash dividend income fromnon-affiliates | — | 967 | — | |||||||||
Income from securities lending (net) | 173 | 88 | 98 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 5,650 | 17,747 | 10,443 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 7,768 | 5,926 | 5,108 | |||||||||
Administration fees | 969 | 739 | 690 | |||||||||
Distribution fees: | ||||||||||||
Class A | 432 | 365 | 242 | |||||||||
Class C | 190 | 92 | 155 | |||||||||
Class R2 | 77 | 106 | 127 | |||||||||
Class R3 | 1 | 17 | 25 | |||||||||
Service fees: | ||||||||||||
Class A | 432 | 365 | 242 | |||||||||
Class C | 63 | 31 | 52 | |||||||||
Class I | 330 | 402 | 495 | |||||||||
Class L | 242 | — | 266 | |||||||||
Class R2 | 38 | 53 | 63 | |||||||||
Class R3 | 1 | 17 | 25 | |||||||||
Class R4 | 1 | 1 | 7 | |||||||||
Class R5 | 16 | 64 | 5 | |||||||||
Custodian and accounting fees | 44 | 41 | 39 | |||||||||
Professional fees | 37 | 34 | 36 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 17 | 16 | 16 | |||||||||
Printing and mailing costs | 79 | 51 | 35 | |||||||||
Registration and filing fees | 100 | 77 | 111 | |||||||||
Transfer agency fees (See Note 2.F.) | 35 | 64 | 40 | |||||||||
Other | 21 | 20 | 17 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 10,893 | 8,481 | 7,796 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (266 | ) | (265 | ) | (56 | ) | ||||||
Less expense reimbursements | (6 | ) | (11 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 10,621 | 8,205 | 7,740 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | (4,971 | ) | 9,542 | 2,703 | ||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||
Investments innon-affiliates | 22,113 | 139,565 | 47,310 | |||||||||
Futures contracts | — | (13,877 | ) | (8,475 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 22,113 | 125,688 | 38,835 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||
Investments innon-affiliates | (451,783 | ) | (477,930 | ) | (355,209 | ) | ||||||
Futures contracts | — | (520 | ) | 1,986 | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (451,783 | ) | (478,450 | ) | (353,223 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (429,670 | ) | (352,762 | ) | (314,388 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | (434,641 | ) | $ | (343,220 | ) | $ | (311,685 | ) | |||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 51 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (161 | ) | $ | (1,589 | ) | $ | 845 | $ | 1,237 | ||||||
Net realized gain (loss) | 3,742 | 67,803 | 11,172 | 18,718 | ||||||||||||
Change in net unrealized appreciation/depreciation | (45,496 | ) | (5,489 | ) | (75,990 | ) | 24,496 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (41,915 | ) | 60,725 | (63,973 | ) | 44,451 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: (a) | ||||||||||||||||
Class A | (22,374 | ) | (8,120 | ) | (352 | ) | (252 | ) | ||||||||
Class C | (12,520 | ) | (5,253 | ) | (172 | ) | (108 | ) | ||||||||
Class I | (24,328 | ) | (8,033 | ) | (1,269 | ) | (1,875 | ) | ||||||||
Class R2 (b) | — | — | (3 | ) | (2 | ) | ||||||||||
Class R3 (b) | — | — | (2 | ) | (2 | ) | ||||||||||
Class R4 (b) | — | — | (114 | ) | (2 | ) | ||||||||||
Class R5 | — | — | (16,043 | ) | (15,677 | ) | ||||||||||
Class R6 (d) | (4 | ) | — | (6,241 | ) | (2,907 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (59,226 | ) | (21,406 | ) | (24,196 | ) | (20,825 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 95,355 | 9,046 | 61,385 | 79,449 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (5,786 | ) | 48,365 | (26,784 | ) | 103,075 | ||||||||||
Beginning of period | 218,757 | 170,392 | 313,820 | 210,745 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 212,971 | $ | 218,757 | $ | 287,036 | $ | 313,820 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | |||||||
Class A | ||||||||
From net investment income | $ | — | $ | (1 | ) | |||
From net realized gains | (8,120 | ) | (251 | ) | ||||
Class C | ||||||||
From net realized gains | (5,253 | ) | (108 | ) | ||||
Class I | ||||||||
From net investment income | — | (74 | ) | |||||
From net realized gains | (8,033 | ) | (1,801 | ) | ||||
Class R2 (b) | ||||||||
From net investment income | — | — | (c) | |||||
From net realized gains | — | (2 | ) | |||||
Class R3(b) | ||||||||
From net investment income | — | — | (c) | |||||
From net realized gains | — | (2 | ) | |||||
Class R4(b) | ||||||||
From net investment income | — | — | (c) | |||||
From net realized gains | — | (2 | ) | |||||
Class R5 | ||||||||
From net investment income | — | (626 | ) | |||||
From net realized gains | — | (15,051 | ) | |||||
Class R6 | ||||||||
From net investment income | — | (134 | ) | |||||
From net realized gains | — | (2,773 | ) | |||||
| (b) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Core Fund. |
| (c) | Amount rounds to less than one thousand. |
| (d) | Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 52 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Small Cap Equity Fund | JPMorgan Small Cap Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 15,832 | $ | 30,506 | $ | (4,971 | ) | $ | (7,870 | ) | ||||||
Net realized gain (loss) | 202,199 | 239,434 | 22,113 | 300,478 | ||||||||||||
Change in net unrealized appreciation/depreciation | (1,153,583 | ) | 609,763 | (451,783 | ) | 197,385 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (935,552 | ) | 879,703 | (434,641 | ) | 489,993 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (61,854 | ) | (62,632 | ) | (37,004 | ) | (17,975 | ) | ||||||||
Class C | (11,312 | ) | (10,709 | ) | (8,359 | ) | (2,339 | ) | ||||||||
Class I | (172,497 | ) | (134,911 | ) | (25,203 | ) | (11,269 | ) | ||||||||
Class L | — | — | (48,328 | ) | (23,301 | ) | ||||||||||
Class R2 | (723 | ) | (785 | ) | (3,487 | ) | (2,118 | ) | ||||||||
Class R3 (b) | (155 | ) | (139 | ) | (93 | ) | (2 | ) | ||||||||
Class R4 (b) | (50 | ) | (4 | ) | (91 | ) | (2 | ) | ||||||||
Class R5 | (79,273 | ) | (66,108 | ) | (3,229 | ) | (152 | ) | ||||||||
Class R6 | (85,443 | ) | (74,342 | ) | (122,202 | ) | (54,605 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (411,307 | ) | (349,630 | ) | (247,996 | ) | (111,763 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 92,166 | 9,723 | 551,871 | 495,754 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (1,254,693 | ) | 539,796 | (130,766 | ) | 873,984 | ||||||||||
Beginning of period | 6,828,239 | 6,288,443 | 2,189,912 | 1,315,928 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 5,573,546 | $ | 6,828,239 | $ | 2,059,146 | $ | 2,189,912 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Small Cap Equity Fund | JPMorgan Small Cap Growth Fund | |||||||
Class A | ||||||||
From net investment income | $ | (2,285 | ) | $ | — | |||
From net realized gains | (60,347 | ) | (17,975 | ) | ||||
Class C | ||||||||
From net realized gains | (10,709 | ) | (2,339 | ) | ||||
Class I | ||||||||
From net investment income | (10,544 | ) | — | |||||
From net realized gains | (124,367 | ) | (11,269 | ) | ||||
Class L | ||||||||
From net realized gains | — | (23,301 | ) | |||||
Class R2 | ||||||||
From net investment income | (5 | ) | — | |||||
From net realized gains | (780 | ) | (2,118 | ) | ||||
Class R3(b) | ||||||||
From net investment income | (15 | ) | — | |||||
From net realized gains | (124 | ) | (2 | ) | ||||
Class R4(b) | ||||||||
From net investment income | — | (c) | — | |||||
From net realized gains | (4 | ) | (2 | ) | ||||
Class R5 | ||||||||
From net investment income | (7,451 | ) | — | |||||
From net realized gains | (58,657 | ) | (152 | ) | ||||
Class R6 | ||||||||
From net investment income | (9,002 | ) | — | |||||
From net realized gains | (65,340 | ) | (54,605 | ) | ||||
| (b) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Growth Fund. |
| (c) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 53 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Small Cap Value Fund | JPMorgan U.S. Small Company Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 9,542 | $ | 20,141 | $ | 2,703 | $ | 5,467 | ||||||||
Net realized gain (loss) | 125,688 | 115,617 | 38,835 | 144,995 | ||||||||||||
Change in net unrealized appreciation/depreciation | (478,450 | ) | 84,422 | (353,223 | ) | 111,286 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (343,220 | ) | 220,180 | (311,685 | ) | 261,748 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (32,649 | ) | (26,130 | ) | (17,753 | ) | (13,966 | ) | ||||||||
Class C | (3,540 | ) | (2,152 | ) | (3,937 | ) | (3,080 | ) | ||||||||
Class I | (36,659 | ) | (23,178 | ) | (34,817 | ) | (25,766 | ) | ||||||||
Class L | — | — | (50,872 | ) | (44,432 | ) | ||||||||||
Class R2 | (5,129 | ) | (3,737 | ) | (5,054 | ) | (3,249 | ) | ||||||||
Class R3 | (1,857 | ) | (786 | ) | (2,105 | ) | (872 | ) | ||||||||
Class R4 | (52 | ) | (6 | ) | (678 | ) | (270 | ) | ||||||||
Class R5 | (14,851 | ) | (8,334 | ) | (1,146 | ) | (18 | ) | ||||||||
Class R6 | (116,147 | ) | (65,775 | ) | (45,521 | ) | (23,782 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (210,884 | ) | (130,098 | ) | (161,883 | ) | (115,435 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 96,223 | (277,003 | ) | 26,807 | (119,140 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (457,881 | ) | (186,921 | ) | (446,761 | ) | 27,173 | |||||||||
Beginning of period | 1,928,282 | 2,115,203 | 1,778,846 | 1,751,673 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,470,401 | $ | 1,928,282 | $ | 1,332,085 | $ | 1,778,846 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Small Cap Value Fund | JPMorgan U.S. Small Company Fund | |||||||
Class A | ||||||||
From net investment income | $ | (3,065 | ) | $ | — | |||
From net realized gains | (23,065 | ) | (13,966 | ) | ||||
Class C | ||||||||
From net investment income | (167 | ) | — | |||||
From net realized gains | (1,985 | ) | (3,080 | ) | ||||
Class I | ||||||||
From net investment income | (3,303 | ) | (744 | ) | ||||
From net realized gains | (19,875 | ) | (25,022 | ) | ||||
Class L | ||||||||
From net investment income | — | (2,189 | ) | |||||
From net realized gains | — | (42,243 | ) | |||||
Class R2 | ||||||||
From net investment income | (338 | ) | — | |||||
From net realized gains | (3,399 | ) | (3,249 | ) | ||||
Class R3 | ||||||||
From net investment income | (100 | ) | (26 | ) | ||||
From net realized gains | (686 | ) | (846 | ) | ||||
Class R4 | ||||||||
From net investment income | (1 | ) | (15 | ) | ||||
From net realized gains | (5 | ) | (255 | ) | ||||
Class R5 | ||||||||
From net investment income | (1,348 | ) | (1 | ) | ||||
From net realized gains | (6,986 | ) | (17 | ) | ||||
Class R6 | ||||||||
From net investment income | (11,435 | ) | (1,594 | ) | ||||
From net realized gains | (54,340 | ) | (22,188 | ) | ||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 54 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 28,630 | $ | 15,940 | $ | 1,660 | $ | 2,760 | ||||||||
Distributions reinvested | 17,078 | 5,772 | 351 | 252 | ||||||||||||
Cost of shares redeemed | (12,449 | ) | (17,025 | ) | (867 | ) | (922 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 33,259 | $ | 4,687 | $ | 1,144 | $ | 2,090 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 19,851 | $ | 11,682 | $ | 1,195 | $ | 795 | ||||||||
Distributions reinvested | 1,178 | 349 | 172 | 108 | ||||||||||||
Cost of shares redeemed | (6,555 | ) | (14,448 | ) | (531 | ) | (223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 14,474 | $ | (2,417 | ) | $ | 836 | $ | 680 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 66,345 | $ | 49,518 | $ | 11,281 | $ | 33,484 | ||||||||
Distributions reinvested | 24,212 | 7,882 | 1,268 | 1,875 | ||||||||||||
Cost of shares redeemed | (42,959 | ) | (50,624 | ) | (8,078 | ) | (23,067 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 47,598 | $ | 6,776 | $ | 4,471 | $ | 12,292 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2(a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 76 | $ | 20 | ||||||||
Distributions reinvested | — | — | 3 | 2 | ||||||||||||
Cost of shares redeemed | — | — | — | (b) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | 79 | $ | 22 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 181 | $ | 20 | ||||||||
Distributions reinvested | — | — | 2 | 2 | ||||||||||||
Cost of shares redeemed | — | — | (1 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | — | $ | — | $ | 182 | $ | 22 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 401 | $ | 1,555 | ||||||||
Distributions reinvested | — | — | 114 | 2 | ||||||||||||
Cost of shares redeemed | — | — | (220 | ) | (107 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | — | $ | — | $ | 295 | $ | 1,450 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 31,929 | $ | 51,871 | ||||||||
Distributions reinvested | — | — | 15,379 | 14,939 | ||||||||||||
Cost of shares redeemed | — | — | (23,886 | ) | (49,890 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | 23,422 | $ | 16,920 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 (c) | ||||||||||||||||
Proceeds from shares issued | $ | 20 | $ | — | $ | 34,536 | $ | 46,416 | ||||||||
Distributions reinvested | 4 | — | 6,240 | 2,907 | ||||||||||||
Cost of shares redeemed | — | (b) | — | (9,820 | ) | (3,350 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 24 | $ | — | $ | 30,956 | $ | 45,973 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 95,355 | $ | 9,046 | $ | 61,385 | $ | 79,449 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Core Fund. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 55 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 1,298 | 656 | 29 | 51 | ||||||||||||
Reinvested | 976 | 255 | 8 | 5 | ||||||||||||
Redeemed | (557 | ) | (705 | ) | (16 | ) | (17 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 1,717 | 206 | 21 | 39 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 1,551 | 657 | 21 | 14 | ||||||||||||
Reinvested | 103 | 21 | 3 | 2 | ||||||||||||
Redeemed | (363 | ) | (787 | ) | (10 | ) | (4 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 1,291 | (109 | ) | 14 | 12 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 2,389 | 1,801 | 215 | 598 | ||||||||||||
Reinvested | 1,154 | 305 | 27 | 35 | ||||||||||||
Redeemed | (1,692 | ) | (1,787 | ) | (159 | ) | (429 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 1,851 | 319 | 83 | 204 | ||||||||||||
|
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|
|
|
|
|
| |||||||||
Class R2(a) | ||||||||||||||||
Issued | — | — | 2 | — | (b) | |||||||||||
Reinvested | — | — | — | (b) | — | (b) | ||||||||||
Redeemed | — | — | — | (b) | — | |||||||||||
|
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|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | — | 2 | — | (b) | |||||||||||
|
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|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Issued | — | — | 5 | — | (b) | |||||||||||
Reinvested | — | — | — | (b) | — | (b) | ||||||||||
Redeemed | — | — | — | (b) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | — | — | 5 | — | (b) | |||||||||||
|
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|
|
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|
| |||||||||
Class R4(a) | ||||||||||||||||
Issued | — | — | 8 | 29 | ||||||||||||
Reinvested | — | — | 2 | — | (b) | |||||||||||
Redeemed | — | — | (4 | ) | (2 | ) | ||||||||||
|
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|
|
|
|
|
| |||||||||
Change in Class R4 Shares | — | — | 6 | 27 | ||||||||||||
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|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | — | — | 583 | 952 | ||||||||||||
Reinvested | — | — | 329 | 281 | ||||||||||||
Redeemed | — | — | (432 | ) | (904 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | 480 | 329 | ||||||||||||
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|
|
|
|
|
| |||||||||
Class R6(c) | ||||||||||||||||
Issued | 1 | — | 634 | 840 | ||||||||||||
Reinvested | — | (b) | — | 134 | 55 | |||||||||||
Redeemed | — | (b) | — | (195 | ) | (62 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 1 | — | 573 | 833 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Core Fund. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 56 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Small Cap Equity Fund | JPMorgan Small Cap Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 109,965 | $ | 261,260 | $ | 94,455 | $ | 143,219 | ||||||||
Distributions reinvested | 57,371 | 58,136 | 34,925 | 16,796 | ||||||||||||
Cost of shares redeemed | (285,425 | ) | (442,597 | ) | (88,668 | ) | (73,782 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (118,089 | ) | $ | (123,201 | ) | $ | 40,712 | $ | 86,233 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 3,337 | $ | 6,912 | $ | 20,329 | $ | 27,470 | ||||||||
Distributions reinvested | 11,037 | 10,428 | 8,141 | 2,267 | ||||||||||||
Cost of shares redeemed | (21,462 | ) | (54,198 | ) | (9,684 | ) | (12,373 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (7,088 | ) | $ | (36,858 | ) | $ | 18,786 | $ | 17,364 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 434,908 | $ | 728,118 | $ | 139,008 | $ | 214,425 | ||||||||
Distributions reinvested | 161,114 | 127,579 | 22,035 | 10,622 | ||||||||||||
Cost of shares redeemed | (478,051 | ) | (923,843 | ) | (167,304 | ) | (107,938 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 117,971 | $ | (68,146 | ) | $ | (6,261 | ) | $ | 117,109 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 180,100 | $ | 174,119 | ||||||||
Distributions reinvested | — | — | 42,498 | 21,436 | ||||||||||||
Cost of shares redeemed | — | — | (115,548 | ) | (208,654 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | 107,050 | $ | (13,099 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 2,462 | $ | 4,488 | $ | 3,706 | $ | 7,304 | ||||||||
Distributions reinvested | 442 | 397 | 3,392 | 2,045 | ||||||||||||
Cost of shares redeemed | (3,294 | ) | (6,823 | ) | (3,974 | ) | (7,260 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (390 | ) | $ | (1,938 | ) | $ | 3,124 | $ | 2,089 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Proceeds from shares issued | $ | 448 | $ | 3,244 | $ | 473 | $ | 430 | ||||||||
Distributions reinvested | 131 | 138 | 93 | 2 | ||||||||||||
Cost of shares redeemed | (661 | ) | (1,138 | ) | (51 | ) | (42 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | (82 | ) | $ | 2,244 | $ | 515 | $ | 390 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
Proceeds from shares issued | $ | 430 | $ | 634 | $ | 173 | $ | 698 | ||||||||
Distributions reinvested | 49 | 4 | 91 | 2 | ||||||||||||
Cost of shares redeemed | (436 | ) | (89 | ) | (14 | ) | (40 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 43 | $ | 549 | $ | 250 | $ | 660 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 156,083 | $ | 199,217 | $ | 12,349 | $ | 27,789 | ||||||||
Distributions reinvested | 72,102 | 60,149 | 3,229 | 152 | ||||||||||||
Cost of shares redeemed | (156,740 | ) | (374,064 | ) | (6,346 | ) | (1,442 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 71,445 | $ | (114,698 | ) | $ | 9,232 | $ | 26,499 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 170,220 | $ | 631,942 | $ | 399,353 | $ | 505,197 | ||||||||
Distributions reinvested | 84,729 | 74,202 | 120,678 | 54,603 | ||||||||||||
Cost of shares redeemed | (226,593 | ) | (354,373 | ) | (141,568 | ) | (301,291 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 28,356 | $ | 351,771 | $ | 378,463 | $ | 258,509 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 92,166 | $ | 9,723 | $ | 551,871 | $ | 495,754 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Growth Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 57 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Small Cap Equity Fund | JPMorgan Small Cap Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 2,125 | 5,187 | 5,312 | 8,439 | ||||||||||||
Reinvested | 1,280 | 1,180 | 2,442 | 1,070 | ||||||||||||
Redeemed | (5,647 | ) | (8,823 | ) | (5,150 | ) | (4,457 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (2,242 | ) | (2,456 | ) | 2,604 | 5,052 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 88 | 183 | 1,570 | 2,182 | ||||||||||||
Reinvested | 339 | 283 | 819 | 196 | ||||||||||||
Redeemed | (591 | ) | (1,432 | ) | (911 | ) | (1,007 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (164 | ) | (966 | ) | 1,478 | 1,371 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 7,319 | 12,557 | 6,971 | 11,500 | ||||||||||||
Reinvested | 3,090 | 2,241 | 1,377 | 615 | ||||||||||||
Redeemed | (8,433 | ) | (16,281 | ) | (8,667 | ) | (5,782 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 1,976 | (1,483 | ) | (319 | ) | 6,333 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | — | — | 8,979 | 9,322 | ||||||||||||
Reinvested | — | — | 2,570 | 1,206 | ||||||||||||
Redeemed | — | — | (6,199 | ) | (11,497 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | 5,350 | (969 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 49 | 91 | 226 | 448 | ||||||||||||
Reinvested | 10 | 8 | 247 | 135 | ||||||||||||
Redeemed | (65 | ) | (137 | ) | (234 | ) | (451 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (6 | ) | (38 | ) | 239 | 132 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Issued | 8 | 66 | 28 | 26 | ||||||||||||
Reinvested | 3 | 3 | 7 | — | (b) | |||||||||||
Redeemed | (13 | ) | (22 | ) | (3 | ) | (2 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | (2 | ) | 47 | 32 | 24 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
Issued | 7 | 11 | 11 | 41 | ||||||||||||
Reinvested | 1 | — | (b) | 6 | — | (b) | ||||||||||
Redeemed | (8 | ) | (2 | ) | (1 | ) | (2 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | — | (b) | 9 | 16 | 39 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 2,621 | 3,448 | 592 | 1,360 | ||||||||||||
Reinvested | 1,380 | 1,052 | 195 | 8 | ||||||||||||
Redeemed | (2,816 | ) | (6,519 | ) | (316 | ) | (72 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 1,185 | (2,019 | ) | 471 | 1,296 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 3,020 | 11,211 | 19,458 | 26,133 | ||||||||||||
Reinvested | 1,623 | 1,298 | 7,213 | 3,044 | ||||||||||||
Redeemed | (3,877 | ) | (6,135 | ) | (7,213 | ) | (15,867 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 766 | 6,374 | 19,458 | 13,310 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Growth Fund. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 58 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Small Cap Value Fund | JPMorgan U.S. Small Company Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 22,747 | $ | 60,386 | $ | 19,089 | $ | 44,296 | ||||||||
Distributions reinvested | 30,237 | 23,733 | 16,222 | 12,503 | ||||||||||||
Cost of shares redeemed | (86,687 | ) | (280,733 | ) | (46,381 | ) | (109,587 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (33,703 | ) | $ | (196,614 | ) | $ | (11,070 | ) | $ | (52,788 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 1,016 | $ | 2,007 | $ | 3,230 | $ | 6,012 | ||||||||
Distributions reinvested | 3,322 | 2,038 | 3,767 | 2,725 | ||||||||||||
Cost of shares redeemed | (2,881 | ) | (19,425 | ) | (10,620 | ) | (16,485 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 1,457 | $ | (15,380 | ) | $ | (3,623 | ) | $ | (7,748 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 64,797 | $ | 110,534 | $ | 57,583 | $ | 100,489 | ||||||||
Distributions reinvested | 36,621 | 23,006 | 33,312 | 24,711 | ||||||||||||
Cost of shares redeemed | (76,589 | ) | (156,637 | ) | (133,216 | ) | (113,460 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 24,829 | $ | (23,097 | ) | $ | (42,321 | ) | $ | 11,740 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 65,366 | $ | 99,730 | ||||||||
Distributions reinvested | — | — | 43,991 | 40,197 | ||||||||||||
Cost of shares redeemed | — | — | (120,696 | ) | (346,397 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | (11,339 | ) | $ | (206,470 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 4,930 | $ | 15,183 | $ | 12,442 | $ | 15,072 | ||||||||
Distributions reinvested | 4,764 | 3,488 | 3,913 | 2,439 | ||||||||||||
Cost of shares redeemed | (7,869 | ) | (35,329 | ) | (8,418 | ) | (23,258 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 1,825 | $ | (16,658 | ) | $ | 7,937 | $ | (5,747 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 3,891 | $ | 9,713 | $ | 7,080 | $ | 8,039 | ||||||||
Distributions reinvested | 1,852 | 786 | 2,049 | 870 | ||||||||||||
Cost of shares redeemed | (1,288 | ) | (11,467 | ) | (1,307 | ) | (1,973 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 4,455 | $ | (968 | ) | $ | 7,822 | $ | 6,936 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 372 | $ | 55 | $ | 2,019 | $ | 5,108 | ||||||||
Distributions reinvested | 52 | 6 | 678 | 270 | ||||||||||||
Cost of shares redeemed | (23 | ) | (1 | ) | (778 | ) | (677 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 401 | $ | 60 | $ | 1,919 | $ | 4,701 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 16,893 | $ | 34,935 | $ | 6,279 | $ | 6,329 | ||||||||
Distributions reinvested | 14,134 | 7,845 | 958 | 18 | ||||||||||||
Cost of shares redeemed | (36,454 | ) | (48,118 | ) | (836 | ) | (398 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (5,427 | ) | $ | (5,338 | ) | $ | 6,401 | $ | 5,949 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 81,029 | $ | 210,275 | $ | 68,547 | $ | 189,990 | ||||||||
Distributions reinvested | 116,147 | 65,764 | 45,073 | 23,112 | ||||||||||||
Cost of shares redeemed | (94,790 | ) | (295,047 | ) | (42,539 | ) | (88,815 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 102,386 | $ | (19,008 | ) | $ | 71,081 | $ | 124,287 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 96,223 | $ | (277,003 | ) | $ | 26,807 | $ | (119,140 | ) | ||||||
|
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|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 59 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Small Cap Value Fund | JPMorgan U.S. Small Company Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 850 | 2,050 | 1,039 | 2,384 | ||||||||||||
Reinvested | 1,303 | 822 | 1,049 | 690 | ||||||||||||
Redeemed | (3,044 | ) | (9,593 | ) | (2,595 | ) | (5,894 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (891 | ) | (6,721 | ) | (507 | ) | (2,820 | ) | ||||||||
|
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|
|
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| |||||||||
Class C | ||||||||||||||||
Issued | 46 | 81 | 189 | 337 | ||||||||||||
Reinvested | 179 | 85 | 257 | 157 | ||||||||||||
Redeemed | (137 | ) | (783 | ) | (615 | ) | (924 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 88 | (617 | ) | (169 | ) | (430 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 2,239 | 3,529 | 3,192 | 5,279 | ||||||||||||
Reinvested | 1,474 | 752 | 2,098 | 1,332 | ||||||||||||
Redeemed | (2,631 | ) | (5,046 | ) | (7,419 | ) | (5,956 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 1,082 | (765 | ) | (2,129 | ) | 655 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | — | — | 3,660 | 5,276 | ||||||||||||
Reinvested | — | — | 2,772 | 2,166 | ||||||||||||
Redeemed | — | — | (7,038 | ) | (18,304 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | (606 | ) | (10,862 | ) | ||||||||||
|
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|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 178 | 522 | 673 | 827 | ||||||||||||
Reinvested | 208 | 122 | 259 | 137 | ||||||||||||
Redeemed | (285 | ) | (1,223 | ) | (463 | ) | (1,270 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 101 | (579 | ) | 469 | (306 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Issued | 132 | 325 | 392 | 434 | ||||||||||||
Reinvested | 80 | 27 | 133 | 48 | ||||||||||||
Redeemed | (46 | ) | (385 | ) | (71 | ) | (106 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 166 | (33 | ) | 454 | 376 | |||||||||||
|
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|
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|
| |||||||||
Class R4 | ||||||||||||||||
Issued | 12 | 2 | 109 | 266 | ||||||||||||
Reinvested | 2 | — | (a) | 43 | 15 | |||||||||||
Redeemed | (1 | ) | — | (a) | (42 | ) | (35 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 13 | 2 | 110 | 246 | ||||||||||||
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| |||||||||
Class R5 | ||||||||||||||||
Issued | 561 | 1,124 | 326 | 335 | ||||||||||||
Reinvested | 568 | 256 | 61 | 1 | ||||||||||||
Redeemed | (1,416 | ) | (1,535 | ) | (46 | ) | (20 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (287 | ) | (155 | ) | 341 | 316 | ||||||||||
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|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 2,855 | 6,791 | 3,726 | 10,065 | ||||||||||||
Reinvested | 4,659 | 2,143 | 2,839 | 1,243 | ||||||||||||
Redeemed | (3,212 | ) | (9,407 | ) | (2,292 | ) | (4,637 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 4,302 | (473 | ) | 4,273 | 6,671 | |||||||||||
|
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| |||||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 60 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 61 | ||||||
Table of Contents
FOR THE PERIODS INDICATED
| Per share operating performance | ||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net realized gain | ||||||||||||||||
JPMorgan Small Cap Blend Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 26.65 | $ | (0.02 | )(f) | $ | (3.96 | ) | $ | (3.98 | ) | $ | (6.24 | ) | ||||||
Year Ended June 30, 2018 | 22.03 | (0.20 | ) | 7.54 | 7.34 | (2.72 | ) | |||||||||||||
Year Ended June 30, 2017 | 19.14 | (0.16 | ) | 6.24 | 6.08 | (3.19 | ) | |||||||||||||
Year Ended June 30, 2016 | 26.04 | (0.16 | ) | (3.52 | ) | (3.68 | ) | (3.22 | ) | |||||||||||
Year Ended June 30, 2015 | 25.11 | (0.20 | ) | 3.17 | 2.97 | (2.04 | ) | |||||||||||||
Year Ended June 30, 2014 | 23.10 | (0.24 | ) | 4.44 | 4.20 | (2.19 | ) | |||||||||||||
Class C | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.89 | (0.06 | )(f) | (2.85 | ) | (2.91 | ) | (6.24 | ) | |||||||||||
Year Ended June 30, 2018 | 17.12 | (0.24 | ) | 5.73 | 5.49 | (2.72 | ) | |||||||||||||
Year Ended June 30, 2017 | 15.58 | (0.21 | ) | 4.94 | 4.73 | (3.19 | ) | |||||||||||||
Year Ended June 30, 2016 | 21.97 | (0.22 | ) | (2.95 | ) | (3.17 | ) | (3.22 | ) | |||||||||||
Year Ended June 30, 2015 | 21.61 | (0.28 | ) | 2.68 | 2.40 | (2.04 | ) | |||||||||||||
Year Ended June 30, 2014 | 20.25 | (0.32 | ) | 3.87 | 3.55 | (2.19 | ) | |||||||||||||
Class I | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 30.53 | 0.01 | (f) | (4.60 | ) | (4.59 | ) | (6.24 | ) | |||||||||||
Year Ended June 30, 2018 | 24.83 | (0.15 | ) | 8.57 | 8.42 | (2.72 | ) | |||||||||||||
Year Ended June 30, 2017 | 21.17 | (0.12 | ) | 6.97 | 6.85 | (3.19 | ) | |||||||||||||
Year Ended June 30, 2016 | 28.34 | (0.14 | ) | (3.81 | ) | (3.95 | ) | (3.22 | ) | |||||||||||
Year Ended June 30, 2015 | 27.08 | (0.15 | ) | 3.45 | 3.30 | (2.04 | ) | |||||||||||||
Year Ended June 30, 2014 | 24.70 | (0.19 | ) | 4.76 | 4.57 | (2.19 | ) | |||||||||||||
Class R6 | ||||||||||||||||||||
July 2, 2018 (g) through December 31, 2018 (Unaudited) | 30.73 | 0.05 | (f) | (4.81 | ) | (4.76 | ) | (6.24 | ) | |||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 62 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 16.43 | (16.36 | )% | $ | 80,951 | 1.24 | % | (0.16 | )%(f) | 1.36 | % | 31 | % | |||||||||||||
| 26.65 | 35.55 | 85,586 | 1.24 | (0.81 | ) | 1.36 | 89 | |||||||||||||||||||
| 22.03 | 34.99 | 66,189 | 1.25 | (0.78 | ) | 1.48 | 41 | |||||||||||||||||||
| 19.14 | (14.42 | ) | 55,583 | 1.25 | (0.76 | ) | 1.51 | 56 | ||||||||||||||||||
| 26.04 | 13.02 | 73,175 | 1.25 | (0.82 | ) | 1.44 | 48 | |||||||||||||||||||
| 25.11 | 18.56 | 86,997 | 1.33 | (0.95 | ) | 1.38 | 65 | |||||||||||||||||||
| 10.74 | (16.54 | ) | 35,706 | 1.74 | (0.67 | )(f) | 1.85 | 31 | ||||||||||||||||||
| 19.89 | 34.88 | 40,470 | 1.74 | (1.31 | ) | 1.83 | 89 | |||||||||||||||||||
| 17.12 | 34.25 | 36,707 | 1.74 | (1.28 | ) | 2.04 | 41 | |||||||||||||||||||
| 15.58 | (14.80 | ) | 32,734 | 1.75 | (1.27 | ) | 2.12 | 56 | ||||||||||||||||||
| 21.97 | 12.46 | 50,162 | 1.75 | (1.32 | ) | 2.02 | 48 | |||||||||||||||||||
| 21.61 | 17.93 | 55,458 | 1.83 | (1.45 | ) | 1.88 | 65 | |||||||||||||||||||
| 19.70 | (16.27 | ) | 96,297 | 0.99 | 0.09 | (f) | 1.09 | 31 | ||||||||||||||||||
| 30.53 | 35.91 | 92,701 | 0.99 | (0.56 | ) | 1.08 | 89 | |||||||||||||||||||
| 24.83 | 35.29 | 67,496 | 1.00 | (0.53 | ) | 1.18 | 41 | |||||||||||||||||||
| 21.17 | (14.19 | ) | 64,589 | 1.00 | (0.57 | ) | 1.09 | 56 | ||||||||||||||||||
| 28.34 | 13.30 | 386,459 | 1.00 | (0.57 | ) | 1.11 | 48 | |||||||||||||||||||
| 27.08 | 18.87 | 417,048 | 1.06 | (0.69 | ) | 1.13 | 65 | |||||||||||||||||||
| 19.73 | (16.72 | ) | 17 | 0.74 | 0.33 | (f) | 0.84 | 31 | ||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 63 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Small Cap Core Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 57.16 | $ | 0.02 | (e)(f) | $ | (10.38 | ) | $ | (10.36 | ) | $ | (0.02 | ) | $ | (3.75 | ) | $ | (3.77 | ) | ||||||||
Year Ended June 30, 2018 | 52.32 | 0.04 | (e)(f) | 9.19 | 9.23 | (0.01 | ) | (4.38 | ) | (4.39 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 45.88 | (0.04 | )(e) | 11.81 | 11.77 | (0.20 | ) | (5.13 | ) | (5.33 | ) | |||||||||||||||||
May 31, 2016 (g) through June 30, 2016 | 45.81 | 0.02 | (e)(f) | 0.05 | 0.07 | — | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 56.67 | (0.10 | )(e)(f) | (10.30 | ) | (10.40 | ) | — | (3.75 | ) | (3.75 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 52.14 | (0.24 | )(e)(f) | 9.15 | 8.91 | — | (4.38 | ) | (4.38 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 45.86 | (0.24 | )(e) | 11.74 | 11.50 | (0.09 | ) | (5.13 | ) | (5.22 | ) | |||||||||||||||||
May 31, 2016 (g) through June 30, 2016 | 45.81 | — | (e)(f)(h) | 0.05 | 0.05 | — | — | — | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 57.44 | 0.10 | (e)(f) | (10.46 | ) | (10.36 | ) | (0.12 | ) | (3.75 | ) | (3.87 | ) | |||||||||||||||
Year Ended June 30, 2018 | 52.58 | 0.17 | (e)(f) | 9.24 | 9.41 | (0.17 | ) | (4.38 | ) | (4.55 | ) | |||||||||||||||||
January 3, 2017 (g) through June 30, 2017 | 50.44 | 0.07 | (e) | 2.07 | 2.14 | — | — | — | ||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 57.32 | (0.02 | )(e)(f) | (10.44 | ) | (10.46 | ) | — | (3.75 | ) | (3.75 | ) | ||||||||||||||||
July 31, 2017 (g) through June 30, 2018 | 53.24 | (0.08 | )(e)(f) | 8.58 | 8.50 | (0.04 | ) | (4.38 | ) | (4.42 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 57.40 | 0.20 | (e)(f) | (10.62 | ) | (10.42 | ) | (0.02 | ) | (3.75 | ) | (3.77 | ) | |||||||||||||||
July 31, 2017 (g) through June 30, 2018 | 53.24 | 0.05 | (e)(f) | 8.58 | 8.63 | (0.09 | ) | (4.38 | ) | (4.47 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 57.48 | 0.09 | (e)(f) | (10.46 | ) | (10.37 | ) | (0.12 | ) | (3.75 | ) | (3.87 | ) | |||||||||||||||
July 31, 2017 (g) through June 30, 2018 | 53.24 | 0.18 | (e)(f) | 8.58 | 8.76 | (0.14 | )�� | (4.38 | ) | (4.52 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 57.63 | 0.15 | (e)(f) | (10.51 | ) | (10.36 | ) | (0.21 | ) | (3.75 | ) | (3.96 | ) | |||||||||||||||
Year Ended June 30, 2018 | 52.64 | 0.26 | (e)(f) | 9.28 | 9.54 | (0.17 | ) | (4.38 | ) | (4.55 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 45.90 | 0.20 | (e) | 11.83 | 12.03 | (0.16 | ) | (5.13 | ) | (5.29 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 56.18 | 0.15 | (e)(f) | (5.25 | ) | (5.10 | ) | (0.32 | ) | (4.86 | ) | (5.18 | ) | |||||||||||||||
Year Ended June 30, 2015 | 58.70 | 0.37 | (e) | 3.20 | 3.57 | (0.10 | ) | (5.99 | ) | (6.09 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 48.11 | 0.15 | (i) | 13.44 | 13.59 | (0.27 | ) | (2.73 | ) | (3.00 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 57.55 | 0.17 | (e)(f) | (10.49 | ) | (10.32 | ) | (0.24 | ) | (3.75 | ) | (3.99 | ) | |||||||||||||||
Year Ended June 30, 2018 | 52.57 | 0.33 | (e)(f) | 9.23 | 9.56 | (0.20 | ) | (4.38 | ) | (4.58 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 45.90 | 0.29 | (e) | 11.76 | 12.05 | (0.25 | ) | (5.13 | ) | (5.38 | ) | |||||||||||||||||
May 31, 2016 (g) through June 30, 2016 | 45.81 | 0.04 | (e)(f) | 0.05 | 0.09 | — | — | — | ||||||||||||||||||||
| (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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Calculated based upon average shares outstanding. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Commencement of offering of class of shares. |
| (h) | Amount rounds to less than $0.005. |
| (i) | Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.09 and the net investment income (loss) ratio would have been 0.17% for Class R5 Shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 64 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (b) | ||||||||||||||||||||
| $ | 43.03 | (18.62 | )% | $ | 4,381 | 1.23 | % | 0.09 | %(f) | 1.35 | % | 31 | % | |||||||||||||
| 57.16 | 18.37 | 4,624 | 1.24 | 0.07 | (f) | 1.41 | 39 | |||||||||||||||||||
| 52.32 | 26.29 | 2,203 | 1.24 | (0.07 | ) | 1.45 | 61 | |||||||||||||||||||
| 45.88 | 0.15 | 23 | 1.25 | 0.56 | (f) | 1.39 | 58 | |||||||||||||||||||
| 42.52 | (18.85 | ) | 1,975 | 1.74 | (0.38 | )(f) | 1.85 | 31 | ||||||||||||||||||
| 56.67 | 17.79 | 1,816 | 1.74 | (0.45 | )(f) | 1.90 | 39 | |||||||||||||||||||
| 52.14 | 25.68 | 1,017 | 1.74 | (0.47 | ) | 1.96 | 61 | |||||||||||||||||||
| 45.86 | 0.11 | 20 | 1.74 | 0.06 | (f) | 1.89 | 58 | |||||||||||||||||||
| 43.21 | (18.52 | ) | 15,288 | 0.98 | 0.36 | (f) | 1.10 | 31 | ||||||||||||||||||
| 57.44 | 18.64 | 15,557 | 0.99 | 0.32 | (f) | 1.12 | 39 | |||||||||||||||||||
| 52.58 | 4.24 | 3,545 | 0.99 | 0.26 | 1.21 | 61 | ||||||||||||||||||||
| 43.11 | (18.74 | ) | 92 | 1.49 | 0.06 | (f) | 2.04 | 31 | ||||||||||||||||||
| 57.32 | 16.67 | 24 | 1.49 | (0.15 | )(f) | 1.72 | 39 | |||||||||||||||||||
| 43.21 | (18.64 | ) | 200 | 1.24 | 0.76 | (f) | 2.07 | 31 | ||||||||||||||||||
| 57.40 | 16.94 | 24 | 1.24 | 0.10 | (f) | 1.46 | 39 | |||||||||||||||||||
| 43.24 | (18.52 | ) | 1,406 | 0.98 | 0.33 | (f) | 1.10 | 31 | ||||||||||||||||||
| 57.48 | 17.21 | 1,536 | 0.99 | 0.36 | (f) | 1.11 | 39 | |||||||||||||||||||
| 43.31 | (18.46 | ) | 189,100 | 0.79 | 0.53 | (f) | 0.93 | 31 | ||||||||||||||||||
| 57.63 | 18.88 | 223,933 | 0.79 | 0.48 | (f) | 0.97 | 39 | |||||||||||||||||||
| 52.64 | 26.87 | 187,198 | 0.79 | 0.40 | 1.11 | 61 | ||||||||||||||||||||
| 45.90 | (8.97 | ) | 164,573 | 0.80 | 0.30 | (f) | 1.16 | 58 | ||||||||||||||||||
| 56.18 | 7.01 | 815,652 | 0.80 | 0.66 | 1.13 | 56 | ||||||||||||||||||||
| 58.70 | 28.95 | 703,307 | 0.79 | 0.28 | (i) | 1.12 | 51 | |||||||||||||||||||
| 43.24 | (18.41 | ) | 74,594 | 0.73 | 0.62 | (f) | 0.83 | 31 | ||||||||||||||||||
| 57.55 | 18.95 | 66,306 | 0.74 | 0.59 | (f) | 0.86 | 39 | |||||||||||||||||||
| 52.57 | 26.94 | 16,782 | 0.74 | 0.56 | 0.98 | 61 | ||||||||||||||||||||
| 45.90 | 0.20 | 20 | 0.74 | 1.06 | (f) | 0.88 | 58 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 65 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Small Cap Equity Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 52.43 | $ | 0.04 | (f) | $ | (7.19 | ) | $ | (7.15 | ) | $ | (0.06 | ) | $ | (3.39 | ) | $ | (3.45 | ) | ||||||||
Year Ended June 30, 2018 | 48.63 | 0.10 | 6.67 | 6.77 | (0.10 | ) | (2.87 | ) | (2.97 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 41.68 | 0.11 | 8.21 | 8.32 | (0.12 | ) | (1.25 | ) | (1.37 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 44.68 | 0.13 | (f) | 0.08 | 0.21 | (0.14 | ) | (3.07 | ) | (3.21 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 46.56 | 0.08 | 2.98 | 3.06 | (0.08 | ) | (4.86 | ) | (4.94 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 39.94 | 0.10 | (g) | 8.97 | 9.07 | (0.07 | ) | (2.38 | ) | (2.45 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 39.12 | (0.06 | )(f) | (5.30 | ) | (5.36 | ) | — | (3.39 | ) | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 37.07 | (0.12 | ) | 5.04 | 4.92 | — | (2.87 | ) | (2.87 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 32.21 | (0.09 | ) | 6.31 | 6.22 | (0.11 | ) | (1.25 | ) | (1.36 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 35.32 | (0.06 | )(f) | 0.02 | (0.04 | ) | — | (3.07 | ) | (3.07 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 37.96 | (0.12 | ) | 2.34 | 2.22 | — | (4.86 | ) | (4.86 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 33.06 | (0.10 | )(g) | 7.38 | 7.28 | — | (2.38 | ) | (2.38 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 60.52 | 0.13 | (f) | (8.35 | ) | (8.22 | ) | (0.20 | ) | (3.39 | ) | (3.59 | ) | |||||||||||||||
Year Ended June 30, 2018 | 55.69 | 0.26 | 7.67 | 7.93 | (0.23 | ) | (2.87 | ) | (3.10 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 47.50 | 0.28 | 9.37 | 9.65 | (0.21 | ) | (1.25 | ) | (1.46 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 50.31 | 0.25 | (f) | 0.17 | 0.42 | (0.16 | ) | (3.07 | ) | (3.23 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 51.78 | 0.24 | 3.36 | 3.60 | (0.21 | ) | (4.86 | ) | (5.07 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 44.14 | 0.26 | (g) | 9.94 | 10.20 | (0.18 | ) | (2.38 | ) | (2.56 | ) | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 51.44 | (0.02 | )(f) | (7.04 | ) | (7.06 | ) | — | (3.39 | ) | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 47.81 | (0.03 | ) | 6.55 | 6.52 | (0.02 | ) | (2.87 | ) | (2.89 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 41.08 | — | (h) | 8.08 | 8.08 | (0.10 | ) | (1.25 | ) | (1.35 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 44.04 | 0.01 | (f) | 0.10 | 0.11 | — | (3.07 | ) | (3.07 | ) | ||||||||||||||||||
Year Ended June 30, 2015 | 45.99 | (0.04 | ) | 2.95 | 2.91 | — | (4.86 | ) | (4.86 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 39.52 | (0.01 | )(g) | 8.86 | 8.85 | — | (2.38 | ) | (2.38 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.13 | 0.04 | (f) | (7.15 | ) | (7.11 | ) | (0.06 | ) | (3.39 | ) | (3.45 | ) | |||||||||||||||
Year Ended June 30, 2018 | 48.54 | 0.12 | 6.63 | 6.75 | (0.29 | ) | (2.87 | ) | (3.16 | ) | ||||||||||||||||||
September 9, 2016 (j) through June 30, 2017 | 43.22 | 0.12 | 6.68 | 6.80 | (0.23 | ) | (1.25 | ) | (1.48 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 60.42 | 0.13 | (f) | (8.34 | ) | (8.21 | ) | (0.18 | ) | (3.39 | ) | (3.57 | ) | |||||||||||||||
Year Ended June 30, 2018 | 55.64 | 0.33 | 7.59 | 7.92 | (0.27 | ) | (2.87 | ) | (3.14 | ) | ||||||||||||||||||
September 9, 2016 (j) through June 30, 2017 | 49.28 | 0.23 | 7.63 | 7.86 | (0.25 | ) | (1.25 | ) | (1.50 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 60.69 | 0.19 | (f) | (8.38 | ) | (8.19 | ) | (0.31 | ) | (3.39 | ) | (3.70 | ) | |||||||||||||||
Year Ended June 30, 2018 | 55.84 | 0.37 | 7.70 | 8.07 | (0.35 | ) | (2.87 | ) | (3.22 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 47.57 | 0.36 | 9.42 | 9.78 | (0.26 | ) | (1.25 | ) | (1.51 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 50.43 | 0.36 | (f) | 0.15 | 0.51 | (0.30 | ) | (3.07 | ) | (3.37 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 51.88 | 0.34 | 3.37 | 3.71 | (0.30 | ) | (4.86 | ) | (5.16 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 44.21 | 0.36 | (g) | 9.96 | 10.32 | (0.27 | ) | (2.38 | ) | (2.65 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 60.68 | 0.21 | (f) | (8.38 | ) | (8.17 | ) | (0.34 | ) | (3.39 | ) | (3.73 | ) | |||||||||||||||
Year Ended June 30, 2018 | 55.83 | 0.41 | 7.69 | 8.10 | (0.38 | ) | (2.87 | ) | (3.25 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 47.57 | 0.46 | 9.34 | 9.80 | (0.29 | ) | (1.25 | ) | (1.54 | ) | ||||||||||||||||||
May 31, 2016 (j) through June 30, 2016 | 47.04 | 0.06 | (f) | 0.47 | 0.53 | — | — | — | ||||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.04), $(0.21), $0.10, $(0.15) and $0.20 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been (0.09)%, (0.59)%, 0.21%, (0.34)% and 0.41% for Class A, Class C, Class I, Class R2 and Class R5 Class Shares, respectively. |
| (h) | Amount rounds to less than $0.005. |
| (i) | Amount rounds to less than 0.005%. |
| (j) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 66 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
Net asset 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, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 41.83 | (14.07 | )% | $ | 780,128 | 1.23 | % | 0.17 | %(f) | 1.26 | % | 15 | % | |||||||||||||
| 52.43 | 14.33 | 1,095,395 | 1.24 | 0.19 | 1.26 | 17 | ||||||||||||||||||||
| 48.63 | 20.14 | 1,135,394 | 1.29 | 0.24 | 1.35 | 21 | ||||||||||||||||||||
| 41.68 | 1.10 | 736,629 | 1.29 | 0.31 | (f) | 1.38 | 32 | |||||||||||||||||||
| 44.68 | 7.49 | 674,619 | 1.29 | 0.17 | 1.39 | 20 | ||||||||||||||||||||
| 46.56 | 23.27 | 738,967 | 1.29 | 0.23 | (g) | 1.37 | 30 | |||||||||||||||||||
| 30.37 | (14.29 | ) | 106,059 | 1.73 | (0.33 | )(f) | 1.75 | 15 | ||||||||||||||||||
| 39.12 | 13.76 | 143,030 | 1.74 | (0.32 | ) | 1.76 | 17 | |||||||||||||||||||
| 37.07 | 19.53 | 171,352 | 1.79 | (0.25 | ) | 1.84 | 21 | |||||||||||||||||||
| 32.21 | 0.63 | 70,176 | 1.79 | (0.20 | )(f) | 1.85 | 32 | |||||||||||||||||||
| 35.32 | 6.92 | 35,783 | 1.79 | (0.33 | ) | 1.87 | 20 | |||||||||||||||||||
| 37.96 | 22.67 | 39,824 | 1.79 | (0.26 | )(g) | 1.87 | 30 | |||||||||||||||||||
| 48.71 | (13.96 | ) | 2,405,067 | 0.98 | 0.44 | (f) | 1.00 | 15 | ||||||||||||||||||
| 60.52 | 14.61 | 2,868,739 | 0.98 | 0.45 | 1.00 | 17 | ||||||||||||||||||||
| 55.69 | 20.50 | 2,722,213 | 0.99 | 0.54 | 1.07 | 21 | ||||||||||||||||||||
| 47.50 | 1.41 | 1,261,772 | 0.99 | 0.54 | (f) | 1.14 | 32 | |||||||||||||||||||
| 50.31 | 7.81 | 1,435,112 | 0.99 | 0.48 | 1.14 | 20 | ||||||||||||||||||||
| 51.78 | 23.65 | 1,443,768 | 0.99 | 0.53 | (g) | 1.12 | 30 | |||||||||||||||||||
| 40.99 | (14.17 | ) | 9,427 | 1.48 | (0.08 | )(f) | 1.52 | 15 | ||||||||||||||||||
| 51.44 | 14.02 | 12,133 | 1.49 | (0.06 | ) | 1.52 | 17 | |||||||||||||||||||
| 47.81 | 19.85 | 13,078 | 1.53 | 0.00 | (i) | 1.73 | 21 | |||||||||||||||||||
| 41.08 | 0.85 | 5,313 | 1.54 | 0.03 | (f) | 1.72 | 32 | |||||||||||||||||||
| 44.04 | 7.23 | 3,446 | 1.54 | (0.08 | ) | 1.73 | 20 | |||||||||||||||||||
| 45.99 | 22.95 | 3,883 | 1.54 | (0.02 | )(g) | 1.62 | 30 | |||||||||||||||||||
| 41.57 | (14.07 | ) | 1,966 | 1.23 | 0.17 | (f) | 1.25 | 15 | ||||||||||||||||||
| 52.13 | 14.33 | 2,542 | 1.23 | 0.24 | 1.30 | 17 | ||||||||||||||||||||
| 48.54 | 15.92 | 104 | 1.24 | 0.32 | 1.36 | 21 | ||||||||||||||||||||
| 48.64 | (13.97 | ) | 496 | 0.98 | 0.45 | (f) | 1.03 | 15 | ||||||||||||||||||
| 60.42 | 14.61 | 624 | 0.98 | 0.57 | 1.07 | 17 | ||||||||||||||||||||
| 55.64 | 16.14 | 60 | 0.99 | 0.55 | 1.14 | 21 | ||||||||||||||||||||
| 48.80 | (13.87 | ) | 1,067,138 | 0.79 | 0.63 | (f) | 0.85 | 15 | ||||||||||||||||||
| 60.69 | 14.83 | 1,255,251 | 0.79 | 0.64 | 0.85 | 17 | ||||||||||||||||||||
| 55.84 | 20.74 | 1,267,593 | 0.79 | 0.68 | 0.86 | 21 | ||||||||||||||||||||
| 47.57 | 1.62 | 1,349,107 | 0.79 | 0.78 | (f) | 0.86 | 32 | |||||||||||||||||||
| 50.43 | 8.03 | 1,244,878 | 0.79 | 0.68 | 0.89 | 20 | ||||||||||||||||||||
| 51.88 | 23.90 | 1,177,534 | 0.79 | 0.73 | (g) | 0.92 | 30 | |||||||||||||||||||
| 48.78 | (13.84 | ) | 1,203,265 | 0.73 | 0.68 | (f) | 0.75 | 15 | ||||||||||||||||||
| 60.68 | 14.89 | 1,450,525 | 0.73 | 0.71 | 0.75 | 17 | ||||||||||||||||||||
| 55.83 | 20.80 | 978,649 | 0.74 | 0.85 | 0.76 | 21 | ||||||||||||||||||||
| 47.57 | 1.13 | 25,933 | 0.73 | 1.60 | (f) | 0.75 | 32 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 67 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net realized gain | ||||||||||||||||
JPMorgan Small Cap Growth Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 18.45 | $ | (0.07 | )(f) | $ | (2.95 | ) | $ | (3.02 | ) | $ | (2.01 | ) | ||||||
Year Ended June 30, 2018 | 14.81 | (0.14 | )(f) | 5.11 | 4.97 | (1.33 | ) | |||||||||||||
Year Ended June 30, 2017 | 11.43 | (0.10 | ) | 3.94 | 3.84 | (0.46 | ) | |||||||||||||
Year Ended June 30, 2016 | 14.50 | (0.09 | ) | (1.94 | ) | (2.03 | ) | (1.04 | ) | |||||||||||
Year Ended June 30, 2015 | 13.96 | (0.11 | )(f) | 1.77 | 1.66 | (1.12 | ) | |||||||||||||
Year Ended June 30, 2014 | 13.00 | (0.12 | ) | 2.52 | 2.40 | (1.44 | ) | |||||||||||||
Class C | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 13.55 | (0.08 | )(f) | (2.14 | ) | (2.22 | ) | (2.01 | ) | |||||||||||
Year Ended June 30, 2018 | 11.23 | (0.16 | )(f) | 3.81 | 3.65 | (1.33 | ) | |||||||||||||
Year Ended June 30, 2017 | 8.82 | (0.13 | ) | 3.00 | 2.87 | (0.46 | ) | |||||||||||||
Year Ended June 30, 2016 | 11.50 | (0.12 | ) | (1.52 | ) | (1.64 | ) | (1.04 | ) | |||||||||||
Year Ended June 30, 2015 | 11.36 | (0.14 | )(f) | 1.40 | 1.26 | (1.12 | ) | |||||||||||||
Year Ended June 30, 2014 | 10.87 | (0.16 | ) | 2.09 | 1.93 | (1.44 | ) | |||||||||||||
Class I | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 20.35 | (0.05 | )(f) | (3.28 | ) | (3.33 | ) | (2.01 | ) | |||||||||||
Year Ended June 30, 2018 | 16.18 | (0.11 | )(f) | 5.61 | 5.50 | (1.33 | ) | |||||||||||||
Year Ended June 30, 2017 | 12.42 | (0.07 | ) | 4.29 | 4.22 | (0.46 | ) | |||||||||||||
Year Ended June 30, 2016 | 15.61 | (0.07 | ) | (2.08 | ) | (2.15 | ) | (1.04 | ) | |||||||||||
Year Ended June 30, 2015 | 14.91 | (0.08 | )(f) | 1.90 | 1.82 | (1.12 | ) | |||||||||||||
Year Ended June 30, 2014 | 13.77 | (0.09 | ) | 2.67 | 2.58 | (1.44 | ) | |||||||||||||
Class L | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 20.95 | (0.04 | )(f) | (3.37 | ) | (3.41 | ) | (2.01 | ) | |||||||||||
Year Ended June 30, 2018 | 16.60 | (0.08 | )(f) | 5.76 | 5.68 | (1.33 | ) | |||||||||||||
Year Ended June 30, 2017 | 12.72 | (0.05 | ) | 4.39 | 4.34 | (0.46 | ) | |||||||||||||
Year Ended June 30, 2016 | 15.93 | (0.05 | ) | (2.12 | ) | (2.17 | ) | (1.04 | ) | |||||||||||
Year Ended June 30, 2015 | 15.17 | (0.06 | )(f) | 1.94 | 1.88 | (1.12 | ) | |||||||||||||
Year Ended June 30, 2014 | 13.96 | (0.07 | ) | 2.72 | 2.65 | (1.44 | ) | |||||||||||||
Class R2 | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 17.84 | (0.09 | )(f) | (2.85 | ) | (2.94 | ) | (2.01 | ) | |||||||||||
Year Ended June 30, 2018 | 14.39 | (0.17 | )(f) | 4.95 | 4.78 | (1.33 | ) | |||||||||||||
Year Ended June 30, 2017 | 11.15 | (0.13 | ) | 3.83 | 3.70 | (0.46 | ) | |||||||||||||
Year Ended June 30, 2016 | 14.20 | (0.12 | ) | (1.89 | ) | (2.01 | ) | (1.04 | ) | |||||||||||
Year Ended June 30, 2015 | 13.73 | (0.14 | )(f) | 1.73 | 1.59 | (1.12 | ) | |||||||||||||
Year Ended June 30, 2014 | 12.84 | (0.16 | ) | 2.49 | 2.33 | (1.44 | ) | |||||||||||||
Class R3 | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 18.45 | (0.06 | )(f) | (2.96 | ) | (3.02 | ) | (2.01 | ) | |||||||||||
July 31, 2017 (g) through June 30, 2018 | 15.17 | (0.13 | )(f) | 4.74 | 4.61 | (1.33 | ) | |||||||||||||
Class R4 | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 18.50 | (0.05 | )(f) | (2.97 | ) | (3.02 | ) | (2.01 | ) | |||||||||||
July 31, 2017 (g) through June 30, 2018 | 15.17 | (0.09 | )(f) | 4.75 | 4.66 | (1.33 | ) | |||||||||||||
Class R5 | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 20.96 | (0.04 | )(f) | (3.38 | ) | (3.42 | ) | (2.01 | ) | |||||||||||
Year Ended June 30, 2018 | 16.60 | (0.07 | )(f) | 5.76 | 5.69 | (1.33 | ) | |||||||||||||
September 9, 2016 (g) through June 30, 2017 | 13.75 | (0.04 | ) | 3.35 | 3.31 | (0.46 | ) | |||||||||||||
Class R6 | ||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 21.16 | (0.03 | )(f) | (3.42 | ) | (3.45 | ) | (2.01 | ) | |||||||||||
Year Ended June 30, 2018 | 16.73 | (0.06 | )(f) | 5.82 | 5.76 | (1.33 | ) | |||||||||||||
Year Ended June 30, 2017 | 12.80 | (0.04 | ) | 4.43 | 4.39 | (0.46 | ) | |||||||||||||
Year Ended June 30, 2016 | 16.01 | (0.03 | ) | (2.14 | ) | (2.17 | ) | (1.04 | ) | |||||||||||
Year Ended June 30, 2015 | 15.23 | (0.05 | )(f) | 1.95 | 1.90 | (1.12 | ) | |||||||||||||
Year Ended June 30, 2014 | 14.00 | (0.06 | ) | 2.73 | 2.67 | (1.44 | ) | |||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 68 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 13.42 | (17.05 | )% | $ | 280,661 | 1.24 | % | (0.77 | )%(f) | 1.27 | % | 24 | % | |||||||||||||
| 18.45 | 35.14 | 337,933 | 1.24 | (0.83 | )(f) | 1.29 | 58 | |||||||||||||||||||
| 14.81 | 34.36 | 196,403 | 1.24 | (0.75 | ) | 1.40 | 42 | |||||||||||||||||||
| 11.43 | (14.17 | ) | 179,093 | 1.25 | (0.77 | ) | 1.50 | 47 | ||||||||||||||||||
| 14.50 | 13.04 | 266,805 | 1.25 | (0.82 | )(f) | 1.42 | 50 | |||||||||||||||||||
| 13.96 | 18.94 | 282,408 | 1.25 | (0.86 | ) | 1.37 | 58 | |||||||||||||||||||
| 9.32 | (17.32 | ) | 43,450 | 1.74 | (1.26 | )(f) | 1.76 | 24 | ||||||||||||||||||
| 13.55 | 34.56 | 43,116 | 1.74 | (1.32 | )(f) | 1.77 | 58 | |||||||||||||||||||
| 11.23 | 33.51 | 20,352 | 1.74 | (1.25 | ) | 1.85 | 42 | |||||||||||||||||||
| 8.82 | (14.50 | ) | 18,218 | 1.75 | (1.27 | ) | 1.91 | 47 | ||||||||||||||||||
| 11.50 | 12.47 | 26,297 | 1.75 | (1.32 | )(f) | 1.87 | 50 | |||||||||||||||||||
| 11.36 | 18.29 | 28,035 | 1.75 | (1.36 | ) | 1.87 | 58 | |||||||||||||||||||
| 15.01 | (16.98 | ) | 192,982 | 0.99 | (0.53 | )(f) | 1.01 | 24 | ||||||||||||||||||
| 20.35 | 35.45 | 268,082 | 0.99 | (0.57 | )(f) | 1.02 | 58 | |||||||||||||||||||
| 16.18 | 34.69 | 110,644 | 1.00 | (0.50 | ) | 1.12 | 42 | |||||||||||||||||||
| 12.42 | (13.92 | ) | 102,174 | 1.00 | (0.52 | ) | 1.18 | 47 | ||||||||||||||||||
| 15.61 | 13.29 | 157,631 | 1.00 | (0.57 | )(f) | 1.16 | 50 | |||||||||||||||||||
| 14.91 | 19.20 | 156,585 | 1.00 | (0.62 | ) | 1.12 | 58 | |||||||||||||||||||
| 15.53 | (16.87 | ) | 404,852 | 0.84 | (0.36 | )(f) | 0.86 | 24 | ||||||||||||||||||
| 20.95 | 35.65 | 434,286 | 0.84 | (0.43 | )(f) | 0.86 | 58 | |||||||||||||||||||
| 16.60 | 34.82 | 360,044 | 0.85 | (0.35 | ) | 0.93 | 42 | |||||||||||||||||||
| 12.72 | (13.76 | ) | 271,369 | 0.85 | (0.35 | ) | 0.96 | 47 | ||||||||||||||||||
| 15.93 | 13.47 | 279,248 | 0.85 | (0.42 | )(f) | 0.95 | 50 | |||||||||||||||||||
| 15.17 | 19.46 | 302,087 | 0.85 | (0.46 | ) | 0.97 | 58 | |||||||||||||||||||
| 12.89 | (17.18 | ) | 25,896 | 1.49 | (1.02 | )(f) | 1.51 | 24 | ||||||||||||||||||
| 17.84 | 34.83 | 31,569 | 1.49 | (1.08 | )(f) | 1.52 | 58 | |||||||||||||||||||
| 14.39 | 33.96 | 23,569 | 1.49 | (1.00 | ) | 1.70 | 42 | |||||||||||||||||||
| 11.15 | (14.34 | ) | 21,276 | 1.50 | (1.01 | ) | 1.85 | 47 | ||||||||||||||||||
| 14.20 | 12.74 | 28,364 | 1.50 | (1.07 | )(f) | 1.72 | 50 | |||||||||||||||||||
| 13.73 | 18.62 | 31,119 | 1.50 | (1.11 | ) | 1.62 | 58 | |||||||||||||||||||
| 13.42 | (17.05 | ) | 749 | 1.24 | (0.73 | )(f) | 1.31 | 24 | ||||||||||||||||||
| 18.45 | 31.93 | 446 | 1.23 | (0.80 | )(f) | 1.28 | 58 | |||||||||||||||||||
| 13.47 | (17.00 | ) | 741 | 0.99 | (0.51 | )(f) | 1.01 | 24 | ||||||||||||||||||
| 18.50 | 32.28 | 726 | 0.99 | (0.53 | )(f) | 1.17 | 58 | |||||||||||||||||||
| 15.53 | (16.91 | ) | 28,549 | 0.84 | (0.36 | )(f) | 0.86 | 24 | ||||||||||||||||||
| 20.96 | 35.71 | 28,656 | 0.84 | (0.37 | )(f) | 0.88 | 58 | |||||||||||||||||||
| 16.60 | 24.72 | 1,186 | 0.82 | (0.31 | ) | 0.84 | 42 | |||||||||||||||||||
| 15.70 | (16.90 | ) | 1,081,266 | 0.74 | (0.26 | )(f) | 0.76 | 24 | ||||||||||||||||||
| 21.16 | 35.86 | 1,045,098 | 0.74 | (0.32 | )(f) | 0.76 | 58 | |||||||||||||||||||
| 16.73 | 34.99 | 603,730 | 0.75 | (0.25 | ) | 0.76 | 42 | |||||||||||||||||||
| 12.80 | (13.69 | ) | 445,008 | 0.75 | (0.25 | ) | 0.77 | 47 | ||||||||||||||||||
| 16.01 | 13.55 | 486,724 | 0.75 | (0.31 | )(f) | 0.79 | 50 | |||||||||||||||||||
| 15.23 | 19.55 | 355,032 | 0.75 | (0.36 | ) | 0.87 | 58 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 69 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Small Cap Value Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 30.42 | $ | 0.10 | (f) | $ | (5.52 | ) | $ | (5.42 | ) | $ | (0.16 | ) | $ | (3.46 | ) | $ | (3.62 | ) | ||||||||
Year Ended June 30, 2018 | 29.18 | 0.20 | (f) | 3.01 | 3.21 | (0.23 | ) | (1.74 | ) | (1.97 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 24.64 | 0.11 | (f) | 4.58 | 4.69 | (0.13 | ) | (0.02 | ) | (0.15 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 26.65 | 0.17 | (0.94 | ) | (0.77 | ) | (0.15 | ) | (1.09 | ) | (1.24 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 27.98 | 0.22 | (0.01 | ) | 0.21 | (0.20 | ) | (1.34 | ) | (1.54 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 23.77 | 0.12 | (g) | 4.87 | 4.99 | (0.11 | ) | (0.67 | ) | (0.78 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 25.21 | 0.02 | (f) | (4.53 | ) | (4.51 | ) | (0.12 | ) | (3.46 | ) | (3.58 | ) | |||||||||||||||
Year Ended June 30, 2018 | 24.55 | 0.04 | (f) | 2.50 | 2.54 | (0.14 | ) | (1.74 | ) | (1.88 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 20.82 | (0.05 | )(f) | 3.87 | 3.82 | (0.07 | ) | (0.02 | ) | (0.09 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 22.77 | 0.02 | (0.82 | ) | (0.80 | ) | (0.06 | ) | (1.09 | ) | (1.15 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 24.19 | 0.05 | (0.02 | ) | 0.03 | (0.11 | ) | (1.34 | ) | (1.45 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 20.73 | (0.03 | )(g) | 4.22 | 4.19 | (0.06 | ) | (0.67 | ) | (0.73 | ) | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 32.25 | 0.15 | (f) | (5.88 | ) | (5.73 | ) | (0.18 | ) | (3.46 | ) | (3.64 | ) | |||||||||||||||
Year Ended June 30, 2018 | 30.80 | 0.30 | (f) | 3.18 | 3.48 | (0.29 | ) | (1.74 | ) | (2.03 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 25.97 | 0.20 | (f) | 4.81 | 5.01 | (0.16 | ) | (0.02 | ) | (0.18 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 28.00 | 0.23 | (0.97 | ) | (0.74 | ) | (0.20 | ) | (1.09 | ) | (1.29 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 29.31 | 0.31 | (0.02 | ) | 0.29 | (0.26 | ) | (1.34 | ) | (1.60 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 24.86 | 0.20 | (g) | 5.09 | 5.29 | (0.17 | ) | (0.67 | ) | (0.84 | ) | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 30.13 | 0.07 | (f) | (5.48 | ) | (5.41 | ) | (0.13 | ) | (3.46 | ) | (3.59 | ) | |||||||||||||||
Year Ended June 30, 2018 | 28.94 | 0.12 | (f) | 2.98 | 3.10 | (0.17 | ) | (1.74 | ) | (1.91 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 24.48 | 0.04 | (f) | 4.53 | 4.57 | (0.09 | ) | (0.02 | ) | (0.11 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 26.49 | 0.11 | (0.94 | ) | (0.83 | ) | (0.09 | ) | (1.09 | ) | (1.18 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 27.83 | 0.16 | (0.02 | ) | 0.14 | (0.14 | ) | (1.34 | ) | (1.48 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 23.67 | 0.07 | (g) | 4.83 | 4.90 | (0.07 | ) | (0.67 | ) | (0.74 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 30.38 | 0.11 | (f) | (5.53 | ) | (5.42 | ) | (0.16 | ) | (3.46 | ) | (3.62 | ) | |||||||||||||||
Year Ended June 30, 2018 | 29.14 | 0.20 | (f) | 3.01 | 3.21 | (0.23 | ) | (1.74 | ) | (1.97 | ) | |||||||||||||||||
September 9, 2016 (h) through June 30, 2017 | 25.89 | 0.12 | (f) | 3.31 | 3.43 | (0.16 | ) | (0.02 | ) | (0.18 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 32.21 | 0.15 | (f) | (5.87 | ) | (5.72 | ) | (0.18 | ) | (3.46 | ) | (3.64 | ) | |||||||||||||||
Year Ended June 30, 2018 | 30.77 | 0.32 | (f) | 3.14 | 3.46 | (0.28 | ) | (1.74 | ) | (2.02 | ) | |||||||||||||||||
September 9, 2016 (h) through June 30, 2017 | 27.30 | 0.18 | (f) | 3.49 | 3.67 | (0.18 | ) | (0.02 | ) | (0.20 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 32.26 | 0.17 | (f) | (5.87 | ) | (5.70 | ) | (0.20 | ) | (3.46 | ) | (3.66 | ) | |||||||||||||||
Year Ended June 30, 2018 | 30.80 | 0.35 | (f) | 3.17 | 3.52 | (0.32 | ) | (1.74 | ) | (2.06 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 25.97 | 0.23 | (f) | 4.81 | 5.04 | (0.19 | ) | (0.02 | ) | (0.21 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 28.01 | 0.26 | (0.98 | ) | (0.72 | ) | (0.23 | ) | (1.09 | ) | (1.32 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 29.31 | 0.34 | (0.02 | ) | 0.32 | (0.28 | ) | (1.34 | ) | (1.62 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 24.85 | 0.23 | (g) | 5.09 | 5.32 | (0.19 | ) | (0.67 | ) | (0.86 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 32.30 | 0.19 | (f) | (5.89 | ) | (5.70 | ) | (0.21 | ) | (3.46 | ) | (3.67 | ) | |||||||||||||||
Year Ended June 30, 2018 | 30.83 | 0.38 | (f) | 3.18 | 3.56 | (0.35 | ) | (1.74 | ) | (2.09 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 25.99 | 0.27 | (f) | 4.82 | 5.09 | (0.23 | ) | (0.02 | ) | (0.25 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 28.03 | 0.31 | (1.00 | ) | (0.69 | ) | (0.26 | ) | (1.09 | ) | (1.35 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 29.33 | 0.37 | (0.02 | ) | 0.35 | (0.31 | ) | (1.34 | ) | (1.65 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 24.87 | 0.24 | (g) | 5.09 | 5.33 | (0.20 | ) | (0.67 | ) | (0.87 | ) | |||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.11, $(0.05), $0.18, $0.05, $0.22 and $0.23 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.41%, (0.20)%, 0.66%, 0.20%, 0.79% and 0.82% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 70 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 21.38 | (18.71 | )% | $ | 217,136 | 1.24 | % | 0.68 | %(f) | 1.27 | % | 27 | % | |||||||||||||
| 30.42 | 11.41 | 336,054 | 1.24 | 0.67 | (f) | 1.30 | 39 | |||||||||||||||||||
| 29.18 | 19.01 | 518,464 | 1.24 | 0.39 | (f) | 1.44 | 41 | |||||||||||||||||||
| 24.64 | (2.54 | ) | 551,313 | 1.25 | 0.69 | 1.53 | 46 | |||||||||||||||||||
| 26.65 | 1.04 | 618,977 | 1.24 | 0.84 | 1.44 | 38 | ||||||||||||||||||||
| 27.98 | 21.24 | 516,950 | 1.24 | 0.46 | (g) | 1.40 | 40 | |||||||||||||||||||
| 17.12 | (18.92 | ) | 19,104 | 1.74 | 0.21 | (f) | 1.77 | 27 | ||||||||||||||||||
| 25.21 | 10.80 | 25,885 | 1.75 | 0.14 | (f) | 1.78 | 39 | |||||||||||||||||||
| 24.55 | 18.32 | 40,349 | 1.85 | (0.21 | )(f) | 1.86 | 41 | |||||||||||||||||||
| 20.82 | (3.12 | ) | 41,161 | 1.86 | 0.07 | 1.94 | 46 | |||||||||||||||||||
| 22.77 | 0.42 | 49,815 | 1.85 | 0.23 | 1.89 | 38 | ||||||||||||||||||||
| 24.19 | 20.45 | 52,909 | 1.84 | (0.15 | )(g) | 1.89 | 40 | |||||||||||||||||||
| 22.88 | (18.60 | ) | 263,397 | 0.99 | 0.97 | (f) | 1.01 | 27 | ||||||||||||||||||
| 32.25 | 11.70 | 336,366 | 0.99 | 0.96 | (f) | 1.01 | 39 | |||||||||||||||||||
| 30.80 | 19.30 | 344,875 | 0.99 | 0.67 | (f) | 1.11 | 41 | |||||||||||||||||||
| 25.97 | (2.28 | ) | 263,436 | 1.00 | 0.88 | 1.18 | 46 | |||||||||||||||||||
| 28.00 | 1.27 | 495,605 | 0.99 | 1.10 | 1.14 | 38 | ||||||||||||||||||||
| 29.31 | 21.52 | 404,848 | 0.99 | 0.71 | (g) | 1.15 | 40 | |||||||||||||||||||
| 21.13 | (18.82 | ) | 33,913 | 1.49 | 0.47 | (f) | 1.63 | 27 | ||||||||||||||||||
| 30.13 | 11.12 | 45,300 | 1.52 | 0.41 | (f) | 1.63 | 39 | |||||||||||||||||||
| 28.94 | 18.68 | 60,282 | 1.52 | 0.14 | (f) | 1.75 | 41 | |||||||||||||||||||
| 24.48 | (2.78 | ) | 47,309 | 1.50 | 0.45 | 1.91 | 46 | |||||||||||||||||||
| 26.49 | 0.77 | 48,675 | 1.49 | 0.59 | 1.76 | 38 | ||||||||||||||||||||
| 27.83 | 20.95 | 47,939 | 1.49 | 0.25 | (g) | 1.66 | 40 | |||||||||||||||||||
| 21.34 | (18.72 | ) | 12,643 | 1.24 | 0.76 | (f) | 1.29 | 27 | ||||||||||||||||||
| 30.38 | 11.42 | 12,948 | 1.25 | 0.67 | (f) | 1.29 | 39 | |||||||||||||||||||
| 29.14 | 13.24 | 13,390 | 1.27 | 0.53 | (f) | 1.28 | 41 | |||||||||||||||||||
| 22.85 | (18.59 | ) | 366 | 0.99 | 0.99 | (f) | 1.04 | 27 | ||||||||||||||||||
| 32.21 | 11.65 | 102 | 1.01 | 1.03 | (f) | 1.27 | 39 | |||||||||||||||||||
| 30.77 | 13.44 | 39 | 1.06 | 0.75 | (f) | 1.10 | 41 | |||||||||||||||||||
| 22.90 | (18.53 | ) | 86,760 | 0.84 | 1.13 | (f) | 0.86 | 27 | ||||||||||||||||||
| 32.26 | 11.85 | 131,506 | 0.84 | 1.11 | (f) | 0.87 | 39 | |||||||||||||||||||
| 30.80 | 19.43 | 130,338 | 0.88 | 0.77 | (f) | 0.89 | 41 | |||||||||||||||||||
| 25.97 | (2.21 | ) | 96,674 | 0.90 | 1.04 | 0.93 | 46 | |||||||||||||||||||
| 28.01 | 1.39 | 103,149 | 0.91 | 1.19 | 0.93 | 38 | ||||||||||||||||||||
| 29.31 | 21.67 | 79,792 | 0.90 | 0.85 | (g) | 0.95 | 40 | |||||||||||||||||||
| 22.93 | (18.50 | ) | 837,082 | 0.74 | 1.22 | (f) | 0.76 | 27 | ||||||||||||||||||
| 32.30 | 11.97 | 1,040,121 | 0.74 | 1.21 | (f) | 0.76 | 39 | |||||||||||||||||||
| 30.83 | 19.59 | 1,007,466 | 0.76 | 0.90 | (f) | 0.76 | 41 | |||||||||||||||||||
| 25.99 | (2.07 | ) | 753,439 | 0.77 | 1.21 | 0.77 | 46 | |||||||||||||||||||
| 28.03 | 1.49 | 554,522 | 0.79 | 1.32 | 0.81 | 38 | ||||||||||||||||||||
| 29.33 | 21.71 | 453,645 | 0.85 | 0.87 | (g) | 0.90 | 40 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 71 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan U.S. Small Company Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 19.60 | $ | — | (f)(g) | $ | (3.43 | ) | $ | (3.43 | ) | $ | — | $ | (1.86 | ) | $ | (1.86 | ) | |||||||||
Year Ended June 30, 2018 | 18.10 | — | (f)(g) | 2.69 | 2.69 | — | (1.19 | ) | (1.19 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 15.09 | — | (f)(g) | 3.02 | 3.02 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 16.96 | 0.02 | (1.20 | ) | (1.18 | ) | (0.02 | ) | (0.67 | ) | (0.69 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.25 | 0.03 | 1.22 | 1.25 | — | (0.54 | ) | (0.54 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 13.17 | (0.01 | )(i) | 3.39 | 3.38 | (0.01 | ) | (0.29 | ) | (0.30 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 18.70 | (0.05 | )(g) | (3.26 | ) | (3.31 | ) | — | (1.86 | ) | (1.86 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 17.40 | (0.09 | )(g) | 2.58 | 2.49 | — | (1.19 | ) | (1.19 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 14.57 | (0.08 | )(g) | 2.91 | 2.83 | — | — | (f) | — | (f) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.46 | (0.05 | ) | (1.17 | ) | (1.22 | ) | — | (0.67 | ) | (0.67 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 15.86 | (0.05 | ) | 1.19 | 1.14 | — | (0.54 | ) | (0.54 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.91 | (0.08 | )(i) | 3.32 | 3.24 | — | (0.29 | ) | (0.29 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 20.05 | 0.03 | (g) | (3.52 | ) | (3.49 | ) | (0.02 | ) | (1.86 | ) | (1.88 | ) | |||||||||||||||
Year Ended June 30, 2018 | 18.47 | 0.05 | (g) | 2.75 | 2.80 | (0.03 | ) | (1.19 | ) | (1.22 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 15.40 | 0.04 | (g) | 3.08 | 3.12 | (0.05 | ) | — | (f) | (0.05 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 17.29 | 0.06 | (1.22 | ) | (1.16 | ) | (0.06 | ) | (0.67 | ) | (0.73 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.53 | 0.08 | 1.24 | 1.32 | (0.02 | ) | (0.54 | ) | (0.56 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.37 | 0.03 | (i) | 3.45 | 3.48 | (0.03 | ) | (0.29 | ) | (0.32 | ) | |||||||||||||||||
Class L | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 20.05 | 0.04 | (g) | (3.53 | ) | (3.49 | ) | (0.05 | ) | (1.86 | ) | (1.91 | ) | |||||||||||||||
Year Ended June 30, 2018 | 18.46 | 0.08 | (g) | 2.76 | 2.84 | (0.06 | ) | (1.19 | ) | (1.25 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 15.39 | 0.08 | (g) | 3.08 | 3.16 | (0.09 | ) | — | (f) | (0.09 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 17.28 | 0.10 | (1.24 | ) | (1.14 | ) | (0.08 | ) | (0.67 | ) | (0.75 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.51 | 0.11 | 1.24 | 1.35 | (0.04 | ) | (0.54 | ) | (0.58 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.35 | 0.06 | (i) | 3.44 | 3.50 | (0.05 | ) | (0.29 | ) | (0.34 | ) | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.22 | (0.02 | )(g) | (3.36 | ) | (3.38 | ) | — | (1.86 | ) | (1.86 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 17.81 | (0.05 | )(g) | 2.65 | 2.60 | — | (1.19 | ) | (1.19 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 14.88 | (0.04 | )(g) | 2.97 | 2.93 | — | — | (f) | — | (f) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.77 | (0.01 | ) | (1.19 | ) | (1.20 | ) | (0.02 | ) | (0.67 | ) | (0.69 | ) | |||||||||||||||
Year Ended June 30, 2015 | 16.12 | (0.01 | ) | 1.20 | 1.19 | — | (0.54 | ) | (0.54 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.09 | (0.05 | )(i) | 3.38 | 3.33 | (0.01 | ) | (0.29 | ) | (0.30 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.50 | — | (f)(g) | (3.42 | ) | (3.42 | ) | — | (f) | (1.86 | ) | (1.86 | ) | |||||||||||||||
Year Ended June 30, 2018 | 18.03 | 0.01 | (g) | 2.68 | 2.69 | (0.03 | ) | (1.19 | ) | (1.22 | ) | |||||||||||||||||
September 9, 2016 (j) through June 30, 2017 | 16.02 | 0.04 | (g) | 2.04 | 2.08 | (0.07 | ) | — | (f) | (0.07 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.98 | 0.03 | (g) | (3.52 | ) | (3.49 | ) | (0.03 | ) | (1.86 | ) | (1.89 | ) | |||||||||||||||
Year Ended June 30, 2018 | 18.44 | 0.05 | (g) | 2.75 | 2.80 | (0.07 | ) | (1.19 | ) | (1.26 | ) | |||||||||||||||||
September 9, 2016 (j) through June 30, 2017 | 16.36 | 0.13 | (g) | 2.04 | 2.17 | (0.09 | ) | — | (f) | (0.09 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 20.01 | 0.04 | (g) | (3.51 | ) | (3.47 | ) | (0.06 | ) | (1.86 | ) | (1.92 | ) | |||||||||||||||
Year Ended June 30, 2018 | 18.45 | 0.08 | (g) | 2.74 | 2.82 | (0.07 | ) | (1.19 | ) | (1.26 | ) | |||||||||||||||||
September 9, 2016 (j) through June 30, 2017 | 16.35 | 0.07 | (g) | 2.13 | 2.20 | (0.10 | ) | — | (f) | (0.10 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 20.07 | 0.05 | (g) | (3.53 | ) | (3.48 | ) | (0.07 | ) | (1.86 | ) | (1.93 | ) | |||||||||||||||
Year Ended June 30, 2018 | 18.48 | 0.10 | (g) | 2.76 | 2.86 | (0.08 | ) | (1.19 | ) | (1.27 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 15.40 | 0.10 | (g) | 3.08 | 3.18 | (0.10 | ) | — | (f) | (0.10 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 17.29 | 0.11 | (1.23 | ) | (1.12 | ) | (0.10 | ) | (0.67 | ) | (0.77 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.52 | 0.12 | 1.24 | 1.36 | (0.05 | ) | (0.54 | ) | (0.59 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.35 | 0.06 | (i) | 3.46 | 3.52 | (0.06 | ) | (0.29 | ) | (0.35 | ) | |||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Amount rounds to less than $0.005. |
| (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 0.005%. |
| (i) | Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income(loss) per share would have been $(0.02), $(0.09), $0.02, $0.05, $(0.05), and $0.06 for Class A, Class C, Class I, Class L, Class R2 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.12)%, (0.61)%, 0.13%, 0.34%, (0.36)% and 0.38% for Class A, Class C, Class I, Class L, Class R2 and Class R6 Class Shares, respectively. |
| (j) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 72 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 14.31 | (18.20 | )% | $ | 146,042 | 1.22 | % | 0.01 | %(g) | 1.22 | % | 27 | % | |||||||||||||
| 19.60 | 15.40 | 210,050 | 1.22 | 0.00 | (g)(h) | 1.23 | 52 | |||||||||||||||||||
| 18.10 | 20.04 | 244,958 | 1.25 | (0.01 | )(g) | 1.35 | 53 | |||||||||||||||||||
| 15.09 | (6.86 | ) | 226,309 | 1.26 | 0.15 | 1.44 | 49 | |||||||||||||||||||
| 16.96 | 7.98 | 240,064 | 1.25 | 0.21 | 1.40 | 56 | ||||||||||||||||||||
| 16.25 | 25.86 | 126,858 | 1.25 | (0.08 | )(i) | 1.34 | 51 | |||||||||||||||||||
| 13.53 | (18.44 | ) | 30,721 | 1.72 | (0.51 | )(g) | 1.73 | 27 | ||||||||||||||||||
| 18.70 | 14.85 | 45,633 | 1.73 | (0.50 | )(g) | 1.73 | 52 | |||||||||||||||||||
| 17.40 | 19.43 | 49,946 | 1.75 | (0.51 | )(g) | 1.85 | 53 | |||||||||||||||||||
| 14.57 | (7.35 | ) | 45,932 | 1.76 | (0.34 | ) | 1.91 | 49 | ||||||||||||||||||
| 16.46 | 7.47 | 45,202 | 1.75 | (0.28 | ) | 1.88 | 56 | |||||||||||||||||||
| 15.86 | 25.27 | 22,539 | 1.75 | (0.57 | )(i) | 1.84 | 51 | |||||||||||||||||||
| 14.68 | (18.09 | ) | 285,849 | 0.96 | 0.26 | (g) | 0.97 | 27 | ||||||||||||||||||
| 20.05 | 15.73 | 433,317 | 0.96 | 0.27 | (g) | 0.97 | 52 | |||||||||||||||||||
| 18.47 | 20.29 | 387,043 | 1.01 | 0.25 | (g) | 1.05 | 53 | |||||||||||||||||||
| 15.40 | (6.63 | ) | 289,631 | 1.00 | 0.42 | 1.11 | 49 | |||||||||||||||||||
| 17.29 | 8.25 | 246,645 | 1.00 | 0.45 | 1.11 | 56 | ||||||||||||||||||||
| 16.53 | 26.21 | 160,279 | 1.00 | 0.17 | (i) | 1.09 | 51 | |||||||||||||||||||
| 14.65 | (18.09 | ) | 396,282 | 0.81 | 0.42 | (g) | 0.81 | 27 | ||||||||||||||||||
| 20.05 | 15.95 | 554,361 | 0.81 | 0.42 | (g) | 0.82 | 52 | |||||||||||||||||||
| 18.46 | 20.50 | 711,139 | 0.82 | 0.43 | (g) | 0.87 | 53 | |||||||||||||||||||
| 15.39 | (6.48 | ) | 587,279 | 0.82 | 0.63 | 0.90 | 49 | |||||||||||||||||||
| 17.28 | 8.49 | 352,036 | 0.82 | 0.64 | 0.94 | 56 | ||||||||||||||||||||
| 16.51 | 26.42 | 216,698 | 0.82 | 0.39 | (i) | 0.94 | 51 | |||||||||||||||||||
| 13.98 | (18.30 | ) | 42,697 | 1.47 | (0.23 | )(g) | 1.48 | 27 | ||||||||||||||||||
| 19.22 | 15.13 | 49,715 | 1.48 | (0.25 | )(g) | 1.48 | 52 | |||||||||||||||||||
| 17.81 | 19.70 | 51,511 | 1.50 | (0.24 | )(g) | 1.69 | 53 | |||||||||||||||||||
| 14.88 | (7.09 | ) | 34,326 | 1.51 | (0.05 | ) | 1.75 | 49 | ||||||||||||||||||
| 16.77 | 7.66 | 17,846 | 1.50 | (0.04 | ) | 1.66 | 56 | |||||||||||||||||||
| 16.12 | 25.66 | 9,785 | 1.50 | (0.32 | )(i) | 1.59 | 51 | |||||||||||||||||||
| 14.22 | (18.24 | ) | 19,334 | 1.21 | 0.04 | (g) | 1.22 | 27 | ||||||||||||||||||
| 19.50 | 15.49 | 17,655 | 1.21 | 0.04 | (g) | 1.21 | 52 | |||||||||||||||||||
| 18.03 | 13.01 | 9,560 | 1.23 | 0.25 | (g) | 1.24 | 53 | |||||||||||||||||||
| 14.60 | (18.16 | ) | 5,828 | 0.97 | 0.28 | (g) | 0.98 | 27 | ||||||||||||||||||
| 19.98 | 15.73 | 5,773 | 1.01 | 0.28 | (g) | 1.04 | 52 | |||||||||||||||||||
| 18.44 | 13.24 | 794 | 1.00 | 0.89 | (g) | 1.07 | 53 | |||||||||||||||||||
| 14.62 | (18.03 | ) | 9,721 | 0.81 | 0.46 | (g) | 0.81 | 27 | ||||||||||||||||||
| 20.01 | 15.83 | 6,491 | 0.85 | 0.43 | (g) | 0.86 | 52 | |||||||||||||||||||
| 18.45 | 13.44 | 145 | 0.83 | 0.51 | (g) | 0.90 | 53 | |||||||||||||||||||
| 14.66 | (18.03 | ) | 395,611 | 0.71 | 0.53 | (g) | 0.72 | 27 | ||||||||||||||||||
| 20.07 | 16.05 | 455,851 | 0.71 | 0.53 | (g) | 0.72 | 52 | |||||||||||||||||||
| 18.48 | 20.64 | 296,577 | 0.72 | 0.55 | (g) | 0.72 | 53 | |||||||||||||||||||
| 15.40 | (6.39 | ) | 139,835 | 0.73 | 0.71 | 0.74 | 49 | |||||||||||||||||||
| 17.29 | 8.54 | 69,755 | 0.73 | 0.73 | 0.76 | 56 | ||||||||||||||||||||
| 16.52 | 26.54 | 45,604 | 0.75 | 0.42 | (i) | 0.84 | 51 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 73 | ||||||
Table of Contents
AS OF DECEMBER 31, 2018 (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 6 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
| Classes Offered | Trust | Diversified/Non-Diversified | ||||
| JPMorgan Small Cap Blend Fund | Class A, Class C, Class I and Class R6* | JPM I | Diversified | |||
| JPMorgan Small Cap Core Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Small Cap Equity Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Small Cap Growth Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM II | Diversified | |||
| JPMorgan Small Cap Value Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM II | Diversified | |||
| JPMorgan U.S. Small Company Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified |
| * | Class R6 commenced operations on July 2, 2018 for JPMorgan Small Cap Blend Fund. |
The investment objectives of JPMorgan Small Cap Blend Fund (“Small Cap Blend Fund”), JPMorgan Small Cap Core Fund (“Small Cap Core Fund”) and JPMorgan Small Cap Equity Fund (“Small Cap Equity Fund”) are to seek capital growth over the long term.
The investment objective of JPMorgan Small Cap Growth Fund (“Small Cap Growth Fund”) is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.
The investment objective of JPMorgan Small Cap Value Fund (“Small Cap Value Fund”) is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.
The investment objective of JPMorgan U.S. Small Company Fund (“U.S. Small Company Fund”) is to seek to provide high total return from a portfolio of small company stocks.
Class L Shares for the Small Cap Growth Fund and U.S. Small Company Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Funds’ prospectuses.
All share classes of the Small Cap Equity Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.
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 I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. 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. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security
| 74 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Boards.
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. 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 contracts are generally valued on the basis of available market quotations.
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.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Small Cap Blend Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 238,237 | $ | — | $ | — | $ | 238,237 | ||||||||
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Small Cap Core Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (b) | $ | 307,184 | $ | — | (c) | $ | — | $ | 307,184 | |||||||
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Depreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | (271 | ) | $ | — | $ | — | $ | (271 | ) | ||||||
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Small Cap Equity Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 5,732,900 | $ | — | $ | — | $ | 5,732,900 | ||||||||
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Small Cap Growth Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 2,209,369 | $ | — | $ | ��� | $ | 2,209,369 | ||||||||
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Small Cap Value Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (b) | $ | 1,556,507 | $ | — | (c) | $ | — | $ | 1,556,507 | |||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | (761 | ) | $ | — | $ | — | $ | (761 | ) | ||||||
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| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 75 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
U.S. Small Company Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 unobservable inputs | Total | |||||||||||||
Total Investments in Securities (b) | $ | 1,450,789 | $ | — | (c) | $ | — | $ | 1,450,789 | |||||||
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Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 747 | $ | — | $ | — | $ | 747 | ||||||||
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| (a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for asset class specifics of portfolio holdings. |
| (b) | All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of a warrant. Please refer to the SOIs for industry specifics of portfolio holdings. |
| (c) | Value is zero. |
There were no transfers among any levels during the six months ended December 31, 2018.
B. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds buy futures contracts to invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation 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, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The table below discloses the volume of the Funds’ futures contracts activity during the six month ended December 31, 2018 (amounts in thousands):
| Small Cap Core Fund | Small Cap Value Fund | U.S. Small Company Fund | ||||||||||
Futures Contracts — Equity: | ||||||||||||
Average Notional Balance Long | $ | 10,826 | $ | 53,598 | $ | 51,316 | ||||||
Ending Notional Balance Long | 11,067 | 37,654 | 19,029 | |||||||||
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).
C. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
| 76 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).
| Dividend Income | ||||
Small Cap Blend Fund | $ | 74 | ||
Small Cap Core Fund | 51 | |||
Small Cap Equity Fund | 563 | |||
Small Cap Growth Fund | 583 | |||
Small Cap Value Fund | 311 | |||
U.S. Small Company Fund | 316 | |||
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):
| Value of Securities on Loan | Cash Collateral Posted by Borrower | Total value of Collateral Investments | ||||||||||
Small Cap Blend Fund | $ | 24,891 | $ | 25,185 | $ | 25,185 | ||||||
Small Cap Core Fund | 18,427 | 18,684 | 18,684 | |||||||||
Small Cap Equity Fund | 137,012 | 157,951 | 157,951 | |||||||||
Small Cap Growth Fund | 145,272 | 146,444 | 146,444 | |||||||||
Small Cap Value Fund | 92,921 | 96,998 | 96,998 | |||||||||
U.S. Small Company Fund | 107,364 | 109,798 | 109,798 | |||||||||
The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.
The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).
| Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities | Cash Collateral Posted by Borrower | Net Amount Due to Counterparty (not less than zero) | ||||||||||
Small Cap Blend Fund | $ | 24,891 | $ | (24,891 | ) | $ | — | |||||
Small Cap Core Fund | 18,427 | (18,427 | ) | — | ||||||||
Small Cap Equity Fund | 137,012 | (137,012 | ) | — | ||||||||
Small Cap Growth Fund | 145,272 | (145,272 | ) | — | ||||||||
Small Cap Value Fund | 92,921 | (92,921 | ) | — | ||||||||
U.S. Small Company Fund | 107,364 | (107,364 | ) | — | ||||||||
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 77 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):
Small Cap Blend Fund | $ | 1 | ||
Small Cap Core Fund | 1 | |||
Small Cap Equity Fund | 6 | |||
Small Cap Growth Fund | 6 | |||
Small Cap Value Fund | 3 | |||
U.S. Small Company Fund | 3 |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with a fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.
Small Cap Blend Fund
For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 22,000 | $ | 3,000 | $ | — | $ | — | $ | 19,000 | 19,002 | $ | 51 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 28,790 | 22,605 | — | — | 6,185 | 6,185 | 23 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 5,211 | 54,905 | 54,741 | — | — | 5,375 | 5,375 | 58 | — | |||||||||||||||||||||||||||
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Total | $ | 5,211 | $ | 105,695 | $ | 80,346 | $ | — | $ | — | $ | 30,560 | $ | 132 | $ | — | ||||||||||||||||||||
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Small Cap Core Fund
For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 14,000 | $ | — | $ | — | $ | — | $ | 14,000 | 14,001 | $ | 33 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 21,692 | 17,008 | — | — | 4,684 | 4,684 | 18 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 11,474 | 63,302 | 62,161 | — | — | 12,615 | 12,615 | 113 | — | |||||||||||||||||||||||||||
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Total | $ | 11,474 | $ | 98,994 | $ | 79,169 | $ | — | $ | — | $ | 31,299 | $ | 164 | $ | — | ||||||||||||||||||||
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| 78 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
Small Cap Equity Fund
For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 237,000 | $ | 104,000 | $ | — | $ | — | $ | 133,000 | 133,013 | $ | 422 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 155,446 | 130,495 | — | — | 24,951 | 24,951 | 141 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 354,263 | 573,642 | 775,884 | — | — | 152,021 | 152,021 | 2,891 | — | |||||||||||||||||||||||||||
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Total | $ | 354,263 | $ | 966,088 | $ | 1,010,379 | $ | — | $ | — | $ | 309,972 | $ | 3,454 | $ | — | ||||||||||||||||||||
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Small Cap Growth Fund
For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 235,000 | $ | 110,000 | $ | — | $ | — | $ | 125,000 | 125,013 | $ | 446 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 130,609 | 109,165 | — | — | 21,444 | 21,444 | 137 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 52,237 | 535,043 | 567,444 | — | — | 19,836 | 19,836 | 354 | — | |||||||||||||||||||||||||||
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Total | $ | 52,237 | $ | 900,652 | $ | 786,609 | $ | — | $ | — | $ | 166,280 | $ | 937 | $ | — | ||||||||||||||||||||
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Small Cap Value Fund
For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 127,000 | $ | 41,000 | $ | — | $ | — | $ | 86,000 | 86,009 | $ | 237 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 81,433 | 70,435 | — | — | 10,998 | 10,998 | 74 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 25,875 | 228,189 | 209,834 | — | — | 44,230 | 44,230 | 540 | — | |||||||||||||||||||||||||||
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Total | $ | 25,875 | $ | 436,622 | $ | 321,269 | $ | — | $ | — | $ | 141,228 | $ | 851 | $ | — | ||||||||||||||||||||
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| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 79 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
U.S. Small Company Fund
For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 122,000 | $ | 30,000 | $ | — | $ | — | $ | 92,000 | 92,009 | $ | 241 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 82,018 | 64,220 | — | — | 17,798 | 17,798 | 75 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 65,468 | 214,844 | 254,958 | — | — | 25,354 | 25,354 | 481 | — | |||||||||||||||||||||||||||
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Total | $ | 65,468 | $ | 418,862 | $ | 349,178 | $ | — | $ | — | $ | 135,152 | $ | 797 | $ | — | ||||||||||||||||||||
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| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (b) | The rate shown is the current yield as of December 31, 2018. |
| * | Amount is included in the Statements of Operations as Income from securities lending (net). |
E. 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.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.
F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |||||||||||||||||||||||||||||||
Small Cap Blend Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | $ | 9 | $ | 1 | $ | 1 | n/a | n/a | n/a | n/a | n/a | n/a | $ | 11 | ||||||||||||||||||||||||||
Small Cap Core Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 1 | — | (a) | 1 | n/a | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | 4 | $ | — | (a) | 6 | ||||||||||||||||||||
Small Cap Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 33 | 4 | 29 | n/a | 1 | — | (a) | — | (a) | 9 | 6 | 82 | ||||||||||||||||||||||||||||
Small Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 22 | 1 | 4 | $ | 2 | 1 | — | (a) | — | (a) | — | (a) | 5 | 35 | ||||||||||||||||||||||||||
Small Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 12 | 2 | 5 | n/a | 25 | 2 | — | (a) | 2 | 16 | 64 | |||||||||||||||||||||||||||||
U.S. Small Company Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 11 | 4 | 6 | 5 | 4 | — | (a) | 1 | — | (a) | 9 | 40 | ||||||||||||||||||||||||||||
| (a) | Amount rounds to less than one thousand. |
| 80 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, 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 remains subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually, except for Small Cap Value Fund, which are generally 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 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:
Small Cap Blend Fund | 0.65 | % | ||
Small Cap Core Fund | 0.65 | |||
Small Cap Equity Fund | 0.65 | |||
Small Cap Growth Fund | 0.65 | |||
Small Cap Value Fund | 0.65 | |||
U.S. Small Company Fund | 0.60 |
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was 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 December 31, 2018, 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.
Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.
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 a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| Class A | Class C | Class R2 | Class R3 | |||||||||||||
Small Cap Blend Fund | 0.25 | % | 0.75 | % | n/a | n/a | ||||||||||
Small Cap Core Fund | 0.25 | 0.75 | 0.50 | % | 0.25 | % | ||||||||||
Small Cap Equity Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
Small Cap Growth Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
Small Cap Value Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
U.S. Small Company Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 81 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
In addition, JPMDS 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 December 31, 2018, JPMDS retained the following (amounts in thousands):
| Front-End Sales Charge | CDSC | |||||||
Small Cap Blend Fund | $ | 26 | $ | — | ||||
Small Cap Core Fund | 2 | — | ||||||
Small Cap Equity Fund | 6 | — | (a) | |||||
Small Cap Growth Fund | 91 | — | (a) | |||||
Small Cap Value Fund | 4 | — | ||||||
U.S. Small Company Fund | 4 | — | (a) | |||||
| (a) | Amount rounds to less than one thousand. |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | |||||||||||||||||||||||||
Small Cap Blend Fund | 0.25 | % | 0.25 | % | 0.25 | % | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||
Small Cap Core Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | % | 0.25 | % | 0.25 | % | 0.10 | % | ||||||||||||||||||||
Small Cap Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
Small Cap Growth Fund | 0.25 | 0.25 | 0.25 | 0.10 | % | 0.25 | 0.25 | 0.25 | 0.10 | |||||||||||||||||||||||
Small Cap Value Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
U.S. Small Company Fund | 0.25 | 0.25 | 0.25 | 0.10 | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, 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 in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | ||||||||||||||||||||||||||||
Small Cap Blend Fund | 1.24 | % | 1.74 | % | 0.99 | % | n/a | n/a | n/a | n/a | n/a | 0.74 | % | |||||||||||||||||||||||
Small Cap Core Fund | 1.24 | 1.74 | 0.99 | n/a | 1.49 | % | 1.24 | % | 0.99 | % | 0.80 | % | 0.74 | |||||||||||||||||||||||
Small Cap Equity Fund | 1.24 | 1.74 | 0.99 | n/a | 1.49 | 1.24 | 0.99 | 0.80 | 0.74 | |||||||||||||||||||||||||||
Small Cap Growth Fund | 1.24 | 1.74 | 0.99 | 0.85 | % | 1.49 | 1.24 | 0.99 | 0.84 | 0.74 | ||||||||||||||||||||||||||
Small Cap Value Fund | 1.24 | 1.74 | 0.99 | n/a | 1.49 | 1.24 | 0.99 | 0.84 | 0.74 | |||||||||||||||||||||||||||
U.S. Small Company Fund | 1.26 | 1.76 | 1.01 | 0.83 | 1.51 | 1.26 | 1.01 | 0.86 | 0.76 | |||||||||||||||||||||||||||
The expense limitation agreements were in effect for the six months ended December 31, 2018. The contractual expense limitation percentages are in place until at least October 31, 2019.
For the six months ended December 31, 2018, 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 reimbursed expenses in future years.
| 82 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
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| Contractual Waivers | ||||||||||||||||||||
| Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Small Cap Blend Fund | $ | 72 | $ | 48 | $ | 11 | $ | 131 | $ | — | ||||||||||
Small Cap Core Fund | 87 | 58 | 49 | 194 | — | (a) | ||||||||||||||
Small Cap Equity Fund | 161 | 107 | 321 | 589 | 4 | |||||||||||||||
Small Cap Growth Fund | 116 | 75 | 28 | 219 | 6 | |||||||||||||||
Small Cap Value Fund | 102 | 66 | 44 | 212 | 11 | |||||||||||||||
| (a) | Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.
The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 was as follows (amounts in thousands):
Small Cap Blend Fund | $ | 6 | ||
Small Cap Core Fund | 12 | |||
Small Cap Equity Fund | 327 | |||
Small Cap Growth Fund | 47 | |||
Small Cap Value Fund | 53 | |||
U.S. Small Company Fund | 56 |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards 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 December 31, 2018, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.
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 December 31, 2018, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):
| Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |||||||
Small Cap Blend Fund | $ | 108,174 | $ | 72,594 | ||||
Small Cap Core Fund | 129,714 | 95,514 | ||||||
Small Cap Equity Fund | 984,038 | 1,117,874 | ||||||
Small Cap Growth Fund | 872,676 | 551,822 | ||||||
Small Cap Value Fund | 462,949 | 622,858 | ||||||
U.S. Small Company Fund | 439,140 | 525,717 | ||||||
During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 83 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):
| Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Small Cap Blend Fund | $ | 224,790 | $ | 38,506 | $ | 25,059 | $ | 13,447 | ||||||||
Small Cap Core Fund | 303,919 | 41,678 | 38,684 | 2,994 | ||||||||||||
Small Cap Equity Fund | 4,778,877 | 1,287,535 | 333,512 | 954,023 | ||||||||||||
Small Cap Growth Fund | 2,026,061 | 402,188 | 218,880 | 183,308 | ||||||||||||
Small Cap Value Fund | 1,529,130 | 240,913 | 214,297 | 26,616 | ||||||||||||
U.S. Small Company Fund | 1,446,501 | 191,892 | 186,857 | 5,035 | ||||||||||||
As of June 30, 2018, the Funds did not have any capital loss carryforwards.
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.
The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended December 31, 2018.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
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As of December 31, 2018, the Funds had non-affiliated omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:
| Number of Non-Affiliated Omnibus Accounts | % of the Fund | |||||||
Small Cap Blend Fund | 3 | 55.5 | % | |||||
Small Cap Core Fund | 1 | 12.2 | ||||||
Small Cap Equity Fund | 1 | 10.3 | ||||||
Small Cap Growth Fund | 1 | 13.4 | ||||||
As of December 31, 2018, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:
| JPMorgan SmartRetirement Funds | ||||
Small Cap Growth Fund | 12.7 | % | ||
Small Cap Value Fund | 19.7 | |||
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
Because the Funds may invest a significant portion of their assets in REITs, the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.
In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 85 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (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, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.
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 each Fund 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 July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Small Cap Blend Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 836.40 | $ | 5.74 | 1.24 | % | ||||||||
Hypothetical* | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 834.60 | 8.05 | 1.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 837.30 | 4.58 | 0.99 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.21 | 5.04 | 0.99 | ||||||||||||
Class R6 | ||||||||||||||||
Actual** | 1,000.00 | 832.80 | 3.38 | 0.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
JPMorgan Small Cap Core Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 813.80 | 5.62 | 1.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.00 | 6.26 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 811.50 | 7.94 | 1.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 814.80 | 4.48 | 0.98 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.27 | 4.99 | 0.98 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 812.60 | 6.81 | 1.49 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.69 | 7.58 | 1.49 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 813.60 | 5.67 | 1.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
| 86 | J.P. MORGAN SMALL CAP FUNDS | DECEMBER 31, 2018 | ||||
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| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Small Cap Core Fund (continued) | ||||||||||||||||
Class R4 | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 814.80 | $ | 4.48 | 0.98 | % | ||||||||
Hypothetical* | 1,000.00 | 1,020.27 | 4.99 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 815.40 | 3.61 | 0.79 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.22 | 4.02 | 0.79 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 815.70 | 3.34 | 0.73 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.53 | �� | 3.72 | 0.73 | |||||||||||
JPMorgan Small Cap Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 859.30 | 5.76 | 1.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.00 | 6.26 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 857.10 | 8.10 | 1.73 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.48 | 8.79 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 860.40 | 4.60 | 0.98 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.27 | 4.99 | 0.98 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 858.30 | 6.93 | 1.48 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.74 | 7.53 | 1.48 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 859.30 | 5.76 | 1.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.00 | 6.26 | 1.23 | ||||||||||||
Class R4 | ||||||||||||||||
Actual* | 1,000.00 | 860.30 | 4.60 | 0.98 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.27 | 4.99 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 861.30 | 3.71 | 0.79 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.22 | 4.02 | 0.79 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 861.60 | 3.43 | 0.73 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.53 | 3.72 | 0.73 | ||||||||||||
JPMorgan Small Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 829.50 | 5.72 | 1.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 826.80 | 8.01 | 1.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 830.20 | 4.57 | 0.99 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.21 | 5.04 | 0.99 | ||||||||||||
Class L | ||||||||||||||||
Actual* | 1,000.00 | 831.30 | 3.88 | 0.84 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 828.20 | 6.87 | 1.49 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.69 | 7.58 | 1.49 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 829.50 | 5.72 | 1.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN SMALL CAP FUNDS | 87 | ||||||
Table of Contents
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Small Cap Growth Fund (continued) | ||||||||||||||||
Class R4 | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 830.00 | $ | 4.57 | 0.99 | % | ||||||||
Hypothetical* | 1,000.00 | 1,020.21 | 5.04 | 0.99 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 830.90 | 3.88 | 0.84 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 831.00 | 3.42 | 0.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
JPMorgan Small Cap Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 812.90 | 5.67 | 1.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 810.80 | 7.94 | 1.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 814.00 | 4.53 | 0.99 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.21 | 5.04 | 0.99 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 811.80 | 6.80 | 1.49 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.69 | 7.58 | 1.49 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 812.80 | 5.67 | 1.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
Class R4 | ||||||||||||||||
Actual* | 1,000.00 | 814.10 | 4.53 | 0.99 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.21 | 5.04 | 0.99 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 814.70 | 3.84 | 0.84 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 815.00 | 3.39 | 0.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
JPMorgan U.S. Small Company Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 818.00 | 5.59 | 1.22 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.06 | 6.21 | 1.22 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 815.60 | 7.87 | 1.72 | ||||||||||||
Hypothetical* | 1,000.00 | 1,016.53 | 8.74 | 1.72 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 819.10 | 4.40 | 0.96 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.37 | 4.89 | 0.96 | ||||||||||||
Class L | ||||||||||||||||
Actual* | 1,000.00 | 819.10 | 3.71 | 0.81 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.12 | 4.13 | 0.81 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 817.00 | 6.73 | 1.47 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.80 | 7.48 | 1.47 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 817.60 | 5.54 | 1.21 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.11 | 6.16 | 1.21 | ||||||||||||
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| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan U.S. Small Company Fund (continued) | ||||||||||||||||
Class R4 | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 818.40 | $ | 4.45 | 0.97 | % | ||||||||
Hypothetical* | 1,000.00 | 1,020.32 | 4.94 | 0.97 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 819.70 | 3.72 | 0.81 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.12 | 4.13 | 0.81 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 819.70 | 3.26 | 0.71 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.63 | 3.62 | 0.71 | ||||||||||||
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the actual period). Commencement of operations was July 2, 2018. |
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.
The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
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Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of
scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.
Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer
The Trustees noted that, upon their direction, the Senior Officer for the Small Cap Growth Fund and Small Cap Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
The Trustees noted that, upon their direction, the Chief Compliance Officer for the Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, and U.S. Small Company Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the Small Cap Blend Fund’s performance for Class A shares was in the first quintile based upon both the Peer Group and Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees noted that the performance for Class I shares was also in the first quintile based upon both the Peer Group and Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Small Cap Core Fund’s performance for Class A Shares was in the first quintile based upon the Peer Group and in the second quintile based upon the Universe
for the one-year period ended December 31, 2017. The Trustees noted that the performance for Class R5 shares was in the first, second and first quintiles based upon the Peer Group, and in the second, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively . The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Small Cap Equity Fund’s performance for Class A shares was in the first quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I Shares was in the first, first, and third quintiles based upon the Peer Group, and in the first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Small Cap Growth Fund’s performance for both Class A and Class I shares was in the first quintiles based upon both the Peer Group and the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Small Cap Value Fund’s performance for Class A shares was in the fifth quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2017, and in the fifth, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fifth, fourth and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2017, respectively, and in the fifth, fourth and fourth quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under
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the circumstances. They requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.
The Trustees noted that the U.S. Small Company Fund’s performance for Class A shares was in fifth, fifth and third quintiles based upon the Peer Group, and in the fifth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in fourth, fifth and second quintiles based upon the Peer Group, and in the fifth, fourth and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regular meetings over the course of the next year.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the Small Cap Blend Fund’s net advisory fee for Class A shares was in the third quintile based upon the Peer Group and in the second quintile based upon the Universe, and that the actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe; and Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in
light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Small Cap Core Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and in the second quintile based upon the Universe, and that the actual total expenses for Class A shares were in the second quintiles based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R5 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Small Cap Equity Fund’s net advisory fee for Class A shares was in the first quintile based upon the Peer Group and in the second quintile based upon the Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Small Cap Growth Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that actual total expenses were in the third and second quintiles, based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, respectively, and that actual total expenses were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Small Cap Value Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the U.S. Small Company Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and
Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the FormN-Q without charge by calling1-800-480-4111 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 prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2018. All rights reserved. December 2018. | SAN-SC-1218 |
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Semi-Annual Report
J.P. Morgan MidCap/Multi-Cap Funds
December 31, 2018 (Unaudited)
JPMorgan Growth Advantage Fund
JPMorgan Mid Cap Equity Fund
JPMorgan Mid Cap Growth Fund
JPMorgan Mid Cap Value Fund
JPMorgan Value Advantage Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.comand you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.
You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.comor call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).
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Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
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February 14, 2019 (Unaudited)
Dear Shareholder,
While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.
 |
“Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch |
The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.
U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.
Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for
the S&P 500 Index since 1931 erased all gains seen in the prior five months.
By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.
Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.
We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
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J.P. Morgan MidCap/Multi-Cap Funds
MARKET OVERVIEW
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.
Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 returned-6.85% and the Russell Midcap Index returned-11.14%.
| 2 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Growth Advantage Fund
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class A Shares, without a sales charge)* | (10.96)% | |||
| Russell 3000 Growth Index | (8.90)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $7,769,612 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Growth Advantage Fund (the “Fund”) seeks to provide long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the producer durables and materials & processing sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Electronic Arts Inc., Nvidia Corp. and East West Bancorp Inc. Shares of Electronic Arts, a maker of digital interactive games and entertainment, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game. The Fund eliminated its position in the stock during the reporting period. Shares of Nvidia, a semiconductor manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of East West Bancorp, a Chinese-American bank, fell amid investor concerns about U.S.-China trade tariffs and a weaker outlook for bank profit margins.
Leading individual contributors to relative performance included the Fund’s overweight positions Lennox International Inc., UnitedHealth Group Inc. and Waste Connections Inc. Shares of Lennox International, a provider of heating, ventilation and air conditioning systems, rose after the company raised its forecast for 2019 earnings. Shares of UnitedHealth Group, a health insurance provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018. Shares of Waste Connections, a provider of solid waste collection, transfer and disposal services not held in the Benchmark, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized abottom-up approach to stock selection, researching individual companies across market capitalizations in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Microsoft Corp. | 5.8 | % | |||||
| 2. | Amazon.com, Inc. | 5.6 | ||||||
| 3. | Alphabet, Inc., Class C | 5.5 | ||||||
| 4. | Apple, Inc. | 5.0 | ||||||
| 5. | UnitedHealth Group, Inc. | 3.9 | ||||||
| 6. | Waste Connections, Inc. | 2.8 | ||||||
| 7. | Mastercard, Inc., Class A | 2.4 | ||||||
| 8. | Visa, Inc., Class A | 2.3 | ||||||
| 9. | Boeing Co. (The) | 2.0 | ||||||
| 10. | salesforce.com, Inc. | 1.9 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 34.9 | % | ||
Health Care | 15.9 | |||
Consumer Discretionary | 12.9 | |||
Industrials | 12.9 | |||
Communication Services | 9.3 | |||
Financials | 6.9 | |||
Materials | 2.3 | |||
| Investment of cash collateral from securities loaned | 1.7 | |||
| Energy | 1.5 | |||
| Real Estate | 0.8 | |||
| Short-Term Investments | 0.9 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 3 | ||||||
Table of Contents
JPMorgan Growth Advantage Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | October 29, 1999 | |||||||||||||||||
With Sales Charge** | (15.62 | )% | (6.80 | )% | 8.65 | % | 15.21 | % | ||||||||||
Without Sales Charge | (10.96 | ) | (1.63 | ) | 9.83 | 15.83 | ||||||||||||
CLASS C SHARES | May 1, 2006 | |||||||||||||||||
With CDSC*** | (12.18 | ) | (3.14 | ) | 9.28 | 15.24 | ||||||||||||
Without CDSC | (11.18 | ) | (2.14 | ) | 9.28 | 15.24 | ||||||||||||
CLASS I SHARES | May 1, 2006 | (10.82 | ) | (1.39 | ) | 10.05 | 16.07 | |||||||||||
CLASS R2 SHARES | July 31, 2017 | (11.07 | ) | (1.89 | ) | 9.55 | 15.55 | |||||||||||
CLASS R3 SHARES | May 31, 2017 | (10.95 | ) | (1.63 | ) | 9.84 | 15.85 | |||||||||||
CLASS R4 SHARES | May 31, 2017 | (10.82 | ) | (1.34 | ) | 10.09 | 16.13 | |||||||||||
CLASS R5 SHARES | January 8, 2009 | (10.77 | ) | (1.22 | ) | 10.24 | 16.29 | |||||||||||
CLASS R6 SHARES | December 23, 2013 | (10.71 | ) | (1.12 | ) | 10.36 | 16.34 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information pleasecall 1-800-480-4111.
Returns for Class R2 and Class R3 Shares prior to their inception dates 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. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for Class R4 and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.
Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 22, 2013 and Class I Shares prior to January 8, 2009. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund, the Russell 3000 Growth Index and the LipperMulti-Cap Growth Funds Index from December 31, 2008 to
December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth 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 LipperMulti-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 Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higherprice-to-book ratios and higher forecasted growth values. The LipperMulti-Cap Growth Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 4 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (10.90)% | |||
| Russell Midcap Index | (11.14)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $2,417,474 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Mid Cap Equity Fund (the “Fund”) seeks long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the energy sector and the materials & processing sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the technology and consumer staples sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp., O’Reilly Automotive Inc. and Red Hat Inc. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of O’Reilly Automotive, an automotive parts retailer, rose amid a healthy environment for the auto parts sector and investor expectations that the company will perform well in the later stages of the economic expansion. Shares of Red Hat, a provider of open source software, rose after IBM Corp. agreed to acquire the company for an estimated $34 billion.
Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Inc., Mohawk Industries Inc. and Electronic Arts Inc. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell amid a slump in the U.S. housing sector. Shares of Electronic Arts, a maker of digital interactive games and entertainment not held in the Benchmark, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed abottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary
fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models they deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Waste Connections, Inc. | 1.4 | % | |||||
| 2. | Hilton Worldwide Holdings, Inc. | 1.4 | ||||||
| 3. | Ross Stores, Inc. | 1.3 | ||||||
| 4. | O’Reilly Automotive, Inc. | 1.3 | ||||||
| 5. | Ball Corp. | 1.3 | ||||||
| 6. | Amphenol Corp., Class A | 1.3 | ||||||
| 7. | ServiceNow, Inc. | 1.2 | ||||||
| 8. | CBRE Group, Inc., Class A | 1.1 | ||||||
| 9. | CMS Energy Corp. | 1.0 | ||||||
| 10. | Global Payments, Inc. | 1.0 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Information Technology | 20.1 | % | ||
| Consumer Discretionary | 14.9 | |||
| Financials | 14.0 | |||
| Health Care | 12.3 | |||
| Industrials | 11.3 | |||
| Real Estate | 6.5 | |||
| Utilities | 4.9 | |||
| Materials | 4.3 | |||
| Energy | 3.5 | |||
| Consumer Staples | 2.7 | |||
| Communication Services | 2.0 | |||
| Investment of cash collateral from securities loaned | 1.9 | |||
| Short-Term Investments | 1.6 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 5 | ||||||
Table of Contents
JPMorgan Mid Cap Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | November 2, 2009 | |||||||||||||||||
With Sales Charge** | (15.69 | )% | (13.32 | )% | 4.71 | % | 12.59 | % | ||||||||||
Without Sales Charge | (11.01 | ) | (8.51 | ) | 5.85 | 13.20 | ||||||||||||
CLASS C SHARES | November 2, 2009 | |||||||||||||||||
With CDSC*** | (12.21 | ) | (9.96 | ) | 5.33 | 12.69 | ||||||||||||
Without CDSC | (11.21 | ) | (8.96 | ) | 5.33 | 12.69 | ||||||||||||
CLASS I SHARES | January 1, 1997 | (10.90 | ) | (8.29 | ) | 6.19 | 13.55 | |||||||||||
CLASS R2 SHARES | March 14, 2014 | (11.11 | ) | (8.73 | ) | 5.60 | 13.07 | |||||||||||
CLASS R5 SHARES | March 14, 2014 | (10.82 | ) | (8.13 | ) | 6.31 | 13.61 | |||||||||||
CLASS R6 SHARES | March 14, 2014 | (10.77 | ) | (8.04 | ) | 6.38 | 13.65 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information pleasecall 1-800-480-4111.
Returns for Class A and Class C Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Class I Shares.
Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares from November 2, 2009 to March 13, 2014 and Class I Shares prior to November 2, 2009. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Class I Shares.
Returns for Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different because Class R5 and Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund, the Russell Midcap Index, the Lipper Multi-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. 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 Russell Midcap 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 Mid-Cap Core Funds Index and the Lipper Multi-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 Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index are indices based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 6 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (10.54)% | |||
| Russell Midcap Growth Index | (9.63)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $3,526,662 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the technology sector and its lack of a position in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the health care and financial services sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Electronic Arts Inc. and Red Rock Resorts Inc. and its underweight position in Advanced Micro Devices Inc. Shares of Electronic Arts, a maker of digital interactive games and entertainment not held in the Benchmark, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game. The Fund eliminated its holdings of Electronic Arts during the reporting period. Shares of Red Rock Resorts, a casino and entertainment properties operator not held in the Benchmark, fell amid higher-than-expected construction costs at its Palms project and general industry weakness inper-room revenue. Shares of Advanced Micro Devices, a maker of semiconductors, rose after the company reported better-than-expected results for the third quarter of 2018 and shifted production to smaller, faster processing units.
Leading individual contributors to relative performance included the Fund’s overweight positions in O’Reilly Automotive Inc., DexCom Inc. and Red Hat Inc. Shares of O’Reilly Automotive, an automotive parts retailer, rose amid a healthy environment for the auto parts sector and investor expectations that the company will perform well in the later stages of the economic expansion. Shares of DexCom, a medical device maker, rose after the company reported better-than-expected revenue and strong demand for its blood glucose monitoring devices. Shares of Red Hat, a provider of open source software, rose after IBM Corp. agreed to acquire the company for an estimated $34 billion.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized abottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Waste Connections, Inc. | 2.7 | % | |||||
| 2. | Ross Stores, Inc. | 2.7 | ||||||
| 3. | O’Reilly Automotive, Inc. | 2.6 | ||||||
| 4. | ServiceNow, Inc. | 2.4 | ||||||
| 5. | Global Payments, Inc. | 1.9 | ||||||
| 6. | Lennox International, Inc. | 1.7 | ||||||
| 7. | Red Hat, Inc. | 1.6 | ||||||
| 8. | Palo Alto Networks, Inc. | 1.6 | ||||||
| 9. | Fiserv, Inc. | 1.5 | ||||||
| 10. | GoDaddy, Inc., Class A | 1.5 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Information Technology | 32.1 | % | ||
| Health Care | 17.7 | |||
| Consumer Discretionary | 16.4 | |||
| Industrials | 15.0 | |||
| Financials | 6.7 | |||
| Investment of cash collateral from securities loaned | 3.6 | |||
| Materials | 3.6 | |||
| Communication Services | 2.4 | |||
| Energy | 1.1 | |||
| Real Estate | 1.0 | |||
| Short-Term Investments | 0.4 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 7 | ||||||
Table of Contents
JPMorgan Mid Cap Growth Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 18, 1992 | |||||||||||||||||
With Sales Charge** | (15.38 | )% | (10.40 | )% | 5.55 | % | 13.69 | % | ||||||||||
Without Sales Charge | (10.69 | ) | (5.44 | ) | 6.69 | 14.30 | ||||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||||||
With CDSC*** | (11.90 | ) | (6.92 | ) | 6.17 | 13.72 | ||||||||||||
Without CDSC | (10.90 | ) | (5.92 | ) | 6.17 | 13.72 | ||||||||||||
CLASS I SHARES | March 2, 1989 | (10.54 | ) | (5.16 | ) | 7.03 | 14.65 | |||||||||||
CLASS R2 SHARES | June 19, 2009 | (10.80 | ) | (5.70 | ) | 6.49 | 14.10 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (10.66 | ) | (5.43 | ) | 6.70 | 14.30 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (10.55 | ) | (5.20 | ) | 6.97 | 14.59 | |||||||||||
CLASS R5 SHARES | November 1, 2011 | (10.48 | ) | (5.02 | ) | 7.17 | 14.77 | |||||||||||
CLASS R6 SHARES | November 1, 2011 | (10.46 | ) | (4.97 | ) | 7.23 | 14.81 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for the Class R2, Class R3, Class R4, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. Prior performance for Class R2, Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund, the Russell Midcap Growth Index and the Lipper Mid-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. 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 Russell Midcap Growth 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 Mid-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 Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higherprice-to-book ratios and higher forecasted growth values. The Lipper Mid-Cap Growth Funds Index is an index based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 8 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class L Shares)* | (11.50)% | |||
| Russell Midcap Value Index | (12.15)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $15,024,150 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares outperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the energy and materials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer staples sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp. and AutoZone Inc. and an underweight position in Western Digital Co. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter. Shares of Western Digital, a maker of data storage devices not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter.
Leading individual detractors from relative performance included the Fund’s overweight positions EQT Corp., Mohawk Industries Inc. and PVH Corp. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell amid a slump in the U.S. housing sector. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized abottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable levels of free cash flow.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | CMS Energy Corp. | 2.1 | % | |||||
| 2. | WEC Energy Group, Inc. | 2.0 | ||||||
| 3. | Xcel Energy, Inc. | 2.0 | ||||||
| 4. | Diamondback Energy, Inc. | 1.9 | ||||||
| 5. | Loews Corp. | 1.9 | ||||||
| 6. | M&T Bank Corp. | 1.8 | ||||||
| 7. | Ball Corp. | 1.7 | ||||||
| 8. | Williams Cos., Inc. (The) | 1.7 | ||||||
| 9. | AutoZone, Inc. | 1.5 | ||||||
| 10. | T. Rowe Price Group, Inc. | 1.4 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Financials | 21.9 | % | ||
| Consumer Discretionary | 13.4 | |||
| Real Estate | 11.8 | |||
| Utilities | 9.9 | |||
| Information Technology | 7.8 | |||
| Industrials | 7.6 | |||
| Health Care | 6.8 | |||
| Energy | 6.0 | |||
| Consumer Staples | 5.5 | |||
| Materials | 5.0 | |||
| Communication Services | 1.7 | |||
| Investment of cash collateral from securities loaned | 0.7 | |||
| Short-Term Investments | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 9 | ||||||
Table of Contents
JPMorgan Mid Cap Value Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER��31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | April 30, 2001 | |||||||||||||||||
With Sales Charge** | (16.34 | )% | (16.70 | )% | 3.66 | % | 11.51 | % | ||||||||||
Without Sales Charge | (11.71 | ) | (12.09 | ) | 4.79 | 12.11 | ||||||||||||
CLASS C SHARES | April 30, 2001 | |||||||||||||||||
With CDSC*** | (12.93 | ) | (13.51 | ) | 4.26 | 11.55 | ||||||||||||
Without CDSC | (11.93 | ) | (12.51 | ) | 4.26 | 11.55 | ||||||||||||
CLASS I SHARES | October 31, 2001 | (11.60 | ) | (11.86 | ) | 5.04 | 12.39 | |||||||||||
CLASS L SHARES | November 13, 1997 | (11.50 | ) | (11.65 | ) | 5.30 | 12.67 | |||||||||||
CLASS R2 SHARES | November 3, 2008 | (11.83 | ) | (12.32 | ) | 4.51 | 11.82 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (11.71 | ) | (12.09 | ) | 4.79 | 12.11 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (11.60 | ) | (11.84 | ) | 5.04 | 12.39 | |||||||||||
CLASS R5 SHARES | September 9, 2016 | (11.53 | ) | (11.73 | ) | 5.25 | 12.64 | |||||||||||
CLASS R6 SHARES | September 9, 2016 | (11.50 | ) | (11.66 | ) | 5.29 | 12.67 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.
Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower because Class R4 Shares have higher expenses than Class I Shares.
Returns for the Class R5 and R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns for Class R6 Shares would have been similar to those shown because Class R6 Shares have similar expenses to Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund, the Russell Midcap Value Index, the LipperMid-Cap Value Funds Index and the LipperMid-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 Russell Midcap Value 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 LipperMid-Cap Value Funds Index and the LipperMid-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 Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lowerprice-to-book ratios and lower forecasted growth values. The LipperMid-Cap Value Funds Index and the LipperMid-Cap Core Funds Index are indices based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 10 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class L Shares)* | (8.03)% | |||
| Russell 3000 Value Index | (7.51)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 9,877,347 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financials and communications services sectors was a leading detractor from relative performance, while the Fund’s security selection in the energy and industrials sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Capital One Financial Corp., Dish Network Corp. and EQT Corp. Shares of Capital One Financial, a credit card and financial services provider, fell after the company reported third quarter 2018 revenue in line with analysts’ estimates. Shares of Dish Network, a subscription television service, fell after the company reported lower-than-expected revenue and a decline in subscriptions for the third quarter of 2018. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018.
Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight position in Ball Corp. and its underweight positions in General Electric Co. and Schlumberger Ltd. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of Schlumberger, an oilfield services company not held in the Fund, fell as petroleum prices declined toward the end of the reporting period.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized abottom-up approach to stock selection and sought to identify durable franchises
possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Bank of America Corp. | 3.1 | % | |||||
| 2. | Pfizer, Inc. | 3.1 | ||||||
| 3. | Wells Fargo & Co. | 2.7 | ||||||
| 4. | Merck & Co., Inc. | 2.1 | ||||||
| 5. | Capital One Financial Corp. | 1.9 | ||||||
| 6. | Loews Corp. | 1.8 | ||||||
| 7. | Johnson & Johnson | 1.7 | ||||||
| 8. | PNC Financial Services Group, Inc. (The) | 1.7 | ||||||
| 9. | Verizon Communications, Inc. | 1.7 | ||||||
| 10. | Ball Corp. | 1.6 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Financials | 29.0 | % | ||
| Health Care | 10.1 | |||
| Energy | 8.5 | |||
| Consumer Discretionary | 7.8 | |||
| Real Estate | 7.4 | |||
| Information Technology | 6.8 | |||
| Industrials | 6.7 | |||
| Consumer Staples | 5.8 | |||
| Utilities | 5.7 | |||
| Communication Services | 5.6 | |||
| Materials | 4.9 | |||
| Investment of cash collateral from securities loaned | 0.8 | |||
| Short-Term Investments | 0.9 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 11 | ||||||
Table of Contents
JPMorgan Value Advantage Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 28, 2005 | |||||||||||||||||
With Sales Charge** | (13.06 | )% | (14.18 | )% | 4.17 | % | 12.11 | % | ||||||||||
Without Sales Charge | (8.24 | ) | (9.42 | ) | 5.30 | 12.71 | ||||||||||||
CLASS C SHARES | February 28, 2005 | |||||||||||||||||
With CDSC*** | (9.45 | ) | (10.86 | ) | 4.77 | 12.14 | ||||||||||||
Without CDSC | (8.45 | ) | (9.86 | ) | 4.77 | 12.14 | ||||||||||||
CLASS I SHARES | February 28, 2005 | (8.12 | ) | (9.19 | ) | 5.56 | 12.99 | |||||||||||
CLASS L SHARES | February 28, 2005 | (8.03 | ) | (9.05 | ) | 5.80 | 13.27 | |||||||||||
CLASS R2 SHARES | July 31, 2017 | (8.34 | ) | (9.64 | ) | 5.03 | 12.43 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (8.25 | ) | (9.41 | ) | 5.29 | 12.71 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (8.13 | ) | (9.18 | ) | 5.56 | 12.99 | |||||||||||
CLASS R5 SHARES | September 9, 2016 | (8.06 | ) | (9.06 | ) | 5.78 | 13.26 | |||||||||||
CLASS R6 SHARES | September 9, 2016 | (7.99 | ) | (8.97 | ) | 5.83 | 13.28 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R2 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.
Returns for the Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns for Class R5 and Class R6 Shares would have been different to those shown because Class R5 and Class R6 Shares have different expenses to Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the LipperMulti-Cap Value Funds Index from December 31, 2008 to
December 31, 2018. 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 Russell 3000 Value 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 LipperMulti-Cap Value 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 Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lowerprice-to-book ratios and lower forecasted growth values. The LipperMulti-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 12 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.2% | ||||||||
Aerospace & Defense — 2.0% | ||||||||
Boeing Co. (The) | 479 | 154,510 | ||||||
|
| |||||||
Airlines — 0.6% | ||||||||
Delta Air Lines, Inc. | 996 | 49,715 | ||||||
|
| |||||||
Automobiles — 1.0% | ||||||||
Tesla, Inc. * (a) | 243 | 80,837 | ||||||
|
| |||||||
Banks — 1.6% | ||||||||
East West Bancorp, Inc. | 1,629 | 70,902 | ||||||
First Republic Bank | 604 | 52,487 | ||||||
|
| |||||||
| 123,389 | ||||||||
|
| |||||||
Biotechnology — 3.9% | ||||||||
Biogen, Inc. * | 129 | 38,939 | ||||||
Exact Sciences Corp. * (a) | 925 | 58,336 | ||||||
Exelixis, Inc. * | 2,510 | 49,370 | ||||||
Intercept Pharmaceuticals, Inc. * | 390 | 39,308 | ||||||
Sage Therapeutics, Inc. * | 199 | 19,033 | ||||||
Spark Therapeutics, Inc. * (a) | 565 | 22,130 | ||||||
Vertex Pharmaceuticals, Inc. * | 464 | 76,823 | ||||||
|
| |||||||
| 303,939 | ||||||||
|
| |||||||
Building Products — 1.9% | ||||||||
Fortune Brands Home & Security, Inc. | 908 | 34,510 | ||||||
Lennox International, Inc. | 531 | 116,127 | ||||||
|
| |||||||
| 150,637 | ||||||||
|
| |||||||
Capital Markets — 4.1% | ||||||||
BlackRock, Inc. | 132 | 51,656 | ||||||
Charles Schwab Corp. (The) | 2,279 | 94,651 | ||||||
Nasdaq, Inc. | 978 | 79,804 | ||||||
S&P Global, Inc. | 531 | 90,187 | ||||||
|
| |||||||
| 316,298 | ||||||||
|
| |||||||
Commercial Services & Supplies — 3.8% | ||||||||
Copart, Inc. * | 1,531 | 73,156 | ||||||
Waste Connections, Inc. (a) | 2,994 | 222,286 | ||||||
|
| |||||||
| 295,442 | ||||||||
|
| |||||||
Communications Equipment — 1.7% | ||||||||
Arista Networks, Inc. * | 257 | 54,182 | ||||||
Palo Alto Networks, Inc. * | 398 | 75,039 | ||||||
|
| |||||||
| 129,221 | ||||||||
|
| |||||||
Construction Materials — 0.7% | ||||||||
Vulcan Materials Co. | 561 | 55,417 | ||||||
|
| |||||||
Containers & Packaging — 1.6% | ||||||||
Avery Dennison Corp. | 790 | 71,002 | ||||||
Ball Corp. | 1,202 | 55,286 | ||||||
|
| |||||||
| 126,288 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Distributors — 0.6% | ||||||||
LKQ Corp. * | 2,096 | 49,726 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.4% |
| |||||||
Amphenol Corp., Class A | 723 | 58,586 | ||||||
Corning, Inc. | 2,359 | 71,250 | ||||||
Zebra Technologies Corp., Class A * | 335 | 53,358 | ||||||
|
| |||||||
| 183,194 | ||||||||
|
| |||||||
Entertainment — 3.1% | ||||||||
Netflix, Inc. * | 464 | 124,221 | ||||||
Spotify Technology SA * | 515 | 58,452 | ||||||
Take-Two Interactive Software, Inc. * | 591 | 60,791 | ||||||
|
| |||||||
| 243,464 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 1.9% |
| |||||||
DexCom, Inc. * | 543 | 65,087 | ||||||
Intuitive Surgical, Inc. * | 167 | 80,028 | ||||||
|
| |||||||
| 145,115 | ||||||||
|
| |||||||
Health Care Providers & Services — 5.2% |
| |||||||
Acadia Healthcare Co., Inc. * (a) | 1,309 | 33,642 | ||||||
Centene Corp. * | 517 | 59,633 | ||||||
UnitedHealth Group, Inc. | 1,254 | 312,471 | ||||||
|
| |||||||
| 405,746 | ||||||||
|
| |||||||
Health Care Technology — 2.1% |
| |||||||
Evolent Health, Inc., Class A * (a) | 2,175 | 43,391 | ||||||
Teladoc Health, Inc. * (a) | 1,132 | 56,113 | ||||||
Veeva Systems, Inc., Class A * | 720 | 64,302 | ||||||
|
| |||||||
| 163,806 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.8% |
| |||||||
Hilton Worldwide Holdings, Inc. | 876 | 62,878 | ||||||
|
| |||||||
Insurance — 1.3% | ||||||||
Progressive Corp. (The) | 1,720 | 103,786 | ||||||
|
| |||||||
Interactive Media & Services — 6.4% | ||||||||
Alphabet, Inc., Class C * | 419 | 433,408 | ||||||
Facebook, Inc., Class A * | 468 | 61,298 | ||||||
|
| |||||||
| 494,706 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 6.1% |
| |||||||
Amazon.com, Inc. * | 295 | 442,631 | ||||||
Wayfair, Inc., Class A * (a) | 364 | 32,753 | ||||||
|
| |||||||
| 475,384 | ||||||||
|
| |||||||
IT Services — 9.7% |
| |||||||
Global Payments, Inc. | 1,088 | 112,216 | ||||||
GoDaddy, Inc., Class A * | 1,397 | 91,684 | ||||||
Mastercard, Inc., Class A | 1,014 | 191,197 | ||||||
PayPal Holdings, Inc. * | 1,291 | 108,552 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 13 | ||||||
Table of Contents
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
IT Services — continued |
| |||||||
Square, Inc., Class A * | 254 | 14,219 | ||||||
Visa, Inc., Class A | 1,391 | 183,541 | ||||||
Worldpay, Inc. * | 658 | 50,314 | ||||||
|
| |||||||
| 751,723 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.2% |
| |||||||
Illumina, Inc. * | 308 | 92,259 | ||||||
|
| |||||||
Machinery — 3.4% |
| |||||||
Deere & Co. | 333 | 49,599 | ||||||
Nordson Corp. | 344 | 41,092 | ||||||
Oshkosh Corp. | 724 | 44,376 | ||||||
Parker-Hannifin Corp. | 456 | 67,933 | ||||||
Stanley Black & Decker, Inc. | 525 | 62,840 | ||||||
|
| |||||||
| 265,840 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.5% |
| |||||||
Concho Resources, Inc. * | 595 | 61,170 | ||||||
EOG Resources, Inc. | 679 | 59,233 | ||||||
|
| |||||||
| 120,403 | ||||||||
|
| |||||||
Pharmaceuticals — 1.9% |
| |||||||
Catalent, Inc. * | 1,327 | 41,370 | ||||||
Jazz Pharmaceuticals plc * | 493 | 61,050 | ||||||
Revance Therapeutics, Inc. * (a) | 1,079 | 21,712 | ||||||
TherapeuticsMD, Inc. * | 5,626 | 21,437 | ||||||
|
| |||||||
| 145,569 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.9% |
| |||||||
CBRE Group, Inc., Class A * | 1,700 | 68,056 | ||||||
|
| |||||||
Road & Rail — 0.6% |
| |||||||
Old Dominion Freight Line, Inc. (a) | 388 | 47,920 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.5% |
| |||||||
Applied Materials, Inc. | 1,811 | 59,299 | ||||||
NVIDIA Corp. | 609 | 81,301 | ||||||
Xilinx, Inc. | 607 | 51,724 | ||||||
|
| |||||||
| 192,324 | ||||||||
|
| |||||||
Software — 14.3% |
| |||||||
Adobe, Inc. * | 329 | 74,501 | ||||||
DocuSign, Inc. * (a) | 758 | 30,369 | ||||||
Fair Isaac Corp. * | 270 | 50,565 | ||||||
Intuit, Inc. | 451 | 88,779 | ||||||
Microsoft Corp. | 4,550 | 462,133 | ||||||
Red Hat, Inc. * | 194 | 34,109 | ||||||
SailPoint Technologies Holding, Inc. * (a) | 1,746 | 41,007 | ||||||
salesforce.com, Inc. * | 1,101 | 150,859 | ||||||
ServiceNow, Inc. * | 605 | 107,791 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — continued |
| |||||||
Splunk, Inc. * | 684 | 71,749 | ||||||
|
| |||||||
| 1,111,862 | ||||||||
|
| |||||||
Specialty Retail — 3.6% |
| |||||||
O’Reilly Automotive, Inc. * | 233 | 80,091 | ||||||
Ross Stores, Inc. | 1,592 | 132,479 | ||||||
Tractor Supply Co. | 815 | 67,962 | ||||||
|
| |||||||
| 280,532 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 5.1% |
| |||||||
Apple, Inc. | 2,492 | 393,017 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.0% |
| |||||||
Lululemon Athletica, Inc. * | 609 | 74,012 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.7% |
| |||||||
WW Grainger, Inc. (a) | 205 | 57,911 | ||||||
|
| |||||||
Total Common Stocks |
| 7,714,926 | ||||||
|
| |||||||
Short-Term Investments — 0.9% | ||||||||
Investment Companies — 0.9% | ||||||||
JPMorgan U.S. Government Money | 67,534 | 67,534 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 1.8% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | 112,011 | 112,000 | ||||||
JPMorgan U.S. Government Money | 26,088 | 26,088 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 138,088 | |||||||
|
| |||||||
Total Investments — 101.9% |
| 7,920,548 | ||||||
Liabilities in Excess of |
| (150,936 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | 7,769,612 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $135,257,000. | |
| (b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (C) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 14 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.5% | ||||||||
Aerospace & Defense — 0.8% | ||||||||
Curtiss-Wright Corp. | 56 | 5,678 | ||||||
HEICO Corp., Class A | 213 | 13,445 | ||||||
|
| |||||||
| 19,123 | ||||||||
|
| |||||||
Auto Components — 0.9% |
| |||||||
Aptiv plc | 209 | 12,868 | ||||||
BorgWarner, Inc. | 247 | 8,579 | ||||||
|
| |||||||
| 21,447 | ||||||||
|
| |||||||
Automobiles — 0.3% |
| |||||||
Tesla, Inc. * (a) | 24 | 7,887 | ||||||
|
| |||||||
Banks — 4.8% |
| |||||||
Citizens Financial Group, Inc. | 377 | 11,197 | ||||||
Comerica, Inc. | 82 | 5,654 | ||||||
East West Bancorp, Inc. | 260 | 11,325 | ||||||
Fifth Third Bancorp | 692 | 16,272 | ||||||
First Republic Bank | 226 | 19,638 | ||||||
Huntington Bancshares, Inc. | 754 | 8,988 | ||||||
M&T Bank Corp. | 149 | 21,349 | ||||||
SunTrust Banks, Inc. | 340 | 17,128 | ||||||
Zions Bancorp | 110 | 4,494 | ||||||
|
| |||||||
| 116,045 | ||||||||
|
| |||||||
Beverages — 0.8% |
| |||||||
Constellation Brands, Inc., Class A | 59 | 9,512 | ||||||
Keurig Dr Pepper, Inc. | 194 | 4,976 | ||||||
Molson Coors Brewing Co., Class B | 98 | 5,531 | ||||||
|
| |||||||
| 20,019 | ||||||||
|
| |||||||
Biotechnology — 2.6% |
| |||||||
Agios Pharmaceuticals, Inc. * (a) | 109 | 5,040 | ||||||
Alnylam Pharmaceuticals, Inc. * (a) | 48 | 3,485 | ||||||
BioMarin Pharmaceutical, Inc. * | 85 | 7,263 | ||||||
Exact Sciences Corp. * | 182 | 11,465 | ||||||
Exelixis, Inc. * | 569 | 11,184 | ||||||
Intercept Pharmaceuticals, Inc. * | 55 | 5,533 | ||||||
Moderna, Inc. * (a) | 217 | 3,306 | ||||||
Sage Therapeutics, Inc. * (a) | 55 | 5,278 | ||||||
Spark Therapeutics, Inc. * | 91 | 3,570 | ||||||
Vertex Pharmaceuticals, Inc. * | 46 | 7,557 | ||||||
|
| |||||||
| 63,681 | ||||||||
|
| |||||||
Building Products — 1.4% |
| |||||||
Fortune Brands Home & Security, Inc. | 355 | 13,469 | ||||||
Lennox International, Inc. | 96 | 20,954 | ||||||
|
| |||||||
| 34,423 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Capital Markets — 4.5% | ||||||||
Ameriprise Financial, Inc. | 170 | 17,770 | ||||||
Invesco Ltd. | 334 | 5,597 | ||||||
Nasdaq, Inc. | 177 | 14,430 | ||||||
Northern Trust Corp. | 151 | 12,644 | ||||||
Raymond James Financial, Inc. | 148 | 10,981 | ||||||
S&P Global, Inc. | 112 | 19,101 | ||||||
T. Rowe Price Group, Inc. | 183 | 16,924 | ||||||
TD Ameritrade Holding Corp. | 237 | 11,623 | ||||||
|
| |||||||
| 109,070 | ||||||||
|
| |||||||
Chemicals — 0.5% |
| |||||||
Sherwin-Williams Co. (The) | 28 | 11,033 | ||||||
|
| |||||||
Commercial Services & Supplies — 2.1% |
| |||||||
Copart, Inc. * | 318 | 15,194 | ||||||
Waste Connections, Inc. | 464 | 34,422 | ||||||
|
| |||||||
| 49,616 | ||||||||
|
| |||||||
Communications Equipment — 1.6% |
| |||||||
Arista Networks, Inc. * | 64 | 13,440 | ||||||
CommScope Holding Co., Inc. * | 291 | 4,766 | ||||||
Palo Alto Networks, Inc. * | 104 | 19,581 | ||||||
|
| |||||||
| 37,787 | ||||||||
|
| |||||||
Construction Materials — 1.1% |
| |||||||
Martin Marietta Materials, Inc. | 49 | 8,495 | ||||||
Vulcan Materials Co. | 178 | 17,557 | ||||||
|
| |||||||
| 26,052 | ||||||||
|
| |||||||
Consumer Finance — 0.4% |
| |||||||
Ally Financial, Inc. | 460 | 10,426 | ||||||
|
| |||||||
Containers & Packaging — 2.9% |
| |||||||
Avery Dennison Corp. | 183 | 16,457 | ||||||
Ball Corp. | 694 | 31,909 | ||||||
Silgan Holdings, Inc. | 457 | 10,798 | ||||||
Westrock Co. | 255 | 9,645 | ||||||
|
| |||||||
| 68,809 | ||||||||
|
| |||||||
Distributors — 0.8% |
| |||||||
Genuine Parts Co. | 92 | 8,857 | ||||||
LKQ Corp. * | 428 | 10,161 | ||||||
|
| |||||||
| 19,018 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.6% |
| |||||||
Bright Horizons Family Solutions, Inc. * | 124 | 13,842 | ||||||
|
| |||||||
Electric Utilities — 1.7% |
| |||||||
Edison International | 89 | 5,080 | ||||||
Evergy, Inc. | 220 | 12,478 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 15 | ||||||
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Electric Utilities — continued |
| |||||||
Xcel Energy, Inc. | 488 | 24,029 | ||||||
|
| |||||||
| 41,587 | ||||||||
|
| |||||||
Electrical Equipment — 1.3% |
| |||||||
Acuity Brands, Inc. | 101 | 11,633 | ||||||
AMETEK, Inc. | 186 | 12,580 | ||||||
Hubbell, Inc. | 61 | 6,056 | ||||||
|
| |||||||
| 30,269 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.0% |
| |||||||
Amphenol Corp., Class A | 381 | 30,893 | ||||||
Arrow Electronics, Inc. * | 226 | 15,562 | ||||||
CDW Corp. | 168 | 13,581 | ||||||
Corning, Inc. | 440 | 13,295 | ||||||
Keysight Technologies, Inc. * | 184 | 11,431 | ||||||
Zebra Technologies Corp., Class A * | 73 | 11,656 | ||||||
|
| |||||||
| 96,418 | ||||||||
|
| |||||||
Entertainment — 1.2% |
| |||||||
Electronic Arts, Inc. * | 85 | 6,699 | ||||||
Spotify Technology SA * | 85 | 9,659 | ||||||
Take-Two Interactive Software, Inc. * | 127 | 13,022 | ||||||
|
| |||||||
| 29,380 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 5.5% |
| |||||||
American Campus Communities, Inc. | 164 | 6,789 | ||||||
American Homes 4 Rent, Class A | 332 | 6,596 | ||||||
AvalonBay Communities, Inc. | 89 | 15,527 | ||||||
Boston Properties, Inc. | 122 | 13,692 | ||||||
Brixmor Property Group, Inc. | 594 | 8,726 | ||||||
Essex Property Trust, Inc. | 37 | 9,105 | ||||||
Federal Realty Investment Trust | 104 | 12,244 | ||||||
JBG SMITH Properties | 139 | 4,851 | ||||||
Kimco Realty Corp. | 486 | 7,113 | ||||||
Outfront Media, Inc. | 444 | 8,054 | ||||||
Rayonier, Inc. | 332 | 9,185 | ||||||
Regency Centers Corp. | 124 | 7,299 | ||||||
Vornado Realty Trust | 199 | 12,355 | ||||||
Weyerhaeuser Co. | 254 | 5,542 | ||||||
WP Carey, Inc. | 76 | 4,993 | ||||||
|
| |||||||
| 132,071 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.4% |
| |||||||
Kroger Co. (The) | 363 | 9,992 | ||||||
|
| |||||||
Food Products — 0.8% |
| |||||||
Conagra Brands, Inc. | 437 | 9,336 | ||||||
Post Holdings, Inc. * | 118 | 10,525 | ||||||
|
| |||||||
| 19,861 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Gas Utilities — 0.5% | ||||||||
National Fuel Gas Co. | 249 | 12,737 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.7% |
| |||||||
DexCom, Inc. * | 143 | 17,107 | ||||||
Edwards Lifesciences Corp. * | 63 | 9,704 | ||||||
Insulet Corp. * (a) | 111 | 8,820 | ||||||
ResMed, Inc. | 142 | 16,158 | ||||||
Zimmer Biomet Holdings, Inc. | 140 | 14,516 | ||||||
|
| |||||||
| 66,305 | ||||||||
|
| |||||||
Health Care Providers & Services —4.6% | ||||||||
Acadia Healthcare Co., Inc. * (a) | 203 | 5,219 | ||||||
AmerisourceBergen Corp. | 269 | 19,995 | ||||||
Centene Corp. * | 136 | 15,659 | ||||||
Cigna Corp. | 82 | 15,612 | ||||||
Henry Schein, Inc. * | 107 | 8,365 | ||||||
Humana, Inc. | 25 | 7,282 | ||||||
Laboratory Corp. of America Holdings * | 90 | 11,409 | ||||||
Universal Health Services, Inc., Class B | 106 | 12,301 | ||||||
WellCare Health Plans, Inc. * | 67 | 15,700 | ||||||
|
| |||||||
| 111,542 | ||||||||
|
| |||||||
Health Care Technology — 1.0% | ||||||||
Teladoc Health, Inc. * (a) | 194 | 9,607 | ||||||
Veeva Systems, Inc., Class A * | 167 | 14,943 | ||||||
|
| |||||||
| 24,550 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.1% | ||||||||
Hilton Worldwide Holdings, Inc. | 467 | 33,516 | ||||||
Red Rock Resorts, Inc., Class A (a) | 358 | 7,277 | ||||||
Vail Resorts, Inc. | 41 | 8,728 | ||||||
|
| |||||||
| 49,521 | ||||||||
|
| |||||||
Household Durables — 0.8% | ||||||||
Mohawk Industries, Inc. * | 110 | 12,844 | ||||||
Newell Brands, Inc. | 397 | 7,371 | ||||||
|
| |||||||
| 20,215 | ||||||||
|
| |||||||
Household Products — 0.3% | ||||||||
Energizer Holdings, Inc. | 145 | 6,539 | ||||||
|
| |||||||
Industrial Conglomerates — 0.4% |
| |||||||
Carlisle Cos., Inc. | 92 | 9,256 | ||||||
|
| |||||||
Insurance — 4.5% | ||||||||
Alleghany Corp. | 13 | 8,318 | ||||||
Hartford Financial Services Group, Inc. (The) | 371 | 16,480 | ||||||
Lincoln National Corp. | 142 | 7,261 | ||||||
Loews Corp. | 503 | 22,891 | ||||||
Marsh & McLennan Cos., Inc. | 145 | 11,549 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 16 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Insurance — continued | ||||||||
Principal Financial Group, Inc. | 136 | 5,994 | ||||||
Progressive Corp. (The) | 396 | 23,909 | ||||||
Unum Group | 166 | 4,888 | ||||||
WR Berkley Corp. | 103 | 7,579 | ||||||
|
| |||||||
| 108,869 | ||||||||
|
| |||||||
Interactive Media & Services — 0.3% | ||||||||
Match Group, Inc. | 173 | 7,414 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.3% |
| |||||||
Expedia Group, Inc. | 148 | 16,723 | ||||||
GrubHub, Inc. * (a) | 99 | 7,604 | ||||||
Wayfair, Inc., Class A * (a) | 82 | 7,342 | ||||||
|
| |||||||
| 31,669 | ||||||||
|
| |||||||
IT Services — 5.3% | ||||||||
Booz Allen Hamilton Holding Corp. | 292 | 13,178 | ||||||
Fiserv, Inc. * | 263 | 19,357 | ||||||
Gartner, Inc. * | 74 | 9,447 | ||||||
Global Payments, Inc. | 236 | 24,349 | ||||||
GoDaddy, Inc., Class A * | 294 | 19,305 | ||||||
Jack Henry & Associates, Inc. | 94 | 11,931 | ||||||
Okta, Inc. * (a) | 101 | 6,444 | ||||||
Shopify, Inc., Class A (Canada) * | 45 | 6,286 | ||||||
Square, Inc., Class A * | 166 | 9,300 | ||||||
Worldpay, Inc. * | 117 | 8,950 | ||||||
|
| |||||||
| 128,547 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.4% | ||||||||
Illumina, Inc. * | 35 | 10,432 | ||||||
|
| |||||||
Machinery — 3.5% |
| |||||||
Fortive Corp.(a) | 177 | 11,969 | ||||||
IDEX Corp. | 88 | 11,062 | ||||||
Middleby Corp. (The) * | 82 | 8,456 | ||||||
Nordson Corp. | 84 | 10,073 | ||||||
Oshkosh Corp. | 117 | 7,167 | ||||||
Parker-Hannifin Corp. | 79 | 11,752 | ||||||
Snap-on, Inc. | 101 | 14,650 | ||||||
Stanley Black & Decker, Inc. | 85 | 10,202 | ||||||
|
| |||||||
| 85,331 | ||||||||
|
| |||||||
Media — 0.5% | ||||||||
CBS Corp. (Non-Voting), Class B | 161 | 7,024 | ||||||
DISH Network Corp., Class A * | 245 | 6,121 | ||||||
|
| |||||||
| 13,145 | ||||||||
|
| |||||||
Multiline Retail — 0.9% | ||||||||
Kohl’s Corp. | 224 | 14,852 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multiline Retail — continued | ||||||||
Nordstrom, Inc. | 171 | 7,989 | ||||||
|
| |||||||
| 22,841 | ||||||||
|
| |||||||
Multi-Utilities — 2.7% | ||||||||
CMS Energy Corp. | 509 | 25,285 | ||||||
Sempra Energy | 142 | 15,362 | ||||||
WEC Energy Group, Inc. | 350 | 24,270 | ||||||
|
| |||||||
| 64,917 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.6% | ||||||||
Cabot Oil & Gas Corp. | 298 | 6,661 | ||||||
Concho Resources, Inc. * | 134 | 13,784 | ||||||
Diamondback Energy, Inc. | 249 | 23,103 | ||||||
EQT Corp. | 419 | 7,906 | ||||||
Equitrans Midstream Corp. * | 386 | 7,719 | ||||||
PBF Energy, Inc., Class A | 223 | 7,294 | ||||||
Williams Cos., Inc. (The) | 915 | 20,173 | ||||||
|
| |||||||
| 86,640 | ||||||||
|
| |||||||
Personal Products — 0.4% | ||||||||
Coty, Inc., Class A | 655 | 4,299 | ||||||
Edgewell Personal Care Co. * | 160 | 5,977 | ||||||
|
| |||||||
| 10,276 | ||||||||
|
| |||||||
Pharmaceuticals — 1.1% | ||||||||
Catalent, Inc. * | 250 | 7,807 | ||||||
Elanco Animal Health, Inc. * (a) | 132 | 4,159 | ||||||
Jazz Pharmaceuticals plc * | 125 | 15,520 | ||||||
|
| |||||||
| 27,486 | ||||||||
|
| |||||||
Professional Services — 0.7% | ||||||||
Verisk Analytics, Inc. * | 145 | 15,811 | ||||||
|
| |||||||
Real Estate Management & Development — 1.2% |
| |||||||
CBRE Group, Inc., Class A * | 646 | 25,882 | ||||||
Cushman & Wakefield plc * | 222 | 3,217 | ||||||
|
| |||||||
| 29,099 | ||||||||
|
| |||||||
Road & Rail — 0.5% | ||||||||
Old Dominion Freight Line, Inc. | 89 | 10,929 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.0% |
| |||||||
Advanced Micro Devices, Inc. * | 445 | 8,215 | ||||||
Analog Devices, Inc. | 155 | 13,271 | ||||||
Lam Research Corp. | 104 | 14,161 | ||||||
Marvell Technology Group Ltd. | 587 | 9,509 | ||||||
Microchip Technology, Inc. (a) | 150 | 10,817 | ||||||
Xilinx, Inc. | 196 | 16,651 | ||||||
|
| |||||||
| 72,624 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 17 | ||||||
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Software — 6.7% | ||||||||
Autodesk, Inc. * (a) | 148 | 19,073 | ||||||
DocuSign, Inc. * | 125 | 5,010 | ||||||
Fair Isaac Corp. * | 52 | 9,687 | ||||||
Intuit, Inc. | 49 | 9,547 | ||||||
Paycom Software, Inc. * | 93 | 11,327 | ||||||
Proofpoint, Inc. * | 118 | 9,881 | ||||||
Red Hat, Inc. * | 115 | 20,163 | ||||||
ServiceNow, Inc. * | 167 | 29,752 | ||||||
Splunk, Inc. * | 160 | 16,765 | ||||||
Synopsys, Inc. * | 236 | 19,862 | ||||||
Tyler Technologies, Inc. * | 56 | 10,332 | ||||||
|
| |||||||
| 161,399 | ||||||||
|
| |||||||
Specialty Retail — 6.0% | ||||||||
AutoZone, Inc. * | 21 | 17,631 | ||||||
Best Buy Co., Inc. | 184 | 9,748 | ||||||
Gap, Inc. (The) | 422 | 10,875 | ||||||
National Vision Holdings, Inc. * | 130 | 3,673 | ||||||
O’Reilly Automotive, Inc. * | 96 | 32,884 | ||||||
Ross Stores, Inc. | 399 | 33,205 | ||||||
Tiffany & Co. | 132 | 10,591 | ||||||
Tractor Supply Co. | 211 | 17,614 | ||||||
Ulta Beauty, Inc. * | 35 | 8,496 | ||||||
|
| |||||||
| 144,717 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.5% | ||||||||
Lululemon Athletica, Inc. * | 132 | 16,004 | ||||||
PVH Corp. | 113 | 10,491 | ||||||
Ralph Lauren Corp. | 92 | 9,538 | ||||||
|
| |||||||
| 36,033 | ||||||||
|
| |||||||
Trading Companies & Distributors — 1.0% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 139 | 10,676 | ||||||
WW Grainger, Inc. | 48 | 13,665 | ||||||
|
| |||||||
| 24,341 | ||||||||
|
| |||||||
Total Common Stocks | 2,381,041 | |||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 1.6% | ||||||||
Investment Companies — 1.6% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 39,324 | 39,324 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 2.0% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | 40,004 | 40,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | 7,708 | 7,708 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 47,708 | |||||||
|
| |||||||
Total Investments — 102.1% |
| 2,468,073 | ||||||
Liabilities in Excess of |
| (50,599 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 2,417,474 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $47,406,000. | |
| (b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (c) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 18 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 100.3% | ||||||||
Aerospace & Defense — 1.6% | ||||||||
Curtiss-Wright Corp. | 164 | 16,717 | ||||||
HEICO Corp., Class A | 629 | 39,623 | ||||||
|
| |||||||
| 56,340 | ||||||||
|
| |||||||
Auto Components — 1.1% |
| |||||||
Aptiv plc | 616 | 37,921 | ||||||
|
| |||||||
Automobiles — 0.7% |
| |||||||
Tesla, Inc. * (a) | 69 | 23,096 | ||||||
|
| |||||||
Banks — 1.6% |
| |||||||
East West Bancorp, Inc. | 766 | 33,364 | ||||||
First Republic Bank | 285 | 24,775 | ||||||
|
| |||||||
| 58,139 | ||||||||
|
| |||||||
Biotechnology — 5.3% |
| |||||||
Agios Pharmaceuticals, Inc. * (a) | 321 | 14,806 | ||||||
Alnylam Pharmaceuticals, Inc. * (a) | 141 | 10,273 | ||||||
BioMarin Pharmaceutical, Inc. * | 251 | 21,398 | ||||||
Exact Sciences Corp. * | 536 | 33,790 | ||||||
Exelixis, Inc. * | 1,675 | 32,955 | ||||||
Intercept Pharmaceuticals, Inc. * | 162 | 16,295 | ||||||
Moderna, Inc. * (a) | 636 | 9,712 | ||||||
Sage Therapeutics, Inc. * | 162 | 15,547 | ||||||
Spark Therapeutics, Inc. * | 269 | 10,521 | ||||||
Vertex Pharmaceuticals, Inc. * | 134 | 22,270 | ||||||
|
| |||||||
| 187,567 | ||||||||
|
| |||||||
Building Products — 2.3% |
| |||||||
Fortune Brands Home & Security, Inc. | 489 | 18,592 | ||||||
Lennox International, Inc. | 283 | 61,857 | ||||||
|
| |||||||
| 80,449 | ||||||||
|
| |||||||
Capital Markets — 4.3% |
| |||||||
Ameriprise Financial, Inc. | 188 | 19,590 | ||||||
Nasdaq, Inc. | 521 | 42,515 | ||||||
S&P Global, Inc. | 330 | 56,136 | ||||||
TD Ameritrade Holding Corp. | 700 | 34,254 | ||||||
|
| |||||||
| 152,495 | ||||||||
|
| |||||||
Commercial Services & Supplies — 4.1% |
| |||||||
Copart, Inc. * | 937 | 44,770 | ||||||
Waste Connections, Inc. (a) | 1,361 | 101,083 | ||||||
|
| |||||||
| 145,853 | ||||||||
|
| |||||||
Communications Equipment — 2.8% |
| |||||||
Arista Networks, Inc. * | 188 | 39,510 | ||||||
Palo Alto Networks, Inc. * | 306 | 57,695 | ||||||
|
| |||||||
| 97,205 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Construction Materials — 1.5% | ||||||||
Vulcan Materials Co. | 523 | 51,718 | ||||||
|
| |||||||
Containers & Packaging — 2.3% |
| |||||||
Avery Dennison Corp. | 540 | 48,490 | ||||||
Ball Corp. | 691 | 31,782 | ||||||
|
| |||||||
| 80,272 | ||||||||
|
| |||||||
Distributors — 0.8% |
| |||||||
LKQ Corp. * | 1,262 | 29,940 | ||||||
|
| |||||||
Diversified Consumer Services — 1.2% |
| |||||||
Bright Horizons Family Solutions, Inc. * | 366 | 40,780 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.6% |
| |||||||
Amphenol Corp., Class A | 675 | 54,692 | ||||||
Corning, Inc. | 1,297 | 39,173 | ||||||
Zebra Technologies Corp., Class A * | 216 | 34,362 | ||||||
|
| |||||||
| 128,227 | ||||||||
|
| |||||||
Entertainment — 2.5% |
| |||||||
Electronic Arts, Inc. * | 250 | 19,736 | ||||||
Spotify Technology SA * | 251 | 28,466 | ||||||
Take-Two Interactive Software, Inc. * | 373 | 38,365 | ||||||
|
| |||||||
| 86,567 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 4.3% |
| |||||||
DexCom, Inc. * | 421 | 50,400 | ||||||
Edwards Lifesciences Corp. * | 186 | 28,504 | ||||||
Insulet Corp. * (a) | 327 | 25,914 | ||||||
ResMed, Inc. | 418 | 47,609 | ||||||
|
| |||||||
| 152,427 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.6% |
| |||||||
Acadia Healthcare Co., Inc. * (a) | 596 | 15,329 | ||||||
AmerisourceBergen Corp. | 262 | 19,500 | ||||||
Centene Corp. * | 399 | 45,993 | ||||||
WellCare Health Plans, Inc. * | 195 | 46,132 | ||||||
|
| |||||||
| 126,954 | ||||||||
|
| |||||||
Health Care Technology — 2.1% |
| |||||||
Teladoc Health, Inc. * (a) | 571 | 28,299 | ||||||
Veeva Systems, Inc., Class A * | 493 | 44,040 | ||||||
|
| |||||||
| 72,339 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.8% |
| |||||||
Hilton Worldwide Holdings, Inc. | 728 | 52,259 | ||||||
Red Rock Resorts, Inc., Class A (a) | 1,053 | 21,393 | ||||||
Vail Resorts, Inc. | 122 | 25,657 | ||||||
|
| |||||||
| 99,309 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 19 | ||||||
Table of Contents
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Insurance — 1.0% | ||||||||
Progressive Corp. (The) | 599 | 36,113 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.2% |
| |||||||
GrubHub, Inc. * (a) | 292 | 22,406 | ||||||
Wayfair, Inc., Class A * (a) | 240 | 21,630 | ||||||
|
| |||||||
| 44,036 | ||||||||
|
| |||||||
IT Services — 9.7% |
| |||||||
Booz Allen Hamilton Holding Corp. | 859 | 38,706 | ||||||
Fiserv, Inc. * (a) | 776 | 57,043 | ||||||
Gartner, Inc. * | 217 | 27,713 | ||||||
Global Payments, Inc. | 696 | 71,748 | ||||||
GoDaddy, Inc., Class A * | 867 | 56,892 | ||||||
Okta, Inc. * | 297 | 18,936 | ||||||
Shopify, Inc., Class A (Canada) * | 133 | 18,469 | ||||||
Square, Inc., Class A * | 489 | 27,406 | ||||||
Worldpay, Inc. * | 344 | 26,272 | ||||||
|
| |||||||
| 343,185 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.9% |
| |||||||
Illumina, Inc. * | 103 | 30,766 | ||||||
|
| |||||||
Machinery — 4.3% |
| |||||||
Fortive Corp. (a) | 520 | 35,156 | ||||||
Nordson Corp. | 249 | 29,683 | ||||||
Oshkosh Corp. | 343 | 21,029 | ||||||
Parker-Hannifin Corp. | 232 | 34,630 | ||||||
Stanley Black & Decker, Inc. | 251 | 30,067 | ||||||
|
| |||||||
| 150,565 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.2% |
| |||||||
Concho Resources, Inc. * | 395 | 40,604 | ||||||
|
| |||||||
Pharmaceuticals��— 2.3% |
| |||||||
Catalent, Inc. * | 738 | 23,005 | ||||||
Elanco Animal Health, Inc. * (a) | 389 | 12,249 | ||||||
Jazz Pharmaceuticals plc * (a) | 368 | 45,576 | ||||||
|
| |||||||
| 80,830 | ||||||||
|
| |||||||
Professional Services — 1.3% |
| |||||||
Verisk Analytics, Inc. * | 427 | 46,593 | ||||||
|
| |||||||
Real Estate Management & Development — 1.1% |
| |||||||
CBRE Group, Inc., Class A * | 961 | 38,480 | ||||||
|
| |||||||
Road & Rail — 0.9% |
| |||||||
Old Dominion Freight Line, Inc. | 261 | 32,194 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.0% |
| |||||||
Advanced Micro Devices, Inc. * | 1,311 | 24,207 | ||||||
Lam Research Corp. | 306 | 41,639 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Semiconductors & Semiconductor Equipment — continued |
| |||||||
Marvell Technology Group Ltd. | 1,727 | 27,954 | ||||||
Microchip Technology, Inc. (a) | 443 | 31,875 | ||||||
Xilinx, Inc. | 574 | 48,913 | ||||||
|
| |||||||
| 174,588 | ||||||||
|
| |||||||
Software — 12.5% |
| |||||||
Autodesk, Inc. * | 437 | 56,203 | ||||||
DocuSign, Inc. * (a) | 368 | 14,765 | ||||||
Fair Isaac Corp. * | 153 | 28,555 | ||||||
Intuit, Inc. | 143 | 28,071 | ||||||
Paycom Software, Inc. * (a) | 273 | 33,392 | ||||||
Proofpoint, Inc. * | 347 | 29,116 | ||||||
Red Hat, Inc. * | 337 | 59,243 | ||||||
ServiceNow, Inc. * | 492 | 87,685 | ||||||
Splunk, Inc. * (a) | 471 | 49,388 | ||||||
Synopsys, Inc. * | 274 | 23,090 | ||||||
Tyler Technologies, Inc. * | 164 | 30,419 | ||||||
|
| |||||||
| 439,927 | ||||||||
|
| |||||||
Specialty Retail — 8.0% |
| |||||||
National Vision Holdings, Inc. * | 383 | 10,789 | ||||||
O’Reilly Automotive, Inc. * | 281 | 96,848 | ||||||
Ross Stores, Inc. | 1,176 | 97,850 | ||||||
Tractor Supply Co. | 622 | 51,908 | ||||||
Ulta Beauty, Inc. * | 102 | 24,965 | ||||||
|
| |||||||
| 282,360 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.3% | ||||||||
Lululemon Athletica, Inc. * | 387 | 47,051 | ||||||
|
| |||||||
Trading Companies & Distributors — 1.1% |
| |||||||
WW Grainger, Inc. (a) | 142 | 40,123 | ||||||
|
| |||||||
Total Common Stocks |
| 3,535,013 | ||||||
|
| |||||||
Short-Term Investments — 0.4% | ||||||||
Investment Companies — 0.4% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 15,690 | 15,690 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 20 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 3.8% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | 114,011 | 114,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 19,998 | 19,998 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 133,998 | |||||||
|
| |||||||
Total Investments — 104.5% |
| 3,684,701 | ||||||
Liabilities in Excess of |
| (158,039 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 3,526,662 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $132,610,000. | |
| (b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (c) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 21 | ||||||
Table of Contents
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.6% |
| |||||||
Auto Components — 0.7% | ||||||||
BorgWarner, Inc. | 3,136 | 108,947 | ||||||
|
| |||||||
Banks — 8.1% |
| |||||||
Citizens Financial Group, Inc. | 4,781 | 142,140 | ||||||
Comerica, Inc. | 1,046 | 71,864 | ||||||
Fifth Third Bancorp | 8,775 | 206,487 | ||||||
First Republic Bank | 1,640 | 142,518 | ||||||
Huntington Bancshares, Inc. (a) | 9,575 | 114,134 | ||||||
M&T Bank Corp. | 1,892 | 270,853 | ||||||
SunTrust Banks, Inc. | 4,309 | 217,336 | ||||||
Zions Bancorp | 1,403 | 57,152 | ||||||
|
| |||||||
| 1,222,484 | ||||||||
|
| |||||||
Beverages — 1.6% |
| |||||||
Constellation Brands, Inc., Class A | 751 | 120,774 | ||||||
Keurig Dr Pepper, Inc. | 2,467 | 63,261 | ||||||
Molson Coors Brewing Co., Class B | 1,099 | 61,697 | ||||||
|
| |||||||
| 245,732 | ||||||||
|
| |||||||
Building Products — 0.6% |
| |||||||
Fortune Brands Home & Security, Inc. | 2,394 | 90,962 | ||||||
|
| |||||||
Capital Markets — 4.9% |
| |||||||
Ameriprise Financial, Inc. | 1,353 | 141,182 | ||||||
Invesco Ltd. | 4,250 | 71,143 | ||||||
Northern Trust Corp. | 1,920 | 160,485 | ||||||
Raymond James Financial, Inc. | 1,873 | 139,405 | ||||||
T. Rowe Price Group, Inc. | 2,393 | 220,951 | ||||||
|
| |||||||
| 733,166 | ||||||||
|
| |||||||
Chemicals — 0.9% |
| |||||||
Sherwin-Williams Co. (The) | 356 | 140,055 | ||||||
|
| |||||||
Communications Equipment — 0.4% |
| |||||||
CommScope Holding Co., Inc. * | 3,714 | 60,865 | ||||||
|
| |||||||
Construction Materials — 0.7% |
| |||||||
Martin Marietta Materials, Inc. (a) | 628 | 107,888 | ||||||
|
| |||||||
Consumer Finance — 0.9% |
| |||||||
Ally Financial, Inc. | 5,841 | 132,364 | ||||||
|
| |||||||
Containers & Packaging — 3.5% |
| |||||||
Ball Corp. | 5,818 | 267,526 | ||||||
Silgan Holdings, Inc. | 5,803 | 137,078 | ||||||
Westrock Co. | 3,243 | 122,470 | ||||||
|
| |||||||
| 527,074 | ||||||||
|
| |||||||
Distributors — 0.7% |
| |||||||
Genuine Parts Co. | 1,171 | 112,469 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Electric Utilities — 3.5% |
| |||||||
Edison International | 1,138 | 64,586 | ||||||
Evergy, Inc. | 2,790 | 158,375 | ||||||
Xcel Energy, Inc. | 6,187 | 304,831 | ||||||
|
| |||||||
| 527,792 | ||||||||
|
| |||||||
Electrical Equipment — 2.6% |
| |||||||
Acuity Brands, Inc. | 1,285 | 147,665 | ||||||
AMETEK, Inc. | 2,359 | 159,674 | ||||||
Hubbell, Inc. | 775 | 76,961 | ||||||
|
| |||||||
| 384,300 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.5% |
| |||||||
Amphenol Corp., Class A | 1,933 | 156,583 | ||||||
Arrow Electronics, Inc. * | 2,864 | 197,477 | ||||||
CDW Corp. | 2,127 | 172,359 | ||||||
Keysight Technologies, Inc. * | 2,338 | 145,117 | ||||||
|
| |||||||
| 671,536 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 10.8% |
| |||||||
American Campus Communities, Inc. | 2,084 | 86,250 | ||||||
American Homes 4 Rent, Class A | 4,222 | 83,801 | ||||||
AvalonBay Communities, Inc. | 1,132 | 197,030 | ||||||
Boston Properties, Inc. | 1,544 | 173,764 | ||||||
Brixmor Property Group, Inc. | 7,543 | 110,814 | ||||||
Essex Property Trust, Inc. | 471 | 115,603 | ||||||
Federal Realty Investment Trust | 1,317 | 155,418 | ||||||
JBG SMITH Properties | 1,772 | 61,688 | ||||||
Kimco Realty Corp. (a) | 6,168 | 90,358 | ||||||
Outfront Media, Inc. | 5,817 | 105,398 | ||||||
Rayonier, Inc. | 4,212 | 116,626 | ||||||
Regency Centers Corp. | 1,580 | 92,718 | ||||||
Vornado Realty Trust | 2,528 | 156,823 | ||||||
Weyerhaeuser Co. | 3,223 | 70,447 | ||||||
|
| |||||||
| 1,616,738 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.8% |
| |||||||
Kroger Co. (The) | 4,613 | 126,860 | ||||||
|
| |||||||
Food Products — 1.7% |
| |||||||
Conagra Brands, Inc. | 5,535 | 118,221 | ||||||
Post Holdings, Inc. * (a) | 1,499 | 133,629 | ||||||
|
| |||||||
| 251,850 | ||||||||
|
| |||||||
Gas Utilities — 1.1% |
| |||||||
National Fuel Gas Co. (a) | 3,159 | 161,664 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.2% |
| |||||||
Zimmer Biomet Holdings, Inc. | 1,776 | 184,221 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 22 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Health Care Providers & Services — 5.8% |
| |||||||
AmerisourceBergen Corp. | 2,281 | 169,733 | ||||||
Cigna Corp. | 1,043 | 198,108 | ||||||
Henry Schein, Inc. * (a) | 1,353 | 106,239 | ||||||
Humana, Inc. | 323 | 92,487 | ||||||
Laboratory Corp. of America Holdings * | 1,146 | 144,826 | ||||||
Universal Health Services, Inc., Class B | 1,339 | 156,122 | ||||||
|
| |||||||
| 867,515 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.3% |
| |||||||
Hilton Worldwide Holdings, Inc. | 2,790 | 200,299 | ||||||
|
| |||||||
Household Durables — 1.7% |
| |||||||
Mohawk Industries, Inc. * | 1,394 | 163,015 | ||||||
Newell Brands, Inc. (a) | 5,037 | 93,629 | ||||||
|
| |||||||
| 256,644 | ||||||||
|
| |||||||
Household Products — 0.6% |
| |||||||
Energizer Holdings, Inc. | 1,840 | 83,077 | ||||||
|
| |||||||
Industrial Conglomerates — 0.8% |
| |||||||
Carlisle Cos., Inc. | 1,169 | 117,541 | ||||||
|
| |||||||
Insurance — 8.2% |
| |||||||
Alleghany Corp. | 170 | 105,662 | ||||||
Hartford Financial Services Group, Inc. (The) | 4,705 | 209,134 | ||||||
Lincoln National Corp. | 1,798 | 92,233 | ||||||
Loews Corp. | 6,380 | 290,404 | ||||||
Marsh & McLennan Cos., Inc. | 1,838 | 146,613 | ||||||
Principal Financial Group, Inc. | 1,725 | 76,181 | ||||||
Progressive Corp. (The) | 2,451 | 147,882 | ||||||
Unum Group | 2,115 | 62,149 | ||||||
WR Berkley Corp. | 1,302 | 96,267 | ||||||
|
| |||||||
| 1,226,525 | ||||||||
|
| |||||||
Interactive Media & Services — 0.6% |
| |||||||
Match Group, Inc. (a) | 2,202 | 94,174 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.4% |
| |||||||
Expedia Group, Inc. | 1,884 | 212,192 | ||||||
|
| |||||||
IT Services — 1.0% | ||||||||
Jack Henry & Associates, Inc. | 1,197 | 151,439 | ||||||
|
| |||||||
Machinery — 2.9% |
| |||||||
IDEX Corp. | 1,112 | 140,442 | ||||||
Middleby Corp. (The) * | 1,045 | 107,383 | ||||||
Snap-on, Inc. | 1,280 | 185,913 | ||||||
|
| |||||||
| 433,738 | ||||||||
|
| |||||||
Media — 1.1% |
| |||||||
CBS Corp. (Non-Voting), Class B | 2,041 | 89,232 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Media — continued |
| |||||||
DISH Network Corp., Class A * | 3,115 | 77,783 | ||||||
|
| |||||||
| 167,015 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.3% |
| |||||||
Starwood Property Trust, Inc. (a) | 2,319 | 45,713 | ||||||
|
| |||||||
Multiline Retail — 1.9% |
| |||||||
Kohl’s Corp. | 2,841 | 188,472 | ||||||
Nordstrom, Inc. | 2,177 | 101,463 | ||||||
|
| |||||||
| 289,935 | ||||||||
|
| |||||||
Multi-Utilities — 5.5% |
| |||||||
CMS Energy Corp. | 6,460 | 320,759 | ||||||
Sempra Energy | 1,802 | 194,938 | ||||||
WEC Energy Group, Inc. | 4,445 | 307,888 | ||||||
|
| |||||||
| 823,585 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 6.2% |
| |||||||
Cabot Oil & Gas Corp. | 3,786 | 84,619 | ||||||
Diamondback Energy, Inc. | 3,162 | 293,089 | ||||||
EQT Corp. | 5,316 | 100,412 | ||||||
Equitrans Midstream Corp. * (a) | 4,897 | 98,044 | ||||||
PBF Energy, Inc., Class A | 2,836 | 92,660 | ||||||
Williams Cos., Inc. (The) | 11,608 | 255,945 | ||||||
|
| |||||||
| 924,769 | ||||||||
|
| |||||||
Personal Products — 0.9% |
| |||||||
Coty, Inc., Class A | 8,337 | 54,689 | ||||||
Edgewell Personal Care Co. * (a) | 2,033 | 75,947 | ||||||
|
| |||||||
| 130,636 | ||||||||
|
| |||||||
Real Estate Management & Development — 1.4% |
| |||||||
CBRE Group, Inc., Class A * | 4,048 | 162,067 | ||||||
Cushman & Wakefield plc * (a) | 2,831 | 40,967 | ||||||
|
| |||||||
| 203,034 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.1% |
| |||||||
Analog Devices, Inc. | 1,962 | 168,436 | ||||||
|
| |||||||
Software — 1.0% | ||||||||
Synopsys, Inc. * | 1,810 | 152,455 | ||||||
|
| |||||||
Specialty Retail — 4.1% | ||||||||
AutoZone, Inc. * | 267 | 223,761 | ||||||
Best Buy Co., Inc. | 2,337 | 123,767 | ||||||
Gap, Inc. (The) | 5,359 | 138,048 | ||||||
Tiffany & Co. (a) | 1,670 | 134,464 | ||||||
|
| |||||||
| 620,040 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.7% |
| |||||||
PVH Corp. | 1,474 | 137,021 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 23 | ||||||
Table of Contents
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Textiles, Apparel & Luxury Goods — continued |
| |||||||
Ralph Lauren Corp. | 1,171 | 121,101 | ||||||
|
| |||||||
| 258,122 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.9% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 1,762 | 135,525 | ||||||
|
| |||||||
Total Common Stocks | 14,969,376 | |||||||
|
| |||||||
Short-Term Investments — 1.9% |
| |||||||
Investment Companies — 1.9% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 286,144 | 286,144 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.7% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | 89,009 | 89,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 14,483 | 14,483 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 103,483 | |||||||
|
| |||||||
Total Investments — 102.2% | 15,359,003 | |||||||
Liabilities in Excess of | (334,853 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 15,024,150 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $101,814,000. | |
| (b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (c) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 24 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.5% | ||||||||
Aerospace & Defense — 1.0% | ||||||||
United Technologies Corp. | 910 | 96,872 | ||||||
|
| |||||||
Airlines — 2.2% |
| |||||||
Delta Air Lines, Inc. | 3,023 | 150,832 | ||||||
Southwest Airlines Co. | 1,464 | 68,056 | ||||||
|
| |||||||
| 218,888 | ||||||||
|
| |||||||
Banks — 14.2% | ||||||||
Bank of America Corp. | 12,743 | 313,978 | ||||||
Citigroup, Inc. | 2,049 | 106,673 | ||||||
Citizens Financial Group, Inc. | 3,057 | 90,882 | ||||||
Fifth Third Bancorp | 2,423 | 57,014 | ||||||
First Republic Bank | 554 | 48,174 | ||||||
M&T Bank Corp. | 1,017 | 145,537 | ||||||
PNC Financial Services Group, Inc. (The) | 1,430 | 167,226 | ||||||
SunTrust Banks, Inc. | 2,163 | 109,100 | ||||||
US Bancorp | 2,195 | 100,320 | ||||||
Wells Fargo & Co. | 5,795 | 267,039 | ||||||
|
| |||||||
| 1,405,943 | ||||||||
|
| |||||||
Beverages — 0.9% | ||||||||
Keurig Dr Pepper, Inc. | 1,657 | 42,490 | ||||||
Molson Coors Brewing Co., Class B | 857 | 48,149 | ||||||
|
| |||||||
| 90,639 | ||||||||
|
| |||||||
Capital Markets — 4.1% | ||||||||
Charles Schwab Corp. (The) | 1,833 | 76,141 | ||||||
Invesco Ltd. | 2,329 | 38,994 | ||||||
Morgan Stanley | 2,423 | 96,089 | ||||||
Northern Trust Corp. | 757 | 63,240 | ||||||
T. Rowe Price Group, Inc. | 1,383 | 127,645 | ||||||
|
| |||||||
| 402,109 | ||||||||
|
| |||||||
Chemicals — 0.2% | ||||||||
AdvanSix, Inc. * | 1,021 | 24,858 | ||||||
|
| |||||||
Communications Equipment — 1.7% |
| |||||||
Cisco Systems, Inc. | 2,850 | 123,508 | ||||||
CommScope Holding Co., Inc. * | 2,787 | 45,684 | ||||||
|
| |||||||
| 169,192 | ||||||||
|
| |||||||
Construction Materials — 1.4% | ||||||||
Martin Marietta Materials, Inc. (a) | 784 | 134,673 | ||||||
|
| |||||||
Consumer Finance — 3.3% |
| |||||||
Ally Financial, Inc. | 1,488 | 33,707 | ||||||
American Express Co. | 1,022 | 97,408 | ||||||
Capital One Financial Corp. | 2,560 | 193,540 | ||||||
|
| |||||||
| 324,655 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Containers & Packaging — 3.3% | ||||||||
Ball Corp. | 3,444 | 158,358 | ||||||
Graphic Packaging Holding Co. (a) | 5,071 | 53,957 | ||||||
Packaging Corp. of America | 723 | 60,358 | ||||||
Westrock Co. | 1,564 | 59,052 | ||||||
|
| |||||||
| 331,725 | ||||||||
|
| |||||||
Distributors — 0.5% | ||||||||
Genuine Parts Co. | 530 | 50,924 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.7% |
| |||||||
Verizon Communications, Inc. | 2,959 | 166,354 | ||||||
|
| |||||||
Electric Utilities — 5.4% |
| |||||||
American Electric Power Co., Inc. | 1,740 | 130,019 | ||||||
Duke Energy Corp. | 707 | 60,978 | ||||||
Edison International | 733 | 41,585 | ||||||
Eversource Energy | 962 | 62,543 | ||||||
NextEra Energy, Inc. | 645 | 112,199 | ||||||
Xcel Energy, Inc. | 2,612 | 128,715 | ||||||
|
| |||||||
| 536,039 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.9% |
| |||||||
Arrow Electronics, Inc. * | 1,262 | 87,009 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.6% |
| |||||||
American Homes 4 Rent, Class A | 2,680 | 53,192 | ||||||
Brixmor Property Group, Inc. | 4,814 | 70,712 | ||||||
CorePoint Lodging, Inc. | 1,733 | 21,228 | ||||||
EastGroup Properties, Inc. | 527 | 48,332 | ||||||
Federal Realty Investment Trust | 497 | 58,701 | ||||||
Kimco Realty Corp. (a) | 4,166 | 61,028 | ||||||
Mid-America Apartment Communities, Inc. | 1,035 | 99,016 | ||||||
Outfront Media, Inc. | 3,250 | 58,892 | ||||||
Public Storage | 476 | 96,367 | ||||||
Rayonier, Inc. | 1,992 | 55,158 | ||||||
Weyerhaeuser Co. | 1,319 | 28,834 | ||||||
|
| |||||||
| 651,460 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.6% |
| |||||||
Kroger Co. (The) | 1,648 | 45,308 | ||||||
Walgreens Boots Alliance, Inc. | 1,647 | 112,526 | ||||||
|
| |||||||
| 157,834 | ||||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Post Holdings, Inc. * | 1,021 | 91,028 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.5% |
| |||||||
Medtronic plc | 593 | 53,939 | ||||||
|
| |||||||
Health Care Providers & Services — 1.9% |
| |||||||
AmerisourceBergen Corp. | 672 | 50,027 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 25 | ||||||
Table of Contents
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — continued |
| |||||||
HCA Healthcare, Inc. | 341 | 42,380 | ||||||
UnitedHealth Group, Inc. | 367 | 91,436 | ||||||
|
| |||||||
| 183,843 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.1% | ||||||||
Brinker International, Inc. (a) | 770 | 33,854 | ||||||
Hilton Worldwide Holdings, Inc. | 1,003 | 72,030 | ||||||
|
| |||||||
| 105,884 | ||||||||
|
| |||||||
Household Products — 2.1% | ||||||||
Clorox Co. (The) (a) | 263 | 40,477 | ||||||
Energizer Holdings, Inc. | 1,122 | 50,666 | ||||||
Procter & Gamble Co. (The) | 1,229 | 112,927 | ||||||
|
| |||||||
| 204,070 | ||||||||
|
| |||||||
Industrial Conglomerates — 1.7% | ||||||||
Carlisle Cos., Inc. | 564 | 56,664 | ||||||
Honeywell International, Inc. | 832 | 109,874 | ||||||
|
| |||||||
| 166,538 | ||||||||
|
| |||||||
Insurance — 7.8% | ||||||||
Alleghany Corp. | 66 | 41,012 | ||||||
American International Group, Inc. | 2,479 | 97,704 | ||||||
Chubb Ltd. | 637 | 82,319 | ||||||
Fairfax Financial Holdings Ltd. (Canada) | 109 | 48,184 | ||||||
Hartford Financial Services Group, Inc. (The) | 1,888 | 83,925 | ||||||
Loews Corp. | 3,896 | 177,355 | ||||||
Marsh & McLennan Cos., Inc. | 975 | 77,720 | ||||||
Prudential Financial, Inc. | 386 | 31,466 | ||||||
Travelers Cos., Inc. (The) | 911 | 109,077 | ||||||
Unum Group | 740 | 21,738 | ||||||
|
| |||||||
| 770,500 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.6% |
| |||||||
Expedia Group, Inc. | 494 | 55,614 | ||||||
|
| |||||||
Machinery — 1.9% |
| |||||||
Dover Corp. | 974 | 69,120 | ||||||
Illinois Tool Works, Inc. | 669 | 84,778 | ||||||
Middleby Corp. (The) * | 325 | 33,429 | ||||||
|
| |||||||
| 187,327 | ||||||||
|
| |||||||
Media — 4.0% |
| |||||||
CBS Corp. (Non-Voting), Class B | 1,251 | 54,697 | ||||||
Charter Communications, Inc., Class A * | 426 | 121,451 | ||||||
DISH Network Corp., Class A * | 3,999 | 99,863 | ||||||
Entercom Communications Corp., Class A (a) | 6,516 | 37,209 | ||||||
Nexstar Media Group, Inc., Class A | 1,063 | 83,609 | ||||||
|
| |||||||
| 396,829 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multiline Retail — 1.7% | ||||||||
Kohl’s Corp. | 1,292 | 85,713 | ||||||
Nordstrom, Inc. | 1,801 | 83,963 | ||||||
|
| |||||||
| 169,676 | ||||||||
|
| |||||||
Multi-Utilities — 0.4% | ||||||||
NiSource, Inc. (a) | 1,422 | 36,058 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 8.6% |
| |||||||
Chevron Corp. | 590 | 64,230 | ||||||
ConocoPhillips | 1,675 | 104,428 | ||||||
Diamondback Energy, Inc. | 457 | 42,345 | ||||||
EQT Corp. (a) | 1,914 | 36,157 | ||||||
Equitrans Midstream Corp. * | 1,485 | 29,728 | ||||||
Exxon Mobil Corp. | 2,063 | 140,677 | ||||||
Kinder Morgan, Inc. | 6,784 | 104,332 | ||||||
Marathon Petroleum Corp. | 1,256 | 74,141 | ||||||
Occidental Petroleum Corp. | 1,478 | 90,738 | ||||||
PBF Energy, Inc., Class A | 659 | 21,541 | ||||||
Phillips 66 | 653 | 56,237 | ||||||
Williams Cos., Inc. (The) | 3,737 | 82,390 | ||||||
|
| |||||||
| 846,944 | ||||||||
|
| |||||||
Personal Products — 0.3% | ||||||||
Coty, Inc., Class A | 5,088 | 33,378 | ||||||
|
| |||||||
Pharmaceuticals — 7.8% |
| |||||||
Allergan plc | 660 | 88,267 | ||||||
Johnson & Johnson | 1,319 | 170,271 | ||||||
Merck & Co., Inc. | 2,685 | 205,172 | ||||||
Pfizer, Inc. | 7,121 | 310,832 | ||||||
|
| |||||||
| 774,542 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.9% |
| |||||||
CBRE Group, Inc., Class A * | 2,255 | 90,278 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.7% |
| |||||||
Analog Devices, Inc. | 893 | 76,646 | ||||||
QUALCOMM, Inc. | 953 | 54,208 | ||||||
Texas Instruments, Inc. | 1,442 | 136,285 | ||||||
|
| |||||||
| 267,139 | ||||||||
|
| |||||||
Software — 1.2% | ||||||||
Microsoft Corp. | 1,133 | 115,040 | ||||||
|
| |||||||
Specialty Retail — 3.5% |
| |||||||
AutoZone, Inc. * | 171 | 143,569 | ||||||
Best Buy Co., Inc. | 845 | 44,745 | ||||||
Home Depot, Inc. (The) | 318 | 54,556 | ||||||
Murphy USA, Inc. * | 766 | 58,677 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 26 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — continued |
| |||||||
Tiffany & Co. (a) | 558 | 44,924 | ||||||
|
| |||||||
| 346,471 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.4% |
| |||||||
Hewlett Packard Enterprise Co. | 2,915 | 38,510 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods —0.5% |
| |||||||
Columbia Sportswear Co. (a) | 559 | 46,984 | ||||||
|
| |||||||
Total Common Stocks | 9,829,766 | |||||||
|
| |||||||
| No. of Rights (000) | ||||||||
Rights — 0.0% (b) | ||||||||
Media — 0.0% (b) |
| |||||||
Media General, Inc., CVR * ‡ (Cost $—) | 2,982 | 146 | ||||||
|
| |||||||
| SHARES (000) | ||||||||
Short-Term Investments — 0.9% |
| |||||||
Investment Companies — 0.9% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) | 89,301 | 89,301 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.8% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (c) (d) | 63,006 | 63,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d) | 12,166 | 12,166 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 75,166 | |||||||
|
| |||||||
Total Investments — 101.2% | 9,994,379 | |||||||
Liabilities in Excess of | (117,032 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 9,877,347 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
Abbreviations
| CVR | ContingentValue Rights | |
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $73,853,000. | |
| (b) | Amount rounds to less than 0.1% of net assets. | |
| (c) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (d) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. | |
| ‡ | Value determined using significant unobservable inputs. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 27 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands, except per share amounts)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in non-affiliates, at value | $ | 7,714,926 | $ | 2,381,041 | $ | 3,535,013 | ||||||
Investments in affiliates, at value | 67,534 | 39,324 | 15,690 | |||||||||
Investment of cash collateral received from securities loaned, at value (Note 2.B.) | 138,088 | 47,708 | 133,998 | |||||||||
Receivables: | ||||||||||||
Due from custodian | — | 1,328 | — | |||||||||
Investment securities sold | 281 | — | — | |||||||||
Fund shares sold | 15,464 | 3,265 | 4,867 | |||||||||
Dividends from non-affiliates | 938 | 2,243 | 848 | |||||||||
Dividends from affiliates | 188 | 147 | 130 | |||||||||
Securities lending income (Note 2.B.) | 28 | 21 | 60 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 7,937,447 | 2,475,077 | 3,690,606 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Due to custodian | — | (a) | — | 25 | ||||||||
Investment securities purchased | — | 1,971 | 1,888 | |||||||||
Collateral received on securities loaned (Note 2.B.) | 138,088 | 47,708 | 133,998 | |||||||||
Fund shares redeemed | 23,681 | 6,160 | 24,973 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 3,937 | 1,222 | 1,949 | |||||||||
Administration fees | 256 | 80 | 231 | |||||||||
Distribution fees | 762 | 92 | 242 | |||||||||
Service fees | 831 | 140 | 348 | |||||||||
Custodian and accounting fees | 51 | 18 | 26 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | — | (a) | — | ||||||||
Other | 229 | 212 | 264 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 167,835 | 57,603 | 163,944 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 7,769,612 | $ | 2,417,474 | $ | 3,526,662 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 28 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 5,423,404 | $ | 1,930,821 | $ | 3,046,243 | ||||||
Total distributable earnings (loss) (a) | 2,346,208 | 486,653 | 480,419 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 7,769,612 | $ | 2,417,474 | $ | 3,526,662 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 1,501,771 | $ | 354,294 | $ | 810,019 | ||||||
Class C | 660,694 | 21,438 | 68,402 | |||||||||
Class I | 1,638,415 | 268,432 | 949,095 | |||||||||
Class R2 | 49 | 416 | 34,025 | |||||||||
Class R3 | 321 | — | 24,148 | |||||||||
Class R4 | 13,470 | — | 13,809 | |||||||||
Class R5 | 100,007 | 5,279 | 268,818 | |||||||||
Class R6 | 3,854,885 | 1,767,615 | 1,358,346 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 7,769,612 | $ | 2,417,474 | $ | 3,526,662 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 84,879 | 8,662 | 31,764 | |||||||||
Class C | 43,017 | 547 | 3,478 | |||||||||
Class I | 89,636 | 6,464 | 31,997 | |||||||||
Class R2 | 3 | 10 | 1,222 | |||||||||
Class R3 | 18 | — | 821 | |||||||||
Class R4 | 737 | — | 466 | |||||||||
Class R5 | 5,364 | 127 | 8,945 | |||||||||
Class R6 | 205,499 | 42,573 | 44,986 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 17.69 | $ | 40.90 | $ | 25.50 | ||||||
Class C — Offering price per share (c) | 15.36 | 39.22 | 19.67 | |||||||||
Class I — Offering and redemption price per share | 18.28 | 41.53 | 29.66 | |||||||||
Class R2 — Offering and redemption price per share | 17.62 | 40.50 | 27.83 | |||||||||
Class R3 — Offering and redemption price per share | 17.70 | — | 29.43 | |||||||||
Class R4 — Offering and redemption price per share | 18.28 | — | 29.62 | |||||||||
Class R5 — Offering and redemption price per share | 18.65 | 41.51 | 30.05 | |||||||||
Class R6 — Offering and redemption price per share | 18.76 | 41.52 | 30.19 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 18.67 | $ | 43.17 | $ | 26.91 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 5,371,661 | $ | 1,876,921 | $ | 2,992,453 | ||||||
Cost of investments in affiliates | 67,534 | 39,324 | 15,690 | |||||||||
Investment securities on loan, at value | 135,257 | 47,406 | 132,610 | |||||||||
Cost of investment of cash collateral | 138,088 | 47,708 | 133,998 | |||||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 29 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited)(continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |||||||
ASSETS: | ||||||||
Investments in non-affiliates, at value | $ | 14,969,376 | $ | 9,829,912 | ||||
Investments in affiliates, at value | 286,144 | 89,301 | ||||||
Investment of cash collateral received from securities loaned, at value (Note 2.B.) | 103,483 | 75,166 | ||||||
Receivables: | ||||||||
Fund shares sold | 38,379 | 21,175 | ||||||
Interest and dividends from non-affiliates | 25,360 | 12,782 | ||||||
Dividends from affiliates | 782 | 253 | ||||||
Securities lending income (Note 2.B.) | 48 | 13 | ||||||
|
|
|
| |||||
Total Assets | 15,423,572 | 10,028,602 | ||||||
|
|
|
| |||||
LIABILITIES: | ||||||||
Payables: | — | — | ||||||
Collateral received on securities loaned (Note 2.B.) | 103,483 | 75,166 | ||||||
Fund shares redeemed | 283,621 | 68,276 | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | 8,526 | 5,138 | ||||||
Administration fees | 965 | 347 | ||||||
Distribution fees | 493 | 578 | ||||||
Service fees | 1,183 | 1,063 | ||||||
Custodian and accounting fees | 116 | 76 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 13 | 1 | ||||||
Other | 1,022 | 610 | ||||||
|
|
|
| |||||
Total Liabilities | 399,422 | 151,255 | ||||||
|
|
|
| |||||
Net Assets | $ | 15,024,150 | $ | 9,877,347 | ||||
|
|
|
| |||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 30 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |||||||
NET ASSETS: | ||||||||
Paid-in-Capital | $ | 11,014,246 | $ | 8,195,257 | ||||
Total distributable earnings (loss) (a) | 4,009,904 | 1,682,090 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 15,024,150 | $ | 9,877,347 | ||||
|
|
|
| |||||
Net Assets: | ||||||||
Class A | $ | 1,514,797 | $ | 1,113,086 | ||||
Class C | 164,325 | 498,528 | ||||||
Class I | 2,323,938 | 2,224,973 | ||||||
Class L | 9,701,063 | 2,388,550 | ||||||
Class R2 | 68,776 | 36 | ||||||
Class R3 | 61,548 | 1,763 | ||||||
Class R4 | 22,364 | 15,703 | ||||||
Class R5 | 73,299 | 6,310 | ||||||
Class R6 | 1,094,040 | 3,628,398 | ||||||
|
|
|
| |||||
Total | $ | 15,024,150 | $ | 9,877,347 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) | ||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||
Class A | 46,982 | 36,603 | ||||||
Class C | 5,305 | 16,431 | ||||||
Class I | 71,306 | 72,833 | ||||||
Class L | 294,128 | 78,189 | ||||||
Class R2 | 2,228 | 1 | ||||||
Class R3 | 1,925 | 59 | ||||||
Class R4 | 690 | 516 | ||||||
Class R5 | 2,225 | 207 | ||||||
Class R6 | 33,189 | 118,920 | ||||||
Net Asset Value (b): | ||||||||
Class A — Redemption price per share | $ | 32.24 | $ | 30.41 | ||||
Class C — Offering price per share (c) | 30.98 | 30.34 | ||||||
Class I — Offering and redemption price per share | 32.59 | 30.55 | ||||||
Class L — Offering and redemption price per share | 32.98 | 30.55 | ||||||
Class R2 — Offering and redemption price per share | 30.86 | 30.26 | ||||||
Class R3 — Offering and redemption price per share | 31.97 | 30.08 | ||||||
Class R4 — Offering and redemption price per share | 32.43 | 30.42 | ||||||
Class R5 — Offering and redemption price per share | 32.95 | 30.49 | ||||||
Class R6 — Offering and redemption price per share | 32.96 | 30.51 | ||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | ||||
Class A maximum public offering price per share | $ | 34.03 | $ | 32.09 | ||||
|
|
|
| |||||
Cost of investments in non-affiliates | $ | 11,042,473 | $ | 8,164,982 | ||||
Cost of investments in affiliates | 286,144 | 89,301 | ||||||
Investment securities on loan, at value | 101,814 | 73,853 | ||||||
Cost of investment of cash collateral | 103,483 | 75,166 | ||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 31 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income from non-affiliates | $ | 1 | $ | — | (a) | $ | 1 | |||||
Interest income from affiliates | — | (a) | — | (a) | — | (a) | ||||||
Dividend income from non-affiliates | 26,231 | 21,390 | 10,729 | |||||||||
Dividend income from affiliates | 2,606 | 917 | 1,290 | |||||||||
Income from securities lending (net) | 74 | 28 | 82 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 28,912 | 22,335 | 12,102 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 29,064 | 8,935 | 13,067 | |||||||||
Administration fees | 3,626 | 1,115 | 1,630 | |||||||||
Distribution fees: | ||||||||||||
Class A | 2,171 | 508 | 1,170 | |||||||||
Class C | 2,859 | 99 | 304 | |||||||||
Class R2 | — | (a) | 1 | 100 | ||||||||
Class R3 | — | (a) | — | 35 | ||||||||
Service fees: | ||||||||||||
Class A | 2,171 | 508 | 1,170 | |||||||||
Class C | 953 | 33 | 101 | |||||||||
Class I | 2,349 | 393 | 1,420 | |||||||||
Class R2 | — | (a) | 1 | 50 | ||||||||
Class R3 | — | (a) | — | 35 | ||||||||
Class R4 | 16 | — | 19 | |||||||||
Class R5 | 58 | 3 | 156 | |||||||||
Custodian and accounting fees | 112 | 38 | 59 | |||||||||
Interest expense to affiliates | — | 1 | — | |||||||||
Professional fees | 71 | 41 | 45 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 30 | 17 | 21 | |||||||||
Printing and mailing costs | 220 | 48 | 121 | |||||||||
Registration and filing fees | 177 | 80 | 81 | |||||||||
Transfer agency fees (See Note 2.E.) | 117 | 26 | 197 | |||||||||
Other | 77 | 21 | 36 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 44,071 | 11,868 | 19,817 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (5,166 | ) | (1,621 | ) | (940 | ) | ||||||
Less expense reimbursements | (12 | ) | — | (8 | ) | |||||||
|
|
|
|
|
| |||||||
Net expenses | 38,893 | 10,247 | 18,869 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | (9,981 | ) | 12,088 | (6,767 | ) | |||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | 323,813 | 68,104 | 26,218 | |||||||||
Change in net unrealized appreciation/depreciation on investments in non-affiliates | (1,279,138 | ) | (373,677 | ) | (444,145 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (955,325 | ) | (305,573 | ) | (417,927 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | (965,306 | ) | $ | (293,485 | ) | $ | (424,694 | ) | |||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 32 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |||||||
INVESTMENT INCOME: | ||||||||
Interest income from non-affiliates | $ | — | (a) | $ | — | (a) | ||
Interest income from affiliates | — | (a) | — | (a) | ||||
Dividend income from non-affiliates | 234,395 | 162,477 | ||||||
Dividend income from affiliates | 6,229 | 2,637 | ||||||
Income from securities lending (net) | 99 | 23 | ||||||
|
|
|
| |||||
Total investment income | 240,723 | 165,137 | ||||||
|
|
|
| |||||
EXPENSES: | ||||||||
Investment advisory fees | 58,889 | 37,442 | ||||||
Administration fees | 7,348 | 4,672 | ||||||
Distribution fees: | ||||||||
Class A | 2,303 | 1,635 | ||||||
Class C | 751 | 2,177 | ||||||
Class R2 | 203 | — | (a) | |||||
Class R3 | 86 | 2 | ||||||
Service fees: | ||||||||
Class A | 2,303 | 1,635 | ||||||
Class C | 251 | 726 | ||||||
Class I | 3,593 | 3,073 | ||||||
Class L | 5,867 | 1,553 | ||||||
Class R2 | 101 | — | (a) | |||||
Class R3 | 86 | 2 | ||||||
Class R4 | 25 | 22 | ||||||
Class R5 | 42 | 3 | ||||||
Custodian and accounting fees | 231 | 151 | ||||||
Professional fees | 106 | 88 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 38 | 34 | ||||||
Printing and mailing costs | 427 | 226 | ||||||
Registration and filing fees | 233 | 214 | ||||||
Transfer agency fees (See Note 2.E.) | 440 | 118 | ||||||
Other | 169 | 89 | ||||||
|
|
|
| |||||
Total expenses | 83,492 | 53,862 | ||||||
|
|
|
| |||||
Less fees waived | (6,713 | ) | (6,432 | ) | ||||
Less expense reimbursements | (97 | ) | (12 | ) | ||||
|
|
|
| |||||
Net expenses | 76,682 | 47,418 | ||||||
|
|
|
| |||||
Net investment income (loss) | 164,041 | 117,719 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: | ||||||||
Investments in non-affiliates | 421,731 | 244,627 | ||||||
Investments in affiliates | — | (a) | — | |||||
|
|
|
| |||||
Net realized gain (loss) | 421,731 | 244,627 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation on investments in non-affiliates | (2,622,701 | ) | (1,231,117 | ) | ||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | (2,200,970 | ) | (986,490 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | (2,036,929 | ) | $ | (868,771 | ) | ||
|
|
|
| |||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 33 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (9,981 | ) | $ | (24,732 | ) | $ | 12,088 | $ | 11,549 | ||||||
Net realized gain (loss) | 323,813 | 694,039 | 68,104 | 280,150 | ||||||||||||
Change in net unrealized appreciation/depreciation | (1,279,138 | ) | 1,184,781 | (373,677 | ) | 63,890 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (965,306 | ) | 1,854,088 | (293,485 | ) | 355,589 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: (a) | ||||||||||||||||
Class A | (137,182 | ) | (69,162 | ) | (41,313 | ) | (21,659 | ) | ||||||||
Class C | (69,324 | ) | (29,276 | ) | (2,590 | ) | (1,665 | ) | ||||||||
Class I | (147,315 | ) | (52,479 | ) | (31,866 | ) | (20,261 | ) | ||||||||
Class R2 (b) | (5 | ) | (1 | ) | (47 | ) | (22 | ) | ||||||||
Class R3 | (27 | ) | (11 | ) | — | — | ||||||||||
Class R4 | (957 | ) | (1 | ) | — | — | ||||||||||
Class R5 | (8,804 | ) | (4,273 | ) | (621 | ) | (317 | ) | ||||||||
Class R6 | (334,548 | ) | (165,239 | ) | (209,503 | ) | (126,390 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (698,162 | ) | (320,442 | ) | (285,940 | ) | (170,314 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 741,493 | 60,031 | 263,191 | (260,045 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (921,975 | ) | 1,593,677 | (316,234 | ) | (74,770 | ) | |||||||||
Beginning of period | 8,691,587 | 7,097,910 | 2,733,708 | 2,808,478 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 7,769,612 | $ | 8,691,587 | $ | 2,417,474 | $ | 2,733,708 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||||||
Class A | ||||||||
From net realized gains | $ | (69,162 | ) | $ | (21,659 | ) | ||
Class C | ||||||||
From net realized gains | (29,276 | ) | (1,665 | ) | ||||
Class I | ||||||||
From net investment income | — | (521 | ) | |||||
From net realized gains | (52,479 | ) | (19,740 | ) | ||||
Class R2(b) | ||||||||
From net realized gains | (1 | ) | (22 | ) | ||||
Class R3 | ||||||||
From net realized gains | (11 | ) | — | |||||
Class R4 | ||||||||
From net realized gains | (1 | ) | — | |||||
Class R5 | ||||||||
From net investment income | — | (17 | ) | |||||
From net realized gains | (4,273 | ) | (300 | ) | ||||
Class R6 | ||||||||
From net investment income | — | (7,565 | ) | |||||
From net realized gains | (165,239 | ) | (118,825 | ) | ||||
| (b) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 34 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | (6,767 | ) | $ | (12,093 | ) | $ | 164,041 | $ | 165,452 | ||||||
Net realized gain (loss) | 26,218 | 321,274 | 421,731 | 714,557 | ||||||||||||
Change in net unrealized appreciation/depreciation | (444,145 | ) | 272,913 | (2,622,701 | ) | 323,839 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (424,694 | ) | 582,094 | (2,036,929 | ) | 1,203,848 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (64,068 | ) | (64,175 | ) | (113,824 | ) | (50,500 | ) | ||||||||
Class C | (6,859 | ) | (6,964 | ) | (11,787 | ) | (4,819 | ) | ||||||||
Class I | (66,577 | ) | (64,653 | ) | (180,706 | ) | (76,469 | ) | ||||||||
Class L | — | — | (790,206 | ) | (339,034 | ) | ||||||||||
Class R2 | (2,466 | ) | (2,500 | ) | (5,220 | ) | (1,965 | ) | ||||||||
Class R3 | (1,655 | ) | (102 | ) | (4,506 | ) | (1,355 | ) | ||||||||
Class R4 | (921 | ) | (242 | ) | (1,721 | ) | (385 | ) | ||||||||
Class R5 | (18,376 | ) | (16,962 | ) | (5,681 | ) | (2,165 | ) | ||||||||
Class R6 | (90,888 | ) | (63,898 | ) | (86,808 | ) | (19,369 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (251,810 | ) | (219,496 | ) | (1,200,459 | ) | (496,061 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 285,922 | 466,368 | (22,313 | ) | (826,948 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (390,582 | ) | 828,966 | (3,259,701 | ) | (119,161 | ) | |||||||||
Beginning of period | 3,917,244 | 3,088,278 | 18,283,851 | 18,403,012 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,526,662 | $ | 3,917,244 | $ | 15,024,150 | $ | 18,283,851 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||
Class A | ||||||||
From net investment income | $ | — | $ | (10,151 | ) | |||
From net realized gains | (64,175 | ) | (40,349 | ) | ||||
Class C | ||||||||
From net realized gains | (6,964 | ) | (4,819 | ) | ||||
Class I | ||||||||
From net investment income | — | (21,474 | ) | |||||
From net realized gains | (64,653 | ) | (54,995 | ) | ||||
Class L | ||||||||
From net investment income | — | (115,010 | ) | |||||
From net realized gains | — | (224,024 | ) | |||||
Class R2 | ||||||||
From net investment income | — | (285 | ) | |||||
From net realized gains | (2,500 | ) | (1,680 | ) | ||||
Class R3 | ||||||||
From net investment income | — | (401 | ) | |||||
From net realized gains | (102 | ) | (954 | ) | ||||
Class R4 | ||||||||
From net investment income | — | (124 | ) | |||||
From net realized gains | (242 | ) | (261 | ) | ||||
Class R5 | ||||||||
From net investment income | — | (715 | ) | |||||
From net realized gains | (16,962 | ) | (1,450 | ) | ||||
Class R6 | ||||||||
From net investment income | — | (6,725 | ) | |||||
From net realized gains | (63,898 | ) | (12,644 | ) | ||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 35 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Value Advantage Fund | ||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||
Net investment income (loss) | $ | 117,719 | $ | 153,657 | ||||
Net realized gain (loss) | 244,627 | 371,543 | ||||||
Change in net unrealized appreciation/depreciation | (1,231,117 | ) | 415,090 | |||||
|
|
|
| |||||
Change in net assets resulting from operations | (868,771 | ) | 940,290 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||
Class A | (75,407 | ) | (26,776 | ) | ||||
Class C | (31,120 | ) | (7,814 | ) | ||||
Class I | (161,614 | ) | (50,925 | ) | ||||
Class L | (175,343 | ) | (90,228 | ) | ||||
Class R2 (b) | (3 | ) | — | (c) | ||||
Class R3 | (122 | ) | (17 | ) | ||||
Class R4 | (1,103 | ) | (43 | ) | ||||
Class R5 | (452 | ) | (115 | ) | ||||
Class R6 | (263,786 | ) | (77,658 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (708,950 | ) | (253,576 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Change in net assets resulting from capital transactions | 70,831 | (360,503 | ) | |||||
|
|
|
| |||||
NET ASSETS: | ||||||||
Change in net assets | (1,506,890 | ) | 326,211 | |||||
Beginning of period | 11,384,237 | 11,058,026 | ||||||
|
|
|
| |||||
End of period | $ | 9,877,347 | $ | 11,384,237 | ||||
|
|
|
| |||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Value Advantage Fund | ||||
Class A | ||||
From net investment income | $ | (12,114 | ) | |
From net realized gains | (14,662 | ) | ||
Class C | ||||
From net investment income | (1,306 | ) | ||
From net realized gains | (6,508 | ) | ||
Class I | ||||
From net investment income | (27,074 | ) | ||
From net realized gains | (23,851 | ) | ||
Class L | ||||
From net investment income | (51,294 | ) | ||
From net realized gains | (38,934 | ) | ||
Class R2(b) | ||||
From net investment income | — | (c) | ||
From net realized gains | — | (c) | ||
Class R3 | ||||
From net investment income | (9 | ) | ||
From net realized gains | (8 | ) | ||
Class R4 | ||||
From net investment income | (24 | ) | ||
From net realized gains | (19 | ) | ||
Class R5 | ||||
From net investment income | (65 | ) | ||
From net realized gains | (50 | ) | ||
Class R6 | ||||
From net investment income | (44,453 | ) | ||
From net realized gains | (33,205 | ) | ||
| (b) | Commencement of offering of class of shares effective July 31, 2017. |
| (c) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 36 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 214,101 | $ | 385,379 | $ | 49,447 | $ | 69,668 | ||||||||
Distributions reinvested | 134,593 | 67,889 | 41,253 | 21,589 | ||||||||||||
Cost of shares redeemed | (248,175 | ) | (604,708 | ) | (53,826 | ) | (90,548 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 100,519 | $ | (151,440 | ) | $ | 36,874 | $ | 709 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 92,928 | $ | 167,812 | $ | 1,008 | $ | 2,589 | ||||||||
Distributions reinvested | 66,057 | 27,785 | 2,589 | 1,665 | ||||||||||||
Cost of shares redeemed | (83,772 | ) | (179,201 | ) | (4,470 | ) | (8,820 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 75,213 | $ | 16,396 | $ | (873 | ) | $ | (4,566 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 425,158 | $ | 820,383 | $ | 24,303 | $ | 67,824 | ||||||||
Distributions reinvested | 135,181 | 48,329 | 31,662 | 19,948 | ||||||||||||
Cost of shares redeemed | (315,905 | ) | (1,088,919 | ) | (48,681 | ) | (567,749 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 244,434 | $ | (220,207 | ) | $ | 7,284 | $ | (479,977 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 (a) | ||||||||||||||||
Proceeds from shares issued | $ | 17 | $ | 40 | $ | 34 | $ | 75 | ||||||||
Distributions reinvested | 5 | 1 | 40 | 19 | ||||||||||||
Cost of shares redeemed | (4 | ) | (2 | ) | (2 | ) | (284 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 18 | $ | 39 | $ | 72 | $ | (190 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 92 | $ | 379 | $ | — | $ | — | ||||||||
Distributions reinvested | 27 | 11 | — | — | ||||||||||||
Cost of shares redeemed | — | (b) | (187 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 119 | $ | 203 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 3,974 | $ | 12,768 | $ | — | $ | — | ||||||||
Distributions reinvested | 957 | 1 | — | — | ||||||||||||
Cost of shares redeemed | (1,045 | ) | (1,127 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 3,886 | $ | 11,642 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 12,640 | $ | 22,793 | $ | — | $ | 4,460 | ||||||||
Distributions reinvested | 8,802 | 4,273 | 621 | 317 | ||||||||||||
Cost of shares redeemed | (13,023 | ) | (31,002 | ) | (595 | ) | (361 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 8,419 | $ | (3,936 | ) | $ | 26 | $ | 4,416 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 412,977 | $ | 1,307,512 | $ | 136,277 | $ | 659,956 | ||||||||
Distributions reinvested | 333,918 | 165,238 | 209,472 | 126,386 | ||||||||||||
Cost of shares redeemed | (438,010 | ) | (1,065,416 | ) | (125,941 | ) | (566,779 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 308,885 | $ | 407,334 | $ | 219,808 | $ | 219,563 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 741,493 | $ | 60,031 | $ | 263,191 | $ | (260,045 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 37 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 10,056 | 19,063 | 997 | 1,371 | ||||||||||||
Reinvested | 7,186 | 3,464 | 952 | 435 | ||||||||||||
Redeemed | (11,716 | ) | (29,518 | ) | (1,100 | ) | (1,784 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 5,526 | (6,991 | ) | 849 | 22 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 4,896 | 9,329 | 21 | 52 | ||||||||||||
Reinvested | 4,060 | 1,603 | 63 | 35 | ||||||||||||
Redeemed | (4,604 | ) | (10,165 | ) | (94 | ) | (180 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 4,352 | 767 | (10 | ) | (93 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 19,146 | 39,183 | 475 | 1,338 | ||||||||||||
Reinvested | 6,986 | 2,400 | 719 | 396 | ||||||||||||
Redeemed | (14,904 | ) | (55,106 | ) | (961 | ) | (11,347 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 11,228 | (13,523 | ) | 233 | (9,613 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 (a) | ||||||||||||||||
Issued | 1 | 2 | 1 | 3 | ||||||||||||
Reinvested | — | (b) | — | (b) | 1 | — | (b) | |||||||||
Redeemed | — | (b) | — | (b) | (1 | ) | (6 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 1 | 2 | 1 | (3 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 |
| |||||||||||||||
Issued | 5 | 20 | — | — | ||||||||||||
Reinvested | 1 | — | (b) | — | — | |||||||||||
Redeemed | — | (b) | (9 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 6 | 11 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 |
| |||||||||||||||
Issued | 196 | 587 | — | — | ||||||||||||
Reinvested | 50 | — | (b) | — | — | |||||||||||
Redeemed | (46 | ) | (51 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 200 | 536 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 546 | 1,072 | — | 88 | ||||||||||||
Reinvested | 446 | 209 | 14 | 6 | ||||||||||||
Redeemed | (586 | ) | (1,457 | ) | (11 | ) | (7 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 406 | (176 | ) | 3 | 87 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 18,215 | 63,769 | 2,657 | 13,118 | ||||||||||||
Reinvested | 16,814 | 8,033 | 4,754 | 2,502 | ||||||||||||
Redeemed | (19,598 | ) | (49,818 | ) | (2,445 | ) | (10,935 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 15,431 | 21,984 | 4,966 | 4,685 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 38 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 56,848 | $ | 118,397 | $ | 118,629 | $ | 363,088 | ||||||||
Distributions reinvested | 61,839 | 61,743 | 101,730 | 45,299 | ||||||||||||
Cost of shares redeemed | (81,894 | ) | (251,332 | ) | (357,388 | ) | (671,647 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 36,793 | $ | (71,192 | ) | $ | (137,029 | ) | $ | (263,260 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 8,903 | $ | 14,077 | $ | 11,161 | $ | 7,880 | ||||||||
Distributions reinvested | 6,348 | 6,179 | 10,374 | 4,180 | ||||||||||||
Cost of shares redeemed | (14,693 | ) | (35,034 | ) | (37,393 | ) | (263,384 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 558 | $ | (14,778 | ) | $ | (15,858 | ) | $ | (251,324 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 115,935 | $ | 339,754 | $ | 413,271 | $ | 751,430 | ||||||||
Distributions reinvested | 63,129 | 61,456 | 166,354 | 70,707 | ||||||||||||
Cost of shares redeemed | (187,907 | ) | (427,645 | ) | (747,800 | ) | (851,133 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (8,843 | ) | $ | (26,435 | ) | $ | (168,175 | ) | $ | (28,996 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 961,927 | $ | 1,968,939 | ||||||||
Distributions reinvested | — | — | 713,339 | 306,493 | ||||||||||||
Cost of shares redeemed | — | — | (1,659,990 | ) | (3,432,839 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | 15,276 | $ | (1,157,407 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 6,220 | $ | 14,239 | $ | 7,637 | $ | 17,627 | ||||||||
Distributions reinvested | 2,347 | 2,362 | 4,936 | 1,815 | ||||||||||||
Cost of shares redeemed | (6,333 | ) | (17,165 | ) | (11,347 | ) | (25,651 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 2,234 | $ | (564 | ) | $ | 1,226 | $ | (6,209 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 4,397 | $ | 27,693 | $ | 16,804 | $ | 51,385 | ||||||||
Distributions reinvested | 1,655 | 102 | 4,297 | 1,347 | ||||||||||||
Cost of shares redeemed | (3,935 | ) | (1,822 | ) | (9,500 | ) | (10,294 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 2,117 | $ | 25,973 | $ | 11,601 | $ | 42,438 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 3,101 | $ | 14,393 | $ | 8,478 | $ | 18,175 | ||||||||
Distributions reinvested | 921 | 242 | 1,720 | 385 | ||||||||||||
Cost of shares redeemed | (1,935 | ) | (897 | ) | (1,306 | ) | (4,544 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 2,087 | $ | 13,738 | $ | 8,892 | $ | 14,016 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 45,206 | $ | 79,191 | $ | 8,248 | $ | 70,982 | ||||||||
Distributions reinvested | 17,215 | 15,915 | 5,681 | 2,165 | ||||||||||||
Cost of shares redeemed | (57,457 | ) | (59,057 | ) | (9,664 | ) | (21,198 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 4,964 | $ | 36,049 | $ | 4,265 | $ | 51,949 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 311,844 | $ | 649,363 | $ | 348,686 | $ | 924,565 | ||||||||
Distributions reinvested | 90,442 | 63,657 | 82,670 | 18,935 | ||||||||||||
Cost of shares redeemed | (156,274 | ) | (209,443 | ) | (173,867 | ) | (171,655 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 246,012 | $ | 503,577 | $ | 257,489 | $ | 771,845 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 285,922 | $ | 466,368 | $ | (22,313 | ) | $ | (826,948 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 39 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 1,861 | 3,941 | 3,164 | 9,353 | ||||||||||||
Reinvested | 2,301 | 2,145 | 2,966 | 1,153 | ||||||||||||
Redeemed | (2,719 | ) | (8,462 | ) | (9,276 | ) | (17,242 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 1,443 | (2,376 | ) | (3,146 | ) | (6,736 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 381 | 586 | 334 | 210 | ||||||||||||
Reinvested | 306 | 271 | 315 | 111 | ||||||||||||
Redeemed | (613 | ) | (1,457 | ) | (1,032 | ) | (7,079 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 74 | (600 | ) | (383 | ) | (6,758 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 3,302 | 9,954 | 11,025 | 19,096 | ||||||||||||
Reinvested | 2,019 | 1,861 | 4,798 | 1,778 | ||||||||||||
Redeemed | (5,511 | ) | (12,666 | ) | (19,721 | ) | (21,586 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (190 | ) | (851 | ) | (3,898 | ) | (712 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class L |
| |||||||||||||||
Issued | — | — | 24,439 | 49,400 | ||||||||||||
Reinvested | — | — | 20,337 | 7,611 | ||||||||||||
Redeemed | — | — | (43,991 | ) | (86,072 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | 785 | (29,061 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 185 | 437 | 207 | 472 | ||||||||||||
Reinvested | 80 | 75 | 150 | 48 | ||||||||||||
Redeemed | (192 | ) | (526 | ) | (310 | ) | (686 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 73 | (14 | ) | 47 | (166 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 |
| |||||||||||||||
Issued | 125 | 799 | 436 | 1,326 | ||||||||||||
Reinvested | 53 | 3 | 127 | 34 | ||||||||||||
Redeemed | (113 | ) | (51 | ) | (244 | ) | (265 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 65 | 751 | 319 | 1,095 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 |
| |||||||||||||||
Issued | 86 | 419 | 221 | 464 | ||||||||||||
Reinvested | 30 | 7 | 50 | 10 | ||||||||||||
Redeemed | (55 | ) | (25 | ) | (33 | ) | (115 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 61 | 401 | 238 | 359 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 1,249 | 2,258 | 206 | 1,800 | ||||||||||||
Reinvested | 544 | 477 | 162 | 54 | ||||||||||||
Redeemed | (1,588 | ) | (1,695 | ) | (247 | ) | (534 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 205 | 1,040 | 121 | 1,320 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 8,635 | 18,762 | 8,664 | 23,270 | ||||||||||||
Reinvested | 2,842 | 1,899 | 2,355 | 471 | ||||||||||||
Redeemed | (4,430 | ) | (6,005 | ) | (4,551 | ) | (4,290 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 7,047 | 14,656 | 6,468 | 19,451 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 40 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Value Advantage Fund | ||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||
CAPITAL TRANSACTIONS: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 117,960 | $ | 302,187 | ||||
Distributions reinvested | 70,886 | 25,163 | ||||||
Cost of shares redeemed | (248,814 | ) | (497,550 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class A capital transactions | $ | (59,968 | ) | $ | (170,200 | ) | ||
|
|
|
| |||||
Class C | ||||||||
Proceeds from shares issued | $ | 30,813 | $ | 58,391 | ||||
Distributions reinvested | 28,076 | 7,029 | ||||||
Cost of shares redeemed | (75,187 | ) | (261,978 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class C capital transactions | $ | (16,298 | ) | $ | (196,558 | ) | ||
|
|
|
| |||||
Class I | ||||||||
Proceeds from shares issued | $ | 697,056 | $ | 844,644 | ||||
Distributions reinvested | 145,394 | 44,769 | ||||||
Cost of shares redeemed | (545,909 | ) | (897,538 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class I capital transactions | $ | 296,541 | $ | (8,125 | ) | |||
|
|
|
| |||||
Class L | ||||||||
Proceeds from shares issued | $ | 424,278 | $ | 1,135,519 | ||||
Distributions reinvested | 161,936 | 85,647 | ||||||
Cost of shares redeemed | (1,081,321 | ) | (1,811,163 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class L capital transactions | $ | (495,107 | ) | $ | (589,997 | ) | ||
|
|
|
| |||||
Class R2 (a) | ||||||||
Proceeds from shares issued | $ | 6 | $ | 38 | ||||
Distributions reinvested | 2 | — | (b) | |||||
Cost of shares redeemed | (6 | ) | (1 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R2 capital transactions | $ | 2 | $ | 37 | ||||
|
|
|
| |||||
Class R3 | ||||||||
Proceeds from shares issued | $ | 849 | $ | 793 | ||||
Distributions reinvested | 109 | 14 | ||||||
Cost of shares redeemed | (13 | ) | (103 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R3 capital transactions | $ | 945 | $ | 704 | ||||
|
|
|
| |||||
Class R4 | ||||||||
Proceeds from shares issued | $ | 1,291 | $ | 19,694 | ||||
Distributions reinvested | 1,103 | 43 | ||||||
Cost of shares redeemed | (1,447 | ) | (2,597 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R4 capital transactions | $ | 947 | $ | 17,140 | ||||
|
|
|
| |||||
Class R5 | ||||||||
Proceeds from shares issued | $ | 1,314 | $ | 6,381 | ||||
Distributions reinvested | 452 | 115 | ||||||
Cost of shares redeemed | (532 | ) | (1,014 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R5 capital transactions | $ | 1,234 | $ | 5,482 | ||||
|
|
|
| |||||
Class R6 | ||||||||
Proceeds from shares issued | $ | 321,398 | $ | 1,235,372 | ||||
Distributions reinvested | 263,676 | 77,658 | ||||||
Cost of shares redeemed | (242,539 | ) | (732,016 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R6 capital transactions | $ | 342,535 | $ | 581,014 | ||||
|
|
|
| |||||
Total change in net assets resulting from capital transactions | $ | 70,831 | $ | (360,503 | ) | |||
|
|
|
| |||||
| (a) | Commencement of offering of class of shares effective July 31, 2017. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 41 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Value Advantage Fund | ||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||
SHARE TRANSACTIONS: |
| |||||||
Class A |
| |||||||
Issued | 3,379 | 8,673 | ||||||
Reinvested | 2,205 | 704 | ||||||
Redeemed | (7,031 | ) | (14,215 | ) | ||||
|
|
|
| |||||
Change in Class A Shares | (1,447 | ) | (4,838 | ) | ||||
|
|
|
| |||||
Class C |
| |||||||
Issued | 893 | 1,674 | ||||||
Reinvested | 875 | 198 | ||||||
Redeemed | (2,145 | ) | (7,551 | ) | ||||
|
|
|
| |||||
Change in Class C Shares | (377 | ) | (5,679 | ) | ||||
|
|
|
| |||||
Class I |
| |||||||
Issued | 19,534 | 24,044 | ||||||
Reinvested | 4,502 | 1,245 | ||||||
Redeemed | (15,701 | ) | (25,207 | ) | ||||
|
|
|
| |||||
Change in Class I Shares | 8,335 | 82 | ||||||
|
|
|
| |||||
Class L |
| |||||||
Issued | 11,852 | 32,262 | ||||||
Reinvested | 5,015 | 2,380 | ||||||
Redeemed | (30,100 | ) | (51,546 | ) | ||||
|
|
|
| |||||
Change in Class L Shares | (13,233 | ) | (16,904 | ) | ||||
|
|
|
| |||||
Class R2(a) |
| |||||||
Issued | — | (b) | 1 | |||||
Reinvested | — | (b) | — | (b) | ||||
Redeemed | — | (b) | — | (b) | ||||
|
|
|
| |||||
Change in Class R2 Shares | — | (b) | 1 | |||||
|
|
|
| |||||
Class R3 |
| |||||||
Issued | 24 | 22 | ||||||
Reinvested | 3 | 1 | ||||||
Redeemed | — | (b) | (3 | ) | ||||
|
|
|
| |||||
Change in Class R3 Shares | 27 | 20 | ||||||
|
|
|
| |||||
Class R4 |
| |||||||
Issued | 36 | 558 | ||||||
Reinvested | 34 | 1 | ||||||
Redeemed | (40 | ) | (74 | ) | ||||
|
|
|
| |||||
Change in Class R4 Shares | 30 | 485 | ||||||
|
|
|
| |||||
Class R5 |
| |||||||
Issued | 36 | 186 | ||||||
Reinvested | 14 | 3 | ||||||
Redeemed | (15 | ) | (29 | ) | ||||
|
|
|
| |||||
Change in Class R5 Shares | 35 | 160 | ||||||
|
|
|
| |||||
Class R6 |
| |||||||
Issued | 8,940 | 35,495 | ||||||
Reinvested | 8,179 | 2,160 | ||||||
Redeemed | (6,893 | ) | (20,295 | ) | ||||
|
|
|
| |||||
Change in Class R6 Shares | 10,226 | 17,360 | ||||||
|
|
|
| |||||
| (a) | Commencement of offering of class of shares effective July 31, 2017. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 42 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
| DECEMBER 31, 2017 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 43 | ||||||
Table of Contents
FOR THE PERIODS INDICATED
| Per share operating performance | |||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net realized gain | ||||||||||||||||
JPMorgan Growth Advantage Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 21.73 | $ | (0.05 | ) | $ | (2.23 | ) | $ | (2.28 | ) | $(1.76 | ) | |||||||
Year Ended June 30, 2018 | 17.95 | (0.12 | ) | 4.74 | 4.62 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 14.42 | (0.09 | ) | 3.62 | 3.53 | — | ||||||||||||||
Year Ended June 30, 2016 | 15.74 | (0.08 | ) | (0.71 | ) | (0.79 | ) | (0.53 | ) | |||||||||||
Year Ended June 30, 2015 | 14.24 | (0.10 | ) | 2.17 | 2.07 | (0.57 | ) | |||||||||||||
Year Ended June 30, 2014 | 11.43 | (0.07 | ) | 3.52 | 3.45 | (0.64 | ) | |||||||||||||
Class C |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.16 | (0.09 | ) | (1.95 | ) | (2.04 | ) | (1.76 | ) | |||||||||||
Year Ended June 30, 2018 | 15.99 | (0.19 | ) | 4.20 | 4.01 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 12.91 | (0.15 | ) | 3.23 | 3.08 | — | ||||||||||||||
Year Ended June 30, 2016 | 14.22 | (0.14 | ) | (0.64 | ) | (0.78 | ) | (0.53 | ) | |||||||||||
Year Ended June 30, 2015 | 12.98 | (0.15 | ) | 1.96 | 1.81 | (0.57 | ) | |||||||||||||
Year Ended June 30, 2014 | 10.51 | (0.12 | ) | 3.23 | 3.11 | (0.64 | ) | |||||||||||||
Class I |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 22.36 | (0.03 | ) | (2.29 | ) | (2.32 | ) | (1.76 | ) | |||||||||||
Year Ended June 30, 2018 | 18.40 | (0.07 | ) | 4.87 | 4.80 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 14.75 | (0.05 | ) | 3.70 | 3.65 | — | ||||||||||||||
Year Ended June 30, 2016 | 16.06 | (0.06 | ) | (0.72 | ) | (0.78 | ) | (0.53 | ) | |||||||||||
Year Ended June 30, 2015 | 14.50 | (0.07 | ) | 2.20 | 2.13 | (0.57 | ) | |||||||||||||
Year Ended June 30, 2014 | 11.60 | (0.04 | ) | 3.58 | 3.54 | (0.64 | ) | |||||||||||||
Class R2 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 21.68 | (0.08 | ) | (2.22 | ) | (2.30 | ) | (1.76 | ) | |||||||||||
July 31, 2017 (f) through June 30, 2018 | 18.47 | (0.14 | ) | 4.19 | 4.05 | (0.84 | ) | |||||||||||||
Class R3 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 21.74 | (0.05 | ) | (2.23 | ) | (2.28 | ) | (1.76 | ) | |||||||||||
Year Ended June 30, 2018 | 17.96 | (0.11 | ) | 4.73 | 4.62 | (0.84 | ) | |||||||||||||
May 31, 2017 (f) through June 30, 2017 | 17.85 | (0.01 | ) | 0.12 | 0.11 | — | ||||||||||||||
Class R4 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 22.36 | (0.03 | ) | (2.29 | ) | (2.32 | ) | (1.76 | ) | |||||||||||
Year Ended June 30, 2018 | 18.40 | (0.03 | ) | 4.83 | 4.80 | (0.84 | ) | |||||||||||||
May 31, 2017 (f) through June 30, 2017 | 18.29 | — | (g) | 0.11 | 0.11 | — | ||||||||||||||
Class R5 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 22.76 | (0.01 | ) | (2.34 | ) | (2.35 | ) | (1.76 | ) | |||||||||||
Year Ended June 30, 2018 | 18.69 | (0.04 | ) | 4.95 | 4.91 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 14.96 | (0.03 | ) | 3.76 | 3.73 | — | ||||||||||||||
Year Ended June 30, 2016 | 16.25 | (0.03 | ) | (0.73 | ) | (0.76 | ) | (0.53 | ) | |||||||||||
Year Ended June 30, 2015 | 14.63 | (0.04 | ) | 2.23 | 2.19 | (0.57 | ) | |||||||||||||
Year Ended June 30, 2014 | 11.68 | (0.02 | ) | 3.61 | 3.59 | (0.64 | ) | |||||||||||||
Class R6 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 22.87 | — | (g) | (2.35 | ) | (2.35 | ) | (1.76 | ) | |||||||||||
Year Ended June 30, 2018 | 18.76 | (0.02 | ) | 4.97 | 4.95 | (0.84 | ) | |||||||||||||
Year Ended June 30, 2017 | 15.00 | (0.01 | ) | 3.77 | 3.76 | — | ||||||||||||||
Year Ended June 30, 2016 | 16.27 | (0.01 | ) | (0.73 | ) | (0.74 | ) | (0.53 | ) | |||||||||||
Year Ended June 30, 2015 | 14.64 | (0.03 | ) | 2.23 | 2.20 | (0.57 | ) | |||||||||||||
December 23, 2013 (f) through June 30, 2014 | 13.86 | (0.01 | ) | 0.79 | 0.78 | — | ||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
| (g) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 44 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 17.69 | (10.96 | )% | $ | 1,501,771 | 1.13 | % | (0.49 | )% | 1.25 | % | 20 | % | |||||||||||||
| 21.73 | 26.22 | 1,724,681 | 1.16 | (0.57 | ) | 1.25 | 31 | |||||||||||||||||||
| 17.95 | 24.48 | 1,550,092 | 1.24 | (0.56 | ) | 1.32 | 34 | |||||||||||||||||||
| 14.42 | (5.07 | ) | 1,643,136 | 1.25 | (0.55 | ) | 1.35 | 46 | ||||||||||||||||||
| 15.74 | 14.99 | 1,174,260 | 1.24 | (0.65 | ) | 1.35 | 46 | |||||||||||||||||||
| 14.24 | 30.69 | 717,564 | 1.24 | (0.51 | ) | 1.31 | 62 | |||||||||||||||||||
| 15.36 | (11.18 | ) | 660,694 | 1.64 | (0.99 | ) | 1.75 | 20 | ||||||||||||||||||
| 19.16 | 25.60 | 740,817 | 1.66 | (1.07 | ) | 1.76 | 31 | |||||||||||||||||||
| 15.99 | 23.86 | 605,999 | 1.74 | (1.06 | ) | 1.82 | 34 | |||||||||||||||||||
| 12.91 | (5.55 | ) | 594,190 | 1.75 | (1.04 | ) | 1.85 | 46 | ||||||||||||||||||
| 14.22 | 14.43 | 321,500 | 1.74 | (1.14 | ) | 1.84 | 46 | |||||||||||||||||||
| 12.98 | 30.12 | 144,229 | 1.74 | (1.01 | ) | 1.81 | 62 | |||||||||||||||||||
| 18.28 | (10.82 | ) | 1,638,415 | 0.88 | (0.23 | ) | 1.00 | 20 | ||||||||||||||||||
| 22.36 | 26.56 | 1,753,505 | 0.92 | (0.32 | ) | 1.00 | 31 | |||||||||||||||||||
| 18.40 | 24.75 | 1,691,899 | 1.00 | (0.31 | ) | 1.04 | 34 | |||||||||||||||||||
| 14.75 | (4.91 | ) | 922,981 | 1.08 | (0.41 | ) | 1.09 | 46 | ||||||||||||||||||
| 16.06 | 15.14 | 1,219,501 | 1.09 | (0.48 | ) | 1.09 | 46 | |||||||||||||||||||
| 14.50 | 31.03 | 975,175 | 1.05 | (0.30 | ) | 1.06 | 62 | |||||||||||||||||||
| 17.62 | (11.07 | ) | 49 | 1.39 | (0.73 | ) | 1.97 | 20 | ||||||||||||||||||
| 21.68 | 22.39 | 43 | 1.41 | (0.77 | ) | 1.59 | 31 | |||||||||||||||||||
| 17.70 | (10.95 | ) | 321 | 1.13 | (0.47 | ) | 1.35 | 20 | ||||||||||||||||||
| 21.74 | 26.20 | 266 | 1.15 | (0.53 | ) | 1.28 | 31 | |||||||||||||||||||
| 17.96 | 0.62 | 20 | 1.25 | (0.55 | ) | 1.25 | 34 | |||||||||||||||||||
| 18.28 | (10.82 | ) | 13,470 | 0.88 | (0.24 | ) | 1.00 | 20 | ||||||||||||||||||
| 22.36 | 26.56 | 12,005 | 0.88 | (0.16 | ) | 1.00 | 31 | |||||||||||||||||||
| 18.40 | 0.60 | 20 | 0.99 | (0.29 | ) | 1.00 | 34 | |||||||||||||||||||
| 18.65 | (10.77 | ) | 100,007 | 0.73 | (0.09 | ) | 0.85 | 20 | ||||||||||||||||||
| 22.76 | 26.74 | 112,830 | 0.77 | (0.18 | ) | 0.85 | 31 | |||||||||||||||||||
| 18.69 | 24.93 | 95,952 | 0.85 | (0.17 | ) | 0.88 | 34 | |||||||||||||||||||
| 14.96 | (4.72 | ) | 82,358 | 0.89 | (0.20 | ) | 0.90 | 46 | ||||||||||||||||||
| 16.25 | 15.42 | 58,686 | 0.86 | (0.25 | ) | 0.87 | 46 | |||||||||||||||||||
| 14.63 | 31.25 | 1,453,864 | 0.85 | (0.11 | ) | 0.86 | 62 | |||||||||||||||||||
| 18.76 | (10.71 | ) | 3,854,885 | 0.63 | 0.01 | 0.75 | 20 | |||||||||||||||||||
| 22.87 | 26.86 | 4,347,440 | 0.67 | (0.07 | ) | 0.75 | 31 | |||||||||||||||||||
| 18.76 | 25.07 | 3,153,928 | 0.74 | (0.06 | ) | 0.75 | 34 | |||||||||||||||||||
| 15.00 | (4.59 | ) | 2,720,935 | 0.76 | (0.07 | ) | 0.76 | 46 | ||||||||||||||||||
| 16.27 | 15.48 | 2,414,333 | 0.76 | (0.17 | ) | 0.77 | 46 | |||||||||||||||||||
| 14.64 | 5.63 | 271,958 | 0.80 | (0.15 | ) | 0.82 | 62 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 45 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan Mid Cap Equity Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 51.57 | $ | 0.12 | $ | (5.52 | ) | $ | (5.40 | ) | $(0.13) | |||||||||
Year Ended June 30, 2018 | 48.53 | — | (f) | 5.89 | 5.89 | — | ||||||||||||||
Year Ended June 30, 2017 | �� | 42.95 | (0.02 | ) | 7.02 | 7.00 | (0.05 | ) | ||||||||||||
Year Ended June 30, 2016 | 47.12 | (0.01 | ) | (2.02 | ) | (2.03 | ) | (0.03 | ) | |||||||||||
Year Ended June 30, 2015 | 44.91 | (0.03 | ) | 4.32 | 4.29 | (0.02 | ) | |||||||||||||
Year Ended June 30, 2014 | 38.10 | (0.04 | ) | 10.25 | 10.21 | (0.02 | ) | |||||||||||||
Class C |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 49.66 | 0.01 | (5.31 | ) | (5.30 | ) | — | |||||||||||||
Year Ended June 30, 2018 | 47.05 | (0.24 | ) | 5.70 | 5.46 | — | ||||||||||||||
Year Ended June 30, 2017 | 41.85 | (0.25 | ) | 6.82 | 6.57 | — | ||||||||||||||
Year Ended June 30, 2016 | 46.16 | (0.23 | ) | (1.97 | ) | (2.20 | ) | — | ||||||||||||
Year Ended June 30, 2015 | 44.21 | (0.25 | ) | 4.23 | 3.98 | — | ||||||||||||||
Year Ended June 30, 2014 | 37.71 | (0.24 | ) | 10.12 | 9.88 | — | ||||||||||||||
Class I |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.32 | 0.21 | (5.63 | ) | (5.42 | ) | (0.23 | ) | ||||||||||||
Year Ended June 30, 2018 | 49.13 | 0.14 | 5.97 | 6.11 | (0.07 | ) | ||||||||||||||
Year Ended June 30, 2017 | 43.41 | 0.14 | 7.09 | 7.23 | (0.14 | ) | ||||||||||||||
Year Ended June 30, 2016 | 47.47 | 0.11 | (1.99 | ) | (1.88 | ) | (0.07 | ) | ||||||||||||
Year Ended June 30, 2015 | 45.15 | 0.13 | 4.34 | 4.47 | (0.09 | ) | ||||||||||||||
Year Ended June 30, 2014 | 38.22 | 0.11 | 10.30 | 10.41 | (0.10 | ) | ||||||||||||||
Class R2 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 51.08 | 0.05 | (5.46 | ) | (5.41 | ) | (0.03 | ) | ||||||||||||
Year Ended June 30, 2018 | 48.21 | (0.14 | ) | 5.86 | 5.72 | — | ||||||||||||||
Year Ended June 30, 2017 | 42.75 | (0.14 | ) | 6.98 | 6.84 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 46.98 | (0.13 | ) | (1.99 | ) | (2.12 | ) | — | ||||||||||||
Year Ended June 30, 2015 | 44.87 | (0.14 | ) | 4.30 | 4.16 | — | ||||||||||||||
March 14, 2014 (g) through June 30, 2014 | 42.92 | (0.05 | ) | 2.01 | 1.96 | (0.01 | ) | |||||||||||||
Class R5 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.35 | 0.25 | (5.64 | ) | (5.39 | ) | (0.31 | ) | ||||||||||||
Year Ended June 30, 2018 | 49.17 | 0.24 | 5.94 | 6.18 | (0.15 | ) | ||||||||||||||
Year Ended June 30, 2017 | 43.43 | 0.18 | 7.11 | 7.29 | (0.18 | ) | ||||||||||||||
Year Ended June 30, 2016 | 47.49 | 0.18 | (2.03 | ) | (1.85 | ) | (0.10 | ) | ||||||||||||
Year Ended June 30, 2015 | 45.15 | 0.20 | 4.33 | 4.53 | (0.13 | ) | ||||||||||||||
March 14, 2014 (g) through June 30, 2014 | 43.14 | 0.04 | 2.02 | 2.06 | (0.05 | ) | ||||||||||||||
Class R6 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.39 | 0.26 | (5.63 | ) | (5.37 | ) | (0.36 | ) | ||||||||||||
Year Ended June 30, 2018 | 49.18 | 0.27 | 5.96 | 6.23 | (0.17 | ) | ||||||||||||||
Year Ended June 30, 2017 | 43.44 | 0.21 | 7.09 | 7.30 | (0.19 | ) | ||||||||||||||
Year Ended June 30, 2016 | 47.49 | 0.20 | (2.02 | ) | (1.82 | ) | (0.12 | ) | ||||||||||||
Year Ended June 30, 2015 | 45.15 | 0.20 | 4.34 | 4.54 | (0.14 | ) | ||||||||||||||
March 14, 2014 (g) through June 30, 2014 | 43.14 | 0.04 | 2.02 | 2.06 | (0.05 | ) | ||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Amount rounds to less than $0.005. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 46 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||||||||||
| Net realized gain | Total distributions | 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 | Portfolio turnover rate (c) | ||||||||||||||||||||||||||
| $ (5.14 | ) | $(5.27 | ) | $ | 40.90 | (11.01 | )% | $ | 354,294 | 1.13 | % | 0.48 | % | 1.26 | % | 17 | % | |||||||||||||||||
| (2.85 | ) | (2.85 | ) | 51.57 | 12.37 | 402,897 | 1.17 | 0.01 | 1.25 | 31 | ||||||||||||||||||||||||
| (1.37 | ) | (1.42 | ) | 48.53 | 16.61 | 378,055 | 1.24 | (0.05 | ) | 1.37 | 38 | |||||||||||||||||||||||
| (2.11 | ) | (2.14 | ) | 42.95 | (4.17 | ) | 335,424 | 1.25 | (0.03 | ) | 1.43 | 39 | ||||||||||||||||||||||
| (2.06 | ) | (2.08 | ) | 47.12 | 9.99 | 232,320 | 1.24 | (0.06 | ) | 1.44 | 41 | |||||||||||||||||||||||
| (3.38 | ) | (3.40 | ) | 44.91 | 27.96 | 156,016 | 1.24 | (0.08 | ) | 1.41 | 47 | |||||||||||||||||||||||
| (5.14 | ) | (5.14 | ) | 39.22 | (11.23 | ) | 21,438 | 1.63 | 0.05 | 1.76 | 17 | |||||||||||||||||||||||
| (2.85 | ) | (2.85 | ) | 49.66 | 11.83 | 27,666 | 1.67 | (0.50 | ) | 1.76 | 31 | |||||||||||||||||||||||
| (1.37 | ) | (1.37 | ) | 47.05 | 16.01 | 30,596 | 1.74 | (0.56 | ) | 1.92 | 38 | |||||||||||||||||||||||
| (2.11 | ) | (2.11 | ) | 41.85 | (4.64 | ) | 32,045 | 1.75 | (0.54 | ) | 1.96 | 39 | ||||||||||||||||||||||
| (2.03 | ) | (2.03 | ) | 46.16 | 9.44 | 25,597 | 1.74 | (0.56 | ) | 1.91 | 41 | |||||||||||||||||||||||
| (3.38 | ) | (3.38 | ) | 44.21 | 27.34 | 20,018 | 1.74 | (0.57 | ) | 1.93 | 47 | |||||||||||||||||||||||
| (5.14 | ) | (5.37 | ) | 41.53 | (10.88 | ) | 268,432 | 0.88 | 0.80 | 1.00 | 17 | |||||||||||||||||||||||
| (2.85 | ) | (2.92 | ) | 52.32 | 12.68 | 326,026 | 0.89 | 0.26 | 1.00 | 31 | ||||||||||||||||||||||||
| (1.37 | ) | (1.51 | ) | 49.13 | 17.01 | 778,378 | 0.89 | 0.30 | 1.08 | 38 | ||||||||||||||||||||||||
| (2.11 | ) | (2.18 | ) | 43.41 | (3.81 | ) | 622,440 | 0.90 | 0.25 | 1.20 | 39 | |||||||||||||||||||||||
| (2.06 | ) | (2.15 | ) | 47.47 | 10.35 | 1,773,929 | 0.89 | 0.29 | 1.16 | 41 | ||||||||||||||||||||||||
| (3.38 | ) | (3.48 | ) | 45.15 | 28.45 | 1,773,321 | 0.89 | 0.27 | 1.18 | 47 | ||||||||||||||||||||||||
| (5.14 | ) | (5.17 | ) | 40.50 | (11.12 | ) | 416 | 1.38 | 0.21 | 1.58 | 17 | |||||||||||||||||||||||
| (2.85 | ) | (2.85 | ) | 51.08 | 12.09 | 443 | 1.43 | (0.28 | ) | 1.57 | 31 | |||||||||||||||||||||||
| (1.37 | ) | (1.38 | ) | 48.21 | 16.30 | 600 | 1.49 | (0.31 | ) | 1.69 | 38 | |||||||||||||||||||||||
| (2.11 | ) | (2.11 | ) | 42.75 | (4.38 | ) | 688 | 1.50 | (0.30 | ) | 1.81 | 39 | ||||||||||||||||||||||
| (2.05 | ) | (2.05 | ) | 46.98 | 9.71 | 823 | 1.49 | (0.31 | ) | 1.69 | 41 | |||||||||||||||||||||||
| — | (0.01 | ) | 44.87 | 4.56 | 688 | 1.47 | (0.41 | ) | 1.60 | 47 | ||||||||||||||||||||||||
| (5.14 | ) | (5.45 | ) | 41.51 | (10.82 | ) | 5,279 | 0.73 | 0.97 | 0.86 | 17 | |||||||||||||||||||||||
| (2.85 | ) | (3.00 | ) | 52.35 | 12.83 | 6,499 | 0.75 | 0.47 | 0.85 | 31 | ||||||||||||||||||||||||
| (1.37 | ) | (1.55 | ) | 49.17 | 17.14 | 1,804 | 0.79 | 0.40 | 0.87 | 38 | ||||||||||||||||||||||||
| (2.11 | ) | (2.21 | ) | 43.43 | (3.73 | ) | 2,840 | 0.80 | 0.42 | 0.91 | 39 | |||||||||||||||||||||||
| (2.06 | ) | (2.19 | ) | 47.49 | 10.49 | 1,636 | 0.79 | 0.43 | 0.88 | 41 | ||||||||||||||||||||||||
| — | (0.05 | ) | 45.15 | 4.77 | 91 | 0.78 | 0.27 | 0.91 | 47 | |||||||||||||||||||||||||
| (5.14 | ) | (5.50 | ) | 41.52 | (10.77 | ) | 1,767,615 | 0.63 | 0.99 | 0.75 | 17 | |||||||||||||||||||||||
| (2.85 | ) | (3.02 | ) | 52.39 | 12.93 | 1,970,177 | 0.67 | 0.51 | 0.75 | 31 | ||||||||||||||||||||||||
| (1.37 | ) | (1.56 | ) | 49.18 | 17.18 | 1,619,045 | 0.74 | 0.45 | 0.75 | 38 | ||||||||||||||||||||||||
| (2.11 | ) | (2.23 | ) | 43.44 | (3.66 | ) | 1,370,912 | 0.74 | 0.46 | 0.77 | 39 | |||||||||||||||||||||||
| (2.06 | ) | (2.20 | ) | 47.49 | 10.53 | 1,268,988 | 0.74 | 0.45 | 0.80 | 41 | ||||||||||||||||||||||||
| — | (0.05 | ) | 45.15 | 4.78 | 823,036 | 0.73 | 0.34 | 0.86 | 47 | |||||||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 47 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net realized gain | ||||||||||||||||
JPMorgan Mid Cap Growth Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 30.84 | $ | (0.10 | ) | $ | (3.09 | ) | $ | (3.19 | ) | $ | (2.15 | ) | ||||||
Year Ended June 30, 2018 | 27.99 | (0.19 | ) | 5.18 | 4.99 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 23.43 | (0.14 | ) | 4.71 | 4.57 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 27.71 | (0.15 | ) | (2.67 | ) | (2.82 | ) | (1.46 | ) | |||||||||||
Year Ended June 30, 2015 | 27.49 | (0.18 | ) | 3.19 | 3.01 | (2.79 | ) | |||||||||||||
Year Ended June 30, 2014 | 22.99 | (0.13 | )(f) | 7.42 | 7.29 | (2.79 | ) | |||||||||||||
Class C |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 24.37 | (0.14 | ) | (2.41 | ) | (2.55 | ) | (2.15 | ) | |||||||||||
Year Ended June 30, 2018 | 22.64 | (0.27 | ) | 4.14 | 3.87 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 19.05 | (0.22 | ) | 3.82 | 3.60 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 22.93 | (0.22 | ) | (2.20 | ) | (2.42 | ) | (1.46 | ) | |||||||||||
Year Ended June 30, 2015 | 23.35 | (0.26 | ) | 2.63 | 2.37 | (2.79 | ) | |||||||||||||
Year Ended June 30, 2014 | 19.97 | (0.22 | )(f) | 6.39 | 6.17 | (2.79 | ) | |||||||||||||
Class I |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.44 | (0.06 | ) | (3.57 | ) | (3.63 | ) | (2.15 | ) | |||||||||||
Year Ended June 30, 2018 | 31.79 | (0.10 | ) | 5.89 | 5.79 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 26.52 | (0.07 | ) | 5.35 | 5.28 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 31.06 | (0.09 | ) | (2.99 | ) | (3.08 | ) | (1.46 | ) | |||||||||||
Year Ended June 30, 2015 | 30.39 | (0.11 | ) | 3.57 | 3.46 | (2.79 | ) | |||||||||||||
Year Ended June 30, 2014 | 25.08 | (0.06 | )(f) | 8.16 | 8.10 | (2.79 | ) | |||||||||||||
Class R2 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 33.49 | (0.15 | ) | (3.36 | ) | (3.51 | ) | (2.15 | ) | |||||||||||
Year Ended June 30, 2018 | 30.31 | (0.28 | ) | 5.60 | 5.32 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 25.41 | (0.21 | ) | 5.12 | 4.91 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 29.96 | (0.18 | ) | (2.91 | ) | (3.09 | ) | (1.46 | ) | |||||||||||
Year Ended June 30, 2015 | 29.54 | (0.24 | ) | 3.45 | 3.21 | (2.79 | ) | |||||||||||||
Year Ended June 30, 2014 | 24.56 | (0.20 | )(f) | 7.97 | 7.77 | (2.79 | ) | |||||||||||||
Class R3 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.23 | (0.11 | ) | (3.54 | ) | (3.65 | ) | (2.15 | ) | |||||||||||
Year Ended June 30, 2018 | 31.71 | (0.19 | ) | 5.85 | 5.66 | (2.14 | ) | |||||||||||||
September 9, 2016 (g) through June 30, 2017 | 27.06 | (0.13 | ) | 4.79 | 4.66 | (0.01 | ) | |||||||||||||
Class R4 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.40 | (0.07 | ) | (3.56 | ) | (3.63 | ) | (2.15 | ) | |||||||||||
Year Ended June 30, 2018 | 31.77 | (0.12 | ) | 5.89 | 5.77 | (2.14 | ) | |||||||||||||
September 9, 2016 (g) through June 30, 2017 | 27.06 | (0.06 | ) | 4.78 | 4.72 | (0.01 | ) | |||||||||||||
Class R5 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.85 | (0.03 | ) | (3.62 | ) | (3.65 | ) | (2.15 | ) | |||||||||||
Year Ended June 30, 2018 | 32.09 | (0.06 | ) | 5.96 | 5.90 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 26.74 | (0.03 | ) | 5.39 | 5.36 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 31.26 | (0.03 | ) | (3.03 | ) | (3.06 | ) | (1.46 | ) | |||||||||||
Year Ended June 30, 2015 | 30.52 | (0.07 | ) | 3.60 | 3.53 | (2.79 | ) | |||||||||||||
Year Ended June 30, 2014 | 25.15 | (0.02 | )(f) | 8.18 | 8.16 | (2.79 | ) | |||||||||||||
Class R6 |
| |||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 36.00 | (0.02 | ) | (3.64 | ) | (3.66 | ) | (2.15 | ) | |||||||||||
Year Ended June 30, 2018 | 32.20 | (0.04 | ) | 5.98 | 5.94 | (2.14 | ) | |||||||||||||
Year Ended June 30, 2017 | 26.82 | (0.02 | ) | 5.41 | 5.39 | (0.01 | ) | |||||||||||||
Year Ended June 30, 2016 | 31.33 | (0.02 | ) | (3.03 | ) | (3.05 | ) | (1.46 | ) | |||||||||||
Year Ended June 30, 2015 | 30.57 | (0.06 | ) | 3.61 | 3.55 | (2.79 | ) | |||||||||||||
Year Ended June 30, 2014 | 25.17 | — | (f)(h) | 8.19 | 8.19 | (2.79 | ) | |||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | 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 $(0.14), $(0.23), $(0.06), $(0.20), $(0.02) and $(0.01) and for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.03)%, (0.22)%, (0.73)%, (0.08)%, (0.03)% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. |
| (g) | Commencement of offering of class of shares. |
| (h) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 48 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 25.50 | (10.69 | )% | $ | 810,019 | 1.23 | % | (0.63 | )% | 1.28 | % | 26 | % | |||||||||||||
| 30.84 | 18.39 | 934,982 | 1.23 | (0.62 | ) | 1.30 | 56 | |||||||||||||||||||
| 27.99 | 19.52 | 915,226 | 1.23 | (0.56 | ) | 1.36 | 41 | |||||||||||||||||||
| 23.43 | (10.29 | ) | 949,148 | 1.24 | (0.59 | ) | 1.40 | 56 | ||||||||||||||||||
| 27.71 | 12.37 | 984,262 | 1.23 | (0.68 | ) | 1.35 | 57 | |||||||||||||||||||
| 27.49 | 33.44 | 765,310 | 1.24 | (0.51 | )(f) | 1.37 | 69 | |||||||||||||||||||
| 19.67 | (10.90 | ) | 68,402 | 1.73 | (1.14 | ) | 1.76 | 26 | ||||||||||||||||||
| 24.37 | 17.76 | 82,939 | 1.73 | (1.12 | ) | 1.76 | 56 | |||||||||||||||||||
| 22.64 | 18.92 | 90,640 | 1.73 | (1.06 | ) | 1.85 | 41 | |||||||||||||||||||
| 19.05 | (10.70 | ) | 96,729 | 1.74 | (1.08 | ) | 1.90 | 56 | ||||||||||||||||||
| 22.93 | 11.78 | 75,494 | 1.73 | (1.19 | ) | 1.86 | 57 | |||||||||||||||||||
| 23.35 | 32.85 | 41,047 | 1.73 | (1.01 | )(f) | 1.86 | 69 | |||||||||||||||||||
| 29.66 | (10.54 | ) | 949,095 | 0.92 | (0.32 | ) | 1.00 | 26 | ||||||||||||||||||
| 35.44 | 18.72 | 1,140,704 | 0.92 | (0.30 | ) | 1.00 | 56 | |||||||||||||||||||
| 31.79 | 19.92 | 1,050,151 | 0.92 | (0.25 | ) | 1.08 | 41 | |||||||||||||||||||
| 26.52 | (10.01 | ) | 929,489 | 0.93 | (0.31 | ) | 1.13 | 56 | ||||||||||||||||||
| 31.06 | 12.68 | 1,562,284 | 0.92 | (0.37 | ) | 1.12 | 57 | |||||||||||||||||||
| 30.39 | 33.91 | 1,254,748 | 0.93 | (0.20 | )(f) | 1.12 | 69 | |||||||||||||||||||
| 27.83 | (10.80 | ) | 34,025 | 1.48 | (0.88 | ) | 1.55 | 26 | ||||||||||||||||||
| 33.49 | 18.06 | 38,486 | 1.48 | (0.87 | ) | 1.57 | 56 | |||||||||||||||||||
| 30.31 | 19.34 | 35,242 | 1.42 | (0.74 | ) | 1.69 | 41 | |||||||||||||||||||
| 25.41 | (10.42 | ) | 32,092 | 1.40 | (0.71 | ) | 1.71 | 56 | ||||||||||||||||||
| 29.96 | 12.18 | 9,868 | 1.39 | (0.85 | ) | 1.64 | 57 | |||||||||||||||||||
| 29.54 | 33.25 | 1,852 | 1.40 | (0.71 | )(f) | 1.59 | 69 | |||||||||||||||||||
| 29.43 | (10.66 | ) | 24,148 | 1.23 | (0.63 | ) | 1.25 | 26 | ||||||||||||||||||
| 35.23 | 18.34 | 26,638 | 1.23 | (0.54 | ) | 1.26 | 56 | |||||||||||||||||||
| 31.71 | 17.24 | 152 | 1.23 | (0.54 | ) | 1.42 | 41 | |||||||||||||||||||
| 29.62 | (10.55 | ) | 13,809 | 0.98 | (0.38 | ) | 1.00 | 26 | ||||||||||||||||||
| 35.40 | 18.66 | 14,320 | 0.98 | (0.33 | ) | 1.01 | 56 | |||||||||||||||||||
| 31.77 | 17.46 | 129 | 0.98 | (0.23 | ) | 1.10 | 41 | |||||||||||||||||||
| 30.05 | (10.48 | ) | 268,818 | 0.78 | (0.18 | ) | 0.85 | 26 | ||||||||||||||||||
| 35.85 | 18.89 | 313,336 | 0.78 | (0.16 | ) | 0.85 | 56 | |||||||||||||||||||
| 32.09 | 20.06 | 247,068 | 0.78 | (0.10 | ) | 0.89 | 41 | |||||||||||||||||||
| 26.74 | (9.87 | ) | 224,498 | 0.79 | (0.13 | ) | 0.91 | 56 | ||||||||||||||||||
| 31.26 | 12.87 | 164,713 | 0.78 | (0.25 | ) | 0.87 | 57 | |||||||||||||||||||
| 30.52 | 34.06 | 27,454 | 0.79 | (0.06 | )(f) | 0.92 | 69 | |||||||||||||||||||
| 30.19 | (10.46 | ) | 1,358,346 | 0.73 | (0.13 | ) | 0.75 | 26 | ||||||||||||||||||
| 36.00 | 18.95 | 1,365,839 | 0.73 | (0.11 | ) | 0.76 | 56 | |||||||||||||||||||
| 32.20 | 20.11 | 749,670 | 0.73 | (0.06 | ) | 0.76 | 41 | |||||||||||||||||||
| 26.82 | (9.82 | ) | 619,527 | 0.73 | (0.06 | ) | 0.77 | 56 | ||||||||||||||||||
| 31.33 | 12.92 | 265,905 | 0.73 | (0.19 | ) | 0.78 | 57 | |||||||||||||||||||
| 30.57 | 34.16 | 86,150 | 0.74 | (0.01 | )(f) | 0.86 | 69 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 49 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| |||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Mid Cap Value Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 39.24 | $ | 0.31 | $ | (4.77 | ) | $ | (4.46 | ) | $ | (0.38 | ) | $ | (2.16 | ) | $ | (2.54 | ) | |||||||||
Year Ended June 30, 2018 | 37.80 | 0.20 | 2.14 | 2.34 | (0.18 | ) | (0.72 | ) | (0.90 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.41 | 0.17 | 4.60 | 4.77 | (0.14 | ) | (2.24 | ) | (2.38 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 36.98 | 0.19 | 0.33 | 0.52 | (0.14 | ) | (1.95 | ) | (2.09 | ) | ||||||||||||||||||
Year Ended June 30, 2015 | 37.25 | 0.20 | 2.52 | 2.72 | (0.20 | ) | (2.79 | ) | (2.99 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 31.68 | 0.15 | (f) | 7.02 | 7.17 | (0.15 | ) | (1.45 | ) | (1.60 | ) | |||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 37.68 | 0.20 | (4.57 | ) | (4.37 | ) | (0.17 | ) | (2.16 | ) | (2.33 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 36.35 | (0.02 | ) | 2.07 | 2.05 | — | (0.72 | ) | (0.72 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 34.17 | (0.02 | ) | 4.44 | 4.42 | — | (2.24 | ) | (2.24 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.79 | 0.01 | 0.32 | 0.33 | — | (1.95 | ) | (1.95 | ) | |||||||||||||||||||
Year Ended June 30, 2015 | 36.19 | 0.01 | 2.44 | 2.45 | (0.06 | ) | (2.79 | ) | (2.85 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 30.84 | (0.03 | )(f) | 6.83 | 6.80 | — | (g) | (1.45 | ) | (1.45 | ) | |||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 39.70 | 0.35 | (4.82 | ) | (4.47 | ) | (0.48 | ) | (2.16 | ) | (2.64 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.24 | 0.30 | 2.16 | 2.46 | (0.28 | ) | (0.72 | ) | (1.00 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.79 | 0.27 | 4.66 | 4.93 | (0.24 | ) | (2.24 | ) | (2.48 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 37.36 | 0.28 | 0.33 | 0.61 | (0.23 | ) | (1.95 | ) | (2.18 | ) | ||||||||||||||||||
Year Ended June 30, 2015 | 37.61 | 0.28 | 2.55 | 2.83 | (0.29 | ) | (2.79 | ) | (3.08 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 31.95 | 0.23 | (f) | 7.10 | 7.33 | (0.22 | ) | (1.45 | ) | (1.67 | ) | |||||||||||||||||
Class L |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 40.21 | 0.38 | (4.87 | ) | (4.49 | ) | (0.58 | ) | (2.16 | ) | (2.74 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.70 | 0.40 | 2.20 | 2.60 | (0.37 | ) | (0.72 | ) | (1.09 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 36.19 | 0.36 | 4.71 | 5.07 | (0.32 | ) | (2.24 | ) | (2.56 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 37.76 | 0.37 | 0.33 | 0.70 | (0.32 | ) | (1.95 | ) | (2.27 | ) | ||||||||||||||||||
Year Ended June 30, 2015 | 37.99 | 0.40 | 2.56 | 2.96 | (0.40 | ) | (2.79 | ) | (3.19 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 32.26 | 0.32 | (f) | 7.17 | 7.49 | (0.31 | ) | (1.45 | ) | (1.76 | ) | |||||||||||||||||
Class R2 |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 37.64 | 0.22 | (4.54 | ) | (4.32 | ) | (0.30 | ) | (2.16 | ) | (2.46 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 36.33 | 0.10 | 2.05 | 2.15 | (0.12 | ) | (0.72 | ) | (0.84 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 34.14 | 0.07 | 4.43 | 4.50 | (0.07 | ) | (2.24 | ) | (2.31 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.73 | 0.10 | 0.32 | 0.42 | (0.06 | ) | (1.95 | ) | (2.01 | ) | ||||||||||||||||||
Year Ended June 30, 2015 | 36.14 | 0.10 | 2.43 | 2.53 | (0.15 | ) | (2.79 | ) | (2.94 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 30.81 | 0.06 | (f) | 6.82 | 6.88 | (0.10 | ) | (1.45 | ) | (1.55 | ) | |||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 38.97 | 0.25 | (4.68 | ) | (4.43 | ) | (0.41 | ) | (2.16 | ) | (2.57 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 37.67 | 0.21 | 2.11 | 2.32 | (0.30 | ) | (0.72 | ) | (1.02 | ) | ||||||||||||||||||
September 9, 2016 (h) through June 30, 2017 | 35.78 | 0.26 | 4.15 | 4.41 | (0.28 | ) | (2.24 | ) | (2.52 | ) | ||||||||||||||||||
Class R4 |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 39.56 | 0.32 | (4.78 | ) | (4.46 | ) | (0.51 | ) | (2.16 | ) | (2.67 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.16 | 0.33 | 2.13 | 2.46 | (0.34 | ) | (0.72 | ) | (1.06 | ) | ||||||||||||||||||
September 9, 2016 (h) through June 30, 2017 | 36.18 | 0.38 | 4.15 | 4.53 | (0.31 | ) | (2.24 | ) | (2.55 | ) | ||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 40.15 | 0.36 | (4.86 | ) | (4.50 | ) | (0.54 | ) | (2.16 | ) | (2.70 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.67 | 0.38 | 2.17 | 2.55 | (0.35 | ) | (0.72 | ) | (1.07 | ) | ||||||||||||||||||
September 9, 2016 (h) through June 30, 2017 | 36.60 | 0.36 | 4.28 | 4.64 | (0.33 | ) | (2.24 | ) | (2.57 | ) | ||||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 40.19 | 0.33 | (4.82 | ) | (4.49 | ) | (0.58 | ) | (2.16 | ) | (2.74 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.69 | 0.43 | 2.16 | 2.59 | (0.37 | ) | (0.72 | ) | (1.09 | ) | ||||||||||||||||||
September 9, 2016 (h) through June 30, 2017 | 36.60 | 0.32 | 4.34 | 4.66 | (0.33 | ) | (2.24 | ) | (2.57 | ) | ||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | 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 $0.14, $(0.03), $0.23, $0.32 and $0.05 for Class A, Class C, Class I, Class L and Class R2 Shares, respectively and the net investment income (loss) ratio would have been 0.41%, (0.10)%, 0.66%, 0.90% and 0.16% for Class A, Class C, Class I, Class L and Class R2 Shares, respectively. |
| (g) | Amount rounds to less than $0.005. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 50 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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 | Net expenses (e) | Net income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 32.24 | (11.71 | )% | $ | 1,514,797 | 1.23 | % | 1.57 | % | 1.25 | % | 7 | % | |||||||||||||
| 39.24 | 6.20 | 1,967,162 | 1.23 | 0.51 | 1.26 | 13 | ||||||||||||||||||||
| 37.80 | 13.83 | 2,149,689 | 1.23 | 0.45 | 1.36 | 23 | ||||||||||||||||||||
| 35.41 | 1.85 | 2,302,567 | 1.24 | 0.54 | 1.41 | 20 | ||||||||||||||||||||
| 36.98 | 7.68 | 2,623,772 | 1.23 | 0.53 | 1.38 | 18 | ||||||||||||||||||||
| 37.25 | 23.25 | 3,404,974 | 1.23 | 0.42 | (f) | 1.37 | 25 | |||||||||||||||||||
| 30.98 | (11.93 | ) | 164,325 | 1.74 | 1.09 | 1.75 | 7 | |||||||||||||||||||
| 37.68 | 5.65 | 214,331 | 1.74 | (0.06 | ) | 1.75 | 13 | |||||||||||||||||||
| 36.35 | 13.27 | 452,351 | 1.74 | (0.06 | ) | 1.80 | 23 | |||||||||||||||||||
| 34.17 | 1.35 | 549,619 | 1.75 | 0.03 | 1.83 | 20 | ||||||||||||||||||||
| 35.79 | 7.12 | 595,385 | 1.74 | 0.03 | 1.84 | 18 | ||||||||||||||||||||
| 36.19 | 22.63 | 608,283 | 1.74 | (0.09 | )(f) | 1.87 | 25 | |||||||||||||||||||
| 32.59 | (11.60 | ) | 2,323,938 | 0.98 | 1.74 | 1.00 | 7 | |||||||||||||||||||
| 39.70 | 6.44 | 2,985,882 | 0.98 | 0.77 | 1.00 | 13 | ||||||||||||||||||||
| 38.24 | 14.15 | 2,902,646 | 0.98 | 0.72 | 1.07 | 23 | ||||||||||||||||||||
| 35.79 | 2.11 | 2,332,160 | 0.99 | 0.80 | 1.11 | 20 | ||||||||||||||||||||
| 37.36 | 7.92 | 2,347,703 | 0.98 | 0.75 | 1.10 | 18 | ||||||||||||||||||||
| 37.61 | 23.59 | 2,967,759 | 0.98 | 0.67 | (f) | 1.12 | 25 | |||||||||||||||||||
| 32.98 | (11.50 | ) | 9,701,063 | 0.74 | 1.91 | 0.85 | 7 | |||||||||||||||||||
| 40.21 | 6.73 | 11,795,588 | 0.74 | 1.00 | 0.86 | 13 | ||||||||||||||||||||
| 38.70 | 14.39 | 12,478,637 | 0.74 | 0.96 | 0.91 | 23 | ||||||||||||||||||||
| 36.19 | 2.35 | 10,313,629 | 0.75 | 1.04 | 0.94 | 20 | ||||||||||||||||||||
| 37.76 | 8.19 | 10,320,516 | 0.74 | 1.05 | 0.94 | 18 | ||||||||||||||||||||
| 37.99 | 23.88 | 8,581,992 | 0.74 | 0.92 | (f) | 0.97 | 25 | |||||||||||||||||||
| 30.86 | (11.83 | ) | 68,776 | 1.49 | 1.18 | 1.51 | 7 | |||||||||||||||||||
| 37.64 | 5.93 | 82,108 | 1.49 | 0.26 | 1.51 | 13 | ||||||||||||||||||||
| 36.33 | 13.53 | 85,287 | 1.49 | 0.21 | 1.65 | 23 | ||||||||||||||||||||
| 34.14 | 1.61 | 66,167 | 1.50 | 0.29 | 1.75 | 20 | ||||||||||||||||||||
| 35.73 | 7.38 | 71,697 | 1.49 | 0.28 | 1.71 | 18 | ||||||||||||||||||||
| 36.14 | 22.94 | 71,958 | 1.49 | 0.17 | (f) | 1.62 | 25 | |||||||||||||||||||
| 31.97 | (11.71 | ) | 61,548 | 1.24 | 1.29 | 1.27 | 7 | |||||||||||||||||||
| 38.97 | 6.17 | 62,576 | 1.24 | 0.55 | 1.25 | 13 | ||||||||||||||||||||
| 37.67 | 12.70 | 19,262 | 1.24 | 0.87 | 1.35 | 23 | ||||||||||||||||||||
| 32.43 | (11.60 | ) | 22,364 | 0.99 | 1.63 | 1.00 | 7 | |||||||||||||||||||
| 39.56 | 6.45 | 17,859 | 0.99 | 0.83 | 1.00 | 13 | ||||||||||||||||||||
| 38.16 | 12.89 | 3,537 | 0.99 | 1.26 | 1.10 | 23 | ||||||||||||||||||||
| 32.95 | (11.53 | ) | 73,299 | 0.83 | 1.79 | 0.85 | 7 | |||||||||||||||||||
| 40.15 | 6.61 | 84,457 | 0.84 | 0.96 | 0.85 | 13 | ||||||||||||||||||||
| 38.67 | 13.06 | 30,334 | 0.84 | 1.18 | 1.02 | 23 | ||||||||||||||||||||
| 32.96 | (11.50 | ) | 1,094,040 | 0.73 | 1.63 | 0.75 | 7 | |||||||||||||||||||
| 40.19 | 6.71 | 1,073,888 | 0.74 | 1.08 | 0.75 | 13 | ||||||||||||||||||||
| 38.69 | 13.13 | 281,269 | 0.74 | 1.05 | 0.75 | 23 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 51 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Value Advantage Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 35.38 | $ | 0.32 | $ | (3.14 | ) | $ | (2.82 | ) | $ | (0.46 | ) | $ | (1.69 | ) | $ | (2.15 | ) | |||||||||
Year Ended June 30, 2018 | 33.40 | 0.35 | (f) | 2.26 | 2.61 | (0.28 | ) | (0.35 | ) | (0.63 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 28.66 | 0.27 | 4.77 | 5.04 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 29.84 | 0.27 | (0.99 | ) | (0.72 | ) | (0.17 | ) | (0.29 | ) | (0.46 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 29.15 | 0.19 | 1.47 | 1.66 | (0.26 | ) | (0.71 | ) | (0.97 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 24.64 | 0.34 | 5.03 | 5.37 | (0.16 | ) | (0.70 | ) | (0.86 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.20 | 0.23 | (3.12 | ) | (2.89 | ) | (0.28 | ) | (1.69 | ) | (1.97 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 33.20 | 0.18 | (f) | 2.24 | 2.42 | (0.07 | ) | (0.35 | ) | (0.42 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 28.52 | 0.11 | 4.74 | 4.85 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 29.72 | 0.14 | (0.99 | ) | (0.85 | ) | (0.06 | ) | (0.29 | ) | (0.35 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 29.08 | 0.04 | 1.47 | 1.51 | (0.16 | ) | (0.71 | ) | (0.87 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 24.61 | 0.20 | 5.02 | 5.22 | (0.05 | ) | (0.70 | ) | (0.75 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.60 | 0.34 | (3.14 | ) | (2.80 | ) | (0.56 | ) | (1.69 | ) | (2.25 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 33.62 | 0.44 | (f) | 2.28 | 2.72 | (0.39 | ) | (0.35 | ) | (0.74 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 28.86 | 0.35 | 4.80 | 5.15 | (0.39 | ) | — | (0.39 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 29.99 | 0.33 | (0.98 | ) | (0.65 | ) | (0.19 | ) | (0.29 | ) | (0.48 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 29.27 | 0.27 | 1.48 | 1.75 | (0.32 | ) | (0.71 | ) | (1.03 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 24.72 | 0.42 | 5.03 | 5.45 | (0.20 | ) | (0.70 | ) | (0.90 | ) | ||||||||||||||||||
Class L | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.62 | 0.41 | (3.19 | ) | (2.78 | ) | (0.60 | ) | (1.69 | ) | (2.29 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 33.63 | 0.50 | (f) | 2.29 | 2.79 | (0.45 | ) | (0.35 | ) | (0.80 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 28.86 | 0.41 | 4.82 | 5.23 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 30.06 | 0.43 | (1.02 | ) | (0.59 | ) | (0.32 | ) | (0.29 | ) | (0.61 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 29.31 | 0.34 | 1.50 | 1.84 | (0.38 | ) | (0.71 | ) | (1.09 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 24.74 | 0.48 | 5.04 | 5.52 | (0.25 | ) | (0.70 | ) | (0.95 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.22 | 0.30 | (3.15 | ) | (2.85 | ) | (0.42 | ) | (1.69 | ) | (2.11 | ) | ||||||||||||||||
July 31, 2017 (g) through June 30, 2018 | 34.04 | 0.25 | (f) | 1.64 | 1.89 | (0.36 | ) | (0.35 | ) | (0.71 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.11 | 0.27 | (3.07 | ) | (2.80 | ) | (0.54 | ) | (1.69 | ) | (2.23 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 33.24 | 0.35 | (f) | 2.26 | 2.61 | (0.39 | ) | (0.35 | ) | (0.74 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 29.33 | 0.29 | 4.06 | 4.35 | (0.44 | ) | — | (0.44 | ) | |||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.47 | 0.35 | (3.14 | ) | (2.79 | ) | (0.57 | ) | (1.69 | ) | (2.26 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 33.55 | 0.51 | (f) | 2.20 | 2.71 | (0.44 | ) | (0.35 | ) | (0.79 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 29.56 | 0.27 | 4.18 | 4.45 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.57 | 0.35 | (3.12 | ) | (2.77 | ) | (0.62 | ) | (1.69 | ) | (2.31 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 33.59 | 0.50 | (f) | 2.28 | 2.78 | (0.45 | ) | (0.35 | ) | (0.80 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 29.57 | 0.30 | 4.20 | 4.50 | (0.48 | ) | — | (0.48 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 35.60 | 0.39 | (3.14 | ) | (2.75 | ) | (0.65 | ) | (1.69 | ) | (2.34 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 33.61 | 0.54 | (f) | 2.26 | 2.80 | (0.46 | ) | (0.35 | ) | (0.81 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 29.57 | 0.36 | 4.17 | 4.53 | (0.49 | ) | — | (0.49 | ) | |||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 52 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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) | without waivers, reimbursements and | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 30.41 | (8.24 | )% | $ | 1,113,086 | 1.14 | % | 1.79 | % | 1.25 | % | 9 | % | |||||||||||||
| 35.38 | 7.81 | 1,346,080 | 1.17 | 1.01 | (f) | 1.25 | 23 | |||||||||||||||||||
| 33.40 | 17.60 | 1,432,370 | 1.24 | 0.85 | 1.36 | 24 | ||||||||||||||||||||
| 28.66 | (2.34 | ) | 2,045,698 | 1.24 | 0.98 | 1.43 | 26 | |||||||||||||||||||
| 29.84 | 5.78 | 2,440,061 | 1.24 | 0.64 | 1.41 | 17 | ||||||||||||||||||||
| 29.15 | 22.19 | 1,701,250 | 1.24 | 1.26 | 1.33 | 36 | ||||||||||||||||||||
| 30.34 | (8.48 | ) | 498,528 | 1.64 | 1.28 | 1.75 | 9 | |||||||||||||||||||
| 35.20 | 7.27 | 591,602 | 1.67 | 0.51 | (f) | 1.75 | 23 | |||||||||||||||||||
| 33.20 | 17.02 | 746,521 | 1.74 | 0.34 | 1.81 | 24 | ||||||||||||||||||||
| 28.52 | (2.82 | ) | 728,800 | 1.74 | 0.49 | 1.85 | 26 | |||||||||||||||||||
| 29.72 | 5.26 | 701,023 | 1.73 | 0.14 | 1.83 | 17 | ||||||||||||||||||||
| 29.08 | 21.58 | 402,880 | 1.74 | 0.74 | 1.83 | 36 | ||||||||||||||||||||
| 30.55 | (8.12 | ) | 2,224,973 | 0.89 | 1.90 | 1.00 | 9 | |||||||||||||||||||
| 35.60 | 8.07 | 2,296,056 | 0.92 | 1.26 | (f) | 1.00 | 23 | |||||||||||||||||||
| 33.62 | 17.89 | 2,165,577 | 0.99 | 1.09 | 1.04 | 24 | ||||||||||||||||||||
| 28.86 | (2.10 | ) | 1,414,635 | 0.99 | 1.16 | 1.05 | 26 | |||||||||||||||||||
| 29.99 | 6.05 | 3,095,251 | 0.99 | 0.89 | 1.05 | 17 | ||||||||||||||||||||
| 29.27 | 22.49 | 2,546,808 | 0.99 | 1.53 | 1.08 | 36 | ||||||||||||||||||||
| 30.55 | (8.06 | ) | 2,388,550 | 0.74 | 2.26 | 0.85 | 9 | |||||||||||||||||||
| 35.62 | 8.29 | 3,255,993 | 0.74 | 1.42 | (f) | 0.85 | 23 | |||||||||||||||||||
| 33.63 | 18.17 | 3,643,327 | 0.75 | 1.32 | 0.87 | 24 | ||||||||||||||||||||
| 28.86 | (1.87 | ) | 5,901,818 | 0.74 | 1.50 | 0.88 | 26 | |||||||||||||||||||
| 30.06 | 6.36 | 5,058,172 | 0.74 | 1.15 | 0.90 | 17 | ||||||||||||||||||||
| 29.31 | 22.77 | 3,042,506 | 0.74 | 1.77 | 0.93 | 36 | ||||||||||||||||||||
| 30.26 | (8.36 | ) | 36 | 1.39 | 1.69 | 2.12 | 9 | |||||||||||||||||||
| 35.22 | 5.54 | 38 | 1.41 | 0.78 | (f) | 1.61 | 23 | |||||||||||||||||||
| 30.08 | (8.25 | ) | 1,763 | 1.14 | 1.53 | 1.27 | 9 | |||||||||||||||||||
| 35.11 | 7.82 | 1,132 | 1.15 | 1.01 | (f) | 1.28 | 23 | |||||||||||||||||||
| 33.24 | 14.87 | 385 | 1.24 | 1.09 | 1.36 | 24 | ||||||||||||||||||||
| 30.42 | (8.13 | ) | 15,703 | 0.89 | 1.96 | 1.00 | 9 | |||||||||||||||||||
| 35.47 | 8.07 | 17,231 | 0.89 | 1.43 | (f) | 1.00 | 23 | |||||||||||||||||||
| 33.55 | 15.10 | 34 | 1.00 | 1.05 | 1.08 | 24 | ||||||||||||||||||||
| 30.49 | (8.06 | ) | 6,310 | 0.74 | 1.92 | 0.85 | 9 | |||||||||||||||||||
| 35.57 | 8.25 | 6,114 | 0.76 | 1.41 | (f) | 0.88 | 23 | |||||||||||||||||||
| 33.59 | 15.27 | 422 | 0.83 | 1.14 | 0.89 | 24 | ||||||||||||||||||||
| 30.51 | (7.99 | ) | 3,628,398 | 0.64 | 2.16 | 0.75 | 9 | |||||||||||||||||||
| 35.60 | 8.31 | 3,869,991 | 0.67 | 1.52 | (f) | 0.75 | 23 | |||||||||||||||||||
| 33.61 | 15.35 | 3,069,390 | 0.74 | 1.39 | 0.75 | 24 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 53 | ||||||
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AS OF DECEMBER 31, 2018 (Unaudited)
1. Organization
JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) 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”), asopen-end management investment companies.
J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), anopen-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.
J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”, and with JPM I, JPM II and JPMMFIT, collectively, the “Trusts”), anopen-end management investment company, was organized as a Maryland corporation on August 19, 1997.
The following are 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
| Classes Offered | Trust | Diversified/Non-Diversified | ||||
| JPMorgan Growth Advantage Fund | Class A, Class C, Class I, Class R2*, Class R3, Class R4, Class R5 and Class R6 | JPMMFIT | Diversified | |||
| JPMorgan Mid Cap Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Mid Cap Growth Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM II | Diversified | |||
| JPMorgan Mid Cap Value Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPMFMFG | Diversified | |||
| JPMorgan Value Advantage Fund | Class A, Class C, Class I, Class L, Class R2*, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified |
| * | Class R2 Shares commenced operations on July 31, 2017 for JPMorgan Growth Advantage Fund and JPMorgan Value Advantage Fund. |
The investment objective of JPMorgan Growth Advantage Fund (“Growth Advantage Fund”) and JPMorgan Mid Cap Equity Fund (“Mid Cap Equity Fund”) is to seek to provide long-term capital growth.
The investment objective of JPMorgan Mid Cap Growth Fund (“Mid Cap Growth Fund”) is to seek growth of capital.
The investment objective of JPMorgan Mid Cap Value Fund (“Mid Cap Value Fund”) is to seek growth from capital appreciation.
The investment objective of JPMorgan Value Advantage Fund (“Value Advantage Fund”) is to seek to provide long-term total return from a combination of income and capital gains.
Class L Shares of the Mid Cap Value Fund and the Value Advantage Fund are publicly offered only on a limited basis. Investors are not eligible to purchase Class L Shares of these Funds unless they meet certain requirements as described in the Funds’ prospectuses.
Class A Shares generally provide for afront-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for whichfront-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as
| 54 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
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directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Boards.
A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Investments inopen-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
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.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Growth Advantage Fund
Level 1 Quoted prices | Level 2 Other significant | Level 3 Significant | Total | |||||||||||||
Total Investments in Securities(a) | $ | 7,920,548 | $ | — | $ | — | $ | 7,920,548 | ||||||||
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| Mid Cap Equity Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant | Level 3 Significant | Total | |||||||||||||
Total Investments in Securities(a) | $ | 2,468,073 | $ | — | $ | — | $ | 2,468,073 | ||||||||
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| Mid Cap Growth Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant | Level 3 Significant | Total | |||||||||||||
Total Investments in Securities(a) | $ | 3,684,701 | $ | — | $ | — | $ | 3,684,701 | ||||||||
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| Mid Cap Value Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant | Level 3 Significant | Total | |||||||||||||
Total Investments in Securities(a) | $ | 15,359,003 | $ | — | $— | $ | 15,359,003 | |||||||||
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| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 55 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| Value Advantage Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant | Level 3 Significant | Total | |||||||||||||
Total Investments in Securities(b) | $ | 9,994,233 | $ | — | $ | 146 | $ | 9,994,379 | ||||||||
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| (a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings. |
| (b) | All portfolio holdings designated as level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of rights. Please refer to the SOIs for industry specifics of portfolio holdings. |
There were no transfers among any levels for the six months ended December 31, 2018.
B. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).
| Dividend Income | ||||
Growth Advantage Fund | $ | 592 | ||
Mid Cap Equity Fund | 169 | |||
Mid Cap Growth Fund | 461 | |||
Mid Cap Value Fund | 568 | |||
Value Advantage Fund | 214 | |||
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities).
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):
| Value of Securities on Loan | Cash Collateral Posted by Borrower | Total value of Collateral Investments | ||||||||||
Growth Advantage Fund | $ | 135,257 | $ | 138,088 | $ | 138,088 | ||||||
Mid Cap Equity Fund | 47,406 | 47,708 | 47,708 | |||||||||
Mid Cap Growth Fund | 132,610 | 133,998 | 133,998 | |||||||||
Mid Cap Value Fund | 101,814 | 103,483 | 103,483 | |||||||||
Value Advantage Fund | 73,853 | 75,166 | 75,166 | |||||||||
The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.
| 56 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
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The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).
| Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower | Net Amount Due to Counterparty (not less than zero) | ||||||||||
Growth Advantage Fund | $ | 135,257 | $ | (135,257 | ) | $ | — | |||||
Mid Cap Equity Fund | 47,406 | (47,406 | ) | — | ||||||||
Mid Cap Growth Fund | 132,610 | (132,610 | ) | — | ||||||||
Mid Cap Value Fund | 101,814 | (101,814 | ) | — | ||||||||
Value Advantage Fund | 73,853 | (73,853 | ) | — | ||||||||
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):
Growth Advantage Fund | $ | 6 | ||
Mid Cap Equity Fund | 2 | |||
Mid Cap Growth Fund | 5 | |||
Mid Cap Value Fund | 6 | |||
Value Advantage Fund | 2 |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.
Growth Advantage Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b) | $ | — | $ | 281,000 | $ | 169,000 | $ | — | $ | — | $ | 112,000 | 112,011 | $ | 446 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | — | 220,791 | 194,703 | — | — | 26,088 | 26,088 | 146 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | 218,911 | 977,746 | 1,129,123 | — | — | 67,534 | 67,534 | 2,606 | — | |||||||||||||||||||||||||||
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Total | $ | 218,911 | $ | 1,479,537 | $ | 1,492,826 | $ | — | $ | — | $ | 205,622 | $ | 3,198 | $ | — | ||||||||||||||||||||
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| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 57 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Mid Cap Equity Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b) | $ | — | $ | 90,000 | $ | 50,000 | $ | — | $ | — | $ | 40,000 | 40,004 | $ | 125 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | — | 71,460 | 63,752 | — | — | 7,708 | 7,708 | 44 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | 80,883 | 313,222 | 354,781 | — | — | 39,324 | 39,324 | 917 | — | |||||||||||||||||||||||||||
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Total | $ | 80,883 | $ | 474,682 | $ | 468,533 | $ | — | $ | — | $ | 87,032 | $ | 1,086 | $ | — | ||||||||||||||||||||
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Mid Cap Growth Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b) | $ | — | $ | 216,000 | $ | 102,000 | $ | — | $ | — | $ | 114,000 | 114,011 | $ | 351 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | — | 149,108 | 129,110 | — | — | 19,998 | 19,998 | 110 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | 114,331 | 465,906 | 564,547 | — | — | 15,690 | 15,690 | 1,290 | — | |||||||||||||||||||||||||||
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Total | $ | 114,331 | $ | 831,014 | $ | 795,657 | $ | — | $ | — | $ | 149,688 | $ | 1,751 | $ | — | ||||||||||||||||||||
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Mid Cap Value Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b) | $ | — | $ | 387,000 | $ | 298,000 | $ | — | $ | — | $ | 89,000 | 89,009 | $ | 428 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | — | 244,810 | 230,327 | — | — | 14,483 | 14,483 | 140 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | 511,256 | 960,010 | 1,185,122 | — | (c) | — | 286,144 | 286,144 | 6,229 | — | ||||||||||||||||||||||||||
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Total | $ | 511,256 | $ | 1,591,820 | $ | 1,713,449 | $ | — | (c) | $ | — | $ | 389,627 | $ | 6,797 | $ | — | |||||||||||||||||||
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| 58 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
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Value Advantage Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b) | $ | — | $ | 122,000 | $ | 59,000 | $ | — | $ | — | $ | 63,000 | 63,006 | $ | 157 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | — | 87,845 | 75,679 | — | — | 12,166 | 12,166 | 57 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | 253,654 | 1,015,309 | 1,179,662 | — | — | 89,301 | 89,301 | 2,637 | — | |||||||||||||||||||||||||||
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Total | $ | 253,654 | $ | 1,225,154 | $ | 1,314,341 | $ | — | $ | — | $ | 164,467 | $ | 2,851 | $ | — | ||||||||||||||||||||
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| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (b) | The rate shown is the current yield as of December 31, 2018. |
| (c) | Amount rounds to less than one thousand. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net). |
D. 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, and dividend expense on securities sold short, are recorded on theex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.
E. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |||||||||||||||||||||||||||||||
Growth Advantage Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | $ | 51 | $ | 23 | $ | 22 | n/a | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | 2 | $ | 19 | $ | 117 | ||||||||||||||||||
Mid Cap Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 12 | 1 | 4 | n/a | — | (a) | n/a | n/a | — | (a) | 9 | 26 | ||||||||||||||||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 142 | 4 | 17 | n/a | 11 | — | (a) | — | (a) | 2 | 21 | 197 | ||||||||||||||||||||||||||||
Mid Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 58 | 4 | 20 | $ | 338 | 5 | 7 | — | (a) | — | (a) | 8 | 440 | |||||||||||||||||||||||||||
Value Advantage Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 39 | 20 | 18 | 29 | — | (a) | — | (a) | — | (a) | — | (a) | 12 | 118 | ||||||||||||||||||||||||||
| (a) | Amount rounds to less than one thousand. |
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 59 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, 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 remains subject to examination by the Internal Revenue Service.
G. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually. Distributions are declared separately for each class of each Fund. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federaltax-basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:
Growth Advantage Fund | 0.65 | % | ||
Mid Cap Equity Fund | 0.65 | |||
Mid Cap Growth Fund | 0.65 | |||
Mid Cap Value Fund | 0.65 | |||
Value Advantage Fund | 0.65 |
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was 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 December 31, 2018, 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.
Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services asSub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| Class A | Class C | Class R2 | Class R3 | |||||||||||||
Growth Advantage Fund | 0.25 | % | 0.75 | % | 0.50 | % | 0.25 | % | ||||||||
Mid Cap Equity Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
Mid Cap Growth Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
Mid Cap Value Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
Value Advantage Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
| 60 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
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In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for whichfront-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following (amounts in thousands):
| Front-End Sales Charge | CDSC | |||||||
Growth Advantage Fund | $ | 273 | $ | 10 | ||||
Mid Cap Equity Fund | 66 | — | ||||||
Mid Cap Growth Fund | 50 | — | (a) | |||||
Mid Cap Value Fund | 11 | — | (a) | |||||
Value Advantage Fund | 89 | — | (a) | |||||
| (a) | Amount rounds to less than one thousand. |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | |||||||||||||||||||||||||
Growth Advantage Fund | 0.25 | % | 0.25 | % | 0.25 | % | n/a | 0.25 | % | 0.25 | % | 0.25 | % | 0.10 | % | |||||||||||||||||
Mid Cap Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 | ||||||||||||||||||||||||
Mid Cap Growth Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
Mid Cap Value Fund | 0.25 | 0.25 | 0.25 | 0.10 | % | 0.25 | 0.25 | 0.25 | 0.10 | |||||||||||||||||||||||
Value Advantage Fund | 0.25 | 0.25 | 0.25 | 0.10 | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plusout-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | ||||||||||||||||||||||||||||
Growth Advantage Fund | 1.14 | % | 1.64 | % | 0.89 | % | n/a | 1.39 | % | 1.14 | % | 0.89 | % | 0.74 | % | 0.64 | % | |||||||||||||||||||
Mid Cap Equity Fund | 1.14 | 1.64 | 0.89 | n/a | 1.39 | n/a | n/a | 0.74 | 0.64 | |||||||||||||||||||||||||||
Mid Cap Growth Fund | 1.24 | 1.74 | 0.93 | n/a | 1.49 | 1.24 | 0.99 | 0.79 | 0.74 | |||||||||||||||||||||||||||
Mid Cap Value Fund | 1.24 | 1.75 | 0.99 | 0.75 | % | 1.50 | 1.25 | 1.00 | 0.85 | 0.73 | * | |||||||||||||||||||||||||
Value Advantage Fund | 1.14 | 1.64 | 0.89 | 0.75 | 1.39 | 1.14 | 0.89 | 0.74 | 0.64 | |||||||||||||||||||||||||||
| * | Prior to November 1, 2018, the contractual expense limitation for Class R6 Shares of Mid Cap Value Fund was 0.75%. The contractual expense percentages in the table above are in place until at least October 31, 2019. |
Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2018 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2019.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 61 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| Contractual Waivers | ||||||||||||||||||||
| Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Growth Advantage Fund | $ | 2,862 | $ | 1,908 | $ | 91 | $ | 4,861 | $ | 12 | ||||||||||
Mid Cap Equity Fund | 906 | 604 | 13 | 1,523 | — | |||||||||||||||
Mid Cap Growth Fund | 131 | 84 | 575 | 790 | 8 | |||||||||||||||
Mid Cap Value Fund | 221 | 143 | 5,664 | 6,028 | 97 | |||||||||||||||
Value Advantage Fund | 3,623 | 2,416 | 76 | 6,115 | 12 | |||||||||||||||
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.
The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 was as follows (amounts in thousands):
Growth Advantage Fund | $ | 305 | ||
Mid Cap Equity Fund | 98 | |||
Mid Cap Growth Fund | 150 | |||
Mid Cap Value Fund | 685 | |||
Value Advantage Fund | 317 |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards 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 apro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the six months ended December 31, 2018, Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund and Mid Cap Value Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.
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 December 31, 2018, purchases and sales of investments (excluding short-term investments and transfersin-kind) were as follows (amounts in thousands):
| Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |||||||
Growth Advantage Fund | $ | 2,004,154 | $ | 1,745,429 | ||||
Mid Cap Equity Fund | 504,155 | 458,019 | ||||||
Mid Cap Growth Fund | 1,178,578 | 998,632 | ||||||
Mid Cap Value Fund | 1,217,379 | 1,628,658 | ||||||
Value Advantage Fund | 954,437 | 1,240,799 | ||||||
During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.
| 62 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
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5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):
| Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Growth Advantage Fund | $ | 5,577,283 | $ | 2,546,106 | $ | 202,841 | $ | 2,343,265 | ||||||||
Mid Cap Equity Fund | 1,963,953 | 637,589 | 133,469 | 504,120 | ||||||||||||
Mid Cap Growth Fund | 3,142,141 | 752,863 | 210,303 | 542,560 | ||||||||||||
Mid Cap Value Fund | 11,432,100 | 4,879,740 | 952,837 | 3,926,903 | ||||||||||||
Value Advantage Fund | 8,329,449 | 2,223,555 | 558,625 | 1,664,930 | ||||||||||||
Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2018, the following Funds deferred to July 1, 2018 late year ordinary losses and post-October capital losses of (amounts in thousands):
| Late Year Ordinary Loss Deferral | ||||
Growth Advantage Fund | $ | 10,229 | ||
Mid Cap Growth Fund | 6,257 | |||
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2018. Average borrowings from the Facility during the six months ended December 31, 2018, were as follows (amounts in thousands, except number of days outstanding):
| Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Mid Cap Equity Fund | $ | 13,588 | 2.71 | % | 1 | $ | 1 | |||||||||
The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 63 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
The Funds had no borrowings outstanding from the Credit Facility at December 31, 2018. Average borrowings from the Credit Facility for, or at any time during the six months ended December 31, 2018 were as follows (amounts in thousands):
| Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Growth Advantage Fund | $ | 10,500 | 3.38 | % | 1 | $ | 1 | |||||||||
Value Advantage Fund | $ | 27,500 | 3.38 | % | 1 | $ | 3 | |||||||||
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:
| Number of Affiliated Omnibus Accounts | % of the Fund | Number of Non-affiliated Omnibus Accounts | % of the Fund | |||||||||||||
Growth Advantage Fund | 4 | 12.1 | % | 3 | 15.1 | % | ||||||||||
Mid Cap Equity Fund | — | — | 4 | 23.3 | ||||||||||||
Mid Cap Growth Fund | — | — | 7 | 15.8 | ||||||||||||
Mid Cap Value Fund | — | — | 8 | 33.0 | ||||||||||||
Value Advantage Fund | — | — | 6 | 22.0 | ||||||||||||
As of December 31, 2018, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:
JPMorgan SmartRetirement Funds | ||||
Growth Advantage Fund | 28.3 | % | ||
Mid Cap Equity Fund | 48.0 | |||
Value Advantage Fund | 22.0 | |||
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”)2018-13 (“ASU2018-13”)Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.
In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.
| 64 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (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, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.
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 Fund 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 July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Growth Advantage Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 890.40 | $ | 5.38 | 1.13 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.51 | 5.75 | 1.13 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 888.20 | 7.81 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.94 | 8.34 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 891.80 | 4.20 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.77 | 4.48 | 0.88 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 889.30 | 6.62 | 1.39 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.20 | 7.07 | 1.39 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 890.50 | 5.38 | 1.13 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.51 | 5.75 | 1.13 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 891.80 | 4.20 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.77 | 4.48 | 0.88 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 892.30 | 3.48 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.53 | 3.72 | 0.73 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 892.90 | 3.01 | 0.63 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.03 | 3.21 | 0.63 | ||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 65 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Mid Cap Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 889.90 | $ | 5.38 | 1.13 | % | ||||||||
Hypothetical | �� | 1,000.00 | 1,019.51 | 5.75 | 1.13 | |||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 887.70 | 7.76 | 1.63 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.99 | 8.29 | 1.63 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 891.20 | 4.19 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.77 | 4.48 | 0.88 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 888.80 | 6.57 | 1.38 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.25 | 7.02 | 1.38 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 891.80 | 3.48 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.53 | 3.72 | 0.73 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 892.30 | 3.00 | 0.63 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.03 | 3.21 | 0.63 | ||||||||||||
JPMorgan Mid Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 893.10 | 5.87 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.00 | 6.26 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 891.00 | 8.25 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.48 | 8.79 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 894.60 | 4.39 | 0.92 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.57 | 4.69 | 0.92 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 892.00 | 7.06 | 1.48 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.74 | 7.53 | 1.48 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 893.40 | 5.87 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.00 | 6.26 | 1.23 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 894.50 | 4.68 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.27 | 4.99 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 895.20 | 3.73 | 0.78 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.27 | 3.97 | 0.78 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 895.40 | 3.49 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.53 | 3.72 | 0.73 | ||||||||||||
JPMorgan Mid Cap Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 882.90 | 5.84 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.00 | 6.26 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 880.70 | 8.25 | 1.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.43 | 8.84 | 1.74 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 884.00 | 4.65 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.27 | 4.99 | 0.98 | ||||||||||||
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| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Mid Cap Value Fund (continued) | ||||||||||||||||
Class L | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 885.00 | $ | 3.52 | 0.74 | % | ||||||||
Hypothetical | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 881.70 | 7.07 | 1.49 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.69 | 7.58 | 1.49 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 882.90 | 5.88 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 884.00 | 4.70 | 0.99 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.21 | 5.04 | 0.99 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 884.70 | 3.94 | 0.83 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.02 | 4.23 | 0.83 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 885.00 | 3.47 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.53 | 3.72 | 0.73 | ||||||||||||
JPMorgan Value Advantage Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 917.60 | 5.51 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.46 | 5.80 | 1.14 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 915.20 | 7.92 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.94 | 8.34 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 918.80 | 4.30 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 919.40 | 3.58 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 916.40 | 6.71 | 1.39 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.20 | 7.07 | 1.39 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 917.50 | 5.51 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.46 | 5.80 | 1.14 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 918.70 | 4.30 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 919.40 | 3.58 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 920.10 | 3.10 | 0.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.98 | 3.26 | 0.64 | ||||||||||||
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 67 | ||||||
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.
The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
| 68 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
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Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of
scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.
Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer
The Trustees noted that, upon their direction, the Senior Officer for the Mid Cap Growth Fund and Mid Cap Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
The Trustees noted that, upon their direction, the Chief Compliance Officer for the Growth Advantage Fund, Mid Cap Equity Fund, and Value Advantage Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or fundssub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser��s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as asub-adviser and
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 69 | ||||||
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
observed thatsub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays thesub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the Growth Advantage Fund’s performance for Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of theone-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Mid Cap Equity Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, second and first quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31,
2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Mid Cap Growth Fund’s performance for Class A shares was in the third, fourth and third quintiles based upon the Peer Group, and in the second, fourth and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Peer Group for each of theone-, three-, and five-year periods ended December 31, 2017, and in the second, fourth and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the Mid Cap Value Fund’s performance for Class A shares was in the third, third and second quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, third and first quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.
The Trustees noted that the Value Advantage Fund’s performance for Class A shares was in the third, second and third quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Peer Group for each of theone-, three-, and five-year periods ended December 31, 2017, and in the fourth, third and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended
| 70 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | DECEMBER 31, 2018 | ||||
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December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the Growth Advantage Fund’s net advisory fee for Class A shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Mid Cap Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the
second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Mid Cap Growth Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I Shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Mid Cap Value Fund’s net advisory fee and actual total expenses for Class A shares was in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Value Advantage Fund’s net advisory fee Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the third quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
| DECEMBER 31, 2018 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 71 | ||||||
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the FormN-Q without charge by calling1-800-480-4111 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 prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2018. All rights reserved. December 2018. | SAN-MC-1218 |
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Semi-Annual Report
J.P. Morgan Large Cap Funds
December 31, 2018 (Unaudited)
JPMorgan Equity Focus Fund
JPMorgan Equity Income Fund
JPMorgan Growth and Income Fund
JPMorgan Hedged Equity Fund
JPMorgan Large Cap Growth Fund
JPMorgan Large Cap Value Fund
JPMorgan U.S. Equity Fund
JPMorgan U.S. Research Enhanced Equity Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.
You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).
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Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center 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.
Table of Contents
February 14, 2019 (Unaudited)
Dear Shareholder,
While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.
 |
“Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch |
The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.
U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.
Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for
the S&P 500 Index since 1931 erased all gains seen in the prior five months.
By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.
Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.
We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 1 | ||||||
Table of Contents
J.P. Morgan Large Cap Funds
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.
Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 returned -6.85% and the Russell 1000 Index returned -7.42%.
| 2 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (7.53)% | |||
| S&P 500 Index | (6.85)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 103,043 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Equity Focus Fund (the “Fund”) seeks long term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financial services sector and its underweight position in the health care sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector and the producer durables sector was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in American International Group Inc., Nvidia Corp. and WestRock Co. Shares of American International Group, a property and casualty insurer, fell after the company reported a quarterly loss due to catastrophe costs from incidents in Japan and from the U.S. impact of Hurricane Florence. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of WestRock, a paper and packaging company, fell amid investor concerns about excess capacity in containerboard products and production delays at its Florida paper mill due to Hurricane Michael.
Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp., AutoZone Inc. and its underweight position in Facebook Inc. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter at stores open more than one year. Shares of Facebook, a social media provider not held in the Fund, fell after the company reported mixed results for the second quarter of 2018 and issued a disappointing forecast.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach
to stock selection, the Fund’s largest overweight positions were in the financial services and technology sectors and the Fund’s smallest positions were in the utilities and consumer staples sectors.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Microsoft Corp. | 5.3 | % | |||||
| 2. | Alphabet, Inc., Class C | 4.6 | ||||||
| 3. | UnitedHealth Group, Inc. | 4.5 | ||||||
| 4. | Amazon.com, Inc. | 4.3 | ||||||
| 5. | AutoZone, Inc. | 3.9 | ||||||
| 6. | Ball Corp. | 3.8 | ||||||
| 7. | Delta Air Lines, Inc. | 3.8 | ||||||
| 8. | Apple, Inc. | 3.8 | ||||||
| 9. | Kinder Morgan, Inc. | 3.4 | ||||||
| 10. | Mastercard, Inc., Class A | 3.2 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 17.1 | % | ||
Information Technology | 16.9 | |||
Consumer Discretionary | 10.9 | |||
Health Care | 10.4 | |||
Industrials | 9.3 | |||
Materials | 8.4 | |||
Communication Services | 7.9 | |||
| Energy | 6.6 | |||
| Real Estate | 5.5 | |||
Utilities | 2.8 | |||
Consumer Staples | 2.5 | |||
Investment of cash collateral from securities loaned | 0.2 | |||
Short-Term Investments | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 3 | ||||||
Table of Contents
JPMorgan Equity Focus Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||||
CLASS A SHARES | July 29, 2011 | |||||||||||||||||||
With Sales Charge** | (12.50 | )% | (10.01 | )% | 6.25 | % | 10.44 | % | ||||||||||||
Without Sales Charge | (7.66 | ) | (5.04 | ) | 7.41 | 11.25 | ||||||||||||||
CLASS C SHARES | July 29, 2011 | |||||||||||||||||||
With CDSC*** | (8.89 | ) | (6.46 | ) | 6.88 | 10.70 | ||||||||||||||
Without CDSC | (7.89 | ) | (5.46 | ) | 6.88 | 10.70 | ||||||||||||||
CLASS I SHARES | July 29, 2011 | (7.53 | ) | (4.77 | ) | 7.68 | 11.53 | |||||||||||||
CLASS R6 SHARES | October 1, 2018 | (7.49 | ) | (4.73 | ) | 7.69 | 11.54 | |||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE(7/29/11 TO 12/31/18)
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 July 29, 2011.
Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund, the S&P 500 Index, the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from July 29, 2011 to December 31, 2018. 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 S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index and the Lipper
Multi-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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index are indexes based on the total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 4 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (3.55)% | |||
| Russell 1000 Value Index | (6.69)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 17,893,771 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Equity Income Fund (the “Fund”) seeks capital appreciation and current income.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the energy and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples sector and its underweight position in the utilities sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Eli Lilly & Co. and Merck & Co. and its underweight position in General Electric Co. Shares of Eli Lilly, a pharmaceutical company, rose after the company reported better-than-expected earnings for the third quarter of 2018 and raised its forecast for the full year 2018. Shares of Merck, a pharmaceutical and health care products company, rose after the company raised its quarterly dividend by 15% and unveiled a $10 billion stock repurchase program. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend.
Leading individual detractors from relative performance included the Fund’s overweight allocations to Occidental Petroleum Corp., BlackRock Inc. and Texas Instruments Inc. Shares of Occidental Petroleum, an oil and natural gas producer, fell as petroleum prices fell sharply late in the reporting period. Shares of BlackRock, an investment management company, fell amid an increase in financial market volatility and a sell-off in equity markets in the fourth quarter of 2018. Shares of Texas Instruments, a semiconductor maker, fell amid a global slowdown in demand for semiconductors.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at attractive valuations have the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with
above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Chevron Corp. | 3.2 | % | |||||
| 2. | Merck & Co., Inc. | 3.1 | ||||||
| 3. | CME Group, Inc. | 2.8 | ||||||
| 4. | Bank of America Corp. | 2.8 | ||||||
| 5. | Microsoft Corp. | 2.3 | ||||||
| 6. | ConocoPhillips | 2.2 | ||||||
| 7. | Pfizer, Inc. | 2.0 | ||||||
| 8. | PNC Financial Services Group, Inc. (The) | 1.9 | ||||||
| 9. | Eli Lilly & Co. | 1.9 | ||||||
| 10. | Comcast Corp., Class A | 1.8 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 24.3 | % | ||
Health Care | 14.4 | |||
Industrials | 10.0 | |||
Information Technology | 9.0 | |||
Energy | 8.0 | |||
Consumer Discretionary | 7.9 | |||
Consumer Staples | 6.8 | |||
Utilities | 4.8 | |||
Materials | 4.8 | |||
Communication Services | 3.6 | |||
Real Estate | 3.0 | |||
Short-Term Investments | 3.4 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 5 | ||||||
Table of Contents
JPMorgan Equity Income Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 18, 1992 | |||||||||||||||||
With Sales Charge** | (8.78 | )% | (9.77 | )% | 6.05 | % | 11.50 | % | ||||||||||
Without Sales Charge | (3.74 | ) | (4.77 | ) | 7.19 | 12.10 | ||||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||||||
With CDSC*** | (4.90 | ) | (6.16 | ) | 6.66 | 11.54 | ||||||||||||
Without CDSC | (3.90 | ) | (5.16 | ) | 6.66 | 11.54 | ||||||||||||
CLASS I SHARES | July 2, 1987 | (3.55 | ) | (4.46 | ) | 7.46 | 12.39 | |||||||||||
CLASS R2 SHARES | February 28, 2011 | (3.81 | ) | (4.98 | ) | 6.93 | 11.85 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (3.68 | ) | (4.70 | ) | 7.20 | 12.10 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (3.55 | ) | (4.47 | ) | 7.46 | 12.39 | |||||||||||
CLASS R5 SHARES | February 28, 2011 | (3.47 | ) | (4.33 | ) | 7.67 | 12.56 | |||||||||||
CLASS R6 SHARES | January 31, 2012 | (3.43 | ) | (4.24 | ) | 7.76 | 12.61 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08/ TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R2, Class R4, and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar than those shown because Class R3 Shares currently have the same expenses as Class A Shares.
Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I 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 and Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund, the Russell 1000 Value Index and the Lipper Equity Income Funds Index from December 31, 2008 to December 31, 2018.
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 Russell 1000 Value 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 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 Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lowerprice-to-book ratios and lower forecasted growth values. The Lipper Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 6 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Growth and Income Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class A Shares, without a sales charge)* | (7.36)% | |||
| Russell 1000 Value Index | (6.69)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 575,599 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Growth and Income Fund (the “Fund”) seeks to provide capital growth over the long term and earn income from dividends.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financials and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and consumer discretionary sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions T. Rowe Price Group Inc. and BlackRock Inc. and its underweight position in Procter & Gamble Inc. Shares of T. Rowe Price Group and BlackRock, both investment management providers, fell amid increased market volatility and a sell-off in U.S. equity markets in the fourth quarter of 2018. Shares of Procter & Gamble, a consumer products company not held in the Fund, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter.
Leading individual contributors to relative performance included the Fund’s underweight positions General Electric Co., Exxon Mobil Corp. and Schlumberger Ltd. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of Exxon Mobil, an integrated oil and natural gas company, fell as petroleum prices declined sharply toward the end of the reporting period. Shares of Schlumberger, an oilfield services company not held in the Fund, fell as petroleum prices declined sharply toward the end of the reporting period.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental research.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Bank of America Corp. | 3.0 | % | |||||
| 2. | Merck & Co., Inc. | 2.9 | ||||||
| 3. | Home Depot, Inc. (The) | 2.6 | ||||||
| 4. | Microsoft Corp. | 2.4 | ||||||
| 5. | Berkshire Hathaway, Inc., Class B | 2.2 | ||||||
| 6. | Chevron Corp. | 2.1 | ||||||
| 7. | Morgan Stanley | 2.0 | ||||||
| 8. | Bristol-Myers Squibb Co. | 1.9 | ||||||
| 9. | BlackRock, Inc. | 1.9 | ||||||
| 10. | 3M Co. | 1.9 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 26.6 | % | ||
Health Care | 14.8 | |||
Industrials | 10.0 | |||
Energy | 9.5 | |||
Information Technology | 8.0 | |||
Consumer Discretionary | 7.3 | |||
Consumer Staples | 5.7 | |||
Communication Services | 4.8 | |||
Utilities | 3.7 | |||
Materials | 3.6 | |||
Real Estate | 3.5 | |||
Short-Term Investments | 2.5 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 7 | ||||||
Table of Contents
JPMorgan Growth and Income Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | September 23, 1987 | |||||||||||||||||
With Sales Charge** | (12.23 | )% | (12.55 | )% | 5.51 | % | 11.42 | % | ||||||||||
Without Sales Charge | (7.36 | ) | (7.71 | ) | 6.65 | 12.02 | ||||||||||||
CLASS C SHARES | January 2, 1998 | |||||||||||||||||
With CDSC*** | (8.60 | ) | (9.18 | ) | 6.11 | 11.46 | ||||||||||||
Without CDSC | (7.60 | ) | (8.18 | ) | 6.11 | 11.46 | ||||||||||||
CLASS I SHARES | January 25, 1996 | (7.24 | ) | (7.49 | ) | 6.91 | 12.33 | |||||||||||
CLASS R2 SHARES | November 2, 2015 | (7.48 | ) | (7.94 | ) | 6.48 | 11.93 | |||||||||||
CLASS R3 SHARES | July 31, 2017 | (7.36 | ) | (7.71 | ) | 6.66 | 12.02 | |||||||||||
CLASS R4 SHARES | July 31, 2017 | (7.24 | ) | (7.47 | ) | 6.91 | 12.33 | |||||||||||
CLASS R5 SHARES | November 2, 2015 | (7.19 | ) | (7.35 | ) | 7.03 | 12.39 | |||||||||||
CLASS R6 SHARES | November 2, 2015 | (7.14 | ) | (7.25 | ) | 7.08 | 12.41 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.
Returns for Class R3 Shares prior to their inception date are based on the performance of the Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.
Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth and Income Fund, the Russell 1000 Value Index, the Lipper Large-Cap Value Funds Index and the LipperLarge-Cap Core Funds
Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value 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 benchmarks, if applicable. The performance of the Lipper Large-Cap Value Funds Index and the LipperLarge-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 Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Large-Cap Value Funds Index and the LipperLarge-Cap Core Funds Index are indexes based on the total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 8 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (1.85)% | |||
| S&P 500 Index | (6.85)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 3,339,856 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s options hedge allowed the Fund to generally perform as designed, delivering returns with less volatility than the Benchmark during the reporting period. The Fund captured 27% of the Benchmark’s total return with about 46% of the Benchmark’s volatility during the six month reporting period.
The Fund’s security selection in the industrial cyclical and technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the financials and basic materials sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc. and Microsoft Corp. and its underweight position in General Electric Co. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter at stores open more than one year. Shares of Microsoft, a provider of software and technology services, rose as investors sought protection from market volatility in large cap stocks. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend.
Leading individual detractors from relative performance included the Fund’s overweight positions in PVH Corp. and Nvidia Corp. and its underweight position in 21st Century Fox Inc. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of 21st Century Fox, television broadcaster and film production company, rose ahead of the company’s planned $71.3 billion acquisition by Walt Disney Co.
HOW WAS THE FUND POSITIONED?
The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded
index put options and selling exchange-traded index call options. The option overlay is known as a “Put/Spread Collar” strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Microsoft Corp. | 4.3 | % | |||||
| 2. | Apple, Inc. | 3.2 | ||||||
| 3. | Amazon.com, Inc. | 3.0 | ||||||
| 4. | S&P 500 Index 3/29/2019 | 2.2 | ||||||
| 5. | Alphabet, Inc., Class A | 1.7 | ||||||
| 6. | Berkshire Hathaway, Inc., Class B | 1.6 | ||||||
| 7. | Alphabet, Inc., Class C | 1.6 | ||||||
| 8. | UnitedHealth Group, Inc. | 1.5 | ||||||
| 9. | Pfizer, Inc. | 1.5 | ||||||
| 10. | Bank of America Corp. | 1.5 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 19.1 | % | ||
Health Care | 14.7 | |||
Financials | 12.5 | |||
Consumer Discretionary | 10.5 | |||
Communication Services | 9.8 | |||
Industrials | 8.8 | |||
Consumer Staples | 5.6 | |||
Energy | 5.0 | |||
Utilities | 3.1 | |||
Materials | 2.5 | |||
Put Options Purchased | 2.2 | |||
Real Estate | 2.1 | |||
Short-Term Investments | 4.1 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 9 | ||||||
Table of Contents
JPMorgan Hedged Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||||
CLASS A SHARES | December 13, 2013 | |||||||||||||||||||
With Sales Charge** | (7.06 | )% | (6.13 | )% | 4.40 | % | 4.71 | % | ||||||||||||
Without Sales Charge | (1.89 | ) | (0.92 | ) | 5.53 | 5.83 | ||||||||||||||
CLASS C SHARES | December 13, 2013 | |||||||||||||||||||
With CDSC*** | (3.21 | ) | (2.46 | ) | 5.00 | 5.30 | ||||||||||||||
Without CDSC | (2.21 | ) | (1.46 | ) | 5.00 | 5.30 | ||||||||||||||
CLASS I SHARES | December 13, 2013 | (1.85 | ) | (0.71 | ) | 5.79 | 6.09 | |||||||||||||
CLASS R5 SHARES | December 13, 2013 | (1.69 | ) | (0.51 | ) | 6.00 | 6.30 | |||||||||||||
CLASS R6 SHARES | December 13, 2013 | (1.67 | ) | (0.42 | ) | 6.05 | 6.35 | |||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE(12/13/13 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
The Fund commenced operations on December 13, 2013.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index, the ICE BofAML 3-Month U.S. Treasury Bill Index and the Lipper Alternative Long/Short Equity Funds Average from December 13, 2013 to December 31, 2018. 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 S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill 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 performance of the Lipper Alternative Long/Short Equity 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S.
Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofAML 3-Month U.S. Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Long/Short Equity Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.
Class I Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 10 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Large Cap Growth Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (11.22)% | |||
| Russell 1000 Growth Index | (8.17)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 12,533,294 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Large Cap Growth Fund (the “Fund”) seeks long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the technology and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s overweight position in the health care sector and its underweight position in the energy sector, where the Fund had no holdings, were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Netflix.com Inc., Electronic Arts Inc. and Activision Blizzard Inc. Shares of Netflix, an online entertainment provider, fell amid investor concerns about increasing competition for subscribers and rising costs of entertainment content. Shares of Electronic Arts, a maker of digital interactive games and entertainment, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game. Shares of Activision Blizzard, a provider of digital interactive entertainment, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and a weaker-than-expected earnings forecast for the fourth quarter of 2018.
Leading individual contributors to relative performance included the Fund’s underweight position in Facebook Inc. and its overweight positions in Intuitive Surgical Inc. and ServiceNow Inc. Shares of Facebook, a social media provider, fell after the company reported mixed results for the second quarter of 2018 and issued a disappointing forecast. Shares of Intuitive Surgical, a surgical robotics company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018. Shares of ServiceNow, a provider of cloud computing technology, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018 and raised its earnings forecast.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies
in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Amazon.com, Inc. | 6.3 | % | |||||
| 2. | Apple, Inc. | 5.0 | ||||||
| 3. | Microsoft Corp. | 4.7 | ||||||
| 4. | Alphabet, Inc., Class C | 4.6 | ||||||
| 5. | Mastercard, Inc., Class A | 4.5 | ||||||
| 6. | Intuitive Surgical, Inc. | 3.1 | ||||||
| 7. | Netflix, Inc. | 3.1 | ||||||
| 8. | Boeing Co. (The) | 3.0 | ||||||
| 9. | PayPal Holdings, Inc. | 3.0 | ||||||
| 10. | ServiceNow, Inc. | 2.8 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 34.9 | % | ||
Health Care | 17.9 | |||
Consumer Discretionary | 15.1 | |||
Communication Services | 10.7 | |||
Industrials | 8.5 | |||
Consumer Staples | 4.1 | |||
Financials | 4.1 | |||
Investment of cash collateral from securities loaned | 2.6 | |||
Materials | 1.0 | |||
Real Estate | 0.6 | |||
Short-Term Investments | 0.5 | |||
| * | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 11 | ||||||
Table of Contents
JPMorgan Large Cap Growth Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 22, 1994 | |||||||||||||||||
With Sales Charge** | (15.99 | )% | (5.19 | )% | 8.71 | % | 14.29 | % | ||||||||||
Without Sales Charge | (11.33 | ) | 0.05 | 9.89 | 14.91 | |||||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||||||
With CDSC*** | (12.55 | ) | (1.43 | ) | 9.35 | 14.32 | ||||||||||||
Without CDSC | (11.55 | ) | (0.43 | ) | 9.35 | 14.32 | ||||||||||||
CLASS I SHARES | February 28, 1992 | (11.22 | ) | 0.32 | 10.10 | 15.14 | ||||||||||||
CLASS R2 SHARES | November 3, 2008 | (11.44 | ) | (0.19 | ) | 9.62 | 14.63 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (11.33 | ) | 0.05 | 9.86 | 14.92 | ||||||||||||
CLASS R4 SHARES | September 9, 2016 | (11.22 | ) | 0.29 | 10.09 | 15.13 | ||||||||||||
CLASS R5 SHARES | April 14, 2009 | (11.13 | ) | 0.47 | 10.30 | 15.35 | ||||||||||||
CLASS R6 SHARES | November 30, 2010 | (11.10 | ) | 0.57 | 10.40 | 15.42 | ||||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R3, Class R4 and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.
Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to April 14, 2009, Class I 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 and Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Growth Index and the LipperLarge-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. 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 Russell 1000 Growth 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 LipperLarge-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 Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higherprice-to-book ratios and higher forecasted growth values. The LipperLarge-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 12 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (11.99)% | |||
| Russell 1000 Value Index | (6.69)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 1,397,068 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Large Cap Value Fund (the “Fund”) seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the basic materials and insurance sectors was a leading detractor from relative performance, while the Fund’s overweight position in the health services sector and its security selection in the industrial cyclical sector were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Lennar Corp. and Lincoln National Corp. and its underweight position in Procter & Gamble Co. Shares of Lennar, a homebuilder, fell amid a broader sell-off in the homebuilder sector due to weakness in new home sales. Shares of Lincoln National, an insurance and financial services provider, fell after the company reported lower-than-expected earnings for the second quarter of 2018. Shares of Procter & Gamble, a consumer products company, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter.
Leading individual contributors to performance relative to the Benchmark included the Fund’s underweight position in General Electric Co. and its overweight positions in Cigna Corp. and Delta Air Lines Inc. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of Cigna, a health insurance provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018 and raised its sales and profit forecast for the full year 2018. Shares of Delta Air Lines rose after the company issued an positive forecast for earnings and revenue for the fourth quarter of 2018.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio manager combined a bottom-up fundamental approach to security selection with a systematic
valuation process. Overall, the Fund’s portfolio manager looked to take advantage of mispriced stocks that he believed appeared attractive relative to their fair value.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Bank of America Corp. | 3.9 | % | |||||
| 2. | Cigna Corp. | 3.5 | ||||||
| 3. | Comcast Corp., Class A | 3.2 | ||||||
| 4. | Pfizer, Inc. | 3.0 | ||||||
| 5. | Lennar Corp., Class A | 2.7 | ||||||
| 6. | CVS Health Corp. | 2.7 | ||||||
| 7. | FMC Corp. | 2.6 | ||||||
| 8. | Lincoln National Corp. | 2.5 | ||||||
| 9. | Morgan Stanley | 2.4 | ||||||
| 10. | Berkshire Hathaway, Inc., Class B | 2.3 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 23.2 | % | ||
Health Care | 15.2 | |||
Energy | 11.8 | |||
Communication Services | 10.8 | |||
Consumer Discretionary | 10.5 | |||
Materials | 8.8 | |||
Industrials | 7.6 | |||
Information Technology | 3.3 | |||
Consumer Staples | 1.9 | |||
Real Estate | 1.7 | |||
Investment of cash collateral from securities loaned | 1.2 | |||
Short-Term Investments | 4.0 | |||
| * | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 13 | ||||||
Table of Contents
JPMorgan Large Cap Value Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||
CLASS A SHARES | February 18, 1992 | |||||||||||||||
With Sales Charge** | (16.70)% | (19.85 | )% | 5.14 | % | 11.08 | % | |||||||||
Without Sales Charge | (12.07) | (15.43 | ) | 6.27 | 11.68 | |||||||||||
CLASS C SHARES | March 22, 1999 | |||||||||||||||
With CDSC*** | (13.28) | (16.85 | ) | 5.74 | 11.13 | |||||||||||
Without CDSC | (12.28) | (15.85 | ) | 5.74 | 11.13 | |||||||||||
CLASS I SHARES | March 1, 1991 | (11.99) | (15.24 | ) | 6.46 | 11.87 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (12.21) | (15.67 | ) | 5.98 | 11.39 | ||||||||||
CLASS R3 SHARES | October 1, 2018 | (12.00) | (15.26 | ) | 6.45 | 11.87 | ||||||||||
CLASS R4 SHARES | October 1, 2018 | (11.98) | (15.35 | ) | 6.29 | 11.69 | ||||||||||
CLASS R5 SHARES | May 15, 2006 | (11.89) | (15.06 | ) | 6.66 | 12.11 | ||||||||||
CLASS R6 SHARES | November 30, 2010 | (11.81) | (14.96 | ) | 6.73 | 12.16 | ||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.
Returns for Class R6 Shares prior to their inception date are based on the per- formance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Value Index and the LipperLarge-Cap Value Funds Index from December 31, 2008 to December 31, 2018. 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 Russell 1000 Value 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 LipperLarge-Cap Value 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 Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lowerprice-to-book ratios and lower forecasted growth values. The LipperLarge-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 14 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class L Shares)* | (7.69)% | |||
| S&P 500 Index | (6.85)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 12,431,545 | ||
INVESTMENT OBJECTIVE**
The JPMorgan U.S. Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of selected equity securities.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the semiconductors & hardware sector and in the energy sector was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology and media sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Nvidia Corp. and PVH Corp. and its underweight position in Berkshire Hathaway Inc. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for specialty semiconductors. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018. Shares of Berkshire Hathaway, an investment company not held by the Fund, rose amid analysts’ expectations for further growth in earnings in 2019.
Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Pfizer Inc. and Walt Disney Co. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected quarterly earnings and sales for its fiscal first quarter at stores open more than one year. Shares of Pfizer, a pharmaceutical and health care products company, rose after the company announced a plan with GlaxoSmithKline PLC to combine their consumer health care subsidiaries. Shares of Walt Disney, an entertainment and media company, rose after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter of 2018.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and
potential for future earnings growth. As a result of this approach to stock selection, the Fund’s largest overweight positions relative to the Benchmark for the six months ended December 31, 2018 were in the media and regional business sectors, while the Fund’s largest underweight positions were in the retail and financial sectors.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Microsoft Corp. | 5.2 | % | |||||
| 2. | Amazon.com, Inc. | 3.9 | ||||||
| 3. | Alphabet, Inc., Class A | 3.3 | ||||||
| 4. | Pfizer, Inc. | 3.1 | ||||||
| 5. | Apple, Inc. | 2.5 | ||||||
| 6. | UnitedHealth Group, Inc. | 2.3 | ||||||
| 7. | Coca-Cola Co. (The) | 2.2 | ||||||
| 8. | Johnson & Johnson | 2.0 | ||||||
| 9. | Norfolk Southern Corp. | 2.0 | ||||||
| 10. | General Dynamics Corp. | 1.9 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 20.0 | % | ||
Health Care | 17.5 | |||
Communication Services | 11.5 | |||
Consumer Discretionary | 10.9 | |||
Industrials | 10.9 | |||
Financials | 10.0 | |||
Energy | 5.8 | |||
Consumer Staples | 4.5 | |||
Utilities | 3.0 | |||
Materials | 2.6 | |||
Real Estate | 2.0 | |||
Investment of cash collateral from securities loaned | 0.5 | |||
Short-Term Investments | 0.8 | |||
| * | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 15 | ||||||
Table of Contents
JPMorgan U.S. Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | September 10, 2001 | |||||||||||||||||
With Sales Charge** | (12.72 | )% | (11.21 | )% | 6.25 | % | 12.31 | % | ||||||||||
Without Sales Charge | (7.90 | ) | (6.29 | ) | 7.40 | 12.91 | ||||||||||||
CLASS C SHARES | September 10, 2001 | |||||||||||||||||
With CDSC*** | (9.09 | ) | (7.76 | ) | 6.87 | 12.34 | ||||||||||||
Without CDSC | (8.09 | ) | (6.76 | ) | 6.87 | 12.34 | ||||||||||||
CLASS I SHARES | September 10, 2001 | (7.74 | ) | (6.07 | ) | 7.62 | 13.13 | |||||||||||
CLASS L SHARES | September 17, 1993 | (7.69 | ) | (5.95 | ) | 7.77 | 13.31 | |||||||||||
CLASS R2 SHARES | November 3, 2008 | (8.04 | ) | (6.60 | ) | 7.12 | 12.61 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (7.91 | ) | (6.30 | ) | 7.38 | 12.90 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (7.81 | ) | (6.13 | ) | 7.62 | 13.12 | |||||||||||
CLASS R5 SHARES | May 15, 2006 | (7.68 | ) | (5.88 | ) | 7.83 | 13.34 | |||||||||||
CLASS R6 SHARES | November 30, 2010 | (7.65 | ) | (5.86 | ) | 7.89 | 13.40 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to their 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.
Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.
Returns for Class R6 Shares prior to their 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 $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund, the S&P 500 Index and the LipperLarge-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 S&P 500 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 LipperLarge-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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The LipperLarge-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 16 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class L Shares)* | (7.15)% | |||
| S&P 500 Index | (6.85)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 5,681,009 | ||
INVESTMENT OBJECTIVE**
The JPMorgan U.S. Research Enhanced Equity Fund (the “Fund”) seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the S&P 500 Index.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financials and basic materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrial cyclical and technology sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in PVH Corp. and Nvidia Corp. and its underweight position 21st Century Fox Inc. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of 21st Century Fox, television broadcaster and film production company, rose ahead of the company’s planned $71.3 billion acquisition by Walt Disney Co.
Leading individual contributors to relative performance included the Fund’s underweight position in General Electric Co. and its overweight positions in AutoZone Inc. and Microsoft Corp. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected quarterly earnings and sales for its fiscal first quarter at stores open more than one year. Shares of Microsoft, a provider of software and technology services, rose as investors sought protection from market volatility in large cap stocks.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of potential excess return. The Fund’s portfolio managers sought investment opportunities in companies that they believed were attractive based on valuation and strong fundamentals.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Microsoft Corp. | 4.6 | % | |||||
| 2. | Apple, Inc. | 3.4 | ||||||
| 3. | Amazon.com, Inc. | 3.2 | ||||||
| 4. | Alphabet, Inc., Class A | 1.8 | ||||||
| 5. | Berkshire Hathaway, Inc., Class B | 1.7 | ||||||
| 6. | Alphabet, Inc., Class C | 1.7 | ||||||
| 7. | UnitedHealth Group, Inc. | 1.6 | ||||||
| 8. | Pfizer, Inc. | 1.6 | ||||||
| 9. | Bank of America Corp. | 1.5 | ||||||
| 10. | Chevron Corp. | 1.4 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Information Technology | 20.1 | % | ||
| Health Care | 15.5 | |||
| Financials | 13.2 | |||
| Consumer Discretionary | 11.1 | |||
| Communication Services | 10.4 | |||
| Industrials | 9.3 | |||
| Consumer Staples | 5.9 | |||
| Energy | 5.3 | |||
| Utilities | 3.3 | |||
| Materials | 2.6 | |||
| Real Estate | 2.2 | |||
| Short-Term Investments | 1.1 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 17 | ||||||
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund
FUND COMMENTARY
six MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||||||
With Sales Charge** | (12.15 | )% | (10.83 | )% | 5.81 | % | 12.11 | % | ||||||||||
Without Sales Charge | (7.29 | ) | (5.87 | ) | 6.96 | 12.71 | ||||||||||||
CLASS I SHARES | September 10, 2001 | (7.14 | ) | (5.57 | ) | 7.22 | 13.00 | |||||||||||
CLASS L SHARES | January 3, 1997 | (7.15 | ) | (5.59 | ) | 7.31 | 13.13 | |||||||||||
CLASS R6 SHARES | March 24, 2003 | (7.09 | ) | (5.50 | ) | 7.43 | 13.25 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Research Enhanced Equity Fund, the S&P 500 Index and the LipperLarge-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 S&P 500 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 LipperLarge-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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The LipperLarge-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 18 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Equity Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.4% |
| |||||||
Airlines — 3.8% |
| |||||||
Delta Air Lines, Inc. | 79 | 3,942 | ||||||
|
| |||||||
Automobiles — 1.2% | ||||||||
Tesla, Inc. * | 4 | 1,228 | ||||||
|
| |||||||
Banks — 3.1% | ||||||||
Wells Fargo & Co. | 68 | 3,155 | ||||||
|
| |||||||
Biotechnology — 1.4% | ||||||||
Vertex Pharmaceuticals, Inc. * | 8 | 1,402 | ||||||
|
| |||||||
Building Products — 1.2% | ||||||||
Lennox International, Inc. | 6 | 1,276 | ||||||
|
| |||||||
Capital Markets — 5.0% | ||||||||
Charles Schwab Corp. (The) | 37 | 1,542 | ||||||
S&P Global, Inc. | 9 | 1,557 | ||||||
T. Rowe Price Group, Inc. | 23 | 2,094 | ||||||
|
| |||||||
| 5,193 | ||||||||
|
| |||||||
Commercial Services & Supplies — 2.0% |
| |||||||
Waste Connections, Inc. | 27 | 2,007 | ||||||
|
| |||||||
Construction Materials — 3.0% | ||||||||
Martin Marietta Materials, Inc. (a) | 18 | 3,111 | ||||||
|
| |||||||
Consumer Finance — 3.8% |
| |||||||
Ally Financial, Inc. | 44 | 991 | ||||||
Capital One Financial Corp. | 39 | 2,927 | ||||||
|
| |||||||
| 3,918 | ||||||||
|
| |||||||
Containers & Packaging — 5.4% |
| |||||||
Ball Corp. | 86 | 3,950 | ||||||
Packaging Corp. of America | 19 | 1,567 | ||||||
|
| |||||||
| 5,517 | ||||||||
|
| |||||||
Electric Utilities — 2.8% |
| |||||||
Xcel Energy, Inc. | 58 | 2,864 | ||||||
|
| |||||||
Entertainment — 1.4% | ||||||||
Spotify Technology SA * | 13 | 1,419 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 5.5% |
| |||||||
Federal Realty Investment Trust | 28 | 3,290 | ||||||
Public Storage | 12 | 2,415 | ||||||
|
| |||||||
| 5,705 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.5% |
| |||||||
Walgreens Boots Alliance, Inc. | 38 | 2,614 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.7% |
| |||||||
Intuitive Surgical, Inc. * | 4 | 1,750 | ||||||
|
| |||||||
Health Care Providers & Services — 4.5% |
| |||||||
UnitedHealth Group, Inc. | 19 | 4,658 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Insurance — 5.2% | ||||||||
American International Group, Inc. | 58 | 2,291 | ||||||
Loews Corp. | 68 | 3,073 | ||||||
|
| |||||||
| 5,364 | ||||||||
|
| |||||||
Interactive Media & Services — 4.6% |
| |||||||
Alphabet, Inc., Class C * | 5 | 4,774 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 4.3% |
| |||||||
Amazon.com, Inc. * | 3 | 4,476 | ||||||
|
| |||||||
IT Services — 3.2% | ||||||||
Mastercard, Inc., Class A | 18 | 3,307 | ||||||
|
| |||||||
Machinery — 2.3% | ||||||||
Parker-Hannifin Corp. | 8 | 1,263 | ||||||
Stanley Black & Decker, Inc. | 9 | 1,067 | ||||||
|
| |||||||
| 2,330 | ||||||||
|
| |||||||
Media — 1.9% |
| |||||||
DISH Network Corp., Class A * | 78 | 1,937 | ||||||
|
| |||||||
Multiline Retail — 1.5% | ||||||||
Kohl’s Corp. | 24 | 1,579 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 6.6% | ||||||||
Concho Resources, Inc. * | 15 | 1,500 | ||||||
Kinder Morgan, Inc. | 227 | 3,489 | ||||||
Marathon Petroleum Corp. | 31 | 1,816 | ||||||
|
| |||||||
| 6,805 | ||||||||
|
| |||||||
Pharmaceuticals — 2.8% |
| |||||||
Pfizer, Inc. | 67 | 2,923 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.1% |
| |||||||
NVIDIA Corp. | 9 | 1,175 | ||||||
|
| |||||||
Software — 8.9% | ||||||||
Microsoft Corp. | 54 | 5,454 | ||||||
salesforce.com, Inc. * | 14 | 1,968 | ||||||
ServiceNow, Inc. * | 10 | 1,734 | ||||||
|
| |||||||
| 9,156 | ||||||||
|
| |||||||
Specialty Retail — 3.9% |
| |||||||
AutoZone, Inc. * | 5 | 3,970 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.8% |
| |||||||
Apple, Inc. | 24 | 3,862 | ||||||
|
| |||||||
Total Common Stocks | 101,417 | |||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 19 | ||||||
Table of Contents
JPMorgan Equity Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 1.5% |
| |||||||
Investment Companies — 1.5% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 1,575 | 1,575 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.3% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 258 | 258 | ||||||
|
| |||||||
Total Investments — 100.2% | 103,250 | |||||||
Liabilities in Excess of | (207 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 103,043 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $258,000. | |
| (b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (c) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 20 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.7% |
| |||||||
Aerospace & Defense — 1.5% |
| |||||||
General Dynamics Corp. | 1,715 | 269,569 | ||||||
|
| |||||||
Banks — 9.0% |
| |||||||
Bank of America Corp. | 20,750 | 511,271 | ||||||
BB&T Corp. | 3,954 | 171,288 | ||||||
Cullen/Frost Bankers, Inc. | 1,112 | 97,758 | ||||||
M&T Bank Corp. | 459 | 65,734 | ||||||
PNC Financial Services Group, Inc. (The) | 2,993 | 349,951 | ||||||
US Bancorp | 3,980 | 181,867 | ||||||
Wells Fargo & Co. | 4,968 | 228,920 | ||||||
|
| |||||||
| 1,606,789 | ||||||||
|
| |||||||
Beverages — 1.6% |
| |||||||
Coca-Cola Co. (The) | 3,337 | 158,003 | ||||||
PepsiCo, Inc. | 1,227 | 135,583 | ||||||
|
| |||||||
| 293,586 | ||||||||
|
| |||||||
Biotechnology — 0.7% |
| |||||||
Gilead Sciences, Inc. | 2,072 | 129,611 | ||||||
|
| |||||||
Capital Markets — 6.4% |
| |||||||
BlackRock, Inc. | 842 | 330,763 | ||||||
CME Group, Inc. | 2,738 | 515,136 | ||||||
Northern Trust Corp. | 1,381 | 115,430 | ||||||
T. Rowe Price Group, Inc. | 1,985 | 183,299 | ||||||
|
| |||||||
| 1,144,628 | ||||||||
|
| |||||||
Chemicals — 4.8% |
| |||||||
Air Products & Chemicals, Inc. | 1,877 | 300,488 | ||||||
DowDuPont, Inc. | 4,563 | 244,031 | ||||||
PPG Industries, Inc. | 2,441 | 249,554 | ||||||
RPM International, Inc. | 1,163 | 68,337 | ||||||
|
| |||||||
| 862,410 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.8% |
| |||||||
Republic Services, Inc. | 1,958 | 141,184 | ||||||
|
| |||||||
Consumer Finance — 1.4% |
| |||||||
Capital One Financial Corp. | 1,696 | 128,218 | ||||||
Discover Financial Services | 1,981 | 116,836 | ||||||
|
| |||||||
| 245,054 | ||||||||
|
| |||||||
Distributors — 0.6% |
| |||||||
Genuine Parts Co. | 1,091 | 104,804 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.8% |
| |||||||
Verizon Communications, Inc. | 5,695 | 320,170 | ||||||
|
| |||||||
Electric Utilities — 2.4% |
| |||||||
NextEra Energy, Inc. | 1,443 | 250,785 | ||||||
Xcel Energy, Inc. | 3,751 | 184,788 | ||||||
|
| |||||||
| 435,573 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — 3.0% |
| |||||||
Alexandria Real Estate Equities, Inc. | 479 | 55,227 | ||||||
AvalonBay Communities, Inc. | 950 | 165,400 | ||||||
Boston Properties, Inc. | 687 | 77,298 | ||||||
Simon Property Group, Inc. | 797 | 133,953 | ||||||
Vornado Realty Trust | 1,685 | 104,537 | ||||||
|
| |||||||
| 536,415 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.5% |
| |||||||
Walmart, Inc. | 997 | 92,900 | ||||||
|
| |||||||
Food Products — 1.4% |
| |||||||
Kraft Heinz Co. (The) | 887 | 38,187 | ||||||
Mondelez International, Inc., Class A | 5,323 | 213,085 | ||||||
|
| |||||||
| 251,272 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.0% |
| |||||||
Abbott Laboratories | 1,586 | 114,705 | ||||||
Becton Dickinson and Co. | 901 | 203,025 | ||||||
Medtronic plc | 2,367 | 215,262 | ||||||
|
| |||||||
| 532,992 | ||||||||
|
| |||||||
Health Care Providers & Services — 1.0% |
| |||||||
CVS Health Corp. | 2,645 | 173,322 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 3.2% |
| |||||||
Las Vegas Sands Corp. | 1,552 | 80,788 | ||||||
McDonald’s Corp. | 1,765 | 313,460 | ||||||
Starbucks Corp. | 1,807 | 116,347 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,369 | 62,113 | ||||||
|
| |||||||
| 572,708 | ||||||||
|
| |||||||
Household Products — 0.9% |
| |||||||
Procter & Gamble Co. (The) | 1,812 | 166,536 | ||||||
|
| |||||||
Industrial Conglomerates — 1.7% |
| |||||||
3M Co. | 737 | 140,421 | ||||||
Honeywell International, Inc. | 1,186 | 156,681 | ||||||
|
| |||||||
| 297,102 | ||||||||
|
| |||||||
Insurance — 7.8% |
| |||||||
Arthur J Gallagher & Co. | 1,802 | 132,820 | ||||||
Chubb Ltd. | 1,259 | 162,595 | ||||||
Cincinnati Financial Corp. | 554 | 42,897 | ||||||
Hartford Financial Services Group, Inc. (The) | 5,707 | 253,698 | ||||||
Marsh & McLennan Cos., Inc. | 486 | 38,751 | ||||||
MetLife, Inc. | 4,687 | 192,469 | ||||||
Progressive Corp. (The) | 1,445 | 87,147 | ||||||
Prudential Financial, Inc. | 2,269 | 185,031 | ||||||
Travelers Cos., Inc. (The) | 2,505 | 299,995 | ||||||
|
| |||||||
| 1,395,403 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 21 | ||||||
Table of Contents
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
IT Services — 2.3% |
| |||||||
Accenture plc, Class A | 820 | 115,565 | ||||||
Automatic Data Processing, Inc. | 928 | 121,655 | ||||||
Fidelity National Information Services, Inc. | 1,730 | 177,406 | ||||||
|
| |||||||
| 414,626 | ||||||||
|
| |||||||
Leisure Products — 0.7% |
| |||||||
Hasbro, Inc. | 1,581 | 128,432 | ||||||
|
| |||||||
Machinery — 5.0% |
| |||||||
Deere & Co. | 315 | 47,038 | ||||||
Dover Corp. | 3,415 | 242,282 | ||||||
Illinois Tool Works, Inc. | 2,096 | 265,491 | ||||||
Parker-Hannifin Corp. | 993 | 148,143 | ||||||
Stanley Black & Decker, Inc. | 1,638 | 196,194 | ||||||
|
| |||||||
| 899,148 | ||||||||
|
| |||||||
Media — 1.9% |
| |||||||
Comcast Corp., Class A | 9,823 | 334,475 | ||||||
|
| |||||||
Multiline Retail — 0.7% |
| |||||||
Target Corp. | 1,992 | 131,646 | ||||||
|
| |||||||
Multi-Utilities — 2.5% |
| |||||||
CMS Energy Corp. | 3,115 | 154,672 | ||||||
DTE Energy Co. | 300 | 33,066 | ||||||
NiSource, Inc. | 5,255 | 133,209 | ||||||
Public Service Enterprise Group, Inc. | 2,257 | 117,501 | ||||||
|
| |||||||
| 438,448 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 8.1% |
| |||||||
Chevron Corp. | 5,251 | 571,242 | ||||||
ConocoPhillips | 6,259 | 390,279 | ||||||
Exxon Mobil Corp. | 1,499 | 102,225 | ||||||
Occidental Petroleum Corp. | 4,884 | 299,771 | ||||||
Valero Energy Corp. | 1,216 | 91,186 | ||||||
|
| |||||||
| 1,454,703 | ||||||||
|
| |||||||
Pharmaceuticals — 10.0% |
| |||||||
Bristol-Myers Squibb Co. | 4,076 | 211,848 | ||||||
Eli Lilly & Co. | 2,943 | 340,588 | ||||||
Johnson & Johnson | 2,358 | 304,242 | ||||||
Merck & Co., Inc. | 7,364 | 562,663 | ||||||
Pfizer, Inc. | 8,256 | 360,388 | ||||||
|
| |||||||
| 1,779,729 | ||||||||
|
| |||||||
Road & Rail — 1.1% |
| |||||||
Norfolk Southern Corp. | 1,311 | 196,058 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Semiconductors & Semiconductor Equipment — 3.3% |
| |||||||
Analog Devices, Inc. | 3,293 | 282,614 | ||||||
Texas Instruments, Inc. | 3,296 | 311,456 | ||||||
|
| |||||||
| 594,070 | ||||||||
|
| |||||||
Software — 2.3% |
| |||||||
Microsoft Corp. | 4,084 | 414,782 | ||||||
|
| |||||||
Specialty Retail — 2.3% |
| |||||||
Home Depot, Inc. (The) | 1,932 | 331,985 | ||||||
Tiffany & Co. | 1,077 | 86,718 | ||||||
|
| |||||||
| 418,703 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 1.2% |
| |||||||
Apple, Inc. | 1,332 | 210,075 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.4% |
| |||||||
VF Corp. | 975 | 69,577 | ||||||
|
| |||||||
Tobacco — 2.4% |
| |||||||
Altria Group, Inc. | 5,053 | 249,552 | ||||||
Philip Morris International, Inc. | 2,658 | 177,466 | ||||||
|
| |||||||
| 427,018 | ||||||||
|
| |||||||
Total Common Stocks | 17,483,518 | |||||||
|
| |||||||
Short-Term Investments — 3.5% | ||||||||
Investment Companies — 3.5% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 619,587 | 619,587 | ||||||
|
| |||||||
Total Investments — 101.2% | 18,103,105 | |||||||
Liabilities in Excess of | (209,334 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 17,893,771 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (b) | The rate shown is the current yield as of December 31, 2018. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 22 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Growth and Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.1% |
| |||||||
Aerospace & Defense — 1.4% |
| |||||||
General Dynamics Corp. | 28 | 4,402 | ||||||
United Technologies Corp. | 37 | 3,929 | ||||||
|
| |||||||
| 8,331 | ||||||||
|
| |||||||
Banks — 11.0% |
| |||||||
Bank of America Corp. | 693 | 17,073 | ||||||
BB&T Corp. | 123 | 5,341 | ||||||
Citigroup, Inc. | 92 | 4,777 | ||||||
Citizens Financial Group, Inc. | 88 | 2,607 | ||||||
Cullen/Frost Bankers, Inc. | 37 | 3,228 | ||||||
M&T Bank Corp. | 38 | 5,367 | ||||||
PNC Financial Services Group, Inc. (The) | 63 | 7,401 | ||||||
SunTrust Banks, Inc. | 116 | 5,861 | ||||||
US Bancorp | 127 | 5,813 | ||||||
Wells Fargo & Co. | 131 | 6,032 | ||||||
|
| |||||||
| 63,500 | ||||||||
|
| |||||||
Beverages — 0.3% |
| |||||||
Molson Coors Brewing Co., Class B | 36 | 2,016 | ||||||
|
| |||||||
Biotechnology — 0.9% |
| |||||||
Gilead Sciences, Inc. | 86 | 5,392 | ||||||
|
| |||||||
Capital Markets — 6.8% |
| |||||||
BlackRock, Inc. | 28 | 11,117 | ||||||
Charles Schwab Corp. (The) | 70 | 2,907 | ||||||
Goldman Sachs Group, Inc. (The) | 32 | 5,312 | ||||||
Morgan Stanley | 289 | 11,467 | ||||||
T. Rowe Price Group, Inc. | 93 | 8,586 | ||||||
|
| |||||||
| 39,389 | ||||||||
|
| |||||||
Chemicals — 2.5% |
| |||||||
Air Products & Chemicals, Inc. | 27 | 4,337 | ||||||
DowDuPont, Inc. | 186 | 9,926 | ||||||
|
| |||||||
| 14,263 | ||||||||
|
| |||||||
Consumer Finance — 1.7% |
| |||||||
Capital One Financial Corp. | 63 | 4,777 | ||||||
Discover Financial Services | 83 | 4,896 | ||||||
|
| |||||||
| 9,673 | ||||||||
|
| |||||||
Containers & Packaging — 1.1% |
| |||||||
Ball Corp. | 51 | 2,322 | ||||||
Sealed Air Corp. | 110 | 3,822 | ||||||
|
| |||||||
| 6,144 | ||||||||
|
| |||||||
Distributors — 0.8% |
| |||||||
Genuine Parts Co. | 46 | 4,407 | ||||||
|
| |||||||
Diversified Financial Services — 2.2% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 61 | 12,455 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Diversified Telecommunication Services — 1.5% |
| |||||||
Verizon Communications, Inc. | 151 | 8,473 | ||||||
|
| |||||||
Electric Utilities — 1.4% |
| |||||||
NextEra Energy, Inc. | 24 | 4,189 | ||||||
Xcel Energy, Inc. | 78 | 3,863 | ||||||
|
| |||||||
| 8,052 | ||||||||
|
| |||||||
Entertainment — 1.3% |
| |||||||
Walt Disney Co. (The) | 68 | 7,467 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 3.5% |
| |||||||
AvalonBay Communities, Inc. | 22 | 3,846 | ||||||
Crown Castle International Corp. | 22 | 2,390 | ||||||
Simon Property Group, Inc. | 24 | 3,998 | ||||||
Ventas, Inc. | 91 | 5,338 | ||||||
Vornado Realty Trust | 71 | 4,398 | ||||||
|
| |||||||
| 19,970 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.9% |
| |||||||
Walmart, Inc. | 55 | 5,086 | ||||||
|
| |||||||
Food Products — 0.8% |
| |||||||
Mondelez International, Inc., Class A | 110 | 4,391 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.8% |
| |||||||
Becton Dickinson and Co. | 26 | 5,836 | ||||||
Medtronic plc | 51 | 4,630 | ||||||
|
| |||||||
| 10,466 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.7% |
| |||||||
AmerisourceBergen Corp. | 35 | 2,634 | ||||||
CVS Health Corp. | 116 | 7,593 | ||||||
Humana, Inc. | 16 | 4,469 | ||||||
UnitedHealth Group, Inc. | 27 | 6,751 | ||||||
|
| |||||||
| 21,447 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.6% |
| |||||||
Royal Caribbean Cruises Ltd. | 35 | 3,452 | ||||||
|
| |||||||
Household Products — 1.2% |
| |||||||
Colgate-Palmolive Co. | 116 | 6,910 | ||||||
|
| |||||||
Industrial Conglomerates — 3.8% |
| |||||||
3M Co. | 57 | 10,918 | ||||||
Honeywell International, Inc. | 81 | 10,741 | ||||||
|
| |||||||
| 21,659 | ||||||||
|
| |||||||
Insurance — 4.7% |
| |||||||
Chubb Ltd. | 52 | 6,752 | ||||||
Hartford Financial Services Group, Inc. (The) | 225 | 10,014 | ||||||
Loews Corp. | 57 | 2,604 | ||||||
MetLife, Inc. | 84 | 3,441 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 23 | ||||||
Table of Contents
JPMorgan Growth and Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Insurance — Continued | ||||||||
Prudential Financial, Inc. | 54 | 4,412 | ||||||
|
| |||||||
| 27,223 | ||||||||
|
| |||||||
Interactive Media & Services — 1.4% |
| |||||||
Alphabet, Inc., Class C * | 8 | 8,149 | ||||||
|
| |||||||
IT Services — 0.9% |
| |||||||
Fidelity National Information Services, Inc. | 52 | 5,322 | ||||||
|
| |||||||
Machinery — 3.3% |
| |||||||
Dover Corp. | 50 | 3,534 | ||||||
Parker-Hannifin Corp. | 60 | 9,008 | ||||||
Stanley Black & Decker, Inc. | 57 | 6,789 | ||||||
|
| |||||||
| 19,331 | ||||||||
|
| |||||||
Media — 0.6% |
| |||||||
Comcast Corp., Class A | 75 | 2,544 | ||||||
DISH Network Corp., Class A * | 39 | 971 | ||||||
|
| |||||||
| 3,515 | ||||||||
|
| |||||||
Multiline Retail — 1.0% |
| |||||||
Target Corp. | 87 | 5,737 | ||||||
|
| |||||||
Multi-Utilities — 2.3% |
| |||||||
CMS Energy Corp. | 173 | 8,565 | ||||||
NiSource, Inc. | 83 | 2,099 | ||||||
Public Service Enterprise Group, Inc. | 50 | 2,602 | ||||||
|
| |||||||
| 13,266 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 9.5% |
| |||||||
Chevron Corp. | 111 | 12,076 | ||||||
ConocoPhillips | 146 | 9,108 | ||||||
EOG Resources, Inc. | 48 | 4,208 | ||||||
Exxon Mobil Corp. | 46 | 3,122 | ||||||
Marathon Petroleum Corp. | 37 | 2,183 | ||||||
Occidental Petroleum Corp. | 124 | 7,605 | ||||||
Phillips 66 | 44 | 3,799 | ||||||
Pioneer Natural Resources Co. | 22 | 2,946 | ||||||
Valero Energy Corp. | 69 | 5,136 | ||||||
Williams Cos., Inc. (The) | 193 | 4,260 | ||||||
|
| |||||||
| 54,443 | ||||||||
|
| |||||||
Pharmaceuticals — 8.3% |
| |||||||
Bristol-Myers Squibb Co. | 214 | 11,145 | ||||||
Eli Lilly & Co. | 52 | 6,029 | ||||||
Johnson & Johnson | 44 | 5,665 | ||||||
Merck & Co., Inc. | 217 | 16,594 | ||||||
Pfizer, Inc. | 188 | 8,215 | ||||||
|
| |||||||
| 47,648 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Road & Rail — 0.7% |
| |||||||
CSX Corp. | 31 | 1,907 | ||||||
Kansas City Southern | 20 | 1,890 | ||||||
|
| |||||||
| 3,797 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.5% |
| |||||||
Analog Devices, Inc. | 93 | 7,982 | ||||||
Applied Materials, Inc. | 99 | 3,244 | ||||||
Texas Instruments, Inc. | 94 | 8,855 | ||||||
|
| |||||||
| 20,081 | ||||||||
|
| |||||||
Software — 2.4% |
| |||||||
Microsoft Corp. | 134 | 13,590 | ||||||
|
| |||||||
Specialty Retail — 3.6% |
| |||||||
AutoZone, Inc. * | 7 | 5,625 | ||||||
Home Depot, Inc. (The) | 87 | 14,983 | ||||||
|
| |||||||
| 20,608 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 1.2% |
| |||||||
Apple, Inc. | 44 | 6,940 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.3% |
| |||||||
NIKE, Inc., Class B | 104 | 7,733 | ||||||
|
| |||||||
Tobacco — 2.5% |
| |||||||
Altria Group, Inc. | 170 | 8,391 | ||||||
Philip Morris International, Inc. | 92 | 6,109 | ||||||
|
| |||||||
| 14,500 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.7% |
| |||||||
Watsco, Inc. | 31 | 4,341 | ||||||
|
| |||||||
Total Common Stocks | 559,167 | |||||||
|
| |||||||
Short-Term Investments — 2.5% | ||||||||
Investment Companies — 2.5% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 14,319 | 14,319 | ||||||
|
| |||||||
Total Investments — 99.6% | 573,486 | |||||||
Other Assets Less Liabilities — 0.4% | 2,113 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 575,599 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (b) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 24 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.6% |
| |||||||
Aerospace & Defense — 2.0% |
| |||||||
Boeing Co. (The) | 44 | 14,168 | ||||||
General Dynamics Corp. (a) | 164 | 25,849 | ||||||
Northrop Grumman Corp. (a) | 47 | 11,625 | ||||||
United Technologies Corp. (a) | 149 | 15,877 | ||||||
|
| |||||||
| 67,519 | ||||||||
|
| |||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | 230 | 11,491 | ||||||
United Continental Holdings, Inc. * | 38 | 3,214 | ||||||
|
| |||||||
| 14,705 | ||||||||
|
| |||||||
Auto Components — 0.4% |
| |||||||
Aptiv plc | 62 | 3,795 | ||||||
BorgWarner, Inc. | 70 | 2,437 | ||||||
Magna International, Inc. (Canada) | 182 | 8,285 | ||||||
|
| |||||||
| 14,517 | ||||||||
|
| |||||||
Automobiles — 0.2% |
| |||||||
Ford Motor Co. | 792 | 6,061 | ||||||
|
| |||||||
Banks — 4.9% |
| |||||||
Bank of America Corp. (a) | 2,114 | 52,085 | ||||||
Citigroup, Inc. | 613 | 31,905 | ||||||
Citizens Financial Group, Inc. | 129 | 3,836 | ||||||
Huntington Bancshares, Inc. | 400 | 4,773 | ||||||
KeyCorp (a) | 1,130 | 16,702 | ||||||
Regions Financial Corp. | 375 | 5,023 | ||||||
SunTrust Banks, Inc. | 300 | 15,151 | ||||||
Wells Fargo & Co. (a) | 753 | 34,679 | ||||||
|
| |||||||
| 164,154 | ||||||||
|
| |||||||
Beverages — 2.9% |
| |||||||
Coca-Cola Co. (The) (a) | 888 | 42,055 | ||||||
Constellation Brands, Inc., Class A | 11 | 1,814 | ||||||
Molson Coors Brewing Co., Class B (a) | 245 | 13,751 | ||||||
PepsiCo, Inc. (a) | 340 | 37,613 | ||||||
|
| |||||||
| 95,233 | ||||||||
|
| |||||||
Biotechnology — 2.4% |
| |||||||
AbbVie, Inc. (a) | 89 | 8,247 | ||||||
Alexion Pharmaceuticals, Inc. * | 98 | 9,543 | ||||||
Amgen, Inc. | 47 | 9,062 | ||||||
Biogen, Inc. * | 47 | 14,228 | ||||||
Celgene Corp. * | 158 | 10,096 | ||||||
Gilead Sciences, Inc. | 245 | 15,313 | ||||||
Vertex Pharmaceuticals, Inc. * | 88 | 14,599 | ||||||
|
| |||||||
| 81,088 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Building Products — 0.3% |
| |||||||
Masco Corp. | 365 | 10,685 | ||||||
|
| |||||||
Capital Markets — 3.4% |
| |||||||
Bank of New York Mellon Corp. (The) | 69 | 3,244 | ||||||
BlackRock, Inc. | 9 | 3,453 | ||||||
Charles Schwab Corp. (The) (a) | 332 | 13,805 | ||||||
CME Group, Inc. | 58 | 10,890 | ||||||
Goldman Sachs Group, Inc. (The) | 62 | 10,360 | ||||||
Intercontinental Exchange, Inc. | 216 | 16,276 | ||||||
Morgan Stanley (a) | 732 | 29,019 | ||||||
State Street Corp. (a) | 66 | 4,151 | ||||||
T. Rowe Price Group, Inc. (a) | 123 | 11,376 | ||||||
TD Ameritrade Holding Corp. | 245 | 11,994 | ||||||
|
| |||||||
| 114,568 | ||||||||
|
| |||||||
Chemicals — 2.0% |
| |||||||
Celanese Corp. | 96 | 8,611 | ||||||
DowDuPont, Inc. (a) | 708 | 37,855 | ||||||
Eastman Chemical Co. | 215 | 15,709 | ||||||
Linde plc (United Kingdom) | 39 | 6,040 | ||||||
|
| |||||||
| 68,215 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.1% |
| |||||||
Cintas Corp. | 10 | 1,661 | ||||||
|
| |||||||
Communications Equipment — 0.4% |
| |||||||
Cisco Systems, Inc. | 225 | 9,741 | ||||||
Motorola Solutions, Inc. | 16 | 1,862 | ||||||
|
| |||||||
| 11,603 | ||||||||
|
| |||||||
Consumer Finance — 0.8% |
| |||||||
American Express Co. | 53 | 5,064 | ||||||
Capital One Financial Corp. | 280 | 21,163 | ||||||
|
| |||||||
| 26,227 | ||||||||
|
| |||||||
Containers & Packaging — 0.4% |
| |||||||
Avery Dennison Corp. | 47 | 4,238 | ||||||
Packaging Corp. of America | 21 | 1,730 | ||||||
Westrock Co. | 220 | 8,303 | ||||||
|
| |||||||
| 14,271 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.1% |
| |||||||
H&R Block, Inc. | 64 | 1,636 | ||||||
|
| |||||||
Diversified Financial Services — 1.7% |
| |||||||
Berkshire Hathaway, Inc., Class B * (a) | 284 | 58,059 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.6% |
| |||||||
AT&T, Inc. (a) | 374 | 10,684 | ||||||
Verizon Communications, Inc. (a) | 759 | 42,652 | ||||||
|
| |||||||
| 53,336 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 25 | ||||||
Table of Contents
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Electric Utilities — 2.6% |
| |||||||
Evergy, Inc. | 46 | 2,607 | ||||||
Exelon Corp. | 548 | 24,733 | ||||||
NextEra Energy, Inc. (a) | 202 | 35,091 | ||||||
PG&E Corp. * | 46 | 1,089 | ||||||
Xcel Energy, Inc. | 466 | 22,950 | ||||||
|
| |||||||
| 86,470 | ||||||||
|
| |||||||
Electrical Equipment — 0.7% |
| |||||||
Eaton Corp. plc (a) | 320 | 21,981 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.1% |
| |||||||
TE Connectivity Ltd. | 54 | 4,055 | ||||||
|
| |||||||
Entertainment — 2.2% |
| |||||||
Electronic Arts, Inc. * | 170 | 13,393 | ||||||
Netflix, Inc. * | 82 | 21,846 | ||||||
Walt Disney Co. (The) (a) | 356 | 39,026 | ||||||
|
| |||||||
| 74,265 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.2% |
| |||||||
AvalonBay Communities, Inc. | 88 | 15,388 | ||||||
Digital Realty Trust, Inc. | 25 | 2,618 | ||||||
Equinix, Inc. | 14 | 4,911 | ||||||
Equity Residential | 67 | 4,446 | ||||||
Federal Realty Investment Trust | 60 | 7,092 | ||||||
Host Hotels & Resorts, Inc. | 273 | 4,551 | ||||||
Prologis, Inc. | 306 | 17,957 | ||||||
Ventas, Inc. | 79 | 4,631 | ||||||
Vornado Realty Trust | 192 | 11,891 | ||||||
|
| |||||||
| 73,485 | ||||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Mondelez International, Inc., Class A (a) | 760 | 30,417 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 3.5% |
| |||||||
Becton Dickinson and Co. (a) | 46 | 10,423 | ||||||
Boston Scientific Corp. * (a) | 959 | 33,891 | ||||||
Danaher Corp. | 94 | 9,719 | ||||||
Intuitive Surgical, Inc. * | 13 | 6,173 | ||||||
Medtronic plc | 354 | 32,158 | ||||||
Zimmer Biomet Holdings, Inc. | 224 | 23,196 | ||||||
|
| |||||||
| 115,560 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.5% |
| |||||||
Anthem, Inc. | 70 | 18,329 | ||||||
Cigna Corp. | 163 | 30,911 | ||||||
CVS Health Corp. | 224 | 14,686 | ||||||
UnitedHealth Group, Inc. (a) | 215 | 53,576 | ||||||
|
| |||||||
| 117,502 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Hotels, Restaurants & Leisure — 0.9% |
| |||||||
Hilton Worldwide Holdings, Inc. | 146 | 10,490 | ||||||
Royal Caribbean Cruises Ltd. | 34 | 3,335 | ||||||
Yum! Brands, Inc. | 181 | 16,617 | ||||||
|
| |||||||
| 30,442 | ||||||||
|
| |||||||
Household Durables — 0.2% |
| |||||||
Lennar Corp., Class A | 196 | 7,669 | ||||||
|
| |||||||
Household Products — 0.5% |
| |||||||
Procter & Gamble Co. (The) | 192 | 17,677 | ||||||
|
| |||||||
Industrial Conglomerates — 1.0% |
| |||||||
Honeywell International, Inc. | 263 | 34,773 | ||||||
|
| |||||||
Insurance — 2.5% |
| |||||||
Allstate Corp. (The) | 57 | 4,735 | ||||||
American International Group, Inc. | 462 | 18,216 | ||||||
Everest Re Group Ltd. | 21 | 4,658 | ||||||
Hartford Financial Services Group, Inc. (The) | 286 | 12,724 | ||||||
Lincoln National Corp. | 201 | 10,315 | ||||||
Marsh & McLennan Cos., Inc. | 59 | 4,666 | ||||||
MetLife, Inc. (a) | 423 | 17,376 | ||||||
Principal Financial Group, Inc. | 77 | 3,419 | ||||||
Prudential Financial, Inc. | 75 | 6,106 | ||||||
|
| |||||||
| 82,215 | ||||||||
|
| |||||||
Interactive Media & Services — 4.3% |
| |||||||
Alphabet, Inc., Class A * (a) | 58 | 60,158 | ||||||
Alphabet, Inc., Class C * (a) | 56 | 57,901 | ||||||
Facebook, Inc., Class A * (a) | 204 | 26,752 | ||||||
|
| |||||||
| 144,811 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 3.8% |
| |||||||
Amazon.com, Inc. * (a) | 72 | 107,706 | ||||||
Booking Holdings, Inc. * | 4 | 7,303 | ||||||
Expedia Group, Inc. | 112 | 12,608 | ||||||
|
| |||||||
| 127,617 | ||||||||
|
| |||||||
IT Services — 4.4% |
| |||||||
Accenture plc, Class A (a) | 27 | 3,831 | ||||||
Alliance Data Systems Corp. | 33 | 4,981 | ||||||
Automatic Data Processing, Inc. | 249 | 32,598 | ||||||
Fidelity National Information Services, Inc. (a) | 202 | 20,742 | ||||||
First Data Corp., Class A * | 155 | 2,619 | ||||||
Mastercard, Inc., Class A | 53 | 9,970 | ||||||
PayPal Holdings, Inc. * | 328 | 27,584 | ||||||
Visa, Inc., Class A (a) | 336 | 44,302 | ||||||
|
| |||||||
| 146,627 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 26 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Life Sciences Tools & Services — 0.7% |
| |||||||
Agilent Technologies, Inc. | 51 | 3,471 | ||||||
Illumina, Inc. * | 24 | 7,147 | ||||||
Thermo Fisher Scientific, Inc. | 62 | 13,806 | ||||||
|
| |||||||
| 24,424 | ||||||||
|
| |||||||
Machinery — 2.7% |
| |||||||
Caterpillar, Inc. | 154 | 19,631 | ||||||
Cummins, Inc. | 73 | 9,782 | ||||||
Deere & Co. | 48 | 7,135 | ||||||
Ingersoll-Rand plc (a) | 139 | 12,721 | ||||||
PACCAR, Inc. (a) | 265 | 15,138 | ||||||
Snap-on, Inc. | 74 | 10,727 | ||||||
Stanley Black & Decker, Inc. | 118 | 14,177 | ||||||
|
| |||||||
| 89,311 | ||||||||
|
| |||||||
Media — 1.9% |
| |||||||
Charter Communications, Inc., Class A * (a) | 80 | 22,738 | ||||||
Comcast Corp., Class A (a) | 901 | 30,684 | ||||||
Discovery, Inc., Class A * (a) | 255 | 6,300 | ||||||
DISH Network Corp., Class A * | 94 | 2,352 | ||||||
|
| |||||||
| 62,074 | ||||||||
|
| |||||||
Metals & Mining — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 309 | 3,189 | ||||||
Newmont Mining Corp. | 75 | 2,615 | ||||||
|
| |||||||
| 5,804 | ||||||||
|
| |||||||
Multiline Retail — 0.9% |
| |||||||
Dollar General Corp. | 182 | 19,660 | ||||||
Dollar Tree, Inc. * | 72 | 6,465 | ||||||
Macy’s, Inc. | 161 | 4,789 | ||||||
|
| |||||||
| 30,914 | ||||||||
|
| |||||||
Multi-Utilities — 0.8% |
| |||||||
Ameren Corp. | 69 | 4,522 | ||||||
Public Service Enterprise Group, Inc. | 77 | 4,018 | ||||||
Sempra Energy | 155 | 16,749 | ||||||
|
| |||||||
| 25,289 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.3% |
| |||||||
Chevron Corp. (a) | 420 | 45,679 | ||||||
Concho Resources, Inc. * | 36 | 3,744 | ||||||
Diamondback Energy, Inc. | 149 | 13,796 | ||||||
EOG Resources, Inc. (a) | 286 | 24,931 | ||||||
Exxon Mobil Corp. (a) | 215 | 14,647 | ||||||
Marathon Petroleum Corp. (a) | 397 | 23,446 | ||||||
Occidental Petroleum Corp. (a) | 321 | 19,718 | ||||||
ONEOK, Inc. | 205 | 11,072 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued |
| |||||||
Parsley Energy, Inc., Class A * | 94 | 1,497 | ||||||
Pioneer Natural Resources Co. (a) | 145 | 19,035 | ||||||
|
| |||||||
| 177,565 | ||||||||
|
| |||||||
Personal Products — 0.3% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | 86 | 11,190 | ||||||
|
| |||||||
Pharmaceuticals — 5.5% |
| |||||||
Allergan plc | 66 | 8,878 | ||||||
Bristol-Myers Squibb Co. | 220 | 11,414 | ||||||
Eli Lilly & Co. | 228 | 26,357 | ||||||
Johnson & Johnson (a) | 327 | 42,157 | ||||||
Merck & Co., Inc. (a) | 472 | 36,087 | ||||||
Mylan NV* | 83 | 2,284 | ||||||
Nektar Therapeutics * | 30 | 994 | ||||||
Pfizer, Inc. (a) | 1,224 | 53,446 | ||||||
Zoetis, Inc. | 21 | 1,785 | ||||||
|
| |||||||
| 183,402 | ||||||||
|
| |||||||
Road & Rail — 2.0% |
| |||||||
Norfolk Southern Corp. (a) | 197 | 29,443 | ||||||
Union Pacific Corp. (a) | 275 | 38,039 | ||||||
|
| |||||||
| 67,482 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.0% |
| |||||||
Analog Devices, Inc. (a) | 423 | 36,340 | ||||||
Broadcom, Inc. | 82 | 20,818 | ||||||
Intel Corp. | 150 | 7,020 | ||||||
Microchip Technology, Inc. | 33 | 2,371 | ||||||
Micron Technology, Inc. * | 74 | 2,346 | ||||||
NVIDIA Corp. (a) | 169 | 22,604 | ||||||
Texas Instruments, Inc. (a) | 441 | 41,634 | ||||||
|
| |||||||
| 133,133 | ||||||||
|
| |||||||
Software — 7.4% |
| |||||||
Adobe, Inc.* | 90 | 20,339 | ||||||
Microsoft Corp. (a) | 1,521 | 154,462 | ||||||
Oracle Corp. (a) | 513 | 23,161 | ||||||
salesforce.com, Inc. * (a) | 270 | 36,976 | ||||||
Workday, Inc., Class A * | 68 | 10,913 | ||||||
|
| |||||||
| 245,851 | ||||||||
|
| |||||||
Specialty Retail — 4.3% |
| |||||||
Advance Auto Parts, Inc. | 43 | 6,842 | ||||||
AutoZone, Inc. * (a) | 32 | 26,877 | ||||||
Best Buy Co., Inc. | 208 | 10,996 | ||||||
Home Depot, Inc. (The) (a) | 236 | 40,622 | ||||||
Lowe’s Cos., Inc. | 150 | 13,875 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 27 | ||||||
Table of Contents
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — Continued | ||||||||
O’Reilly Automotive, Inc. * | 46 | 15,729 | ||||||
Ross Stores, Inc. | 321 | 26,698 | ||||||
Tiffany & Co. | 10 | 772 | ||||||
|
| |||||||
| 142,411 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 4.1% |
| |||||||
Apple, Inc. (a) | 715 | 112,778 | ||||||
Hewlett Packard Enterprise Co. | 957 | 12,638 | ||||||
HP, Inc. (a) | 533 | 10,914 | ||||||
|
| |||||||
| 136,330 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.3% |
| |||||||
NIKE, Inc., Class B | 10 | 767 | ||||||
PVH Corp. | 105 | 9,776 | ||||||
|
| |||||||
| 10,543 | ||||||||
|
| |||||||
Tobacco — 1.3% |
| |||||||
Altria Group, Inc. | 257 | 12,699 | ||||||
Philip Morris International, Inc. (a) | 461 | 30,782 | ||||||
|
| |||||||
| 43,481 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.1% |
| |||||||
HD Supply Holdings, Inc. * | 93 | 3,485 | ||||||
United Rentals, Inc. * | 10 | 1,025 | ||||||
|
| |||||||
| 4,510 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.5% |
| |||||||
T-Mobile US, Inc. * | 238 | 15,127 | ||||||
|
| |||||||
Total Common Stocks | 3,327,945 | |||||||
|
| |||||||
| INVESTMENTS | NO. OF CONTRACTS | VALUE ($000) | ||||||
Options Purchased — 2.4% |
| |||||||
Put Options Purchased — 2.4% |
| |||||||
Index Funds — 2.4% |
| |||||||
S&P 500 Index | 13,736 | 79,257 | ||||||
|
| |||||||
| SHARES (000) | ||||||||
Short-Term Investments — 4.4% |
| |||||||
Investment Companies — 4.4% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 145,694 | 145,694 | ||||||
|
| |||||||
Total Investments — 106.4% | 3,552,896 | |||||||
Liabilities in Excess of | (213,040 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 3,339,856 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
Abbreviations | ||
| USD | United States Dollar | |
| (a) | All or a portion of the security is segregated for options written. | |
| (b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (c) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. | |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
| S&P 500 E-Mini Index | 906 | 03/2019 | USD | 113,386 | (260 | ) | ||||||||||||||
|
| |||||||||||||||||||
| (260 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Abbreviations
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 28 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Written Call Options Contracts as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||||||
| DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) | ||||||||||||||||
| S&P 500 Index | Exchange Traded | 13,736 | USD 3,443,409 | USD 2,605 | 3/29/2019 | (77,608 | ) | |||||||||||||||
|
| |||||||||||||||||||||
| (77,608 | ) | |||||||||||||||||||||
|
| |||||||||||||||||||||
| Written Put Options Contracts as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||||||
| DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) | ||||||||||||||||
| S&P 500 Index | Exchange Traded | 13,736 | USD 3,443,409 | USD 1,990 | 3/29/2019 | (12,981 | ) | |||||||||||||||
|
| |||||||||||||||||||||
| (12,981 | ) | |||||||||||||||||||||
|
| |||||||||||||||||||||
Total Written Options Contracts (Premiums Received $84,806) |
| (90,589 | ) | |||||||||||||||||||
|
| |||||||||||||||||||||
Abbreviations
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 29 | ||||||
Table of Contents
JPMorgan Large Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.4% |
| |||||||
Aerospace & Defense — 3.1% |
| |||||||
Boeing Co. (The) | 1,192 | 384,549 | ||||||
|
| |||||||
Airlines — 0.7% |
| |||||||
Delta Air Lines, Inc. | 327 | 16,317 | ||||||
Southwest Airlines Co. | 1,491 | 69,295 | ||||||
|
| |||||||
| 85,612 | ||||||||
|
| |||||||
Automobiles — 0.6% |
| |||||||
Tesla, Inc. * (a) | 224 | 74,614 | ||||||
|
| |||||||
Banks — 0.2% |
| |||||||
SVB Financial Group * | 155 | 29,457 | ||||||
|
| |||||||
Beverages — 1.5% |
| |||||||
Constellation Brands, Inc., Class A | 509 | 81,793 | ||||||
Monster Beverage Corp. * | 2,279 | 112,150 | ||||||
|
| |||||||
| 193,943 | ||||||||
|
| |||||||
Biotechnology — 1.6% |
| |||||||
Regeneron Pharmaceuticals, Inc. * | 39 | 14,417 | ||||||
Vertex Pharmaceuticals, Inc. * | 1,151 | 190,779 | ||||||
|
| |||||||
| 205,196 | ||||||||
|
| |||||||
Capital Markets — 4.0% |
| |||||||
Charles Schwab Corp. (The) | 3,247 | 134,841 | ||||||
Intercontinental Exchange, Inc. | 1,239 | 93,328 | ||||||
S&P Global, Inc. | 1,575 | 267,638 | ||||||
|
| |||||||
| 495,807 | ||||||||
|
| |||||||
Chemicals — 1.0% |
| |||||||
Ecolab, Inc. | 86 | 12,672 | ||||||
Sherwin-Williams Co. (The) | 297 | 116,779 | ||||||
|
| |||||||
| 129,451 | ||||||||
|
| |||||||
Electrical Equipment — 0.3% |
| |||||||
Rockwell Automation, Inc. | 269 | 40,539 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.4% |
| |||||||
Amphenol Corp., Class A | 571 | 46,238 | ||||||
|
| |||||||
Entertainment — 4.3% |
| |||||||
Activision Blizzard, Inc. | 2,535 | 118,055 | ||||||
Electronic Arts, Inc. * | 235 | 18,510 | ||||||
Netflix, Inc.* | 1,484 | 397,288 | ||||||
|
| |||||||
| 533,853 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% |
| |||||||
Equinix, Inc. | 232 | 81,917 | ||||||
|
| |||||||
Food & Staples Retailing — 1.1% |
| |||||||
Costco Wholesale Corp. | 658 | 134,021 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Equipment & Supplies — 9.8% |
| |||||||
ABIOMED, Inc. * | 289 | 94,067 | ||||||
Becton Dickinson and Co. | 722 | 162,613 | ||||||
Boston Scientific Corp. * | 8,759 | 309,529 | ||||||
DexCom, Inc. * | 2,179 | 261,092 | ||||||
Intuitive Surgical, Inc. * | 832 | 398,306 | ||||||
|
| |||||||
| 1,225,607 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.7% |
| |||||||
UnitedHealth Group, Inc. | 1,350 | 336,318 | ||||||
|
| |||||||
Health Care Technology — 0.7% |
| |||||||
Veeva Systems, Inc., Class A * | 1,054 | 94,143 | ||||||
|
| |||||||
Industrial Conglomerates — 2.8% |
| |||||||
Honeywell International, Inc. | 863 | 113,980 | ||||||
Roper Technologies, Inc. | 903 | 240,694 | ||||||
|
| |||||||
| 354,674 | ||||||||
|
| |||||||
Interactive Media & Services — 6.7% |
| |||||||
Alphabet, Inc., Class C * | 572 | 592,330 | ||||||
Facebook, Inc., Class A * | 395 | 51,718 | ||||||
Match Group, Inc. (a) | 2,691 | 115,107 | ||||||
Twitter, Inc. * | 2,889 | 83,030 | ||||||
|
| |||||||
| 842,185 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 9.3% |
| |||||||
Amazon.com, Inc. * | 536 | 805,214 | ||||||
Booking Holdings, Inc. * | 35 | 60,440 | ||||||
GrubHub, Inc. * (a) | 1,205 | 92,571 | ||||||
MercadoLibre, Inc. (Argentina) (a) | 468 | 136,907 | ||||||
Wayfair, Inc., Class A * (a) | 755 | 68,047 | ||||||
|
| |||||||
| 1,163,179 | ||||||||
|
| |||||||
IT Services — 13.6% |
| |||||||
Mastercard, Inc., Class A | 3,041 | 573,741 | ||||||
PayPal Holdings, Inc. * | 4,508 | 379,099 | ||||||
Shopify, Inc., Class A (Canada) * (a) | 537 | 74,389 | ||||||
Square, Inc., Class A * | 1,967 | 110,352 | ||||||
Visa, Inc., Class A (a) | 2,674 | 352,847 | ||||||
Worldpay, Inc. * | 2,876 | 219,836 | ||||||
|
| |||||||
| 1,710,264 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 3.5% |
| |||||||
Illumina, Inc.* | 851 | 255,173 | ||||||
Thermo Fisher Scientific, Inc. | 801 | 179,225 | ||||||
| �� |
|
| ||||||
| 434,398 | ||||||||
|
| |||||||
Personal Products — 1.6% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | 1,541 | 200,419 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 30 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Professional Services — 1.0% |
| |||||||
CoStar Group, Inc. * | 357 | 120,262 | ||||||
|
| |||||||
Road & Rail — 0.9% |
| |||||||
Norfolk Southern Corp. | 767 | 114,682 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.9% |
| |||||||
Advanced Micro Devices, Inc. * (a) | 3,640 | 67,202 | ||||||
Applied Materials, Inc. | 3,258 | 106,674 | ||||||
NVIDIA Corp. | 1,373 | 183,358 | ||||||
Texas Instruments, Inc. | 1,443 | 136,382 | ||||||
|
| |||||||
| 493,616 | ||||||||
|
| |||||||
Software — 12.6% |
| |||||||
Adobe, Inc. * | 342 | 77,374 | ||||||
Atlassian Corp. plc, Class A * | 1,141 | 101,535 | ||||||
Microsoft Corp. | 5,979 | 607,267 | ||||||
salesforce.com, Inc. * | 2,551 | 349,342 | ||||||
ServiceNow, Inc. * | 1,982 | 352,904 | ||||||
Trade Desk, Inc. (The), Class A * (a) | 837 | 97,154 | ||||||
|
| |||||||
| 1,585,576 | ||||||||
|
| |||||||
Specialty Retail — 3.9% |
| |||||||
Home Depot, Inc. (The) | 1,609 | 276,482 | ||||||
Ross Stores, Inc. | 2,549 | 212,108 | ||||||
|
| |||||||
| 488,590 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 5.2% |
| |||||||
Apple, Inc. | 4,094 | 645,758 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.7% |
| |||||||
Lululemon Athletica, Inc. * | 1,741 | 211,674 | ||||||
|
| |||||||
Total Common Stocks | 12,456,542 | |||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 0.5% |
| |||||||
Investment Companies — 0.5% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 59,117 | 59,117 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 2.6% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | 275,528 | 275,500 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 52,074 | 52,074 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 327,574 | |||||||
|
| |||||||
Total Investments — 102.5% | 12,843,233 | |||||||
Liabilities in Excess of | (309,939 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 12,533,294 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $321,421,000. | |
| (b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (c) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 31 | ||||||
Table of Contents
JPMorgan Large Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 95.7% | ||||||||
Aerospace & Defense — 1.2% | ||||||||
General Dynamics Corp. | 109 | 17,104 | ||||||
|
| |||||||
Airlines — 1.9% |
| |||||||
Southwest Airlines Co. | 556 | 25,848 | ||||||
|
| |||||||
Auto Components — 2.1% |
| |||||||
American Axle & Manufacturing Holdings, Inc. * | 456 | 5,056 | ||||||
BorgWarner, Inc. | 227 | 7,900 | ||||||
Delphi Technologies plc | 544 | 7,787 | ||||||
Lear Corp. | 45 | 5,554 | ||||||
Visteon Corp. * (a) | 54 | 3,255 | ||||||
|
| |||||||
| 29,552 | ||||||||
|
| |||||||
Automobiles — 0.5% |
| |||||||
General Motors Co. | 223 | 7,453 | ||||||
|
| |||||||
Banks — 12.9% |
| |||||||
Bank of America Corp. | 2,236 | 55,097 | ||||||
Cathay General Bancorp | 99 | 3,309 | ||||||
Citigroup, Inc. | 280 | 14,578 | ||||||
Citizens Financial Group, Inc. | 516 | 15,350 | ||||||
Comerica, Inc. | 98 | 6,732 | ||||||
East West Bancorp, Inc. | 158 | 6,895 | ||||||
First Republic Bank | 70 | 6,057 | ||||||
Huntington Bancshares, Inc. | 529 | 6,303 | ||||||
IBERIABANK Corp. | 87 | 5,586 | ||||||
KeyCorp | 1,786 | 26,399 | ||||||
Regions Financial Corp. | 434 | 5,807 | ||||||
SVB Financial Group * | 47 | 8,907 | ||||||
Wells Fargo & Co. | 422 | 19,426 | ||||||
|
| |||||||
| 180,446 | ||||||||
|
| |||||||
Biotechnology — 1.0% |
| |||||||
Alexion Pharmaceuticals, Inc. * | 52 | 5,014 | ||||||
Biogen, Inc. * | 12 | 3,641 | ||||||
Gilead Sciences, Inc. | 90 | 5,605 | ||||||
|
| |||||||
| 14,260 | ||||||||
|
| |||||||
Building Products — 0.2% |
| |||||||
Owens Corning | 62 | 2,709 | ||||||
|
| |||||||
Capital Markets — 3.1% |
| |||||||
Morgan Stanley | 848 | 33,603 | ||||||
State Street Corp. | 163 | 10,287 | ||||||
|
| |||||||
| 43,890 | ||||||||
|
| |||||||
Chemicals — 6.7% |
| |||||||
Celanese Corp. | 227 | 20,423 | ||||||
DowDuPont, Inc. | 253 | 13,506 | ||||||
Eastman Chemical Co. | 324 | 23,710 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Chemicals — continued | ||||||||
FMC Corp. | 492 | 36,403 | ||||||
|
| |||||||
| 94,042 | ||||||||
|
| |||||||
Consumer Finance — 0.3% |
| |||||||
Ally Financial, Inc. | 186 | 4,219 | ||||||
|
| |||||||
Containers & Packaging — 1.6% |
| |||||||
Avery Dennison Corp. | 64 | 5,749 | ||||||
Crown Holdings, Inc. * (a) | 392 | 16,296 | ||||||
|
| |||||||
| 22,045 | ||||||||
|
| |||||||
Diversified Financial Services — 2.3% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 156 | 31,852 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.9% |
| |||||||
Verizon Communications, Inc. | 233 | 13,122 | ||||||
|
| |||||||
Electrical Equipment — 1.6% |
| |||||||
Eaton Corp. plc | 324 | 22,266 | ||||||
|
| |||||||
Entertainment — 0.7% |
| |||||||
Electronic Arts, Inc. * | 115 | 9,059 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.7% |
| |||||||
American Campus Communities, Inc. | 96 | 3,953 | ||||||
Brixmor Property Group, Inc. | 343 | 5,034 | ||||||
Mid-America Apartment Communities, Inc. | 81 | 7,723 | ||||||
Prologis, Inc. | 116 | 6,806 | ||||||
|
| |||||||
| 23,516 | ||||||||
|
| |||||||
Food Products — 1.5% |
| |||||||
Mondelez International, Inc., Class A | 517 | 20,703 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.1% |
| |||||||
Boston Scientific Corp. * | 170 | 6,022 | ||||||
Medtronic plc | 37 | 3,384 | ||||||
Zimmer Biomet Holdings, Inc. | 192 | 19,945 | ||||||
|
| |||||||
| 29,351 | ||||||||
|
| |||||||
Health Care Providers & Services — 6.7% |
| |||||||
Cigna Corp. | 262 | 49,797 | ||||||
CVS Health Corp. | 580 | 37,995 | ||||||
Universal Health Services, Inc., Class B | 55 | 6,422 | ||||||
|
| |||||||
| 94,214 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.3% |
| |||||||
Caesars Entertainment Corp. * (a) | 1,347 | 9,145 | ||||||
International Game Technology plc (a) | 177 | 2,592 | ||||||
Royal Caribbean Cruises Ltd. | 69 | 6,699 | ||||||
|
| |||||||
| 18,436 | ||||||||
|
| |||||||
Household Durables — 2.8% |
| |||||||
Lennar Corp., Class A | 986 | 38,606 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 32 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Insurance — 4.8% |
| |||||||
American International Group, Inc. | 163 | 6,432 | ||||||
Athene Holding Ltd., Class A * | 356 | 14,164 | ||||||
Hartford Financial Services Group, Inc. (The) | 107 | 4,765 | ||||||
Lincoln National Corp. | 684 | 35,070 | ||||||
Principal Financial Group, Inc. | 133 | 5,879 | ||||||
|
| |||||||
| 66,310 | ||||||||
|
| |||||||
Interactive Media & Services — 1.0% |
| |||||||
Alphabet, Inc., Class A * | 13 | 13,375 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.4% |
| |||||||
Expedia Group, Inc. | 179 | 20,142 | ||||||
|
| |||||||
Machinery — 2.9% |
| |||||||
Ingersoll-Rand plc | 57 | 5,200 | ||||||
PACCAR, Inc. | 431 | 24,645 | ||||||
Stanley Black & Decker, Inc. | 85 | 10,130 | ||||||
|
| |||||||
| 39,975 | ||||||||
|
| |||||||
Media — 6.1% |
| |||||||
Altice USA, Inc., Class A | 612 | 10,110 | ||||||
Charter Communications, Inc., Class A * | 104 | 29,580 | ||||||
Comcast Corp., Class A | 1,327 | 45,191 | ||||||
|
| |||||||
| 84,881 | ||||||||
|
| |||||||
Metals & Mining — 0.6% |
| |||||||
United States Steel Corp. | 459 | 8,363 | ||||||
|
| |||||||
Multiline Retail — 0.8% |
| |||||||
Dollar Tree, Inc. * | 115 | 10,396 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 11.9% |
| |||||||
Chevron Corp. | 242 | 26,327 | ||||||
Concho Resources, Inc. * | 113 | 11,595 | ||||||
Diamondback Energy, Inc. | 231 | 21,386 | ||||||
EOG Resources, Inc. | 64 | 5,555 | ||||||
Marathon Petroleum Corp. | 413 | 24,383 | ||||||
Occidental Petroleum Corp. | 487 | 29,886 | ||||||
Parsley Energy, Inc., Class A * | 127 | 2,034 | ||||||
Pioneer Natural Resources Co. | 223 | 29,263 | ||||||
TransCanada Corp. (Canada) | 437 | 15,601 | ||||||
|
| |||||||
| 166,030 | ||||||||
|
| |||||||
Pharmaceuticals — 5.5% |
| |||||||
Bristol-Myers Squibb Co. | 156 | 8,093 | ||||||
Johnson & Johnson | 52 | 6,724 | ||||||
Merck & Co., Inc. | 270 | 20,623 | ||||||
Pfizer, Inc. | 958 | 41,812 | ||||||
|
| |||||||
| 77,252 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Semiconductors & Semiconductor Equipment — 3.0% |
| |||||||
Analog Devices, Inc. | 178 | 15,295 | ||||||
NXP Semiconductors NV (Netherlands) | 248 | 18,203 | ||||||
Texas Instruments, Inc. | 94 | 8,873 | ||||||
|
| |||||||
| 42,371 | ||||||||
|
| |||||||
Software — 0.3% |
| |||||||
LogMeIn, Inc. | 54 | 4,437 | ||||||
|
| |||||||
Specialty Retail — 0.5% |
| |||||||
Best Buy Co., Inc. | 97 | 5,153 | ||||||
Tiffany & Co. (a) | 29 | 2,311 | ||||||
|
| |||||||
| 7,464 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.1% |
| |||||||
PVH Corp. | 96 | 8,876 | ||||||
Tapestry, Inc. | 195 | 6,568 | ||||||
|
| |||||||
| 15,444 | ||||||||
|
| |||||||
Tobacco — 0.4% |
| |||||||
Philip Morris International, Inc. | 89 | 5,962 | ||||||
|
| |||||||
Wireless Telecommunication Services — 2.3% |
| |||||||
T-Mobile US, Inc. * | 499 | 31,730 | ||||||
|
| |||||||
Total Common Stocks | 1,336,825 | |||||||
|
| |||||||
| NO. OF WARRANTS (000) | ||||||||
Warrants — 0.0% | ||||||||
Consumer Finance — 0.0% | ||||||||
Emergent Capital, Inc. | 36 | — | (b) | |||||
|
| |||||||
| SHARES (000) | ||||||||
Short-Term Investments — 4.0% |
| |||||||
Investment Companies — 4.0% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) | 56,173 | 56,173 | ||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 33 | ||||||
Table of Contents
JPMorgan Large Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 1.2% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, | 5,001 | 5,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | 11,408 | 11,408 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 16,408 | |||||||
|
| |||||||
Total Investments — 100.9% | 1,409,406 | |||||||
Liabilities in Excess of | (12,338 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 1,397,068 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $16,076,000. | |
| (b) | Amount rounds to less than one thousand. | |
| (c) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 34 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.2% |
| |||||||
Aerospace & Defense — 3.5% |
| |||||||
General Dynamics Corp. (a) | 1,549 | 243,447 | ||||||
Northrop Grumman Corp. | 717 | 175,623 | ||||||
United Technologies Corp. | 173 | 18,432 | ||||||
|
| |||||||
| 437,502 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.1% |
| |||||||
United Parcel Service, Inc., Class B | 159 | 15,467 | ||||||
|
| |||||||
Airlines — 0.2% |
| |||||||
Delta Air Lines, Inc. | 516 | 25,751 | ||||||
|
| |||||||
Auto Components — 0.2% |
| |||||||
Aptiv plc | 102 | 6,278 | ||||||
BorgWarner, Inc. | 452 | 15,695 | ||||||
|
| |||||||
| 21,973 | ||||||||
|
| |||||||
Banks — 5.8% |
| |||||||
Bank of America Corp. | 8,111 | 199,855 | ||||||
Citigroup, Inc. | 1,114 | 58,018 | ||||||
First Republic Bank | 72 | 6,259 | ||||||
Huntington Bancshares, Inc. | 5,732 | 68,328 | ||||||
KeyCorp | 7,699 | 113,787 | ||||||
SunTrust Banks, Inc. | 2,383 | 120,187 | ||||||
SVB Financial Group * | 481 | 91,411 | ||||||
Wells Fargo & Co. | 1,385 | 63,806 | ||||||
|
| |||||||
| 721,651 | ||||||||
|
| |||||||
Beverages — 2.5% |
| |||||||
Coca-Cola Co. (The) | 5,900 | 279,342 | ||||||
Molson Coors Brewing Co., Class B | 240 | 13,478 | ||||||
PepsiCo, Inc. | 163 | 17,990 | ||||||
|
| |||||||
| 310,810 | ||||||||
|
| |||||||
Biotechnology — 2.0% |
| |||||||
Alexion Pharmaceuticals, Inc. * | 442 | 43,005 | ||||||
Biogen, Inc. * | 276 | 83,198 | ||||||
Celgene Corp. * | 78 | 5,003 | ||||||
Gilead Sciences, Inc. | 361 | 22,568 | ||||||
Vertex Pharmaceuticals, Inc. * | 589 | 97,603 | ||||||
|
| |||||||
| 251,377 | ||||||||
|
| |||||||
Building Products — 0.0%(b) |
| |||||||
Allegion plc | 52 | 4,166 | ||||||
|
| |||||||
Capital Markets — 2.8% |
| |||||||
Ameriprise Financial, Inc. | 791 | 82,601 | ||||||
Bank of New York Mellon Corp. (The) | 556 | 26,176 | ||||||
Charles Schwab Corp. (The) | 574 | 23,850 | ||||||
Intercontinental Exchange, Inc. | 63 | 4,727 | ||||||
Morgan Stanley | 5,204 | 206,344 | ||||||
|
| |||||||
| 343,698 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Chemicals — 1.6% |
| |||||||
DowDuPont, Inc. | 1,113 | 59,507 | ||||||
Eastman Chemical Co. | 1,392 | 101,778 | ||||||
Linde plc (United Kingdom) | 201 | 31,391 | ||||||
PPG Industries, Inc. | 48 | 4,863 | ||||||
|
| |||||||
| 197,539 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.1% |
| |||||||
Waste Management, Inc. | 81 | 7,190 | ||||||
|
| |||||||
Consumer Finance — 0.0%(b) |
| |||||||
American Express Co. | 46 | 4,341 | ||||||
|
| |||||||
Containers & Packaging — 1.1% |
| |||||||
Crown Holdings, Inc. * (a) | 2,219 | 92,246 | ||||||
Westrock Co. | 1,031 | 38,949 | ||||||
|
| |||||||
| 131,195 | ||||||||
|
| |||||||
Diversified Financial Services — 0.1% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 65 | 13,284 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.4% |
| |||||||
AT&T, Inc. | 5,730 | 163,543 | ||||||
Verizon Communications, Inc. | 2,462 | 138,401 | ||||||
|
| |||||||
| 301,944 | ||||||||
|
| |||||||
Electric Utilities — 2.9% |
| |||||||
Evergy, Inc. | 114 | 6,498 | ||||||
NextEra Energy, Inc. | 1,320 | 229,511 | ||||||
Xcel Energy, Inc. | 2,436 | 120,004 | ||||||
|
| |||||||
| 356,013 | ||||||||
|
| |||||||
Electrical Equipment — 0.7% |
| |||||||
Eaton Corp. plc | 1,258 | 86,352 | ||||||
|
| |||||||
Entertainment — 1.9% |
| |||||||
Electronic Arts, Inc. * | 512 | 40,437 | ||||||
Netflix, Inc. * | 721 | 192,869 | ||||||
Walt Disney Co. (The) | 64 | 7,056 | ||||||
|
| |||||||
| 240,362 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.0% |
| |||||||
AvalonBay Communities, Inc. | 107 | 18,620 | ||||||
Brixmor Property Group, Inc. | 484 | 7,104 | ||||||
Prologis, Inc. | 2,983 | 175,135 | ||||||
Ventas, Inc. | 256 | 14,983 | ||||||
Vornado Realty Trust | 544 | 33,766 | ||||||
|
| |||||||
| 249,608 | ||||||||
|
| |||||||
Food Products — 1.6% |
| |||||||
Kraft Heinz Co. (The) | 374 | 16,110 | ||||||
Mondelez International, Inc., Class A | 4,539 | 181,689 | ||||||
|
| |||||||
| 197,799 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 35 | ||||||
Table of Contents
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Equipment & Supplies — 2.9% |
| |||||||
Becton Dickinson and Co. | 97 | 21,775 | ||||||
Boston Scientific Corp. * | 4,697 | 165,989 | ||||||
Danaher Corp. | 44 | 4,534 | ||||||
Intuitive Surgical, Inc. * | 128 | 61,074 | ||||||
Medtronic plc | 540 | 49,154 | ||||||
Zimmer Biomet Holdings, Inc. | 535 | 55,445 | ||||||
|
| |||||||
| 357,971 | ||||||||
|
| |||||||
Health Care Providers & Services — 5.0% |
| |||||||
Anthem, Inc. | 37 | 9,783 | ||||||
Cigna Corp. | 1,093 | 207,634 | ||||||
CVS Health Corp. | 1,654 | 108,342 | ||||||
UnitedHealth Group, Inc. | 1,150 | 286,382 | ||||||
Universal Health Services, Inc., Class B | 132 | 15,392 | ||||||
|
| |||||||
| 627,533 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.2% |
| |||||||
Royal Caribbean Cruises Ltd. | 1,230 | 120,291 | ||||||
Yum! Brands, Inc. | 275 | 25,241 | ||||||
|
| |||||||
| 145,532 | ||||||||
|
| |||||||
Household Durables — 0.4% |
| |||||||
Lennar Corp., Class A | 1,302 | 50,979 | ||||||
|
| |||||||
Household Products — 0.1% |
| |||||||
Procter & Gamble Co. (The) | 141 | 12,976 | ||||||
|
| |||||||
Industrial Conglomerates — 1.4% |
| |||||||
Honeywell International, Inc. | 1,302 | 172,056 | ||||||
|
| |||||||
Insurance — 1.3% |
| |||||||
Allstate Corp. (The) (a) | 357 | 29,504 | ||||||
American International Group, Inc. | 538 | 21,187 | ||||||
Arthur J Gallagher & Co. (a) | 593 | 43,695 | ||||||
Hartford Financial Services Group, Inc. (The) | 943 | 41,912 | ||||||
Lincoln National Corp. | 486 | 24,946 | ||||||
Willis Towers Watson plc | 27 | 4,046 | ||||||
|
| |||||||
| 165,290 | ||||||||
|
| |||||||
Interactive Media & Services — 4.7% |
| |||||||
Alphabet, Inc., Class A * | 398 | 416,038 | ||||||
Alphabet, Inc., Class C * | 131 | 135,871 | ||||||
Facebook, Inc., Class A * | 239 | 31,288 | ||||||
|
| |||||||
| 583,197 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 3.9% |
| |||||||
Amazon.com, Inc. * | 327 | 490,754 | ||||||
|
| |||||||
IT Services — 5.4% |
| |||||||
Accenture plc, Class A | 779 | 109,858 | ||||||
Alliance Data Systems Corp. | 100 | 15,021 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
IT Services — continued |
| |||||||
Automatic Data Processing, Inc. | 350 | 45,918 | ||||||
Fidelity National Information Services, Inc. | 97 | 9,948 | ||||||
First Data Corp., Class A * | 635 | 10,740 | ||||||
Fiserv, Inc. * | 80 | 5,908 | ||||||
Mastercard, Inc., Class A | 1,206 | 227,473 | ||||||
PayPal Holdings, Inc. * | 585 | 49,220 | ||||||
Visa, Inc., Class A | 1,427 | 188,271 | ||||||
WEX, Inc. * | 29 | 4,016 | ||||||
|
| |||||||
| 666,373 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.6% |
| |||||||
Thermo Fisher Scientific, Inc. | 327 | 73,219 | ||||||
|
| |||||||
Machinery — 2.4% |
| |||||||
Caterpillar, Inc. | 1,349 | 171,391 | ||||||
Deere & Co. | 108 | 16,145 | ||||||
Ingersoll-Rand plc | 207 | 18,854 | ||||||
Parker-Hannifin Corp. | 56 | 8,327 | ||||||
Stanley Black & Decker, Inc. | 668 | 80,007 | ||||||
|
| |||||||
| 294,724 | ||||||||
|
| |||||||
Media — 2.2% |
| |||||||
Charter Communications, Inc., Class A * | 563 | 160,347 | ||||||
Comcast Corp., Class A | 1,302 | 44,340 | ||||||
Discovery, Inc., Class A * (a) | 212 | 5,242 | ||||||
Discovery, Inc., Class C * | 2,089 | 48,219 | ||||||
DISH Network Corp., Class A * | 741 | 18,494 | ||||||
|
| |||||||
| 276,642 | ||||||||
|
| |||||||
Multiline Retail — 0.2% |
| |||||||
Dollar Tree, Inc. * | 341 | 30,780 | ||||||
|
| |||||||
Multi-Utilities — 0.2% |
| |||||||
Public Service Enterprise Group, Inc. | 68 | 3,544 | ||||||
Sempra Energy | 187 | 20,269 | ||||||
|
| |||||||
| 23,813 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.8% |
| |||||||
Chevron Corp. | 261 | 28,393 | ||||||
Concho Resources, Inc. * | 611 | 62,788 | ||||||
Diamondback Energy, Inc. | 1,032 | 95,709 | ||||||
EOG Resources, Inc. | 1,475 | 128,601 | ||||||
Marathon Petroleum Corp. | 2,015 | 118,880 | ||||||
Occidental Petroleum Corp. | 1,226 | 75,245 | ||||||
Parsley Energy, Inc., Class A * | 3,391 | 54,181 | ||||||
Pioneer Natural Resources Co. | 1,223 | 160,820 | ||||||
|
| |||||||
| 724,617 | ||||||||
|
| |||||||
Pharmaceuticals — 7.0% |
| |||||||
Bristol-Myers Squibb Co. | 84 | 4,383 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 36 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Pharmaceuticals — continued |
| |||||||
Eli Lilly & Co. | 350 | 40,458 | ||||||
Johnson & Johnson | 1,960 | 252,939 | ||||||
Merck & Co., Inc. | 2,342 | 178,981 | ||||||
Nektar Therapeutics * | 417 | 13,701 | ||||||
Pfizer, Inc. | 8,735 | 381,303 | ||||||
|
| |||||||
| 871,765 | ||||||||
|
| |||||||
Road & Rail — 2.4% |
| |||||||
Norfolk Southern Corp. | 1,660 | 248,284 | ||||||
Union Pacific Corp. | 355 | 49,018 | ||||||
|
| |||||||
| 297,302 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.0% |
| |||||||
Analog Devices, Inc. | 1,767 | 151,665 | ||||||
Broadcom, Inc. | 179 | 45,589 | ||||||
NVIDIA Corp. | 1,371 | 183,017 | ||||||
NXP Semiconductors NV (Netherlands) | 239 | 17,528 | ||||||
Texas Instruments, Inc. | 2,212 | 209,078 | ||||||
Universal Display Corp. (a) | 174 | 16,322 | ||||||
|
| |||||||
| 623,199 | ||||||||
|
| |||||||
Software — 7.2% |
| |||||||
Adobe, Inc. * | 21 | 4,792 | ||||||
Microsoft Corp. | 6,356 | 645,569 | ||||||
salesforce.com, Inc. * | 1,693 | 231,956 | ||||||
Workday, Inc., Class A * (a) | 50 | 8,051 | ||||||
|
| |||||||
| 890,368 | ||||||||
|
| |||||||
Specialty Retail — 4.2% |
| |||||||
AutoZone, Inc. * | 206 | 173,001 | ||||||
Best Buy Co., Inc. | 167 | 8,834 | ||||||
Home Depot, Inc. (The) | 487 | 83,677 | ||||||
Lowe’s Cos., Inc. | 52 | 4,801 | ||||||
O’Reilly Automotive, Inc. * | 302 | 104,002 | ||||||
Ross Stores, Inc. | 1,734 | 144,257 | ||||||
|
| |||||||
| 518,572 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 2.6% |
| |||||||
Apple, Inc. | 2,019 | 318,465 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.8% |
| |||||||
PVH Corp. | 1,135 | 105,516 | ||||||
|
| |||||||
Tobacco — 0.4% |
| |||||||
Philip Morris International, Inc. | 686 | 45,770 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.1% |
| |||||||
HD Supply Holdings, Inc. * | 445 | 16,698 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Wireless Telecommunication Services — 0.3% |
| |||||||
T-Mobile US, Inc. * | 514 | 32,685 | ||||||
|
| |||||||
Total Common Stocks | 12,334,818 | |||||||
|
| |||||||
| NO. OF WARRANTS (000) | ||||||||
Warrants — 0.0%(b) |
| |||||||
Consumer Finance — 0.0%(b) |
| |||||||
Emergent Capital, Inc. expiring 10/1/2019, price 10.75 * | 24 | — | (c) | |||||
|
| |||||||
| SHARES (000) | ||||||||
Short-Term Investments — 0.8% |
| |||||||
Investment Companies — 0.8% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (e) | 97,255 | 97,255 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.5% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (d) (e) | 55,006 | 55,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (e) | 8,960 | 8,960 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 63,960 | |||||||
|
| |||||||
Total Investments — 100.5% | 12,496,033 | |||||||
Liabilities in Excess of | (64,488 | ) | ||||||
|
| |||||||
| NET ASSETS — 100.0% | 12,431,545 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $63,241,000. | |
| (b) | Amount rounds to less than 0.1% of net assets. | |
| (c) | Amount rounds to less than one thousand. | |
| (d) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (e) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 37 | ||||||
Table of Contents
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
| S&P 500E-Mini Index | 357 | 03/2019 | USD | 44,679 | 655 | |||||||||||||
|
| |||||||||||||||||
| 655 | ||||||||||||||||||
|
| |||||||||||||||||
Abbreviations
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 38 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.9% |
| |||||||
Aerospace & Defense — 2.0% |
| |||||||
Boeing Co. (The) | 74 | 23,933 | ||||||
General Dynamics Corp. | 278 | 43,667 | ||||||
Northrop Grumman Corp. | 80 | 19,641 | ||||||
United Technologies Corp. | 252 | 26,823 | ||||||
|
| |||||||
| 114,064 | ||||||||
|
| |||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | 389 | 19,412 | ||||||
United Continental Holdings, Inc. * | 65 | 5,431 | ||||||
|
| |||||||
| 24,843 | ||||||||
|
| |||||||
Auto Components — 0.4% |
| |||||||
Aptiv plc | 104 | 6,411 | ||||||
BorgWarner, Inc. | 119 | 4,117 | ||||||
Magna International, Inc. (Canada) | 308 | 13,998 | ||||||
|
| |||||||
| 24,526 | ||||||||
|
| |||||||
Automobiles — 0.2% |
| |||||||
Ford Motor Co. | 1,338 | 10,239 | ||||||
|
| |||||||
Banks — 4.9% |
| |||||||
Bank of America Corp. | 3,571 | 87,992 | ||||||
Citigroup, Inc. | 1,035 | 53,900 | ||||||
Citizens Financial Group, Inc. | 218 | 6,480 | ||||||
Huntington Bancshares, Inc. | 676 | 8,063 | ||||||
KeyCorp | 1,909 | 28,217 | ||||||
Regions Financial Corp. | 634 | 8,486 | ||||||
SunTrust Banks, Inc. | 507 | 25,595 | ||||||
Wells Fargo & Co. | 1,271 | 58,586 | ||||||
|
| |||||||
| 277,319 | ||||||||
|
| |||||||
Beverages — 2.8% |
| |||||||
Coca-Cola Co. (The) | 1,500 | 71,047 | ||||||
Constellation Brands, Inc., Class A | 19 | 3,064 | ||||||
Molson Coors Brewing Co., Class B | 414 | 23,230 | ||||||
PepsiCo, Inc. | 575 | 63,542 | ||||||
|
| |||||||
| 160,883 | ||||||||
|
| |||||||
Biotechnology — 2.4% |
| |||||||
AbbVie, Inc. | 151 | 13,933 | ||||||
Alexion Pharmaceuticals, Inc. * | 166 | 16,123 | ||||||
Amgen, Inc. | 79 | 15,309 | ||||||
Biogen, Inc. * | 80 | 24,037 | ||||||
Celgene Corp. * | 266 | 17,056 | ||||||
Gilead Sciences, Inc. | 414 | 25,869 | ||||||
Vertex Pharmaceuticals, Inc. * | 149 | 24,664 | ||||||
|
| |||||||
| 136,991 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Building Products — 0.3% |
| |||||||
Masco Corp. | 617 | 18,051 | ||||||
|
| |||||||
Capital Markets — 3.4% |
| |||||||
Bank of New York Mellon Corp. (The) | 116 | 5,479 | ||||||
Charles Schwab Corp. (The) | 562 | 23,321 | ||||||
CME Group, Inc. | 98 | 18,398 | ||||||
Goldman Sachs Group, Inc. (The) | 105 | 17,502 | ||||||
Intercontinental Exchange, Inc. | 365 | 27,497 | ||||||
Morgan Stanley | 1,236 | 49,024 | ||||||
State Street Corp. | 111 | 7,013 | ||||||
T. Rowe Price Group, Inc. | 271 | 25,059 | ||||||
TD Ameritrade Holding Corp. | 414 | 20,263 | ||||||
|
| |||||||
| 193,556 | ||||||||
|
| |||||||
Chemicals — 2.0% |
| |||||||
Celanese Corp. | 162 | 14,547 | ||||||
DowDuPont, Inc. | 1,196 | 63,951 | ||||||
Eastman Chemical Co. | 363 | 26,539 | ||||||
Linde plc (United Kingdom) | 65 | 10,205 | ||||||
|
| |||||||
| 115,242 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.1% |
| |||||||
Cintas Corp. | 17 | 2,805 | ||||||
|
| |||||||
Communications Equipment — 0.3% |
| |||||||
Cisco Systems, Inc. | 380 | 16,456 | ||||||
Motorola Solutions, Inc. | 27 | 3,146 | ||||||
|
| |||||||
| 19,602 | ||||||||
|
| |||||||
Consumer Finance — 0.8% |
| |||||||
American Express Co. | 90 | 8,555 | ||||||
Capital One Financial Corp. | 473 | 35,752 | ||||||
|
| |||||||
| 44,307 | ||||||||
|
| |||||||
Containers & Packaging — 0.4% |
| |||||||
Avery Dennison Corp. | 80 | 7,159 | ||||||
Packaging Corp. of America | 35 | 2,921 | ||||||
Westrock Co. | 371 | 14,027 | ||||||
|
| |||||||
| 24,107 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.1% |
| |||||||
H&R Block, Inc. | 109 | 2,763 | ||||||
|
| |||||||
Diversified Financial Services — 1.7% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 480 | 98,084 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.6% |
| |||||||
AT&T, Inc. | 632 | 18,050 | ||||||
Verizon Communications, Inc. | 1,282 | 72,054 | ||||||
|
| |||||||
| 90,104 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 39 | ||||||
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Electric Utilities — 2.6% |
| |||||||
Evergy, Inc. | 78 | 4,405 | ||||||
Exelon Corp. | 926 | 41,783 | ||||||
NextEra Energy, Inc. | 341 | 59,283 | ||||||
PG&E Corp. * | 78 | 1,841 | ||||||
Xcel Energy, Inc. | 787 | 38,770 | ||||||
|
| |||||||
| 146,082 | ||||||||
|
| |||||||
Electrical Equipment — 0.7% |
| |||||||
Eaton Corp. plc | 541 | 37,134 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.1% |
| |||||||
TE Connectivity Ltd. | 91 | 6,849 | ||||||
|
| |||||||
Entertainment — 2.2% |
| |||||||
Electronic Arts, Inc. * | 287 | 22,627 | ||||||
Netflix, Inc. * | 138 | 36,905 | ||||||
Walt Disney Co. (The) | 601 | 65,928 | ||||||
|
| |||||||
| 125,460 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.2% |
| |||||||
AvalonBay Communities, Inc. | 149 | 25,994 | ||||||
Digital Realty Trust, Inc. | 42 | 4,423 | ||||||
Equinix, Inc. | 24 | 8,299 | ||||||
Equity Residential | 114 | 7,512 | ||||||
Federal Realty Investment Trust | 101 | 11,980 | ||||||
Host Hotels & Resorts, Inc. | 461 | 7,688 | ||||||
Prologis, Inc. | 517 | 30,336 | ||||||
Ventas, Inc. | 134 | 7,824 | ||||||
Vornado Realty Trust | 324 | 20,089 | ||||||
|
| |||||||
| 124,145 | ||||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Mondelez International, Inc., Class A | 1,284 | 51,386 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 3.4% |
| |||||||
Becton Dickinson and Co. | 78 | 17,609 | ||||||
Boston Scientific Corp. * | 1,620 | 57,254 | ||||||
Danaher Corp. | 159 | 16,419 | ||||||
Intuitive Surgical, Inc. * | 22 | 10,431 | ||||||
Medtronic plc | 597 | 54,328 | ||||||
Zimmer Biomet Holdings, Inc. | 378 | 39,187 | ||||||
|
| |||||||
| 195,228 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.5% |
| |||||||
Anthem, Inc. | 118 | 30,964 | ||||||
Cigna Corp. | 275 | 52,220 | ||||||
CVS Health Corp. | 379 | 24,811 | ||||||
UnitedHealth Group, Inc. | 363 | 90,510 | ||||||
|
| |||||||
| 198,505 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Hotels, Restaurants & Leisure — 0.9% |
| |||||||
Hilton Worldwide Holdings, Inc. | 247 | 17,722 | ||||||
Royal Caribbean Cruises Ltd. | 58 | 5,633 | ||||||
Yum! Brands, Inc. | 305 | 28,072 | ||||||
|
| |||||||
| 51,427 | ||||||||
|
| |||||||
Household Durables — 0.2% |
| |||||||
Lennar Corp., Class A | 331 | 12,956 | ||||||
|
| |||||||
Household Products — 0.5% |
| |||||||
Procter & Gamble Co. (The) | 325 | 29,863 | ||||||
|
| |||||||
Industrial Conglomerates — 1.0% |
| |||||||
Honeywell International, Inc. | 445 | 58,743 | ||||||
|
| |||||||
Insurance — 2.4% |
| |||||||
Allstate Corp. (The) | 97 | 7,999 | ||||||
American International Group, Inc. | 781 | 30,773 | ||||||
Everest Re Group Ltd. | 36 | 7,870 | ||||||
Hartford Financial Services Group, Inc. (The) | 484 | 21,496 | ||||||
Lincoln National Corp. | 340 | 17,425 | ||||||
Marsh & McLennan Cos., Inc. | 99 | 7,883 | ||||||
MetLife, Inc. | 715 | 29,355 | ||||||
Principal Financial Group, Inc. | 131 | 5,777 | ||||||
Prudential Financial, Inc. | 126 | 10,315 | ||||||
|
| |||||||
| 138,893 | ||||||||
|
| |||||||
Interactive Media & Services — 4.3% |
| |||||||
Alphabet, Inc., Class A * | 97 | 101,633 | ||||||
Alphabet, Inc., Class C * | 94 | 97,824 | ||||||
Facebook, Inc., Class A * | 345 | 45,193 | ||||||
|
| |||||||
| 244,650 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 3.8% |
| |||||||
Amazon.com, Inc. * | 121 | 181,948 | ||||||
Booking Holdings, Inc. * | 7 | 12,350 | ||||||
Expedia Group, Inc. | 189 | 21,300 | ||||||
|
| |||||||
| 215,598 | ||||||||
|
| |||||||
IT Services — 4.4% |
| |||||||
Accenture plc, Class A | 46 | 6,472 | ||||||
Alliance Data Systems Corp. | 56 | 8,415 | ||||||
Automatic Data Processing, Inc. | 420 | 55,071 | ||||||
Fidelity National Information Services, Inc. | 342 | 35,041 | ||||||
First Data Corp., Class A * | 262 | 4,425 | ||||||
Mastercard, Inc., Class A | 89 | 16,843 | ||||||
PayPal Holdings, Inc. * | 554 | 46,600 | ||||||
Visa, Inc., Class A | 567 | 74,843 | ||||||
|
| |||||||
| 247,710 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 40 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Life Sciences Tools & Services — 0.7% |
| |||||||
Agilent Technologies, Inc. | 87 | 5,864 | ||||||
Illumina, Inc. * | 40 | 12,072 | ||||||
Thermo Fisher Scientific, Inc. | 104 | 23,324 | ||||||
|
| |||||||
| 41,260 | ||||||||
|
| |||||||
Machinery — 2.7% |
| |||||||
Caterpillar, Inc. | 261 | 33,165 | ||||||
Cummins, Inc. | 124 | 16,527 | ||||||
Deere & Co. | 81 | 12,053 | ||||||
Ingersoll-Rand plc | 236 | 21,490 | ||||||
PACCAR, Inc. | 448 | 25,574 | ||||||
Snap-on, Inc. | 125 | 18,122 | ||||||
Stanley Black & Decker, Inc. | 200 | 23,951 | ||||||
|
| |||||||
| 150,882 | ||||||||
|
| |||||||
Media — 1.8% |
| |||||||
Charter Communications, Inc., Class A * | 135 | 38,414 | ||||||
Comcast Corp., Class A | 1,522 | 51,837 | ||||||
Discovery, Inc., Class A * | 430 | 10,644 | ||||||
DISH Network Corp., Class A * | 159 | 3,973 | ||||||
|
| |||||||
| 104,868 | ||||||||
|
| |||||||
Metals & Mining — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 523 | 5,388 | ||||||
Newmont Mining Corp. | 127 | 4,417 | ||||||
|
| |||||||
| 9,805 | ||||||||
|
| |||||||
Multiline Retail — 0.9% |
| |||||||
Dollar General Corp. | 307 | 33,212 | ||||||
Dollar Tree, Inc. * | 121 | 10,921 | ||||||
Macy’s, Inc. | 272 | 8,091 | ||||||
|
| |||||||
| 52,224 | ||||||||
|
| |||||||
Multi-Utilities — 0.8% |
| |||||||
Ameren Corp. | 117 | 7,641 | ||||||
Public Service Enterprise Group, Inc. | 130 | 6,787 | ||||||
Sempra Energy | 262 | 28,296 | ||||||
|
| |||||||
| 42,724 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.3% |
| |||||||
Chevron Corp. | 709 | 77,169 | ||||||
Concho Resources, Inc. * | 62 | 6,325 | ||||||
Diamondback Energy, Inc. | 251 | 23,307 | ||||||
EOG Resources, Inc. | 483 | 42,118 | ||||||
Exxon Mobil Corp. | 363 | 24,745 | ||||||
Marathon Petroleum Corp. | 671 | 39,609 | ||||||
Occidental Petroleum Corp. | 543 | 33,312 | ||||||
ONEOK, Inc. | 347 | 18,705 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued | ||||||||
Parsley Energy, Inc., Class A * | 158 | 2,530 | ||||||
Pioneer Natural Resources Co. | 245 | 32,158 | ||||||
|
| |||||||
| 299,978 | ||||||||
|
| |||||||
Personal Products — 0.3% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | 145 | 18,905 | ||||||
|
| |||||||
Pharmaceuticals — 5.5% |
| |||||||
Allergan plc | 112 | 14,998 | ||||||
Bristol-Myers Squibb Co. | 371 | 19,282 | ||||||
Eli Lilly & Co. | 385 | 44,526 | ||||||
Johnson & Johnson | 552 | 71,219 | ||||||
Merck & Co., Inc. | 798 | 60,964 | ||||||
Mylan NV * | 141 | 3,859 | ||||||
Nektar Therapeutics * | 51 | 1,680 | ||||||
Pfizer, Inc. | 2,069 | 90,291 | ||||||
Zoetis, Inc. | 35 | 3,016 | ||||||
|
| |||||||
| 309,835 | ||||||||
|
| |||||||
Road & Rail — 2.0% |
| |||||||
Norfolk Southern Corp. | 333 | 49,740 | ||||||
Union Pacific Corp. | 465 | 64,263 | ||||||
|
| |||||||
| 114,003 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.0% |
| |||||||
Analog Devices, Inc. | 715 | 61,391 | ||||||
Broadcom, Inc. | 138 | 35,169 | ||||||
Intel Corp. | 253 | 11,859 | ||||||
Microchip Technology, Inc. | 56 | 4,006 | ||||||
Micron Technology, Inc. * | 125 | 3,964 | ||||||
NVIDIA Corp. | 286 | 38,188 | ||||||
Texas Instruments, Inc. | 744 | 70,335 | ||||||
|
| |||||||
| 224,912 | ||||||||
|
| |||||||
Software — 7.3% |
| |||||||
Adobe, Inc. * | 152 | 34,359 | ||||||
Microsoft Corp. | 2,569 | 260,944 | ||||||
Oracle Corp. | 867 | 39,129 | ||||||
salesforce.com, Inc. * | 456 | 62,467 | ||||||
Workday, Inc., Class A * | 115 | 18,435 | ||||||
|
| |||||||
| 415,334 | ||||||||
|
| |||||||
Specialty Retail — 4.2% |
| |||||||
Advance Auto Parts, Inc. | 73 | 11,558 | ||||||
AutoZone, Inc.* | 54 | 45,404 | ||||||
Best Buy Co., Inc. | 351 | 18,576 | ||||||
Home Depot, Inc. (The) | 399 | 68,625 | ||||||
Lowe’s Cos., Inc. | 254 | 23,441 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 41 | ||||||
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — continued | ||||||||
O’Reilly Automotive, Inc. * | 77 | 26,572 | ||||||
Ross Stores, Inc. | 542 | 45,103 | ||||||
|
| |||||||
| 239,279 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 4.1% |
| |||||||
Apple, Inc. | 1,208 | 190,525 | ||||||
Hewlett Packard Enterprise Co. | 1,616 | 21,351 | ||||||
HP, Inc. | 901 | 18,437 | ||||||
|
| |||||||
| 230,313 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.3% |
| |||||||
PVH Corp. | 206 | 19,102 | ||||||
|
| |||||||
Tobacco — 1.3% |
| |||||||
Altria Group, Inc. | 434 | 21,453 | ||||||
Philip Morris International, Inc. | 779 | 52,003 | ||||||
|
| |||||||
| 73,456 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.1% |
| |||||||
HD Supply Holdings, Inc. * | 157 | 5,887 | ||||||
United Rentals, Inc. * | 17 | 1,733 | ||||||
|
| |||||||
| 7,620 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.5% |
| |||||||
T-Mobile US, Inc. * | 402 | 25,555 | ||||||
|
| |||||||
Total Common Stocks | 5,622,170 | |||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 1.1% | ||||||||
Investment Companies — 1.1% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, | 60,054 | 60,054 | ||||||
|
| |||||||
Total Investments — 100.0% | 5,682,224 | |||||||
Liabilities in Excess of | (1,215 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 5,681,009 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
(a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of December 31, 2018. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED | |||||||||||||
Long Contracts |
| |||||||||||||||||
| S&P 500E-Mini Index | 499 | 03/2019 | USD | 62,450 | (1,481) | |||||||||||||
|
| |||||||||||||||||
| (1,481 | ) | |||||||||||||||||
|
| |||||||||||||||||
Abbreviations
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 42 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 43 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands, except per share amounts)
JPMorgan Equity | JPMorgan Equity Income Fund | JPMorgan Growth and Income Fund | JPMorgan | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 101,417 | $ | 17,483,518 | $ | 559,167 | $ | 3,327,945 | ||||||||
Investments in affiliates, at value | 1,575 | 619,587 | 14,319 | 145,694 | ||||||||||||
Investment of cash collateral received from securities loaned, at value (Note 2.D.) | 258 | — | — | — | ||||||||||||
Options purchased, at value | — | — | — | 79,257 | ||||||||||||
Cash | 1 | — | — | 115 | ||||||||||||
Deposits at broker for futures contracts | — | — | — | 3,724 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | — | 399,106 | ||||||||||||
Fund shares sold | 85 | 87,871 | 1,907 | 33,866 | ||||||||||||
Dividends from non-affiliates | 69 | 41,463 | 1,026 | 4,153 | ||||||||||||
Dividends from affiliates | 6 | 1,023 | 30 | 151 | ||||||||||||
Securities lending income (Note 2.D.) | — | (a) | — | — | — | |||||||||||
Variation margin on futures contracts | — | — | — | 2,271 | ||||||||||||
Due from Administrator | 7 | — | — | — | ||||||||||||
Other assets | 25 | — | — | 55 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 103,443 | 18,233,462 | 576,449 | 3,996,337 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 267,660 | — | 454,743 | ||||||||||||
Collateral received on securities loaned (Note 2.D.) | 258 | — | — | — | ||||||||||||
Fund shares redeemed | 58 | 59,990 | 343 | 109,391 | ||||||||||||
Outstanding options written, at fair value | — | — | — | 90,589 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 36 | 6,017 | 169 | 679 | ||||||||||||
Administration fees | — | 1,243 | 23 | 220 | ||||||||||||
Distribution fees | 3 | 1,473 | 110 | 118 | ||||||||||||
Service fees | 26 | 2,485 | 99 | 653 | ||||||||||||
Custodian and accounting fees | 7 | 107 | 8 | 29 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | — | 1 | ||||||||||
Transfer agency fees | 2 | 188 | 83 | 17 | ||||||||||||
Other | 10 | 528 | 15 | 41 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 400 | 339,691 | 850 | 656,481 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 103,043 | $ | 17,893,771 | $ | 575,599 | $ | 3,339,856 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 44 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Equity | JPMorgan Equity Income Fund | JPMorgan Growth and | JPMorgan Hedged | |||||||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 70,451 | $ | 14,713,093 | $ | 433,402 | $ | 3,316,819 | ||||||||
Total distributable earnings (loss) (a) | 32,592 | 3,180,678 | 142,197 | 23,037 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 103,043 | $ | 17,893,771 | $ | 575,599 | $ | 3,339,856 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 4,885 | $ | 2,782,171 | $ | 438,578 | $ | 237,105 | ||||||||
Class C | 2,620 | 1,254,082 | 22,614 | 114,693 | ||||||||||||
Class I | 95,521 | 6,911,610 | 80,431 | 2,738,488 | ||||||||||||
Class R2 | — | 81,279 | 90 | — | ||||||||||||
Class R3 | — | 103,172 | 20 | — | ||||||||||||
Class R4 | — | 33,539 | 21 | — | ||||||||||||
Class R5 | — | 1,098,903 | 51 | 104 | ||||||||||||
Class R6 | 17 | 5,629,015 | 33,794 | 249,466 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 103,043 | $ | 17,893,771 | $ | 575,599 | $ | 3,339,856 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 191 | 178,618 | 10,059 | 12,573 | ||||||||||||
Class C | 106 | 82,140 | 579 | 6,118 | ||||||||||||
Class I | 3,697 | 436,073 | 1,746 | 144,870 | ||||||||||||
Class R2 | — | 5,243 | 2 | — | ||||||||||||
Class R3 | — | 6,629 | — | (b) | — | |||||||||||
Class R4 | — | 2,117 | 1 | — | ||||||||||||
Class R5 | — | 69,286 | 1 | 6 | ||||||||||||
Class R6 | 1 | 355,167 | 728 | 13,173 | ||||||||||||
Net Asset Value (c): | ||||||||||||||||
Class A — Redemption price per share | $ | 25.49 | $ | 15.58 | $ | 43.60 | $ | 18.86 | ||||||||
Class C — Offering price per share (d) | 24.59 | 15.27 | 39.06 | 18.75 | ||||||||||||
Class I — Offering and redemption price per share | 25.84 | 15.85 | 46.07 | 18.90 | ||||||||||||
Class R2 — Offering and redemption price per share | — | 15.50 | 43.75 | — | ||||||||||||
Class R3 — Offering and redemption price per share | — | 15.56 | 46.05 | — | ||||||||||||
Class R4 — Offering and redemption price per share | — | 15.84 | 46.07 | — | ||||||||||||
Class R5 — Offering and redemption price per share | — | 15.86 | 46.39 | 18.94 | ||||||||||||
Class R6 — Offering and redemption price per share | 25.70 | 15.85 | 46.40 | 18.94 | ||||||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 26.90 | $ | 16.44 | $ | 46.02 | $ | 19.91 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 81,613 | $ | 14,340,757 | $ | 421,473 | $ | 3,376,984 | ||||||||
Cost of investments in affiliates | 1,575 | 619,587 | 14,319 | 145,694 | ||||||||||||
Cost of options purchased | — | — | — | 87,677 | ||||||||||||
Investment securities on loan, at value | 258 | — | — | — | ||||||||||||
Cost of investment of cash collateral | 258 | — | — | — | ||||||||||||
Premiums received from options written | — | — | — | 84,806 | ||||||||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (d) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 45 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | JPMorgan U.S. Equity | JPMorgan | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 12,456,542 | $ | 1,336,825 | $ | 12,334,818 | $ | 5,622,170 | ||||||||
Investments in affiliates, at value | 59,117 | 56,173 | 97,255 | 60,054 | ||||||||||||
Investment of cash collateral received from securities loaned, at value (Note 2.D.) | 327,574 | 16,408 | 63,960 | — | ||||||||||||
Cash | 1 | 6 | 116 | 13 | ||||||||||||
Deposits at broker for futures contracts | — | — | 2,356 | 2,970 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 81,980 | 241 | 44,353 | 6,121 | ||||||||||||
Fund shares sold | 50,933 | 9,806 | 20,513 | 3,496 | ||||||||||||
Dividends from non-affiliates | 740 | 3,030 | 11,964 | 8,023 | ||||||||||||
Dividends from affiliates | 152 | 80 | 199 | 103 | ||||||||||||
Securities lending income (Note 2.D.) | 74 | 3 | 11 | — | ||||||||||||
Variation margin on futures contracts | — | — | 303 | 378 | ||||||||||||
Other assets | — | 19 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 12,977,113 | 1,422,591 | 12,575,848 | 5,703,328 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 32,026 | 3,327 | 34,832 | 6,172 | ||||||||||||
Collateral received on securities loaned (Note 2.D.) | 327,574 | 16,408 | 63,960 | — | ||||||||||||
Fund shares redeemed | 76,437 | 5,039 | 38,630 | 14,562 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 4,445 | 423 | 4,011 | 960 | ||||||||||||
Administration fees | 236 | 60 | 655 | 216 | ||||||||||||
Distribution fees | 806 | 86 | 541 | 48 | ||||||||||||
Service fees | 1,419 | 117 | 862 | 69 | ||||||||||||
Custodian and accounting fees | 83 | 14 | 113 | 51 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | 5 | — | ||||||||||
Transfer agency fees | 170 | 30 | 135 | 35 | ||||||||||||
Other | 623 | 19 | 559 | 206 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 443,819 | 25,523 | 144,303 | 22,319 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 12,533,294 | $ | 1,397,068 | $ | 12,431,545 | $ | 5,681,009 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 46 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | JPMorgan U.S. Equity | JPMorgan U.S. Research | |||||||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 7,901,182 | $ | 1,540,988 | $ | 10,053,917 | $ | 4,591,197 | ||||||||
Total distributable earnings (loss) (a) | 4,632,112 | (143,920 | ) | 2,377,628 | 1,089,812 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 12,533,294 | $ | 1,397,068 | $ | 12,431,545 | $ | 5,681,009 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 2,030,387 | $ | 172,613 | $ | 1,105,083 | $ | 205,826 | ||||||||
Class C | 447,111 | 56,755 | 263,338 | — | ||||||||||||
Class I | 3,765,015 | 297,290 | 1,346,955 | 209,914 | ||||||||||||
Class L | — | — | 1,452,696 | 395,612 | ||||||||||||
Class R2 | 133,048 | 18,570 | 225,147 | — | ||||||||||||
Class R3 | 16,757 | 17 | 82,746 | — | ||||||||||||
Class R4 | 5,974 | 11,126 | 15,006 | — | ||||||||||||
Class R5 | 690,027 | 25,675 | 802,299 | — | ||||||||||||
Class R6 | 5,444,975 | 815,022 | 7,138,275 | 4,869,657 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 12,533,294 | $ | 1,397,068 | $ | 12,431,545 | $ | 5,681,009 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 62,164 | 13,985 | 82,356 | 8,817 | ||||||||||||
Class C | 17,686 | 4,807 | 20,326 | — | ||||||||||||
Class I | 113,816 | 24,526 | 100,086 | 8,904 | ||||||||||||
Class L | — | — | 107,762 | 16,807 | ||||||||||||
Class R2 | 4,225 | 1,518 | 16,948 | — | ||||||||||||
Class R3 | 510 | 1 | 6,189 | — | ||||||||||||
Class R4 | 181 | 901 | 1,116 | — | ||||||||||||
Class R5 | 20,405 | 2,096 | 59,493 | — | ||||||||||||
Class R6 | 159,833 | 66,984 | 528,318 | 206,795 | ||||||||||||
Net Asset Value (b): | ||||||||||||||||
Class A — Redemption price per share | $ | 32.66 | $ | 12.34 | $ | 13.42 | $ | 23.34 | ||||||||
Class C — Offering price per share (c) | 25.28 | 11.81 | 12.96 | — | ||||||||||||
Class I — Offering and redemption price per share | 33.08 | 12.12 | 13.46 | 23.58 | ||||||||||||
Class L — Offering and redemption price per share | — | — | 13.48 | 23.54 | ||||||||||||
Class R2 — Offering and redemption price per share | 31.49 | 12.23 | 13.28 | — | ||||||||||||
Class R3 — Offering and redemption price per share | 32.84 | 12.12 | 13.37 | — | ||||||||||||
Class R4 — Offering and redemption price per share | 33.07 | 12.35 | 13.44 | — | ||||||||||||
Class R5 — Offering and redemption price per share | 33.82 | 12.25 | 13.49 | — | ||||||||||||
Class R6 — Offering and redemption price per share | 34.07 | 12.17 | 13.51 | 23.55 | ||||||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | 5.25 | % | ||||||||
Class A maximum public offering price per share | $ | 34.47 | $ | 13.02 | $ | 14.16 | $ | 24.63 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 8,040,848 | $ | 1,426,907 | $ | 9,941,740 | $ | 4,497,108 | ||||||||
Cost of investments in affiliates | 59,117 | 56,173 | 97,255 | 60,054 | ||||||||||||
Investment securities on loan, at value | 321,421 | 16,076 | 63,241 | — | ||||||||||||
Cost of investment of cash collateral | 327,574 | 16,408 | 63,960 | — | ||||||||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 47 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands)
JPMorgan Equity | JPMorgan Equity Income Fund | JPMorgan Growth and Income Fund | JPMorgan | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income from non-affiliates | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | 21 | |||||
Interest income from affiliates | — | (a) | — | — | — | (a) | ||||||||||
Dividend income from non-affiliates | 1,628 | 273,518 | 8,664 | 26,523 | ||||||||||||
Dividend income from affiliates | 72 | 5,923 | 205 | 702 | ||||||||||||
Income from securities lending (net) | �� | — | (a) | — | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 1,700 | 279,441 | 8,869 | 27,246 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 696 | 36,994 | 1,273 | 3,611 | ||||||||||||
Administration fees | 94 | 7,500 | 258 | 1,171 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 6 | 3,819 | 614 | 334 | ||||||||||||
Class C | 11 | 5,050 | 90 | 356 | ||||||||||||
Class R2 | — | 210 | — | (a) | — | |||||||||||
Class R3 | — | 129 | — | (a) | — | |||||||||||
Service fees: | ||||||||||||||||
Class A | 6 | 3,819 | 614 | 334 | ||||||||||||
Class C | 4 | 1,683 | 30 | 118 | ||||||||||||
Class I | 280 | 8,689 | 107 | 2,944 | ||||||||||||
Class R2 | — | 105 | — | (a) | — | |||||||||||
Class R3 | — | 129 | — | (a) | — | |||||||||||
Class R4 | — | 34 | — | (a) | — | |||||||||||
Class R5 | — | 580 | — | (a) | — | (a) | ||||||||||
Custodian and accounting fees | 13 | 222 | 17 | 67 | ||||||||||||
Professional fees | 28 | 117 | 31 | 64 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 13 | 48 | 14 | 19 | ||||||||||||
Printing and mailing costs | 24 | 485 | 10 | 70 | ||||||||||||
Registration and filing fees | 25 | 213 | 69 | 170 | ||||||||||||
Transfer agency fees (See Note 2.G.) | 3 | 291 | 87 | 26 | ||||||||||||
Other | 7 | 153 | 6 | 18 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 1,210 | 70,270 | 3,220 | 9,302 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (217 | ) | (709 | ) | (390 | ) | (223 | ) | ||||||||
Less expense reimbursements | — | — | (1 | ) | (4 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 993 | 69,561 | 2,829 | 9,075 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 707 | 209,880 | 6,040 | 18,171 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | 18,361 | 341,378 | 10,106 | (6,773 | ) | |||||||||||
Options purchased | — | — | — | 220,447 | ||||||||||||
Futures contracts | — | — | — | (10,467 | ) | |||||||||||
Options written | — | — | — | (35,013 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 18,361 | 341,378 | 10,106 | 168,194 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | (28,940 | ) | (1,243,895 | ) | (62,392 | ) | (254,140 | ) | ||||||||
Options purchased | — | — | — | (8,906 | ) | |||||||||||
Futures contracts | — | — | — | (257 | ) | |||||||||||
Options written | — | — | — | (6,819 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (28,940 | ) | (1,243,895 | ) | (62,392 | ) | (270,122 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (10,579 | ) | (902,517 | ) | (52,286 | ) | (101,928 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (9,872 | ) | $ | (692,637 | ) | $ | (46,246 | ) | $ | (83,757 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 48 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | JPMorgan U.S. Equity | JPMorgan U.S. Research | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income from non-affiliates | $ | — | $ | — | (a) | $ | — | (a) | $ | 55 | ||||||
Interest income from affiliates | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||
Dividend income from non-affiliates | 48,029 | 17,715 | 123,573 | 61,776 | ||||||||||||
Dividend income from affiliates | 2,858 | 353 | 1,298 | 463 | ||||||||||||
Income from securities lending (net) | 141 | 11 | 26 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 51,028 | 18,079 | 124,897 | 62,294 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 36,436 | 3,420 | 29,974 | 8,371 | ||||||||||||
Administration fees | 5,910 | 693 | 6,077 | 2,716 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 3,051 | 274 | 1,649 | 331 | ||||||||||||
Class C | 2,010 | 261 | 1,159 | — | ||||||||||||
Class R2 | 382 | 50 | 659 | — | ||||||||||||
Class R3 (b) | 17 | — | (a) | 94 | — | |||||||||||
Service fees: | ||||||||||||||||
Class A | 3,051 | 274 | 1,649 | 331 | ||||||||||||
Class C | 670 | 87 | 386 | — | ||||||||||||
Class I | 5,514 | 477 | 1,961 | 319 | ||||||||||||
Class L | — | — | 860 | 230 | ||||||||||||
Class R2 | 191 | 25 | 330 | — | ||||||||||||
Class R3 (b) | 17 | — | (a) | 93 | — | |||||||||||
Class R4 (b) | 8 | 1 | 17 | — | ||||||||||||
Class R5 | 406 | 14 | 467 | — | ||||||||||||
Custodian and accounting fees | 176 | 27 | 218 | 92 | ||||||||||||
Interest expense to affiliates | — | 1 | — | — | ||||||||||||
Professional fees | 102 | 38 | 107 | 64 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 41 | 16 | 38 | 24 | ||||||||||||
Printing and mailing costs | 258 | 60 | 309 | 163 | ||||||||||||
Registration and filing fees | 48 | 66 | 165 | 55 | ||||||||||||
Transfer agency fees (See Note 2.G.) | 208 | 44 | 196 | 49 | ||||||||||||
Other | 123 | 16 | 163 | 50 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 58,619 | 5,844 | 46,571 | 12,795 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (11,546 | ) | (665 | ) | (4,278 | ) | (3,626 | ) | ||||||||
Less expense reimbursements | (19 | ) | (5 | ) | (41 | ) | (24 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 47,054 | 5,174 | 42,252 | 9,145 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 3,974 | 12,905 | 82,645 | 53,149 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | 1,074,866 | (35,787 | ) | 505,465 | 263,640 | |||||||||||
Futures contracts | — | — | (8,267 | ) | (702 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 1,074,866 | (35,787 | ) | 497,198 | 262,938 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | (2,686,636 | ) | (169,788 | ) | (1,591,138 | ) | (733,926 | ) | ||||||||
Futures contracts | — | — | 1,901 | (50 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (2,686,636 | ) | (169,788 | ) | (1,589,237 | ) | (733,976 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (1,611,770 | ) | (205,575 | ) | (1,092,039 | ) | (471,038 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (1,607,796 | ) | $ | (192,670 | ) | $ | (1,009,394 | ) | $ | (417,889 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
| (b) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 49 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 707 | $ | 1,117 | $ | 209,880 | $ | 290,322 | ||||||||
Net realized gain (loss) | 18,361 | 10,273 | 341,378 | 305,643 | ||||||||||||
Change in net unrealized appreciation/depreciation | (28,940 | ) | 18,485 | (1,243,895 | ) | 913,007 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (9,872 | ) | 29,875 | (692,637 | ) | 1,508,972 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (681 | ) | (186 | ) | (113,978 | ) | (76,031 | ) | ||||||||
Class C | (399 | ) | (170 | ) | (48,747 | ) | (28,299 | ) | ||||||||
Class I | (14,230 | ) | (10,710 | ) | (277,332 | ) | (150,432 | ) | ||||||||
Class R2 | — | — | (3,206 | ) | (1,994 | ) | ||||||||||
Class R3 | — | — | (4,123 | ) | (1,758 | ) | ||||||||||
Class R4 | — | — | (1,014 | ) | (453 | ) | ||||||||||
Class R5 | — | — | (45,868 | ) | (29,159 | ) | ||||||||||
Class R6 (b) | (2 | ) | — | (234,289 | ) | (133,346 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (15,312 | ) | (11,066 | ) | (728,557 | ) | (421,472 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (125,143 | ) | 47,717 | 2,060,470 | 1,214,083 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (150,327 | ) | 66,526 | 639,276 | 2,301,583 | |||||||||||
Beginning of period | 253,370 | 186,844 | 17,254,495 | 14,952,912 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 103,043 | $ | 253,370 | $ | 17,893,771 | $ | 17,254,495 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | |||||||
Class A | ||||||||
From net investment income | $ | (1 | ) | $ | (46,891 | ) | ||
From net realized gains | (185 | ) | (29,140 | ) | ||||
Class C | ||||||||
From net investment income | — | (15,879 | ) | |||||
From net realized gains | (170 | ) | (12,420 | ) | ||||
Class I | ||||||||
From net investment income | (511 | ) | (99,810 | ) | ||||
From net realized gains | (10,199 | ) | (50,622 | ) | ||||
Class R2 | ||||||||
From net investment income | — | (1,158 | ) | |||||
From net realized gains | — | (836 | ) | |||||
Class R3 | ||||||||
From net investment income | — | (1,008 | ) | |||||
From net realized gains | — | (750 | ) | |||||
Class R4 | ||||||||
From net investment income | — | (300 | ) | |||||
From net realized gains | — | (153 | ) | |||||
Class R5 | ||||||||
From net investment income | — | (19,165 | ) | |||||
From net realized gains | — | (9,994 | ) | |||||
Class R6(b) | ||||||||
From net investment income | — | (91,009 | ) | |||||
From net realized gains | — | (42,337 | ) | |||||
| (b) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 50 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Growth and Income Fund | JPMorgan Hedged Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 6,040 | $ | 7,601 | $ | 18,171 | $ | 17,706 | ||||||||
Net realized gain (loss) | 10,106 | 36,587 | 168,194 | (52,720 | ) | |||||||||||
Change in net unrealized appreciation/depreciation | (62,392 | ) | 20,167 | (270,122 | ) | 131,026 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (46,246 | ) | 64,355 | (83,757 | ) | 96,012 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (25,415 | ) | (25,010 | ) | (1,375 | ) | (1,774 | ) | ||||||||
Class C | (1,337 | ) | (1,315 | ) | (406 | ) | (200 | ) | ||||||||
Class I | (4,357 | ) | (4,029 | ) | (16,045 | ) | (14,219 | ) | ||||||||
Class R2 | (5 | ) | (1 | ) | — | — | ||||||||||
Class R3 (b) | (1 | ) | (1 | ) | — | — | ||||||||||
Class R4 (b) | (1 | ) | (1 | ) | — | — | ||||||||||
Class R5 | (2 | ) | (3 | ) | (1 | ) | (1 | ) | ||||||||
Class R6 | (1,938 | ) | (501 | ) | (1,316 | ) | (485 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (33,056 | ) | (30,861 | ) | (19,143 | ) | (16,679 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 44,138 | 37,564 | 1,014,364 | 1,585,763 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (35,164 | ) | 71,058 | 911,464 | 1,665,096 | |||||||||||
Beginning of period | 610,763 | 539,705 | 2,428,392 | 763,296 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 575,599 | $ | 610,763 | $ | 3,339,856 | $ | 2,428,392 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
JPMorgan Growth and | JPMorgan Hedged Equity Fund | |||||||
Class A | ||||||||
From net investment income | $ | (5,773 | ) | $ | (1,774 | ) | ||
From net realized gains | (19,237 | ) | — | |||||
Class C | ||||||||
From net investment income | (226 | ) | (200 | ) | ||||
From net realized gains | (1,089 | ) | — | |||||
Class I | ||||||||
From net investment income | (1,045 | ) | (14,219 | ) | ||||
From net realized gains | (2,984 | ) | — | |||||
Class R2 | ||||||||
From net investment income | — | (a) | — | |||||
From net realized gains | (1 | ) | — | |||||
Class R3(b) | ||||||||
From net investment income | — | (a) | — | |||||
From net realized gains | (1 | ) | — | |||||
Class R4(b) | ||||||||
From net investment income | — | (a) | — | |||||
From net realized gains | (1 | ) | — | |||||
Class R5 | ||||||||
From net investment income | (1 | ) | (1 | ) | ||||
From net realized gains | (2 | ) | — | |||||
Class R6 | ||||||||
From net investment income | (304 | ) | (485 | ) | ||||
From net realized gains | (197 | ) | — | |||||
| (a) | Amount rounds to less than one thousand. |
| (b) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth and Income Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 51 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 3,974 | $ | 716 | $ | 12,905 | $ | 17,087 | ||||||||
Net realized gain (loss) | 1,074,866 | 1,428,027 | (35,787 | ) | 104,778 | |||||||||||
Change in net unrealized appreciation/depreciation | (2,686,636 | ) | 1,838,302 | (169,788 | ) | (52,694 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (1,607,796 | ) | 3,267,045 | (192,670 | ) | 69,171 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (290,662 | ) | (341,736 | ) | (13,539 | ) | (20,288 | ) | ||||||||
Class C | (80,926 | ) | (78,411 | ) | (4,530 | ) | (4,929 | ) | ||||||||
Class I | (537,464 | ) | (495,445 | ) | (24,234 | ) | (26,336 | ) | ||||||||
Class R2 | (19,576 | ) | (20,556 | ) | (1,392 | ) | (937 | ) | ||||||||
Class R3 (b) | (2,356 | ) | (239 | ) | (1 | ) | — | |||||||||
Class R4 (b) | (823 | ) | (1,429 | ) | (1 | ) | — | |||||||||
Class R5 | (94,352 | ) | (107,511 | ) | (2,036 | ) | (2,015 | ) | ||||||||
Class R6 | (744,597 | ) | (610,039 | ) | (63,381 | ) | (68,722 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,770,756 | ) | (1,655,366 | ) | (109,114 | ) | (123,227 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 1,561,259 | 462,204 | 46,500 | 654,144 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (1,817,293 | ) | 2,073,883 | (255,284 | ) | 600,088 | ||||||||||
Beginning of period | 14,350,587 | 12,276,704 | 1,652,352 | 1,052,264 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 12,533,294 | $ | 14,350,587 | $ | 1,397,068 | $ | 1,652,352 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | |||||||
Class A | ||||||||
From net investment income | $ | — | $ | (1,957 | ) | |||
From net realized gains | (341,736 | ) | (18,331 | ) | ||||
Class C | ||||||||
From net investment income | — | (250 | ) | |||||
From net realized gains | (78,411 | ) | (4,679 | ) | ||||
Class I | ||||||||
From net investment income | — | (3,416 | ) | |||||
From net realized gains | (495,445 | ) | (22,920 | ) | ||||
Class R2 | ||||||||
From net investment income | — | (82 | ) | |||||
From net realized gains | (20,556 | ) | (855 | ) | ||||
Class R3(b) | ||||||||
From net realized gains | (239 | ) | — | |||||
Class R4(b) | ||||||||
From net realized gains | (1,429 | ) | — | |||||
Class R5 | ||||||||
From net investment income | — | (276 | ) | |||||
From net realized gains | (107,511 | ) | (1,739 | ) | ||||
Class R6 | ||||||||
From net investment income | — | (10,517 | ) | |||||
From net realized gains | (610,039 | ) | (58,205 | ) | ||||
| (b) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 52 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan U.S. Equity Fund | JPMorgan U.S. Research Enhanced Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 82,645 | $ | 158,433 | $ | 53,149 | $ | 107,440 | ||||||||
Net realized gain (loss) | 497,198 | 1,679,988 | 262,938 | 652,092 | ||||||||||||
Change in net unrealized appreciation/depreciation | (1,589,237 | ) | 109,913 | (733,976 | ) | 214,392 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (1,009,394 | ) | 1,948,334 | (417,889 | ) | 973,924 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (140,746 | ) | (113,310 | ) | (26,718 | ) | (3,827 | ) | ||||||||
Class C | (34,378 | ) | (23,352 | ) | — | — | ||||||||||
Class I | (172,108 | ) | (122,404 | ) | (25,681 | ) | (3,737 | ) | ||||||||
Class L | (190,194 | ) | (146,714 | ) | (48,182 | ) | (9,307 | ) | ||||||||
Class R2 | (27,923 | ) | (21,453 | ) | — | — | ||||||||||
Class R3 | (9,826 | ) | (4,039 | ) | — | — | ||||||||||
Class R4 | (1,849 | ) | (504 | ) | — | — | ||||||||||
Class R5 | (100,828 | ) | (78,990 | ) | — | — | ||||||||||
Class R6 | (893,543 | ) | (778,839 | ) | (595,238 | ) | (86,761 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,571,395 | ) | (1,289,605 | ) | (695,819 | ) | (103,632 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (45,763 | ) | 102,375 | 57,627 | (1,539,735 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (2,626,552 | ) | 761,104 | (1,056,081 | ) | (669,443 | ) | |||||||||
Beginning of period | 15,058,097 | 14,296,993 | 6,737,090 | 7,406,533 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 12,431,545 | $ | 15,058,097 | $ | 5,681,009 | $ | 6,737,090 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
JPMorgan U.S. Equity Fund | JPMorgan U.S. Research Enhanced | |||||||
Class A | ||||||||
From net investment income | $ | (9,388 | ) | $ | (3,827 | ) | ||
From net realized gains | (103,922 | ) | — | |||||
Class C | ||||||||
From net investment income | (716 | ) | — | |||||
From net realized gains | (22,636 | ) | — | |||||
Class I | ||||||||
From net investment income | (13,503 | ) | (3,737 | ) | ||||
From net realized gains | (108,901 | ) | — | |||||
Class L | ||||||||
From net investment income | (17,778 | ) | (9,307 | ) | ||||
From net realized gains | (128,936 | ) | — | |||||
Class R2 | ||||||||
From net investment income | (1,146 | ) | — | |||||
From net realized gains | (20,307 | ) | — | |||||
Class R3 | ||||||||
From net investment income | (344 | ) | — | |||||
From net realized gains | (3,695 | ) | — | |||||
Class R4 | ||||||||
From net investment income | (64 | ) | — | |||||
From net realized gains | (440 | ) | — | |||||
Class R5 | ||||||||
From net investment income | (10,060 | ) | — | |||||
From net realized gains | (68,930 | ) | — | |||||
Class R6 | ||||||||
From net investment income | (104,163 | ) | (86,761 | ) | ||||
From net realized gains | (674,676 | ) | — | |||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 53 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 1,946 | $ | 1,177 | $ | 341,130 | $ | 525,531 | ||||||||
Distributions reinvested | 681 | 186 | 108,763 | 71,651 | ||||||||||||
Cost of shares redeemed | (724 | ) | (971 | ) | (475,606 | ) | (975,605 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 1,903 | $ | 392 | $ | (25,713 | ) | $ | (378,423 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 307 | $ | 529 | $ | 136,461 | $ | 158,580 | ||||||||
Distributions reinvested | 399 | 170 | 43,156 | 25,015 | ||||||||||||
Cost of shares redeemed | (462 | ) | (1,305 | ) | (130,015 | ) | (358,771 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 244 | $ | (606 | ) | $ | 49,602 | $ | (175,176 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 20,232 | $ | 81,292 | $ | 1,677,432 | $ | 1,983,704 | ||||||||
Distributions reinvested | 14,130 | 10,677 | 247,425 | 131,986 | ||||||||||||
Cost of shares redeemed | (161,674 | ) | (44,038 | ) | (777,223 | ) | (2,734,993 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (127,312 | ) | $ | 47,931 | $ | 1,147,634 | $ | (619,303 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 16,904 | $ | 18,053 | ||||||||
Distributions reinvested | — | — | 2,884 | 1,710 | ||||||||||||
Cost of shares redeemed | — | — | (12,386 | ) | (33,335 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | 7,402 | $ | (13,572 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 30,159 | $ | 82,515 | ||||||||
Distributions reinvested | — | — | 3,739 | 1,736 | ||||||||||||
Cost of shares redeemed | — | — | (13,351 | ) | (19,935 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | — | $ | — | $ | 20,547 | $ | 64,316 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 25,416 | $ | 29,460 | ||||||||
Distributions reinvested | — | — | 1,014 | 452 | ||||||||||||
Cost of shares redeemed | — | — | (14,557 | ) | (8,782 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | — | $ | — | $ | 11,873 | $ | 21,130 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 186,482 | $ | 468,882 | ||||||||
Distributions reinvested | — | — | 42,826 | 26,960 | ||||||||||||
Cost of shares redeemed | — | — | (141,158 | ) | (382,098 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | 88,150 | $ | 113,744 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 20 | $ | — | $ | 1,076,227 | $ | 2,906,484 | ||||||||
Distributions reinvested | 2 | — | 220,528 | 124,146 | ||||||||||||
Cost of shares redeemed | — | (b) | — | (535,780 | ) | (829,263 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 22 | $ | — | $ | 760,975 | $ | 2,201,367 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (125,143 | ) | $ | 47,717 | $ | 2,060,470 | $ | 1,214,083 | |||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 54 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 63 | 38 | 20,108 | 31,499 | ||||||||||||
Reinvested | 25 | 6 | 6,585 | 4,281 | ||||||||||||
Redeemed | (25 | ) | (32 | ) | (27,833 | ) | (58,701 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 63 | 12 | (1,140 | ) | (22,921 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 10 | 17 | 8,234 | 9,654 | ||||||||||||
Reinvested | 15 | 6 | 2,672 | 1,521 | ||||||||||||
Redeemed | (17 | ) | (43 | ) | (7,776 | ) | (22,050 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 8 | (20 | ) | 3,130 | (10,875 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 615 | 2,578 | 97,021 | 116,951 | ||||||||||||
Reinvested | 511 | 345 | 14,729 | 7,758 | ||||||||||||
Redeemed | (5,093 | ) | (1,399 | ) | (45,320 | ) | (165,937 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (3,967 | ) | 1,524 | 66,430 | (41,228 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | — | — | 992 | 1,087 | ||||||||||||
Reinvested | — | — | 176 | 103 | ||||||||||||
Redeemed | — | — | (724 | ) | (1,990 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | — | 444 | (800 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 |
| |||||||||||||||
Issued | — | — | 1,754 | 4,897 | ||||||||||||
Reinvested | — | — | 227 | 103 | ||||||||||||
Redeemed | — | — | (783 | ) | (1,179 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | — | — | 1,198 | 3,821 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 |
| |||||||||||||||
Issued | — | — | 1,503 | 1,791 | ||||||||||||
Reinvested | — | — | 60 | 27 | ||||||||||||
Redeemed | — | — | (818 | ) | (530 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | — | — | 745 | 1,288 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | — | — | 10,663 | 27,638 | ||||||||||||
Reinvested | — | — | 2,543 | 1,584 | ||||||||||||
Redeemed | — | — | (8,058 | ) | (22,367 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | 5,148 | 6,855 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) |
| |||||||||||||||
Issued | 1 | — | 62,056 | 174,849 | ||||||||||||
Reinvested | — | (b) | — | 13,112 | 7,288 | |||||||||||
Redeemed | — | (b) | — | (30,796 | ) | (48,541 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 1 | — | 44,372 | 133,596 | �� | |||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 55 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Growth and Income Fund | JPMorgan Hedged Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 32,484 | $ | 63,584 | $ | 86,171 | $ | 245,722 | ||||||||
Distributions reinvested | 24,706 | 24,233 | 1,364 | 1,770 | ||||||||||||
Cost of shares redeemed | (34,293 | ) | (85,887 | ) | (120,916 | ) | (115,928 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 22,897 | $ | 1,930 | $ | (33,381 | ) | $ | 131,564 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 5,286 | $ | 3,673 | $ | 46,669 | $ | 56,798 | ||||||||
Distributions reinvested | 1,155 | 1,171 | 405 | 200 | ||||||||||||
Cost of shares redeemed | (3,724 | ) | (11,728 | ) | (10,024 | ) | (7,913 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 2,717 | $ | (6,884 | ) | $ | 37,050 | $ | 49,085 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 21,433 | $ | 34,111 | $ | 1,469,316 | $ | 1,593,492 | ||||||||
Distributions reinvested | 3,946 | 3,841 | 15,017 | 13,345 | ||||||||||||
Cost of shares redeemed | (11,720 | ) | (28,585 | ) | (607,930 | ) | (320,018 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 13,659 | $ | 9,367 | $ | 876,403 | $ | 1,286,819 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 59 | $ | 15 | $ | — | $ | — | ||||||||
Distributions reinvested | 5 | 1 | — | — | ||||||||||||
Cost of shares redeemed | — | (a) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 64 | $ | 16 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(b) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | 20 | $ | — | $ | — | ||||||||
Distributions reinvested | 1 | 1 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 1 | $ | 21 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(b) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | 20 | $ | — | $ | — | ||||||||
Distributions reinvested | 1 | 1 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 1 | $ | 21 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 15 | $ | 6 | $ | 38 | $ | 152 | ||||||||
Distributions reinvested | 2 | 3 | 1 | 1 | ||||||||||||
Cost of shares redeemed | (1 | ) | (6 | ) | (54 | ) | (72 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 16 | $ | 3 | $ | (15 | ) | $ | 81 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 7,465 | $ | 34,075 | $ | 152,532 | $ | 128,229 | ||||||||
Distributions reinvested | 1,851 | 501 | 257 | 199 | ||||||||||||
Cost of shares redeemed | (4,533 | ) | (1,486 | ) | (18,482 | ) | (10,214 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 4,783 | $ | 33,090 | $ | 134,307 | $ | 118,214 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 44,138 | $ | 37,564 | $ | 1,014,364 | $ | 1,585,763 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
| (b) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth and Income Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 56 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Growth and Income Fund | JPMorgan Hedged Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 652 | 1,271 | 4,423 | 12,948 | ||||||||||||
Reinvested | 535 | 485 | 71 | 93 | ||||||||||||
Redeemed | (695 | ) | (1,688 | ) | (6,227 | ) | (6,071 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 492 | 68 | (1,733 | ) | 6,970 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 121 | 81 | 2,425 | 2,990 | ||||||||||||
Reinvested | 28 | 26 | 21 | 11 | ||||||||||||
Redeemed | (83 | ) | (259 | ) | (520 | ) | (415 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 66 | (152 | ) | 1,926 | 2,586 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 414 | 649 | 75,536 | 83,305 | ||||||||||||
Reinvested | 81 | 73 | 775 | 699 | ||||||||||||
Redeemed | (232 | ) | (543 | ) | (31,480 | ) | (16,636 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 263 | 179 | 44,831 | 67,368 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 1 | — | (a) | — | — | |||||||||||
Reinvested | — | (a) | — | (a) | — | — | ||||||||||
Redeemed | — | (a) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 1 | — | (a) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(b) |
| |||||||||||||||
Issued | — | — | (a) | — | — | |||||||||||
Reinvested | — | (a) | — | (a) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | — | (a) | — | (a) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(b) |
| |||||||||||||||
Issued | — | — | (a) | — | — | |||||||||||
Reinvested | 1 | — | (a) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 1 | — | (a) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | — | (a) | — | (a) | 3 | 8 | ||||||||||
Reinvested | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||
Redeemed | — | (a) | — | (a) | (3 | ) | (4 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | (a) | — | (a) | — | (a) | 4 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 137 | 615 | 7,849 | 6,591 | ||||||||||||
Reinvested | 38 | 10 | 13 | 10 | ||||||||||||
Redeemed | (87 | ) | (28 | ) | (943 | ) | (527 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 88 | 597 | 6,919 | 6,074 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
| (b) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth and Income Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 57 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 288,455 | $ | 495,076 | $ | 26,356 | $ | 130,775 | ||||||||
Net assets acquired in Fund reorganization (See Note 9) | — | 63,247 | — | — | ||||||||||||
Distributions reinvested | 268,247 | 311,846 | 13,140 | 19,806 | ||||||||||||
Cost of shares redeemed | (454,326 | ) | (1,174,028 | ) | (66,155 | ) | (123,251 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 102,376 | $ | (303,859 | ) | $ | (26,659 | ) | $ | 27,330 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 65,610 | $ | 80,665 | $ | 8,130 | $ | 38,428 | ||||||||
Net assets acquired in Fund reorganization (See Note 9) | — | 13,553 | — | — | ||||||||||||
Distributions reinvested | 64,190 | 59,885 | 4,424 | 4,755 | ||||||||||||
Cost of shares redeemed | (75,539 | ) | (152,863 | ) | (12,446 | ) | (19,452 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 54,261 | $ | 1,240 | $ | 108 | $ | 23,731 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 704,283 | $ | 1,263,343 | $ | 111,991 | $ | 345,159 | ||||||||
Net assets acquired in Fund reorganization (See Note 9) | — | 66,379 | — | — | ||||||||||||
Distributions reinvested | 499,924 | 437,623 | 24,115 | 25,985 | ||||||||||||
Cost of shares redeemed | (830,290 | ) | (2,608,344 | ) | (150,157 | ) | (138,314 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 373,917 | $ | (840,999 | ) | $ | (14,051 | ) | $ | 232,830 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 39,070 | $ | 46,028 | $ | 5,889 | $ | 13,920 | ||||||||
Distributions reinvested | 15,016 | 14,353 | 1,235 | 689 | ||||||||||||
Cost of shares redeemed | (42,297 | ) | (68,572 | ) | (1,592 | ) | (3,779 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 11,789 | $ | (8,191 | ) | $ | 5,532 | $ | 10,830 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Proceeds from shares issued | $ | 14,853 | $ | 5,967 | $ | 20 | $ | — | ||||||||
Distributions reinvested | 1,370 | 198 | 1 | — | ||||||||||||
Cost of shares redeemed | (1,184 | ) | (985 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 15,039 | $ | 5,180 | $ | 21 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
Proceeds from shares issued | $ | 1,368 | $ | 16,616 | $ | 11,171 | $ | — | ||||||||
Distributions reinvested | 823 | 1,429 | 1 | — | ||||||||||||
Cost of shares redeemed | (532 | ) | (13,174 | ) | (196 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 1,659 | $ | 4,871 | $ | 10,976 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 114,373 | $ | 167,961 | $ | 13,467 | $ | 21,564 | ||||||||
Net assets acquired in Fund reorganization (See Note 9) | — | 201,731 | — | — | ||||||||||||
Distributions reinvested | 89,822 | 99,180 | 2,021 | 1,993 | ||||||||||||
Cost of shares redeemed | (123,751 | ) | (578,359 | ) | (7,395 | ) | (9,689 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 80,444 | $ | (109,487 | ) | $ | 8,093 | $ | 13,868 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 885,472 | $ | 2,125,161 | $ | 269,036 | $ | 374,045 | ||||||||
Distributions reinvested | 723,675 | 540,060 | 63,224 | 68,661 | ||||||||||||
Cost of shares redeemed | (687,373 | ) | (951,772 | ) | (269,780 | ) | (97,151 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 921,774 | $ | 1,713,449 | $ | 62,480 | $ | 345,555 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 1,561,259 | $ | 462,204 | $ | 46,500 | $ | 654,144 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 58 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 7,054 | 12,491 | 1,773 | 8,302 | ||||||||||||
Shares issued in connection with Fund reorganization (See Note 9) | — | 1,736 | — | — | ||||||||||||
Reinvested | 7,726 | 8,728 | 1,000 | 1,278 | ||||||||||||
Redeemed | (11,094 | ) | (28,909 | ) | (4,441 | ) | (7,816 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 3,686 | (5,954 | ) | (1,668 | ) | 1,764 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 2,119 | 2,540 | 581 | 2,535 | ||||||||||||
Shares issued in connection with Fund reorganization (See Note 9) | — | 460 | — | — | ||||||||||||
Reinvested | 2,388 | 2,073 | 353 | 319 | ||||||||||||
Redeemed | (2,441 | ) | (4,716 | ) | (912 | ) | (1,285 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 2,066 | 357 | 22 | 1,569 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 17,104 | 30,824 | 7,627 | 22,191 | ||||||||||||
Shares issued in connection with Fund reorganization (See Note 9) | — | 1,807 | — | — | ||||||||||||
Reinvested | 14,219 | 12,149 | 1,864 | 1,706 | ||||||||||||
Redeemed | (20,496 | ) | (65,821 | ) | (10,423 | ) | (9,034 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 10,827 | (21,041 | ) | (932 | ) | 14,863 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 1,008 | 1,202 | 393 | 896 | ||||||||||||
Reinvested | 449 | 413 | 95 | 45 | ||||||||||||
Redeemed | (1,040 | ) | (1,769 | ) | (107 | ) | (244 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 417 | (154 | ) | 381 | 697 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) |
| |||||||||||||||
Issued | 341 | 154 | 1 | — | ||||||||||||
Reinvested | 39 | 6 | — | (b) | — | |||||||||||
Redeemed | (31 | ) | (25 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 349 | 135 | 1 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) |
| |||||||||||||||
Issued | 32 | 414 | 917 | — | ||||||||||||
Reinvested | 23 | 40 | — | (b) | — | |||||||||||
Redeemed | (12 | ) | (327 | ) | (16 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 43 | 127 | 901 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 2,653 | 4,139 | 890 | 1,379 | ||||||||||||
Shares issued in connection with Fund reorganization (See Note 9) | — | 5,397 | — | — | ||||||||||||
Reinvested | 2,499 | 2,706 | 155 | 130 | ||||||||||||
Redeemed | (2,816 | ) | (14,647 | ) | (495 | ) | (628 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 2,336 | (2,405 | ) | 550 | 881 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 20,453 | 52,207 | 17,929 | 24,088 | ||||||||||||
Reinvested | 19,983 | 14,648 | 4,861 | 4,491 | ||||||||||||
Redeemed | (16,275 | ) | (23,114 | ) | (18,118 | ) | (6,224 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 24,161 | 43,741 | 4,672 | 22,355 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 59 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Equity Fund | JPMorgan U.S. Research Enhanced Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 104,053 | $ | 214,993 | $ | 18,358 | $ | 52,738 | ||||||||
Distributions reinvested | 128,130 | 101,906 | 26,601 | 3,815 | ||||||||||||
Cost of shares redeemed | (234,490 | ) | (408,599 | ) | (75,062 | ) | (247,174 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (2,307 | ) | $ | (91,700 | ) | $ | (30,103 | ) | $ | (190,621 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 30,510 | $ | 53,665 | $ | — | $ | — | ||||||||
Distributions reinvested | 32,699 | 22,181 | — | — | ||||||||||||
Cost of shares redeemed | (43,646 | ) | (105,361 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 19,563 | $ | (29,515 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 242,370 | $ | 475,037 | $ | 33,769 | $ | 41,680 | ||||||||
Distributions reinvested | 167,071 | 118,776 | 25,042 | 3,308 | ||||||||||||
Cost of shares redeemed | (297,809 | ) | (415,816 | ) | (77,137 | ) | (93,153 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 111,632 | $ | 177,997 | $ | (18,326 | ) | $ | (48,165 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | 198,290 | $ | 312,658 | $ | 32,634 | $ | 88,724 | ||||||||
Distributions reinvested | 161,283 | 127,665 | 30,407 | 7,140 | ||||||||||||
Cost of shares redeemed | (271,550 | ) | (2,240,979 | ) | (67,633 | ) | (544,996 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | 88,023 | $ | (1,800,656 | ) | $ | (4,592 | ) | $ | (449,132 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 18,238 | $ | 41,736 | $ | — | $ | — | ||||||||
Distributions reinvested | 26,288 | 19,822 | — | — | ||||||||||||
Cost of shares redeemed | (38,487 | ) | (67,632 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 6,039 | $ | (6,074 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 34,191 | $ | 41,120 | $ | — | $ | — | ||||||||
Distributions reinvested | 8,775 | 4,029 | — | — | ||||||||||||
Cost of shares redeemed | (3,702 | ) | (10,051 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 39,264 | $ | 35,098 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 9,477 | $ | 10,245 | $ | — | $ | — | ||||||||
Distributions reinvested | 1,849 | 504 | — | — | ||||||||||||
Cost of shares redeemed | (3,631 | ) | (1,318 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 7,695 | $ | 9,431 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 42,736 | $ | 119,546 | $ | — | $ | — | ||||||||
Distributions reinvested | 90,844 | 70,680 | — | — | ||||||||||||
Cost of shares redeemed | (104,446 | ) | (181,128 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 29,134 | $ | 9,098 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 469,693 | $ | 2,759,027 | $ | 144,304 | $ | 834,134 | ||||||||
Distributions reinvested | 891,913 | 777,436 | 595,128 | 86,745 | ||||||||||||
Cost of shares redeemed | (1,706,412 | ) | (1,737,767 | ) | (628,784 | ) | (1,772,696 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (344,806 | ) | $ | 1,798,696 | $ | 110,648 | $ | (851,817 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (45,763 | ) | $ | 102,375 | $ | 57,627 | $ | (1,539,735 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 60 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan U.S. Equity Fund | JPMorgan U.S. Research Enhanced Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 6,451 | 13,038 | 640 | 1,931 | ||||||||||||
Reinvested | 8,951 | 6,310 | 1,071 | 139 | ||||||||||||
Redeemed | (14,421 | ) | (24,809 | ) | (2,720 | ) | (8,885 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 981 | (5,461 | ) | (1,009 | ) | (6,815 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 1,950 | 3,347 | — | — | ||||||||||||
Reinvested | 2,372 | 1,416 | — | — | ||||||||||||
Redeemed | (2,901 | ) | (6,567 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 1,421 | (1,804 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 15,137 | 28,752 | 1,142 | 1,498 | ||||||||||||
Reinvested | 11,627 | 7,333 | 998 | 119 | ||||||||||||
Redeemed | (18,814 | ) | (25,267 | ) | (2,635 | ) | (3,348 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 7,950 | 10,818 | (495 | ) | (1,731 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L |
| |||||||||||||||
Issued | 12,103 | 18,949 | 1,223 | 3,285 | ||||||||||||
Reinvested | 11,205 | 7,871 | 1,214 | 259 | ||||||||||||
Redeemed | (17,150 | ) | (139,241 | ) | (2,320 | ) | (19,517 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | 6,158 | (112,421 | ) | 117 | (15,973 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 1,154 | 2,553 | — | — | ||||||||||||
Reinvested | 1,858 | 1,239 | — | — | ||||||||||||
Redeemed | (2,323 | ) | (4,154 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 689 | (362 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 |
| |||||||||||||||
Issued | 2,061 | 2,508 | — | — | ||||||||||||
Reinvested | 616 | 250 | — | — | ||||||||||||
Redeemed | (226 | ) | (610 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 2,451 | 2,148 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 |
| |||||||||||||||
Issued | 569 | 621 | — | — | ||||||||||||
Reinvested | 129 | 31 | — | — | ||||||||||||
Redeemed | (220 | ) | (79 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 478 | 573 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 2,681 | 7,233 | — | — | ||||||||||||
Reinvested | 6,305 | 4,355 | — | — | ||||||||||||
Redeemed | (6,250 | ) | (10,982 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 2,736 | 606 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 29,210 | 170,342 | 5,051 | 29,946 | ||||||||||||
Reinvested | 61,720 | 47,843 | 23,732 | 3,129 | ||||||||||||
Redeemed | (102,148 | ) | (103,956 | ) | (21,914 | ) | (62,298 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (11,218 | ) | 114,229 | 6,869 | (29,223 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 61 | ||||||
Table of Contents
FOR THE PERIODS INDICATED
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized gains (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Equity Focus Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 31.83 | $ | 0.08 | $ | (2.29 | ) | $ | (2.21 | ) | $ | (0.41 | ) | $ | (3.72 | ) | $ | (4.13 | ) | |||||||||
Year Ended June 30, 2018 | 29.09 | 0.08 | 4.23 | 4.31 | (0.01 | ) | (1.56 | ) | (1.57 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 23.73 | (0.01 | ) | 5.70 | 5.69 | (0.01 | ) | (0.32 | ) | (0.33 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 24.78 | (0.01 | ) | (0.38 | ) | (0.39 | ) | — | (f) | (0.66 | ) | (0.66 | ) | |||||||||||||||
Year Ended June 30, 2015 | 23.56 | (0.02 | ) | 1.42 | 1.40 | (0.02 | ) | (0.16 | ) | (0.18 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 19.18 | (0.02 | ) | 4.86 | 4.84 | — | (0.46 | ) | (0.46 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 30.75 | (0.01 | ) | (2.19 | ) | (2.20 | ) | (0.24 | ) | (3.72 | ) | (3.96 | ) | |||||||||||||||
Year Ended June 30, 2018 | 28.28 | (0.08 | ) | 4.11 | 4.03 | — | (1.56 | ) | (1.56 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 23.18 | (0.14 | ) | 5.56 | 5.42 | — | (0.32 | ) | (0.32 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 24.34 | (0.13 | ) | (0.37 | ) | (0.50 | ) | — | (0.66 | ) | (0.66 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 23.24 | (0.13 | ) | 1.39 | 1.26 | — | (0.16 | ) | (0.16 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 19.01 | (0.15 | ) | 4.84 | 4.69 | — | (0.46 | ) | (0.46 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 32.13 | 0.10 | (2.30 | ) | (2.20 | ) | (0.37 | ) | (3.72 | ) | (4.09 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 29.34 | 0.16 | 4.27 | 4.43 | (0.08 | ) | (1.56 | ) | (1.64 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 23.92 | 0.06 | 5.75 | 5.81 | (0.07 | ) | (0.32 | ) | (0.39 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 24.95 | 0.06 | (0.39 | ) | (0.33 | ) | (0.04 | ) | (0.66 | ) | (0.70 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 23.67 | 0.04 | 1.44 | 1.48 | (0.04 | ) | (0.16 | ) | (0.20 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 19.22 | 0.04 | 4.87 | 4.91 | — | (f) | (0.46 | ) | (0.46 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
October 1, 2018 (g) through December 31, 2018 (Unaudited) | 34.55 | 0.08 | (4.68 | ) | (4.60 | ) | (0.53 | ) | (3.72 | ) | (4.25 | ) | ||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Amount rounds to less than $0.005. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 62 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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 income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 25.49 | (7.66 | )% | $ | 4,885 | 1.09 | % | 0.48 | % | 1.35 | % | 18 | % | |||||||||||||
| 31.83 | 15.02 | 4,077 | 1.11 | 0.26 | 1.31 | 34 | ||||||||||||||||||||
| 29.09 | 24.09 | 3,362 | 1.17 | (0.02 | ) | 1.37 | 84 | |||||||||||||||||||
| 23.73 | (1.60 | ) | 1,937 | 1.24 | (0.03 | ) | 1.55 | 45 | ||||||||||||||||||
| 24.78 | 5.98 | 1,452 | 1.24 | (0.07 | ) | 1.42 | 52 | |||||||||||||||||||
| 23.56 | 25.43 | 423 | 1.24 | (0.10 | ) | 2.11 | 76 | |||||||||||||||||||
| 24.59 | (7.89 | ) | 2,620 | �� | 1.59 | (0.04 | ) | 1.81 | 18 | |||||||||||||||||
| 30.75 | 14.45 | 3,017 | 1.61 | (0.26 | ) | 1.80 | 34 | |||||||||||||||||||
| 28.28 | 23.49 | 3,331 | 1.66 | (0.51 | ) | 1.86 | 84 | |||||||||||||||||||
| 23.18 | (2.10 | ) | 1,268 | 1.74 | (0.54 | ) | 1.96 | 45 | ||||||||||||||||||
| 24.34 | 5.44 | 873 | 1.74 | (0.54 | ) | 1.93 | 52 | |||||||||||||||||||
| 23.24 | 24.86 | 133 | 1.74 | (0.67 | ) | 2.82 | 76 | |||||||||||||||||||
| 25.84 | (7.53 | ) | 95,521 | 0.84 | 0.62 | 1.03 | 18 | |||||||||||||||||||
| 32.13 | 15.31 | 246,276 | 0.86 | 0.52 | 1.03 | 34 | ||||||||||||||||||||
| 29.34 | 24.43 | 180,151 | 0.92 | 0.23 | 1.10 | 84 | ||||||||||||||||||||
| 23.92 | (1.37 | ) | 136,284 | 0.99 | 0.24 | 1.11 | 45 | |||||||||||||||||||
| 24.95 | 6.26 | 81,179 | 0.99 | 0.15 | 1.12 | 52 | ||||||||||||||||||||
| 23.67 | 25.75 | 72,064 | 0.99 | 0.19 | 1.51 | 76 | ||||||||||||||||||||
| 25.70 | (13.97 | ) | 17 | 0.59 | 1.05 | 0.85 | 18 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 63 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized gains (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Equity Income Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 16.82 | $ | 0.18 | (e) | $ | (0.77 | ) | $ | (0.59 | ) | $ | (0.19 | ) | $ | (0.46 | ) | $ | (0.65 | ) | ||||||||
Year Ended June 30, 2018 | 15.67 | 0.26 | (e) | 1.29 | 1.55 | (0.25 | ) | (0.15 | ) | (0.40 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 14.01 | 0.24 | (e) | 1.75 | 1.99 | (0.24 | ) | (0.09 | ) | (0.33 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 13.77 | 0.25 | (e) | 0.35 | 0.60 | (0.25 | ) | (0.11 | ) | (0.36 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 13.66 | 0.25 | 0.39 | 0.64 | (0.25 | ) | (0.28 | ) | (0.53 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 11.62 | 0.21 | (e) | 2.26 | 2.47 | (0.21 | ) | (0.22 | ) | (0.43 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.50 | 0.13 | (e) | (0.75 | ) | (0.62 | ) | (0.15 | ) | (0.46 | ) | (0.61 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.41 | 0.17 | (e) | 1.26 | 1.43 | (0.19 | ) | (0.15 | ) | (0.34 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.80 | 0.16 | (e) | 1.72 | 1.88 | (0.18 | ) | (0.09 | ) | (0.27 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 13.58 | 0.18 | (e) | 0.35 | 0.53 | (0.20 | ) | (0.11 | ) | (0.31 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 13.49 | 0.18 | 0.38 | 0.56 | (0.19 | ) | (0.28 | ) | (0.47 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 11.49 | 0.15 | (e) | 2.23 | 2.38 | (0.16 | ) | (0.22 | ) | (0.38 | ) | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 17.10 | 0.20 | (e) | (0.78 | ) | (0.58 | ) | (0.21 | ) | (0.46 | ) | (0.67 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.92 | 0.31 | (e) | 1.31 | 1.62 | (0.29 | ) | (0.15 | ) | (0.44 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 14.23 | 0.28 | (e) | 1.77 | 2.05 | (0.27 | ) | (0.09 | ) | (0.36 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 13.97 | 0.28 | (e) | 0.37 | 0.65 | (0.28 | ) | (0.11 | ) | (0.39 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 13.85 | 0.29 | 0.40 | 0.69 | (0.29 | ) | (0.28 | ) | (0.57 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 11.77 | 0.25 | (e) | 2.29 | 2.54 | (0.24 | ) | (0.22 | ) | (0.46 | ) | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.74 | 0.16 | (e) | (0.77 | ) | (0.61 | ) | (0.17 | ) | (0.46 | ) | (0.63 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.62 | 0.21 | (e) | 1.28 | 1.49 | (0.22 | ) | (0.15 | ) | (0.37 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.97 | 0.20 | (e) | 1.75 | 1.95 | (0.21 | ) | (0.09 | ) | (0.30 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 13.74 | 0.21 | (e) | 0.35 | 0.56 | (0.22 | ) | (0.11 | ) | (0.33 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 13.64 | 0.22 | 0.39 | 0.61 | (0.23 | ) | (0.28 | ) | (0.51 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 11.61 | 0.18 | (e) | 2.25 | 2.43 | (0.18 | ) | (0.22 | ) | (0.40 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.80 | 0.17 | (e) | (0.76 | ) | (0.59 | ) | (0.19 | ) | (0.46 | ) | (0.65 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.66 | 0.27 | (e) | 1.27 | 1.54 | (0.25 | ) | (0.15 | ) | (0.40 | ) | |||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 14.06 | 0.19 | (e) | 1.71 | 1.90 | (0.21 | ) | (0.09 | ) | (0.30 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 17.09 | 0.20 | (e) | (0.78 | ) | (0.58 | ) | (0.21 | ) | (0.46 | ) | (0.67 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.92 | 0.32 | (e) | 1.29 | 1.61 | (0.29 | ) | (0.15 | ) | (0.44 | ) | |||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 14.28 | 0.29 | (e) | 1.67 | 1.96 | (0.23 | ) | (0.09 | ) | (0.32 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 17.11 | 0.22 | (e) | (0.79 | ) | (0.57 | ) | (0.22 | ) | (0.46 | ) | (0.68 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.93 | 0.34 | (e) | 1.30 | 1.64 | (0.31 | ) | (0.15 | ) | (0.46 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 14.23 | 0.31 | (e) | 1.78 | 2.09 | (0.30 | ) | (0.09 | ) | (0.39 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 13.98 | 0.31 | (e) | 0.35 | 0.66 | (0.30 | ) | (0.11 | ) | (0.41 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 13.85 | 0.31 | 0.41 | 0.72 | (0.31 | ) | (0.28 | ) | (0.59 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 11.78 | 0.27 | (e) | 2.29 | 2.56 | (0.27 | ) | (0.22 | ) | (0.49 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 17.10 | 0.22 | (e) | (0.78 | ) | (0.56 | ) | (0.23 | ) | (0.46 | ) | (0.69 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.92 | 0.35 | (e) | 1.31 | 1.66 | (0.33 | ) | (0.15 | ) | (0.48 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 14.22 | 0.32 | (e) | 1.78 | 2.10 | (0.31 | ) | (0.09 | ) | (0.40 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 13.97 | 0.33 | (e) | 0.34 | 0.67 | (0.31 | ) | (0.11 | ) | (0.42 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 13.84 | 0.33 | 0.40 | 0.73 | (0.32 | ) | (0.28 | ) | (0.60 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 11.77 | 0.28 | (e) | 2.28 | 2.56 | (0.27 | ) | (0.22 | ) | (0.49 | ) | |||||||||||||||||
| (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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Calculated based upon average shares outstanding. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 64 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (excluding securities sold short) (b) | ||||||||||||||||||||
| $ | 15.58 | (3.68 | )% | $ | 2,782,171 | 1.00 | % | 2.07 | % | 1.01 | % | 11 | % | |||||||||||||
| 16.82 | 9.94 | 3,022,879 | 1.00 | 1.55 | 1.01 | 20 | ||||||||||||||||||||
| 15.67 | 14.34 | 3,176,361 | 1.04 | 1.59 | 1.08 | 14 | ||||||||||||||||||||
| 14.01 | 4.45 | 3,370,383 | 1.04 | 1.83 | 1.11 | 20 | ||||||||||||||||||||
| 13.77 | 4.71 | 3,014,937 | 1.04 | 1.83 | 1.09 | 22 | ||||||||||||||||||||
| 13.66 | 21.60 | 2,360,750 | 1.04 | 1.68 | 1.06 | 20 | ||||||||||||||||||||
| 15.27 | (3.90 | ) | 1,254,082 | 1.49 | 1.55 | 1.50 | 11 | |||||||||||||||||||
| 16.50 | 9.35 | 1,303,731 | 1.50 | 1.05 | 1.50 | 20 | ||||||||||||||||||||
| 15.41 | 13.74 | 1,385,115 | 1.54 | 1.09 | 1.55 | 14 | ||||||||||||||||||||
| 13.80 | 4.01 | 1,304,007 | 1.54 | 1.33 | 1.58 | 20 | ||||||||||||||||||||
| 13.58 | 4.18 | 1,160,002 | 1.54 | 1.32 | 1.56 | 22 | ||||||||||||||||||||
| 13.49 | 20.95 | 805,494 | 1.54 | 1.19 | 1.56 | 20 | ||||||||||||||||||||
| 15.85 | (3.55 | ) | 6,911,610 | 0.74 | 2.26 | 0.75 | 11 | |||||||||||||||||||
| 17.10 | 10.22 | 6,320,979 | 0.74 | 1.81 | 0.75 | 20 | ||||||||||||||||||||
| 15.92 | 14.57 | 6,542,906 | 0.78 | 1.84 | 0.79 | 14 | ||||||||||||||||||||
| 14.23 | 4.75 | 4,679,200 | 0.79 | 2.07 | 0.81 | 20 | ||||||||||||||||||||
| 13.97 | 4.96 | 4,639,250 | 0.79 | 2.08 | 0.80 | 22 | ||||||||||||||||||||
| 13.85 | 21.94 | 3,467,542 | 0.79 | 1.92 | 0.81 | 20 | ||||||||||||||||||||
| 15.50 | (3.81 | ) | 81,279 | 1.25 | 1.81 | 1.26 | 11 | |||||||||||||||||||
| 16.74 | 9.59 | 80,330 | 1.26 | 1.29 | 1.26 | 20 | ||||||||||||||||||||
| 15.62 | 14.08 | 87,437 | 1.29 | 1.34 | 1.39 | 14 | ||||||||||||||||||||
| 13.97 | 4.20 | 77,230 | 1.29 | 1.59 | 1.45 | 20 | ||||||||||||||||||||
| 13.74 | 4.44 | 56,522 | 1.29 | 1.59 | 1.39 | 22 | ||||||||||||||||||||
| 13.64 | 21.27 | 28,733 | 1.29 | 1.44 | 1.31 | 20 | ||||||||||||||||||||
| 15.56 | (3.68 | ) | 103,172 | 0.99 | 2.01 | 1.00 | 11 | |||||||||||||||||||
| 16.80 | 9.90 | 91,267 | 0.99 | 1.61 | 0.99 | 20 | ||||||||||||||||||||
| 15.66 | 13.62 | 25,209 | 1.03 | 1.55 | 1.05 | 14 | ||||||||||||||||||||
| 15.84 | (3.55 | ) | 33,539 | 0.74 | 2.22 | 0.75 | 11 | |||||||||||||||||||
| 17.09 | 10.18 | 23,451 | 0.74 | 1.90 | 0.75 | 20 | ||||||||||||||||||||
| 15.92 | 13.85 | 1,340 | 0.78 | 2.28 | 0.83 | 14 | ||||||||||||||||||||
| 15.86 | (3.47 | ) | 1,098,903 | 0.58 | 2.45 | 0.60 | 11 | |||||||||||||||||||
| 17.11 | 10.38 | 1,097,476 | 0.59 | 1.98 | 0.60 | 20 | ||||||||||||||||||||
| 15.93 | 14.84 | 912,746 | 0.58 | 2.05 | 0.63 | 14 | ||||||||||||||||||||
| 14.23 | 4.89 | 722,424 | 0.59 | 2.28 | 0.64 | 20 | ||||||||||||||||||||
| 13.98 | 5.23 | 520,660 | 0.59 | 2.27 | 0.63 | 22 | ||||||||||||||||||||
| 13.85 | 22.06 | 307,700 | 0.59 | 2.11 | 0.61 | 20 | ||||||||||||||||||||
| 15.85 | (3.43 | ) | 5,629,015 | 0.49 | 2.53 | 0.50 | 11 | |||||||||||||||||||
| 17.10 | 10.49 | 5,314,382 | 0.49 | 2.08 | 0.50 | 20 | ||||||||||||||||||||
| 15.92 | 14.95 | 2,821,798 | 0.50 | 2.13 | 0.50 | 14 | ||||||||||||||||||||
| 14.22 | 4.98 | 1,913,077 | 0.50 | 2.43 | 0.50 | 20 | ||||||||||||||||||||
| 13.97 | 5.31 | 861,809 | 0.51 | 2.35 | 0.51 | 22 | ||||||||||||||||||||
| 13.84 | 22.14 | 551,378 | 0.54 | 2.20 | 0.56 | 20 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 65 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Growth and Income Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 49.77 | $ | 0.47 | $ | (4.01 | ) | $ | (3.54 | ) | $ | (0.49 | ) | $ | (2.14 | ) | $ | (2.63 | ) | |||||||||
Year Ended June 30, 2018 | 46.85 | 0.64 | 4.98 | 5.62 | (0.62 | ) | (2.08 | ) | (2.70 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 42.75 | 0.57 | 6.31 | 6.88 | (0.57 | ) | (2.21 | ) | (2.78 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 45.46 | 0.59 | (0.27 | ) | 0.32 | (0.55 | ) | (2.48 | ) | (3.03 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 44.70 | 0.59 | 1.72 | 2.31 | (0.56 | ) | (0.99 | ) | (1.55 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 36.53 | 0.47 | 8.17 | 8.64 | (0.47 | ) | — | (0.47 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 44.91 | 0.31 | (3.60 | ) | (3.29 | ) | (0.42 | ) | (2.14 | ) | (2.56 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 42.54 | 0.35 | 4.51 | 4.86 | (0.41 | ) | (2.08 | ) | (2.49 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 39.07 | 0.31 | 5.76 | 6.07 | (0.39 | ) | (2.21 | ) | (2.60 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 41.83 | 0.35 | (0.25 | ) | 0.10 | (0.38 | ) | (2.48 | ) | (2.86 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 41.31 | 0.32 | 1.59 | 1.91 | (0.40 | ) | (0.99 | ) | (1.39 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 33.83 | 0.25 | 7.55 | 7.80 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.41 | 0.54 | (4.21 | ) | (3.67 | ) | (0.53 | ) | (2.14 | ) | (2.67 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 49.21 | 0.81 | 5.21 | 6.02 | (0.74 | ) | (2.08 | ) | (2.82 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 44.77 | 0.72 | 6.62 | 7.34 | (0.69 | ) | (2.21 | ) | (2.90 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 47.45 | 0.73 | (0.27 | ) | 0.46 | (0.66 | ) | (2.48 | ) | (3.14 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 46.58 | 0.73 | 1.79 | 2.52 | (0.66 | ) | (0.99 | ) | (1.65 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 38.03 | 0.58 | 8.52 | 9.10 | (0.55 | ) | — | (0.55 | ) | |||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 49.98 | 0.31 | (3.93 | ) | (3.62 | ) | (0.47 | ) | (2.14 | ) | (2.61 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 47.06 | 0.53 | 4.99 | 5.52 | (0.52 | ) | (2.08 | ) | (2.60 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 42.94 | 0.46 | 6.33 | 6.79 | (0.46 | ) | (2.21 | ) | (2.67 | ) | ||||||||||||||||||
November 2, 2015 (f) through June 30, 2016 | 45.92 | 0.40 | (0.70 | ) | (0.30 | ) | (0.20 | ) | (2.48 | ) | (2.68 | ) | ||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.41 | 0.50 | (4.24 | ) | (3.74 | ) | (0.48 | ) | (2.14 | ) | (2.62 | ) | ||||||||||||||||
July 31, 2017 (f) through June 30, 2018 | 49.99 | 0.68 | 4.46 | 5.14 | (0.64 | ) | (2.08 | ) | (2.72 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.41 | 0.56 | (4.23 | ) | (3.67 | ) | (0.53 | ) | (2.14 | ) | (2.67 | ) | ||||||||||||||||
July 31, 2017 (f) through June 30, 2018 | 49.99 | 0.79 | 4.46 | 5.25 | (0.75 | ) | (2.08 | ) | (2.83 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.74 | 0.61 | (4.26 | ) | (3.65 | ) | (0.56 | ) | (2.14 | ) | (2.70 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 49.50 | 0.91 | 5.23 | 6.14 | (0.82 | ) | (2.08 | ) | (2.90 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 45.01 | 0.83 | 6.65 | 7.48 | (0.78 | ) | (2.21 | ) | (2.99 | ) | ||||||||||||||||||
November 2, 2015 (f) through June 30, 2016 | 47.95 | 0.62 | (0.73 | ) | (0.11 | ) | (0.35 | ) | (2.48 | ) | (2.83 | ) | ||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 52.75 | 0.63 | (4.27 | ) | (3.64 | ) | (0.57 | ) | (2.14 | ) | (2.71 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 49.50 | 1.04 | 5.16 | 6.20 | (0.87 | ) | (2.08 | ) | (2.95 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 45.01 | 0.81 | 6.69 | 7.50 | (0.80 | ) | (2.21 | ) | (3.01 | ) | ||||||||||||||||||
November 2, 2015 (f) through June 30, 2016 | 47.95 | 0.63 | (0.72 | ) | (0.09 | ) | (0.37 | ) | (2.48 | ) | (2.85 | ) | ||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 66 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 43.60 | (7.36 | )% | $ | 438,578 | 0.93 | % | 1.87 | % | 1.06 | % | 11 | % | |||||||||||||
| 49.77 | 12.04 | 476,090 | 0.97 | 1.29 | 1.08 | 32 | ||||||||||||||||||||
| 46.85 | 16.34 | 445,078 | 1.03 | 1.26 | 1.10 | 28 | ||||||||||||||||||||
| 42.75 | 1.02 | 422,151 | 1.06 | 1.38 | 1.13 | 39 | ||||||||||||||||||||
| 45.46 | 5.24 | 434,573 | 1.10 | 1.30 | 1.10 | 39 | ||||||||||||||||||||
| 44.70 | 23.74 | 419,465 | 1.13 | 1.16 | 1.15 | 42 | ||||||||||||||||||||
| 39.06 | (7.58 | ) | 22,614 | 1.43 | 1.34 | 1.54 | 11 | |||||||||||||||||||
| 44.91 | 11.45 | 23,034 | 1.47 | 0.77 | 1.55 | 32 | ||||||||||||||||||||
| 42.54 | 15.76 | 28,290 | 1.53 | 0.76 | 1.59 | 28 | ||||||||||||||||||||
| 39.07 | 0.54 | 25,541 | 1.56 | 0.89 | 1.62 | 39 | ||||||||||||||||||||
| 41.83 | 4.68 | 24,647 | 1.62 | 0.77 | 1.63 | 39 | ||||||||||||||||||||
| 41.31 | 23.12 | 14,619 | 1.64 | 0.66 | 1.65 | 42 | ||||||||||||||||||||
| 46.07 | (7.24 | ) | 80,431 | 0.68 | 2.04 | 0.79 | 11 | |||||||||||||||||||
| 52.41 | 12.29 | 77,737 | 0.72 | 1.55 | 0.79 | 32 | ||||||||||||||||||||
| 49.21 | 16.64 | 64,148 | 0.78 | 1.50 | 0.83 | 28 | ||||||||||||||||||||
| 44.77 | 1.28 | 40,068 | 0.81 | 1.64 | 0.86 | 39 | ||||||||||||||||||||
| 47.45 | 5.48 | 36,099 | 0.88 | 1.53 | 0.88 | 39 | ||||||||||||||||||||
| 46.58 | 24.05 | 27,124 | 0.89 | 1.39 | 0.90 | 42 | ||||||||||||||||||||
| 43.75 | (7.48 | ) | 90 | 1.18 | 1.24 | 2.41 | 11 | |||||||||||||||||||
| 49.98 | 11.76 | 41 | 1.21 | 1.06 | 1.49 | 32 | ||||||||||||||||||||
| 47.06 | 16.04 | 23 | 1.28 | 1.01 | 2.06 | 28 | ||||||||||||||||||||
| 42.94 | (0.40 | ) | 20 | 1.28 | 1.44 | 3.72 | 39 | |||||||||||||||||||
| 46.05 | (7.36 | ) | 20 | 0.93 | 1.87 | 1.73 | 11 | |||||||||||||||||||
| 52.41 | 10.33 | 22 | 0.94 | 1.42 | 1.12 | 32 | ||||||||||||||||||||
| 46.07 | (7.24 | ) | 21 | 0.68 | 2.12 | 1.50 | 11 | |||||||||||||||||||
| 52.41 | 10.56 | 22 | 0.71 | 1.64 | 0.87 | 32 | ||||||||||||||||||||
| 46.39 | (7.17 | ) | 51 | 0.53 | 2.26 | 1.00 | 11 | |||||||||||||||||||
| 52.74 | 12.48 | 43 | 0.55 | 1.72 | 0.80 | 32 | ||||||||||||||||||||
| 49.50 | 16.88 | 37 | 0.59 | 1.72 | 1.23 | 28 | ||||||||||||||||||||
| 45.01 | 0.05 | 20 | 0.59 | 2.14 | 3.02 | 39 | ||||||||||||||||||||
| 46.40 | (7.14 | ) | 33,794 | 0.43 | 2.37 | 0.53 | 11 | |||||||||||||||||||
| 52.75 | 12.59 | 33,774 | 0.44 | 1.95 | 0.52 | 32 | ||||||||||||||||||||
| 49.50 | 16.94 | 2,129 | 0.53 | 1.66 | 0.55 | 28 | ||||||||||||||||||||
| 45.01 | 0.08 | 20 | 0.53 | 2.19 | 2.96 | 39 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 67 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Return of capital | Total distributions | ||||||||||||||||||||||
JPMorgan Hedged Equity Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 19.43 | $ | 0.10 | (e) | $ | (0.57 | ) | $ | (0.47 | ) | $ | (0.10 | ) | $ | — | $ | (0.10 | ) | |||||||||
Year Ended June 30, 2018 | 18.24 | 0.18 | (e) | 1.15 | 1.33 | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 16.23 | 0.19 | (e) | 2.01 | 2.20 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.47 | 0.20 | (e) | (0.28 | ) | (0.08 | ) | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 15.74 | 0.19 | (e) | 0.67 | 0.86 | (0.13 | ) | — | (0.13 | ) | ||||||||||||||||||
December 13, 2013 (g) through June 30, 2014 | 15.00 | 0.07 | 0.84 | 0.91 | (0.07 | ) | (0.10 | ) | (0.17 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.33 | 0.05 | (e) | (0.56 | ) | (0.51 | ) | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 18.16 | 0.08 | (e) | 1.15 | 1.23 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 16.17 | 0.10 | (e) | 2.01 | 2.11 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.43 | 0.13 | (e) | (0.29 | ) | (0.16 | ) | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 15.76 | 0.10 | (e) | 0.67 | 0.77 | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||
December 13, 2013 (g) through June 30, 2014 | 15.00 | 0.05 | 0.83 | 0.88 | (0.02 | ) | (0.10 | ) | (0.12 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.47 | 0.13 | (e) | (0.58 | ) | (0.45 | ) | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 18.27 | 0.23 | (e) | 1.16 | 1.39 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 16.26 | 0.23 | (e) | 2.01 | 2.24 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.50 | 0.25 | (e) | (0.28 | ) | (0.03 | ) | (0.21 | ) | — | (0.21 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 15.76 | 0.23 | (e) | 0.66 | 0.89 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||
December 13, 2013 (g) through June 30, 2014 | 15.00 | 0.10 | 0.84 | 0.94 | (0.08 | ) | (0.10 | ) | (0.18 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.50 | 0.14 | (e) | (0.57 | ) | (0.43 | ) | (0.13 | ) | — | (0.13 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 18.30 | 0.26 | (e) | 1.16 | 1.42 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 16.28 | 0.26 | (e) | 2.02 | 2.28 | (0.26 | ) | — | (0.26 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.51 | 0.24 | (e) | (0.24 | ) | — | (h) | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 15.76 | 0.26 | (e) | 0.66 | 0.92 | (0.17 | ) | — | (0.17 | ) | ||||||||||||||||||
December 13, 2013 (g) through June 30, 2014 | 15.00 | 0.13 | 0.82 | 0.95 | (0.09 | ) | (0.10 | ) | (0.19 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.49 | 0.16 | (e) | (0.57 | ) | (0.41 | ) | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 18.29 | 0.27 | (e) | 1.16 | 1.43 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 16.28 | 0.25 | (e) | 2.03 | 2.28 | (0.27 | ) | — | (0.27 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.52 | 0.27 | (e) | (0.27 | ) | — | (h) | (0.24 | ) | — | (0.24 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 15.76 | 0.27 | (e) | 0.67 | 0.94 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||
December 13, 2013 (g) through June 30, 2014 | 15.00 | 0.13 | 0.83 | 0.96 | (0.10 | ) | (0.10 | ) | (0.20 | ) | ||||||||||||||||||
| (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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Calculated based upon average shares outstanding. |
| (f) | Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2015 and for the period ended June 30, 2014. |
| (g) | Commencement of operations. |
| (h) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 68 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (b) | ||||||||||||||||||||
| $ | 18.86 | (2.41 | )% | $ | 237,105 | 0.85 | % | 0.99 | % | 0.86 | % | 22 | % | |||||||||||||
| 19.43 | 7.33 | 277,898 | 0.84 | 0.92 | 0.87 | 44 | ||||||||||||||||||||
| 18.24 | 13.60 | 133,789 | 0.84 | 1.06 | 1.05 | 31 | ||||||||||||||||||||
| 16.23 | (0.43 | ) | 71,417 | 0.85 | 1.27 | 1.11 | 57 | |||||||||||||||||||
| 16.47 | 5.45 | 93,007 | 0.85 | (f) | 1.14 | (f) | 1.21 | (f) | 42 | |||||||||||||||||
| 15.74 | 6.11 | 569 | 0.85 | (f) | 0.96 | (f) | 16.65 | (f) | 36 | |||||||||||||||||
| 18.75 | (2.62 | ) | 114,693 | 1.35 | 0.54 | 1.37 | 22 | |||||||||||||||||||
| 19.33 | 6.79 | 81,030 | 1.34 | 0.42 | 1.38 | 44 | ||||||||||||||||||||
| 18.16 | 13.07 | 29,168 | 1.34 | 0.55 | 1.45 | 31 | ||||||||||||||||||||
| 16.17 | (0.95 | ) | 9,867 | 1.35 | 0.80 | 1.52 | 57 | |||||||||||||||||||
| 16.43 | 4.85 | 3,405 | 1.35 | (f) | 0.59 | (f) | 1.65 | (f) | 42 | |||||||||||||||||
| 15.76 | 5.87 | 53 | 1.35 | (f) | 0.56 | (f) | 10.04 | (f) | 36 | |||||||||||||||||
| 18.90 | (2.32 | ) | 2,738,488 | 0.60 | 1.29 | 0.61 | 22 | |||||||||||||||||||
| 19.47 | 7.63 | 1,947,444 | 0.59 | 1.17 | 0.62 | 44 | ||||||||||||||||||||
| 18.27 | 13.86 | 597,013 | 0.59 | 1.30 | 0.69 | 31 | ||||||||||||||||||||
| 16.26 | (0.17 | ) | 158,820 | 0.60 | 1.54 | 0.74 | 57 | |||||||||||||||||||
| 16.50 | 5.66 | 105,397 | 0.60 | (f) | 1.39 | (f) | 0.91 | (f) | 42 | |||||||||||||||||
| 15.76 | 6.28 | 4,307 | 0.60 | (f) | 1.30 | (f) | 9.91 | (f) | 36 | |||||||||||||||||
| 18.94 | (2.20 | ) | 104 | 0.41 | 1.43 | 0.70 | 22 | |||||||||||||||||||
| 19.50 | 7.81 | 123 | 0.39 | 1.37 | 0.67 | 44 | ||||||||||||||||||||
| 18.30 | 14.10 | 37 | 0.40 | 1.51 | 1.08 | 31 | ||||||||||||||||||||
| 16.28 | 0.07 | 25 | 0.40 | 1.49 | 2.16 | 57 | ||||||||||||||||||||
| 16.51 | 5.86 | 442 | 0.40 | (f) | 1.58 | (f) | 0.82 | (f) | 42 | |||||||||||||||||
| 15.76 | 6.37 | 53 | 0.40 | (f) | 1.51 | (f) | 9.10 | (f) | 36 | |||||||||||||||||
| 18.94 | (2.13 | ) | 249,466 | 0.35 | 1.58 | 0.37 | 22 | |||||||||||||||||||
| 19.49 | 7.87 | 121,897 | 0.34 | 1.42 | 0.42 | 44 | ||||||||||||||||||||
| 18.29 | 14.09 | 3,289 | 0.34 | 1.41 | 0.42 | 31 | ||||||||||||||||||||
| 16.28 | 0.07 | 74 | 0.35 | 1.66 | 1.40 | 57 | ||||||||||||||||||||
| 16.52 | 5.96 | 443 | 0.35 | (f) | 1.63 | (f) | 0.77 | (f) | 42 | |||||||||||||||||
| 15.76 | 6.39 | 53 | 0.35 | (f) | 1.56 | (f) | 9.05 | (f) | 36 | |||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 69 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Large Cap Growth Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 42.44 | $ | (0.05 | ) | $ | (4.45 | ) | $ | (4.50 | ) | $ | — | $ | (5.28 | ) | $ | (5.28 | ) | |||||||||
Year Ended June 30, 2018 | 38.23 | (0.10 | ) | 9.92 | 9.82 | — | (5.61 | ) | (5.61 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 32.93 | (0.07 | ) | 8.51 | 8.44 | — | (3.14 | ) | (3.14 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 36.82 | (0.06 | ) | (2.23 | ) | (2.29 | ) | — | (1.60 | ) | (1.60 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 32.49 | (0.10 | ) | 5.05 | 4.95 | — | (0.62 | ) | (0.62 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 26.01 | (0.10 | ) | 6.58 | 6.48 | — | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 34.20 | (0.12 | ) | (3.52 | ) | (3.64 | ) | — | (5.28 | ) | (5.28 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 31.95 | (0.25 | ) | 8.11 | 7.86 | — | (5.61 | ) | (5.61 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 28.15 | (0.20 | ) | 7.14 | 6.94 | — | (3.14 | ) | (3.14 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 31.86 | (0.20 | ) | (1.91 | ) | (2.11 | ) | — | (1.60 | ) | (1.60 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 28.33 | (0.24 | ) | 4.39 | 4.15 | — | (0.62 | ) | (0.62 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 22.79 | (0.22 | ) | 5.76 | 5.54 | — | — | — | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 42.86 | — | (f) | (4.50 | ) | (4.50 | ) | — | (5.28 | ) | (5.28 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.47 | (0.01 | ) | 10.01 | 10.00 | — | (5.61 | ) | (5.61 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 33.08 | (0.02 | ) | 8.55 | 8.53 | — | (3.14 | ) | (3.14 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 36.92 | (0.01 | ) | (2.23 | ) | (2.24 | ) | — | (1.60 | ) | (1.60 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 32.52 | (0.04 | ) | 5.06 | 5.02 | — | (0.62 | ) | (0.62 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 25.99 | (0.05 | ) | 6.58 | 6.53 | — | — | — | ||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 41.17 | (0.10 | ) | (4.30 | ) | (4.40 | ) | — | (5.28 | ) | (5.28 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 37.33 | (0.20 | ) | 9.65 | 9.45 | — | (5.61 | ) | (5.61 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 32.31 | (0.16 | ) | 8.32 | 8.16 | — | (3.14 | ) | (3.14 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 36.24 | (0.15 | ) | (2.18 | ) | (2.33 | ) | — | (1.60 | ) | (1.60 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 32.07 | (0.18 | ) | 4.97 | 4.79 | — | (0.62 | ) | (0.62 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 25.74 | (0.18 | ) | 6.51 | 6.33 | — | — | — | ||||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 42.64 | (0.04 | ) | (4.48 | ) | (4.52 | ) | — | (5.28 | ) | (5.28 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.39 | (0.08 | ) | 9.94 | 9.86 | — | (5.61 | ) | (5.61 | ) | ||||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 33.97 | (0.06 | ) | 7.62 | 7.56 | — | (3.14 | ) | (3.14 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 42.85 | — | (f) | (4.50 | ) | (4.50 | ) | — | (5.28 | ) | (5.28 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.47 | 0.01 | 9.98 | 9.99 | — | (5.61 | ) | (5.61 | ) | |||||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 33.97 | 0.04 | 7.60 | 7.64 | — | (3.14 | ) | (3.14 | ) | |||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 43.65 | 0.04 | (4.59 | ) | (4.55 | ) | — | (5.28 | ) | (5.28 | ) | |||||||||||||||||
Year Ended June 30, 2018 | 39.04 | 0.06 | 10.16 | 10.22 | — | (5.61 | ) | (5.61 | ) | |||||||||||||||||||
Year Ended June 30, 2017 | 33.46 | 0.05 | 8.67 | 8.72 | — | (3.14 | ) | (3.14 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 37.25 | 0.06 | (2.25 | ) | (2.19 | ) | — | (1.60 | ) | (1.60 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 32.75 | 0.03 | 5.09 | 5.12 | — | (0.62 | ) | (0.62 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 26.12 | 0.01 | 6.62 | 6.63 | — | — | — | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 43.95 | 0.06 | (4.63 | ) | (4.57 | ) | (0.03 | ) | (5.28 | ) | (5.31 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 39.23 | 0.10 | 10.23 | 10.33 | — | (5.61 | ) | (5.61 | ) | |||||||||||||||||||
Year Ended June 30, 2017 | 33.58 | 0.09 | 8.70 | 8.79 | — | (3.14 | ) | (3.14 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 37.34 | 0.10 | (2.26 | ) | (2.16 | ) | — | (1.60 | ) | (1.60 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 32.80 | 0.06 | 5.10 | 5.16 | — | (0.62 | ) | (0.62 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 26.15 | 0.02 | 6.63 | 6.65 | — | — | — | |||||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Amount rounds to less than $0.005. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 70 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 32.66 | (11.33 | )% | $ | 2,030,387 | 0.94 | % | (0.24 | )% | 1.10 | % | 27 | % | |||||||||||||
| 42.44 | 28.45 | 2,481,816 | 0.97 | (0.25 | ) | 1.11 | 24 | |||||||||||||||||||
| 38.23 | 27.50 | 2,462,957 | 1.05 | (0.19 | ) | 1.25 | 22 | |||||||||||||||||||
| 32.93 | (6.45 | ) | 4,251,242 | 1.04 | (0.17 | ) | 1.27 | 43 | ||||||||||||||||||
| 36.82 | 15.40 | 4,670,460 | 1.06 | (0.28 | ) | 1.21 | 19 | |||||||||||||||||||
| 32.49 | 24.91 | 5,044,428 | 1.10 | (0.34 | ) | 1.19 | 39 | |||||||||||||||||||
| 25.28 | (11.55 | ) | 447,111 | 1.44 | (0.74 | ) | 1.60 | 27 | ||||||||||||||||||
| 34.20 | 27.83 | 534,199 | 1.47 | (0.75 | ) | 1.60 | 24 | |||||||||||||||||||
| 31.95 | 26.79 | 487,702 | 1.55 | (0.69 | ) | 1.67 | 22 | |||||||||||||||||||
| 28.15 | (6.90 | ) | 559,238 | 1.55 | (0.67 | ) | 1.69 | 43 | ||||||||||||||||||
| 31.86 | 14.83 | 600,404 | 1.56 | (0.78 | ) | 1.68 | 19 | |||||||||||||||||||
| 28.33 | 24.31 | 523,972 | 1.59 | (0.85 | ) | 1.69 | 39 | |||||||||||||||||||
| 33.08 | (11.22 | ) | 3,765,015 | 0.69 | 0.02 | 0.84 | 27 | |||||||||||||||||||
| 42.86 | 28.77 | 4,413,908 | 0.74 | (0.03 | ) | 0.85 | 24 | |||||||||||||||||||
| 38.47 | 27.65 | 4,771,428 | 0.89 | (0.05 | ) | 0.90 | 22 | |||||||||||||||||||
| 33.08 | (6.29 | ) | 4,161,010 | 0.89 | (0.04 | ) | 0.93 | 43 | ||||||||||||||||||
| 36.92 | 15.60 | 5,515,626 | 0.90 | (0.12 | ) | 0.92 | 19 | |||||||||||||||||||
| 32.52 | 25.13 | 5,037,737 | 0.93 | (0.18 | ) | 0.94 | 39 | |||||||||||||||||||
| 31.49 | (11.44 | ) | 133,048 | 1.19 | (0.48 | ) | 1.35 | 27 | ||||||||||||||||||
| 41.17 | 28.11 | 156,775 | 1.24 | (0.52 | ) | 1.35 | 24 | |||||||||||||||||||
| 37.33 | 27.14 | 147,902 | 1.31 | (0.46 | ) | 1.47 | 22 | |||||||||||||||||||
| 32.31 | (6.67 | ) | 192,560 | 1.30 | (0.43 | ) | 1.55 | 43 | ||||||||||||||||||
| 36.24 | 15.10 | 242,550 | 1.31 | (0.53 | ) | 1.49 | 19 | |||||||||||||||||||
| 32.07 | 24.59 | 222,421 | 1.35 | (0.60 | ) | 1.44 | 39 | |||||||||||||||||||
| 32.84 | (11.33 | ) | 16,757 | 0.94 | (0.19 | ) | 1.10 | 27 | ||||||||||||||||||
| 42.64 | 28.43 | 6,865 | 0.96 | (0.21 | ) | 1.10 | 24 | |||||||||||||||||||
| 38.39 | 24.05 | 992 | 1.12 | (0.20 | ) | 1.20 | 22 | |||||||||||||||||||
| 33.07 | (11.22 | ) | 5,974 | 0.69 | 0.02 | 0.84 | 27 | |||||||||||||||||||
| 42.85 | 28.74 | 5,930 | 0.73 | 0.02 | 0.85 | 24 | ||||||||||||||||||||
| 38.47 | 24.31 | 440 | 0.89 | 0.12 | 1.07 | 22 | ||||||||||||||||||||
| 33.82 | (11.13 | ) | 690,027 | 0.54 | 0.16 | 0.69 | 27 | |||||||||||||||||||
| 43.65 | 28.93 | 788,766 | 0.59 | 0.14 | 0.70 | 24 | ||||||||||||||||||||
| 39.04 | 27.92 | 799,190 | 0.70 | 0.15 | 0.72 | 22 | ||||||||||||||||||||
| 33.46 | (6.10 | ) | 1,209,521 | 0.69 | 0.17 | 0.73 | 43 | |||||||||||||||||||
| 37.25 | 15.80 | 1,394,419 | 0.70 | 0.08 | 0.74 | 19 | ||||||||||||||||||||
| 32.75 | 25.38 | 1,400,112 | 0.73 | 0.02 | 0.74 | 39 | ||||||||||||||||||||
| 34.07 | (11.10 | ) | 5,444,975 | 0.44 | 0.27 | 0.59 | 27 | |||||||||||||||||||
| 43.95 | 29.08 | 5,962,328 | 0.48 | 0.24 | 0.60 | 24 | ||||||||||||||||||||
| 39.23 | 28.03 | 3,606,093 | 0.60 | 0.25 | 0.60 | 22 | ||||||||||||||||||||
| 33.58 | (6.00 | ) | 3,330,565 | 0.60 | 0.28 | 0.60 | 43 | |||||||||||||||||||
| 37.34 | 15.90 | 3,220,191 | 0.62 | 0.17 | 0.62 | 19 | ||||||||||||||||||||
| 32.80 | 25.43 | 2,709,590 | 0.68 | 0.07 | 0.69 | 39 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 71 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Large Cap Value Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 15.11 | $ | 0.09 | $ | (1.86 | ) | $ | (1.77 | ) | $ | (0.09 | ) | $ | (0.91 | ) | $ | (1.00 | ) | |||||||||
Year Ended June 30, 2018 | 15.48 | 0.15 | 0.89 | 1.04 | (0.13 | ) | (1.28 | ) | (1.41 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 12.71 | 0.15 | 3.42 | 3.57 | (0.14 | ) | (0.66 | ) | (0.80 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 15.02 | 0.17 | (0.59 | ) | (0.42 | ) | (0.16 | ) | (1.73 | ) | (1.89 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.63 | 0.17 | 0.94 | 1.11 | (0.17 | ) | (2.55 | ) | (2.72 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.99 | 0.17 | 3.16 | 3.33 | (0.18 | ) | (0.51 | ) | (0.69 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 14.51 | 0.05 | (1.77 | ) | (1.72 | ) | (0.07 | ) | (0.91 | ) | (0.98 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 14.93 | 0.06 | 0.86 | 0.92 | (0.06 | ) | (1.28 | ) | (1.34 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 12.30 | 0.07 | 3.30 | 3.37 | (0.08 | ) | (0.66 | ) | (0.74 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 14.60 | 0.10 | (0.58 | ) | (0.48 | ) | (0.09 | ) | (1.73 | ) | (1.82 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.25 | 0.08 | 0.92 | 1.00 | (0.10 | ) | (2.55 | ) | (2.65 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.70 | 0.09 | 3.08 | 3.17 | (0.11 | ) | (0.51 | ) | (0.62 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 14.85 | 0.11 | (1.82 | ) | (1.71 | ) | (0.11 | ) | (0.91 | ) | (1.02 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 15.24 | 0.18 | 0.87 | 1.05 | (0.16 | ) | (1.28 | ) | (1.44 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 12.53 | 0.17 | 3.37 | 3.54 | (0.17 | ) | (0.66 | ) | (0.83 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 14.79 | 0.15 | (0.54 | ) | (0.39 | ) | (0.14 | ) | (1.73 | ) | (1.87 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.42 | 0.19 | 0.92 | 1.11 | (0.19 | ) | (2.55 | ) | (2.74 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.82 | 0.19 | 3.11 | 3.30 | (0.19 | ) | (0.51 | ) | (0.70 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 14.99 | 0.07 | (1.84 | ) | (1.77 | ) | (0.08 | ) | (0.91 | ) | (0.99 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 15.39 | 0.11 | 0.86 | 0.97 | (0.09 | ) | (1.28 | ) | (1.37 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 12.64 | 0.10 | 3.41 | 3.51 | (0.10 | ) | (0.66 | ) | (0.76 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 14.96 | 0.14 | (0.60 | ) | (0.46 | ) | (0.13 | ) | (1.73 | ) | (1.86 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.58 | 0.13 | 0.94 | 1.07 | (0.14 | ) | (2.55 | ) | (2.69 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.95 | 0.13 | 3.14 | 3.27 | (0.13 | ) | (0.51 | ) | (0.64 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
October 1, 2018 (f) through December 31, 2018 (Unaudited) | 15.63 | 0.05 | (2.60 | ) | (2.55 | ) | (0.05 | ) | (0.91 | ) | (0.96 | ) | ||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
October 1, 2018 (f) through December 31, 2018 (Unaudited) | 15.90 | 0.05 | (2.63 | ) | (2.58 | ) | (0.06 | ) | (0.91 | ) | (0.97 | ) | ||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 14.99 | 0.12 | (1.84 | ) | (1.72 | ) | (0.11 | ) | (0.91 | ) | (1.02 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 15.37 | 0.21 | 0.88 | 1.09 | (0.19 | ) | (1.28 | ) | (1.47 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 12.63 | 0.20 | 3.39 | 3.59 | (0.19 | ) | (0.66 | ) | (0.85 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 14.93 | 0.21 | (0.58 | ) | (0.37 | ) | (0.20 | ) | (1.73 | ) | (1.93 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.54 | 0.22 | 0.94 | 1.16 | (0.22 | ) | (2.55 | ) | (2.77 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.92 | 0.19 | 3.16 | 3.35 | (0.22 | ) | (0.51 | ) | (0.73 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 14.90 | 0.13 | (1.83 | ) | (1.70 | ) | (0.12 | ) | (0.91 | ) | (1.03 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 15.28 | 0.22 | 0.88 | 1.10 | (0.20 | ) | (1.28 | ) | (1.48 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 12.56 | 0.20 | 3.38 | 3.58 | (0.20 | ) | (0.66 | ) | (0.86 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 14.86 | 0.24 | (0.60 | ) | (0.36 | ) | (0.21 | ) | (1.73 | ) | (1.94 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.48 | 0.25 | 0.91 | 1.16 | (0.23 | ) | (2.55 | ) | (2.78 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.87 | 0.22 | 3.13 | 3.35 | (0.23 | ) | (0.51 | ) | (0.74 | ) | ||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 72 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 12.34 | (12.07 | )% | $ | 172,613 | 0.93 | % | 1.18 | % | 1.03 | % | 77 | % | |||||||||||||
| 15.11 | 6.52 | 236,470 | 0.93 | 0.92 | 1.04 | 130 | ||||||||||||||||||||
| 15.48 | 28.47 | 215,017 | 0.92 | 1.01 | 1.08 | 145 | ||||||||||||||||||||
| 12.71 | (2.51 | ) | 96,373 | 0.93 | 1.27 | 1.12 | 219 | |||||||||||||||||||
| 15.02 | 7.44 | 93,078 | 0.93 | 1.07 | 1.05 | 143 | ||||||||||||||||||||
| 16.63 | 24.46 | 92,161 | 0.93 | 1.11 | 1.06 | 168 | ||||||||||||||||||||
| 11.81 | (12.22 | ) | 56,755 | 1.44 | 0.69 | 1.52 | 77 | |||||||||||||||||||
| 14.51 | 5.94 | 69,445 | 1.44 | 0.42 | 1.52 | 130 | ||||||||||||||||||||
| 14.93 | 27.72 | 48,028 | 1.44 | 0.50 | 1.57 | 145 | ||||||||||||||||||||
| 12.30 | (2.98 | ) | 17,041 | 1.45 | 0.75 | 1.62 | 219 | |||||||||||||||||||
| 14.60 | 6.88 | 14,307 | 1.45 | 0.55 | 1.55 | 143 | ||||||||||||||||||||
| 16.25 | 23.78 | 11,646 | 1.44 | 0.59 | 1.56 | 168 | ||||||||||||||||||||
| 12.12 | (11.93 | ) | 297,290 | 0.69 | 1.43 | 0.76 | 77 | |||||||||||||||||||
| 14.85 | 6.74 | 378,058 | 0.70 | 1.19 | 0.77 | 130 | ||||||||||||||||||||
| 15.24 | 28.61 | 161,494 | 0.79 | 1.15 | 0.80 | 145 | ||||||||||||||||||||
| 12.53 | (2.34 | ) | 23,373 | 0.77 | 1.07 | 0.77 | 219 | |||||||||||||||||||
| 14.79 | 7.56 | 634,301 | 0.77 | 1.22 | 0.77 | 143 | ||||||||||||||||||||
| 16.42 | 24.62 | 662,936 | 0.79 | 1.24 | 0.80 | 168 | ||||||||||||||||||||
| 12.23 | (12.16 | ) | 18,570 | 1.19 | 0.96 | 1.28 | 77 | |||||||||||||||||||
| 14.99 | 6.14 | 17,046 | 1.21 | 0.68 | 1.30 | 130 | ||||||||||||||||||||
| 15.39 | 28.11 | 6,775 | 1.23 | 0.71 | 1.43 | 145 | ||||||||||||||||||||
| 12.64 | (2.78 | ) | 3,462 | 1.20 | 1.05 | 1.57 | 219 | |||||||||||||||||||
| 14.96 | 7.21 | 1,074 | 1.20 | 0.82 | 1.40 | 143 | ||||||||||||||||||||
| 16.58 | 24.07 | 455 | 1.20 | 0.83 | 1.30 | 168 | ||||||||||||||||||||
| 12.12 | (16.61 | ) | 17 | 0.94 | 1.39 | 1.01 | 77 | |||||||||||||||||||
| 12.35 | (16.56 | ) | 11,126 | 0.68 | 1.70 | 0.77 | 77 | |||||||||||||||||||
| 12.25 | (11.83 | ) | 25,675 | 0.54 | 1.61 | 0.62 | 77 | |||||||||||||||||||
| 14.99 | 6.90 | 23,166 | 0.55 | 1.33 | 0.63 | 130 | ||||||||||||||||||||
| 15.37 | 28.82 | 10,218 | 0.59 | 1.35 | 0.62 | 145 | ||||||||||||||||||||
| 12.63 | (2.15 | ) | 4,155 | 0.59 | 1.52 | 0.60 | 219 | |||||||||||||||||||
| 14.93 | 7.83 | 4,443 | 0.58 | 1.41 | 0.59 | 143 | ||||||||||||||||||||
| 16.54 | 24.81 | 4,433 | 0.57 | 1.30 | 0.59 | 168 | ||||||||||||||||||||
| 12.17 | (11.81 | ) | 815,022 | 0.44 | 1.68 | 0.51 | 77 | |||||||||||||||||||
| 14.90 | 7.04 | 928,167 | 0.46 | 1.41 | 0.52 | 130 | ||||||||||||||||||||
| 15.28 | 28.90 | 610,732 | 0.51 | 1.43 | 0.52 | 145 | ||||||||||||||||||||
| 12.56 | (2.06 | ) | 565,542 | 0.51 | 1.90 | 0.52 | 219 | |||||||||||||||||||
| 14.86 | 7.85 | 4,145 | 0.53 | 1.54 | 0.53 | 143 | ||||||||||||||||||||
| 16.48 | 24.89 | 50,923 | 0.54 | 1.48 | 0.55 | 168 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 73 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan U.S. Equity Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 16.48 | $ | 0.06 | (e) | $ | (1.25 | ) | $ | (1.19 | ) | $ | (0.08 | ) | $ | (1.79 | ) | $ | (1.87 | ) | ||||||||
Year Ended June 30, 2018 | 15.80 | 0.11 | (e) | 1.94 | 2.05 | (0.11 | ) | (1.26 | ) | (1.37 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.76 | 0.11 | (e) | 2.57 | 2.68 | (0.11 | ) | (0.53 | ) | (0.64 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 14.75 | 0.12 | (e) | (0.30 | ) | (0.18 | ) | (0.11 | ) | (0.70 | ) | (0.81 | ) | |||||||||||||||
Year Ended June 30, 2015 | 14.92 | 0.13 | 1.10 | 1.23 | (0.13 | ) | (1.27 | ) | (1.40 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.80 | 0.11 | (e) | 3.09 | 3.20 | (0.11 | ) | (0.97 | ) | (1.08 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 15.99 | 0.02 | (e) | (1.21 | ) | (1.19 | ) | (0.05 | ) | (1.79 | ) | (1.84 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.37 | 0.03 | (e) | 1.89 | 1.92 | (0.04 | ) | (1.26 | ) | (1.30 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.41 | 0.04 | (e) | 2.49 | 2.53 | (0.04 | ) | (0.53 | ) | (0.57 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 14.40 | 0.05 | (e) | (0.30 | ) | (0.25 | ) | (0.04 | ) | (0.70 | ) | (0.74 | ) | |||||||||||||||
Year Ended June 30, 2015 | 14.61 | 0.07 | 1.06 | 1.13 | (0.07 | ) | (1.27 | ) | (1.34 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.56 | 0.04 | (e) | 3.03 | 3.07 | (0.05 | ) | (0.97 | ) | (1.02 | ) | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.51 | 0.08 | (e) | (1.25 | ) | (1.17 | ) | (0.09 | ) | (1.79 | ) | (1.88 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.83 | 0.15 | (e) | 1.94 | 2.09 | (0.15 | ) | (1.26 | ) | (1.41 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.79 | 0.14 | (e) | 2.57 | 2.71 | (0.14 | ) | (0.53 | ) | (0.67 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 14.78 | 0.13 | (e) | (0.29 | ) | (0.16 | ) | (0.13 | ) | (0.70 | ) | (0.83 | ) | |||||||||||||||
Year Ended June 30, 2015 | 14.94 | 0.16 | 1.11 | 1.27 | (0.16 | ) | (1.27 | ) | (1.43 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.80 | 0.13 | (e) | 3.10 | 3.23 | (0.12 | ) | (0.97 | ) | (1.09 | ) | |||||||||||||||||
Class L | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.53 | 0.09 | (e) | (1.25 | ) | (1.16 | ) | (0.10 | ) | (1.79 | ) | (1.89 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.85 | 0.17 | (e) | 1.94 | 2.11 | (0.17 | ) | (1.26 | ) | (1.43 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.80 | 0.16 | (e) | 2.58 | 2.74 | (0.16 | ) | (0.53 | ) | (0.69 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 14.79 | 0.16 | (e) | (0.30 | ) | (0.14 | ) | (0.15 | ) | (0.70 | ) | (0.85 | ) | |||||||||||||||
Year Ended June 30, 2015 | 14.96 | 0.19 | 1.09 | 1.28 | (0.18 | ) | (1.27 | ) | (1.45 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.82 | 0.16 | (e) | 3.10 | 3.26 | (0.15 | ) | (0.97 | ) | (1.12 | ) | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.34 | 0.04 | (e) | (1.25 | ) | (1.21 | ) | (0.06 | ) | (1.79 | ) | (1.85 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.68 | 0.07 | (e) | 1.92 | 1.99 | (0.07 | ) | (1.26 | ) | (1.33 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.66 | 0.07 | (e) | 2.55 | 2.62 | (0.07 | ) | (0.53 | ) | (0.60 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 14.66 | 0.08 | (e) | (0.31 | ) | (0.23 | ) | (0.07 | ) | (0.70 | ) | (0.77 | ) | |||||||||||||||
Year Ended June 30, 2015 | 14.84 | 0.10 | 1.09 | 1.19 | (0.10 | ) | (1.27 | ) | (1.37 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.74 | 0.07 | (e) | 3.08 | 3.15 | (0.08 | ) | (0.97 | ) | (1.05 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.43 | 0.06 | (e) | (1.25 | ) | (1.19 | ) | (0.08 | ) | (1.79 | ) | (1.87 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.76 | 0.11 | (e) | 1.93 | 2.04 | (0.11 | ) | (1.26 | ) | (1.37 | ) | |||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 14.11 | 0.08 | (e) | 2.24 | 2.32 | (0.14 | ) | (0.53 | ) | (0.67 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.50 | 0.09 | (e) | (1.27 | ) | (1.18 | ) | (0.09 | ) | (1.79 | ) | (1.88 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.82 | 0.16 | (e) | 1.93 | 2.09 | (0.15 | ) | (1.26 | ) | (1.41 | ) | |||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 14.15 | 0.13 | (e) | 2.22 | 2.35 | (0.15 | ) | (0.53 | ) | (0.68 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.54 | 0.10 | (e) | (1.26 | ) | (1.16 | ) | (0.10 | ) | (1.79 | ) | (1.89 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.85 | 0.18 | (e) | 1.95 | 2.13 | (0.18 | ) | (1.26 | ) | (1.44 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.81 | 0.17 | (e) | 2.57 | 2.74 | (0.17 | ) | (0.53 | ) | (0.70 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 14.80 | 0.18 | (e) | (0.31 | ) | (0.13 | ) | (0.16 | ) | (0.70 | ) | (0.86 | ) | |||||||||||||||
Year Ended June 30, 2015 | 14.96 | 0.19 | 1.11 | 1.30 | (0.19 | ) | (1.27 | ) | (1.46 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.82 | 0.16 | (e) | 3.11 | 3.27 | (0.16 | ) | (0.97 | ) | (1.13 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.56 | 0.10 | (e) | (1.26 | ) | (1.16 | ) | (0.10 | ) | (1.79 | ) | (1.89 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.87 | 0.19 | (e) | 1.95 | 2.14 | (0.19 | ) | (1.26 | ) | (1.45 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 13.82 | 0.18 | (e) | 2.58 | 2.76 | (0.18 | ) | (0.53 | ) | (0.71 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 14.82 | 0.18 | (e) | (0.31 | ) | (0.13 | ) | (0.17 | ) | (0.70 | ) | (0.87 | ) | |||||||||||||||
Year Ended June 30, 2015 | 14.98 | 0.20 | 1.10 | 1.30 | (0.19 | ) | (1.27 | ) | (1.46 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.83 | 0.17 | (e) | 3.11 | 3.28 | (0.16 | ) | (0.97 | ) | (1.13 | ) | |||||||||||||||||
| (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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Calculated based upon average shares outstanding. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 74 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (b)(c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (b) | ||||||||||||||||||||
| $ | 13.42 | (7.90 | )% | $ | 1,105,083 | 0.94 | % | 0.73 | % | 1.00 | % | 48 | % | |||||||||||||
| 16.48 | 13.20 | 1,340,858 | 0.94 | 0.69 | 1.01 | 97 | ||||||||||||||||||||
| 15.80 | 19.86 | 1,371,821 | 0.94 | 0.75 | 1.10 | 86 | ||||||||||||||||||||
| 13.76 | (1.15 | ) | 1,446,878 | 0.94 | 0.85 | 1.14 | 83 | |||||||||||||||||||
| 14.75 | 8.70 | 1,399,208 | 0.95 | 0.92 | 1.10 | 79 | ||||||||||||||||||||
| 14.92 | 25.90 | 1,172,752 | 0.97 | 0.77 | 1.05 | 73 | ||||||||||||||||||||
| 12.96 | (8.09 | ) | 263,338 | 1.44 | 0.23 | 1.50 | 48 | |||||||||||||||||||
| 15.99 | 12.66 | 302,297 | 1.44 | 0.19 | 1.50 | 97 | ||||||||||||||||||||
| 15.37 | 19.23 | 318,369 | 1.44 | 0.25 | 1.55 | 86 | ||||||||||||||||||||
| 13.41 | (1.66 | ) | 294,744 | 1.44 | 0.35 | 1.59 | 83 | |||||||||||||||||||
| 14.40 | 8.15 | 253,608 | 1.45 | 0.41 | 1.57 | 79 | ||||||||||||||||||||
| 14.61 | 25.30 | 175,265 | 1.47 | 0.28 | 1.55 | 73 | ||||||||||||||||||||
| 13.46 | (7.74 | ) | 1,346,955 | 0.69 | 0.99 | 0.75 | 48 | |||||||||||||||||||
| 16.51 | 13.44 | 1,521,535 | 0.71 | 0.92 | 0.75 | 97 | ||||||||||||||||||||
| 15.83 | 20.05 | 1,287,300 | 0.76 | 0.93 | 0.81 | 86 | ||||||||||||||||||||
| 13.79 | (1.00 | ) | 1,066,145 | 0.76 | 0.94 | 0.81 | 83 | |||||||||||||||||||
| 14.78 | 8.92 | 2,375,538 | 0.77 | 1.08 | 0.79 | 79 | ||||||||||||||||||||
| 14.94 | 26.21 | 2,288,734 | 0.79 | 0.94 | 0.80 | 73 | ||||||||||||||||||||
| 13.48 | (7.69 | ) | 1,452,696 | 0.55 | 1.13 | 0.60 | 48 | |||||||||||||||||||
| 16.53 | 13.56 | 1,679,995 | 0.57 | 1.05 | 0.60 | 97 | ||||||||||||||||||||
| 15.85 | 20.27 | 3,391,256 | 0.61 | 1.07 | 0.67 | 86 | ||||||||||||||||||||
| 13.80 | (0.83 | ) | 3,704,104 | 0.61 | 1.18 | 0.68 | 83 | |||||||||||||||||||
| 14.79 | 9.01 | 4,932,896 | 0.62 | 1.25 | 0.66 | 79 | ||||||||||||||||||||
| 14.96 | 26.41 | 4,178,050 | 0.64 | 1.12 | 0.65 | 73 | ||||||||||||||||||||
| 13.28 | (8.04 | ) | 225,147 | 1.19 | 0.48 | 1.25 | 48 | |||||||||||||||||||
| 16.34 | 12.88 | 265,675 | 1.21 | 0.42 | 1.25 | 97 | ||||||||||||||||||||
| 15.68 | 19.58 | 260,589 | 1.20 | 0.48 | 1.40 | 86 | ||||||||||||||||||||
| 13.66 | (1.47 | ) | 205,224 | 1.19 | 0.60 | 1.48 | 83 | |||||||||||||||||||
| 14.66 | 8.45 | 178,272 | 1.20 | 0.67 | 1.41 | 79 | ||||||||||||||||||||
| 14.84 | 25.61 | 126,549 | 1.22 | 0.53 | 1.30 | 73 | ||||||||||||||||||||
| 13.37 | (7.91 | ) | 82,746 | 0.94 | 0.74 | 1.00 | 48 | |||||||||||||||||||
| 16.43 | 13.18 | 61,413 | 0.95 | 0.69 | 1.00 | 97 | ||||||||||||||||||||
| 15.76 | 16.83 | 25,050 | 1.00 | 0.67 | 1.03 | 86 | ||||||||||||||||||||
| 13.44 | (7.81 | ) | 15,006 | 0.69 | 1.06 | 0.76 | 48 | |||||||||||||||||||
| 16.50 | 13.48 | 10,531 | 0.70 | 0.94 | 0.75 | 97 | ||||||||||||||||||||
| 15.82 | 16.99 | 1,030 | 0.75 | 1.03 | 0.81 | 86 | ||||||||||||||||||||
| 13.49 | (7.68 | ) | 802,299 | 0.54 | 1.13 | 0.60 | 48 | |||||||||||||||||||
| 16.54 | 13.66 | 938,744 | 0.54 | 1.08 | 0.60 | 97 | ||||||||||||||||||||
| 15.85 | 20.24 | 890,105 | 0.56 | 1.12 | 0.62 | 86 | ||||||||||||||||||||
| 13.81 | (0.77 | ) | 910,033 | 0.56 | 1.27 | 0.63 | 83 | |||||||||||||||||||
| 14.80 | 9.13 | 496,102 | 0.57 | 1.30 | 0.62 | 79 | ||||||||||||||||||||
| 14.96 | 26.45 | 441,628 | 0.59 | 1.16 | 0.60 | 73 | ||||||||||||||||||||
| 13.51 | (7.65 | ) | 7,138,275 | 0.44 | 1.23 | 0.50 | 48 | |||||||||||||||||||
| 16.56 | 13.75 | 8,937,049 | 0.46 | 1.17 | 0.50 | 97 | ||||||||||||||||||||
| 15.87 | 20.37 | 6,751,473 | 0.50 | 1.19 | 0.50 | 86 | ||||||||||||||||||||
| 13.82 | (0.78 | ) | 4,755,359 | 0.50 | 1.33 | 0.50 | 83 | |||||||||||||||||||
| 14.82 | 9.17 | 2,976,379 | 0.51 | 1.35 | 0.52 | 79 | ||||||||||||||||||||
| 14.98 | 26.57 | 2,392,416 | 0.54 | 1.21 | 0.55 | 73 | ||||||||||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 75 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Return of capital | Total distributions | |||||||||||||||||||||||||
JPMorgan U.S. Research Enhanced Equity Fund |
| |||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 28.37 | $ | 0.18 | $ | (2.08 | ) | $ | (1.90 | ) | $ | (0.20 | ) | $ | (2.93 | ) | $ | — | $ | (3.13 | ) | |||||||||||
Year Ended June 30, 2018 | 25.40 | 0.31 | 2.96 | 3.27 | (0.30 | ) | — | — | (0.30 | ) | ||||||||||||||||||||||
Year Ended June 30, 2017 | 21.74 | 0.28 | 3.72 | 4.00 | (0.32 | ) | — | (0.02 | ) | (0.34 | ) | |||||||||||||||||||||
Year Ended June 30, 2016 | 23.99 | 0.26 | (1.32 | ) | (1.06 | ) | (0.22 | ) | (0.97 | ) | — | (1.19 | ) | |||||||||||||||||||
Year Ended June 30, 2015 | 23.73 | 0.20 | 1.85 | 2.05 | (0.19 | ) | (1.60 | ) | — | (1.79 | ) | |||||||||||||||||||||
Year Ended June 30, 2014 | 20.27 | 0.23 | 4.79 | 5.02 | (0.21 | ) | (1.35 | ) | — | (1.56 | ) | |||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 28.61 | 0.22 | (2.09 | ) | (1.87 | ) | (0.23 | ) | (2.93 | ) | — | (3.16 | ) | |||||||||||||||||||
Year Ended June 30, 2018 | 25.62 | 0.39 | 2.98 | 3.37 | (0.38 | ) | — | — | (0.38 | ) | ||||||||||||||||||||||
Year Ended June 30, 2017 | 21.92 | 0.35 | 3.76 | 4.11 | (0.39 | ) | — | (0.02 | ) | (0.41 | ) | |||||||||||||||||||||
Year Ended June 30, 2016 | 24.18 | 0.32 | (1.34 | ) | (1.02 | ) | (0.27 | ) | (0.97 | ) | — | (1.24 | ) | |||||||||||||||||||
Year Ended June 30, 2015 | 23.88 | 0.26 | 1.87 | 2.13 | (0.23 | ) | (1.60 | ) | — | (1.83 | ) | |||||||||||||||||||||
Year Ended June 30, 2014 | 20.39 | 0.28 | 4.82 | 5.10 | (0.26 | ) | (1.35 | ) | — | (1.61 | ) | |||||||||||||||||||||
Class L | ||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 28.57 | 0.22 | (2.09 | ) | (1.87 | ) | (0.23 | ) | (2.93 | ) | — | (3.16 | ) | |||||||||||||||||||
Year Ended June 30, 2018 | 25.58 | 0.38 | 2.98 | 3.36 | (0.37 | ) | — | — | (0.37 | ) | ||||||||||||||||||||||
Year Ended June 30, 2017 | 21.89 | 0.35 | 3.75 | 4.10 | (0.39 | ) | — | (0.02 | ) | (0.41 | ) | |||||||||||||||||||||
Year Ended June 30, 2016 | 24.15 | 0.35 | (1.33 | ) | (0.98 | ) | (0.31 | ) | (0.97 | ) | — | (1.28 | ) | |||||||||||||||||||
Year Ended June 30, 2015 | 23.85 | 0.29 | 1.89 | 2.18 | (0.28 | ) | (1.60 | ) | — | (1.88 | ) | |||||||||||||||||||||
Year Ended June 30, 2014 | 20.36 | 0.32 | 4.81 | 5.13 | (0.29 | ) | (1.35 | ) | — | (1.64 | ) | |||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 28.57 | 0.23 | (2.08 | ) | (1.85 | ) | (0.24 | ) | (2.93 | ) | — | (3.17 | ) | |||||||||||||||||||
Year Ended June 30, 2018 | 25.59 | 0.41 | 2.97 | 3.38 | (0.40 | ) | — | — | (0.40 | ) | ||||||||||||||||||||||
Year Ended June 30, 2017 | 21.90 | 0.38 | 3.75 | 4.13 | (0.42 | ) | — | (0.02 | ) | (0.44 | ) | |||||||||||||||||||||
Year Ended June 30, 2016 | 24.16 | 0.37 | (1.33 | ) | (0.96 | ) | (0.33 | ) | (0.97 | ) | — | (1.30 | ) | |||||||||||||||||||
Year Ended June 30, 2015 | 23.85 | 0.32 | 1.89 | 2.21 | (0.30 | ) | (1.60 | ) | — | (1.90 | ) | |||||||||||||||||||||
Year Ended June 30, 2014 | 20.36 | 0.34 | 4.81 | 5.15 | (0.31 | ) | (1.35 | ) | — | (1.66 | ) | |||||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
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| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 23.34 | (7.29 | )% | $ | 205,826 | 0.60 | % | 1.26 | % | 0.86 | % | 22 | % | |||||||||||||
| 28.37 | 12.92 | 278,766 | 0.60 | 1.13 | 0.85 | 45 | ||||||||||||||||||||
| 25.40 | 18.52 | 422,719 | 0.69 | 1.19 | 0.96 | 40 | ||||||||||||||||||||
| 21.74 | (4.30 | ) | 497,934 | 0.85 | 1.20 | 1.02 | 122 | |||||||||||||||||||
| 23.99 | 9.04 | 483,296 | 0.85 | 0.84 | 0.97 | 144 | ||||||||||||||||||||
| 23.73 | 25.73 | 206,635 | 0.85 | 1.02 | 0.86 | 113 | ||||||||||||||||||||
| 23.58 | (7.14 | ) | 209,914 | 0.35 | 1.51 | 0.60 | 22 | |||||||||||||||||||
| 28.61 | 13.19 | 268,898 | 0.35 | 1.39 | 0.60 | 45 | ||||||||||||||||||||
| 25.62 | 18.85 | 285,141 | 0.43 | 1.45 | 0.69 | 40 | ||||||||||||||||||||
| 21.92 | (4.08 | ) | 260,494 | 0.60 | 1.45 | 0.69 | 122 | |||||||||||||||||||
| 24.18 | 9.34 | 260,618 | 0.60 | 1.09 | 0.64 | 144 | ||||||||||||||||||||
| 23.88 | 26.00 | 82,899 | 0.59 | 1.28 | 0.61 | 113 | ||||||||||||||||||||
| 23.54 | (7.15 | ) | 395,612 | 0.35 | 1.51 | 0.45 | 22 | |||||||||||||||||||
| 28.57 | 13.20 | 476,809 | 0.35 | 1.38 | 0.44 | 45 | ||||||||||||||||||||
| 25.58 | 18.86 | 835,535 | 0.40 | 1.47 | 0.49 | 40 | ||||||||||||||||||||
| 21.89 | (3.94 | ) | 824,559 | 0.45 | 1.59 | 0.50 | 122 | |||||||||||||||||||
| 24.15 | 9.53 | 796,919 | 0.45 | 1.21 | 0.51 | 144 | ||||||||||||||||||||
| 23.85 | 26.20 | 389,507 | 0.45 | 1.42 | 0.46 | 113 | ||||||||||||||||||||
| 23.55 | (7.09 | ) | 4,869,657 | 0.25 | 1.61 | 0.35 | 22 | |||||||||||||||||||
| 28.57 | 13.28 | 5,712,617 | 0.25 | 1.50 | 0.34 | 45 | ||||||||||||||||||||
| 25.59 | 19.00 | 5,863,138 | 0.28 | 1.60 | 0.34 | 40 | ||||||||||||||||||||
| 21.90 | (3.83 | ) | 6,638,591 | 0.34 | 1.69 | 0.35 | 122 | |||||||||||||||||||
| 24.16 | 9.67 | 6,205,582 | 0.35 | 1.33 | 0.36 | 144 | ||||||||||||||||||||
| 23.85 | 26.31 | 3,598,945 | 0.35 | 1.52 | 0.36 | 113 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
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AS OF DECEMBER 31, 2018 (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 8 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
| Classes Offered | Trust | Diversified/Non-Diversified | ||||
| JPMorgan Equity Focus Fund | Class A, Class C, Class I and Class R6* | JPM I | Non-Diversified | |||
| JPMorgan Equity Income Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM II | Diversified | |||
| JPMorgan Growth and Income Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Large Cap Growth Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM II | Diversified | |||
| JPMorgan Large Cap Value Fund | Class A, Class C, Class I, Class R2, Class R3**, Class R4**, Class R5 and Class R6 | JPM II | Diversified | |||
| JPMorgan U.S. Equity Fund | Class A, Class C, Class I, Class L^, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan U.S. Research Enhanced Equity Fund | Class A^^, Class I, Class L^ and Class R6 | JPM I | Diversified |
| * | Class R6 commenced operations on October 1, 2018 for Equity Focus Fund. |
| ** | Class R3 and Class R4 commenced operations on October 1, 2018 for Large Cap Value Fund. |
| ^ | Effective December 1, 2016, Class L is publicly offered on a limited basis for U.S. Equity Fund and U.S. Research Enhanced Equity Fund. |
| ^^ | Class A Shares are publicly offered on a limited basis for U.S. Research Enhanced Equity Fund. |
The investment objective of JPMorgan Equity Focus Fund (“Equity Focus Fund”) and JPMorgan Large Cap Growth Fund (“Large Cap Growth Fund”) is to seek long-term capital appreciation.
The investment objective of JPMorgan Equity Income Fund (“Equity Income Fund”) is to seek capital appreciation and current income.
The investment objective of JPMorgan Growth and Income Fund (“Growth and Income Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.
The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”) is to seek to provide capital appreciation.
The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.
The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.
The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.
Large Cap Growth Fund acquired all the assets and liabilities of the JPMorgan Dynamic Growth Fund (“Dynamic Growth Fund”) in a reorganization on October 27, 2017. Please refer to Note 9 discussing the merger.
Class L Shares for the U.S. Equity fund and U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the funds unless they meet certain requirements as described in Funds’ prospectuses.
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 I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
Class A Shares for the U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectus.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board
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Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Boards.
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. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Futures contracts and options are generally valued on the basis of available market quotations.
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.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Equity Focus Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 103,250 | $ | — | $ | — | $ | 103,250 | ||||||||
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Equity Income Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 18,103,105 | $ | — | $ | — | $ | 18,103,105 | ||||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| Growth and Income Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 573,486 | $ | — | $ | — | $ | 573,486 | ||||||||
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| Hedged Equity Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 3,552,896 | $ | — | $ | — | $ | 3,552,896 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | (260 | ) | $ | — | $ | — | $ | (260 | ) | ||||||
Options Written (a) | ||||||||||||||||
Call Option Written | (77,608 | ) | — | — | (77,608 | ) | ||||||||||
Put Option Written | (12,981 | ) | — | — | (12,981 | ) | ||||||||||
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Total Depreciation in Other Financial Instruments | $ | (90,849 | ) | $ | — | $ | — | $ | (90,849 | ) | ||||||
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| Large Cap Growth Fund |
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| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 12,843,233 | $ | — | $ | — | $ | 12,843,233 | ||||||||
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| Large Cap Value Fund |
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| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(b) | $ | 1,409,406 | $ | — | (c) | $ | — | $ | 1,409,406 | |||||||
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| U.S. Equity Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(b) | $ | 12,496,033 | $ | — | (c) | $ | — | $ | 12,496,033 | |||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 655 | $ | — | $ | — | $ | 655 | ||||||||
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| U.S. Research Enhanced Equity Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 5,682,224 | $ | — | $ | — | $ | 5,682,224 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | (1,481 | ) | $ | — | $ | — | $ | (1,481 | ) | ||||||
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| (a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings. |
| (b) | All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of a warrant. Please refer to the SOIs for industry specifics of portfolio holdings. |
| (c) | Amount rounds to less than one thousand. |
There were no transfers among any levels during the six months ended December 31, 2018.
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B. Futures Contracts — Hedged Equity Fund, U.S. Equity Fund and U.S. Research Enhanced Equity 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, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2018 (amounts in thousands):
| Hedged Equity Fund | U.S. Equity Fund | U.S. Research Enhanced Equity Fund | ||||||||||
Futures Contracts — Equity: | ||||||||||||
Average Notional Balance Long | $ | 42,071 | $ | 68,269 | $ | 52,035 | ||||||
Ending Notional Balance Long | 113,386 | 44,679 | 62,450 | |||||||||
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).
C. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.
Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.
The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.
The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for over the counter options. Cash collateral posted by the Fund is considered restricted.
The table below discloses the volume of the Fund’s options contracts activity during the six months ended December 31, 2018:
Exchange-Traded Options: | ||||
Average Number of Contracts Purchased | 10,505 | |||
Average Number of Contracts Written | 21,010 | |||
Ending Number of Contracts Purchased | 13,736 | |||
Ending Number of Contracts Written | 27,472 | |||
D. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).
| Dividend Income | ||||
Equity Focus Fund | $ | 2 | ||
Large Cap Growth Fund | 1,046 | |||
Large Cap Value Fund | 62 | |||
U.S. Equity Fund | 178 | |||
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):
| Value of Securities on Loan | Cash Collateral Posted by Borrower | Total value of Collateral Investments | ||||||||||
Equity Focus Fund | $ | 258 | $ | 258 | $ | 258 | ||||||
Large Cap Growth Fund | 321,421 | 327,574 | 327,574 | |||||||||
Large Cap Value Fund | 16,076 | 16,408 | 16,408 | |||||||||
U.S. Equity Fund | 63,241 | 63,960 | 63,960 | |||||||||
The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to
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repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.
The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).
| Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities | Cash Collateral Posted by Borrower | Net Amount Due to Counterparty (not less than zero) | ||||||||||
Equity Focus Fund | $ | 258 | $ | (258 | ) | $ | — | |||||
Large Cap Growth Fund | 321,421 | (321,421 | ) | — | ||||||||
Large Cap Value Fund | 16,076 | (16,076 | ) | — | ||||||||
U.S. Equity Fund | 63,241 | (63,241 | ) | — | ||||||||
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):
Equity Focus Fund | $ | — | (a) | |
Large Cap Growth Fund | 10 | |||
Large Cap Value Fund | 1 | |||
U.S. Equity Fund | 2 |
| (a) | Amount rounds to less than one thousand. |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the Statements of Operations as Income from securities lending (net).
Equity Income Fund, Growth and Income Fund, Hedged Equity Fund and U.S. Research Enhanced Equity Fund did not lend out any securities during the period ended December 31, 2018.
E. Investment Transactions with Affiliates —The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.
Equity Focus Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 4,364 | $ | 4,106 | $ | — | $ | — | $ | 258 | 258 | $ | 2 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | 10,204 | 37,701 | 46,330 | — | — | 1,575 | 1,575 | 72 | — | |||||||||||||||||||||||||||
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| |||||||||||||||||||||
Total | $ | 10,204 | $ | 42,065 | $ | 50,436 | $ | — | $ | — | $ | 1,833 | $ | 74 | $ | — | ||||||||||||||||||||
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| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 83 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Equity Income Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | $ | 608,619 | $ | 2,068,860 | $ | 2,057,892 | $ | — | $ | — | $ | 619,587 | 619,587 | $ | 5,923 | $ | — | |||||||||||||||||||
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Growth and Income Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | $ | 27,866 | $ | 61,923 | $ | 75,470 | $ | — | $ | — | $ | 14,319 | 14,319 | $ | 205 | $ | — | |||||||||||||||||||
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Hedged Equity Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | $ | 92,778 | $ | 1,059,648 | $ | 1,006,732 | $ | — | $ | — | $ | 145,694 | 145,694 | $ | 702 | $ | — | |||||||||||||||||||
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Large Cap Growth Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b) | $ | — | $ | 534,500 | $ | 259,000 | $ | — | $ | — | $ | 275,500 | 275,528 | $ | 805 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | — | 294,410 | 242,336 | — | — | 52,074 | 52,074 | 241 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | 255,806 | 1,800,748 | 1,997,437 | — | — | 59,117 | 59,117 | 2,858 | — | |||||||||||||||||||||||||||
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Total | $ | 255,806 | $ | 2,629,658 | $ | 2,498,773 | $ | — | $ | — | $ | 386,691 | $ | 3,904 | $ | — | ||||||||||||||||||||
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| 84 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
Large Cap Value Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, | $ | — | $ | 44,000 | $ | 39,000 | $ | — | $ | — | $ | 5,000 | 5,001 | $ | 41 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | — | 40,554 | 29,146 | — | — | 11,408 | 11,408 | 22 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, | 90,740 | 511,882 | 546,449 | — | — | 56,173 | 56,173 | 353 | — | |||||||||||||||||||||||||||
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Total | $ | 90,740 | $ | 596,436 | $ | 614,595 | $ | — | $ | — | $ | 72,581 | $ | 416 | $ | — | ||||||||||||||||||||
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U.S. Equity Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b) | $ | — | $ | 155,000 | $ | 100,000 | $ | — | $ | — | $ | 55,000 | 55,006 | $ | 130 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b) | — | 89,889 | 80,929 | — | — | 8,960 | 8,960 | 48 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | 152,987 | 1,597,078 | 1,652,810 | — | — | 97,255 | 97,255 | 1,298 | — | |||||||||||||||||||||||||||
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Total | $ | 152,987 | $ | 1,841,967 | $ | 1,833,739 | $ | — | $ | — | $ | 161,215 | $ | 1,476 | $ | — | ||||||||||||||||||||
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U.S. Research Enhanced Equity Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b) | $ | 106,088 | $ | 354,235 | $ | 400,269 | $ | — | $ | — | $ | 60,054 | 60,054 | $ | 463 | $ | — | |||||||||||||||||||
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| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (b) | The rate shown is the current yield as of December 31, 2018. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net). |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 85 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
F. 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.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.
G. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |||||||||||||||||||||||||||||||
Equity Focus Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | $ | 1 | $ | — | (a) | $ | 2 | n/a | n/a | n/a | n/a | n/a | n/a | $ | 3 | |||||||||||||||||||||||||
Equity Income Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 162 | 35 | 37 | n/a | $ | 6 | $ | 1 | $ | — | (a) | $ | 8 | $ | 42 | 291 | ||||||||||||||||||||||||
Growth and Income Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 81 | 2 | 3 | n/a | 1 | — | (a) | — | (a) | — | (a) | — | (a) | 87 | ||||||||||||||||||||||||||
Hedged Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 4 | 3 | 14 | n/a | n/a | n/a | n/a | — | (a) | 5 | 26 | |||||||||||||||||||||||||||||
Large Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 127 | 11 | 29 | n/a | 5 | — | (a) | — | (a) | 7 | 29 | 208 | ||||||||||||||||||||||||||||
Large Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 26 | 2 | 3 | n/a | 2 | n/a | n/a | 2 | 9 | 44 | ||||||||||||||||||||||||||||||
U.S. Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 48 | 7 | 18 | $ | 71 | 3 | 1 | 1 | 6 | 41 | 196 | |||||||||||||||||||||||||||||
U.S. Research Enhanced Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 15 | n/a | 4 | 6 | n/a | n/a | n/a | n/a | 24 | 49 | ||||||||||||||||||||||||||||||
| (a) | Amount rounds to less than one thousand. |
H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, 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 remains subject to examination by the Internal Revenue Service.
I. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly, except for Equity Focus Fund and Large Cap Growth Fund, for which distributions are generally declared and paid annually, and Equity Income Fund, for which distributions are generally declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.
| 86 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, 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 average daily net assets. The annual rate for each Fund is as follows:
Equity Focus Fund | 0.60 | % | ||
Equity Income Fund | 0.40 | |||
Growth and Income Fund | 0.40 | |||
Hedged Equity Fund | 0.25 | |||
Large Cap Growth Fund | 0.50 | |||
Large Cap Value Fund | 0.40 | |||
U.S. Equity Fund | 0.40 | |||
U.S. Research Enhanced Equity Fund | 0.25 |
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was 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 Agreements (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 December 31, 2018, the effective 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.
Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.
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 a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class L, Class R4, Class R5 and Class R6 do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| Class A | Class C | Class R2 | Class R3 | |||||||||||||
Equity Focus Fund | 0.25 | % | 0.75 | % | n/a | n/a | ||||||||||
Equity Income Fund | 0.25 | 0.75 | 0.50 | % | 0.25 | % | ||||||||||
Growth and Income Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
Hedged Equity Fund | 0.25 | 0.75 | n/a | n/a | ||||||||||||
Large Cap Growth Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
Large Cap Value Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
U.S. Equity Fund | 0.25 | 0.75 | 0.50 | 0.25 | ||||||||||||
U.S. Research Enhanced Equity Fund | 0.25 | n/a | n/a | n/a | ||||||||||||
In addition, JPMDS 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 December 31, 2018, JPMDS retained the following (amounts in thousands):
| Front-End Sales Charge | CDSC | |||||||
Equity Focus Fund | $ | 2 | $ | — | ||||
Equity Income Fund | 322 | — | (a) | |||||
Growth and Income Fund | 17 | — | (a) | |||||
Hedged Equity Fund | 51 | 1 | ||||||
Large Cap Growth Fund | 179 | — | (a) | |||||
Large Cap Value Fund | 9 | — | (a) | |||||
U.S. Equity Fund | 49 | — | (a) | |||||
U.S. Research Enhanced Equity Fund | 1 | — | ||||||
| (a) | Amount rounds to less than one thousand. |
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 87 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
D. Service Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | |||||||||||||||||||||||||
Equity Focus Fund | 0.25 | % | 0.25 | % | 0.25 | % | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||
Equity Income Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | % | 0.25 | % | 0.25 | % | 0.10 | % | ||||||||||||||||||||
Growth and Income Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
Hedged Equity Fund | 0.25 | 0.25 | 0.25 | n/a | n/a | n/a | n/a | 0.10 | ||||||||||||||||||||||||
Large Cap Growth Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
Large Cap Value Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | 0.25 | 0.25 | 0.10 | ||||||||||||||||||||||||
U.S. Equity Fund | 0.25 | 0.25 | 0.25 | 0.10 | % | 0.25 | 0.25 | 0.25 | 0.10 | |||||||||||||||||||||||
U.S. Research Enhanced Equity Fund | 0.25 | n/a | 0.25 | 0.10 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, 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 in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | ||||||||||||||||||||||||||||
Equity Focus Fund | 1.10 | % | 1.60 | % | 0.85 | % | n/a | n/a | n/a | n/a | n/a | 0.60 | % | |||||||||||||||||||||||
Equity Income Fund | 1.04 | 1.54 | 0.79 | n/a | 1.29 | % | 1.04 | % | 0.79 | % | 0.59 | % | 0.54 | |||||||||||||||||||||||
Growth and Income Fund | 0.94 | 1.44 | 0.69 | n/a | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 | |||||||||||||||||||||||||||
Hedged Equity Fund | 0.85 | 1.35 | 0.60 | n/a | n/a | n/a | n/a | 0.45 | * | 0.35 | ||||||||||||||||||||||||||
Large Cap Growth Fund | 0.94 | 1.44 | 0.69 | n/a | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 | |||||||||||||||||||||||||||
Large Cap Value Fund | 0.93 | 1.44 | 0.69 | n/a | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 | |||||||||||||||||||||||||||
U.S. Equity Fund | 0.94 | 1.44 | 0.69 | 0.61 | % | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 | ||||||||||||||||||||||||||
U.S. Research Enhanced Equity Fund | 0.60 | n/a | 0.35 | 0.45 | n/a | n/a | n/a | n/a | 0.25 | |||||||||||||||||||||||||||
| * | Effective November 1, 2018, the contractual expense limitation increased from 0.40% to 0.45% for Class R5 Shares of the Hedged Equity Fund and will be in place until at least October 31, 2019. |
Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2018 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2019.
For the six months ended December 31, 2018, 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 reimbursed expenses in future years.
| Contractual Waivers | ||||||||||||||||||||
| Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Equity Focus Fund | $ | 125 | $ | 80 | $ | 3 | $ | 208 | $ | — | ||||||||||
Equity Income Fund | 25 | — | 33 | 58 | — | |||||||||||||||
Growth and Income Fund | 169 | 113 | 84 | 366 | 1 | |||||||||||||||
Hedged Equity Fund | 87 | 58 | 11 | 156 | 4 | |||||||||||||||
Large Cap Growth Fund | 6,639 | 4,410 | 166 | 11,215 | 19 | |||||||||||||||
Large Cap Value Fund | 351 | 232 | 42 | 625 | 5 | |||||||||||||||
U.S. Equity Fund | 2,434 | 1,609 | 83 | 4,126 | 41 | |||||||||||||||
U.S. Research Enhanced Equity Fund | 1,894 | 1,263 | 409 | 3,566 | 24 | |||||||||||||||
| 88 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
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Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.
The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 were as follows (amounts in thousands):
Equity Focus Fund | $ | 9 | ||
Equity Income Fund | 651 | |||
Growth and Income Fund | 24 | |||
Hedged Equity Fund | 67 | |||
Large Cap Growth Fund | 331 | |||
Large Cap Value Fund | 40 | |||
U.S. Equity Fund | 152 | |||
U.S. Research Enhanced Equity Fund | 60 |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards 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 December 31, 2018, the Hedged Equity Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.
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 December 31, 2018, 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) | |||||||
Equity Focus Fund | $ | 39,612 | $ | 170,630 | ||||
Equity Income Fund | 3,797,658 | 1,992,550 | ||||||
Growth and Income Fund | 92,689 | 65,542 | ||||||
Hedged Equity Fund | 1,816,468 | 622,481 | ||||||
Large Cap Growth Fund | 3,787,717 | 3,795,309 | ||||||
Large Cap Value Fund | 1,263,469 | 1,355,661 | ||||||
U.S. Equity Fund | 7,045,352 | 8,515,350 | ||||||
U.S. Research Enhanced Equity Fund | 1,464,177 | 2,035,283 | ||||||
During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):
| Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Equity Focus Fund | $ | 83,446 | $ | 22,672 | $ | 2,868 | $ | 19,804 | ||||||||
Equity Income Fund | 14,960,344 | 3,529,515 | 386,754 | 3,142,761 | ||||||||||||
Growth and Income Fund | 435,792 | 155,092 | 17,398 | 137,694 | ||||||||||||
Hedged Equity Fund | 3,525,549 | 163,729 | 227,231 | (63,502 | ) | |||||||||||
Large Cap Growth Fund | 8,427,539 | 4,591,837 | 176,143 | 4,415,694 | ||||||||||||
Large Cap Value Fund | 1,499,488 | 54,715 | 144,797 | (90,082 | ) | |||||||||||
U.S. Equity Fund | 10,102,955 | 3,011,074 | 617,341 | 2,393,733 | ||||||||||||
U.S. Research Enhanced Equity Fund | 4,557,162 | 1,397,424 | 273,843 | 1,123,581 | ||||||||||||
As of June 30, 2018, the following Fund had net capital loss carryforwards (amounts in thousands):
| Capital Loss Carryforward Character | ||||||||
| Short-Term | Long-Term | |||||||
Hedged Equity Fund | $ | 15,829 | $ | 25,716 | ||||
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2018. Average borrowings from the Facility for the six months ended December 31, 2018, were as follows:
| Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Large Cap Value Fund | $ | 2,513 | 2.93 | % | 3 | $ | 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.
The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.
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The Funds had no borrowings outstanding from the Credit Facility at December 31, 2018. Average borrowings from the Credit Facility for, or at any time during the six months ended December 31, 2018 were as follows (amounts in thousands):
| Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
U.S. Equity Fund | $ | 114,500 | 3.38 | % | 1 | $ | 11 | |||||||||
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:
| Number of Affiliated Omnibus Accounts | % of the Fund | Number of Non-Affiliated Omnibus Accounts | % of the Fund | |||||||||||||
Equity Focus Fund | 3 | 87.6 | % | — | — | |||||||||||
Equity Income Fund | 4 | 13.5 | 10 | 13.0 | % | |||||||||||
Growth and Income Fund | 4 | 20.0 | 1 | 10.4 | ||||||||||||
Hedged Equity Fund | — | — | 6 | 36.6 | ||||||||||||
Large Cap Growth Fund | — | — | 6 | 17.5 | ||||||||||||
As of December 31, JPMorgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate shares representing more than 10% of the net assets of the following Funds:
| J.P. Morgan Investor Funds | JPMorgan SmartRetirement Funds | |||||||
Large Cap Value Fund | 35.5 | % | n/a | |||||
U.S. Equity Fund | n/a | 23.6 | % | |||||
U.S. Research Enhanced Equity Fund | n/a | 65.7 | ||||||
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”)Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.
In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.
9. Business Combinations
On June 21, 2017, the Boards of the JPM I and JPM II approved the Plan of Reorganization of Dynamic Growth Fund (the “Target Fund”), a fund of JPM I, into Large Cap Growth Fund (the “Acquiring Fund”), a fund of JPM II. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on October 27, 2017. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C, Class I and Class R5 shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $341,560,000 and identified cost of approximately $192,181,000 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of October 27, 2017, the Target Fund did not have capital loss carryforwards.
The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands, except per share amounts):
| Shares Outstanding | Net Assets | Net Asset Value Per Share | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Target Fund | ||||||||||||||||
Dynamic Growth Fund | $ | 149,379 | ||||||||||||||
Class A | 2,009 | $ | 63,247 | $ | 31.49 | |||||||||||
Class C | 455 | 13,553 | 29.77 | |||||||||||||
Class I | 2,050 | 66,379 | 32.38 | |||||||||||||
Class R5 | 6,103 | 201,731 | 33.05 | |||||||||||||
Acquiring Fund | ||||||||||||||||
Large Cap Growth Fund | $ | 5,901,927 | ||||||||||||||
Class A | 69,657 | $ | 2,537,876 | $ | 36.43 | |||||||||||
Class C | 16,450 | 484,595 | 29.46 | |||||||||||||
Class I | 99,881 | 3,668,798 | 36.73 | |||||||||||||
Class R2 | 4,222 | 149,495 | 35.41 | |||||||||||||
Class R3 | 49 | 1,798 | 36.61 | |||||||||||||
Class R4 | 294 | 10,813 | 36.73 | |||||||||||||
Class R5 | 22,117 | 826,666 | 37.38 | |||||||||||||
Class R6 | 123,754 | 4,653,365 | 37.60 | |||||||||||||
Post Reorganization | ||||||||||||||||
Large Cap Growth Fund | $ | 6,051,306 | ||||||||||||||
Class A | 71,393 | $ | 2,601,123 | $ | 36.43 | |||||||||||
Class C | 16,910 | 498,148 | 29.46 | |||||||||||||
Class I | 101,688 | 3,735,177 | 36.73 | |||||||||||||
Class R2 | 4,222 | 149,495 | 35.41 | |||||||||||||
Class R3 | 49 | 1,798 | 36.61 | |||||||||||||
Class R4 | 294 | 10,813 | 36.73 | |||||||||||||
Class R5 | 27,514 | 1,028,397 | 37.38 | |||||||||||||
Class R6 | 123,754 | 4,653,365 | 37.60 | |||||||||||||
Expenses related to the reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.
Assuming the reorganization had been completed on July 1, 2017, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2018, are as follows:
Net investment income (loss) | $ | 345 | ||
Net realized/unrealized gains (losses) | 3,304,329 | |||
|
| |||
Change in net assets resulting from operations | $ | 3,304,674 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included on the Statements of Operations since October 27, 2017.
| 92 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (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, July 1, 2018 and continued to hold your shares at the end of the reporting period, December 31, 2018.
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 Fund 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 July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Equity Focus Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 923.40 | $ | 5.28 | 1.09 | % | ||||||||
Hypothetical* | 1,000.00 | 1,019.71 | 5.55 | 1.09 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 921.10 | 7.70 | 1.59 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.19 | 8.08 | 1.59 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 924.70 | 4.08 | 0.84 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Class R6 | ||||||||||||||||
Actual** | 1,000.00 | 860.30 | 1.37 | 0.59 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.23 | 3.01 | 0.59 | ||||||||||||
JPMorgan Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 963.20 | 4.95 | 1.00 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.16 | 5.09 | 1.00 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 961.00 | 7.36 | 1.49 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.69 | 7.58 | 1.49 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 964.50 | 3.66 | 0.74 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 961.90 | 6.18 | 1.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.90 | 6.36 | 1.25 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 963.20 | 4.90 | 0.99 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.21 | 5.04 | 0.99 | ||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 93 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Equity Income Fund (continued) | ||||||||||||||||
Class R4 | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 964.50 | $ | 3.66 | 0.74 | % | ||||||||
Hypothetical* | 1,000.00 | 1,021.48 | 3.77 | 0.74 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 965.30 | 2.87 | 0.58 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.28 | 2.96 | 0.58 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 965.70 | 2.43 | 0.49 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.74 | 2.50 | 0.49 | ||||||||||||
JPMorgan Growth and Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 926.40 | 4.52 | 0.93 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.52 | 4.74 | 0.93 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 924.20 | 6.94 | 1.43 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.00 | 7.27 | 1.43 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 927.60 | 3.30 | 0.68 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.78 | 3.47 | 0.68 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 925.20 | 5.73 | 1.18 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.26 | 6.01 | 1.18 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 926.40 | 4.52 | 0.93 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.52 | 4.74 | 0.93 | ||||||||||||
Class R4 | ||||||||||||||||
Actual* | 1,000.00 | 927.60 | 3.30 | 0.68 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.78 | 3.47 | 0.68 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 928.30 | 2.58 | 0.53 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.53 | 2.70 | 0.53 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 928.60 | 2.09 | 0.43 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.04 | 2.19 | 0.43 | ||||||||||||
JPMorgan Hedged Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 975.90 | 4.23 | 0.85 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.92 | 4.33 | 0.85 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 973.80 | 6.72 | 1.35 | ||||||||||||
Hypothetical* | 1,000.00 | 1,018.40 | 6.87 | 1.35 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 976.80 | 2.99 | 0.60 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.18 | 3.06 | 0.60 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 978.00 | 2.04 | 0.41 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.14 | 2.09 | 0.41 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 978.70 | 1.75 | 0.35 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.44 | 1.79 | 0.35 | ||||||||||||
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| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Large Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 886.70 | $ | 4.47 | 0.94 | % | ||||||||
Hypothetical* | 1,000.00 | 1,020.47 | 4.79 | 0.94 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 884.50 | 6.84 | 1.44 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.95 | 7.32 | 1.44 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 887.80 | 3.28 | 0.69 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.73 | 3.52 | 0.69 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 885.60 | 5.66 | 1.19 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.21 | 6.06 | 1.19 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 886.70 | 4.47 | 0.94 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.47 | 4.79 | 0.94 | ||||||||||||
Class R4 | ||||||||||||||||
Actual* | 1,000.00 | 887.80 | 3.28 | 0.69 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.73 | 3.52 | 0.69 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 888.70 | 2.57 | 0.54 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.48 | 2.75 | 0.54 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 889.00 | 2.09 | 0.44 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.99 | 2.24 | 0.44 | ||||||||||||
JPMorgan Large Cap Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 879.30 | 4.41 | 0.93 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.52 | 4.74 | 0.93 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 877.80 | 6.82 | 1.44 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.95 | 7.32 | 1.44 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 880.70 | 3.27 | 0.69 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.73 | 3.52 | 0.69 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 878.40 | 5.63 | 1.19 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.21 | 6.06 | 1.19 | ||||||||||||
Class R3 | ||||||||||||||||
Actual** | 1,000.00 | 833.90 | 2.15 | 0.94 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.47 | 4.79 | 0.94 | ||||||||||||
Class R4 | ||||||||||||||||
Actual** | 1,000.00 | 834.40 | 1.55 | 0.68 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.78 | 3.47 | 0.68 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 881.70 | 2.56 | 0.54 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.48 | 2.75 | 0.54 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 881.90 | 2.09 | 0.44 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.99 | 2.24 | 0.44 | ||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN LARGE CAP FUNDS | 95 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan U.S. Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 921.00 | $ | 4.55 | 0.94 | % | ||||||||
Hypothetical* | 1,000.00 | 1,020.47 | 4.79 | 0.94 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 919.10 | 6.97 | 1.44 | ||||||||||||
Hypothetical* | 1,000.00 | 1,017.95 | 7.32 | 1.44 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 922.60 | 3.34 | 0.69 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.73 | 3.52 | 0.69 | ||||||||||||
Class L | ||||||||||||||||
Actual* | 1,000.00 | 923.10 | 2.67 | 0.55 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.43 | 2.80 | 0.55 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 919.60 | 5.76 | 1.19 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.21 | 6.06 | 1.19 | ||||||||||||
Class R3 | ||||||||||||||||
Actual* | 1,000.00 | 920.90 | 4.55 | 0.94 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.47 | 4.79 | 0.94 | ||||||||||||
Class R4 | ||||||||||||||||
Actual* | 1,000.00 | 921.90 | 3.34 | 0.69 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.73 | 3.52 | 0.69 | ||||||||||||
Class R5 | ||||||||||||||||
Actual* | 1,000.00 | 923.20 | 2.62 | 0.54 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.48 | 2.75 | 0.54 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 923.50 | 2.13 | 0.44 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.99 | 2.24 | 0.44 | ||||||||||||
JPMorgan U.S. Research Enhanced Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 927.10 | 2.91 | 0.60 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.18 | 3.06 | 0.60 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 928.60 | 1.70 | 0.35 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.44 | 1.79 | 0.35 | ||||||||||||
Class L | ||||||||||||||||
Actual* | 1,000.00 | 928.50 | 1.70 | 0.35 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.44 | 1.79 | 0.35 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 929.10 | 1.22 | 0.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.95 | 1.28 | 0.25 | ||||||||||||
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the actual period). Commencement of operations was October 1, 2018. |
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered quality of the administrative services provided by the Adviser in its role as administrator.
The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of
scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.
Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer
The Trustees noted that, upon their direction, the Senior Officer for the Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
The Trustees noted that, upon their direction, the Chief Compliance Officer for the Equity Focus Fund, Growth and Income Fund, Hedged Equity Fund and U.S. Research Enhanced Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or fundssub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater
| 98 | J.P. MORGAN LARGE CAP FUNDS | DECEMBER 31, 2018 | ||||
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responsibilities and risks than acting as asub-adviser and observed thatsub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays thesub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the Equity Focus Fund’s performance for Class A shares was in the fourth, second and second quintiles based upon both the Peer Group and Universe, for theone- three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fifth, first and first quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for theone- three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the Equity Income Fund’s performance for Class A shares was in the third, third and second quintiles
based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, second and first quintiles based upon both the Peer Group and Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Growth and Income Fund’s performance for Class A shares was in the fourth, first and first quintiles based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, third and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the Hedged Equity Fund’s performance for Class A shares was in the second quintile based upon both the Peer Group and Universe, for theone- and three-year periods ended December 31, 2017. The Trustees noted that the performance for Class I shares was in the second and third quintiles based upon the Peer Group, and in the second quintile based upon the Universe, for theone- and three-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Large Cap Growth Fund’s performance for Class A shares was in the first, second and second quintiles based upon both the Peer Group and Universe for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, third and third quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Large Cap Value Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of theone-, three-, and five-year periods ended December 31, 2017, and in the second, first and first quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon both the Peer Group and Universe for each of the one, three, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the U.S. Equity Fund’s performance for Class A shares was in the third, third and first quintiles based upon both the Peer Group and Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, second and first quintiles based upon both the Peer Group and Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the U.S. Research Enhanced Equity Fund’s performance for Class A shares was in the third, fifth and third quintiles based upon the Peer Group, and in the third, fourth and third quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, fifth and third quintiles based upon the Peer Group, and in the third, fourth and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and
compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the Equity Focus Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Equity Income Fund’s net advisory fee for Class A shares was in the third and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that total actual expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Growth and Income Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded
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that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Hedged Equity Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Groups and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Large Cap Growth Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Large Cap Value Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and
Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the U.S. Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the first and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the U.S. Research Enhanced Equity Fund’s net advisory fee and actual total expenses for Class A and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the FormN-Q without charge by calling1-800-480-4111 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 prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2018. All rights reserved. December 2018. | SAN-LCE-1218 |
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Semi-Annual Report
J.P. Morgan Equity Funds
December 31, 2018 (Unaudited)
JPMorgan Equity Index Fund
JPMorgan Market Expansion Enhanced Index Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.comand you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.
You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.comor call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).
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Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center 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.
Table of Contents
February 14, 2019 (Unaudited)
Dear Shareholder,
While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.
 |
“Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch |
The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.
U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.
Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for
the S&P 500 Index since 1931 erased all gains seen in the prior five months.
By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.
Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.
We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 1 | ||||||
Table of Contents
J.P. Morgan Index Funds
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.
Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 returned -6.85%.
| 2 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (6.97)% | |||
| S&P 500 Index** | (6.85)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $3,844,944 | |||
INVESTMENT OBJECTIVE***
The JPMorgan Equity Index Fund (the “Fund”) seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index (the “Benchmark”).
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares performed largely in line with the Benchmark for the six months ended December 31, 2018, before considering the effect of Fund fees and expenses. This was consistent with the Fund’s indexing strategy and investment objective, as the Fund looks to generate returns that are comparable to those of the Benchmark.
Equity markets in the U.S. provided negative returns for the reporting period as equity prices fell in the latter part of the reporting period amid investor uncertainty about corporate earnings, slowing global growth and trade tensions between the U.S. and China.
During the reporting period, the energy and information technology sectors were the largest detractors from the performance of the Fund and the Benchmark, while the health care sector was the only significant sector contributor to performance.
HOW WAS THE FUND POSITIONED?
Regardless of the market outlook, the Fund was managed in strict conformity with a full index replication strategy and aimed to hold the same stocks in nearly the same proportions as those found in the Benchmark.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
| 1. | Microsoft Corp. | 3.6 | % | |||||
| 2. | Apple, Inc. | 3.3 | ||||||
| 3. | Amazon.com, Inc. | 2.9 | ||||||
| 4. | Berkshire Hathaway, Inc., Class B | 1.8 | ||||||
| 5. | Johnson & Johnson | 1.6 | ||||||
| 6. | JPMorgan Chase & Co. | 1.5 | ||||||
| 7. | Alphabet, Inc., Class C | 1.5 | ||||||
| 8. | Facebook, Inc., Class A | 1.5 | ||||||
| 9. | Alphabet, Inc., Class A | 1.4 | ||||||
| 10. | Exxon Mobil Corp. | 1.3 | ||||||
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
| Information Technology | 19.6 | % | ||
| Health Care | 15.1 | |||
| Financials | 13.0 | |||
| Communication Services | 9.9 | |||
| Consumer Discretionary | 9.7 | |||
| Industrials | 9.0 | |||
| Consumer Staples | 7.2 | |||
| Energy | 5.2 | |||
| Utilities | 3.2 | |||
| Real Estate | 2.9 | |||
| Materials | 2.7 | |||
| Others (each less than 1.0%) | 0.7 | |||
| Short-Term Investments | 1.8 | |||
| * | 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. |
| ** | “S&P 500 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund. |
| *** | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 3 | ||||||
Table of Contents
JPMorgan Equity Index Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||
CLASS A SHARES | February 18, 1992 | |||||||||||||||
With Sales Charge** | (11.99)% | (9.84 | )% | 6.83 | % | 12.01 | % | |||||||||
Without Sales Charge | (7.11) | (4.84 | ) | 7.99 | 12.62 | |||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||||
With CDSC*** | (8.38) | (6.41 | ) | 7.25 | 11.82 | |||||||||||
Without CDSC | (7.38) | (5.41 | ) | 7.25 | 11.82 | |||||||||||
CLASS I SHARES | July 2, 1991 | (6.97) | (4.61 | ) | 8.26 | 12.90 | ||||||||||
CLASS R6 SHARES | September 1, 2016 | (6.90) | (4.46 | ) | 8.34 | 12.95 | ||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information pleasecall 1-800-480-4111.
Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Index Fund, the S&P 500 Index and the Lipper S&P 500 Funds Index from December 31, 2008 to December 31, 2018. 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 S&P 500 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 S&P 500 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper S&P 500 Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 4 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (16.50 | )% | ||
| S&P 1000 Index** | (14.79 | )% | ||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 852,789 | ||
INVESTMENT OBJECTIVE***
The JPMorgan Market Expansion Enhanced Index Fund (the “Fund”) seeks to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the S&P 1000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the basic materials and pharmaceutical sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and software & services sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Akorn Inc., Vonage Holdings Co. and Cooper Standard Holdings Corp. Shares of Akorn, a manufacturer of generic drugs, fell after a court ruling allowed Fresenius SE & Co. to withdraw from its proposed merger with Akorn. Shares of Vonage Holdings, a provider of communication services, fell after the company reported lower-than-expected revenue for the third quarter of 2018. Shares of Cooper Standard, a maker of automotive components, fell after the company reported lower-than-expected results for the third quarter of 2018 amid rising commodity costs and challenging markets in Asia and Europe.
Leading individual contributors to relative performance included the Fund’s overweight positions in Evertec Inc., First BanCorp (Puerto Rico) and United Therapeutics Corp. Shares of Evertec, an electronic payment and transactions provider mainly operating in the Caribbean, rose after the company reported better-than-expected earnings and revenue for third quarter of 2018 and raised its full year 2018 forecast, helped by post-hurricane recovery in Puerto Rico. Shares of First BanCorp (Puerto Rico), a bank based in Puerto Rico, rose after the company’s second quarter 2018 results showed continued post-hurricane improvement. Shares of United Therapeutics, a biotechnology company, rose after the company reported better-than-expected earnings for the second quarter of 2018.
HOW WAS THE FUND POSITIONED?
The Fund seeks to closely follow the sector and industry weights within the Benchmark. Because the Fund uses an enhanced index strategy, not all of the stocks in the Benchmark
are held by the Fund, and the Fund’s position in an individual stock may be overweight or underweight as compared to the Benchmark. The Fund’s portfolio managers seek to invest in stocks that they believe are attractively valued and that have improving momentum characteristics. The portfolio managers strive to add value exclusively through security selection rather than sector, style or theme allocations.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
| 1. | UGI Corp | 0.8 | % | |||||
| 2. | OGE Energy Corp | 0.6 | ||||||
| 3. | Encompass Health Corp | 0.6 | ||||||
| 4. | Hanover Insurance Group, Inc. (The) | 0.6 | ||||||
| 5. | United Therapeutics Corp | 0.6 | ||||||
| 6. | East West Bancorp, Inc | 0.5 | ||||||
| 7. | Molina Healthcare, Inc | 0.5 | ||||||
| 8. | American Financial Group, Inc | 0.5 | ||||||
| 9. | Camden Property Trust | 0.5 | ||||||
| 10. | Steel Dynamics, Inc | 0.5 | ||||||
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
| Industrials | 15.7 | % | ||
| Financials | 14.7 | |||
| Information Technology | 13.7 | |||
| Health Care | 10.6 | |||
| Consumer Discretionary | 10.5 | |||
| Real Estate | 8.4 | |||
| Materials | 5.7 | |||
| Investment of cash collateral from securities loaned | 5.1 | |||
| Utilities | 4.7 | |||
| Energy | 3.3 | |||
| Communication Services | 2.6 | |||
| Consumer Staples | 2.5 | |||
| Short-Term Investments | 2.5 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | “S&P 1000 Index” is a registered service mark of Standard & Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund. |
| *** | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 5 | ||||||
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | July 31, 1998 | |||||||||||||||||
With Sales Charge** | (20.93 | )% | (18.02 | )% | 4.21 | % | 12.34 | % | ||||||||||
Without Sales Charge | (16.56 | ) | (13.47 | ) | 5.33 | 12.94 | ||||||||||||
CLASS C SHARES | March 22, 1999 | |||||||||||||||||
With CDSC*** | (17.75 | ) | (14.86 | ) | 4.69 | 12.19 | ||||||||||||
Without CDSC | (16.75 | ) | (13.86 | ) | 4.69 | 12.19 | ||||||||||||
CLASS I SHARES | July 31, 1998 | (16.50 | ) | (13.23 | ) | 5.59 | 13.22 | |||||||||||
CLASS R2 SHARES | November 3, 2008 | (16.68 | ) | (13.69 | ) | 5.09 | 12.63 | |||||||||||
CLASS R6 SHARES | October 1, 2018 | (16.46 | ) | (13.18 | ) | 5.60 | 13.22 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
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 their inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Market Expansion Enhanced Index Fund, the S&P 1000 Index, the Lipper Small-Cap Core Funds Index and the Lipper Mid-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 S&P 1000 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 Small-
Cap Core Funds Index and the Lipper Mid-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 S&P 1000 Index is an unmanaged index generally representative of the performance of the small and mid-size companies in the U.S. stock market. The Lipper Small-Cap Core Funds Index and the Lipper Mid-Cap Core Funds Index are indices based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 6 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common stocks — 98.3% |
| |||||||
Aerospace & Defense — 2.5% |
| |||||||
Arconic, Inc. | 77 | 1,303 | ||||||
Boeing Co. (The) | 95 | 30,600 | ||||||
General Dynamics Corp. | 50 | 7,863 | ||||||
Harris Corp. | 21 | 2,846 | ||||||
Huntington Ingalls Industries, Inc. | 8 | 1,469 | ||||||
L3 Technologies, Inc. | 14 | 2,455 | ||||||
Lockheed Martin Corp. | 44 | 11,641 | ||||||
Northrop Grumman Corp. | 31 | 7,639 | ||||||
Raytheon Co. | 51 | 7,840 | ||||||
Textron, Inc. | 44 | 2,007 | ||||||
TransDigm Group, Inc. * | 9 | 2,965 | ||||||
United Technologies Corp. | 146 | 15,526 | ||||||
|
| |||||||
| 94,154 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.6% | ||||||||
CH Robinson Worldwide, Inc. | 25 | 2,077 | ||||||
Expeditors International of Washington, Inc. | 31 | 2,111 | ||||||
FedEx Corp. | 44 | 7,027 | ||||||
United Parcel Service, Inc., Class B | 125 | 12,182 | ||||||
|
| |||||||
| 23,397 | ||||||||
|
| |||||||
Airlines — 0.4% | ||||||||
Alaska Air Group, Inc. | 22 | 1,348 | ||||||
American Airlines Group, Inc. (a) | 74 | 2,365 | ||||||
Delta Air Lines, Inc. | 112 | 5,593 | ||||||
Southwest Airlines Co. | 91 | 4,226 | ||||||
United Continental Holdings, Inc. * | 41 | 3,443 | ||||||
|
| |||||||
| 16,975 | ||||||||
|
| |||||||
Auto Components — 0.1% | ||||||||
Aptiv plc | 47 | 2,915 | ||||||
BorgWarner, Inc. | 37 | 1,300 | ||||||
Goodyear Tire & Rubber Co. (The) | 42 | 854 | ||||||
|
| |||||||
| 5,069 | ||||||||
|
| |||||||
Automobiles — 0.4% | ||||||||
Ford Motor Co. | 702 | 5,370 | ||||||
General Motors Co. | 236 | 7,888 | ||||||
Harley-Davidson, Inc. | 29 | 998 | ||||||
|
| |||||||
| 14,256 | ||||||||
|
| |||||||
Banks — 5.6% | ||||||||
Bank of America Corp. | 1,640 | 40,404 | ||||||
BB&T Corp. | 138 | 5,998 | ||||||
Citigroup, Inc. | 439 | 22,841 | ||||||
Citizens Financial Group, Inc. | 84 | 2,499 | ||||||
Comerica, Inc. | 29 | 1,996 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Banks — continued | ||||||||
Fifth Third Bancorp | 118 | 2,772 | ||||||
First Republic Bank | 29 | 2,557 | ||||||
Huntington Bancshares, Inc. (a) | 191 | 2,273 | ||||||
JPMorgan Chase & Co. (b) | 597 | 58,323 | ||||||
KeyCorp | 183 | 2,699 | ||||||
M&T Bank Corp. | 25 | 3,609 | ||||||
People’s United Financial, Inc. | 68 | 979 | ||||||
PNC Financial Services Group, Inc. (The) | 83 | 9,692 | ||||||
Regions Financial Corp. | 186 | 2,485 | ||||||
SunTrust Banks, Inc. | 81 | 4,071 | ||||||
SVB Financial Group * | 10 | 1,817 | ||||||
US Bancorp | 273 | 12,473 | ||||||
Wells Fargo & Co. | 761 | 35,073 | ||||||
Zions Bancorp | 35 | 1,407 | ||||||
|
| |||||||
| 213,968 | ||||||||
|
| |||||||
Beverages — 1.9% | ||||||||
Brown-Forman Corp., Class B | 30 | 1,421 | ||||||
Coca-Cola Co. (The) | 688 | 32,589 | ||||||
Constellation Brands, Inc., Class A | 30 | 4,800 | ||||||
Molson Coors Brewing Co., Class B | 34 | 1,890 | ||||||
Monster Beverage Corp. * | 72 | 3,521 | ||||||
PepsiCo, Inc. | 254 | 28,018 | ||||||
|
| |||||||
| 72,239 | ||||||||
|
| |||||||
Biotechnology — 2.6% | ||||||||
AbbVie, Inc. | 270 | 24,914 | ||||||
Alexion Pharmaceuticals, Inc. * | 40 | 3,902 | ||||||
Amgen, Inc. | 114 | 22,287 | ||||||
Biogen, Inc. * | 36 | 10,893 | ||||||
Celgene Corp. * | 126 | 8,052 | ||||||
Gilead Sciences, Inc. | 232 | 14,537 | ||||||
Incyte Corp. * | 32 | 2,018 | ||||||
Regeneron Pharmaceuticals, Inc. * | 14 | 5,208 | ||||||
Vertex Pharmaceuticals, Inc. * | 46 | 7,608 | ||||||
|
| |||||||
| 99,419 | ||||||||
|
| |||||||
Building Products — 0.3% | ||||||||
Allegion plc | 17 | 1,361 | ||||||
AO Smith Corp. | 26 | 1,104 | ||||||
Fortune Brands Home & Security, Inc. | 25 | 965 | ||||||
Johnson Controls International plc | 166 | 4,922 | ||||||
Masco Corp. | 55 | 1,605 | ||||||
|
| |||||||
| 9,957 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 7 | ||||||
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Capital Markets — 2.7% | ||||||||
Affiliated Managers Group, Inc. | 9 | 922 | ||||||
Ameriprise Financial, Inc. | 25 | 2,613 | ||||||
Bank of New York Mellon Corp. (The) | 163 | 7,693 | ||||||
BlackRock, Inc. | 22 | 8,570 | ||||||
Cboe Global Markets, Inc. | 20 | 1,972 | ||||||
Charles Schwab Corp. (The) | 216 | 8,968 | ||||||
CME Group, Inc. | 64 | 12,092 | ||||||
E *TRADE Financial Corp. | 46 | 2,004 | ||||||
Franklin Resources, Inc. | 53 | 1,586 | ||||||
Goldman Sachs Group, Inc. (The) | 62 | 10,382 | ||||||
Intercontinental Exchange, Inc. | 102 | 7,709 | ||||||
Invesco Ltd. | 74 | 1,237 | ||||||
Moody’s Corp. | 30 | 4,194 | ||||||
Morgan Stanley | 235 | 9,313 | ||||||
MSCI, Inc. | 16 | 2,332 | ||||||
Nasdaq, Inc. | 21 | 1,682 | ||||||
Northern Trust Corp. | 40 | 3,325 | ||||||
Raymond James Financial, Inc. | 23 | 1,724 | ||||||
S&P Global, Inc. | 45 | 7,660 | ||||||
State Street Corp. | 68 | 4,300 | ||||||
T. Rowe Price Group, Inc. | 41 | 3,752 | ||||||
|
| |||||||
| 104,030 | ||||||||
|
| |||||||
Chemicals — 2.1% | ||||||||
Air Products & Chemicals, Inc. | 39 | 6,313 | ||||||
Albemarle Corp. (a) | 19 | 1,471 | ||||||
Celanese Corp. | 24 | 2,162 | ||||||
CF Industries Holdings, Inc. | 41 | 1,804 | ||||||
DowDuPont, Inc. | 412 | 22,044 | ||||||
Eastman Chemical Co. | 25 | 1,839 | ||||||
Ecolab, Inc. | 46 | 6,730 | ||||||
FMC Corp. | 24 | 1,789 | ||||||
International Flavors & Fragrances, Inc. (a) | 18 | 2,443 | ||||||
Linde plc (United Kingdom) | 99 | 15,448 | ||||||
LyondellBasell Industries NV, Class A | 57 | 4,700 | ||||||
Mosaic Co. (The) | 64 | 1,861 | ||||||
PPG Industries, Inc. | 43 | 4,406 | ||||||
Sherwin-Williams Co. (The) | 15 | 5,824 | ||||||
|
| |||||||
| 78,834 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.4% | ||||||||
Cintas Corp. | 16 | 2,613 | ||||||
Copart, Inc. * | 37 | 1,768 | ||||||
Republic Services, Inc. | 39 | 2,817 | ||||||
Rollins, Inc. | 26 | 955 | ||||||
Waste Management, Inc. | 70 | 6,271 | ||||||
|
| |||||||
| 14,424 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Communications Equipment — 1.1% | ||||||||
Arista Networks, Inc. * | 9 | 1,970 | ||||||
Cisco Systems, Inc. | 808 | 34,999 | ||||||
F5 Networks, Inc. * | 11 | 1,765 | ||||||
Juniper Networks, Inc. | 62 | 1,669 | ||||||
Motorola Solutions, Inc. | 29 | 3,380 | ||||||
|
| |||||||
| 43,783 | ||||||||
|
| |||||||
Construction & Engineering — 0.1% | ||||||||
Fluor Corp. | 25 | 814 | ||||||
Jacobs Engineering Group, Inc. | 21 | 1,256 | ||||||
Quanta Services, Inc. | 26 | 789 | ||||||
|
| |||||||
| 2,859 | ||||||||
|
| |||||||
Construction Materials — 0.1% | ||||||||
Martin Marietta Materials, Inc. | 11 | 1,936 | ||||||
Vulcan Materials Co. | 24 | 2,344 | ||||||
|
| |||||||
| 4,280 | ||||||||
|
| |||||||
Consumer Finance — 0.6% | ||||||||
American Express Co. | 126 | 11,996 | ||||||
Capital One Financial Corp. | 85 | 6,433 | ||||||
Discover Financial Services | 60 | 3,560 | ||||||
Synchrony Financial | 119 | 2,787 | ||||||
|
| |||||||
| 24,776 | ||||||||
|
| |||||||
Containers & Packaging — 0.3% | ||||||||
Avery Dennison Corp. | 16 | 1,399 | ||||||
Ball Corp. | 61 | 2,802 | ||||||
International Paper Co. | 73 | 2,937 | ||||||
Packaging Corp. of America | 17 | 1,417 | ||||||
Sealed Air Corp. (a) | 28 | 982 | ||||||
Westrock Co. | 46 | 1,720 | ||||||
|
| |||||||
| 11,257 | ||||||||
|
| |||||||
Distributors — 0.1% | ||||||||
Genuine Parts Co. | 26 | 2,532 | ||||||
LKQ Corp. * | 57 | 1,356 | ||||||
|
| |||||||
| 3,888 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.0%(c) | ||||||||
H&R Block, Inc. (a) | 37 | 937 | ||||||
|
| |||||||
Diversified Financial Services — 1.9% | ||||||||
Berkshire Hathaway, Inc., Class B * | 350 | 71,362 | ||||||
Jefferies Financial Group, Inc. | 50 | 877 | ||||||
|
| |||||||
| 72,239 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 8 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Diversified Telecommunication Services — 2.1% | ||||||||
AT&T, Inc. | 1,308 | 37,318 | ||||||
CenturyLink, Inc. | 171 | 2,589 | ||||||
Verizon Communications, Inc. | 742 | 41,735 | ||||||
|
| |||||||
| 81,642 | ||||||||
|
| |||||||
Electric Utilities — 2.0% | ||||||||
Alliant Energy Corp. | 42 | 1,790 | ||||||
American Electric Power Co., Inc. | 89 | 6,621 | ||||||
Duke Energy Corp. | 128 | 11,053 | ||||||
Edison International | 59 | 3,323 | ||||||
Entergy Corp. | 33 | 2,801 | ||||||
Evergy, Inc. | 47 | 2,687 | ||||||
Eversource Energy | 57 | 3,703 | ||||||
Exelon Corp. | 174 | 7,835 | ||||||
FirstEnergy Corp. (a) | 87 | 3,278 | ||||||
NextEra Energy, Inc. | 86 | 14,925 | ||||||
PG&E Corp. * | 93 | 2,213 | ||||||
Pinnacle West Capital Corp. | 20 | 1,716 | ||||||
PPL Corp. | 129 | 3,666 | ||||||
Southern Co. (The) | 185 | 8,119 | ||||||
Xcel Energy, Inc. | 92 | 4,550 | ||||||
|
| |||||||
| 78,280 | ||||||||
|
| |||||||
Electrical Equipment — 0.5% | ||||||||
AMETEK, Inc. | 42 | 2,823 | ||||||
Eaton Corp. plc | 78 | 5,346 | ||||||
Emerson Electric Co. | 112 | 6,722 | ||||||
Rockwell Automation, Inc. | 22 | 3,263 | ||||||
|
| |||||||
| 18,154 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.5% |
| |||||||
Amphenol Corp., Class A | 54 | 4,386 | ||||||
Corning, Inc. | 144 | 4,344 | ||||||
FLIR Systems, Inc. | 25 | 1,082 | ||||||
IPG Photonics Corp. * (a) | 6 | 728 | ||||||
Keysight Technologies, Inc. * | 34 | 2,091 | ||||||
TE Connectivity Ltd. | 62 | 4,661 | ||||||
|
| |||||||
| 17,292 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.5% |
| |||||||
Baker Hughes a GE Co. | 92 | 1,983 | ||||||
Halliburton Co. | 157 | 4,183 | ||||||
Helmerich & Payne, Inc. | 20 | 939 | ||||||
National Oilwell Varco, Inc. | 69 | 1,770 | ||||||
Schlumberger Ltd. | 249 | 8,977 | ||||||
TechnipFMC plc (United Kingdom) (a) | 76 | 1,497 | ||||||
|
| |||||||
| 19,349 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Entertainment — 2.0% |
| |||||||
Activision Blizzard, Inc. | 137 | 6,384 | ||||||
Electronic Arts, Inc. * | 54 | 4,283 | ||||||
Netflix, Inc. * | 78 | 20,971 | ||||||
Take-Two Interactive Software, Inc. * | 20 | 2,106 | ||||||
Twenty-First Century Fox, Inc., Class A | 190 | 9,138 | ||||||
Twenty-First Century Fox, Inc., Class B | 88 | 4,181 | ||||||
Viacom, Inc., Class B | 63 | 1,632 | ||||||
Walt Disney Co. (The) | 267 | 29,326 | ||||||
|
| |||||||
| 78,021 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.9% |
| |||||||
Alexandria Real Estate Equities, Inc. (a) | 19 | 2,226 | ||||||
American Tower Corp. | 79 | 12,519 | ||||||
Apartment Investment & Management Co., Class A | 28 | 1,227 | ||||||
AvalonBay Communities, Inc. | 25 | 4,322 | ||||||
Boston Properties, Inc. | 28 | 3,123 | ||||||
Crown Castle International Corp. | 75 | 8,097 | ||||||
Digital Realty Trust, Inc. | 37 | 3,949 | ||||||
Duke Realty Corp. | 64 | 1,667 | ||||||
Equinix, Inc. | 14 | 5,092 | ||||||
Equity Residential | 66 | 4,370 | ||||||
Essex Property Trust, Inc. | 12 | 2,910 | ||||||
Extra Space Storage, Inc. | 23 | 2,057 | ||||||
Federal Realty Investment Trust (a) | 13 | 1,566 | ||||||
HCP, Inc. | 86 | 2,396 | ||||||
Host Hotels & Resorts, Inc. | 133 | 2,223 | ||||||
Iron Mountain, Inc. | 51 | 1,667 | ||||||
Kimco Realty Corp. | 76 | 1,109 | ||||||
Macerich Co. (The) | 19 | 823 | ||||||
Mid-America Apartment Communities, Inc. | 20 | 1,957 | ||||||
Prologis, Inc. | 113 | 6,641 | ||||||
Public Storage | 27 | 5,453 | ||||||
Realty Income Corp. | 53 | 3,342 | ||||||
Regency Centers Corp. | 30 | 1,786 | ||||||
SBA Communications Corp. * | 20 | 3,296 | ||||||
Simon Property Group, Inc. | 56 | 9,335 | ||||||
SL Green Realty Corp. | 15 | 1,212 | ||||||
UDR, Inc. | 50 | 1,961 | ||||||
Ventas, Inc. | 64 | 3,752 | ||||||
Vornado Realty Trust | 31 | 1,930 | ||||||
Welltower, Inc. | 67 | 4,684 | ||||||
Weyerhaeuser Co. | 135 | 2,942 | ||||||
|
| |||||||
| 109,634 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 9 | ||||||
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Food & Staples Retailing — 1.5% |
| |||||||
Costco Wholesale Corp. | 79 | 16,038 | ||||||
Kroger Co. (The) | 143 | 3,943 | ||||||
Sysco Corp. | 86 | 5,383 | ||||||
Walgreens Boots Alliance, Inc. | 144 | 9,869 | ||||||
Walmart, Inc. | 256 | 23,824 | ||||||
|
| |||||||
| 59,057 | ||||||||
|
| |||||||
Food Products — 1.1% |
| |||||||
Archer-Daniels-Midland Co. | 101 | 4,127 | ||||||
Campbell Soup Co. (a) | 35 | 1,142 | ||||||
Conagra Brands, Inc. | 87 | 1,863 | ||||||
General Mills, Inc. | 107 | 4,171 | ||||||
Hershey Co. (The) | 25 | 2,700 | ||||||
Hormel Foods Corp. (a) | 49 | 2,091 | ||||||
JM Smucker Co. (The) | 20 | 1,911 | ||||||
Kellogg Co. | 46 | 2,595 | ||||||
Kraft Heinz Co. (The) | 112 | 4,809 | ||||||
Lamb Weston Holdings, Inc. | 26 | 1,935 | ||||||
McCormick & Co., Inc.(Non-Voting) | 22 | 3,046 | ||||||
Mondelez International, Inc., Class A | 261 | 10,456 | ||||||
Tyson Foods, Inc., Class A | 53 | 2,831 | ||||||
|
| |||||||
| 43,677 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.3% |
| |||||||
Abbott Laboratories | 316 | 22,823 | ||||||
ABIOMED, Inc. * | 8 | 2,630 | ||||||
Align Technology, Inc. * | 13 | 2,739 | ||||||
Baxter International, Inc. | 89 | 5,852 | ||||||
Becton Dickinson and Co. | 48 | 10,859 | ||||||
Boston Scientific Corp. * | 249 | 8,786 | ||||||
Cooper Cos., Inc. (The) | 9 | 2,247 | ||||||
Danaher Corp. | 111 | 11,427 | ||||||
Dentsply Sirona, Inc. | 40 | 1,488 | ||||||
Edwards Lifesciences Corp. * | 38 | 5,753 | ||||||
Hologic, Inc. * | 48 | 1,989 | ||||||
IDEXX Laboratories, Inc. * | 15 | 2,882 | ||||||
Intuitive Surgical, Inc. * | 21 | 9,826 | ||||||
Medtronic plc | 241 | 21,948 | ||||||
ResMed, Inc. | 26 | 2,915 | ||||||
Stryker Corp. | 56 | 8,746 | ||||||
Varian Medical Systems, Inc. * | 16 | 1,855 | ||||||
Zimmer Biomet Holdings, Inc. | 37 | 3,801 | ||||||
|
| |||||||
| 128,566 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Providers & Services — 3.1% |
| |||||||
AmerisourceBergen Corp. | 28 | 2,096 | ||||||
Anthem, Inc. | 46 | 12,204 | ||||||
Cardinal Health, Inc. | 54 | 2,387 | ||||||
Centene Corp. * | 37 | 4,254 | ||||||
Cigna Corp. | 68 | 12,992 | ||||||
CVS Health Corp. | 232 | 15,223 | ||||||
DaVita, Inc. * | 23 | 1,166 | ||||||
HCA Healthcare, Inc. | 48 | 6,002 | ||||||
Henry Schein, Inc. * (a) | 27 | 2,150 | ||||||
Humana, Inc. | 25 | 7,061 | ||||||
Laboratory Corp. of America Holdings * | 18 | 2,291 | ||||||
McKesson Corp. | 35 | 3,878 | ||||||
Quest Diagnostics, Inc. | 24 | 2,036 | ||||||
UnitedHealth Group, Inc. | 173 | 43,058 | ||||||
Universal Health Services, Inc., Class B | 15 | 1,785 | ||||||
WellCare Health Plans, Inc. * | 9 | 2,121 | ||||||
|
| |||||||
| 120,704 | ||||||||
|
| |||||||
Health Care Technology — 0.1% |
| |||||||
Cerner Corp. * | 59 | 3,104 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.8% | ||||||||
Carnival Corp. | 72 | 3,546 | ||||||
Chipotle Mexican Grill, Inc. * | 4 | 1,897 | ||||||
Darden Restaurants, Inc. | 22 | 2,227 | ||||||
Hilton Worldwide Holdings, Inc. | 53 | 3,826 | ||||||
Marriott International, Inc., Class A | 51 | 5,522 | ||||||
McDonald’s Corp. | 139 | 24,594 | ||||||
MGM Resorts International | 90 | 2,183 | ||||||
Norwegian Cruise Line Holdings Ltd. * | 40 | 1,675 | ||||||
Royal Caribbean Cruises Ltd. | 31 | 3,011 | ||||||
Starbucks Corp. | 223 | 14,354 | ||||||
Wynn Resorts Ltd. | 18 | 1,739 | ||||||
Yum! Brands, Inc. | 56 | 5,157 | ||||||
|
| |||||||
| 69,731 | ||||||||
|
| |||||||
Household Durables — 0.3% |
| |||||||
DR Horton, Inc. | 62 | 2,132 | ||||||
Garmin Ltd. | 22 | 1,375 | ||||||
Leggett & Platt, Inc. | 23 | 840 | ||||||
Lennar Corp., Class A | 53 | 2,058 | ||||||
Mohawk Industries, Inc. * | 11 | 1,325 | ||||||
Newell Brands, Inc. (a) | 77 | 1,434 | ||||||
PulteGroup, Inc. | 46 | 1,207 | ||||||
Whirlpool Corp. | 11 | 1,225 | ||||||
|
| |||||||
| 11,596 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 10 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Household Products — 1.7% |
| |||||||
Church & Dwight Co., Inc. | 44 | 2,909 | ||||||
Clorox Co. (The) (a) | 23 | 3,535 | ||||||
Colgate-Palmolive Co. (a) | 156 | 9,274 | ||||||
Kimberly-Clark Corp. | 62 | 7,089 | ||||||
Procter & Gamble Co. (The) | 448 | 41,144 | ||||||
|
| |||||||
| 63,951 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.1% |
| |||||||
AES Corp. | 119 | 1,720 | ||||||
NRG Energy, Inc. | 52 | 2,063 | ||||||
|
| |||||||
| 3,783 | ||||||||
|
| |||||||
Industrial Conglomerates — 1.4% |
| |||||||
3M Co. | 105 | 19,933 | ||||||
General Electric Co. | 1,563 | 11,830 | ||||||
Honeywell International, Inc. | 133 | 17,572 | ||||||
Roper Technologies, Inc. | 19 | 4,952 | ||||||
|
| |||||||
| 54,287 | ||||||||
|
| |||||||
Insurance — 2.3% |
| |||||||
Aflac, Inc. | 137 | 6,231 | ||||||
Allstate Corp. (The) | 62 | 5,113 | ||||||
American International Group, Inc. | 159 | 6,264 | ||||||
Aon plc | 43 | 6,290 | ||||||
Arthur J Gallagher & Co. | 33 | 2,432 | ||||||
Assurant, Inc. | 9 | 838 | ||||||
Brighthouse Financial, Inc. * | 21 | 649 | ||||||
Chubb Ltd. | 83 | 10,694 | ||||||
Cincinnati Financial Corp. | 27 | 2,105 | ||||||
Everest Re Group Ltd. | 7 | 1,590 | ||||||
Hartford Financial Services Group, Inc. (The) | 64 | 2,865 | ||||||
Lincoln National Corp. | 38 | 1,969 | ||||||
Loews Corp. | 50 | 2,261 | ||||||
Marsh & McLennan Cos., Inc. (a) | 90 | 7,217 | ||||||
MetLife, Inc. | 177 | 7,280 | ||||||
Principal Financial Group, Inc. | 47 | 2,089 | ||||||
Progressive Corp. (The) | 105 | 6,320 | ||||||
Prudential Financial, Inc. | 74 | 6,051 | ||||||
Torchmark Corp. | 18 | 1,374 | ||||||
Travelers Cos., Inc. (The) | 48 | 5,699 | ||||||
Unum Group | 39 | 1,155 | ||||||
Willis Towers Watson plc | 23 | 3,545 | ||||||
|
| |||||||
| 90,031 | ||||||||
|
| |||||||
Interactive Media & Services — 4.5% |
| |||||||
Alphabet, Inc., Class A * | 54 | 56,128 | ||||||
Alphabet, Inc., Class C * | 55 | 57,242 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Interactive Media & Services — continued |
| |||||||
Facebook, Inc., Class A * | 432 | 56,582 | ||||||
TripAdvisor, Inc. * | 18 | 992 | ||||||
Twitter, Inc. * | 130 | 3,734 | ||||||
|
| |||||||
| 174,678 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 3.4% |
| |||||||
Amazon.com, Inc. * | 74 | 110,833 | ||||||
Booking Holdings, Inc. * | 8 | 14,338 | ||||||
eBay, Inc. * | 163 | 4,564 | ||||||
Expedia Group, Inc. | 21 | 2,398 | ||||||
|
| |||||||
| 132,133 | ||||||||
|
| |||||||
IT Services — 4.7% |
| |||||||
Accenture plc, Class A | 115 | 16,149 | ||||||
Akamai Technologies, Inc. * | 29 | 1,787 | ||||||
Alliance Data Systems Corp. | 8 | 1,263 | ||||||
Automatic Data Processing, Inc. | 79 | 10,312 | ||||||
Broadridge Financial Solutions, Inc. | 21 | 2,019 | ||||||
Cognizant Technology Solutions Corp., Class A | 104 | 6,604 | ||||||
DXC Technology Co. | 50 | 2,676 | ||||||
Fidelity National Information Services, Inc. | 59 | 6,034 | ||||||
Fiserv, Inc. * (a) | 72 | 5,261 | ||||||
FleetCor Technologies, Inc. * | 16 | 2,959 | ||||||
Gartner, Inc. * | 16 | 2,088 | ||||||
Global Payments, Inc. | 28 | 2,931 | ||||||
International Business Machines Corp. | 163 | 18,559 | ||||||
Jack Henry & Associates, Inc. | 14 | 1,757 | ||||||
Mastercard, Inc., Class A | 163 | 30,796 | ||||||
Paychex, Inc. | 57 | 3,741 | ||||||
PayPal Holdings, Inc. * | 212 | 17,802 | ||||||
Total System Services, Inc. | 30 | 2,451 | ||||||
VeriSign, Inc. * | 19 | 2,834 | ||||||
Visa, Inc., Class A | 316 | 41,654 | ||||||
Western Union Co. (The) | 80 | 1,357 | ||||||
|
| |||||||
| 181,034 | ||||||||
|
| |||||||
Leisure Products — 0.1% |
| |||||||
Hasbro, Inc. | 21 | 1,699 | ||||||
Mattel, Inc. * (a) | 62 | 619 | ||||||
|
| |||||||
| 2,318 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.0% |
| |||||||
Agilent Technologies, Inc. | 57 | 3,864 | ||||||
Illumina, Inc. * | 26 | 7,921 | ||||||
IQVIA Holdings, Inc. * | 28 | 3,307 | ||||||
Mettler-Toledo International, Inc. * | 5 | 2,545 | ||||||
PerkinElmer, Inc. (a) | 20 | 1,570 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 11 | ||||||
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Life Sciences Tools & Services — continued |
| |||||||
Thermo Fisher Scientific, Inc. | 72 | 16,186 | ||||||
Waters Corp. * | 14 | 2,567 | ||||||
|
| |||||||
| 37,960 | ||||||||
|
| |||||||
Machinery — 1.5% |
| |||||||
Caterpillar, Inc. | 106 | 13,472 | ||||||
Cummins, Inc. | 27 | 3,547 | ||||||
Deere & Co. | 58 | 8,621 | ||||||
Dover Corp. | 26 | 1,865 | ||||||
Flowserve Corp. (a) | 24 | 894 | ||||||
Fortive Corp. | 53 | 3,572 | ||||||
Illinois Tool Works, Inc. | 55 | 6,948 | ||||||
Ingersoll-Rand plc | 44 | 4,026 | ||||||
PACCAR, Inc. | 63 | 3,587 | ||||||
Parker-Hannifin Corp. | 24 | 3,546 | ||||||
Pentair plc (United Kingdom) | 29 | 1,084 | ||||||
Snap-on, Inc. (a) | 10 | 1,454 | ||||||
Stanley Black & Decker, Inc. | 27 | 3,250 | ||||||
Xylem, Inc. | 32 | 2,154 | ||||||
|
| |||||||
| 58,020 | ||||||||
|
| |||||||
Media — 1.3% |
| |||||||
CBS Corp.(Non-Voting), Class B | 60 | 2,645 | ||||||
Charter Communications, Inc., Class A * | 32 | 9,024 | ||||||
Comcast Corp., Class A | 816 | 27,773 | ||||||
Discovery, Inc., Class A * (a) | 28 | 697 | ||||||
Discovery, Inc., Class C * | 65 | 1,494 | ||||||
DISH Network Corp., Class A * | 41 | 1,028 | ||||||
Interpublic Group of Cos., Inc. (The) (a) | 69 | 1,425 | ||||||
News Corp., Class A | 69 | 785 | ||||||
News Corp., Class B | 22 | 257 | ||||||
Omnicom Group, Inc. (a) | 40 | 2,949 | ||||||
|
| |||||||
| 48,077 | ||||||||
|
| |||||||
Metals & Mining — 0.2% |
| |||||||
Freeport-McMoRan, Inc. | 260 | 2,684 | ||||||
Newmont Mining Corp. | 96 | 3,316 | ||||||
Nucor Corp. | 56 | 2,922 | ||||||
|
| |||||||
| 8,922 | ||||||||
|
| |||||||
Multiline Retail — 0.5% |
| |||||||
Dollar General Corp. | 47 | 5,105 | ||||||
Dollar Tree, Inc. * (a) | 43 | 3,861 | ||||||
Kohl’s Corp. | 30 | 1,968 | ||||||
Macy’s, Inc. | 55 | 1,645 | ||||||
Nordstrom, Inc. (a) | 20 | 953 | ||||||
Target Corp. | 94 | 6,196 | ||||||
|
| |||||||
| 19,728 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multi-Utilities — 1.1% |
| |||||||
Ameren Corp. | 44 | 2,863 | ||||||
CenterPoint Energy, Inc. | 90 | 2,542 | ||||||
CMS Energy Corp. (a) | 51 | 2,527 | ||||||
Consolidated Edison, Inc. | 56 | 4,279 | ||||||
Dominion Energy, Inc. | 118 | 8,428 | ||||||
DTE Energy Co. | 33 | 3,605 | ||||||
NiSource, Inc. | 65 | 1,655 | ||||||
Public Service Enterprise Group, Inc. | 91 | 4,727 | ||||||
SCANA Corp. | 26 | 1,224 | ||||||
Sempra Energy (a) | 49 | 5,319 | ||||||
WEC Energy Group, Inc. (a) | 57 | 3,926 | ||||||
|
| |||||||
| 41,095 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.7% |
| |||||||
Anadarko Petroleum Corp. | 91 | 3,972 | ||||||
Apache Corp. (a) | 68 | 1,790 | ||||||
Cabot Oil & Gas Corp. | 77 | 1,731 | ||||||
Chevron Corp. | 343 | 37,346 | ||||||
Cimarex Energy Co. | 17 | 1,059 | ||||||
Concho Resources, Inc. * | 36 | 3,698 | ||||||
ConocoPhillips | 207 | 12,896 | ||||||
Devon Energy Corp. | 84 | 1,896 | ||||||
Diamondback Energy, Inc. | 28 | 2,569 | ||||||
EOG Resources, Inc. | 104 | 9,086 | ||||||
Exxon Mobil Corp. | 761 | 51,868 | ||||||
Hess Corp. | 45 | 1,811 | ||||||
HollyFrontier Corp. | 29 | 1,464 | ||||||
Kinder Morgan, Inc. | 341 | 5,245 | ||||||
Marathon Oil Corp. | 149 | 2,142 | ||||||
Marathon Petroleum Corp. | 124 | 7,324 | ||||||
Newfield Exploration Co. * | 36 | 528 | ||||||
Noble Energy, Inc. | 86 | 1,617 | ||||||
Occidental Petroleum Corp. | 136 | 8,326 | ||||||
ONEOK, Inc. (a) | 74 | 3,987 | ||||||
Phillips 66 | 76 | 6,566 | ||||||
Pioneer Natural Resources Co. | 31 | 4,028 | ||||||
Valero Energy Corp. | 76 | 5,715 | ||||||
Williams Cos., Inc. (The) | 217 | 4,796 | ||||||
|
| |||||||
| 181,460 | ||||||||
|
| |||||||
Personal Products — 0.1% |
| |||||||
Coty, Inc., Class A | 81 | 531 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 40 | 5,140 | ||||||
|
| |||||||
| 5,671 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 12 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Pharmaceuticals — 5.1% |
| |||||||
Allergan plc | 57 | 7,613 | ||||||
Bristol-Myers Squibb Co. | 293 | 15,243 | ||||||
Eli Lilly & Co. | 169 | 19,601 | ||||||
Johnson & Johnson | 482 | 62,182 | ||||||
Merck & Co., Inc. | 467 | 35,698 | ||||||
Mylan NV * | 93 | 2,538 | ||||||
Nektar Therapeutics * | 31 | 1,022 | ||||||
Perrigo Co. plc | 22 | 870 | ||||||
Pfizer, Inc. | 1,039 | 45,331 | ||||||
Zoetis, Inc. | 86 | 7,384 | ||||||
|
| |||||||
| 197,482 | ||||||||
|
| |||||||
Professional Services — 0.3% |
| |||||||
Equifax, Inc. | 22 | 2,018 | ||||||
IHS Markit Ltd. * (a) | 64 | 3,091 | ||||||
Nielsen Holdings plc | 64 | 1,488 | ||||||
Robert Half International, Inc. | 22 | 1,248 | ||||||
Verisk Analytics, Inc. * | 30 | 3,225 | ||||||
|
| |||||||
| 11,070 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.1% |
| |||||||
CBRE Group, Inc., Class A * | 57 | 2,280 | ||||||
|
| |||||||
Road & Rail — 1.0% | ||||||||
CSX Corp. | 144 | 8,954 | ||||||
JB Hunt Transport Services, Inc. | 16 | 1,460 | ||||||
Kansas City Southern | 18 | 1,744 | ||||||
Norfolk Southern Corp. | 49 | 7,317 | ||||||
Union Pacific Corp. | 132 | 18,298 | ||||||
|
| |||||||
| 37,773 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.7% |
| |||||||
Advanced Micro Devices, Inc. * | 158 | 2,917 | ||||||
Analog Devices, Inc. | 67 | 5,708 | ||||||
Applied Materials, Inc. | 177 | 5,782 | ||||||
Broadcom, Inc. | 74 | 18,888 | ||||||
Intel Corp. | 820 | 38,481 | ||||||
KLA-Tencor Corp. | 28 | 2,461 | ||||||
Lam Research Corp. | 28 | 3,796 | ||||||
Maxim Integrated Products, Inc. | 50 | 2,531 | ||||||
Microchip Technology, Inc. (a) | 42 | 3,056 | ||||||
Micron Technology, Inc. * | 201 | 6,385 | ||||||
NVIDIA Corp. | 110 | 14,630 | ||||||
Qorvo, Inc. * | 22 | 1,363 | ||||||
QUALCOMM, Inc. | 218 | 12,394 | ||||||
Skyworks Solutions, Inc. | 32 | 2,138 | ||||||
Texas Instruments, Inc. | 173 | 16,308 | ||||||
Xilinx, Inc. | 45 | 3,872 | ||||||
|
| |||||||
| 140,710 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — 6.1% |
| |||||||
Adobe, Inc. * | 88 | 19,841 | ||||||
ANSYS, Inc. * | 15 | 2,146 | ||||||
Autodesk, Inc. * | 39 | 5,060 | ||||||
Cadence Design Systems, Inc. * | 51 | 2,204 | ||||||
Citrix Systems, Inc. | 23 | 2,357 | ||||||
Fortinet, Inc. * | 26 | 1,832 | ||||||
Intuit, Inc. | 47 | 9,179 | ||||||
Microsoft Corp. | 1,389 | 141,037 | ||||||
Oracle Corp. | 458 | 20,670 | ||||||
Red Hat, Inc. * | 32 | 5,578 | ||||||
salesforce.com, Inc. * | 137 | 18,825 | ||||||
Symantec Corp. | 115 | 2,169 | ||||||
Synopsys, Inc. * | 27 | 2,259 | ||||||
|
| |||||||
| 233,157 | ||||||||
|
| |||||||
Specialty Retail — 2.3% |
| |||||||
Advance Auto Parts, Inc. | 13 | 2,062 | ||||||
AutoZone, Inc. * | 5 | 3,798 | ||||||
Best Buy Co., Inc. | 42 | 2,228 | ||||||
CarMax, Inc. * (a) | 31 | 1,968 | ||||||
Foot Locker, Inc. (a) | 21 | 1,098 | ||||||
Gap, Inc. (The) | 38 | 989 | ||||||
Home Depot, Inc. (The) | 203 | 34,868 | ||||||
L Brands, Inc. | 41 | 1,053 | ||||||
Lowe’s Cos., Inc. | 144 | 13,324 | ||||||
O’Reilly Automotive, Inc. * | 14 | 4,955 | ||||||
Ross Stores, Inc. | 67 | 5,581 | ||||||
Tiffany & Co. | 19 | 1,569 | ||||||
TJX Cos., Inc. (The) | 222 | 9,947 | ||||||
Tractor Supply Co. | 22 | 1,830 | ||||||
Ulta Beauty, Inc. * | 10 | 2,478 | ||||||
|
| |||||||
| 87,748 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.7% |
| |||||||
Apple, Inc. | 810 | 127,758 | ||||||
Hewlett Packard Enterprise Co. | 256 | 3,377 | ||||||
HP, Inc. | 284 | 5,817 | ||||||
NetApp, Inc. | 45 | 2,700 | ||||||
Seagate Technology plc | 47 | 1,806 | ||||||
Western Digital Corp. | 52 | 1,922 | ||||||
Xerox Corp. | 37 | 736 | ||||||
|
| |||||||
| 144,116 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.7% |
| |||||||
Hanesbrands, Inc. | 65 | 812 | ||||||
Michael Kors Holdings Ltd. * | 27 | 1,024 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 13 | ||||||
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Textiles, Apparel & Luxury Goods — continued |
| |||||||
NIKE, Inc., Class B | 229 | 16,957 | ||||||
PVH Corp. | 14 | 1,265 | ||||||
Ralph Lauren Corp. | 10 | 1,014 | ||||||
Tapestry, Inc. | 52 | 1,757 | ||||||
Under Armour, Inc., Class A * (a) | 34 | 596 | ||||||
Under Armour, Inc., Class C * | 35 | 559 | ||||||
VF Corp. | 58 | 4,170 | ||||||
|
| |||||||
| 28,154 | ||||||||
|
| |||||||
Tobacco — 0.9% |
| |||||||
Altria Group, Inc. | 338 | 16,674 | ||||||
Philip Morris International, Inc. | 279 | 18,645 | ||||||
|
| |||||||
| 35,319 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
Fastenal Co. | 52 | 2,697 | ||||||
United Rentals, Inc. * | 15 | 1,494 | ||||||
WW Grainger, Inc. | 8 | 2,314 | ||||||
|
| |||||||
| 6,505 | ||||||||
|
| |||||||
Water Utilities — 0.1% |
| |||||||
American Water Works Co., Inc. | 32 | 2,945 | ||||||
|
| |||||||
Total Common stocks | 3,779,955 | |||||||
|
| |||||||
Short-Term Investments — 1.8% | ||||||||
Investment Companies — 1.8% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (e) | 69,210 | 69,210 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 0.7% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (d) (e) | 18,002 | 18,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (e) | 7,740 | 7,740 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 25,740 | |||||||
|
| |||||||
Total Investments — 100.8% | 3,874,905 | |||||||
Liabilities in Excess of | (29,961 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 3,844,944 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
Abbreviations | ||
MSCI | Morgan Stanley Capital International | |
(a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $25,304,000. | |
| (b) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, invests. | |
| (c) | Amountrounds to less than 0.1% of net assets. | |
| (d) | Investmentin affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (e) | Therate shown is the current yield as of December 31, 2018. | |
| * | Non-incomeproducing security. | |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500E-Mini Index | 560 | 03/2019 | USD | 70,084 | (157 | ) | ||||||||||||||
|
| |||||||||||||||||||
| (157 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Abbreviations | ||
USD | United States Dollar | |
SEE NOTES TO FINANCIAL STATEMENTS.
| 14 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.5% |
| |||||||
Aerospace & Defense — 1.2% | ||||||||
Aerojet Rocketdyne Holdings, Inc. * | 23 | 821 | ||||||
Axon Enterprise, Inc. * | 23 | 1,006 | ||||||
Curtiss-Wright Corp. | 17 | 1,685 | ||||||
Engility Holdings, Inc. * | 63 | 1,783 | ||||||
Moog, Inc., Class A | 22 | 1,703 | ||||||
Teledyne Technologies, Inc. * | 14 | 2,940 | ||||||
Triumph Group, Inc. (a) | 18 | 203 | ||||||
|
| |||||||
| 10,141 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.4% | ||||||||
Echo Global Logistics, Inc. * | 11 | 222 | ||||||
Forward Air Corp. | 12 | 664 | ||||||
Hub Group, Inc., Class A * | 68 | 2,515 | ||||||
|
| |||||||
| 3,401 | ||||||||
|
| |||||||
Airlines — 0.5% | ||||||||
Hawaiian Holdings, Inc. | 21 | 541 | ||||||
JetBlue Airways Corp. * | 149 | 2,390 | ||||||
SkyWest, Inc. | 33 | 1,454 | ||||||
|
| |||||||
| 4,385 | ||||||||
|
| |||||||
Auto Components — 1.0% | ||||||||
American Axle & Manufacturing Holdings, Inc. * | 41 | 455 | ||||||
Cooper-Standard Holdings, Inc. * | 30 | 1,832 | ||||||
Dana, Inc. | 187 | 2,545 | ||||||
Delphi Technologies plc | 39 | 564 | ||||||
Fox Factory Holding Corp. * | 14 | 848 | ||||||
Gentex Corp. | 105 | 2,112 | ||||||
|
| |||||||
| 8,356 | ||||||||
|
| |||||||
Automobiles — 0.2% | ||||||||
Thor Industries, Inc. | 20 | 1,037 | ||||||
Winnebago Industries, Inc. | 12 | 281 | ||||||
|
| |||||||
| 1,318 | ||||||||
|
| |||||||
Banks — 7.5% | ||||||||
Ameris Bancorp | 12 | 393 | ||||||
Associated Banc-Corp. | 122 | 2,410 | ||||||
BancorpSouth Bank | 41 | 1,068 | ||||||
Bank of Hawaii Corp. | 25 | 1,665 | ||||||
Bank OZK | 21 | 473 | ||||||
Banner Corp. | 55 | 2,964 | ||||||
Boston Private Financial Holdings, Inc. | 29 | 308 | ||||||
Brookline Bancorp, Inc. | 28 | 380 | ||||||
Cathay General Bancorp | 30 | 1,010 | ||||||
Columbia Banking System, Inc. | 24 | 862 | ||||||
Commerce Bancshares, Inc. | 59 | 3,308 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Banks — continued | ||||||||
Community Bank System, Inc. (a) | 13 | 733 | ||||||
Cullen/Frost Bankers, Inc. | 24 | 2,111 | ||||||
East West Bancorp, Inc. | 113 | 4,921 | ||||||
First BanCorp (Puerto Rico) | 285 | 2,450 | ||||||
First Financial Bancorp | 18 | 437 | ||||||
First Horizon National Corp. | 101 | 1,329 | ||||||
First Midwest Bancorp, Inc. | 140 | 2,776 | ||||||
Fulton Financial Corp. | 78 | 1,208 | ||||||
Green Bancorp, Inc. | 9 | 161 | ||||||
Hancock Whitney Corp. | 82 | 2,838 | ||||||
Hanmi Financial Corp. | 53 | 1,046 | ||||||
Home BancShares, Inc. | 32 | 518 | ||||||
Independent Bank Corp. | 11 | 779 | ||||||
International Bancshares Corp. | 21 | 712 | ||||||
LegacyTexas Financial Group, Inc. | 14 | 452 | ||||||
MB Financial, Inc. | 21 | 814 | ||||||
NBT Bancorp, Inc. | 13 | 447 | ||||||
OFG Bancorp (Puerto Rico) (a) | 19 | 309 | ||||||
Opus Bank | 8 | 149 | ||||||
PacWest Bancorp | 88 | 2,932 | ||||||
Pinnacle Financial Partners, Inc. | 28 | 1,302 | ||||||
Signature Bank | 17 | 1,717 | ||||||
Synovus Financial Corp. | 44 | 1,411 | ||||||
TCF Financial Corp. | 220 | 4,284 | ||||||
Texas Capital Bancshares, Inc. * | 20 | 1,012 | ||||||
Trustmark Corp. (a) | 24 | 691 | ||||||
UMB Financial Corp. | 14 | 854 | ||||||
Umpqua Holdings Corp. | 209 | 3,315 | ||||||
United Community Banks, Inc. | 106 | 2,266 | ||||||
Webster Financial Corp. | 36 | 1,779 | ||||||
Wintrust Financial Corp. | 52 | 3,452 | ||||||
|
| |||||||
| 64,046 | ||||||||
|
| |||||||
Biotechnology — 1.6% | ||||||||
Acorda Therapeutics, Inc. * | 53 | 823 | ||||||
AMAG Pharmaceuticals, Inc. * (a) | 94 | 1,426 | ||||||
Eagle Pharmaceuticals, Inc. * | 16 | 661 | ||||||
Emergent BioSolutions, Inc. * | 7 | 391 | ||||||
Ligand Pharmaceuticals, Inc. * | 13 | 1,723 | ||||||
Momenta Pharmaceuticals, Inc. * | 117 | 1,295 | ||||||
Myriad Genetics, Inc. * | 26 | 753 | ||||||
Spectrum Pharmaceuticals, Inc. * | 146 | 1,273 | ||||||
United Therapeutics Corp. * | 48 | 5,181 | ||||||
|
| |||||||
| 13,526 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 15 | ||||||
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Building Products — 0.7% | ||||||||
Apogee Enterprises, Inc. | 11 | 322 | ||||||
Gibraltar Industries, Inc. * | 12 | 427 | ||||||
Insteel Industries, Inc. | 8 | 192 | ||||||
Lennox International, Inc. | 10 | 2,092 | ||||||
Patrick Industries, Inc. * | 10 | 308 | ||||||
PGT Innovations, Inc. * (a) | 17 | 271 | ||||||
Universal Forest Products, Inc. | 76 | 1,982 | ||||||
|
| |||||||
| 5,594 | ||||||||
|
| |||||||
Capital Markets — 2.1% | ||||||||
Blucora, Inc. * | 48 | 1,265 | ||||||
Donnelley Financial Solutions, Inc. * | 10 | 140 | ||||||
Eaton Vance Corp. (a) | 48 | 1,674 | ||||||
Evercore, Inc., Class A | 41 | 2,913 | ||||||
FactSet Research Systems, Inc. | 15 | 3,062 | ||||||
Federated Investors, Inc., Class B | 39 | 1,033 | ||||||
INTL. FCStone, Inc. * (a) | 6 | 227 | ||||||
Investment Technology Group, Inc. | 16 | 472 | ||||||
Janus Henderson Group plc (United Kingdom) (a) | 38 | 791 | ||||||
Legg Mason, Inc. | 34 | 857 | ||||||
Piper Jaffray Cos. | 13 | 824 | ||||||
SEI Investments Co. | 52 | 2,418 | ||||||
Stifel Financial Corp. | 58 | 2,416 | ||||||
|
| |||||||
| 18,092 | ||||||||
|
| |||||||
Chemicals — 2.3% | ||||||||
AdvanSix, Inc. * | 31 | 742 | ||||||
American Vanguard Corp. | 11 | 170 | ||||||
Ashland Global Holdings, Inc. | 25 | 1,765 | ||||||
Cabot Corp. | 48 | 2,055 | ||||||
Chemours Co. (The) | 117 | 3,293 | ||||||
FutureFuel Corp. | 41 | 645 | ||||||
Hawkins, Inc. | 4 | 160 | ||||||
Ingevity Corp. * | 16 | 1,356 | ||||||
Innophos Holdings, Inc. | 23 | 562 | ||||||
Innospec, Inc. | 9 | 550 | ||||||
Kraton Corp. * | 24 | 522 | ||||||
Minerals Technologies, Inc. | 14 | 741 | ||||||
PolyOne Corp. | 32 | 918 | ||||||
Rayonier Advanced Materials, Inc. | 47 | 505 | ||||||
RPM International, Inc. | 44 | 2,562 | ||||||
ScottsMiracle-Gro Co. (The) (a) | 16 | 996 | ||||||
Stepan Co. | 26 | 1,937 | ||||||
|
| |||||||
| 19,479 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — 1.6% | ||||||||
ABM Industries, Inc. (a) | 21 | 677 | ||||||
Brink’s Co. (The) (a) | 19 | 1,254 | ||||||
Clean Harbors, Inc. * | 15 | 760 | ||||||
Essendant, Inc. | 103 | 1,297 | ||||||
Herman Miller, Inc. | 38 | 1,163 | ||||||
HNI Corp. | 16 | 555 | ||||||
Interface, Inc. | 25 | 352 | ||||||
LSC Communications, Inc. | 80 | 560 | ||||||
MSA Safety, Inc. | 12 | 1,094 | ||||||
Pitney Bowes, Inc. | 69 | 406 | ||||||
RR Donnelley & Sons Co. | 73 | 289 | ||||||
Tetra Tech, Inc. | 65 | 3,374 | ||||||
UniFirst Corp. | 6 | 916 | ||||||
Viad Corp. | 20 | 989 | ||||||
|
| |||||||
| 13,686 | ||||||||
|
| |||||||
Communications Equipment — 0.9% | ||||||||
Ciena Corp. * | 61 | 2,062 | ||||||
Comtech Telecommunications Corp. | 9 | 219 | ||||||
Digi International, Inc. * | 52 | 528 | ||||||
InterDigital, Inc. | 12 | 824 | ||||||
Lumentum Holdings, Inc. * (a) | 47 | 1,962 | ||||||
NETGEAR, Inc. * (a) | 20 | 1,014 | ||||||
Viavi Solutions, Inc. * | 86 | 861 | ||||||
|
| |||||||
| 7,470 | ||||||||
|
| |||||||
Construction & Engineering — 1.9% | ||||||||
AECOM * | 115 | 3,044 | ||||||
Aegion Corp. * | 84 | 1,375 | ||||||
Comfort Systems USA, Inc. | 38 | 1,657 | ||||||
EMCOR Group, Inc. | 56 | 3,346 | ||||||
KBR, Inc. | 178 | 2,701 | ||||||
MasTec, Inc. * (a) | 27 | 1,099 | ||||||
MYR Group, Inc. * | 56 | 1,566 | ||||||
Orion Group Holdings, Inc. * | 61 | 263 | ||||||
Valmont Industries, Inc. | 9 | 943 | ||||||
|
| |||||||
| 15,994 | ||||||||
|
| |||||||
Construction Materials — 0.0%(b) | ||||||||
US Concrete, Inc. * | 5 | 176 | ||||||
|
| |||||||
Consumer Finance — 0.7% | ||||||||
Enova International, Inc. * | 14 | 263 | ||||||
FirstCash, Inc. | 43 | 3,075 | ||||||
Green Dot Corp., Class A * | 18 | 1,447 | ||||||
SLM Corp. * | 168 | 1,392 | ||||||
|
| |||||||
| 6,177 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 16 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Containers & Packaging — 0.8% | ||||||||
AptarGroup, Inc. | 7 | 630 | ||||||
Bemis Co., Inc. | 9 | 432 | ||||||
Greif, Inc., Class A | 21 | 761 | ||||||
Owens-Illinois, Inc. * (a) | 91 | 1,572 | ||||||
Silgan Holdings, Inc. | 85 | 2,005 | ||||||
Sonoco Products Co. | 23 | 1,227 | ||||||
|
| |||||||
| 6,627 | ||||||||
|
| |||||||
Distributors — 0.1% | ||||||||
Core-Mark Holding Co., Inc. | 37 | 860 | ||||||
Pool Corp. (a) | 1 | 193 | ||||||
|
| |||||||
| 1,053 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.5% | ||||||||
Adtalem Global Education, Inc. * | 22 | 1,050 | ||||||
American Public Education, Inc. * | 7 | 208 | ||||||
Graham Holdings Co., Class B | 2 | 1,153 | ||||||
Sotheby’s * (a) | 6 | 219 | ||||||
Strategic Education, Inc. | 9 | 1,028 | ||||||
Weight Watchers International, Inc. * | 15 | 594 | ||||||
|
| |||||||
| 4,252 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.4% | ||||||||
ATN International, Inc. (a) | 4 | 293 | ||||||
Frontier Communications Corp. (a) | 28 | 67 | ||||||
Vonage Holdings Corp. * | 354 | 3,091 | ||||||
|
| |||||||
| 3,451 | ||||||||
|
| |||||||
Electric Utilities — 2.0% | ||||||||
ALLETE, Inc. | 42 | 3,163 | ||||||
El Paso Electric Co. | 31 | 1,569 | ||||||
Hawaiian Electric Industries, Inc. | 73 | 2,670 | ||||||
IDACORP, Inc. | 33 | 3,049 | ||||||
OGE Energy Corp. | 143 | 5,601 | ||||||
PNM Resources, Inc. | 32 | 1,323 | ||||||
|
| |||||||
| 17,375 | ||||||||
|
| |||||||
Electrical Equipment — 1.5% | ||||||||
Acuity Brands, Inc. | 15 | 1,759 | ||||||
Encore Wire Corp. | 9 | 446 | ||||||
EnerSys | 50 | 3,843 | ||||||
Hubbell, Inc. | 21 | 2,124 | ||||||
nVent Electric plc (United Kingdom) | 30 | 674 | ||||||
Regal Beloit Corp. | 51 | 3,569 | ||||||
|
| |||||||
| 12,415 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Electronic Equipment, Instruments & Components — 4.6% |
| |||||||
Anixter International, Inc. * | 11 | 619 | ||||||
Arrow Electronics, Inc. * | 58 | 4,016 | ||||||
Avnet, Inc. | 76 | 2,760 | ||||||
Bel Fuse, Inc., Class B | 28 | 520 | ||||||
Belden, Inc. (a) | 15 | 627 | ||||||
Cognex Corp. | 9 | 333 | ||||||
Coherent, Inc. * | 9 | 940 | ||||||
Electro Scientific Industries, Inc. * | 16 | 470 | ||||||
ePlus, Inc. * | 16 | 1,167 | ||||||
Fabrinet (Thailand) * | 49 | 2,504 | ||||||
Insight Enterprises, Inc. * | 27 | 1,084 | ||||||
Jabil, Inc. | 145 | 3,604 | ||||||
KEMET Corp. | 28 | 486 | ||||||
Littelfuse, Inc. (a) | 8 | 1,408 | ||||||
Methode Electronics, Inc. | 63 | 1,471 | ||||||
National Instruments Corp. | 59 | 2,677 | ||||||
Plexus Corp. * (a) | 13 | 674 | ||||||
Sanmina Corp. * | 111 | 2,659 | ||||||
ScanSource, Inc. * | 35 | 1,207 | ||||||
SYNNEX Corp. (a) | 9 | 720 | ||||||
Tech Data Corp. * | 49 | 4,025 | ||||||
Trimble, Inc. * | 77 | 2,542 | ||||||
TTM Technologies, Inc. * (a) | 33 | 323 | ||||||
Vishay Intertechnology, Inc. | 52 | 934 | ||||||
Zebra Technologies Corp., Class A * | 10 | 1,560 | ||||||
|
| |||||||
| 39,330 | ||||||||
|
| |||||||
Energy Equipment & Services — 1.1% | ||||||||
Apergy Corp. * | 31 | 850 | ||||||
Archrock, Inc. | 53 | 395 | ||||||
C&J Energy Services, Inc. * | 26 | 346 | ||||||
Ensco plc, Class A (a) | 68 | 240 | ||||||
Era Group, Inc. * | 34 | 295 | ||||||
Exterran Corp. * | 90 | 1,592 | ||||||
Helix Energy Solutions Group, Inc. * | 33 | 179 | ||||||
KLX Energy Services Holdings, Inc. * | 8 | 187 | ||||||
Matrix Service Co. * | 24 | 427 | ||||||
McDermott International, Inc. * (a) | 124 | 811 | ||||||
Newpark Resources, Inc. * (a) | 35 | 242 | ||||||
Noble Corp. plc * (a) | 89 | 234 | ||||||
Oceaneering International, Inc. * (a) | 41 | 501 | ||||||
Oil States International, Inc. * | 25 | 355 | ||||||
Patterson-UTI Energy, Inc. | 78 | 810 | ||||||
Pioneer Energy Services Corp. * | 28 | 35 | ||||||
Rowan Cos. plc, Class A * (a) | 46 | 384 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 17 | ||||||
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Energy Equipment & Services — 1.1% | ||||||||
TETRA Technologies, Inc. * | 52 | 88 | ||||||
Transocean Ltd. * (a) | 177 | 1,225 | ||||||
Unit Corp. * | 22 | 307 | ||||||
US Silica Holdings, Inc. (a) | 18 | 179 | ||||||
|
| |||||||
| 9,682 | ||||||||
|
| |||||||
Entertainment — 0.6% | ||||||||
Cinemark Holdings, Inc. | 42 | 1,507 | ||||||
Live Nation Entertainment, Inc. * (a) | 54 | 2,653 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 16 | 1,181 | ||||||
|
| |||||||
| 5,341 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 8.4% |
| |||||||
Agree Realty Corp. | 34 | 1,998 | ||||||
American Assets Trust, Inc. | 91 | 3,651 | ||||||
American Campus Communities, Inc. | 80 | 3,297 | ||||||
Armada Hoffler Properties, Inc. | 195 | 2,735 | ||||||
Camden Property Trust | 53 | 4,707 | ||||||
Chatham Lodging Trust | 16 | 285 | ||||||
Chesapeake Lodging Trust | 23 | 558 | ||||||
CoreCivic, Inc. | 70 | 1,253 | ||||||
CoreSite Realty Corp. | 18 | 1,588 | ||||||
Corporate Office Properties Trust | 103 | 2,173 | ||||||
Cousins Properties, Inc. | 443 | 3,497 | ||||||
CyrusOne, Inc. (a) | 30 | 1,608 | ||||||
DiamondRock Hospitality Co. | 226 | 2,052 | ||||||
Douglas Emmett, Inc. | 68 | 2,334 | ||||||
EPR Properties | 8 | 532 | ||||||
First Industrial Realty Trust, Inc. (a) | 44 | 1,255 | ||||||
GEO Group, Inc. (The) | 120 | 2,373 | ||||||
Getty Realty Corp. | 99 | 2,902 | ||||||
Hersha Hospitality Trust | 15 | 260 | ||||||
Highwoods Properties, Inc. | 102 | 3,947 | ||||||
Hospitality Properties Trust | 154 | 3,667 | ||||||
JBG SMITH Properties | 37 | 1,295 | ||||||
Kilroy Realty Corp. (a) | 35 | 2,198 | ||||||
Kite Realty Group Trust | 77 | 1,088 | ||||||
Liberty Property Trust | 58 | 2,429 | ||||||
Life Storage, Inc. | 20 | 1,813 | ||||||
Medical Properties Trust, Inc. | 71 | 1,135 | ||||||
National Storage Affiliates Trust | 41 | 1,087 | ||||||
Pebblebrook Hotel Trust | 34 | 951 | ||||||
PotlatchDeltic Corp. | 49 | 1,565 | ||||||
PS Business Parks, Inc. | 12 | 1,527 | ||||||
Rayonier, Inc. | 122 | 3,373 | ||||||
Sabra Health Care REIT, Inc. | 61 | 1,008 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Saul Centers, Inc. | 4 | 212 | ||||||
Senior Housing Properties Trust | 165 | 1,938 | ||||||
Summit Hotel Properties, Inc. | 41 | 399 | ||||||
Taubman Centers, Inc. | 25 | 1,155 | ||||||
Uniti Group, Inc. * (a) | 68 | 1,065 | ||||||
Urstadt Biddle Properties, Inc., Class A | 12 | 238 | ||||||
Weingarten Realty Investors | 17 | 423 | ||||||
|
| |||||||
| 71,571 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.4% | ||||||||
Casey’s General Stores, Inc. | 14 | 1,814 | ||||||
SpartanNash Co. | 64 | 1,094 | ||||||
Sprouts Farmers Market, Inc. * | 8 | 186 | ||||||
United Natural Foods, Inc. * | 20 | 213 | ||||||
|
| |||||||
| 3,307 | ||||||||
|
| |||||||
Food Products — 1.7% | ||||||||
Darling Ingredients, Inc. * | 61 | 1,164 | ||||||
Dean Foods Co. | 131 | 501 | ||||||
Flowers Foods, Inc. (a) | 98 | 1,805 | ||||||
Hain Celestial Group, Inc. (The) * | 26 | 417 | ||||||
Ingredion, Inc. | 28 | 2,538 | ||||||
John B Sanfilippo & Son, Inc. | 3 | 178 | ||||||
Post Holdings, Inc. * | 43 | 3,859 | ||||||
Sanderson Farms, Inc. (a) | 8 | 747 | ||||||
Seneca Foods Corp., Class A * | 12 | 326 | ||||||
TreeHouse Foods, Inc. * (a) | 54 | 2,758 | ||||||
|
| |||||||
| 14,293 | ||||||||
|
| |||||||
Gas Utilities — 2.0% | ||||||||
Atmos Energy Corp. | 44 | 4,076 | ||||||
National Fuel Gas Co. (a) | 40 | 2,065 | ||||||
New Jersey Resources Corp. (a) | 35 | 1,618 | ||||||
Southwest Gas Holdings, Inc. (a) | 19 | 1,450 | ||||||
Spire, Inc. | 2 | 148 | ||||||
UGI Corp. | 140 | 7,446 | ||||||
|
| |||||||
| 16,803 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 4.1% | ||||||||
Avanos Medical, Inc. * | 19 | 833 | ||||||
Cantel Medical Corp. | 14 | 1,027 | ||||||
CONMED Corp. | 10 | 616 | ||||||
Globus Medical, Inc., Class A * | 30 | 1,281 | ||||||
Haemonetics Corp. * | 23 | 2,311 | ||||||
Hill-Rom Holdings, Inc. | 50 | 4,428 | ||||||
ICU Medical, Inc. * | 6 | 1,401 | ||||||
Inogen, Inc. * | 2 | 273 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 18 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Health Care Equipment & Supplies — continued | ||||||||
Integer Holdings Corp. * | 33 | 2,532 | ||||||
Integra LifeSciences Holdings Corp. * | 27 | 1,222 | ||||||
Lantheus Holdings, Inc. * | 60 | 936 | ||||||
LivaNova plc * | 17 | 1,546 | ||||||
Masimo Corp. * | 30 | 3,210 | ||||||
NuVasive, Inc. * | 19 | 927 | ||||||
OraSure Technologies, Inc. * | 21 | 250 | ||||||
Orthofix Medical, Inc. * | 19 | 992 | ||||||
STERIS plc | 33 | 3,569 | ||||||
Teleflex, Inc. | 17 | 4,446 | ||||||
Varex Imaging Corp. * | 15 | 348 | ||||||
West Pharmaceutical Services, Inc. | 29 | 2,882 | ||||||
|
| |||||||
| 35,030 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.5% | ||||||||
Acadia Healthcare Co., Inc. * (a) | 18 | 455 | ||||||
Amedisys, Inc. * | 12 | 1,347 | ||||||
AMN Healthcare Services, Inc. * | 19 | 1,063 | ||||||
BioTelemetry, Inc. * | 12 | 723 | ||||||
Chemed Corp. | 6 | 1,813 | ||||||
Community Health Systems, Inc. * (a) | 57 | 161 | ||||||
Cross Country Healthcare, Inc. * | 98 | 718 | ||||||
Diplomat Pharmacy, Inc. * (a) | 21 | 284 | ||||||
Encompass Health Corp. | 88 | 5,411 | ||||||
Ensign Group, Inc. (The) | 19 | 729 | ||||||
HealthEquity, Inc. * | 17 | 1,014 | ||||||
LHC Group, Inc. * | 11 | 1,023 | ||||||
Magellan Health, Inc. * | 26 | 1,454 | ||||||
MEDNAX, Inc. * | 80 | 2,643 | ||||||
Molina Healthcare, Inc. * | 42 | 4,880 | ||||||
Owens & Minor, Inc. | 138 | 871 | ||||||
Patterson Cos., Inc. (a) | 78 | 1,539 | ||||||
Select Medical Holdings Corp. * | 142 | 2,180 | ||||||
Tenet Healthcare Corp. * (a) | 78 | 1,332 | ||||||
|
| |||||||
| 29,640 | ||||||||
|
| |||||||
Health Care Technology — 0.3% | ||||||||
Allscripts Healthcare Solutions, Inc. * (a) | 75 | 720 | ||||||
HealthStream, Inc. (a) | 12 | 280 | ||||||
HMS Holdings Corp. * | 31 | 881 | ||||||
NextGen Healthcare Information Systems LLC * | 20 | 297 | ||||||
|
| |||||||
| 2,178 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.1% | ||||||||
BJ’s Restaurants, Inc. | 7 | 334 | ||||||
Boyd Gaming Corp. | 34 | 702 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Hotels, Restaurants & Leisure — continued | ||||||||
Brinker International, Inc. (a) | 15 | 645 | ||||||
Cheesecake Factory, Inc. (The) (a) | 19 | 823 | ||||||
Cracker Barrel Old Country Store, Inc. (a) | 10 | 1,555 | ||||||
Dine Brands Global, Inc. (a) | 7 | 451 | ||||||
Domino’s Pizza, Inc. | 17 | 4,141 | ||||||
Dunkin’ Brands Group, Inc. | 32 | 2,065 | ||||||
Jack in the Box, Inc. | 9 | 722 | ||||||
Marriott Vacations Worldwide Corp. | 22 | 1,523 | ||||||
Penn National Gaming, Inc. * | 33 | 620 | ||||||
Red Robin Gourmet Burgers, Inc. * | 5 | 139 | ||||||
Ruth’s Hospitality Group, Inc. | 11 | 245 | ||||||
Texas Roadhouse, Inc. | 26 | 1,543 | ||||||
Wyndham Destinations, Inc. | 10 | 348 | ||||||
Wyndham Hotels & Resorts, Inc. | 40 | 1,810 | ||||||
|
| |||||||
| 17,666 | ||||||||
|
| |||||||
Household Durables — 2.1% | ||||||||
Cavco Industries, Inc. * (a) | 4 | 456 | ||||||
Helen of Troy Ltd. * | 24 | 3,199 | ||||||
KB Home | 137 | 2,609 | ||||||
La-Z-Boy, Inc. | 18 | 488 | ||||||
MDC Holdings, Inc. | 19 | 522 | ||||||
NVR, Inc. * | 2 | 3,872 | ||||||
Toll Brothers, Inc. | 119 | 3,932 | ||||||
TopBuild Corp. * | 15 | 657 | ||||||
TRI Pointe Group, Inc. * (a) | 59 | 639 | ||||||
Tupperware Brands Corp. | 59 | 1,855 | ||||||
William Lyon Homes, Class A * | 11 | 117 | ||||||
|
| |||||||
| 18,346 | ||||||||
|
| |||||||
Household Products — 0.2% | ||||||||
Central Garden & Pet Co., Class A * | 18 | 550 | ||||||
Energizer Holdings, Inc. | 23 | 1,058 | ||||||
|
| |||||||
| 1,608 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.3% | ||||||||
Carlisle Cos., Inc. | 25 | 2,496 | ||||||
Raven Industries, Inc. | 13 | 452 | ||||||
|
| |||||||
| 2,948 | ||||||||
|
| |||||||
Insurance — 4.9% | ||||||||
Alleghany Corp. | 7 | 4,402 | ||||||
American Equity Investment Life Holding Co. | 34 | 958 | ||||||
American Financial Group, Inc. | 54 | 4,850 | ||||||
Aspen Insurance Holdings Ltd. (Bermuda) | 23 | 967 | ||||||
Brown & Brown, Inc. | 66 | 1,831 | ||||||
CNO Financial Group, Inc. | 66 | 987 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 19 | ||||||
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Insurance — continued | ||||||||
First American Financial Corp. | 78 | 3,460 | ||||||
Hanover Insurance Group, Inc. (The) | 46 | 5,363 | ||||||
HCI Group, Inc. | 3 | 127 | ||||||
Kemper Corp. | 19 | 1,235 | ||||||
Maiden Holdings Ltd. | 26 | 43 | ||||||
Navigators Group, Inc. (The) | 5 | 367 | ||||||
Old Republic International Corp. | 192 | 3,954 | ||||||
Primerica, Inc. | 17 | 1,642 | ||||||
Reinsurance Group of America, Inc. | 23 | 3,225 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) (a) | 16 | 2,179 | ||||||
Safety Insurance Group, Inc. | 5 | 417 | ||||||
Selective Insurance Group, Inc. (a) | 20 | 1,242 | ||||||
Stewart Information Services Corp. | 9 | 389 | ||||||
Third Point Reinsurance Ltd. (Bermuda) * (a) | 33 | 320 | ||||||
United Insurance Holdings Corp. | 38 | 635 | ||||||
Universal Insurance Holdings, Inc. | 15 | 550 | ||||||
WR Berkley Corp. | 34 | 2,481 | ||||||
|
| |||||||
| 41,624 | ||||||||
|
| |||||||
Interactive Media & Services — 0.3% | ||||||||
Cars.com, Inc. * | 14 | 297 | ||||||
QuinStreet, Inc. * (a) | 51 | 834 | ||||||
Yelp, Inc. * | 30 | 1,032 | ||||||
|
| |||||||
| 2,163 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.2% | ||||||||
Shutterfly, Inc. * | 13 | 531 | ||||||
Stamps.com, Inc. * | 6 | 872 | ||||||
|
| |||||||
| 1,403 | ||||||||
|
| |||||||
IT Services — 3.3% | ||||||||
CACI International, Inc., Class A * | 26 | 3,689 | ||||||
Cardtronics plc, Class A * | 17 | 449 | ||||||
CoreLogic, Inc. * | 33 | 1,086 | ||||||
EVERTEC, Inc. (Puerto Rico) | 86 | 2,463 | ||||||
ExlService Holdings, Inc. * | 13 | 708 | ||||||
Leidos Holdings, Inc. | 58 | 3,047 | ||||||
ManTech International Corp., Class A | 12 | 638 | ||||||
MAXIMUS, Inc. | 25 | 1,634 | ||||||
NIC, Inc. | 21 | 262 | ||||||
Perficient, Inc. * | 61 | 1,347 | ||||||
Perspecta, Inc. | 108 | 1,856 | ||||||
Sabre Corp. | 102 | 2,197 | ||||||
Science Applications International Corp. | 17 | 1,064 | ||||||
Sykes Enterprises, Inc. * | 78 | 1,921 | ||||||
Travelport Worldwide Ltd. | 146 | 2,277 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
IT Services — continued | ||||||||
Unisys Corp. * (a) | 104 | 1,208 | ||||||
Virtusa Corp. * | 10 | 443 | ||||||
WEX, Inc. * | 16 | 2,269 | ||||||
|
| |||||||
| 28,558 | ||||||||
|
| |||||||
Leisure Products — 0.5% | ||||||||
Brunswick Corp. | 35 | 1,607 | ||||||
Callaway Golf Co. | 40 | 608 | ||||||
Nautilus, Inc. * | 15 | 162 | ||||||
Polaris Industries, Inc. (a) | 22 | 1,693 | ||||||
|
| |||||||
| 4,070 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.1% | ||||||||
Bio-Rad Laboratories, Inc., Class A * | 8 | 1,904 | ||||||
Bio-Techne Corp. | 15 | 2,157 | ||||||
Charles River Laboratories International, Inc. * | 21 | 2,366 | ||||||
PRA Health Sciences, Inc. * | 23 | 2,115 | ||||||
Syneos Health, Inc. * | 21 | 834 | ||||||
|
| |||||||
| 9,376 | ||||||||
|
| |||||||
Machinery — 4.4% | ||||||||
Actuant Corp., Class A | 22 | 468 | ||||||
AGCO Corp. | 25 | 1,415 | ||||||
Barnes Group, Inc. | 19 | 1,025 | ||||||
Briggs & Stratton Corp. | 78 | 1,015 | ||||||
Crane Co. | 59 | 4,231 | ||||||
Federal Signal Corp. | 23 | 448 | ||||||
Greenbrier Cos., Inc. (The) | 55 | 2,155 | ||||||
Harsco Corp. * | 33 | 645 | ||||||
Hillenbrand, Inc. | 26 | 998 | ||||||
IDEX Corp. | 23 | 2,967 | ||||||
ITT, Inc. | 77 | 3,732 | ||||||
Kennametal, Inc. | 29 | 952 | ||||||
Lincoln Electric Holdings, Inc. | 25 | 1,979 | ||||||
Mueller Industries, Inc. | 23 | 547 | ||||||
Oshkosh Corp. | 58 | 3,562 | ||||||
SPX Corp. * | 14 | 395 | ||||||
SPX FLOW, Inc. * | 17 | 508 | ||||||
Standex International Corp. | 5 | 336 | ||||||
Terex Corp. | 69 | 1,913 | ||||||
Timken Co. (The) | 81 | 3,036 | ||||||
Toro Co. (The) | 31 | 1,704 | ||||||
Wabash National Corp. | 53 | 697 | ||||||
Wabtec Corp. (a) | 34 | 2,355 | ||||||
Watts Water Technologies, Inc., Class A | 11 | 684 | ||||||
|
| |||||||
| 37,767 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 20 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Marine — 0.1% | ||||||||
Matson, Inc. | 18 | 564 | ||||||
|
| |||||||
Media — 0.9% | ||||||||
AMC Networks, Inc., Class A * | 32 | 1,751 | ||||||
Gannett Co., Inc. | 130 | 1,107 | ||||||
John Wiley & Sons, Inc., Class A | 34 | 1,583 | ||||||
Meredith Corp. (a) | 16 | 834 | ||||||
New Media Investment Group, Inc. | 31 | 354 | ||||||
TEGNA, Inc. | 219 | 2,380 | ||||||
|
| |||||||
| 8,009 | ||||||||
|
| |||||||
Metals & Mining — 1.9% | ||||||||
AK Steel Holding Corp. * (a) | 125 | 280 | ||||||
Allegheny Technologies, Inc. * (a) | 50 | 1,086 | ||||||
Carpenter Technology Corp. | 7 | 253 | ||||||
Century Aluminum Co. * | 18 | 135 | ||||||
Commercial Metals Co. | 72 | 1,148 | ||||||
Kaiser Aluminum Corp. | 7 | 612 | ||||||
Materion Corp. (a) | 8 | 342 | ||||||
Reliance Steel & Aluminum Co. | 60 | 4,248 | ||||||
Royal Gold, Inc. (a) | 8 | 702 | ||||||
Steel Dynamics, Inc. | 153 | 4,607 | ||||||
SunCoke Energy, Inc. * | 26 | 219 | ||||||
United States Steel Corp. | 71 | 1,288 | ||||||
Worthington Industries, Inc. | 45 | 1,555 | ||||||
|
| |||||||
| 16,475 | ||||||||
|
| |||||||
Multiline Retail — 0.3% | ||||||||
Big Lots, Inc. (a) | 22 | 623 | ||||||
Dillard’s, Inc., Class A (a) | 8 | 464 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. * | 20 | 1,330 | ||||||
|
| |||||||
| 2,417 | ||||||||
|
| |||||||
Multi-Utilities — 0.8% | ||||||||
Avista Corp. (a) | 8 | 358 | ||||||
Black Hills Corp. | 21 | 1,331 | ||||||
MDU Resources Group, Inc. | 75 | 1,795 | ||||||
NorthWestern Corp. | 17 | 989 | ||||||
Vectren Corp. | 38 | 2,770 | ||||||
|
| |||||||
| 7,243 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.3% | ||||||||
Carrizo Oil & Gas, Inc. * | 33 | 371 | ||||||
Chesapeake Energy Corp. * (a) | 289 | 606 | ||||||
CNX Resources Corp. * | 79 | 901 | ||||||
CONSOL Energy, Inc. * | 22 | 711 | ||||||
Denbury Resources, Inc. * | 389 | 664 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued | ||||||||
EQT Corp. | 34 | 650 | ||||||
Gulfport Energy Corp. * (a) | 58 | 379 | ||||||
HighPoint Resources Corp. * | 49 | 122 | ||||||
Matador Resources Co. * | 20 | 317 | ||||||
Murphy Oil Corp. | 73 | 1,717 | ||||||
Oasis Petroleum, Inc. * | 107 | 593 | ||||||
Par Pacific Holdings, Inc. * (a) | 85 | 1,210 | ||||||
PBF Energy, Inc., Class A | 108 | 3,538 | ||||||
PDC Energy, Inc. * | 27 | 801 | ||||||
QEP Resources, Inc. * | 87 | 490 | ||||||
Range Resources Corp. (a) | 80 | 766 | ||||||
Renewable Energy Group, Inc. * (a) | 56 | 1,437 | ||||||
REX American Resources Corp. * | 3 | 177 | ||||||
SM Energy Co. | 41 | 636 | ||||||
Southwestern Energy Co. * | 194 | 660 | ||||||
SRC Energy, Inc. * | 99 | 466 | ||||||
World Fuel Services Corp. (a) | 27 | 577 | ||||||
WPX Energy, Inc. * | 201 | 2,278 | ||||||
|
| |||||||
| 20,067 | ||||||||
|
| |||||||
Paper & Forest Products — 0.9% | ||||||||
Boise Cascade Co. | 48 | 1,133 | ||||||
Domtar Corp. | 78 | 2,736 | ||||||
Louisiana-Pacific Corp. | 95 | 2,120 | ||||||
Neenah, Inc. | 6 | 359 | ||||||
Schweitzer-Mauduit International, Inc. | 67 | 1,679 | ||||||
|
| |||||||
| 8,027 | ||||||||
|
| |||||||
Personal Products — 0.3% | ||||||||
Avon Products, Inc. (United Kingdom) * | 178 | 271 | ||||||
Edgewell Personal Care Co. * | 22 | 833 | ||||||
Medifast, Inc. | 5 | 643 | ||||||
Nu Skin Enterprises, Inc., Class A | 20 | 1,214 | ||||||
|
| |||||||
| 2,961 | ||||||||
|
| |||||||
Pharmaceuticals — 0.7% | ||||||||
Akorn, Inc. * | 432 | 1,464 | ||||||
Assertio Therapeutics, Inc. * | 170 | 614 | ||||||
Catalent, Inc. * | 53 | 1,649 | ||||||
Medicines Co. (The) * (a) | 101 | 1,924 | ||||||
|
| |||||||
| 5,651 | ||||||||
|
| |||||||
Professional Services — 2.0% | ||||||||
ASGN, Inc. * | 19 | 1,041 | ||||||
Dun & Bradstreet Corp. (The) | 14 | 2,027 | ||||||
FTI Consulting, Inc. * | 17 | 1,137 | ||||||
Heidrick & Struggles International, Inc. | 49 | 1,516 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 21 | ||||||
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Professional Services — continued | ||||||||
Insperity, Inc. | 16 | 1,466 | ||||||
Kelly Services, Inc., Class A (a) | 98 | 2,005 | ||||||
Korn/Ferry International | 57 | 2,238 | ||||||
ManpowerGroup, Inc. | 26 | 1,684 | ||||||
Navigant Consulting, Inc. | 18 | 438 | ||||||
Resources Connection, Inc. | 45 | 641 | ||||||
TrueBlue, Inc. * (a) | 85 | 1,899 | ||||||
WageWorks, Inc. * | 50 | 1,350 | ||||||
|
| |||||||
| 17,442 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% | ||||||||
HFF, Inc., Class A | 14 | 453 | ||||||
Jones Lang LaSalle, Inc. | 31 | 3,892 | ||||||
|
| |||||||
| 4,345 | ||||||||
|
| |||||||
Road & Rail — 1.0% | ||||||||
ArcBest Corp. | 59 | 2,015 | ||||||
Avis Budget Group, Inc. * | 28 | 618 | ||||||
Landstar System, Inc. | 31 | 2,943 | ||||||
Old Dominion Freight Line, Inc. | 25 | 3,026 | ||||||
|
| |||||||
| 8,602 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.5% |
| |||||||
Advanced Energy Industries, Inc. * | 16 | 704 | ||||||
Cabot Microelectronics Corp. | 9 | 834 | ||||||
Cirrus Logic, Inc. * | 23 | 778 | ||||||
Cohu, Inc. | 64 | 1,022 | ||||||
Cree, Inc. * (a) | 7 | 291 | ||||||
Cypress Semiconductor Corp. | 144 | 1,832 | ||||||
First Solar, Inc. * | 47 | 1,999 | ||||||
Integrated Device Technology, Inc. * | 33 | 1,613 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 136 | 2,757 | ||||||
MKS Instruments, Inc. | 31 | 2,008 | ||||||
Nanometrics, Inc. * | 10 | 271 | ||||||
Photronics, Inc. * | 23 | 222 | ||||||
Rambus, Inc. * | 98 | 751 | ||||||
Rudolph Technologies, Inc. * | 73 | 1,496 | ||||||
Semtech Corp. * | 27 | 1,215 | ||||||
SolarEdge Technologies, Inc. * | 17 | 590 | ||||||
Synaptics, Inc. * (a) | 13 | 495 | ||||||
Teradyne, Inc. | 81 | 2,529 | ||||||
Ultra Clean Holdings, Inc. * | 31 | 264 | ||||||
Veeco Instruments, Inc. * | 3 | 19 | ||||||
|
| |||||||
| 21,690 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — 3.0% | ||||||||
8x8, Inc. * | 41 | 736 | ||||||
Bottomline Technologies de, Inc. * | 14 | 648 | ||||||
CDK Global, Inc. | 73 | 3,505 | ||||||
CommVault Systems, Inc. * | 20 | 1,158 | ||||||
Fair Isaac Corp. * | 13 | 2,479 | ||||||
j2 Global, Inc. (a) | 19 | 1,304 | ||||||
LogMeIn, Inc. | 18 | 1,444 | ||||||
MicroStrategy, Inc., Class A * | 15 | 1,898 | ||||||
Monotype Imaging Holdings, Inc. (a) | 37 | 580 | ||||||
Progress Software Corp. | 19 | 663 | ||||||
PTC, Inc. * | 16 | 1,286 | ||||||
Qualys, Inc. * | 13 | 934 | ||||||
SPS Commerce, Inc. * | 7 | 610 | ||||||
Teradata Corp. * | 62 | 2,390 | ||||||
TiVo Corp. (a) | 75 | 701 | ||||||
Tyler Technologies, Inc. * | 10 | 1,895 | ||||||
Ultimate Software Group, Inc. (The) * | 12 | 3,012 | ||||||
|
| |||||||
| 25,243 | ||||||||
|
| |||||||
Specialty Retail — 3.0% | ||||||||
Aaron’s, Inc. | 70 | 2,958 | ||||||
Abercrombie & Fitch Co., Class A (a) | 25 | 509 | ||||||
American Eagle Outfitters, Inc. | 110 | 2,117 | ||||||
Asbury Automotive Group, Inc. * | 8 | 560 | ||||||
AutoNation, Inc. * (a) | 25 | 889 | ||||||
Caleres, Inc. | 45 | 1,250 | ||||||
Cato Corp. (The), Class A | 28 | 396 | ||||||
Chico’s FAS, Inc. (a) | 81 | 452 | ||||||
Children’s Place, Inc. (The) (a) | 7 | 625 | ||||||
Dick’s Sporting Goods, Inc. | 33 | 1,014 | ||||||
DSW, Inc., Class A | 33 | 803 | ||||||
Express, Inc. * | 28 | 141 | ||||||
Five Below, Inc. * | 22 | 2,282 | ||||||
GameStop Corp., Class A (a) | 39 | 496 | ||||||
Genesco, Inc. * | 5 | 213 | ||||||
Group 1 Automotive, Inc. | 8 | 440 | ||||||
Haverty Furniture Cos., Inc. | 6 | 119 | ||||||
MarineMax, Inc. * | 10 | 176 | ||||||
Michaels Cos., Inc. (The) * (a) | 40 | 544 | ||||||
Murphy USA, Inc. * (a) | 9 | 690 | ||||||
Office Depot, Inc. | 405 | 1,046 | ||||||
RH * (a) | 8 | 934 | ||||||
Sally Beauty Holdings, Inc. * (a) | 51 | 868 | ||||||
Signet Jewelers Ltd. | 25 | 781 | ||||||
Sleep Number Corp. * | 19 | 603 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 22 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Specialty Retail — continued | ||||||||
Tailored Brands, Inc. | 18 | 245 | ||||||
Urban Outfitters, Inc. * | 58 | 1,926 | ||||||
Williams-Sonoma, Inc. (a) | 30 | 1,493 | ||||||
Zumiez, Inc. * (a) | 33 | 629 | ||||||
|
| |||||||
| 25,199 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.1% |
| |||||||
NCR Corp. * | 55 | 1,260 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.2% | ||||||||
Carter’s, Inc. (a) | 19 | 1,543 | ||||||
Crocs, Inc. * | 29 | 761 | ||||||
Deckers Outdoor Corp. * | 24 | 3,045 | ||||||
Fossil Group, Inc. * | 21 | 332 | ||||||
G-III Apparel Group Ltd. * | 17 | 466 | ||||||
Movado Group, Inc. | 6 | 199 | ||||||
Oxford Industries, Inc. | 5 | 369 | ||||||
Skechers U.S.A., Inc., Class A * | 52 | 1,200 | ||||||
Steven Madden Ltd. | 32 | 964 | ||||||
Wolverine World Wide, Inc. | 39 | 1,228 | ||||||
|
| |||||||
| 10,107 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.3% | ||||||||
Dime Community Bancshares, Inc. | 28 | 479 | ||||||
Provident Financial Services, Inc. | 24 | 581 | ||||||
TrustCo Bank Corp. | 163 | 1,119 | ||||||
Walker & Dunlop, Inc. (a) | 11 | 476 | ||||||
|
| |||||||
| 2,655 | ||||||||
|
| |||||||
Tobacco — 0.1% | ||||||||
Universal Corp. | 8 | 455 | ||||||
|
| |||||||
Trading Companies & Distributors — 1.0% | ||||||||
Applied Industrial Technologies, Inc. | 15 | 825 | ||||||
DXP Enterprises, Inc. * | 5 | 139 | ||||||
Kaman Corp. | 39 | 2,182 | ||||||
MSC Industrial Direct Co., Inc., Class A | 18 | 1,369 | ||||||
NOW, Inc. * | 127 | 1,476 | ||||||
Veritiv Corp. * | 27 | 662 | ||||||
Watsco, Inc. | 13 | 1,795 | ||||||
|
| |||||||
| 8,448 | ||||||||
|
| |||||||
Water Utilities — 0.1% | ||||||||
American States Water Co. (a) | 12 | 787 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Wireless Telecommunication Services — 0.5% | ||||||||
Spok Holdings, Inc. | 34 | 447 | ||||||
Telephone & Data Systems, Inc. | 112 | 3,650 | ||||||
|
| |||||||
| 4,097 | ||||||||
|
| |||||||
Total Common Stocks | 831,462 | |||||||
|
| |||||||
| NO. OF RIGHTS (000) | ||||||||
RIGHTS — 0.0%(b) | ||||||||
Food Products — 0.0%(b) | ||||||||
Schuman, Inc., CVR * ‡ | 28 | — | (c) | |||||
|
| |||||||
| SHARES (000) | ||||||||
Short-Term Investments — 2.6% | ||||||||
Investment Companies — 2.6% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (e) | 22,155 | 22,155 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 5.3% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (d) (e) | 38,004 | 38,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (e) | 7,565 | 7,565 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 45,565 | |||||||
|
| |||||||
Total Investments — 105.4% | 899,182 | |||||||
Liabilities in Excess of | (46,393 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 852,789 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 23 | ||||||
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Abbreviations | ||
CVR | Contingent Value Rights | |
REIT | Real Estate Investment Trust | |
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $44,571,000. | |
| (b) | Amountrounds to less than 0.1% of net assets. | |
| (c) | Amountrounds to less than one thousand. | |
| (d) | Investmentin affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (e) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. | |
| ‡ | Value determined using significant unobservable inputs. | |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
| Russell 2000E-Mini Index | 77 | 03/2019 | USD | 5,196 | (189 | ) | ||||||||||||
| S&P Midcap 400E-Mini Index | 92 | 03/2019 | USD | 15,306 | (435 | ) | ||||||||||||
|
| |||||||||||||||||
| (624 | ) | |||||||||||||||||
|
| |||||||||||||||||
Abbreviations | ||
USD | United States Dollar | |
SEE NOTES TO FINANCIAL STATEMENTS.
| 24 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 25 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands, except per share amounts)
| JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||
ASSETS: | ||||||||
Investments innon-affiliates, at value | $ | 3,721,632 | $ | 831,462 | ||||
Investments in affiliates, at value | 127,533 | 22,155 | ||||||
Investment of cash collateral received from securities loaned, at value (Note 2.C.) | 25,740 | 45,565 | ||||||
Cash | — | (a) | — | (a) | ||||
Deposits at broker for futures contracts | 3,403 | 1,462 | ||||||
Receivables: | ||||||||
Investment securities sold | 1,142 | 9,078 | ||||||
Fund shares sold | 4,310 | 1,821 | ||||||
Dividends fromnon-affiliates | 4,331 | 1,063 | ||||||
Dividends from affiliates | 136 | 40 | ||||||
Securities lending income (Note 2.C.) | 9 | 11 | ||||||
Variation margin on futures contracts | 524 | 229 | ||||||
Due from adviser | 18 | — | ||||||
|
|
|
| |||||
Total Assets | 3,888,778 | 912,886 | ||||||
|
|
|
| |||||
LIABILITIES: | ||||||||
Payables: | ||||||||
Investment securities purchased | 2,557 | 10,688 | ||||||
Collateral received on securities loaned (Note 2.C.) | 25,740 | 45,565 | ||||||
Fund shares redeemed | 14,752 | 3,546 | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | — | 130 | ||||||
Administration fees | 126 | 26 | ||||||
Distribution fees | 169 | 52 | ||||||
Service fees | 153 | 36 | ||||||
Custodian and accounting fees | 31 | 11 | ||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | ||||
Other | 306 | 43 | ||||||
|
|
|
| |||||
Total Liabilities | 43,834 | 60,097 | ||||||
|
|
|
| |||||
Net Assets | $ | 3,844,944 | $ | 852,789 | ||||
|
|
|
| |||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 26 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||
NET ASSETS: | ||||||||
Paid-in-Capital | $ | 2,821,666 | $ | 746,082 | ||||
Total distributable earnings (loss) (a) | 1,023,278 | 106,707 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 3,844,944 | $ | 852,789 | ||||
|
|
|
| |||||
Net Assets: | ||||||||
Class A | $ | 550,477 | $ | 124,817 | ||||
Class C | 84,760 | 27,498 | ||||||
Class I | 699,336 | 280,227 | ||||||
Class R2 | — | 11,910 | ||||||
Class R6 | 2,510,371 | 408,337 | ||||||
|
|
|
| |||||
Total | $ | 3,844,944 | $ | 852,789 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) | ||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||
Class A | 14,393 | 14,577 | ||||||
Class C | 2,239 | 3,945 | ||||||
Class I | 18,260 | 32,158 | ||||||
Class R2 | — | 1,414 | ||||||
Class R6 | 65,529 | 47,156 | ||||||
Net Asset Value (b): | ||||||||
Class A — Redemption price per share | $ | 38.24 | $ | 8.56 | ||||
Class C — Offering price per share (c) | 37.86 | 6.97 | ||||||
Class I — Offering and redemption price per share | 38.30 | 8.71 | ||||||
Class R2 — Offering and redemption price per share | — | 8.42 | ||||||
Class R6 — Offering and redemption price per share | 38.31 | 8.66 | ||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | ||||
Class A maximum public offering price per share | $ | 40.36 | $ | 9.03 | ||||
|
|
|
| |||||
Cost of investments innon-affiliates | $ | 2,687,924 | $ | 734,519 | ||||
Cost of investments in affiliates | 109,011 | 22,155 | ||||||
Investment securities on loan, at value | 25,304 | 44,571 | ||||||
Cost of investment of cash collateral | 25,740 | 45,565 | ||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 9. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 27 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands)
| JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||
INVESTMENT INCOME: | ||||||||
Interest income fromnon-affiliates | $ | 20 | $ | 12 | ||||
Interest income from affiliates | — | (a) | — | |||||
Dividend income fromnon-affiliates | 36,182 | 7,793 | ||||||
Dividend income from affiliates | 1,261 | 309 | ||||||
Income from securities lending (net) | 16 | 19 | ||||||
|
|
|
| |||||
Total investment income | 37,479 | 8,133 | ||||||
|
|
|
| |||||
EXPENSES: | ||||||||
Investment advisory fees | 752 | 1,318 | ||||||
Administration fees | 1,525 | 428 | ||||||
Distribution fees: | ||||||||
Class A | 746 | 200 | ||||||
Class C | 305 | 131 | ||||||
Class R2 | — | 36 | ||||||
Service fees: | ||||||||
Class A | 746 | 200 | ||||||
Class C | 102 | 44 | ||||||
Class I | 881 | 877 | ||||||
Class R2 | — | 18 | ||||||
Custodian and accounting fees | 57 | 28 | ||||||
Professional fees | 46 | 33 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 20 | 15 | ||||||
Printing and mailing costs | 74 | 26 | ||||||
Registration and filing fees | 18 | 45 | ||||||
Transfer agency fees (See Note 2.F.) | 114 | 41 | ||||||
Other | 42 | 11 | ||||||
|
|
|
| |||||
Total expenses | 5,428 | 3,451 | ||||||
|
|
|
| |||||
Less fees waived | (2,444 | ) | (1,339 | ) | ||||
Less expense reimbursements | (12 | ) | (4 | ) | ||||
|
|
|
| |||||
Net expenses | 2,972 | 2,108 | ||||||
|
|
|
| |||||
Net investment income (loss) | 34,507 | 6,025 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: | ||||||||
Investments innon-affiliates | 7,244 | 44,130 | ||||||
Investments in affiliates | (172 | ) | — | |||||
Futures contracts | (1,441 | ) | (3,532 | ) | ||||
Securities sold short | 1,359 | — | ||||||
|
|
|
| |||||
Net realized gain (loss) | 6,990 | 40,598 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation on: | ||||||||
Investments innon-affiliates | (365,782 | ) | (220,517 | ) | ||||
Investments in affiliates | (4,975 | ) | — | |||||
Futures contracts | 681 | (133 | ) | |||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation | (370,076 | ) | (220,650 | ) | ||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | (363,086 | ) | (180,052 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | (328,579 | ) | $ | (174,027 | ) | ||
|
|
|
| |||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 28 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 34,507 | $ | 45,156 | $ | 6,025 | $ | 10,710 | ||||||||
Net realized gain (loss) | 6,990 | 18,176 | 40,598 | 121,342 | ||||||||||||
Change in net unrealized appreciation/depreciation | (370,076 | ) | 219,935 | (220,650 | ) | 7,334 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (328,579 | ) | 283,267 | (174,027 | ) | 139,386 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (6,534 | ) | (13,649 | ) | (17,379 | ) | (18,400 | ) | ||||||||
Class C | (775 | ) | (1,369 | ) | (4,564 | ) | (4,269 | ) | ||||||||
Class I | (8,813 | ) | (16,991 | ) | (38,817 | ) | (88,099 | ) | ||||||||
Class R2 | — | — | (1,606 | ) | (2,700 | ) | ||||||||||
Class R6 (b) | (33,114 | ) | (40,149 | ) | (57,201 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (49,236 | ) | (72,158 | ) | (119,567 | ) | (113,468 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 857,003 | 1,405,217 | 60,585 | 48,732 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 479,188 | 1,616,326 | (233,009 | ) | 74,650 | |||||||||||
Beginning of period | 3,365,756 | 1,749,430 | 1,085,798 | 1,011,148 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,844,944 | $ | 3,365,756 | $ | 852,789 | $ | 1,085,798 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 9. Prior period balances were as follows: |
| JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||
Class A | ||||||||
From net investment income | $ | (7,918 | ) | $ | (1,158 | ) | ||
From net realized gains | (5,731 | ) | (17,242 | ) | ||||
Class C | ||||||||
From net investment income | (621 | ) | (155 | ) | ||||
From net realized gains | (748 | ) | (4,114 | ) | ||||
Class I | ||||||||
From net investment income | (10,804 | ) | (6,791 | ) | ||||
From net realized gains | (6,187 | ) | (81,308 | ) | ||||
Class R2 | ||||||||
From net investment income | — | (136 | ) | |||||
From net realized gains | — | (2,564 | ) | |||||
Class R6 | ||||||||
From net investment income | (25,086 | ) | — | |||||
From net realized gains | (15,063 | ) | — | |||||
| (b) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Market Expansion Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 29 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 61,463 | $ | 76,579 | $ | 18,053 | $ | 45,244 | ||||||||
Distributions reinvested | 6,442 | 13,481 | 15,789 | 16,959 | ||||||||||||
Cost of shares redeemed | (61,397 | ) | (143,780 | ) | (37,170 | ) | (57,263 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 6,508 | $ | (53,720 | ) | $ | (3,328 | ) | $ | 4,940 | ||||||
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| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 25,653 | $ | 16,727 | $ | 5,317 | $ | 10,500 | ||||||||
Distributions reinvested | 577 | 1,051 | 4,419 | 4,116 | ||||||||||||
Cost of shares redeemed | (13,266 | ) | (37,994 | ) | (8,470 | ) | (15,808 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 12,964 | $ | (20,216 | ) | $ | 1,266 | $ | (1,192 | ) | ||||||
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| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 216,173 | $ | 169,466 | $ | 74,022 | $ | 170,059 | ||||||||
Distributions reinvested | 8,469 | 15,815 | 34,494 | 84,229 | ||||||||||||
Cost of shares redeemed | (151,960 | ) | (310,723 | ) | (564,773 | ) | (200,340 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 72,682 | $ | (125,442 | ) | $ | (456,257 | ) | $ | 53,948 | ||||||
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| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 4,118 | $ | 10,299 | ||||||||
Distributions reinvested | — | — | 1,476 | 2,524 | ||||||||||||
Cost of shares redeemed | — | — | (3,196 | ) | (21,787 | ) | ||||||||||
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| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | 2,398 | $ | (8,964 | ) | |||||||
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Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 928,559 | $ | 1,919,175 | $ | 459,305 | $ | — | ||||||||
Subscriptionsin-kind (See Note 8) | — | 67,453 | — | — | ||||||||||||
Distributions reinvested | 32,793 | 40,148 | 57,201 | — | ||||||||||||
Cost of shares redeemed | (196,503 | ) | (422,181 | ) | — | (b) | — | |||||||||
|
|
|
|
|
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| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 764,849 | $ | 1,604,595 | $ | 516,506 | $ | — | ||||||||
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| |||||||||
Total change in net assets resulting from capital transactions | $ | 857,003 | $ | 1,405,217 | $ | 60,585 | $ | 48,732 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Market Expansion Enhanced Index Fund. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 30 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 1,504 | 1,894 | 1,671 | 3,866 | ||||||||||||
Reinvested | 159 | 333 | 1,719 | 1,498 | ||||||||||||
Redeemed | (1,447 | ) | (3,573 | ) | (3,388 | ) | (4,922 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 216 | (1,346 | ) | 2 | 442 | |||||||||||
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| |||||||||
Class C | ||||||||||||||||
Issued | 643 | 418 | 597 | 1,064 | ||||||||||||
Reinvested | 14 | 26 | 591 | 434 | ||||||||||||
Redeemed | (323 | ) | (958 | ) | (967 | ) | (1,583 | ) | ||||||||
|
|
|
|
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|
|
| |||||||||
Change in Class C Shares | 334 | (514 | ) | 221 | (85 | ) | ||||||||||
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| |||||||||
Class I | ||||||||||||||||
Issued | 5,197 | 4,144 | 6,844 | 14,517 | ||||||||||||
Reinvested | 209 | 391 | 3,691 | 7,337 | ||||||||||||
Redeemed | (3,651 | ) | (7,802 | ) | (50,906 | ) | (16,932 | ) | ||||||||
|
|
|
|
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|
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| |||||||||
Change in Class I Shares | 1,755 | (3,267 | ) | (40,371 | ) | 4,922 | ||||||||||
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| |||||||||
Class R2 | ||||||||||||||||
Issued | — | — | 365 | 898 | ||||||||||||
Reinvested | — | — | 163 | 227 | ||||||||||||
Redeemed | — | — | (287 | ) | (1,950 | ) | ||||||||||
|
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| |||||||||
Change in Class R2 Shares | — | — | 241 | (825 | ) | |||||||||||
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| |||||||||
Class R6(a) | ||||||||||||||||
Issued | 21,138 | 46,560 | 41,010 | — | ||||||||||||
Subscriptionsin-kind (See Note 8) | — | 1,764 | — | — | ||||||||||||
Reinvested | 805 | 986 | 6,146 | — | ||||||||||||
Redeemed | (4,614 | ) | (10,158 | ) | — | (b) | — | |||||||||
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| |||||||||
Change in Class R6 Shares | 17,329 | 39,152 | 47,156 | — | ||||||||||||
|
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|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Market Expansion Enhanced Index Fund. |
| (b) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 31 | ||||||
Table of Contents
FOR THE PERIODS INDICATED
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Equity Index Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 41.64 | $ | 0.33 | $ | (3.26 | ) | $ | (2.93 | ) | $ | (0.33 | ) | $ | (0.14 | ) | $ | (0.47 | ) | |||||||||
Year Ended June 30, 2018 | 37.41 | 0.61 | 4.54 | 5.15 | (0.54 | ) | (0.38 | ) | (0.92 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.36 | 0.61 | 5.22 | 5.83 | (0.59 | ) | (3.19 | ) | (3.78 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 41.12 | 0.71 | 0.38 | 1.09 | (0.67 | ) | (6.18 | ) | (6.85 | ) | ||||||||||||||||||
Year Ended June 30, 2015 | 41.94 | 0.68 | 2.11 | 2.79 | (0.66 | ) | (2.95 | ) | (3.61 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 36.43 | 0.64 | 7.78 | 8.42 | (0.63 | ) | (2.28 | ) | (2.91 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 41.27 | 0.20 | (3.23 | ) | (3.03 | ) | (0.24 | ) | (0.14 | ) | (0.38 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 37.08 | 0.37 | 4.50 | 4.87 | (0.30 | ) | (0.38 | ) | (0.68 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.09 | 0.36 | 5.18 | 5.54 | (0.36 | ) | (3.19 | ) | (3.55 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 40.86 | 0.43 | 0.38 | 0.81 | (0.40 | ) | (6.18 | ) | (6.58 | ) | ||||||||||||||||||
Year Ended June 30, 2015 | 41.72 | 0.37 | 2.09 | 2.46 | (0.37 | ) | (2.95 | ) | (3.32 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 36.28 | 0.35 | 7.73 | 8.08 | (0.36 | ) | (2.28 | ) | (2.64 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 41.68 | 0.38 | (3.26 | ) | (2.88 | ) | (0.36 | ) | (0.14 | ) | (0.50 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 37.44 | 0.72 | 4.54 | 5.26 | (0.64 | ) | (0.38 | ) | (1.02 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.39 | 0.70 | 5.22 | 5.92 | (0.68 | ) | (3.19 | ) | (3.87 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 41.14 | 0.81 | 0.38 | 1.19 | (0.76 | ) | (6.18 | ) | (6.94 | ) | ||||||||||||||||||
Year Ended June 30, 2015 | 41.96 | 0.79 | 2.10 | 2.89 | (0.76 | ) | (2.95 | ) | (3.71 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 36.44 | 0.74 | 7.79 | 8.53 | (0.73 | ) | (2.28 | ) | (3.01 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 41.68 | 0.42 | (3.27 | ) | (2.85 | ) | (0.38 | ) | (0.14 | ) | (0.52 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 37.44 | 0.76 | 4.57 | 5.33 | (0.71 | ) | (0.38 | ) | (1.09 | ) | ||||||||||||||||||
September 1, 2016 (f) through June 30, 2017 | 36.73 | 0.58 | 4.05 | 4.63 | (0.73 | ) | (3.19 | ) | (3.92 | ) | ||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 32 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, period | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 38.24 | (7.11 | )% | $ | 550,477 | 0.45 | % | 1.54 | % | 0.67 | % | 3 | % | |||||||||||||
| 41.64 | 13.88 | 590,286 | 0.45 | 1.52 | 0.69 | 14 | ||||||||||||||||||||
| 37.41 | 17.35 | 580,645 | 0.45 | 1.67 | 0.76 | 21 | ||||||||||||||||||||
| 35.36 | 3.53 | 598,815 | 0.45 | 1.93 | 0.94 | 4 | ||||||||||||||||||||
| 41.12 | 6.94 | 689,107 | 0.45 | 1.63 | 0.92 | 5 | ||||||||||||||||||||
| 41.94 | 23.95 | 694,974 | 0.45 | 1.63 | 0.91 | 5 | ||||||||||||||||||||
| 37.86 | (7.38 | ) | 84,760 | 1.05 | 0.94 | 1.14 | 3 | |||||||||||||||||||
| 41.27 | 13.20 | 78,613 | 1.05 | 0.92 | 1.15 | 14 | ||||||||||||||||||||
| 37.08 | 16.57 | 89,681 | 1.11 | 1.01 | 1.23 | 21 | ||||||||||||||||||||
| 35.09 | 2.76 | 89,104 | 1.20 | 1.19 | 1.43 | 4 | ||||||||||||||||||||
| 40.86 | 6.15 | 88,842 | 1.20 | 0.88 | 1.41 | 5 | ||||||||||||||||||||
| 41.72 | 23.01 | 77,644 | 1.20 | 0.88 | 1.41 | 5 | ||||||||||||||||||||
| 38.30 | (6.97 | ) | 699,336 | 0.20 | 1.80 | 0.39 | 3 | |||||||||||||||||||
| 41.68 | 14.18 | 687,941 | 0.20 | 1.78 | 0.40 | 14 | ||||||||||||||||||||
| 37.44 | 17.62 | 740,340 | 0.20 | 1.93 | 0.48 | 21 | ||||||||||||||||||||
| 35.39 | 3.81 | 819,463 | 0.20 | 2.17 | 0.67 | 4 | ||||||||||||||||||||
| 41.14 | 7.19 | 1,114,957 | 0.20 | 1.88 | 0.66 | 5 | ||||||||||||||||||||
| 41.96 | 24.27 | 1,120,177 | 0.20 | 1.89 | 0.66 | 5 | ||||||||||||||||||||
| 38.31 | (6.90 | ) | 2,510,371 | 0.043 | 1.95 | 0.14 | 3 | |||||||||||||||||||
| 41.68 | 14.36 | 2,008,916 | 0.042 | 1.85 | 0.14 | 14 | ||||||||||||||||||||
| 37.44 | 13.49 | 338,764 | 0.045 | 1.93 | 0.15 | 21 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 33 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 11.75 | $ | 0.05 | $ | (1.92 | ) | $ | (1.87 | ) | $ | (0.09 | ) | $ | (1.23 | ) | $ | (1.32 | ) | |||||||||
Year Ended June 30, 2018 | 11.52 | 0.10 | 1.46 | 1.56 | (0.08 | ) | (1.25 | ) | (1.33 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 10.64 | 0.10 | 1.92 | 2.02 | (0.08 | ) | (1.06 | ) | (1.14 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 12.98 | 0.09 | (0.21 | ) | (0.12 | ) | (0.08 | ) | (2.14 | ) | (2.22 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 13.85 | 0.10 | 0.72 | 0.82 | (0.10 | ) | (1.59 | ) | (1.69 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.17 | 0.09 | (f) | 2.81 | 2.90 | (0.08 | ) | (1.14 | ) | (1.22 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 9.83 | 0.02 | (1.59 | ) | (1.57 | ) | (0.06 | ) | (1.23 | ) | (1.29 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 9.85 | 0.03 | 1.24 | 1.27 | (0.04 | ) | (1.25 | ) | (1.29 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 9.27 | 0.03 | 1.65 | 1.68 | (0.04 | ) | (1.06 | ) | (1.10 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 11.62 | 0.01 | (0.19 | ) | (0.18 | ) | (0.03 | ) | (2.14 | ) | (2.17 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 12.58 | 0.01 | 0.65 | 0.66 | (0.03 | ) | (1.59 | ) | (1.62 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 11.18 | — | (f)(g) | 2.56 | 2.56 | (0.02 | ) | (1.14 | ) | (1.16 | ) | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 11.92 | 0.06 | (1.95 | ) | (1.89 | ) | (0.09 | ) | (1.23 | ) | (1.32 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 11.66 | 0.13 | 1.48 | 1.61 | (0.10 | ) | (1.25 | ) | (1.35 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 10.75 | 0.13 | 1.94 | 2.07 | (0.10 | ) | (1.06 | ) | (1.16 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 13.09 | 0.12 | (0.21 | ) | (0.09 | ) | (0.11 | ) | (2.14 | ) | (2.25 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 13.94 | 0.13 | 0.74 | 0.87 | (0.13 | ) | (1.59 | ) | (1.72 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.24 | 0.12 | (f) | 2.83 | 2.95 | (0.11 | ) | (1.14 | ) | (1.25 | ) | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 11.56 | 0.04 | (1.89 | ) | (1.85 | ) | (0.06 | ) | (1.23 | ) | (1.29 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 11.36 | 0.07 | 1.44 | 1.51 | (0.06 | ) | (1.25 | ) | (1.31 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 10.52 | 0.07 | 1.89 | 1.96 | (0.06 | ) | (1.06 | ) | (1.12 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 12.87 | 0.07 | (0.22 | ) | (0.15 | ) | (0.06 | ) | (2.14 | ) | (2.20 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 13.74 | 0.07 | 0.72 | 0.79 | (0.07 | ) | (1.59 | ) | (1.66 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.09 | 0.06 | (f) | 2.78 | 2.84 | (0.05 | ) | (1.14 | ) | (1.19 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
October 1, 2018 (i) through December 31, 2018 (Unaudited) | 12.08 | 0.05 | (2.10 | ) | (2.05 | ) | (0.14 | ) | (1.23 | ) | (1.37 | ) | ||||||||||||||||
| (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 earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share remained the same for Class A, Class C, Class I and Class R2 Shares and the net investment income (loss) ratio would have been 0.65%, (0.03)%, 0.90% and 0.42% for Class A, Class C, Class I and Class R2 Shares respectively. |
| (g) | Amount rounds to less than $0.005. |
| (h) | Amount rounds to less than 0.005%. |
| (i) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 34 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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, reimbursements and earnings credits | Portfolio turnover rate (excluding securities sold short) (c) | ||||||||||||||||||||
| $ | 8.56 | (16.56 | )% | $ | 124,817 | 0.59 | % | 0.94 | % | 0.88 | % | 17 | % | |||||||||||||
| 11.75 | 14.02 | 171,304 | 0.60 | 0.85 | 0.88 | 33 | ||||||||||||||||||||
| 11.52 | 19.37 | 162,853 | 0.62 | 0.87 | 0.93 | 30 | ||||||||||||||||||||
| 10.64 | 0.22 | 99,397 | 0.69 | 0.81 | 0.98 | 39 | ||||||||||||||||||||
| 12.98 | 6.90 | 110,138 | 0.68 | 0.75 | 0.92 | 39 | ||||||||||||||||||||
| 13.85 | 24.96 | 116,727 | 0.69 | 0.68 | (f) | 0.87 | 25 | |||||||||||||||||||
| 6.97 | (16.75 | ) | 27,498 | 1.10 | 0.45 | 1.38 | 17 | |||||||||||||||||||
| 9.83 | 13.46 | 36,618 | 1.10 | 0.34 | 1.38 | 33 | ||||||||||||||||||||
| 9.85 | 18.58 | 37,529 | 1.17 | 0.32 | 1.44 | 30 | ||||||||||||||||||||
| 9.27 | (0.43 | ) | 24,343 | 1.39 | 0.12 | 1.52 | 39 | |||||||||||||||||||
| 11.62 | 6.25 | 23,705 | 1.38 | 0.06 | 1.44 | 39 | ||||||||||||||||||||
| 12.58 | 24.03 | 23,248 | 1.37 | 0.00 | (f)(h) | 1.37 | 25 | |||||||||||||||||||
| 8.71 | (16.50 | ) | 280,227 | 0.34 | 1.10 | 0.61 | 17 | |||||||||||||||||||
| 11.92 | 14.31 | 864,316 | 0.35 | 1.10 | 0.61 | 33 | ||||||||||||||||||||
| 11.66 | 19.66 | 788,063 | 0.38 | 1.13 | 0.62 | 30 | ||||||||||||||||||||
| 10.75 | 0.47 | 800,082 | 0.44 | 1.04 | 0.63 | 39 | ||||||||||||||||||||
| 13.09 | 7.26 | 1,203,536 | 0.43 | 1.00 | 0.62 | 39 | ||||||||||||||||||||
| 13.94 | 25.26 | 1,413,937 | 0.44 | 0.92 | (f) | 0.62 | 25 | |||||||||||||||||||
| 8.42 | (16.68 | ) | 11,910 | 0.88 | 0.68 | 1.38 | 17 | |||||||||||||||||||
| 11.56 | 13.79 | 13,560 | 0.83 | 0.61 | 1.35 | 33 | ||||||||||||||||||||
| 11.36 | 19.06 | 22,703 | 0.85 | 0.63 | 1.29 | 30 | ||||||||||||||||||||
| 10.52 | (0.05 | ) | 11,536 | 0.92 | 0.60 | 1.40 | 39 | |||||||||||||||||||
| 12.87 | 6.75 | 9,946 | 0.91 | 0.53 | 1.26 | 39 | ||||||||||||||||||||
| 13.74 | 24.60 | 8,821 | 0.92 | 0.45 | (f) | 1.12 | 25 | |||||||||||||||||||
| 8.66 | (17.57 | ) | 408,337 | 0.25 | 1.90 | 0.38 | 17 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 35 | ||||||
Table of Contents
AS OF DECEMBER 31, 2018 (Unaudited)
1. Organization
JPMorgan Trust II (“JPM II” or the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are 2 separate funds of the Trust (each a “Fund” and collectively, the “Funds”) covered by this report:
| Classes Offered | Diversified/Non-Diversified | |||
| JPMorgan Equity Index Fund | Class A, Class C, Class I and Class R6 | Diversified | ||
| JPMorgan Market Expansion Enhanced Index Fund | Class A, Class C, Class I, Class R2 and Class R6* | Diversified |
| * | Class R6 Shares of the JPMorgan Market Expansion Enhanced Index Fund commenced operations on October 1, 2018. |
The investment objective of the JPMorgan Equity Index Fund (“Equity Index Fund”) is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor’s 500 Composite Stock Price Index.
The investment objective of the JPMorgan Market Expansion Enhanced Index Fund (“Market Expansion Enhanced Index Fund”) is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.
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 I, Class R2 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the 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 their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the 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.
| 36 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
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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 contracts are generally valued on the basis of available market quotations.
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.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Equity Index Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 3,874,905 | $ | — | $ | — | $ | 3,874,905 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (157 | ) | $ | — | $ | — | $ | (157 | ) | ||||||
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Market Expansion Enhanced Index Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (b) | $ | 899,182 | $ | — | $ | — | (c) | $ | 899,182 | |||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (624 | ) | $ | — | $ | — | $ | (624 | ) | ||||||
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| (a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings. |
| (b) | All portfolio holdings designated as level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of rights. Please refer to the SOIs for industry specifics of portfolio holdings. |
| (c) | Amount rounds to less than one thousand. |
There were no transfers among any levels during the six months ended December 31, 2018.
B. Futures Contracts — The Funds used index futures contracts to gain or reduce exposure to their respective indices, 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, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 37 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2018 (amounts in thousands):
| Equity Index Fund | Market Expansion Enhanced Index Fund | |||||||
Futures Contracts | ||||||||
Equity | ||||||||
Average Notional Balance Long | $ | 57,617 | $ | 30,657 | ||||
Ending Notional Balance Long | 70,084 | 20,502 | ||||||
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).
C. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).
| Dividend Income | ||||
Equity Index Fund | $ | 172 | ||
Market Expansion Enhanced Index Fund | 140 | |||
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):
| Value of Securities on Loan | Cash Collateral Posted by Borrower | Total value of Collateral Investments | ||||||||||
Equity Index Fund | $ | 25,304 | $ | 25,740 | $ | 25,740 | ||||||
Market Expansion Enhanced Index Fund | 44,571 | 45,565 | 45,565 | |||||||||
The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.
| 38 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
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The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).
| Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower | Net Amount Due to Counterparty (not less than zero) | ||||||||||
Equity Index Fund | $ | 25,304 | $ | (25,304 | ) | $ | — | |||||
Market Expansion Enhanced Index Fund | 44,571 | (44,571 | ) | — | ||||||||
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):
Equity Index Fund | $ | 2 | ||
Market Expansion Enhanced Index Fund | 2 |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with a fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.
Equity Index Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Chase & Co. Shares (a) | $ | 51,166 | $ | 13,434 | $ | 1,130 | $ | (172 | ) | $ | (4,975 | ) | $ | 58,323 | 597 | $ | 719 | $ | — | |||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | — | 145,000 | 127,000 | — | — | 18,000 | 18,002 | 128 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | — | 96,228 | 88,488 | — | — | 7,740 | 7,740 | 44 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 45,445 | 397,841 | 374,076 | — | — | 69,210 | 69,210 | 542 | — | |||||||||||||||||||||||||||
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Total | $ | 96,611 | $ | 652,503 | $ | 590,694 | $ | (172 | ) | $ | (4,975 | ) | $ | 153,273 | $ | 1,433 | $ | — | ||||||||||||||||||
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| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 39 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Market Expansion Enhanced Index Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c) | $ | — | $ | 44,000 | $ | 6,000 | $ | — | $ | — | $ | 38,000 | 38,004 | $ | 102 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | — | 42,874 | 35,309 | — | — | 7,565 | 7,565 | 38 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 31,498 | 120,014 | 129,357 | — | — | 22,155 | 22,155 | 309 | — | |||||||||||||||||||||||||||
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Total | $ | 31,498 | $ | 206,888 | $ | 170,666 | $ | — | $ | — | $ | 67,720 | $ | 449 | $ | — | ||||||||||||||||||||
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| (a) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, invests. |
| (b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of December 31, 2018. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net). |
E. 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.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.
F. 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 Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses.
The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):
| Class A | Class C | Class I | Class R2 | Class R6 | Total | |||||||||||||||||||
Equity Index Fund | ||||||||||||||||||||||||
Transfer agency fees | $ | 91 | $ | 2 | $ | 8 | n/a | $ | 13 | $ | 114 | |||||||||||||
Market Expansion Enhanced Index Fund | ||||||||||||||||||||||||
Transfer agency fees | 14 | 3 | 5 | $ | 19 | — | (a) | 41 | ||||||||||||||||
| (a) | Amount rounds to less than one thousand. |
G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, 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 remains subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders — Equity Index Fund generally declares and pays distributions from net investment income quarterly. Market Expansion Enhanced Index Fund generally declares and pays distributions from net investment income annually. Distributions are declared
| 40 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
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 an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.04% of the Equity Index Fund’s average daily net assets and 0.25% of the Market Expansion Enhanced Index Fund’s average daily net assets.
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was 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 December 31, 2018, 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.
Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.
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 a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 Class I and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| Class A | Class C | Class R2 | ||||||||||
Equity Index Fund | 0.25 | % | 0.75 | % | n/a | |||||||
Market Expansion Enhanced Index Fund | 0.25 | 0.75 | 0.50 | % | ||||||||
In addition, JPMDS 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 December 31, 2018, JPMDS retained the following amounts (amounts in thousands):
| Front-End Sales Charge | CDSC | |||||||
Equity Index Fund | $ | 14 | $ | — | (a) | |||
Market Expansion Enhanced Index Fund | 13 | — | (a) | |||||
| (a) | Amount rounds to less than one thousand. |
D. Service Fees — The Trust, on behalf of the Funds, has entered into Shareholder Servicing Agreements with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to an annual rate of 0.25% of the average daily net assets of each share class.
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, 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 in Interest income from affiliates on the
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 41 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Statement of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class R2 | Class R6 | ||||||||||||||||
Equity Index Fund | 0.45 | % | 1.20 | % | 0.20 | % | n/a | 0.045 | % | |||||||||||
Market Expansion Enhanced Index Fund | 0.60 | 1.10 | 0.35 | 1.00 | %* | 0.25 | ||||||||||||||
| * | Effective November 1, 2018, the contractual expense limitation increased from 0.83% to 1.00% for Class R2 Shares of the Market Expansion Enhanced Index Fund and will be in place until at least October 31, 2019. |
Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2018 and are in place until at least October 31, 2019.
For the six months ended December 31, 2018, 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 reimbursed expenses in future years.
| Contractual Waivers | ||||||||||||||||||||
| Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Equity Index Fund | $ | 752 | $ | 924 | $ | 718 | $ | 2,394 | $ | 12 | ||||||||||
Market Expansion Enhanced Index Fund | 676 | 340 | 287 | 1,303 | 4 | |||||||||||||||
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the respective Fund’s investment in such affiliated money market fund.
The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 was as follows (amounts in thousands):
Equity Index Fund | $ | 50 | ||
Market Expansion Enhanced Index Fund | 36 |
G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The 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 Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J. P. Morgan Funds until distribution in accordance with the Plan.
The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.
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.
| 42 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
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4. Investment Transactions
During the six months ended December 31, 2018, 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) | |||||||
Equity Index Fund | $ | 946,700 | $ | 124,708 | ||||
Market Expansion Enhanced Index Fund | 173,115 | 203,076 | ||||||
During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):
| Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Equity Index Fund | $ | 2,822,675 | $ | 1,117,789 | $ | 65,716 | $ | 1,052,073 | ||||||||
Market Expansion Enhanced Index Fund | 802,239 | 190,009 | 93,690 | 96,319 | ||||||||||||
As of June 30, 2018, the Funds did not have any net capital loss carryforwards.
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.
The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.
The Funds had no borrowings outstanding from the Credit Facility at December 31, 2018. Average borrowings from the Credit Facility for, or at any time during the six months ended December 31, 2018 were as follows (amounts in thousands):
| Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Equity Index Fund | $ | 43,500 | 3.38 | % | 1 | $ | 4 | |||||||||
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 43 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of December 31, 2018, the Equity Index Fund had four affiliated omnibus accounts and one non-affiliated account, which in the aggregate owned 10.0% and 13.0%, respectively, of the Fund’s net assets.
As of December 31, 2018, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
| JPMorgan Investor Funds | JPMorgan SmartRetirement Blend Funds | |||||||
Equity Index Fund | — | 40.5 | % | |||||
Market Expansion Enhanced Index Fund | 47.3 | % | — | |||||
Significant shareholder transactions by these shareholders may impact each Fund’s performance.
Because the Funds may invest a portion of their assets in REITs, the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.
8. Subscription in-kind
On September 7, 2017, certain shareholders purchased Class R6 Shares of Equity Index Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):
| Value | Type | |||||||||||
| $ | 67,453 | Subscription in-kind | ||||||||||
9. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project,FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.
In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.
| 44 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (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, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.
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 July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
JPMorgan Equity Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 928.90 | $ | 2.19 | 0.45 | % | ||||||||
Hypothetical* | 1,000.00 | 1,022.94 | 2.29 | 0.45 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 926.20 | 5.10 | 1.05 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.91 | 5.35 | 1.05 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 930.30 | 0.97 | 0.20 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.20 | 1.02 | 0.20 | ||||||||||||
Class R6 | ||||||||||||||||
Actual* | 1,000.00 | 931.00 | 0.19 | 0.04 | ||||||||||||
Hypothetical* | 1,000.00 | 1,025.00 | 0.20 | 0.04 | ||||||||||||
JPMorgan Market Expansion Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual* | 1,000.00 | 834.40 | 2.73 | 0.59 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.23 | 3.01 | 0.59 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 832.50 | 5.08 | 1.10 | ||||||||||||
Hypothetical* | 1,000.00 | 1,019.66 | 5.60 | 1.10 | ||||||||||||
Class I | ||||||||||||||||
Actual* | 1,000.00 | 835.00 | 1.57 | 0.34 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.49 | 1.73 | 0.34 | ||||||||||||
Class R2 | ||||||||||||||||
Actual* | 1,000.00 | 833.20 | 4.07 | 0.88 | ||||||||||||
Hypothetical* | 1,000.00 | 1,020.77 | 4.48 | 0.88 | ||||||||||||
Class R6 | ||||||||||||||||
Actual** | 1,000.00 | 824.30 | 0.57 | 0.25 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.95 | 1.28 | 0.25 | ||||||||||||
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| ** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 91/365 (to reflect the actual period). Commencement of operations was October 1, 2018. |
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 45 | ||||||
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive session with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser���s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.
The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
| 46 | J.P. MORGAN EQUITY FUNDS | DECEMBER 31, 2018 | ||||
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Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that
there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which each Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.
Independent Written Evaluation of the Funds’ Senior Officer
The Trustees noted that, upon their direction, the Senior Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
| DECEMBER 31, 2018 | J.P. MORGAN EQUITY FUNDS | 47 | ||||||
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited) (continued)
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the Equity Index Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2017, and in the fourth, third and third quintiles based upon the Universe for the one-, three-, five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group , and in the second quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the Market Expansion Enhanced Index Fund’s performance for Class A shares was in first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2017, and in the second, first and first quintiles based upon Universe for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31,
2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the Equity Index Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Market Expansion Enhanced Index Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the FormN-Q without charge by calling1-800-480-4111 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 prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2018. All rights reserved. December 2018. | SAN-INDEX-1218 |
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Semi-Annual Report
J.P. Morgan Investor Funds
December 31, 2018 (Unaudited)
JPMorgan Investor Balanced Fund
JPMorgan Investor Conservative Growth Fund
JPMorgan Investor Growth Fund
JPMorgan Investor Growth & Income Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.
You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).
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Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
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February 14, 2019 (Unaudited)
Dear Shareholder,
While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.
 |
“Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch |
The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% — its lowest level in nearly 50 years — and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.
U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.
Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for
the S&P 500 Index since 1931 erased all gains seen in the prior five months.
By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.
Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.
We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 1 | ||||||
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J.P. Morgan Investor Funds
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
Fund | Fund Return (With sales charge)* | Fund Return (Without sales charge)* | Bloomberg Barclays U.S. Intermediate Aggregate Index Return (Broad-Based Fixed Income Benchmark) | Russell 3000 Index Return (Broad-Based Equity Benchmark) | Composite Benchmark Return | Fund Net Assets as of December 31, 2018 (in thousands) | ||||||||||||||||||
| JPMorgan Investor Balanced Fund, Class A | (9.20 | )% | (4.93 | )% | 1.91% | (8.20 | )% | (3.03 | )%** | $ | 4,400,735 | |||||||||||||
| JPMorgan Investor Conservative Growth Fund, Class A | (6.84 | )% | (2.49 | )% | 1.91% | (8.20 | )% | (1.03 | )%*** | $ | 3,226,295 | |||||||||||||
| JPMorgan Investor Growth Fund, Class A | (13.50 | )% | (9.43 | )% | 1.91% | (8.20 | )% | (7.15 | )%**** | $ | 2,391,855 | |||||||||||||
| JPMorgan Investor Growth & Income Fund, Class A | (11.07 | )% | (6.89 | )% | 1.91% | (8.20 | )% | (5.07 | )%***** | $ | 2,582,673 | |||||||||||||
Portfolio Composition by Asset Class******
Investor Balanced Fund | ||||
| Fixed Income | 47.8 | % | ||
| U.S. Equity | 33.1 | |||
| International Equity | 14.8 | |||
| Alternative Assets | 3.0 | |||
| Short-Term Investments | 1.3 | |||
Investor Conservative Growth Fund | ||||
| Fixed Income | 67.0 | % | ||
| U.S. Equity | 19.3 | |||
| International Equity | 9.1 | |||
| Alternative Assets | 3.5 | |||
| Short-Term Investments | 1.1 | |||
Investor Growth Fund | ||||
| U.S. Equity | 60.1 | % | ||
| International Equity | 25.8 | |||
| Fixed Income | 11.6 | |||
| Alternative Assets | 1.3 | |||
| Short-Term Investments | 1.2 | |||
Investor Growth & Income Fund | ||||
| U.S. Equity | 45.7 | % | ||
| Fixed Income | 31.4 | |||
| International Equity | 19.3 | |||
| Alternative Assets | 2.5 | |||
| Short-Term Investments | 1.1 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Balanced Fund’s model allocation and consists of the Bloomberg Barclays U.S. Intermediate Aggregate Index (50%) and the Russell 3000 Index (50%). |
| *** | The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Conservative Growth Fund’s model allocation and consists of the Bloomberg Barclays U.S. Intermediate Aggregate Index (70%) and the Russell 3000 Index (30%). |
| **** | The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Growth Fund’s model allocation and consists of the Russell 3000 Index (90%) and the Bloomberg Barclays U.S. Intermediate Aggregate Index (10%). |
| ***** | The Composite Benchmark is comprised of unmanaged indices that correspond to the Investor Growth & Income Fund’s model allocation and consists of the Russell 3000 Index (70%) and the Bloomberg Barclays U.S. Intermediate Aggregate Index (30%). |
| ****** | Percentages indicated are based on total investments as of December 31, 2018. The Funds’ portfolio composition is subject to change. |
| 2 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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J.P. Morgan Investor Funds
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
INVESTMENT OBJECTIVES*
TheJPMorgan Investor Balanced Fund seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.
TheJPMorgan Investor Conservative Growth Fund seeks income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.
TheJPMorgan Investor Growth Fund seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.
TheJPMorgan Investor Growth& Income Fund seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.
HOW DID THE MARKET PERFORM?
U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets. Global bond markets generally had a lackluster performance in the second half of 2018.
U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.
In Europe, equity markets came under pressure from slowing economic growth, political tensions within the European Union (“EU”) and uncertainty about Britain’s planned exit from the EU. Emerging market equity prices fell as rising U.S. interest rates and signs that U.S.-China trade tariffs were curbing demand from Chinese manufacturers. Notably, emerging market bonds rebounded slightly during the second half of 2018.
Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. Within fixed income, investment grade corporate bonds outperformed high yield bonds (also known as junk bonds) during the reporting period.
WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?
In accordance with their model allocations, each of the JPMorgan Investor Funds (the “Investor Funds”) allocated its
assets among fixed income, equity and alternative investments. For the six months ended December 31, 2018, each of the Investor Funds’ Class A shares underperformed the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Investor Funds’ broad based fixed income benchmark.
The Class A Shares of each of JPMorgan Investor Balanced Fund, the JPMorgan Investor Conservative Growth Fund and the JPMorgan Investor Growth & Income Fund outperformed the Russell 3000 Index, the Investor Funds’ broad based equity benchmark, mainly due to their allocations to core bond securities, which generally outperformed equity securities and were not held in the Russell 3000 Index. The JPMorgan Investor Growth Fund underperformed the Russell 3000 Index due to its security selection and allocation to equity, which was the worst performing asset class in the third quarter of 2018.
Each Investor Fund’s performance is also compared to composite benchmarks, which comprise different percentages of the Investor Funds’ broad based fixed income and equity benchmarks. These composite benchmarks correspond to each Investor Fund’s target allocation. All of the Investor Funds underperformed their respective composite benchmarks, mainly due to the poor performance of both U.S. and international equity.
HOW WERE THE FUNDS POSITIONED?
Each Investor Fund invested in underlying JPMorgan Funds (“underlying funds”). The underlying funds invest in fixed income securities, equities and other alternative fixed income and equity strategies, such as below investment-grade, high-yield bonds, commodities, equity long/short and market-neutral strategies. Among equities, the underlying funds in which the Investor Funds invested were allocated among large-cap, mid-cap, small-cap and international stocks. The Investor Funds’ portfolio managers made investments for each Investor Fund based on an evaluation of three components: underlying fund selection, tactical asset allocation and strategic asset allocation. The portfolio managers determined the strategic weight for each asset class in the Investor Funds by making investments that they believed would perform well over the long term and maintaining a level of volatility similar to that of each Investor Fund’s composite benchmark.
During the reporting period, the Investor Funds’ portfolio managers — through their investments in underlying funds — decreased their allocation to credit (high yield debt and leveraged loans) and continued to reduce their allocation to U.S. equity. The managers maintained their relative overweight to international equities due to expectations that pressure from the interest rate environment would abate and international equities, particularly emerging markets, would benefit.
| * | The adviser seeks to achieve each Fund’s objective. There can be no guarantee it will be achieved. |
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 3 | ||||||
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JPMorgan Investor Balanced Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | December 10, 1996 | |||||||||||||||||
With Sales Charge** | (9.20 | )% | (9.29 | )% | 2.81 | % | 7.04 | % | ||||||||||
Without Sales Charge | (4.93 | ) | (4.99 | ) | 3.76 | 7.54 | ||||||||||||
CLASS C SHARES | July 1, 1997 | |||||||||||||||||
With CDSC*** | (6.21 | ) | (6.54 | ) | 3.19 | 6.97 | ||||||||||||
Without CDSC | (5.21 | ) | (5.54 | ) | 3.19 | 6.97 | ||||||||||||
CLASS I SHARES | December 10, 1996 | (4.87 | ) | (4.74 | ) | 4.01 | 7.81 | |||||||||||
CLASS R6 SHARES | July 31, 2017 | (4.80 | ) | (4.66 | ) | 4.04 | 7.82 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 4.50%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information pleasecall 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been higher than those shown because Class R6 Shares have lower expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the Investor Balanced Composite Benchmark and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the Investor Balanced Composite Benchmark 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 Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities 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 Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Investor Balanced Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the Bloomberg Barclays U.S. Intermediate Aggregate Index (50%) and the Russell 3000 Index (50%). The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.
Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 4 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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JPMorgan Investor Conservative Growth Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | December 10, 1996 | |||||||||||||||||
With Sales Charge** | (6.84 | )% | (7.32 | )% | 2.00 | % | 5.42 | % | ||||||||||
Without Sales Charge | (2.49 | ) | (2.96 | ) | 2.94 | 5.90 | ||||||||||||
CLASS C SHARES | July 1, 1997 | |||||||||||||||||
With CDSC*** | (3.78 | ) | (4.54 | ) | 2.38 | 5.32 | ||||||||||||
Without CDSC | (2.78 | ) | (3.54 | ) | 2.38 | 5.32 | ||||||||||||
CLASS I SHARES | December 10, 1996 | (2.43 | ) | (2.78 | ) | 3.21 | 6.17 | |||||||||||
CLASS R6 SHARES | July 31, 2017 | (2.37 | ) | (2.66 | ) | 3.22 | 6.18 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 4.50%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been higher than those shown because Class R6 Shares have lower expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the Investor Conservative Growth Composite Benchmark, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the Investor Conservative Growth Composite Benchmark 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 Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities 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 Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Investor Conservative Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the Bloomberg Barclays U.S. Intermediate Aggregate Index (70%) and the Russell 3000 Index (30%). The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.
Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 5 | ||||||
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JPMorgan Investor Growth Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | December 10, 1996 | |||||||||||||||||
With Sales Charge** | (13.50 | )% | (12.97 | )% | 4.23 | % | 9.84 | % | ||||||||||
Without Sales Charge | (9.43 | ) | (8.89 | ) | 5.20 | 10.34 | ||||||||||||
CLASS C SHARES | July 1, 1997 | |||||||||||||||||
With CDSC*** | (10.66 | ) | (10.38 | ) | 4.64 | 9.73 | ||||||||||||
Without CDSC | (9.66 | ) | (9.38 | ) | 4.64 | 9.73 | ||||||||||||
CLASS I SHARES | December 10, 1996 | (9.31 | ) | (8.62 | ) | 5.48 | 10.63 | |||||||||||
CLASS R6 SHARES | July 31, 2017 | (9.20 | ) | (8.51 | ) | 5.50 | 10.64 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 4.50%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been higher than those shown because Class R6 Shares have lower expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Investor Growth Composite Benchmark and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the Investor Growth Composite Benchmark 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 Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is not a broad-based securities 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 Russell
3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Investor Growth Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the Russell 3000 Index (90%) and the Bloomberg Barclays U.S. Intermediate Aggregate Index (10%). The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index consists of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Investors cannot invest directly in an index.
Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 6 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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JPMorgan Investor Growth & Income Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | December 10, 1996 | |||||||||||||||||
With Sales Charge** | (11.07 | )% | (10.73 | )% | 3.41 | % | 8.49 | % | ||||||||||
Without Sales Charge | (6.89 | ) | (6.53 | ) | 4.37 | 9.00 | ||||||||||||
CLASS C SHARES | July 1, 1997 | |||||||||||||||||
With CDSC*** | (8.24 | ) | (8.08 | ) | 3.79 | 8.40 | ||||||||||||
Without CDSC | (7.24 | ) | (7.08 | ) | 3.79 | 8.40 | ||||||||||||
CLASS I SHARES | December 10, 1996 | (6.81 | ) | (6.27 | ) | 4.64 | 9.27 | |||||||||||
CLASS R6 SHARES | July 31, 2017 | (6.70 | ) | (6.15 | ) | 4.67 | 9.29 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 4.50%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 To 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been higher than those shown because Class R6 Shares have lower expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Investor Growth & Income Composite Benchmark and the Lipper Mixed-Asset Target Allocation Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the Investor Growth & Income Composite Benchmark 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 Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities 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
Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Investor Growth & Income Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the Russell 3000 Index (70%) and the Bloomberg Barclays U.S. Intermediate Aggregate Index (30%). The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.
Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 7 | ||||||
Table of Contents
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment Companies — 98.8% |
| |||||||
Alternative Assets — 3.0% |
| |||||||
JPMorgan Research Market Neutral Fund Class L Shares * (a) | 2,852 | 43,757 | ||||||
JPMorgan Systematic Alpha Fund Class R6 Shares * (a) | 6,098 | 87,073 | ||||||
|
| |||||||
Total Alternative Assets | 130,830 | |||||||
|
| |||||||
Fixed Income — 47.8% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 85,943 | 969,433 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 57,848 | 463,937 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 5,775 | 43,541 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 14,577 | 130,461 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 16,345 | 110,983 | ||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 6,814 | 67,597 | ||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 19,375 | 193,555 | ||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 7,519 | 85,420 | ||||||
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | 4,309 | 40,763 | ||||||
|
| |||||||
Total Fixed Income | 2,105,690 | |||||||
|
| |||||||
International Equity — 14.8% | ||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 5,616 | 65,319 | ||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 2,645 | 65,931 | ||||||
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 3,929 | 84,909 | ||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 7,872 | 144,537 | ||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 4,406 | 63,968 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 14,748 | 229,037 | ||||||
|
| |||||||
Total International Equity | 653,701 | |||||||
|
| |||||||
U.S. Equity — 33.2% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 5,806 | 92,024 | ||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 9,066 | 292,480 | ||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 3,077 | 148,073 | ||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 3,953 | 134,663 | ||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 8,736 | 106,320 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
U.S. Equity — continued | ||||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | 16,288 | 141,051 | ||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | 1,033 | 31,192 | ||||||
JPMorgan Small Cap Value Fund Class R6 | 1,307 | 29,969 | ||||||
JPMorgan U.S. Equity Fund Class R6 | 29,639 | 400,424 | ||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 2,774 | 84,624 | ||||||
|
| |||||||
Total U.S. Equity | 1,460,820 | |||||||
|
| |||||||
Total Investment Companies | 4,351,041 | |||||||
|
| |||||||
Short-Term Investments — 1.3% | ||||||||
Investment Companies — 1.3% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | 55,326 | 55,326 | ||||||
|
| |||||||
Total Investments — 100.1% |
| 4,406,367 | ||||||
Liabilities in Excess of |
| (5,632 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 4,400,735 | ||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (b) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on FormN-CSR and in certified portfolio holdings filed quarterly on FormN-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| 8 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Investor Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment Companies — 99.1% |
| |||||||
Alternative Assets — 3.5% | ||||||||
JPMorgan Research Market Neutral Fund Class L Shares * (a) | 2,098 | 32,179 | ||||||
JPMorgan Systematic Alpha Fund Class R6 Shares * (a) | 5,627 | 80,358 | ||||||
|
| |||||||
Total Alternative Assets | 112,537 | |||||||
|
| |||||||
Fixed Income — 67.2% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 89,643 | 1,011,173 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 53,236 | 426,955 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 4,277 | 32,251 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 12,476 | 111,663 | ||||||
JPMorgan Government Bond Fund Class R6 Shares (a) | 3,548 | 36,541 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 7,389 | 50,175 | ||||||
JPMorgan Income Fund Class R6 Shares (a) | 7,648 | 69,372 | ||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 6,024 | 59,762 | ||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 27,536 | 275,084 | ||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 5,533 | 62,860 | ||||||
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | 3,383 | 32,006 | ||||||
|
| |||||||
Total Fixed Income | 2,167,842 | |||||||
|
| |||||||
International Equity — 9.1% | ||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 3,145 | 36,574 | ||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 1,463 | 36,462 | ||||||
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 1,314 | 28,405 | ||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 2,151 | 39,484 | ||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 2,103 | 30,536 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 7,839 | 121,738 | ||||||
|
| |||||||
Total International Equity | 293,199 | |||||||
|
| |||||||
U.S. Equity — 19.3% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 3,443 | 54,575 | ||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 4,723 | 152,374 | ||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 1,672 | 80,484 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
U.S. Equity — continued | ||||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 1,061 | 36,145 | ||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 1,644 | 20,005 | ||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | 4,075 | 35,290 | ||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | 973 | 29,380 | ||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 914 | 20,967 | ||||||
JPMorgan U.S. Equity Fund Class R6 | 10,837 | 146,412 | ||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 1,634 | 49,843 | ||||||
|
| |||||||
Total U.S. Equity | 625,475 | |||||||
|
| |||||||
Total Investment Companies |
| 3,199,053 | ||||||
|
| |||||||
Short-Term Investments — 1.1% | ||||||||
Investment Companies — 1.1% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | 34,823 | 34,823 | ||||||
|
| |||||||
Total Investments — 100.2% | 3,233,876 | |||||||
Liabilities in Excess of | (7,581 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 3,226,295 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (b) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on FormN-CSR and in certified portfolio holdings filed quarterly on FormN-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 9 | ||||||
Table of Contents
JPMorgan Investor Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment Companies — 98.9% |
| |||||||
Alternative Assets — 1.3% | ||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares * (a) | 2,150 | 30,697 | ||||||
|
| |||||||
Fixed Income — 11.6% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 16,953 | 191,225 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 3,577 | 28,690 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 1,581 | 11,920 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 2,332 | 20,870 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 3,680 | 24,988 | ||||||
|
| |||||||
Total Fixed Income | 277,693 | |||||||
|
| |||||||
International Equity — 25.8% | ||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 4,544 | 52,849 | ||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 2,132 | 53,139 | ||||||
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 3,541 | 76,523 | ||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 4,127 | 75,770 | ||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 7,503 | 108,936 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 11,158 | 173,287 | ||||||
JPMorgan International Unconstrained Equity Fund Class R6 Shares (a) | 4,358 | 76,832 | ||||||
|
| |||||||
Total International Equity | 617,336 | |||||||
|
| |||||||
U.S. Equity — 60.2% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 3,005 | 47,634 | ||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 8,436 | 272,148 | ||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 2,488 | 119,761 | ||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 5,803 | 197,711 | ||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 18,759 | 228,301 | ||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | 15,008 | 129,970 | ||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | 1,077 | 32,525 | ||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 1,340 | 30,732 | ||||||
JPMorgan U.S. Equity Fund Class R6 | 24,837 | 335,554 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
U.S. Equity — continued | ||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 1,536 | 46,862 | ||||||
|
| |||||||
Total U.S. Equity | 1,441,198 | |||||||
|
| |||||||
Total Investment Companies |
| 2,366,924 | ||||||
|
| |||||||
Short-Term Investments — 1.2% | ||||||||
Investment Companies — 1.2% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | 28,516 | 28,516 | ||||||
|
| |||||||
Total Investments — 100.1% | 2,395,440 | |||||||
Liabilities in Excess of | (3,585 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 2,391,855 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (b) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on FormN-CSR and in certified portfolio holdings filed quarterly on FormN-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| 10 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Investor Growth & Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment Companies — 99.0% | ||||||||
Alternative Assets — 2.5% | ||||||||
JPMorgan Research Market Neutral Fund Class L Shares * (a) | 1,252 | 19,205 | ||||||
JPMorgan Systematic Alpha Fund Class R6 Shares * (a) | 3,223 | 46,024 | ||||||
|
| |||||||
Total Alternative Assets | 65,229 | |||||||
|
| |||||||
Fixed Income — 31.5% | ||||||||
JPMorgan Core Bond Fund Class R6 | 36,779 | 414,863 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 21,345 | 171,190 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 1,699 | 12,811 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 7,070 | 63,276 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 7,616 | 51,714 | ||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 3,761 | 37,307 | ||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 3,659 | 36,554 | ||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 2,251 | 25,577 | ||||||
|
| |||||||
Total Fixed Income | 813,292 | |||||||
|
| |||||||
International Equity — 19.3% | ||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 4,003 | 46,551 | ||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 1,856 | 46,264 | ||||||
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 3,054 | 65,990 | ||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 5,481 | 100,629 | ||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 4,426 | 64,266 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 8,835 | 137,204 | ||||||
JPMorgan International Unconstrained Equity Fund Class R6 Shares (a) | 2,111 | 37,213 | ||||||
|
| |||||||
Total International Equity | 498,117 | |||||||
|
| |||||||
U.S. Equity — 45.7% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 3,347 | 53,053 | ||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 8,085 | 260,813 | ||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 1,620 | 77,966 | ||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 4,813 | 163,976 | ||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 11,667 | 141,989 | ||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | 11,171 | 96,740 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
U.S. Equity — continued | ||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | 1,066 | 32,171 | ||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 1,355 | 31,078 | ||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 20,226 | 273,253 | ||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 1,630 | 49,728 | ||||||
|
| |||||||
Total U.S. Equity | 1,180,767 | |||||||
|
| |||||||
Total Investment Companies | 2,557,405 | |||||||
|
| |||||||
Short-Term Investments — 1.1% | ||||||||
Investment Companies — 1.1% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | 29,017 | 29,017 | ||||||
|
| |||||||
Total Investments — 100.1% | 2,586,422 | |||||||
Liabilities in Excess of | (3,749 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 2,582,673 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (b) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. |
Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on FormN-CSR and in certified portfolio holdings filed quarterly on FormN-Q, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 11 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands, except per share amounts)
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in affiliates, at value | $ | 4,406,367 | $ | 3,233,876 | $ | 2,395,440 | $ | 2,586,422 | ||||||||
Cash | 88 | — | 59 | 52 | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 5,274 | 893 | 2,656 | 2,302 | ||||||||||||
Dividends from affiliates | 4 | 315 | 2 | 2 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 4,411,733 | 3,235,084 | 2,398,157 | 2,588,778 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | — | 257 | — | — | ||||||||||||
Distributions | 357 | 155 | 605 | 442 | ||||||||||||
Fund shares redeemed | 8,218 | 6,276 | 4,419 | 4,254 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 181 | 133 | 98 | 94 | ||||||||||||
Administration fees | 220 | 170 | 135 | 134 | ||||||||||||
Distribution fees | 1,144 | 1,133 | 508 | 610 | ||||||||||||
Service fees | 553 | 447 | 224 | 290 | ||||||||||||
Custodian and accounting fees | 5 | 5 | 5 | 5 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||
Other | 320 | 213 | 308 | 276 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 10,998 | 8,789 | 6,302 | 6,105 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 4,400,735 | $ | 3,226,295 | $ | 2,391,855 | $ | 2,582,673 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 12 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 3,954,346 | $ | 3,014,709 | $ | 1,973,065 | $ | 2,195,167 | ||||||||
Total distributable earnings (loss) (a) | 446,389 | 211,586 | 418,790 | 387,506 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 4,400,735 | $ | 3,226,295 | $ | 2,391,855 | $ | 2,582,673 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 3,137,131 | $ | 2,005,024 | $ | 1,814,574 | $ | 2,144,148 | ||||||||
Class C | 727,648 | 1,091,813 | 177,303 | 227,465 | ||||||||||||
Class I | 457,236 | 128,550 | 392,458 | 210,439 | ||||||||||||
Class R6 | 78,720 | 908 | 7,520 | 621 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 4,400,735 | $ | 3,226,295 | $ | 2,391,855 | $ | 2,582,673 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 230,763 | 171,403 | 104,142 | 142,777 | ||||||||||||
Class C | 54,432 | 93,794 | 10,966 | 15,630 | ||||||||||||
Class I | 33,573 | 10,923 | 22,021 | 14,261 | ||||||||||||
Class R6 | 5,783 | 77 | 422 | 42 | ||||||||||||
Net Asset Value (b): | ||||||||||||||||
Class A — Redemption price per share | $ | 13.59 | $ | 11.70 | $ | 17.42 | $ | 15.02 | ||||||||
Class C — Offering price per share (c) | 13.37 | 11.64 | 16.17 | 14.55 | ||||||||||||
Class I — Offering and redemption price per share | 13.62 | 11.77 | 17.82 | 14.76 | ||||||||||||
Class R6 — Offering and redemption price per share | 13.61 | 11.76 | 17.82 | 14.76 | ||||||||||||
Class A maximum sales charge | 4.50 | % | 4.50 | % | 4.50 | % | 4.50 | % | ||||||||
Class A maximum public offering price per share | $ | 14.23 | $ | 12.25 | $ | 18.24 | $ | 15.73 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in affiliates | $ | 4,031,177 | $ | 3,053,012 | $ | 2,055,454 | $ | 2,228,778 | ||||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 13 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands)
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Interest income from affiliates | $ | — | $ | — | $ | — | (a) | — | ||||||||
Dividend income from affiliates | 74,033 | 53,996 | 38,591 | 42,358 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 74,033 | 53,996 | 38,591 | 42,358 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 1,185 | 861 | 670 | 714 | ||||||||||||
Administration fees | 1,372 | 1,048 | 856 | 900 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 4,248 | 2,671 | 2,539 | 2,951 | ||||||||||||
Class C | 2,951 | 4,381 | 753 | 951 | ||||||||||||
Service fees: | ||||||||||||||||
Class A | 4,248 | 2,671 | 2,539 | 2,951 | ||||||||||||
Class C | 983 | 1,461 | 251 | 317 | ||||||||||||
Class I | 589 | 172 | 551 | 302 | ||||||||||||
Custodian and accounting fees | 11 | 11 | 11 | 10 | ||||||||||||
Professional fees | 40 | 32 | 28 | 29 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 22 | 19 | 18 | 18 | ||||||||||||
Printing and mailing costs | 117 | 78 | 95 | 90 | ||||||||||||
Registration and filing fees | 70 | 63 | 58 | 59 | ||||||||||||
Transfer agency fees (See Note 2.D.) | 150 | 97 | 178 | 151 | ||||||||||||
Other | 37 | 29 | 23 | 24 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 16,023 | 13,594 | 8,570 | 9,467 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (2,211 | ) | (1,452 | ) | (1,609 | ) | (1,634 | ) | ||||||||
Less expense reimbursements | — | — | — | (a) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 13,812 | 12,142 | 6,961 | 7,833 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 60,221 | 41,854 | 31,630 | 34,525 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on investments in affiliates | 41,537 | 13,839 | 17,324 | 21,401 | ||||||||||||
Distributions of capital gains received from investment company affiliates | 170,575 | 70,348 | 164,537 | 138,740 | ||||||||||||
Change in net unrealized appreciation/depreciation of investments in affiliates | (504,869 | ) | (213,489 | ) | (463,091 | ) | (388,588 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (292,757 | ) | (129,302 | ) | (281,230 | ) | (228,447 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (232,536 | ) | $ | (87,448 | ) | $ | (249,600 | ) | $ | (193,922 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 14 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 60,221 | $ | 71,739 | $ | 41,854 | $ | 60,122 | ||||||||
Net realized gain (loss) on investments in affiliates | 41,537 | 127,340 | 13,839 | 69,443 | ||||||||||||
Distributions of capital gains received from investment company affiliates | 170,575 | 126,064 | 70,348 | 52,204 | ||||||||||||
Change in net unrealized appreciation/depreciation of investments in affiliates | (504,869 | ) | (23,178 | ) | (213,489 | ) | (49,947 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (232,536 | ) | 301,965 | (87,448 | ) | 131,822 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (210,640 | ) | (236,178 | ) | (100,212 | ) | (118,112 | ) | ||||||||
Class C | (47,715 | ) | (48,722 | ) | (51,780 | ) | (58,140 | ) | ||||||||
Class I | (30,786 | ) | (31,225 | ) | (6,615 | ) | (7,467 | ) | ||||||||
Class R6 (b) | (5,550 | ) | (2,514 | ) | (45 | ) | (3 | ) | ||||||||
Class T (c) | — | (1 | ) | — | (1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (294,691 | ) | (318,640 | ) | (158,652 | ) | (183,723 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 143,366 | (170,845 | ) | (27,327 | ) | (239,055 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (383,861 | ) | (187,520 | ) | (273,427 | ) | (290,956 | ) | ||||||||
Beginning of period | 4,784,596 | 4,972,116 | 3,499,722 | 3,790,678 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,400,735 | $ | 4,784,596 | $ | 3,226,295 | $ | 3,499,722 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | |||||||
Class A | ||||||||
From net investment income | $ | (67,929 | ) | $ | (45,491 | ) | ||
From net realized gains | (168,249 | ) | (72,621 | ) | ||||
Class C | ||||||||
From net investment income | (11,192 | ) | (18,781 | ) | ||||
From net realized gains | (37,530 | ) | (39,359 | ) | ||||
Class I | ||||||||
From net investment income | (10,115 | ) | (3,123 | ) | ||||
From net realized gains | (21,110 | ) | (4,344 | ) | ||||
Class R6(b) | ||||||||
From net investment income | (1,006 | ) | (2 | ) | ||||
From net realized gains | (1,508 | ) | (1 | ) | ||||
Class T(c) | ||||||||
From net investment income | — | (d) | — | (d) | ||||
From net realized gains | (1 | ) | (1 | ) | ||||
| (b) | Commencement of offering of class of shares effective July 31, 2017. |
| (c) | Class T Shares had no assets from the close of business on June 5, 2018. |
| (d) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 15 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 31,630 | $ | 23,106 | $ | 34,525 | $ | 35,745 | ||||||||
Net realized gain (loss) on investments in affiliates | 17,324 | 48,795 | 21,401 | 90,932 | ||||||||||||
Distributions of capital gains received from investment company affiliates | 164,537 | 134,010 | 138,740 | 115,297 | ||||||||||||
Change in net unrealized appreciation/depreciation of investments in affiliates | (463,091 | ) | 70,222 | (388,588 | ) | 7,425 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (249,600 | ) | 276,133 | (193,922 | ) | 249,399 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (141,722 | ) | (173,357 | ) | (163,121 | ) | (197,243 | ) | ||||||||
Class C | (14,542 | ) | (17,453 | ) | (17,296 | ) | (20,021 | ) | ||||||||
Class I | (30,923 | ) | (32,701 | ) | (16,892 | ) | (20,236 | ) | ||||||||
Class R6 (b) | (603 | ) | (605 | ) | (49 | ) | (16 | ) | ||||||||
Class T (c) | — | (2 | ) | — | (1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (187,790 | ) | (224,118 | ) | (197,358 | ) | (237,517 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 127,409 | 91,735 | 84,240 | (94,761 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (309,981 | ) | 143,750 | (307,040 | ) | (82,879 | ) | |||||||||
Beginning of period | 2,701,836 | 2,558,086 | 2,889,713 | 2,972,592 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,391,855 | $ | 2,701,836 | $ | 2,582,673 | $ | 2,889,713 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
| JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||
Class A | ||||||||
From net investment income | $ | (37,031 | ) | $ | (46,325 | ) | ||
From net realized gains | (136,326 | ) | (150,918 | ) | ||||
Class C | ||||||||
From net investment income | (3,343 | ) | (3,589 | ) | ||||
From net realized gains | (14,110 | ) | (16,432 | ) | ||||
Class I | ||||||||
From net investment income | (7,867 | ) | (5,266 | ) | ||||
From net realized gains | (24,834 | ) | (14,970 | ) | ||||
Class R6(b) | ||||||||
From net investment income | (154 | ) | (6 | ) | ||||
From net realized gains | (451 | ) | (10 | ) | ||||
Class T(c) | ||||||||
From net investment income | (1 | ) | — | (d) | ||||
From net realized gains | (1 | ) | (1 | ) | ||||
| (b) | Commencement of offering of class of shares effective July 31, 2017. |
| (c) | Class T Shares had no assets from the close of business on June 5, 2018. |
| (d) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 16 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 143,386 | $ | 460,817 | $ | 89,802 | $ | 442,260 | ||||||||
Distributions reinvested | 209,753 | 235,227 | 99,796 | 117,679 | ||||||||||||
Cost of shares redeemed | (276,863 | ) | (672,859 | ) | (206,330 | ) | (429,357 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 76,276 | $ | 23,185 | $ | (16,732 | ) | $ | 130,582 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 77,328 | $ | 138,371 | $ | 75,285 | $ | 171,728 | ||||||||
Distributions reinvested | 47,485 | 48,466 | 51,548 | 57,915 | ||||||||||||
Cost of shares redeemed | (99,993 | ) | (472,053 | ) | (139,799 | ) | (602,825 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 24,820 | $ | (285,216 | ) | $ | (12,966 | ) | $ | (373,182 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 66,976 | $ | 108,433 | $ | 15,362 | $ | 32,920 | ||||||||
Distributions reinvested | 30,432 | 29,635 | 6,442 | 6,927 | ||||||||||||
Cost of shares redeemed | (57,832 | ) | (135,249 | ) | (20,242 | ) | (36,461 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 39,576 | $ | 2,819 | $ | 1,562 | $ | 3,386 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 115 | $ | 86,464 | $ | 777 | $ | 177 | ||||||||
Distributions reinvested | 5,550 | 2,513 | 45 | 2 | ||||||||||||
Cost of shares redeemed | (2,971 | ) | (590 | ) | (13 | ) | — | (b) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 2,694 | $ | 88,387 | $ | 809 | $ | 179 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class T(c) | ||||||||||||||||
Distributions reinvested | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||
Cost of shares redeemed | — | (21 | ) | — | (21 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class T capital transactions | $ | — | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 143,366 | $ | (170,845 | ) | $ | (27,327 | ) | $ | (239,055 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Class T Shares had no assets from the close of business on June 5, 2018. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 17 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 9,549 | 29,180 | 7,238 | 33,945 | ||||||||||||
Reinvested | 15,018 | 15,208 | 8,357 | 9,180 | ||||||||||||
Redeemed | (18,385 | ) | (43,083 | ) | (16,555 | ) | (33,363 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 6,182 | 1,305 | (960 | ) | 9,762 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 5,155 | 8,998 | 6,026 | 13,393 | ||||||||||||
Reinvested | 3,467 | 3,183 | 4,351 | 4,539 | ||||||||||||
Redeemed | (6,752 | ) | (30,384 | ) | (11,268 | ) | (46,658 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 1,870 | (18,203 | ) | (891 | ) | (28,726 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 4,491 | 6,915 | 1,214 | 2,536 | ||||||||||||
Reinvested | 2,174 | 1,913 | 535 | 538 | ||||||||||||
Redeemed | (3,833 | ) | (8,609 | ) | (1,619 | ) | (2,821 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 2,832 | 219 | 130 | 253 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) | ||||||||||||||||
Issued | 8 | 5,464 | 60 | 14 | ||||||||||||
Reinvested | 396 | 163 | 4 | — | (b) | |||||||||||
Redeemed | (210 | ) | (38 | ) | (1 | ) | — | (b) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 194 | 5,589 | 63 | 14 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class T(c) | ||||||||||||||||
Reinvested | — | — | (b) | — | — | (b) | ||||||||||
Redeemed | — | (1 | ) | — | (2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class T Shares | — | (1 | ) | — | (2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Class T Shares had no assets from the close of business on June 5, 2018. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 18 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 88,003 | $ | 193,204 | $ | 86,411 | $ | 225,692 | ||||||||
Distributions reinvested | 140,604 | 172,014 | 162,018 | 195,946 | ||||||||||||
Cost of shares redeemed | (132,109 | ) | (293,109 | ) | (167,796 | ) | (389,174 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 96,498 | $ | 72,109 | $ | 80,633 | $ | 32,464 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 19,520 | $ | 45,931 | $ | 21,493 | $ | 47,513 | ||||||||
Distributions reinvested | 14,396 | 17,270 | 17,132 | 19,822 | ||||||||||||
Cost of shares redeemed | (28,563 | ) | (138,492 | ) | (35,947 | ) | (198,558 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 5,353 | $ | (75,291 | ) | $ | 2,678 | $ | (131,223 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 42,928 | $ | 134,558 | $ | 16,760 | $ | 40,223 | ||||||||
Distributions reinvested | 30,133 | 31,813 | 16,408 | 19,287 | ||||||||||||
Cost of shares redeemed | (48,353 | ) | (79,570 | ) | (32,335 | ) | (56,132 | ) | ||||||||
|
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|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 24,708 | $ | 86,801 | $ | 833 | $ | 3,378 | ||||||||
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| |||||||||
Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 821 | $ | 8,361 | $ | 103 | $ | 662 | ||||||||
Distributions reinvested | 603 | 605 | 49 | 16 | ||||||||||||
Cost of shares redeemed | (574 | ) | (829 | ) | (56 | ) | (37 | ) | ||||||||
|
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|
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| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 850 | $ | 8,137 | $ | 96 | $ | 641 | ||||||||
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| |||||||||
Class T(b) | ||||||||||||||||
Distributions reinvested | — | 2 | — | 1 | ||||||||||||
Cost of shares redeemed | — | (23 | ) | — | (c) | (22 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class T capital transactions | $ | — | $ | (21 | ) | $ | — | (c) | $ | (21 | ) | |||||
|
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|
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|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 127,409 | $ | 91,735 | $ | 84,240 | $ | (94,761 | ) | |||||||
|
|
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| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017. |
| (b) | Class T Shares had no assets from the close of business on June 5, 2018. |
| (c) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 19 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 4,371 | 9,068 | 5,099 | 12,545 | ||||||||||||
Reinvested | 7,802 | 8,256 | 10,459 | 11,186 | ||||||||||||
Redeemed | (6,514 | ) | (13,900 | ) | (9,815 | ) | (21,923 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 5,659 | 3,424 | 5,743 | 1,808 | ||||||||||||
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| |||||||||
Class C | ||||||||||||||||
Issued | 1,017 | 2,319 | 1,284 | 2,749 | ||||||||||||
Reinvested | 861 | 886 | 1,144 | 1,166 | ||||||||||||
Redeemed | (1,501 | ) | (6,904 | ) | (2,172 | ) | (11,335 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 377 | (3,699 | ) | 256 | (7,420 | ) | ||||||||||
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| |||||||||
Class I | ||||||||||||||||
Issued | 2,076 | 6,205 | 983 | 2,304 | ||||||||||||
Reinvested | 1,632 | 1,496 | 1,076 | 1,119 | ||||||||||||
Redeemed | (2,380 | ) | (3,692 | ) | (1,957 | ) | (3,199 | ) | ||||||||
|
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|
|
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|
| |||||||||
Change in Class I Shares | 1,328 | 4,009 | 102 | 224 | ||||||||||||
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| |||||||||
Class R6(a) | ||||||||||||||||
Issued | 39 | 390 | 6 | 37 | ||||||||||||
Reinvested | 33 | 28 | 3 | 1 | ||||||||||||
Redeemed | (30 | ) | (38 | ) | (3 | ) | (2 | ) | ||||||||
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| |||||||||
Change in Class R6 Shares | 42 | 380 | 6 | 36 | ||||||||||||
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Class T(b) | ||||||||||||||||
Reinvested | — | — | (c) | — | — | (c) | ||||||||||
Redeemed | — | (1 | ) | — | (c) | (1 | ) | |||||||||
|
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| |||||||||
Change in Class T Shares | — | (1 | ) | — | (c) | (1 | ) | |||||||||
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| |||||||||
| (a) | Commencement of offering of class of shares effective July 31, 2017. |
| (b) | Class T Shares had no assets from the close of business on June 5, 2018. |
| (c) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 20 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 21 | ||||||
Table of Contents
FOR THE PERIODS INDICATED
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Investor Balanced Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 15.30 | $ | 0.20 | (g) | $ | (0.95 | ) | $ | (0.75 | ) | $ | (0.28 | ) | $ | (0.68 | ) | $ | (0.96 | ) | ||||||||
Year Ended June 30, 2018 | 15.37 | 0.24 | (g) | 0.72 | 0.96 | (0.29 | ) | (0.74 | ) | (1.03 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 14.33 | 0.23 | (g) | 1.33 | 1.56 | (0.24 | ) | (0.28 | ) | (0.52 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 15.12 | 0.22 | (g) | (0.29 | ) | (0.07 | ) | (0.25 | ) | (0.47 | ) | (0.72 | ) | |||||||||||||||
Year Ended June 30, 2015 | 15.25 | 0.19 | 0.24 | 0.43 | (0.28 | ) | (0.28 | ) | (0.56 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.61 | 0.17 | (g) | 1.74 | 1.91 | (0.23 | ) | (0.04 | ) | (0.27 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 15.06 | 0.15 | (g) | (0.93 | ) | (0.78 | ) | (0.23 | ) | (0.68 | ) | (0.91 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.14 | 0.14 | (g) | 0.73 | 0.87 | (0.21 | ) | (0.74 | ) | (0.95 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 14.13 | 0.14 | (g) | 1.30 | 1.44 | (0.15 | ) | (0.28 | ) | (0.43 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 14.92 | 0.14 | (g) | (0.29 | ) | (0.15 | ) | (0.17 | ) | (0.47 | ) | (0.64 | ) | |||||||||||||||
Year Ended June 30, 2015 | 15.05 | 0.13 | 0.23 | 0.36 | (0.21 | ) | (0.28 | ) | (0.49 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.44 | 0.09 | (g) | 1.71 | 1.80 | (0.15 | ) | (0.04 | ) | (0.19 | ) | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 15.33 | 0.22 | (g) | (0.96 | ) | (0.74 | ) | (0.29 | ) | (0.68 | ) | (0.97 | ) | |||||||||||||||
Year Ended June 30, 2018 | 15.39 | 0.28 | (g) | 0.73 | 1.01 | (0.33 | ) | (0.74 | ) | (1.07 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 14.35 | 0.27 | (g) | 1.33 | 1.60 | (0.28 | ) | (0.28 | ) | (0.56 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 15.14 | 0.26 | (g) | (0.30 | ) | (0.04 | ) | (0.28 | ) | (0.47 | ) | (0.75 | ) | |||||||||||||||
Year Ended June 30, 2015 | 15.27 | 0.24 | 0.23 | 0.47 | (0.32 | ) | (0.28 | ) | (0.60 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 13.62 | 0.20 | (g) | 1.75 | 1.95 | (0.26 | ) | (0.04 | ) | (0.30 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 15.32 | 0.23 | (g) | (0.95 | ) | (0.72 | ) | (0.31 | ) | (0.68 | ) | (0.99 | ) | |||||||||||||||
July 31, 2017 (h) through June 30, 2018 | 15.63 | 0.29 | (g) | 0.50 | 0.79 | (0.36 | ) | (0.74 | ) | (1.10 | ) | |||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Net investment income (loss) is affected by timing of distributions from Underlying Funds. |
| (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) | Does not include expenses of Underlying Funds. |
| (f) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (g) | Calculated based upon average shares outstanding. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 22 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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) (b) | Expenses without waivers, reimbursements and earnings credits (e) | Portfolio turnover rate (excluding securities sold short) (c) | ||||||||||||||||||||
| $ | 13.59 | (5.00 | )% | $ | 3,137,131 | 0.52 | % | 2.60 | % | 0.63 | % | 5 | % | |||||||||||||
| 15.30 | 6.30 | 3,436,111 | 0.52 | 1.54 | 0.63 | 9 | ||||||||||||||||||||
| 15.37 | 11.09 | 3,430,816 | 0.52 | 1.55 | 0.65 | 4 | ||||||||||||||||||||
| 14.33 | (0.40 | ) | 3,836,242 | 0.46 | 1.55 | 0.67 | 12 | |||||||||||||||||||
| 15.12 | 2.89 | 4,018,244 | 0.34 | 1.26 | 0.66 | 10 | ||||||||||||||||||||
| 15.25 | 14.12 | 3,749,519 | 0.41 | 1.16 | 0.67 | 12 | ||||||||||||||||||||
| 13.37 | (5.21 | ) | 727,648 | 1.10 | 2.03 | 1.13 | 5 | |||||||||||||||||||
| 15.06 | 5.71 | 791,718 | 1.09 | 0.89 | 1.13 | 9 | ||||||||||||||||||||
| 15.14 | 10.40 | 1,071,522 | 1.09 | 0.97 | 1.15 | 4 | ||||||||||||||||||||
| 14.13 | (0.95 | ) | 1,155,896 | 1.01 | 1.00 | 1.16 | 12 | |||||||||||||||||||
| 14.92 | 2.45 | 1,195,830 | 0.80 | 0.81 | 1.16 | 10 | ||||||||||||||||||||
| 15.05 | 13.50 | 995,919 | 0.97 | 0.61 | 1.17 | 12 | ||||||||||||||||||||
| 13.62 | (4.87 | ) | 457,236 | 0.27 | 2.91 | 0.37 | 5 | |||||||||||||||||||
| 15.33 | 6.62 | 471,153 | 0.27 | 1.76 | 0.37 | 9 | ||||||||||||||||||||
| 15.39 | 11.36 | 469,758 | 0.27 | 1.80 | 0.38 | 4 | ||||||||||||||||||||
| 14.35 | (0.15 | ) | 408,797 | 0.20 | 1.83 | 0.39 | 12 | |||||||||||||||||||
| 15.14 | 3.15 | 353,402 | 0.08 | 1.51 | 0.40 | 10 | ||||||||||||||||||||
| 15.27 | 14.45 | 329,525 | 0.16 | 1.39 | 0.42 | 12 | ||||||||||||||||||||
| 13.61 | (4.80 | ) | 78,720 | 0.12 | 3.00 | 0.12 | 5 | |||||||||||||||||||
| 15.32 | 5.07 | 85,614 | 0.12 | 2.03 | 0.12 | 9 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 23 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Investor Conservative Growth Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 12.61 | $ | 0.17 | (g) | $ | (0.48 | ) | $ | (0.31 | ) | $ | (0.20 | ) | $ | (0.40 | ) | $ | (0.60 | ) | ||||||||
Year Ended June 30, 2018 | 12.80 | 0.24 | (g) | 0.24 | 0.48 | (0.26 | ) | (0.41 | ) | (0.67 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 12.36 | 0.23 | (g) | 0.61 | 0.84 | (0.23 | ) | (0.17 | ) | (0.40 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 12.78 | 0.22 | (g) | (0.11 | ) | 0.11 | (0.23 | ) | (0.30 | ) | (0.53 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 13.00 | 0.19 | 0.05 | 0.24 | (0.22 | ) | (0.24 | ) | (0.46 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.01 | 0.18 | (g) | 1.02 | 1.20 | (0.21 | ) | — | (0.21 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 12.55 | 0.13 | (g) | (0.47 | ) | (0.34 | ) | (0.17 | ) | (0.40 | ) | (0.57 | ) | |||||||||||||||
Year Ended June 30, 2018 | 12.75 | 0.16 | (g) | 0.24 | 0.40 | (0.19 | ) | (0.41 | ) | (0.60 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 12.30 | 0.15 | (g) | 0.62 | 0.77 | (0.15 | ) | (0.17 | ) | (0.32 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 12.73 | 0.15 | (g) | (0.12 | ) | 0.03 | (0.16 | ) | (0.30 | ) | (0.46 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 12.95 | 0.13 | 0.06 | 0.19 | (0.17 | ) | (0.24 | ) | (0.41 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 11.97 | 0.11 | (g) | 1.01 | 1.12 | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 12.69 | 0.18 | (g) | (0.48 | ) | (0.30 | ) | (0.22 | ) | (0.40 | ) | (0.62 | ) | |||||||||||||||
Year Ended June 30, 2018 | 12.87 | 0.27 | (g) | 0.25 | 0.52 | (0.29 | ) | (0.41 | ) | (0.70 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 12.42 | 0.26 | (g) | 0.62 | 0.88 | (0.26 | ) | (0.17 | ) | (0.43 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 12.84 | 0.25 | (g) | (0.11 | ) | 0.14 | (0.26 | ) | (0.30 | ) | (0.56 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 13.06 | 0.22 | 0.06 | 0.28 | (0.26 | ) | (0.24 | ) | (0.50 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 12.06 | 0.21 | (g) | 1.03 | 1.24 | (0.24 | ) | — | (0.24 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 12.68 | 0.21 | (g) | (0.50 | ) | (0.29 | ) | (0.23 | ) | (0.40 | ) | (0.63 | ) | |||||||||||||||
July 31, 2017 (h) through June 30, 2018 | 13.00 | 0.24 | (g) | 0.14 | 0.38 | (0.29 | ) | (0.41 | ) | (0.70 | ) | |||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Net investment income (loss) is affected by timing of distributions from Underlying Funds. |
| (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) | Does not include expenses of Underlying Funds. |
| (f) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (g) | Calculated based upon average shares outstanding. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 24 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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) (b) | Expenses without waivers, reimbursements and earnings credits (e) | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 11.70 | (2.49 | )% | $ | 2,005,024 | 0.52 | % | 2.62 | % | 0.63 | % | 4 | % | |||||||||||||
| 12.61 | 3.76 | 2,173,957 | 0.52 | 1.85 | 0.64 | 6 | ||||||||||||||||||||
| 12.80 | 6.92 | 2,081,812 | 0.52 | 1.80 | 0.65 | 6 | ||||||||||||||||||||
| 12.36 | 0.97 | 2,411,763 | 0.46 | 1.76 | 0.66 | 12 | ||||||||||||||||||||
| 12.78 | 1.89 | 2,554,155 | 0.34 | 1.46 | 0.66 | 11 | ||||||||||||||||||||
| 13.00 | 10.05 | 2,516,247 | 0.41 | 1.41 | 0.66 | 20 | ||||||||||||||||||||
| 11.64 | (2.78 | ) | 1,091,813 | 1.10 | 2.04 | 1.13 | 4 | |||||||||||||||||||
| 12.55 | 3.09 | 1,188,675 | 1.10 | 1.21 | 1.13 | 6 | ||||||||||||||||||||
| 12.75 | 6.40 | 1,573,159 | 1.10 | 1.22 | 1.15 | 6 | ||||||||||||||||||||
| 12.30 | 0.34 | 1,740,461 | 1.01 | 1.21 | 1.16 | 12 | ||||||||||||||||||||
| 12.73 | 1.44 | 1,831,636 | 0.79 | 1.02 | 1.16 | 11 | ||||||||||||||||||||
| 12.95 | 9.42 | 1,580,447 | 0.97 | 0.87 | 1.16 | 20 | ||||||||||||||||||||
| 11.77 | (2.43 | ) | 128,550 | 0.27 | 2.88 | 0.39 | 4 | |||||||||||||||||||
| 12.69 | 4.08 | 136,915 | 0.27 | 2.09 | 0.39 | 6 | ||||||||||||||||||||
| 12.87 | 7.22 | 135,687 | 0.27 | 2.05 | 0.40 | 6 | ||||||||||||||||||||
| 12.42 | 1.22 | 135,832 | 0.21 | 2.02 | 0.41 | 12 | ||||||||||||||||||||
| 12.84 | 2.13 | 130,507 | 0.09 | 1.71 | 0.40 | 11 | ||||||||||||||||||||
| 13.06 | 10.35 | 119,664 | 0.16 | 1.66 | 0.41 | 20 | ||||||||||||||||||||
| 11.76 | (2.37 | ) | 908 | 0.14 | 3.33 | 0.14 | 4 | |||||||||||||||||||
| 12.68 | 2.95 | 175 | 0.14 | 2.09 | 0.15 | 6 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 25 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b)(c) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Investor Growth Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 20.80 | $ | 0.24 | $ | (2.17 | ) | $ | (1.93 | ) | $ | (0.44 | ) | $ | (1.01 | ) | $ | (1.45 | ) | |||||||||
Year Ended June 30, 2018 | 20.38 | 0.19 | 2.04 | 2.23 | (0.37 | ) | (1.44 | ) | (1.81 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 18.04 | 0.18 | 3.19 | 3.37 | (0.19 | ) | (0.84 | ) | (1.03 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 19.95 | 0.17 | (0.89 | ) | (0.72 | ) | (0.24 | ) | (0.95 | ) | (1.19 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 19.59 | 0.15 | 0.91 | 1.06 | (0.39 | ) | (0.31 | ) | (0.70 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 16.25 | 0.11 | 3.45 | 3.56 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.43 | 0.17 | (2.02 | ) | (1.85 | ) | (0.40 | ) | (1.01 | ) | (1.41 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 19.20 | 0.04 | 1.95 | 1.99 | (0.32 | ) | (1.44 | ) | (1.76 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 17.10 | 0.06 | 3.01 | 3.07 | (0.13 | ) | (0.84 | ) | (0.97 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 19.01 | 0.07 | (0.85 | ) | (0.78 | ) | (0.18 | ) | (0.95 | ) | (1.13 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 18.75 | 0.05 | 0.87 | 0.92 | (0.35 | ) | (0.31 | ) | (0.66 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 15.60 | 0.01 | 3.30 | 3.31 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 21.24 | 0.28 | (2.23 | ) | (1.95 | ) | (0.46 | ) | (1.01 | ) | (1.47 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 20.77 | 0.24 | 2.09 | 2.33 | (0.42 | ) | (1.44 | ) | (1.86 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 18.37 | 0.23 | 3.25 | 3.48 | (0.24 | ) | (0.84 | ) | (1.08 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 20.29 | 0.23 | (0.91 | ) | (0.68 | ) | (0.29 | ) | (0.95 | ) | (1.24 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 19.91 | 0.20 | 0.93 | 1.13 | (0.44 | ) | (0.31 | ) | (0.75 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 16.51 | 0.16 | 3.50 | 3.66 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 21.23 | 0.30 | (2.23 | ) | (1.93 | ) | (0.47 | ) | (1.01 | ) | (1.48 | ) | ||||||||||||||||
July 31, 2017 (h) through June 30, 2018 | 21.25 | 0.29 | 1.58 | 1.87 | (0.45 | ) | (1.44 | ) | (1.89 | ) | ||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Net investment income (loss) is affected by timing of distributions from Underlying Funds. |
| (c) | Calculated based upon average shares outstanding. |
| (d) | Not annualized for periods less than one year. |
| (e) | 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. |
| (f) | Does not include expenses of Underlying Funds. |
| (g) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 26 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (d)(e) | Net assets, end of period (000’s) | Net expenses (f)(g) | Net investment income (loss) (b) | Expenses without waivers, reimbursements and earnings credits (f) | Portfolio turnover rate (d) | ||||||||||||||||||||
| $ | 17.42 | (9.43 | )% | $ | 1,814,574 | 0.52 | % | 2.36 | % | 0.65 | % | 4 | % | |||||||||||||
| 20.80 | 11.02 | 2,048,525 | 0.52 | 0.88 | 0.67 | 11 | ||||||||||||||||||||
| 20.38 | 19.19 | 1,937,119 | 0.52 | 0.93 | 0.70 | 8 | ||||||||||||||||||||
| 18.04 | (3.54 | ) | 1,893,308 | 0.47 | 0.93 | 0.72 | 8 | |||||||||||||||||||
| 19.95 | 5.51 | 1,994,792 | 0.38 | 0.74 | 0.71 | 10 | ||||||||||||||||||||
| 19.59 | 21.95 | 1,791,194 | 0.41 | 0.59 | 0.71 | 8 | ||||||||||||||||||||
| 16.17 | (9.66 | ) | 177,303 | 1.10 | 1.76 | 1.14 | 4 | |||||||||||||||||||
| 19.43 | 10.41 | 205,740 | 1.10 | 0.20 | 1.16 | 11 | ||||||||||||||||||||
| 19.20 | 18.47 | 274,389 | 1.09 | 0.35 | 1.19 | 8 | ||||||||||||||||||||
| 17.10 | (4.05 | ) | 270,007 | 1.02 | 0.39 | 1.21 | 8 | |||||||||||||||||||
| 19.01 | 4.97 | 268,270 | 0.85 | 0.26 | 1.21 | 10 | ||||||||||||||||||||
| 18.75 | 21.30 | 226,430 | 0.95 | 0.05 | 1.21 | 8 | ||||||||||||||||||||
| 17.82 | (9.31 | ) | 392,458 | 0.27 | 2.62 | 0.39 | 4 | |||||||||||||||||||
| 21.24 | 11.33 | 439,498 | 0.27 | 1.11 | 0.39 | 11 | ||||||||||||||||||||
| 20.77 | 19.46 | 346,558 | 0.27 | 1.17 | 0.39 | 8 | ||||||||||||||||||||
| 18.37 | (3.28 | ) | 283,616 | 0.20 | 1.21 | 0.40 | 8 | |||||||||||||||||||
| 20.29 | 5.80 | 260,097 | 0.10 | 1.01 | 0.42 | 10 | ||||||||||||||||||||
| 19.91 | 22.25 | 182,413 | 0.16 | 0.85 | 0.46 | 8 | ||||||||||||||||||||
| 17.82 | (9.20 | ) | 7,520 | 0.13 | 2.86 | 0.15 | 4 | |||||||||||||||||||
| 21.23 | 8.90 | 8,073 | 0.14 | 1.45 | 0.27 | 11 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 27 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b)(c) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Investor Growth & Income Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 17.41 | $ | 0.21 | $ | (1.39 | ) | $ | (1.18 | ) | $ | (0.34 | ) | $ | (0.87 | ) | $ | (1.21 | ) | |||||||||
Year Ended June 30, 2018 | 17.37 | 0.22 | 1.27 | 1.49 | (0.33 | ) | (1.12 | ) | (1.45 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 15.79 | 0.22 | 2.07 | 2.29 | (0.23 | ) | (0.48 | ) | (0.71 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 17.02 | 0.21 | (0.58 | ) | (0.37 | ) | (0.25 | ) | (0.61 | ) | (0.86 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 17.11 | 0.19 | 0.44 | 0.63 | (0.33 | ) | (0.39 | ) | (0.72 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 14.78 | 0.16 | 2.40 | 2.56 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 16.92 | 0.16 | (1.37 | ) | (1.21 | ) | (0.29 | ) | (0.87 | ) | (1.16 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 16.91 | 0.10 | 1.26 | 1.36 | (0.23 | ) | (1.12 | ) | (1.35 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 15.39 | 0.12 | 2.01 | 2.13 | (0.13 | ) | (0.48 | ) | (0.61 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.62 | 0.12 | (0.57 | ) | (0.45 | ) | (0.17 | ) | (0.61 | ) | (0.78 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.72 | 0.11 | 0.44 | 0.55 | (0.26 | ) | (0.39 | ) | (0.65 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 14.46 | 0.07 | 2.34 | 2.41 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 17.14 | 0.23 | (1.38 | ) | (1.15 | ) | (0.36 | ) | (0.87 | ) | (1.23 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 17.11 | 0.26 | 1.26 | 1.52 | (0.37 | ) | (1.12 | ) | (1.49 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 15.57 | 0.25 | 2.04 | 2.29 | (0.27 | ) | (0.48 | ) | (0.75 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 16.80 | 0.25 | (0.58 | ) | (0.33 | ) | (0.29 | ) | (0.61 | ) | (0.90 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 16.89 | 0.23 | 0.44 | 0.67 | (0.37 | ) | (0.39 | ) | (0.76 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 14.59 | 0.19 | 2.38 | 2.57 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 17.13 | 0.25 | (1.38 | ) | (1.13 | ) | (0.37 | ) | (0.87 | ) | (1.24 | ) | ||||||||||||||||
July 31, 2017 (h) through June 30, 2018 | 17.44 | 0.22 | 0.99 | 1.21 | (0.40 | ) | (1.12 | ) | (1.52 | ) | ||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Net investment income (loss) is affected by timing of distributions from Underlying Funds. |
| (c) | Calculated based upon average shares outstanding. |
| (d) | Not annualized for periods less than one year. |
| (e) | 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. |
| (f) | Does not include expenses of Underlying Funds. |
| (g) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 28 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (d)(e) | Net assets, end of period (000’s) | Net expenses (f)(g) | Net investment income (loss) (b) | Expenses without waivers, reimbursements and earnings credits (f) | Portfolio turnover rate (d) | ||||||||||||||||||||
| $ | 15.02 | (6.89 | )% | $ | 2,144,148 | 0.52 | % | 2.45 | % | 0.64 | % | 5 | % | |||||||||||||
| 17.41 | 8.67 | 2,386,397 | 0.52 | 1.25 | 0.66 | 11 | ||||||||||||||||||||
| 17.37 | 14.82 | 2,348,659 | 0.52 | 1.30 | 0.67 | 7 | ||||||||||||||||||||
| 15.79 | (2.06 | ) | 2,489,097 | 0.46 | 1.33 | 0.69 | 13 | |||||||||||||||||||
| 17.02 | 3.78 | 2,659,305 | 0.36 | 1.11 | 0.69 | 9 | ||||||||||||||||||||
| 17.11 | 17.40 | 2,432,024 | 0.41 | 0.96 | 0.68 | 10 | ||||||||||||||||||||
| 14.55 | (7.24 | ) | 227,465 | 1.10 | 1.86 | 1.14 | 5 | |||||||||||||||||||
| 16.92 | 8.10 | 260,085 | 1.10 | 0.57 | 1.14 | 11 | ||||||||||||||||||||
| 16.91 | 14.17 | 385,447 | 1.10 | 0.73 | 1.17 | 7 | ||||||||||||||||||||
| 15.39 | (2.63 | ) | 414,439 | 1.02 | 0.79 | 1.19 | 13 | |||||||||||||||||||
| 16.62 | 3.37 | 430,037 | 0.82 | 0.65 | 1.19 | 9 | ||||||||||||||||||||
| 16.72 | 16.72 | 358,544 | 0.96 | 0.42 | 1.18 | 10 | ||||||||||||||||||||
| 14.76 | (6.81 | ) | 210,439 | 0.27 | 2.66 | 0.38 | 5 | |||||||||||||||||||
| 17.14 | 9.02 | 242,612 | 0.27 | 1.49 | 0.39 | 11 | ||||||||||||||||||||
| 17.11 | 15.07 | 238,466 | 0.27 | 1.53 | 0.39 | 7 | ||||||||||||||||||||
| 15.57 | (1.82 | ) | 238,427 | 0.20 | 1.60 | 0.40 | 13 | |||||||||||||||||||
| 16.80 | 4.11 | 244,290 | 0.09 | 1.38 | 0.41 | 9 | ||||||||||||||||||||
| 16.89 | 17.71 | 208,836 | 0.16 | 1.21 | 0.44 | 10 | ||||||||||||||||||||
| 14.76 | (6.70 | ) | 621 | 0.14 | 2.92 | 0.15 | 5 | |||||||||||||||||||
| 17.13 | 7.04 | 619 | 0.13 | 1.42 | 0.14 | 11 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 29 | ||||||
Table of Contents
AS OF DECEMBER 31, 2018 (Unaudited)
1. Organization
JPMorgan Trust II (“JPM II” or the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company.
The following are 4 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:
| Classes Offered | Diversified/Non-Diversified | |||
| JPMorgan Investor Balanced Fund | Class A, Class C, Class I, Class R6 and Class T* | Diversified | ||
| JPMorgan Investor Conservative Growth Fund | Class A, Class C, Class I, Class R6 and Class T* | Diversified | ||
| JPMorgan Investor Growth Fund | Class A, Class C, Class I, Class R6 and Class T* | Diversified | ||
| JPMorgan Investor Growth & Income Fund | Class A, Class C, Class I, Class R6 and Class T* | Diversified |
| * | Class T Shares had no assets from the close of business on June 5, 2018 and are not offered to the public. |
The investment objective of the JPMorgan Investor Balanced Fund (“Investor Balanced Fund”) is to seek high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.
The investment objective of the JPMorgan Investor Conservative Growth Fund (“Investor Conservative Growth Fund”) is to seek income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.
The investment objective of the JPMorgan Investor Growth Fund (“Investor Growth Fund”) is to seek long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.
The investment objective of the JPMorgan Investor Growth & Income Fund (“Investor Growth & Income Fund”) is to seek long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.
Class A and Class T Shares generally provide for afront-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I Shares or Class R6 Shares. Certain Class A Shares, for whichfront-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the 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 their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the 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.
Investments inopen-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s net asset value per share (“NAV”) as of the report date.
| 30 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
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.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Investor Balanced Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 4,406,367 | $ | — | $ | — | $ | 4,406,367 | ||||||||
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| Investor Conservative Growth Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 3,233,876 | $ | — | $ | — | $ | 3,233,876 | ||||||||
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| Investor Growth Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 2,395,440 | $ | — | $ | — | $ | 2,395,440 | ||||||||
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| Investor Growth & Income Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 2,586,422 | $ | — | $ | — | $ | 2,586,422 | ||||||||
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| (a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for asset class specifics of portfolio holdings. |
There were no transfers among any levels during the six months ended December 31, 2018.
B. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover. Amounts in the tables below are in thousands.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 31 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Investor Balanced Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | $ | 981,915 | $ | 34,722 | $ | 47,667 | $ | (2,589 | ) | $ | 3,052 | $ | 969,433 | 85,943 | $ | 14,861 | $ | 937 | ||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 475,808 | 7,829 | 17,831 | (798 | ) | (1,071 | ) | 463,937 | 57,848 | 7,829 | — | |||||||||||||||||||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 69,037 | 5,977 | — | — | (9,695 | ) | 65,319 | 5,616 | 2,128 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 48,007 | 1,306 | 4,473 | (358 | ) | (941 | ) | 43,541 | 5,775 | 1,306 | — | |||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 69,191 | 4,055 | — | — | (7,315 | ) | 65,931 | 2,645 | 687 | — | ||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 95,291 | 3,927 | — | — | (7,194 | ) | 92,024 | 5,806 | 1,314 | 2,614 | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class L Shares (a) | 100,554 | — | 95,701 | — | (4,853 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class R6 Shares (a) | — | 98,294 | — | — | (13,385 | ) | 84,909 | 3,929 | 2,593 | — | ||||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 159,680 | 3,634 | 26,988 | (2,620 | ) | (3,245 | ) | 130,461 | 14,577 | 3,633 | — | |||||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 158,803 | 15,327 | — | — | (29,593 | ) | 144,537 | 7,872 | 4,628 | 10,700 | ||||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 115,120 | 3,593 | 933 | (6 | ) | (6,791 | ) | 110,983 | 16,345 | 3,594 | — | |||||||||||||||||||||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 71,937 | 854 | 3,851 | (183 | ) | (1,160 | ) | 67,597 | 6,814 | 854 | — | |||||||||||||||||||||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 71,380 | 4,845 | — | — | (12,257 | ) | 63,968 | 4,406 | 1,735 | 704 | ||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 255,800 | 13,212 | — | — | (39,975 | ) | 229,037 | 14,748 | 8,399 | — | ||||||||||||||||||||||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 334,210 | 44,594 | 13,095 | 949 | (74,178 | ) | 292,480 | 9,066 | 4,815 | 39,779 | ||||||||||||||||||||||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 166,954 | 17,223 | 4,828 | 3,369 | (34,645 | ) | 148,073 | 3,077 | 1,787 | 15,437 | ||||||||||||||||||||||||||
JPMorgan Intrepid Mid Cap Fund Class R6 Shares (a) | 42,708 | — | 44,195 | 29,175 | (27,688 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 164,998 | 18,318 | 14,512 | 7,824 | (41,965 | ) | 134,663 | 3,953 | 109 | 18,209 | ||||||||||||||||||||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 120,562 | 8,379 | — | — | (22,621 | ) | 106,320 | 8,736 | 1,003 | 7,376 | ||||||||||||||||||||||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 198,725 | 2,565 | 7,931 | (39 | ) | 235 | 193,555 | 19,375 | 2,566 | — | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class I Shares (a) | 168,844 | — | 126,651 | — | (42,193 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | — | 146,409 | — | — | (5,358 | ) | 141,051 | 16,288 | 2,311 | 17,446 | ||||||||||||||||||||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a) | — | 36,750 | — | — | (5,558 | ) | 31,192 | 1,033 | — | 2,085 | ||||||||||||||||||||||||||
JPMorgan Research Market Neutral Fund Class L Shares* (a) | 48,535 | 397 | 5,877 | (12 | ) | 714 | 43,757 | 2,852 | — | 397 | ||||||||||||||||||||||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 36,773 | 4,201 | — | — | (11,005 | ) | 29,969 | 1,307 | 254 | 3,946 | ||||||||||||||||||||||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 96,681 | 1,516 | 11,066 | (430 | ) | (1,281 | ) | 85,420 | 7,519 | 1,515 | — | |||||||||||||||||||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares* (a) | 93,933 | 28 | 5,343 | (417 | ) | (1,128 | ) | 87,073 | 6,098 | — | 27 | |||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 450,876 | 53,510 | 22,798 | 7,824 | (88,988 | ) | 400,424 | 29,639 | 2,896 | 46,549 | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | 51,163 | 139,933 | 135,770 | — | — | 55,326 | 55,326 | 495 | — | |||||||||||||||||||||||||||
| 32 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
Investor Balanced Fund(continued)
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | $ | 43,571 | $ | 965 | $ | 2,313 | $ | (152 | ) | $ | (1,308 | ) | $ | 40,763 | 4,309 | $ | 964 | $ | — | |||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 91,976 | 6,127 | — | — | (13,479 | ) | 84,624 | 2,774 | 1,757 | 4,369 | ||||||||||||||||||||||||||
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Total | $ | 4,783,032 | $ | 678,490 | $ | 591,823 | $ | 41,537 | $ | (504,869 | ) | $ | 4,406,367 | $ | 74,033 | $ | 170,575 | |||||||||||||||||||
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Investor Conservative Growth Fund |
| |||||||||||||||||||||||||||||||||||
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | $ | 1,035,932 | $ | 23,925 | $ | 49,258 | $ | (2,563 | ) | $ | 3,137 | $ | 1,011,173 | 89,643 | $ | 15,572 | $ | 984 | ||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 441,486 | 7,238 | 20,056 | (571 | ) | (1,142 | ) | 426,955 | 53,236 | 7,238 | — | |||||||||||||||||||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 39,407 | 2,591 | — | — | (5,424 | ) | 36,574 | 3,145 | 1,192 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 34,571 | 931 | 2,324 | (151 | ) | (776 | ) | 32,251 | 4,277 | 932 | — | |||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 39,084 | 1,430 | — | — | (4,052 | ) | 36,462 | 1,463 | 380 | — | ||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 61,452 | 2,348 | 5,249 | 1,964 | (5,940 | ) | 54,575 | 3,443 | 797 | 1,550 | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class L Shares (a) | 33,638 | — | 31,779 | — | (1,859 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class R6 Shares (a) | — | 32,647 | — | — | (4,242 | ) | 28,405 | 1,314 | 867 | — | ||||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 140,635 | 3,170 | 27,194 | (2,558 | ) | (2,390 | ) | 111,663 | 12,476 | 3,171 | — | |||||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 44,743 | 4,187 | 1,407 | 440 | (8,479 | ) | 39,484 | 2,151 | 1,264 | 2,923 | ||||||||||||||||||||||||||
JPMorgan Government Bond Fund Class R6 Shares (a) | 39,915 | 504 | 4,036 | (324 | ) | 482 | 36,541 | 3,548 | 503 | — | ||||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 54,347 | 1,652 | 2,765 | 130 | (3,189 | ) | 50,175 | 7,389 | 1,652 | — | ||||||||||||||||||||||||||
JPMorgan Income Fund Class R6 Shares (a) | 72,048 | 1,879 | 3,500 | (107 | ) | (948 | ) | 69,372 | 7,648 | 1,879 | — | |||||||||||||||||||||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 66,412 | 770 | 6,218 | (250 | ) | (952 | ) | 59,762 | 6,024 | 769 | — | |||||||||||||||||||||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 34,535 | 1,865 | — | — | (5,864 | ) | 30,536 | 2,103 | 828 | 336 | ||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 138,065 | 8,266 | 3,499 | (200 | ) | (20,894 | ) | 121,738 | 7,839 | 4,464 | — | |||||||||||||||||||||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 180,679 | 23,233 | 13,708 | 5,917 | (43,747 | ) | 152,374 | 4,723 | 2,509 | 20,724 | ||||||||||||||||||||||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 87,986 | 13,705 | 4,554 | 3,176 | (19,829 | ) | 80,484 | 1,672 | 971 | 8,391 | ||||||||||||||||||||||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 42,926 | 4,916 | 2,457 | 1,279 | (10,519 | ) | 36,145 | 1,061 | 29 | 4,888 | ||||||||||||||||||||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 22,685 | 1,577 | — | — | (4,257 | ) | 20,005 | 1,644 | 189 | 1,388 | ||||||||||||||||||||||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 291,305 | 3,739 | 20,230 | (55 | ) | 325 | 275,084 | 27,536 | 3,739 | — | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class I | 43,619 | — | 30,719 | 234 | (13,134 | ) | — | — | — | — | ||||||||||||||||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 33 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Investor Conservative Growth Fund(continued)
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | $ | — | $ | 34,253 | $ | — | $ | — | $ | 1,037 | $ | 35,290 | 4,075 | $ | 578 | $ | 4,365 | |||||||||||||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a) | 32,967 | 4,302 | 2,804 | 1,023 | (6,108 | ) | 29,380 | 973 | — | 1,964 | ||||||||||||||||||||||||||
JPMorgan Research Market Neutral Fund Class L Shares* (a) | 35,731 | 290 | 4,409 | 46 | 521 | 32,179 | 2,098 | — | 289 | |||||||||||||||||||||||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 27,112 | 2,939 | 1,408 | 115 | (7,791 | ) | 20,967 | 914 | 178 | 2,761 | ||||||||||||||||||||||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 69,746 | 1,111 | 6,762 | (222 | ) | (1,013 | ) | 62,860 | 5,533 | 1,112 | — | |||||||||||||||||||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares* (a) | 86,705 | 24 | 4,947 | (382 | ) | (1,042 | ) | 80,358 | 5,627 | — | 25 | |||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 168,805 | 21,581 | 14,406 | 5,548 | (35,116 | ) | 146,412 | 10,837 | 1,053 | 17,188 | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | 34,913 | 155,922 | 156,012 | — | — | 34,823 | 34,823 | 334 | — | |||||||||||||||||||||||||||
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | 36,494 | 761 | 4,093 | (271 | ) | (885 | ) | 32,006 | 3,383 | 761 | — | |||||||||||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 58,233 | 3,609 | 4,221 | 1,621 | (9,399 | ) | 49,843 | 1,634 | 1,035 | 2,572 | ||||||||||||||||||||||||||
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Total | $ | 3,496,176 | $ | 365,365 | $ | 428,015 | $ | 13,839 | $ | (213,489 | ) | $ | 3,233,876 | $ | 53,996 | $ | 70,348 | |||||||||||||||||||
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Investor Growth Fund |
| |||||||||||||||||||||||||||||||||||
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Commodities Strategy Fund Class R6 Shares (a) | $ | 10,326 | $ | — | $ | 9,946 | $ | (4,084 | ) | $ | 3,704 | $ | — | — | $ | — | $ | — | ||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 189,316 | 12,355 | 10,550 | (597 | ) | 701 | 191,225 | 16,953 | 2,925 | 185 | ||||||||||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 31,526 | 512 | 3,221 | (176 | ) | 49 | 28,690 | 3,577 | 512 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 55,382 | 5,289 | — | — | (7,822 | ) | 52,849 | 4,544 | 1,722 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 12,631 | 344 | 710 | (68 | ) | (277 | ) | 11,920 | 1,581 | 345 | — | |||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 55,999 | 3,034 | — | — | (5,894 | ) | 53,139 | 2,132 | 554 | — | ||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 49,325 | 2,033 | — | — | (3,724 | ) | 47,634 | 3,005 | 680 | 1,353 | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class L Shares (a) | 89,222 | — | 85,832 | — | (3,390 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class R6 Shares (a) | — | 89,560 | — | — | (13,037 | ) | 76,523 | 3,541 | 2,337 | — | ||||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 26,864 | 617 | 5,661 | (290 | ) | (660 | ) | 20,870 | 2,332 | 617 | — | |||||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 78,941 | 12,415 | — | — | (15,586 | ) | 75,770 | 4,127 | 2,426 | 5,609 | ||||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 26,479 | 826 | 762 | (24 | ) | (1,531 | ) | 24,988 | 3,680 | 825 | — | |||||||||||||||||||||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 122,949 | 6,916 | — | — | (20,929 | ) | 108,936 | 7,503 | 2,954 | 1,199 | ||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 191,968 | 11,577 | — | — | (30,258 | ) | 173,287 | 11,158 | 6,355 | — | ||||||||||||||||||||||||||
| 34 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
Investor Growth Fund(continued)
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan International Unconstrained Equity Fund Class R6 Shares (a) | $ | 81,140 | $ | 7,740 | $ | — | $ | — | $ | (12,048 | ) | $ | 76,832 | 4,358 | $ | 1,957 | $ | — | ||||||||||||||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 312,260 | 41,495 | 13,614 | �� | 1,119 | (69,112 | ) | 272,148 | 8,436 | 4,480 | 37,014 | |||||||||||||||||||||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 135,563 | 13,930 | 4,424 | 3,059 | (28,367 | ) | 119,761 | 2,488 | 1,445 | 12,486 | ||||||||||||||||||||||||||
JPMorgan Intrepid Mid Cap Fund Class R6 Shares (a) | 13,575 | — | 13,858 | 8,920 | (8,637 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 234,666 | 26,895 | 13,056 | 8,068 | (58,862 | ) | 197,711 | 5,803 | 161 | 26,734 | ||||||||||||||||||||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 262,832 | 17,991 | 4,192 | 134 | (48,464 | ) | 228,301 | 18,759 | 2,153 | 15,838 | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class I Shares (a) | 155,581 | — | 124,821 | — | (30,760 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | — | 143,026 | — | — | (13,056 | ) | 129,970 | 15,008 | 2,129 | 16,076 | ||||||||||||||||||||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a) | 36,325 | 2,174 | — | — | (5,974 | ) | 32,525 | 1,077 | — | 2,174 | ||||||||||||||||||||||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 38,772 | 4,307 | 1,087 | 44 | (11,304 | ) | 30,732 | 1,340 | 260 | 4,047 | ||||||||||||||||||||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares* (a) | 31,444 | 9 | 237 | (19 | ) | (500 | ) | 30,697 | 2,150 | — | 9 | |||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 377,397 | 41,832 | 15,024 | 1,238 | (69,889 | ) | 335,554 | 24,837 | 2,438 | 39,393 | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | 33,130 | 66,236 | 70,850 | — | — | 28,516 | 28,516 | 343 | — | |||||||||||||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 50,934 | 3,392 | — | — | (7,464 | ) | 46,862 | 1,536 | 973 | 2,420 | ||||||||||||||||||||||||||
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Total | $ | 2,704,547 | $ | 514,505 | $ | 377,845 | $ | 17,324 | $ | (463,091 | ) | $ | 2,395,440 | $ | 38,591 | $ | 164,537 | |||||||||||||||||||
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Investor Growth & Income Fund |
| |||||||||||||||||||||||||||||||||||
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Commodities Strategy Fund Class R6 Shares (a) | $ | 8,720 | $ | — | $ | 8,400 | $ | (3,665 | ) | $ | 3,345 | $ | — | — | $ | — | $ | — | ||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 414,864 | 22,743 | 22,945 | (1,128 | ) | 1,329 | 414,863 | 36,779 | 6,394 | 404 | ||||||||||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 180,555 | 2,960 | 11,593 | (432 | ) | (300 | ) | 171,190 | 21,345 | 2,960 | — | |||||||||||||||||||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 48,708 | 4,722 | — | — | (6,879 | ) | 46,551 | 4,003 | 1,517 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 14,695 | 390 | 1,889 | (138 | ) | (247 | ) | 12,811 | 1,699 | 389 | — | |||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 49,185 | 2,230 | — | — | (5,151 | ) | 46,264 | 1,856 | 482 | — | ||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 54,937 | 2,264 | — | — | (4,148 | ) | 53,053 | 3,347 | 757 | 1,507 | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class L Shares (a) | 76,593 | — | 75,408 | — | (1,185 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class R6 Shares (a) | — | 78,805 | — | — | (12,815 | ) | 65,990 | 3,054 | 2,015 | — | ||||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 82,216 | 1,838 | 17,925 | (1,350 | ) | (1,503 | ) | 63,276 | 7,070 | 1,838 | — | |||||||||||||||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 35 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Investor Growth & Income Fund(continued)
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | $ | 110,561 | $ | 10,671 | $ | — | $ | — | $ | (20,603 | ) | $ | 100,629 | 5,481 | $ | 3,222 | $ | 7,449 | ||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 56,289 | 1,713 | 3,129 | 127 | (3,286 | ) | 51,714 | 7,616 | 1,713 | — | ||||||||||||||||||||||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 39,717 | 487 | 2,114 | (144 | ) | (639 | ) | 37,307 | 3,761 | 488 | — | |||||||||||||||||||||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 72,997 | 3,618 | — | — | (12,349 | ) | 64,266 | 4,426 | 1,743 | 707 | ||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 153,200 | 7,951 | — | — | (23,947 | ) | 137,204 | 8,835 | 5,031 | — | ||||||||||||||||||||||||||
JPMorgan International Unconstrained Equity Fund Class R6 Shares (a) | 37,306 | 5,555 | — | — | (5,648 | ) | 37,213 | 2,111 | 948 | — | ||||||||||||||||||||||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 305,105 | 40,595 | 20,022 | 8,190 | (73,055 | ) | 260,813 | 8,085 | 4,294 | 35,472 | ||||||||||||||||||||||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 91,877 | 9,070 | 6,733 | 4,677 | (20,925 | ) | 77,966 | 1,620 | 941 | 8,128 | ||||||||||||||||||||||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 191,527 | 26,451 | 12,386 | 7,570 | (49,186 | ) | 163,976 | 4,813 | 133 | 22,173 | ||||||||||||||||||||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 167,698 | 11,190 | 7,095 | 244 | (30,048 | ) | 141,989 | 11,667 | 1,339 | 9,850 | ||||||||||||||||||||||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 37,139 | 485 | 1,106 | (8 | ) | 44 | 36,554 | 3,659 | 485 | — | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class I Shares (a) | 117,222 | — | 87,446 | 83 | (29,859 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | — | 99,545 | — | — | (2,805 | ) | 96,740 | 11,171 | 1,585 | 11,966 | ||||||||||||||||||||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a) | 32,984 | 4,912 | — | — | (5,725 | ) | 32,171 | 1,066 | — | 2,150 | ||||||||||||||||||||||||||
JPMorgan Research Market Neutral Fund Class L Shares* (a) | 22,833 | 180 | 4,125 | 15 | 302 | 19,205 | 1,252 | — | 179 | |||||||||||||||||||||||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 39,553 | 4,355 | 1,451 | 103 | (11,482 | ) | 31,078 | 1,355 | 263 | 4,092 | ||||||||||||||||||||||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 28,798 | 471 | 3,164 | (140 | ) | (388 | ) | 25,577 | 2,251 | 471 | — | |||||||||||||||||||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares* (a) | 49,414 | 15 | 2,587 | (209 | ) | (609 | ) | 46,024 | 3,223 | — | 15 | |||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 318,346 | 34,068 | 23,862 | 7,606 | (62,905 | ) | 273,253 | 20,226 | 1,990 | 32,080 | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | 28,619 | 93,901 | 93,503 | — | — | 29,017 | 29,017 | 327 | — | |||||||||||||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 54,048 | 3,601 | — | — | (7,921 | ) | 49,728 | 1,630 | 1,033 | 2,568 | ||||||||||||||||||||||||||
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Total | $ | 2,885,706 | $ | 474,786 | $ | 406,883 | $ | 21,401 | $ | (388,588 | ) | $ | 2,586,422 | $ | 42,358 | $ | 138,740 | |||||||||||||||||||
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| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (b) | The rate shown is the current yield as of December 31, 2018. |
| * | Non-income producing security. |
C. 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. Distributions of net investment income and realized capital gains from the Underlying Funds are recorded on theex-dividend date.
D. 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 Trust 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.
| 36 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):
| Class A | Class C | Class I | Class R6 | Total | ||||||||||||||||
Investor Balanced Fund | ||||||||||||||||||||
Transfer agency fees | $ | 126 | $ | 16 | $ | 8 | $ | — | (a) | $ | 150 | |||||||||
Investor Conservative Growth Fund | ||||||||||||||||||||
Transfer agency fees | 72 | 16 | 9 | — | (a) | 97 | ||||||||||||||
Investor Growth Fund | ||||||||||||||||||||
Transfer agency fees | 154 | 10 | 13 | 1 | 178 | |||||||||||||||
Investor Growth & Income Fund | ||||||||||||||||||||
Transfer agency fees | 135 | 10 | 6 | — | (a) | 151 | ||||||||||||||
| (a) Amount | rounds to less than one thousand. |
The Funds invest in other J.P. Morgan Funds and, as a result, bear a portion of the expenses incurred by the Underlying Funds. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown on the Financial Highlights. Certain expenses of Underlying Funds are waived as described in Note 3.F.
E. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, 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 remains subject to examination by the Internal Revenue Service.
F. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly, except for distributions from the Investor Conservative Growth Fund, for which distributions are generally declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federaltax-basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.05% of each Fund’s average daily net assets.
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.10% of the first $500 million of the average daily net assets, 0.075% of the average daily net assets between $500 million and $1 billion of such funds and 0.05% of the average daily net assets in excess of $1 billion of such funds. For the six months December 31, 2018, the effective annualized rate was 0.06% 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.
Effective January 1, 2019, the Administrator will no longer receive a fee for these services.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services asSub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal 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 T Shares of the Funds, as applicable, in accordance with Rule12b-1 under the 1940 Act. The Class I and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| Class A | Class C | Class T | ||||||||||
| 0.25 | % | 0.75 | % | 0.25 | % | |||||||
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 37 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
In addition, JPMDS is entitled to receive thefront-end sales charges from purchases of Class A and Class T Shares and the CDSC from redemptions of Class C Shares and certain Class A and Class T Shares for whichfront-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following amounts (in thousands):
| Front-End Sales Charge | CDSC | |||||||
Investor Balanced Fund | $ | 202 | $ | 1 | ||||
Investor Conservative Growth Fund | 99 | 2 | ||||||
Investor Growth Fund | 100 | — | (a) | |||||
Investor Growth & Income Fund | 84 | — | (a) | |||||
| (a) Amount | rounds to less than one thousand. |
D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets of each share class.
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plusout-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class R6 | Class T | ||||||||||||||||
Investor Balanced Fund | 0.52 | % | 1.10 | % | 0.27 | % | 0.15 | % | 0.52 | % | ||||||||||
Investor Conservative Growth Fund | 0.52 | 1.10 | 0.27 | 0.15 | 0.52 | |||||||||||||||
Investor Growth Fund | 0.52 | 1.10 | 0.27 | 0.15 | 0.52 | |||||||||||||||
Investor Growth & Income Fund | 0.52 | 1.10 | 0.27 | 0.15 | 0.52 | |||||||||||||||
The contractual expense limitation percentages were in effect for the six months ended December 31, 2018 and are in place until at least October 31, 2019.
The Underlying Funds may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, Class I and Class T Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted averagepro-rata amount of service fees charged by the Underlying Funds up to 0.25% for Class A, Class C, Class I and Class T Shares. This waiver may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.
For the six months ended December 31, 2018, 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 reimbursed expenses in future years.
| Contractual Waivers | ||||||||||||||||||||
| Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Investor Balanced Fund | $ | 7 | $ | — | $ | 2,167 | $ | 2,174 | $ | — | ||||||||||
Investor Conservative Growth Fund | 5 | — | 1,421 | 1,426 | — | |||||||||||||||
Investor Growth Fund | 76 | 48 | 1,460 | 1,584 | — | (a) | ||||||||||||||
Investor Growth & Income Fund | 17 | 9 | 1,583 | 1,609 | — | |||||||||||||||
| (a) | Amount rounds to less than one thousand. |
| 38 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.
The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2018 were as follows (amounts in thousands):
Investor Balanced Fund | $ | 37 | ||
Investor Conservative Growth Fund | 26 | |||
Investor Growth Fund | 25 | |||
Investor Growth & Income Fund | 25 |
G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The 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 apro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trust 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.
4. Investment Transactions
During the six months ended December 31, 2018, 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) | |||||||
Investor Balanced Fund | $ | 316,202 | $ | 233,698 | ||||
Investor Conservative Growth Fund | 148,354 | 210,915 | ||||||
Investor Growth Fund | 237,617 | 96,341 | ||||||
Investor Growth & Income Fund | 219,481 | 151,977 | ||||||
During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):
| Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Investor Balanced Fund | $ | 4,031,177 | $ | 449,316 | $ | 74,126 | $ | 375,190 | ||||||||
Investor Conservative Growth Fund | 3,053,012 | 238,244 | 57,380 | 180,864 | ||||||||||||
Investor Growth Fund | 2,055,454 | 393,802 | 53,816 | 339,986 | ||||||||||||
Investor Growth & Income Fund | 2,228,778 | 394,072 | 36,428 | 357,644 | ||||||||||||
As of June 30, 2018, the Funds did not have any net capital loss carryforwards.
6. Borrowings
The Funds rely upon an exemptive order granted by the Securities and Exchange Commission (“SEC”) (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Trust 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
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 39 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.
The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred-on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended December 31, 2018.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of December 31, 2018, the Funds had affiliated omnibus accounts, which owned more than 10% of the respective Fund’s outstanding shares as follows:
| Number of Affiliated Omnibus Accounts | % of the Fund | |||||||
Investor Balanced Fund | 4 | 82.6 | % | |||||
Investor Conservative Growth Fund | 3 | 85.8 | ||||||
Investor Growth Fund | 3 | 66.4 | ||||||
Investor Growth & Income Fund | 4 | 72.8 | ||||||
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
As of December 31, 2018, the Funds owned, in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:
| % of Net Assets | ||||
JPMorgan Research Market Neutral Fund | 53.8 | % | ||
JPMorgan Systematic Alpha Fund | 52.7 | |||
JPMorgan Market Expansion Enhanced Index Fund | 47.3 | |||
JPMorgan Limited Duration Bond Fund | 45.0 | |||
JPMorgan Europe Dynamic Fund | 43.7 | |||
JPMorgan Intrepid Growth Fund | 40.8 | |||
JPMorgan Large Cap Value Fund | 35.8 | |||
JPMorgan Intrepid America Fund | 28.1 | |||
JPMorgan International Unconstrained Equity Fund | 26.8 | |||
JPMorgan Income Fund | 15.7 | |||
JPMorgan International Research Enhanced Equity Fund | 15.1 | |||
JPMorgan Inflation Managed Bond Fund | 14.1 | |||
JPMorgan Emerging Economies Fund | 13.1 | |||
JPMorgan Floating Rate Income Fund | 12.8 | |||
JPMorgan Emerging Markets Debt Fund | 12.6 | |||
Because of the Funds’ investments in Underlying Funds, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments
| 40 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.
In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities. Specific risks and concentrations present in the Underlying Funds are disclosed within their individual financial statements and registration statements, as appropriate.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”)2018-13 (“ASU2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.
In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 41 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (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 (not including expenses of the Underlying 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, July 1, 2018 and continued to hold your shares at the end of the reporting period, December 31, 2018.
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, and expenses of the Underlying Funds. 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 July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Investor Balanced Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 950.00 | $ | 2.56 | 0.52 | % | ||||||||
Hypothetical | 1,000.00 | 1,022.58 | 2.65 | 0.52 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 947.90 | 5.40 | 1.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.66 | 5.60 | 1.10 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 951.30 | 1.33 | 0.27 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.84 | 1.38 | 0.27 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 952.00 | 0.59 | 0.12 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.60 | 0.61 | 0.12 | ||||||||||||
JPMorgan Investor Conservative Growth Fund |
| |||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 975.10 | 2.59 | 0.52 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.58 | 2.65 | 0.52 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 972.20 | 5.47 | 1.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.66 | 5.60 | 1.10 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 975.70 | 1.34 | 0.27 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.84 | 1.38 | 0.27 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 976.30 | 0.70 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 | ||||||||||||
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| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Investor Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 905.70 | $ | 2.50 | 0.52 | % | ||||||||
Hypothetical | 1,000.00 | 1,022.58 | 2.65 | 0.52 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 903.40 | 5.28 | 1.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.66 | 5.60 | 1.10 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 906.90 | 1.30 | 0.27 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.84 | 1.38 | 0.27 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 908.00 | 0.63 | 0.13 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.55 | 0.66 | 0.13 | ||||||||||||
JPMorgan Investor Growth & Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 931.10 | 2.53 | 0.52 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.58 | 2.65 | 0.52 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 927.60 | 5.34 | 1.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.66 | 5.60 | 1.10 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 931.90 | 1.31 | 0.27 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.84 | 1.38 | 0.27 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 933.00 | 0.68 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 | ||||||||||||
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect theone-half year period). |
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 43 | ||||||
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information concerning the Funds and other J.P. Morgan Funds in which each Fund invests (the “Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and the Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds and /or Underlying Funds as compared to the Funds’ and /or Underlying Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements.
The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.
The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds and Underlying Funds, their overall confidence in the Adviser’s integrity and the
| 44 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds and Underlying Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds and Underlying Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund and Underlying Fund.
The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds and/or Underlying Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential“fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds including the benefits received by the Adviser and its
affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which each Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.
Independent Written Evaluation of the Funds’ Senior Officer
The Trustees noted that, upon their direction, the Senior Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or fundssub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 45 | ||||||
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited) (continued)
greater responsibilities and risks than acting as asub-adviser and observed thatsub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays thesub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicableone-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the Investor Balanced Fund’s performance for Class A shares was in the first, second, and second quintiles based upon the Peer Group, and in the third, third, and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in second quintile based upon the Peer Group, and in the third, second, and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Investor Conservative Growth Fund’s performance for Class A shares was in the third quintile based upon the Peer Group, and in the third, second, and second quintiles based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for the Class I shares was in the second, first and first quintiles based upon the Peer Group, and in the second quintile based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Investor Growth Fund’s performance for Class A shares was in the second, second and first quintiles based upon both the Peer Group and Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles based upon the Universe for theone-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Investor Growth & Income Fund’s performance for Class A shares was in the third, third and first quintiles based upon the Peer Group, and in the second quintile based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for the Class I shares was in the third, third and first quintiles based upon the Peer Group, and in the second quintile based upon the Universe, for theone-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual
| 46 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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advisory fee and the administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the Investor Balanced Fund’s net advisory fee for Class A shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the fourth and first quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.
The Trustees noted that the Investor Conservative Growth Fund’s net advisory fee for Class A shares was in the third and fourths quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the fourth and first quintiles, respectively, based upon both the Peer group and Universe. After considering the factors
identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.
The Trustees noted that the Investor Growth Fund’s net advisory fee and actual total expenses for Class A shares were in the third and first quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for the Class I shares were in the fourth and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.
The Trustees noted that the Investor Growth & Income Fund’s net advisory fee for Class A shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory contract of the Underlying Funds in which the Fund invests.
| DECEMBER 31, 2018 | J.P. MORGAN INVESTOR FUNDS | 47 | ||||||
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(Unaudited)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2018. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 will be provided under separate cover.
Foreign Source Income and Foreign Tax Credit Pass Through
For the fiscal year ended June 30, 2018, the Funds elected to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses were as follows or amounts as finally determined (amounts in thousands):
| Total Foreign Source Income | Total Foreign Tax Credit | |||||||
JPMorgan Investor Balanced Fund | $ | 5,981 | $ | 926 | ||||
JPMorgan Investor Conservative Growth Fund | 2,872 | 446 | ||||||
JPMorgan Investor Growth Fund | 4,841 | 854 | ||||||
JPMorgan Investor Growth & Income Fund | 4,344 | 715 | ||||||
| 48 | J.P. MORGAN INVESTOR FUNDS | DECEMBER 31, 2018 | ||||
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the FormN-Q without charge by calling1-800-480-4111 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 prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2018. All rights reserved. December 2018. | SAN-INV-1218 |
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Semi-Annual Report
J.P. Morgan Intrepid Funds
December 31, 2018 (Unaudited)
JPMorgan Intrepid America Fund
JPMorgan Intrepid Growth Fund
JPMorgan Intrepid Mid Cap Fund
JPMorgan Intrepid Sustainable Equity Fund
JPMorgan Intrepid Value Fund
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ websitewww.jpmorganfunds.comand you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going towww.jpmorganfunds.com/edelivery.
You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us atfunds.website.support@jpmorganfunds.comor call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).
 |
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Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1–800–480–4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
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February 14, 2019 (Unaudited)
Dear Shareholder,
While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.
 |
“Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch |
The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.
U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.
Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for
the S&P 500 Index since 1931 erased all gains seen in the prior five months.
By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.
Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.
We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
George C.W. Gatch
CEO, Global Funds Management
J.P. Morgan Asset Management
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 1 | ||||||
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J.P. Morgan Intrepid Funds
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.
Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 Index returned -6.85%.
Intrepid Investment Philosophy and Process
The JPMorgan Behavioral Finance Team employs a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.
The Team aims to capitalize on these market inefficiencies by targeting high quality, attractively valued stocks of companies that it believes have positive momentum characteristics, and looks to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading.
The Intrepid Sustainable Equity Fund also incorporates environmental, social and corporate governance (ESG) practices into its investment process. In managing the Fund, the adviser identifies companies that, in the adviser’s opinion, generally approach ESG practices in a thoughtful manner while also having attractive value, quality and momentum characteristics. The Fund seeks to invest in companies that, on a combined basis, appear attractive when considering all of these financial and sustainability characteristics.
During the reporting period, the Funds were managed and positioned in accordance with these investment philosophies and processes.
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JPMorgan Intrepid America Fund
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (9.20)% | |||
| S&P 500 Index | (6.85)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 3,485,212 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Intrepid America Fund (the “Fund”) seeks to provide long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and industrials sectors was a leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight position in Applied Materials Inc. and Capri Holdings Ltd. and its underweight position in Berkshire Hathaway Inc. Shares of Applied Materials, a maker of semiconductor manufacturing equipment, fell after the company forecast weaker-than-expected earnings and revenue for the fourth quarter of 2018 amid a slowdown in demand. Shares of Capri Holdings (formerly Michael Kors Holdings Ltd.), an apparel designer, fell after the company reported lower-than-expected sales and forecast lower-than-expected earnings and revenue in 2019. Shares of Berkshire Hathaway, an investment company not held by the Fund, rose after the company reported strong earnings growth in the second quarter of 2018, amid gains in insurance and rail traffic, and a lower effective tax rate.
Leading individual contributors to the Fund’s relative performance included its underweight positions in Facebook Inc. and Nvidia Corp. and its overweight position in VMware Inc. Shares of Facebook, a social media provider not held in the Fund, fell after the company reported mixed results for the second quarter of 2018. Shares of Nvidia, a semiconductors manufacturer not held in the Fund, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for graphic card semiconductors. Shares of VMware, a provider of cloud computing software not held in the Benchmark, rose after the company reported better-than-expected results for the third quarter of 2018 and raised its 2019 earnings forecast.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Microsoft Corp. | 4.5 | % | |||||
| 2. | Alphabet, Inc., Class C | 3.4 | ||||||
| 3. | Boeing Co. (The) | 2.9 | ||||||
| 4. | Amgen, Inc. | 2.6 | ||||||
| 5. | Anthem, Inc. | 2.3 | ||||||
| 6. | Citigroup, Inc. | 2.2 | ||||||
| 7. | Apple, Inc. | 2.2 | ||||||
| 8. | Humana, Inc. | 2.1 | ||||||
| 9. | Bank of America Corp. | 1.9 | ||||||
| 10. | eBay, Inc. | 1.9 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Information Technology | 17.9 | % | ||
| Health Care | 14.8 | |||
| Financials | 13.3 | |||
| Consumer Discretionary | 10.7 | |||
| Industrials | 9.2 | |||
| Communication Services | 9.0 | |||
| Energy | 6.1 | |||
| Consumer Staples | 5.9 | |||
| Utilities | 3.4 | |||
| Real Estate | 2.6 | |||
| Materials | 1.7 | |||
| Investment of cash collateral from securities loaned | 1.1 | |||
| Short-Term Investments | 4.3 | |||
| * | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 3 | ||||||
Table of Contents
JPMorgan Intrepid America Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 19, 2005 | |||||||||||||||||
With Sales Charge** | (14.09 | )% | (11.67 | )% | 6.14 | % | 11.96 | % | ||||||||||
Without Sales Charge | (9.34 | ) | (6.78 | ) | 7.29 | 12.57 | ||||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||||||
With CDSC*** | (10.54 | ) | (8.22 | ) | 6.76 | 12.01 | ||||||||||||
Without CDSC | (9.54 | ) | (7.22 | ) | 6.76 | 12.01 | ||||||||||||
CLASS I SHARES | February 28, 2003 | (9.20 | ) | (6.52 | ) | 7.59 | 12.86 | |||||||||||
CLASS R2 SHARES | November 3, 2008 | (9.43 | ) | (7.00 | ) | 7.03 | 12.29 | |||||||||||
CLASS R5 SHARES | May 15, 2006 | (9.14 | ) | (6.41 | ) | 7.77 | 13.07 | |||||||||||
CLASS R6 SHARES | November 2, 2015 | (9.11 | ) | (6.31 | ) | 7.84 | 13.11 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
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 their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid America Fund, the S&P 500 Index, the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 S&P 500 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 Large-Cap Core Funds Index and the LipperMulti-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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Core Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 4 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (8.96)% | |||
| Russell 1000 Growth Index | (8.17)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $ | 1,046,255 | ||
INVESTMENT OBJECTIVE**
The JPMorgan Intrepid Growth Fund (the “Fund”) seeks to provide long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and communication services sectors was a leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in Applied Materials Inc., Tenet Healthcare Corp. and Align Technology Inc. Shares of Applied Materials, a maker of semiconductor manufacturing equipment, fell after the company forecast weaker-than-expected earnings and revenue for the fourth quarter of 2018 amid a slowdown in demand. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities not held in the Benchmark, fell after the company forecast fourth quarter 2018 results that were below analysts’ expectations and after a U.S. District judge ruled the U.S. Affordable Care Act unconstitutional, though the ruling was stayed pending appeal. Shares of Align Technology, a maker of dental devices, fell after the company forecast weakness in revenue and earnings for the fourth quarter of 2018.
Leading individual contributors to relative performance included the Fund’s underweight positions in Facebook Inc. and Nvidia Corp. and its overweight position in VMware Inc. Shares of Facebook, a social media provider not held in the Fund, fell after the company reported mixed results for the second quarter of 2018. Shares of Nvidia, a semiconductors manufacturer not held in the Fund, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for graphics card semiconductors. Shares of VMware, a provider of cloud computing software, rose after the company reported better-than-expected results for the third quarter of 2018 and raised its forecast for 2019 earnings.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Microsoft Corp. | 7.4 | % | |||||
| 2. | Apple, Inc. | 5.0 | ||||||
| 3. | Alphabet, Inc., Class C | 4.7 | ||||||
| 4. | Amazon.com, Inc. | 4.4 | ||||||
| 5. | Visa, Inc., Class A | 3.6 | ||||||
| 6. | Boeing Co. (The) | 3.4 | ||||||
| 7. | Amgen, Inc. | 2.7 | ||||||
| 8. | Alphabet, Inc., Class A | 2.6 | ||||||
| 9. | Humana, Inc. | 2.1 | ||||||
| 10. | eBay, Inc. | 1.9 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Information Technology | 30.7 | % | ||
| Consumer Discretionary | 15.2 | |||
| Health Care | 13.4 | |||
| Communication Services | 12.0 | |||
| Industrials | 11.1 | |||
| Consumer Staples | 5.8 | |||
| Financials | 2.8 | |||
| Real Estate | 2.1 | |||
| Energy | 1.9 | |||
| Materials | 1.2 | |||
| Utilities | 0.5 | |||
| Investment of cash collateral from securities loaned | 1.5 | |||
| Short-Term Investments | 1.8 | |||
| * | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 5 | ||||||
Table of Contents
JPMorgan Intrepid Growth Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||
CLASS A SHARES | February 19, 2005 | |||||||||||||||
With Sales Charge** | (13.84)% | (8.82 | )% | 8.39 | % | 13.72 | % | |||||||||
Without Sales Charge | (9.07) | (3.78 | ) | 9.57 | 14.33 | |||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||||
With CDSC*** | (10.30) | (5.26 | ) | 9.03 | 13.76 | |||||||||||
Without CDSC | (9.30) | (4.26 | ) | 9.03 | 13.76 | |||||||||||
CLASS I SHARES | February 28, 2003 | (8.96) | (3.53 | ) | 9.84 | 14.62 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (9.18) | (4.01 | ) | 9.30 | 14.04 | ||||||||||
CLASS R5 SHARES | May 15, 2006 | (8.90) | (3.39 | ) | 10.05 | 14.84 | ||||||||||
CLASS R6 SHARES | November 2, 2015 | (8.83) | (3.27 | ) | 10.10 | 14.86 | ||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Growth Fund, the Russell 1000 Growth Index, the Lipper Large-Cap Growth Funds Index and the LipperMulti-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. 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 Russell 1000 Growth 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 Large-Cap Growth
Funds Index and the LipperMulti-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 Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higherprice-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index and the LipperMulti-Cap Growth Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 6 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Intrepid Mid Cap Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (12.54)% | |||
| Russell Midcap Index | (11.14)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $526,121 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Intrepid Mid Cap Fund (the “Fund”) seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the software & services and retail sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the media and energy sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Conduent Inc., DXC Technology Co. and Urban Outfitters Inc. Shares of Conduent, a provider of business process services, fell after the company reported lower-than-expected revenue for the third quarter of 2018. Shares of DXC Technology, a consulting and outsourcing company, fell after the company’s head of Americas operations left the company amid a drop in revenue. Shares of Urban Outfitters, an apparel retailer, fell after the company forecast weakness in third quarter sales.
Leading individual contributors to relative performance included the Fund’s overweight positions in Tribune Media Co., NRG Energy Inc. and Popular Inc. Shares of Tribune Media, a television broadcaster, rose after the company agreed to be acquired by Nexstar Media Group Inc. for an estimated $6.4 billion. Shares of NRG Energy, an electric utility, rose after the company posted better-than-expected earnings for the second quarter of 2018. Shares of Popular, a Puerto Rico-based bank holding company not held in the Benchmark, rose after the company reported strong results for the second and third quarters of 2018 and after the company unveiled a $125 million share repurchase plan.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Vistra Energy Corp. | 2.1 | % | |||||
| 2. | Tribune Media Co., Class A | 2.0 | ||||||
| 3. | NRG Energy, Inc. | 2.0 | ||||||
| 4. | Ingersoll-Rand plc | 1.9 | ||||||
| 5. | Centene Corp. | 1.9 | ||||||
| 6. | Sabre Corp. | 1.9 | ||||||
| 7. | Symantec Corp. | 1.8 | ||||||
| 8. | LPL Financial Holdings, Inc. | 1.7 | ||||||
| 9. | Popular, Inc. (Puerto Rico) | 1.6 | ||||||
| 10. | Equity Commonwealth | 1.6 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Information Technology | 17.2 | % | ||
| Industrials | 16.6 | |||
| Financials | 11.3 | |||
| Health Care | 11.2 | |||
| Consumer Discretionary | 9 .4 | |||
| Real Estate | 8 .5 | |||
| Utilities | 6 .9 | |||
| Materials | 4 .5 | |||
| Communication Services | 4 .4 | |||
| Consumer Staples | 4 .3 | |||
| Energy | 3 .7 | |||
| Others (each less than 1.0%) | 0 .5 | |||
Short-Term Investments | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 7 | ||||||
Table of Contents
JPMorgan Intrepid Mid Cap Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | May 1, 1992 | |||||||||||||||||
With Sales Charge** | (17.25 | )% | (16.49 | )% | 3.36 | % | 11.73 | % | ||||||||||
Without Sales Charge | (12.67 | ) | (11.86 | ) | 4.48 | 12.33 | ||||||||||||
CLASS C SHARES | March 22, 1999 | |||||||||||||||||
With CDSC*** | (13.86 | ) | (13.27 | ) | 3.87 | 11.64 | ||||||||||||
Without CDSC | (12.86 | ) | (12.27 | ) | 3.87 | 11.64 | ||||||||||||
CLASS I SHARES | June 1, 1991 | (12.54 | ) | (11.62 | ) | 4.75 | 12.62 | |||||||||||
CLASS R3 SHARES | September 9, 2016 | (12.69 | ) | (11.88 | ) | 4.47 | 12.33 | |||||||||||
CLASS R4 SHARES | September 9, 2016 | (12.53 | ) | (11.61 | ) | 4.74 | 12.62 | |||||||||||
CLASS R6 SHARES | November 2, 2015 | (12.44 | ) | (11.41 | ) | 4.91 | 12.71 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to those of Class A Shares.
Returns for Class R4 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown for Class I Shares because Class R4 Shares have similar expenses to Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Mid Cap Fund, the Russell Midcap Index and the LipperMid-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 Russell Midcap 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 LipperMid-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 Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. The LipperMid-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| 8 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (6.11)% | |||
| S&P 500 Index | (6.85)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $22,834 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Intrepid Sustainable Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the information technology and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the energy and financials sectors was a leading detractor from relative performance.
Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Microsoft Corp. and Verizon Communications Inc. and its underweight position in Facebook Inc. Shares of Microsoft, a provider of software, services and devices, rose after the company’s earnings outperformed industry peers and forecast strong earnings growth for the first quarter of 2019. Shares of Verizon Communications, a provider of wireless communications products and services, rose after the company reported better-than-expected earnings for the third quarter of 2018. Shares of Facebook, a social media provider not held in the Fund, fell after the company reported mixed results for the second quarter of 2018.
Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Citigroup Inc. and United Rentals Inc. and its underweight position in Berkshire Hathaway Inc. Shares of Citigroup, a banking and financial services company, fell after the company reported lower-than-expected revenue for the third quarter of 2018. Shares of United Rentals, an equipment rental company, fell after the company’s reported mixed results for the third quarter of 2018. Shares of Berkshire Hathaway, an investment company that was not held by the Fund, rose after the company reported strong earnings growth in the second quarter of 2018 amid gains in insurance and railroad traffic, and a lower effective tax rate.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Microsoft Corp. | 6.6 | % | |||||
| 2. | Apple, Inc. | 3.1 | ||||||
| 3. | Verizon Communications, Inc. | 3.0 | ||||||
| 4. | Cisco Systems, Inc. | 2.9 | ||||||
| 5. | Amazon.com, Inc. | 2.9 | ||||||
| 6. | Citigroup, Inc. | 2.8 | ||||||
| 7. | Amgen, Inc. | 2.7 | ||||||
| 8. | PepsiCo, Inc. | 2.6 | ||||||
| 9. | Alphabet, Inc., Class C | 2.5 | ||||||
| 10. | Anthem, Inc. | 2.5 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Information Technology | 20.2 | % | ||
| Health Care | 16.1 | |||
| Financials | 14.8 | |||
| Consumer Discretionary | 10.6 | |||
| Communication Services | 9.8 | |||
| Industrials | 9.7 | |||
| Consumer Staples | 6.0 | |||
| Energy | 5.2 | |||
| Utilities | 3.0 | |||
| Materials | 1.9 | |||
| Real Estate | 0.8 | |||
| Short-Term Investments | 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 December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 9 | ||||||
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 19, 2005 | |||||||||||||||||
With Sales Charge** | (11.15 | )% | (10.02 | )% | 6.23 | % | 12.49 | % | ||||||||||
Without Sales Charge | (6.22 | ) | (5.03 | ) | 7.38 | 13.10 | ||||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||||||
With CDSC*** | (7.46 | ) | (6.50 | ) | 6.85 | 12.53 | ||||||||||||
Without CDSC | (6.46 | ) | (5.50 | ) | 6.85 | 12.53 | ||||||||||||
CLASS I SHARES | February 28, 2003 | (6.11 | ) | (4.78 | ) | 7.65 | 13.38 | |||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(12/31/08 TO 12/31/18)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-datemonth-end performance information please call1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Sustainable Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2008 to December 31, 2018. 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 S&P 500 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 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
Effective November 1, 2016, the Fund changed its investment strategies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.
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.
| 10 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
| REPORTING PERIOD RETURN: | ||||
| Fund (Class I Shares)* | (9.27)% | |||
| Russell 1000 Value Index | (6.69)% | |||
| Net Assets as of 12/31/2018 (In Thousands) | $979,320 | |||
INVESTMENT OBJECTIVE**
The JPMorgan Intrepid Value Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the information technology and financials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and industrials sector was a leading contributor to performance.
Leading individual detractors from relative performance included the Fund’s underweight position in Berkshire Hathaway Inc. and its overweight positions in Applied Materials Inc. and Tenet Healthcare Inc. Shares of Berkshire Hathaway, an investment company not held by the Fund, rose after the company reported strong earnings growth in the second quarter of 2018 amid gains in insurance and railroad traffic and a lower effective tax rate. Shares of Applied Materials, a maker of semiconductor manufacturing equipment that was not held in the Benchmark, fell after the company forecast weaker-than-expected earnings and revenue for the fourth quarter of 2018 amid a slowdown in demand. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities not held in the Benchmark, fell after the company forecast fourth quarter 2018 results that were below analysts’ expectations and after a U.S. District judge ruled the U.S. Affordable Care Act unconstitutional, though the ruling was stayed pending appeal.
Leading individual contributors to relative performance included the Fund’s overweight positions in ConocoPhillips and Boeing Co. and its underweight position in General Electric Co. Shares of ConocoPhillips, an integrated oil and natural gas producer, rose after the Organization of Petroleum Exporting Countries held off further increases in oil production in the third quarter of 2018, which helped to lift global oil prices. Shares of Boeing, a commercial aircraft manufacturer not held in the Benchmark, rose as the company outperformed its peers during the reporting period. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend.
| TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
| 1. | Bank of America Corp. | 3.1 | % | |||||
| 2. | Pfizer, Inc. | 2.9 | ||||||
| 3. | Citigroup, Inc. | 2.8 | ||||||
| 4. | ConocoPhillips | 2.6 | ||||||
| 5. | Verizon Communications, Inc. | 2.5 | ||||||
| 6. | Travelers Cos., Inc. (The) | 2.4 | ||||||
| 7. | Amgen, Inc. | 2.2 | ||||||
| 8. | Boeing Co. (The) | 2.0 | ||||||
| 9. | Humana, Inc. | 1.9 | ||||||
| 10. | Chevron Corp. | 1.8 | ||||||
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
| Financials | 20.7 | % | ||
| Health Care | 14.6 | |||
| Energy | 9.8 | |||
| Information Technology | 9.5 | |||
| Industrials | 7.6 | |||
| Consumer Staples | 6.6 | |||
| Consumer Discretionary | 6.6 | |||
| Communication Services | 6.2 | |||
| Utilities | 6.1 | |||
| Real Estate | 5.4 | |||
| Materials | 3.1 | |||
| Investment of cash collateral from securities loaned | 3.2 | |||
| Short-Term Investments | 0.6 | |||
| * | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| *** | Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change. |
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 11 | ||||||
Table of Contents
JPMorgan Intrepid Value Fund
FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF DECEMBER 31, 2018 | ||||||||||||||||
| INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||
CLASS A SHARES | February 19, 2005 | |||||||||||||||
With Sales Charge** | (14.12)% | (13.35 | )% | 3.77 | % | 10.29 | % | |||||||||
Without Sales Charge | (9.37) | (8.55 | ) | 4.90 | 10.88 | |||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||||
With CDSC*** | (10.59) | (9.98 | ) | 4.38 | 10.33 | |||||||||||
Without CDSC | (9.59) | (8.98 | ) | 4.38 | 10.33 | |||||||||||
CLASS I SHARES | February 28, 2003 | (9.27) | (8.34 | ) | 5.08 | 11.08 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | (9.49) | (8.77 | ) | 4.62 | 10.59 | ||||||||||
CLASS R5 SHARES | May 15, 2006 | (9.17) | (8.17 | ) | 5.28 | 11.30 | ||||||||||
CLASS R6 SHARES | November 30, 2010 | (9.11) | (8.06 | ) | 5.35 | 11.35 | ||||||||||
| * | Not annualized. |
| ** | Sales Charge for Class A Shares is 5.25%. |
| *** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)
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 their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Value Fund, the Russell 1000 Value Index, the Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index from December 31, 2008 to December 31, 2018. 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 Russell 1000 Value 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 Large-Cap Value Funds Index
and the Lipper Multi-Cap Value 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 Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
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.
| 12 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Intrepid America Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.1% |
| |||||||
Aerospace & Defense — 3.7% | ||||||||
Boeing Co. (The) | 316 | 101,878 | ||||||
TransDigm Group, Inc. * | 79 | 26,864 | ||||||
|
| |||||||
| 128,742 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.1% | ||||||||
Expeditors International of Washington, Inc. | 29 | 1,941 | ||||||
|
| |||||||
Airlines — 1.4% | ||||||||
Delta Air Lines, Inc. | 309 | 15,441 | ||||||
United Continental Holdings, Inc. * | 397 | 33,258 | ||||||
|
| |||||||
| 48,699 | ||||||||
|
| |||||||
Automobiles — 0.8% | ||||||||
General Motors Co. | 836 | 27,954 | ||||||
|
| |||||||
Banks — 5.1% | ||||||||
Bank of America Corp. | 2,807 | 69,155 | ||||||
Citigroup, Inc. | 1,536 | 79,954 | ||||||
M&T Bank Corp. | 33 | 4,737 | ||||||
Regions Financial Corp. | 1,705 | 22,806 | ||||||
|
| |||||||
| 176,652 | ||||||||
|
| |||||||
Beverages — 2.1% | ||||||||
Molson Coors Brewing Co., Class B | 460 | 25,837 | ||||||
PepsiCo, Inc. | 413 | 45,628 | ||||||
|
| |||||||
| 71,465 | ||||||||
|
| |||||||
Biotechnology — 6.0% | ||||||||
AbbVie, Inc. | 475 | 43,763 | ||||||
Amgen, Inc. | 477 | 92,905 | ||||||
Celgene Corp. * | 246 | 15,772 | ||||||
Gilead Sciences, Inc. | 882 | 55,182 | ||||||
|
| |||||||
| 207,622 | ||||||||
|
| |||||||
Capital Markets — 0.4% | ||||||||
Ameriprise Financial, Inc. | 135 | 14,038 | ||||||
|
| |||||||
Chemicals — 1.2% | ||||||||
CF Industries Holdings, Inc. | 597 | 25,953 | ||||||
Huntsman Corp. | 802 | 15,467 | ||||||
|
| |||||||
| 41,420 | ||||||||
|
| |||||||
Communications Equipment — 1.9% | ||||||||
Cisco Systems, Inc. | 880 | 38,126 | ||||||
Palo Alto Networks, Inc. * | 148 | 27,951 | ||||||
|
| |||||||
| 66,077 | ||||||||
|
| |||||||
Consumer Finance — 4.5% | ||||||||
American Express Co. | 637 | 60,700 | ||||||
Capital One Financial Corp. | 501 | 37,878 | ||||||
Credit Acceptance Corp. * | 76 | 28,947 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Consumer Finance — continued | ||||||||
Discover Financial Services | 55 | 3,220 | ||||||
Synchrony Financial | 1,122 | 26,318 | ||||||
|
| |||||||
| 157,063 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.8% | ||||||||
H&R Block, Inc. | 1,105 | 28,024 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.4% |
| |||||||
AT&T, Inc. | 1,239 | 35,367 | ||||||
Verizon Communications, Inc. | 835 | 46,915 | ||||||
|
| |||||||
| 82,282 | ||||||||
|
| |||||||
Electric Utilities — 1.4% | ||||||||
Exelon Corp. | 857 | 38,637 | ||||||
NextEra Energy, Inc. | 58 | 10,099 | ||||||
|
| |||||||
| 48,736 | ||||||||
|
| |||||||
Entertainment — 0.9% | ||||||||
Take-Two Interactive Software, Inc. * | 90 | 9,267 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 291 | 21,714 | ||||||
|
| |||||||
| 30,981 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.9% |
| |||||||
American Tower Corp. | 85 | 13,446 | ||||||
AvalonBay Communities, Inc. | 113 | 19,668 | ||||||
Medical Properties Trust, Inc. | 1,776 | 28,550 | ||||||
Ryman Hospitality Properties, Inc. | 87 | 5,829 | ||||||
|
| |||||||
| 67,493 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.0% | ||||||||
Walgreens Boots Alliance, Inc. | 494 | 33,728 | ||||||
|
| |||||||
Food Products — 1.8% |
| |||||||
Archer-Daniels-Midland Co. | 392 | 16,040 | ||||||
General Mills, Inc. | 309 | 12,032 | ||||||
Pilgrim’s Pride Corp. * | 710 | 11,011 | ||||||
Post Holdings, Inc. * | 280 | 24,965 | ||||||
|
| |||||||
| 64,048 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.6% | ||||||||
DexCom, Inc. * | 162 | 19,360 | ||||||
|
| |||||||
Health Care Providers & Services — 7.9% |
| |||||||
Anthem, Inc. | 306 | 80,391 | ||||||
Centene Corp. * | 121 | 13,928 | ||||||
HCA Healthcare, Inc. | 196 | 24,405 | ||||||
Humana, Inc. | 258 | 73,883 | ||||||
McKesson Corp. | 184 | 20,283 | ||||||
Molina Healthcare, Inc. * | 204 | 23,697 | ||||||
Tenet Healthcare Corp. * | 706 | 12,106 | ||||||
WellCare Health Plans, Inc. * | 107 | 25,213 | ||||||
|
| |||||||
| 273,906 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 13 | ||||||
Table of Contents
JPMorgan Intrepid America Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Hotels, Restaurants & Leisure — 1.4% | ||||||||
Dunkin’ Brands Group, Inc. | 389 | 24,968 | ||||||
Marriott Vacations Worldwide Corp. | 351 | 24,728 | ||||||
|
| |||||||
| 49,696 | ||||||||
|
| |||||||
Household Durables — 0.4% | ||||||||
PulteGroup, Inc. | 530 | 13,777 | ||||||
|
| |||||||
Household Products — 0.4% |
| |||||||
Energizer Holdings, Inc. | 276 | 12,475 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 2.1% |
| |||||||
AES Corp. | 1,454 | 21,030 | ||||||
NRG Energy, Inc. | 768 | 30,421 | ||||||
Vistra Energy Corp. * | 907 | 20,768 | ||||||
|
| |||||||
| 72,219 | ||||||||
|
| |||||||
Insurance — 3.7% | ||||||||
Allstate Corp. (The) (a) | 275 | 22,740 | ||||||
Everest Re Group Ltd. | 103 | 22,516 | ||||||
First American Financial Corp. | 63 | 2,826 | ||||||
Lincoln National Corp. | 463 | 23,741 | ||||||
Progressive Corp. (The) | 175 | 10,528 | ||||||
Travelers Cos., Inc. (The) | 380 | 45,457 | ||||||
|
| |||||||
| 127,808 | ||||||||
|
| |||||||
Interactive Media & Services — 5.4% | ||||||||
Alphabet, Inc., Class A * | 38 | 39,813 | ||||||
Alphabet, Inc., Class C * | 118 | 122,616 | ||||||
Twitter, Inc. * | 884 | 25,418 | ||||||
|
| |||||||
| 187,847 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 5.3% | ||||||||
Amazon.com, Inc. * | 40 | 59,628 | ||||||
Booking Holdings, Inc. * | 17 | 28,420 | ||||||
eBay, Inc. * | 2,452 | 68,839 | ||||||
Expedia Group, Inc. | 238 | 26,777 | ||||||
|
| |||||||
| 183,664 | ||||||||
|
| |||||||
IT Services — 0.4% | ||||||||
DXC Technology Co. | 292 | 15,545 | ||||||
|
| |||||||
Machinery — 2.0% |
| |||||||
Allison Transmission Holdings, Inc. | 668 | 29,345 | ||||||
Caterpillar, Inc. | 323 | 40,980 | ||||||
|
| |||||||
| 70,325 | ||||||||
|
| |||||||
Media — 0.6% | ||||||||
Comcast Corp., Class A | 493 | 16,800 | ||||||
Omnicom Group, Inc. | 64 | 4,673 | ||||||
|
| |||||||
| 21,473 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Metals & Mining — 0.5% | ||||||||
Freeport-McMoRan, Inc. | 1,369 | 14,109 | ||||||
Newmont Mining Corp. | 119 | 4,120 | ||||||
|
| |||||||
| 18,229 | ||||||||
|
| |||||||
Multiline Retail — 0.8% |
| |||||||
Kohl’s Corp. | 410 | 27,206 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 6.3% | ||||||||
Chevron Corp. | 209 | 22,770 | ||||||
ConocoPhillips | 1,096 | 68,361 | ||||||
HollyFrontier Corp. (a) | 413 | 21,102 | ||||||
Marathon Petroleum Corp. | 414 | 24,448 | ||||||
PBF Energy, Inc., Class A | 522 | 17,037 | ||||||
Peabody Energy Corp. | 762 | 23,232 | ||||||
Valero Energy Corp. | 569 | 42,650 | ||||||
|
| |||||||
| 219,600 | ||||||||
|
| |||||||
Personal Products — 0.8% |
| |||||||
Herbalife Nutrition Ltd. * | 503 | 29,640 | ||||||
|
| |||||||
Pharmaceuticals — 0.8% | ||||||||
Allergan plc | 113 | 15,077 | ||||||
Bristol-Myers Squibb Co. | 113 | 5,884 | ||||||
Pfizer, Inc. | 181 | 7,896 | ||||||
|
| |||||||
| 28,857 | ||||||||
|
| |||||||
Professional Services — 0.4% |
| |||||||
Robert Half International, Inc. | 255 | �� | 14,563 | |||||
|
| |||||||
Real Estate Management & Development — 0.7% |
| |||||||
CBRE Group, Inc., Class A * | 628 | 25,150 | ||||||
|
| |||||||
Road & Rail — 0.5% | ||||||||
CSX Corp. | 178 | 11,084 | ||||||
Union Pacific Corp. | 57 | 7,893 | ||||||
|
| |||||||
| 18,977 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.3% |
| |||||||
Applied Materials, Inc. | 1,624 | 53,160 | ||||||
KLA-Tencor Corp. | 139 | 12,475 | ||||||
Lam Research Corp. | 181 | 24,620 | ||||||
Micron Technology, Inc. * | 164 | 5,216 | ||||||
QUALCOMM, Inc. | 367 | 20,903 | ||||||
|
| |||||||
| 116,374 | ||||||||
|
| |||||||
Software — 8.6% |
| |||||||
Citrix Systems, Inc. | 269 | 27,521 | ||||||
Fortinet, Inc. * | 305 | 21,453 | ||||||
Microsoft Corp. | 1,570 | 159,484 | ||||||
Oracle Corp. | 680 | 30,693 | ||||||
VMware, Inc., Class A (a) | 440 | 60,351 | ||||||
|
| |||||||
| 299,502 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 14 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — 0.7% | ||||||||
Urban Outfitters, Inc. * | 746 | 24,764 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 4.1% |
| |||||||
Apple, Inc. | 488 | 76,946 | ||||||
HP, Inc. | 1,783 | 36,470 | ||||||
NetApp, Inc. | 392 | 23,385 | ||||||
Western Digital Corp. | 141 | 5,216 | ||||||
|
| |||||||
| 142,017 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.7% | ||||||||
Hanesbrands, Inc. | 1,280 | 16,032 | ||||||
Tapestry, Inc. | 297 | 10,031 | ||||||
|
| |||||||
| 26,063 | ||||||||
|
| |||||||
Trading Companies & Distributors — 1.3% | ||||||||
HD Supply Holdings, Inc. * | 493 | 18,486 | ||||||
United Rentals, Inc. * | 205 | 21,049 | ||||||
WW Grainger, Inc. | 17 | 4,701 | ||||||
|
| |||||||
| 44,236 | ||||||||
|
| |||||||
Total Common Stocks | 3,380,238 | |||||||
|
| |||||||
Short-Term Investments — 4.4% | ||||||||
Investment Companies — 4.4% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 154,290 | 154,290 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 1.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, | 33,503 | 33,500 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 6,353 | 6,353 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 39,853 | |||||||
|
| |||||||
Total Investments — 102.6% | 3,574,381 | |||||||
Liabilities in Excess of | (89,169 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 3,485,212 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $39,302,000. | |
(b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500 E-Mini Index | 800 | 03/2019 | USD | 100,120 | 168 | |||||||||||||||
|
| |||||||||||||||||||
| 168 | ||||||||||||||||||||
|
| |||||||||||||||||||
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 15 | ||||||
Table of Contents
JPMorgan Intrepid Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.4% |
| |||||||
Aerospace & Defense — 3.6% | ||||||||
Boeing Co. (The) | 111 | 35,636 | ||||||
TransDigm Group, Inc. * | 7 | 2,245 | ||||||
|
| |||||||
| 37,881 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.3% | ||||||||
Expeditors International of Washington, Inc. | 52 | 3,527 | ||||||
|
| |||||||
Airlines — 1.3% | ||||||||
Delta Air Lines, Inc. | 75 | 3,753 | ||||||
United Continental Holdings, Inc. * | 121 | 10,157 | ||||||
|
| |||||||
| 13,910 | ||||||||
|
| |||||||
Auto Components — 0.3% | ||||||||
Lear Corp. | 27 | 3,330 | ||||||
|
| |||||||
Beverages — 2.3% | ||||||||
Molson Coors Brewing Co., Class B | 117 | 6,571 | ||||||
PepsiCo, Inc. | 154 | 17,025 | ||||||
|
| |||||||
| 23,596 | ||||||||
|
| |||||||
Biotechnology — 6.8% | ||||||||
AbbVie, Inc. | 74 | 6,822 | ||||||
Amgen, Inc. | 147 | 28,684 | ||||||
Celgene Corp. * | 33 | 2,083 | ||||||
Gilead Sciences, Inc. | 217 | 13,598 | ||||||
Loxo Oncology, Inc. * | 39 | 5,435 | ||||||
Vertex Pharmaceuticals, Inc. * | 91 | 15,013 | ||||||
|
| |||||||
| 71,635 | ||||||||
|
| |||||||
Capital Markets — 0.8% | ||||||||
Moody’s Corp. | 3 | 462 | ||||||
MSCI, Inc. | 55 | 8,065 | ||||||
|
| |||||||
| 8,527 | ||||||||
|
| |||||||
Chemicals — 0.7% | ||||||||
CF Industries Holdings, Inc. | 135 | 5,887 | ||||||
Westlake Chemical Corp. | 17 | 1,138 | ||||||
|
| |||||||
| 7,025 | ||||||||
|
| |||||||
Communications Equipment — 1.6% | ||||||||
Cisco Systems, Inc. | 55 | 2,361 | ||||||
F5 Networks, Inc. * | 36 | 5,817 | ||||||
Palo Alto Networks, Inc. * | 46 | 8,570 | ||||||
|
| |||||||
| 16,748 | ||||||||
|
| |||||||
Consumer Finance — 1.2% | ||||||||
Credit Acceptance Corp. * | 23 | 8,930 | ||||||
FirstCash, Inc. | 50 | 3,610 | ||||||
|
| |||||||
| 12,540 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Diversified Consumer Services — 0.7% | ||||||||
H&R Block, Inc.(a) | 304 | 7,715 | ||||||
|
| |||||||
Entertainment — 1.6% | ||||||||
Netflix, Inc. * | 26 | 6,906 | ||||||
Take-Two Interactive Software, Inc. * | 22 | 2,254 | ||||||
World Wrestling Entertainment, Inc., | 100 | 7,435 | ||||||
|
| |||||||
| 16,595 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.4% |
| |||||||
AvalonBay Communities, Inc. | 23 | 4,055 | ||||||
Medical Properties Trust, Inc. | 258 | 4,155 | ||||||
Ryman Hospitality Properties, Inc. | 103 | 6,876 | ||||||
|
| |||||||
| 15,086 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.6% | ||||||||
Walgreens Boots Alliance, Inc. | 86 | 5,849 | ||||||
|
| |||||||
Food Products — 1.9% | ||||||||
General Mills, Inc. | 203 | 7,893 | ||||||
Pilgrim’s Pride Corp. * | 246 | 3,820 | ||||||
Post Holdings, Inc. * (a) | 93 | 8,245 | ||||||
|
| |||||||
| 19,958 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.7% | ||||||||
DexCom, Inc. * | 60 | 7,140 | ||||||
|
| |||||||
Health Care Providers & Services — 5.4% | ||||||||
Anthem, Inc. | 57 | 14,944 | ||||||
Humana, Inc. | 77 | 22,173 | ||||||
Molina Healthcare, Inc. * | 66 | 7,694 | ||||||
Tenet Healthcare Corp. * (a) | 217 | 3,723 | ||||||
WellCare Health Plans, Inc. * | 32 | 7,484 | ||||||
|
| |||||||
| 56,018 | ||||||||
|
| |||||||
Health Care Technology — 0.3% | ||||||||
Veeva Systems, Inc., Class A * | 34 | 3,037 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.7% | ||||||||
Dunkin’ Brands Group, Inc. | 111 | 7,092 | ||||||
Marriott Vacations Worldwide Corp. | 98 | 6,938 | ||||||
Wendy’s Co. (The) (a) | 221 | 3,456 | ||||||
|
| |||||||
| 17,486 | ||||||||
|
| |||||||
Household Durables — 0.5% | ||||||||
PulteGroup, Inc. | 202 | 5,242 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.5% |
| |||||||
NRG Energy, Inc. | 128 | 5,061 | ||||||
|
| |||||||
Insurance — 0.8% | ||||||||
Allstate Corp. (The) | 10 | 826 | ||||||
Everest Re Group Ltd. (a) | 3 | 653 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 16 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Insurance — continued | ||||||||
First American Financial Corp. | 93 | 4,165 | ||||||
Lincoln National Corp. | 34 | 1,760 | ||||||
Progressive Corp. (The) | 24 | 1,454 | ||||||
|
| |||||||
| 8,858 | ||||||||
|
| |||||||
Interactive Media & Services — 10.1% | ||||||||
Alphabet, Inc., Class A * | 26 | 27,064 | ||||||
Alphabet, Inc., Class C * | 48 | 49,295 | ||||||
Facebook, Inc., Class A * | 42 | 5,532 | ||||||
IAC/InterActiveCorp * | 44 | 7,981 | ||||||
TripAdvisor, Inc. * | 153 | 8,226 | ||||||
Twitter, Inc. * | 262 | 7,536 | ||||||
|
| |||||||
| 105,634 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 8.8% | ||||||||
Amazon.com, Inc. * | 31 | 46,711 | ||||||
Booking Holdings, Inc. * | 10 | 17,913 | ||||||
eBay, Inc. * | 708 | 19,860 | ||||||
Expedia Group, Inc. | 68 | 7,694 | ||||||
|
| |||||||
| 92,178 | ||||||||
|
| |||||||
IT Services — 6.2% | ||||||||
DXC Technology Co. | 150 | 7,986 | ||||||
GoDaddy, Inc., Class A * | 90 | 5,886 | ||||||
Mastercard, Inc., Class A | 20 | 3,848 | ||||||
Sabre Corp. | 87 | 1,873 | ||||||
VeriSign, Inc. * | 54 | 7,978 | ||||||
Visa, Inc., Class A | 285 | 37,643 | ||||||
|
| |||||||
| 65,214 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.3% | ||||||||
Waters Corp. * | 16 | 3,037 | ||||||
|
| |||||||
Machinery — 2.4% |
| |||||||
Allison Transmission Holdings, Inc. | 185 | 8,141 | ||||||
Caterpillar, Inc. | 97 | 12,338 | ||||||
Deere & Co. | 28 | 4,132 | ||||||
|
| |||||||
| 24,611 | ||||||||
|
| |||||||
Media — 0.4% | ||||||||
Omnicom Group, Inc. (a) | 20 | 1,487 | ||||||
Sirius XM Holdings, Inc. (a) | 540 | 3,082 | ||||||
|
| |||||||
| 4,569 | ||||||||
|
| |||||||
Metals & Mining — 0.5% | ||||||||
Freeport -McMoRan, Inc. | 517 | 5,329 | ||||||
|
| |||||||
Multiline Retail — 0.7% |
| |||||||
Kohl’s Corp. | 117 | 7,755 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — 1.9% | ||||||||
ConocoPhillips | 126 | 7,825 | ||||||
Marathon Petroleum Corp. | 17 | 1,003 | ||||||
PBF Energy, Inc., Class A | 62 | 2,012 | ||||||
Peabody Energy Corp. | 220 | 6,700 | ||||||
Valero Energy Corp. | 30 | 2,212 | ||||||
|
| |||||||
| 19,752 | ||||||||
|
| |||||||
Personal Products — 1.2% | ||||||||
Herbalife Nutrition Ltd. * | 143 | 8,436 | ||||||
Nu Skin Enterprises, Inc., Class A | 61 | 3,747 | ||||||
|
| |||||||
| 12,183 | ||||||||
|
| |||||||
Professional Services — 0.7% | ||||||||
Robert Half International, Inc. | 131 | 7,510 | ||||||
|
| |||||||
Real Estate Management & Development — 0.7% |
| |||||||
CBRE Group, Inc., Class A * | 176 | 7,051 | ||||||
|
| |||||||
Road & Rail — 0.6% |
| |||||||
Avis Budget Group, Inc. * | 27 | 602 | ||||||
Union Pacific Corp. | 37 | 5,156 | ||||||
|
| |||||||
| 5,758 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.3% |
| |||||||
Applied Materials, Inc. | 551 | 18,023 | ||||||
KLA-Tencor Corp. | 50 | 4,430 | ||||||
Lam Research Corp. | 64 | 8,660 | ||||||
Maxim Integrated Products, Inc. (a) | 19 | 956 | ||||||
Micron Technology, Inc. * | 91 | 2,891 | ||||||
|
| |||||||
| 34,960 | ||||||||
|
| |||||||
Software — 13.5% | ||||||||
Adobe, Inc. * | 87 | 19,705 | ||||||
Citrix Systems, Inc. | 84 | 8,617 | ||||||
Fortinet, Inc. * | 116 | 8,135 | ||||||
Microsoft Corp. | 772 | 78,397 | ||||||
Oracle Corp. | 151 | 6,836 | ||||||
VMware, Inc., Class A (a) | 142 | 19,417 | ||||||
|
| |||||||
| 141,107 | ||||||||
|
| |||||||
Specialty Retail — 1.3% | ||||||||
Burlington Stores, Inc. * | 38 | 6,214 | ||||||
Urban Outfitters, Inc. * | 225 | 7,480 | ||||||
|
| |||||||
| 13,694 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 6.2% |
| |||||||
Apple, Inc. | 335 | 52,867 | ||||||
HP, Inc. | 190 | 3,885 | ||||||
NetApp, Inc. | 118 | 7,047 | ||||||
Western Digital Corp. | 42 | 1,556 | ||||||
|
| |||||||
| 65,355 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 17 | ||||||
Table of Contents
JPMorgan Intrepid Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Textiles, Apparel & Luxury Goods — 1.3% | ||||||||
Hanesbrands, Inc. | 676 | 8,468 | ||||||
Ralph Lauren Corp. | 18 | 1,811 | ||||||
Tapestry, Inc. | 84 | 2,848 | ||||||
|
| |||||||
| 13,127 | ||||||||
|
| |||||||
Trading Companies & Distributors — 2.3% | ||||||||
HD Supply Holdings, Inc. * | 229 | 8,607 | ||||||
United Rentals, Inc. * | 70 | 7,136 | ||||||
WW Grainger, Inc. | 29 | 8,160 | ||||||
|
| |||||||
| 23,903 | ||||||||
|
| |||||||
Total Common Stocks | 1,019,491 | |||||||
|
| |||||||
Short-Term Investments — 1.8% |
| |||||||
Investment Companies — 1.8% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 18,780 | 18,780 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 1.5% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, | 11,001 | 11,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 4,795 | 4,795 | ||||||
|
| |||||||
Total Investment of Cash Collateral from |
| 15,795 | ||||||
|
| |||||||
Total Investments — 100.7% | 1,054,066 | |||||||
Liabilities in Excess of | (7,811 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 1,046,255 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
Abbreviations | ||
MSCI | Morgan Stanley Capital International | |
(a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $14,187,000. | |
(b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. | |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
| S&P 500 E-Mini Index | 212 | 03/2019 | USD | 26,532 | (214 | ) | ||||||||||||
|
| |||||||||||||||||
| (214 | ) | |||||||||||||||||
|
| |||||||||||||||||
Abbreviations | ||
USD | United States Dollar | |
SEE NOTES TO FINANCIAL STATEMENTS.
| 18 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Intrepid Mid Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.9% | ||||||||
Aerospace & Defense — 2.0% | ||||||||
HEICO Corp., Class A | 22 | 1,386 | ||||||
Huntington Ingalls Industries, Inc. | 28 | 5,313 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 30 | 2,184 | ||||||
Teledyne Technologies, Inc. * | 8 | 1,615 | ||||||
|
| |||||||
| 10,498 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.2% | ||||||||
CH Robinson Worldwide, Inc. | 10 | 858 | ||||||
|
| |||||||
Airlines — 1.1% | ||||||||
United Continental Holdings, Inc. * | 69 | 5,735 | ||||||
|
| |||||||
Banks — 3.2% | ||||||||
East West Bancorp, Inc. | 24 | 1,062 | ||||||
KeyCorp | 100 | 1,479 | ||||||
Popular, Inc. (Puerto Rico) | 185 | 8,736 | ||||||
Regions Financial Corp. | 94 | 1,255 | ||||||
SVB Financial Group * | 17 | 3,210 | ||||||
Synovus Financial Corp. | 33 | 1,046 | ||||||
|
| |||||||
| 16,788 | ||||||||
|
| |||||||
Biotechnology — 1.6% | ||||||||
Alkermes plc * | 43 | 1,254 | ||||||
Alnylam Pharmaceuticals, Inc. * | 19 | 1,407 | ||||||
BioMarin Pharmaceutical, Inc. * | 1 | 119 | ||||||
Exelixis, Inc. * | 55 | 1,086 | ||||||
Incyte Corp. * | 32 | 2,022 | ||||||
Moderna, Inc. * (a) | 173 | 2,647 | ||||||
|
| |||||||
| 8,535 | ||||||||
|
| |||||||
Building Products — 1.2% | ||||||||
Masco Corp. | 208 | 6,070 | ||||||
|
| |||||||
Capital Markets — 3.4% | ||||||||
E* TRADE Financial Corp. | 9 | 404 | ||||||
Lazard Ltd., Class A | 20 | 738 | ||||||
LPL Financial Holdings, Inc. | 150 | 9,171 | ||||||
MSCI, Inc. | 44 | 6,428 | ||||||
Raymond James Financial, Inc. | 18 | 1,332 | ||||||
|
| |||||||
| 18,073 | ||||||||
|
| |||||||
Chemicals — 1.9% | ||||||||
Cabot Corp. | 87 | 3,719 | ||||||
Eastman Chemical Co. | 3 | 234 | ||||||
Huntsman Corp. | 208 | 4,016 | ||||||
Westlake Chemical Corp. | 32 | 2,137 | ||||||
|
| |||||||
| 10,106 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — 1.5% | ||||||||
KAR Auction Services, Inc. | 164 | 7,836 | ||||||
|
| |||||||
Communications Equipment — 0.9% | ||||||||
CommScope Holding Co., Inc. * | 83 | 1,362 | ||||||
F5 Networks, Inc. * | 21 | 3,354 | ||||||
|
| |||||||
| 4,716 | ||||||||
|
| |||||||
Construction & Engineering — 1.8% | ||||||||
AECOM * | 191 | 5,051 | ||||||
Jacobs Engineering Group, Inc. | 76 | 4,460 | ||||||
|
| |||||||
| 9,511 | ||||||||
|
| |||||||
Consumer Finance — 0.2% | ||||||||
Discover Financial Services | 8 | 460 | ||||||
Synchrony Financial | 20 | 467 | ||||||
|
| |||||||
| 927 | ||||||||
|
| |||||||
Containers & Packaging — 1.3% | ||||||||
Avery Dennison Corp. | 7 | 638 | ||||||
Berry Global Group, Inc. * | 98 | 4,663 | ||||||
Westrock Co. | 39 | 1,457 | ||||||
|
| |||||||
| 6,758 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.4% | ||||||||
frontdoor, Inc. * | 32 | 856 | ||||||
ServiceMaster Global Holdings, Inc. * | 36 | 1,326 | ||||||
|
| |||||||
| 2,182 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.8% |
| |||||||
CenturyLink, Inc. | 269 | 4,081 | ||||||
|
| |||||||
Electric Utilities — 0.0% (b) | ||||||||
FirstEnergy Corp. | 5 | 188 | ||||||
|
| |||||||
Electrical Equipment — 0.8% | ||||||||
GrafTech International Ltd. | 165 | 1,891 | ||||||
Regal Beloit Corp. | 31 | 2,193 | ||||||
|
| |||||||
| 4,084 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.5% |
| |||||||
CDW Corp. | 29 | 2,318 | ||||||
Coherent, Inc. * | 11 | 1,124 | ||||||
Dolby Laboratories, Inc., Class A | 95 | 5,869 | ||||||
Jabil, Inc. | 159 | 3,929 | ||||||
|
| |||||||
| 13,240 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.2% | ||||||||
Baker Hughes a GE Co. | 45 | 978 | ||||||
|
| |||||||
Entertainment — 1.6% | ||||||||
Activision Blizzard, Inc. | 29 | 1,350 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 19 | ||||||
Table of Contents
JPMorgan Intrepid Mid Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Entertainment — continued | ||||||||
Take-Two Interactive Software, Inc. * | 61 | 6,290 | ||||||
Viacom, Inc., Class B | 22 | 553 | ||||||
|
| |||||||
| 8,193 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 8.3% |
| |||||||
American Homes 4 Rent, Class A | 59 | 1,167 | ||||||
Brixmor Property Group, Inc. | 23 | 344 | ||||||
Camden Property Trust | 7 | 643 | ||||||
CoreSite Realty Corp. | 3 | 227 | ||||||
Corporate Office Properties Trust | 69 | 1,445 | ||||||
Douglas Emmett, Inc. | 13 | 430 | ||||||
Equinix, Inc. | 20 | 7,016 | ||||||
Equity Commonwealth | 287 | 8,617 | ||||||
Equity LifeStyle Properties, Inc. | 19 | 1,826 | ||||||
Gaming and Leisure Properties, Inc. | 155 | 5,011 | ||||||
Host Hotels & Resorts, Inc. | 123 | 2,049 | ||||||
Hudson Pacific Properties, Inc. | 68 | 1,976 | ||||||
Invitation Homes, Inc. | 136 | 2,731 | ||||||
Mid-America Apartment Communities, Inc. | 9 | 858 | ||||||
Park Hotels & Resorts, Inc. | 15 | 390 | ||||||
Regency Centers Corp. | 18 | 1,027 | ||||||
Retail Properties of America, Inc., Class A | 110 | 1,188 | ||||||
SBA Communications Corp. * | 3 | 534 | ||||||
Sun Communities, Inc. | 17 | 1,739 | ||||||
VICI Properties, Inc. | 147 | 2,755 | ||||||
Weyerhaeuser Co. | 76 | 1,668 | ||||||
|
| |||||||
| 43,641 | ||||||||
|
| |||||||
Food Products — 3.1% | ||||||||
Archer-Daniels-Midland Co. | 77 | 3,151 | ||||||
Ingredion, Inc. | 55 | 4,981 | ||||||
Pilgrim’s Pride Corp. * | 182 | 2,817 | ||||||
Tyson Foods, Inc., Class A | 102 | 5,436 | ||||||
|
| |||||||
| 16,385 | ||||||||
|
| |||||||
Gas Utilities — 1.4% | ||||||||
National Fuel Gas Co. | 13 | 665 | ||||||
UGI Corp. | 125 | 6,666 | ||||||
|
| |||||||
| 7,331 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.2% |
| |||||||
Hill-Rom Holdings, Inc. | 61 | 5,357 | ||||||
Hologic, Inc. * | 53 | 2,183 | ||||||
STERIS plc | 3 | 321 | ||||||
Teleflex, Inc. | 5 | 1,318 | ||||||
Zimmer Biomet Holdings, Inc. | 75 | 7,758 | ||||||
|
| |||||||
| 16,937 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Providers & Services — 5.0% | ||||||||
AmerisourceBergen Corp. | 64 | 4,732 | ||||||
Cardinal Health, Inc. | 45 | 1,989 | ||||||
Centene Corp. * | 88 | 10,169 | ||||||
DaVita, Inc. * | 93 | 4,786 | ||||||
Premier, Inc., Class A * | 126 | 4,721 | ||||||
|
| |||||||
| 26,397 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.5% | ||||||||
Chipotle Mexican Grill, Inc. * | 5 | 2,116 | ||||||
Extended Stay America, Inc. | 311 | 4,816 | ||||||
Vail Resorts, Inc. | 4 | 822 | ||||||
|
| |||||||
| 7,754 | ||||||||
|
| |||||||
Household Durables — 0.2% | ||||||||
NVR, Inc. * | — | (c) | 1,097 | |||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 4.8% |
| |||||||
AES Corp. | 253 | 3,661 | ||||||
NRG Energy, Inc. | 263 | 10,403 | ||||||
Vistra Energy Corp. * | 494 | 11,306 | ||||||
|
| |||||||
| 25,370 | ||||||||
|
| |||||||
Insurance — 3.5% | ||||||||
American Financial Group, Inc. | 31 | 2,770 | ||||||
American National Insurance Co. | 2 | 255 | ||||||
Arch Capital Group Ltd. * | 20 | 525 | ||||||
Aspen Insurance Holdings Ltd. (Bermuda) | 14 | 567 | ||||||
Assurant, Inc. | 4 | 380 | ||||||
Assured Guaranty Ltd. | 20 | 762 | ||||||
Everest Re Group Ltd. | 11 | 2,482 | ||||||
Fidelity National Financial, Inc. | 21 | 665 | ||||||
First American Financial Corp. | 65 | 2,915 | ||||||
Hanover Insurance Group, Inc. (The) | 29 | 3,421 | ||||||
Hartford Financial Services Group, Inc. (The) | 18 | 818 | ||||||
Lincoln National Corp. | 19 | 954 | ||||||
Old Republic International Corp. | 19 | 381 | ||||||
Progressive Corp. (The) | 29 | 1,725 | ||||||
|
| |||||||
| 18,620 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.3% |
| |||||||
Expedia Group, Inc. | 6 | 619 | ||||||
Qurate Retail, Inc. * | 53 | 1,029 | ||||||
|
| |||||||
| 1,648 | ||||||||
|
| |||||||
IT Services — 7.1% | ||||||||
Black Knight, Inc. * | 64 | 2,880 | ||||||
Conduent, Inc. * | 339 | 3,606 | ||||||
DXC Technology Co. | 102 | 5,402 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 20 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
IT Services — continued | ||||||||
Fidelity National Information Services, Inc. | 22 | 2,277 | ||||||
Genpact Ltd. | 18 | 481 | ||||||
Sabre Corp. | 460 | 9,961 | ||||||
Square, Inc., Class A * | 26 | 1,481 | ||||||
Total System Services, Inc. | 48 | 3,861 | ||||||
VeriSign, Inc. * | 11 | 1,631 | ||||||
Worldpay, Inc. * | 76 | 5,816 | ||||||
|
| |||||||
| 37,396 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.2% | ||||||||
Agilent Technologies, Inc. | 14 | 958 | ||||||
|
| |||||||
Machinery — 3.6% | ||||||||
Allison Transmission Holdings, Inc. | 49 | 2,160 | ||||||
Crane Co. | 54 | 3,890 | ||||||
Gardner Denver Holdings, Inc. * | 20 | 415 | ||||||
Ingersoll-Rand plc | 112 | 10,200 | ||||||
Timken Co. (The) | 66 | 2,452 | ||||||
|
| |||||||
| 19,117 | ||||||||
|
| |||||||
Media — 2.1% | ||||||||
DISH Network Corp., Class A * | 22 | 542 | ||||||
Tribune Media Co., Class A | 237 | 10,769 | ||||||
|
| |||||||
| 11,311 | ||||||||
|
| |||||||
Metals & Mining — 0.9% | ||||||||
Freeport-McMoRan, Inc. | 53 | 550 | ||||||
Steel Dynamics, Inc. | 141 | 4,236 | ||||||
|
| |||||||
| 4,786 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.1% |
| |||||||
Two Harbors Investment Corp. | 440 | 5,647 | ||||||
|
| |||||||
Multiline Retail — 1.5% |
| |||||||
Dollar General Corp. | 38 | 4,150 | ||||||
Kohl’s Corp. | 40 | 2,634 | ||||||
Macy’s, Inc. | 34 | 1,001 | ||||||
|
| |||||||
| 7,785 | ||||||||
|
| |||||||
Multi-Utilities — 0.7% | ||||||||
CenterPoint Energy, Inc. | 47 | 1,330 | ||||||
CMS Energy Corp. | 44 | 2,204 | ||||||
|
| |||||||
| 3,534 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.6% | ||||||||
Cimarex Energy Co. | 4 | 274 | ||||||
Devon Energy Corp. | 139 | 3,131 | ||||||
Marathon Oil Corp. | 360 | 5,158 | ||||||
Marathon Petroleum Corp. | 42 | 2,490 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued | ||||||||
Murphy Oil Corp. | 22 | 508 | ||||||
Noble Energy, Inc. | 3 | 58 | ||||||
ONEOK, Inc. | 34 | 1,845 | ||||||
PBF Energy, Inc., Class A | 81 | 2,653 | ||||||
Valero Energy Corp. | 14 | 1,012 | ||||||
Williams Cos., Inc. (The) | 34 | 752 | ||||||
WPX Energy, Inc. * | 76 | 865 | ||||||
|
| |||||||
| 18,746 | ||||||||
|
| |||||||
Paper & Forest Products — 0.4% | ||||||||
Domtar Corp. | 65 | 2,269 | ||||||
|
| |||||||
Personal Products — 1.2% |
| |||||||
Herbalife Nutrition Ltd. * | 90 | 5,276 | ||||||
Nu Skin Enterprises, Inc., Class A | 17 | 1,067 | ||||||
|
| |||||||
| 6,343 | ||||||||
|
| |||||||
Pharmaceuticals — 1.2% | ||||||||
Elanco Animal Health, Inc. * (a) | 66 | 2,065 | ||||||
Mylan NV * | 94 | 2,579 | ||||||
Nektar Therapeutics * | 32 | 1,045 | ||||||
Perrigo Co. plc | 20 | 783 | ||||||
|
| |||||||
| 6,472 | ||||||||
|
| |||||||
Professional Services — 2.7% | ||||||||
IHS Markit Ltd. * | 117 | 5,588 | ||||||
ManpowerGroup, Inc. | 70 | 4,549 | ||||||
TransUnion | 68 | 3,874 | ||||||
|
| |||||||
| 14,011 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.3% |
| |||||||
CBRE Group, Inc., Class A * | 44 | 1,754 | ||||||
|
| |||||||
Road & Rail — 1.1% |
| |||||||
Landstar System, Inc. | 11 | 1,014 | ||||||
Schneider National, Inc., Class B | 252 | 4,711 | ||||||
|
| |||||||
| 5,725 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.8% |
| |||||||
KLA-Tencor Corp. | 21 | 1,843 | ||||||
Lam Research Corp. | 50 | 6,822 | ||||||
Marvell Technology Group Ltd. | 483 | 7,823 | ||||||
ON Semiconductor Corp. * | 207 | 3,421 | ||||||
Teradyne, Inc. | 6 | 201 | ||||||
|
| |||||||
| 20,110 | ||||||||
|
| |||||||
Software — 2.2% | ||||||||
Nuance Communications, Inc. * | 150 | 1,984 | ||||||
Symantec Corp. | 518 | 9,782 | ||||||
|
| |||||||
| 11,766 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 21 | ||||||
Table of Contents
JPMorgan Intrepid Mid Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — 3.4% | ||||||||
Advance Auto Parts, Inc. | 40 | 6,314 | ||||||
AutoZone, Inc. * | 2 | 1,677 | ||||||
Best Buy Co., Inc. | 101 | 5,344 | ||||||
Urban Outfitters, Inc. * | 136 | 4,518 | ||||||
|
| |||||||
| 17,853 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.8% |
| |||||||
Dell Technologies, Inc., Class C * | 20 | 988 | ||||||
NCR Corp. * | 67 | 1,539 | ||||||
NetApp, Inc. | 21 | 1,265 | ||||||
Western Digital Corp. | 15 | 551 | ||||||
|
| |||||||
| 4,343 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 2.2% | ||||||||
Columbia Sportswear Co. | 57 | 4,818 | ||||||
Lululemon Athletica, Inc. * | 2 | 231 | ||||||
Michael Kors Holdings Ltd. * | 77 | 2,928 | ||||||
PVH Corp. | 3 | 251 | ||||||
Tapestry, Inc. | 94 | 3,159 | ||||||
|
| |||||||
| 11,387 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.9% |
| |||||||
HD Supply Holdings, Inc. * | 59 | 2,210 | ||||||
WESCO International, Inc. * | 49 | 2,366 | ||||||
|
| |||||||
| 4,576 | ||||||||
|
| |||||||
Total Common Stocks | 520,426 | |||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 1.5% | ||||||||
Investment Companies — 1.5% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (e) (Cost $7,866) | 7,866 | 7,866 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.5% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (e) | 2,705 | 2,705 | ||||||
|
| |||||||
Total Investments — 100.9% | 530,997 | |||||||
Liabilities in Excess of | (4,876 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 526,121 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
Abbreviations | ||
| MSCI | Morgan Stanley Capital International | |
| (a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $2,801,000. | |
| (b) | Amount rounds to less than 0.1% of net assets. | |
| (c) | Amount rounds to less than one thousand. | |
| (d) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
| (e) | The rate shown is the current yield as of December 31, 2018. | |
| * | Non-income producing security. | |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
| S&P Midcap 400 E-Mini Index | 43 | 03/2019 | USD | 7,154 | (173 | ) | ||||||||||||
|
| |||||||||||||||||
| (173 | ) | |||||||||||||||||
|
| |||||||||||||||||
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 22 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.0% |
| |||||||
Aerospace & Defense — 2.4% | ||||||||
Boeing Co. (The) | 2 | 545 | ||||||
|
| |||||||
Airlines — 1.2% | ||||||||
Delta Air Lines, Inc. | 5 | 271 | ||||||
|
| |||||||
Banks — 6.4% | ||||||||
Bank of America Corp. | 21 | 510 | ||||||
Citigroup, Inc. | 12 | 631 | ||||||
PNC Financial Services Group, Inc. (The) | 3 | 322 | ||||||
|
| |||||||
| 1,463 | ||||||||
|
| |||||||
Beverages — 2.6% | ||||||||
PepsiCo, Inc. | 5 | 601 | ||||||
|
| |||||||
Biotechnology — 6.2% | ||||||||
AbbVie, Inc. | 2 | 145 | ||||||
Amgen, Inc. | 3 | 620 | ||||||
Biogen, Inc. * | 1 | 209 | ||||||
Gilead Sciences, Inc. | 7 | 438 | ||||||
|
| |||||||
| 1,412 | ||||||||
|
| |||||||
Capital Markets — 2.2% | ||||||||
Bank of New York Mellon Corp. (The) | 6 | 279 | ||||||
Northern Trust Corp. | 3 | 215 | ||||||
|
| |||||||
| 494 | ||||||||
|
| |||||||
Chemicals — 0.9% | ||||||||
Axalta Coating Systems Ltd. * | 9 | 205 | ||||||
|
| |||||||
Communications Equipment — 2.9% | ||||||||
Cisco Systems, Inc. | 15 | 662 | ||||||
|
| |||||||
Consumer Finance — 2.3% | ||||||||
American Express Co. | 6 | 537 | ||||||
|
| |||||||
Containers & Packaging — 1.0% | ||||||||
Ball Corp. | 5 | 219 | ||||||
|
| |||||||
Diversified Consumer Services — 0.8% | ||||||||
H&R Block, Inc. | 7 | 180 | ||||||
|
| |||||||
Diversified Telecommunication Services — 3.7% | ||||||||
AT&T, Inc. | 5 | 147 | ||||||
Verizon Communications, Inc. | 12 | 690 | ||||||
|
| |||||||
| 837 | ||||||||
|
| |||||||
Electric Utilities — 3.0% | ||||||||
Exelon Corp. | 8 | 351 | ||||||
NextEra Energy, Inc. | 2 | 345 | ||||||
|
| |||||||
| 696 | ||||||||
|
| |||||||
Energy Equipment & Services — 2.5% | ||||||||
Baker Hughes a GE Co. | 6 | 130 | ||||||
Halliburton Co. | 3 | 81 | ||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Energy Equipment & Services — continued | ||||||||
National Oilwell Varco, Inc. | 8 | 209 | ||||||
TechnipFMC plc (United Kingdom) | 8 | 159 | ||||||
|
| |||||||
| 579 | ||||||||
|
| |||||||
Entertainment — 2.0% | ||||||||
Electronic Arts, Inc. * | 1 | 76 | ||||||
Walt Disney Co. (The) | 4 | 386 | ||||||
|
| |||||||
| 462 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.8% |
| |||||||
Prologis, Inc. | 3 | 182 | ||||||
|
| |||||||
Food & Staples Retailing — 1.8% |
| |||||||
Walgreens Boots Alliance, Inc. | 6 | 413 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.2% |
| |||||||
Abbott Laboratories | 7 | 494 | ||||||
|
| |||||||
Health Care Providers & Services — 6.5% |
| |||||||
Anthem, Inc. | 2 | 566 | ||||||
Cigna Corp. | 1 | 262 | ||||||
Humana, Inc. | 2 | 536 | ||||||
WellCare Health Plans, Inc. * | — | (a) | 113 | |||||
|
| |||||||
| 1,477 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.1% |
| |||||||
Chipotle Mexican Grill, Inc. * | — | (a) | 194 | |||||
Dunkin’ Brands Group, Inc. | 1 | 63 | ||||||
|
| |||||||
| 257 | ||||||||
|
| |||||||
Household Products — 1.6% |
| |||||||
Procter & Gamble Co. (The) | 4 | 368 | ||||||
|
| |||||||
Insurance — 3.9% |
| |||||||
Allstate Corp. (The) | 3 | 269 | ||||||
Hartford Financial Services Group, Inc. (The) | 5 | 215 | ||||||
Lincoln National Corp. | 3 | 166 | ||||||
Travelers Cos., Inc. (The) | 2 | 242 | ||||||
|
| |||||||
| 892 | ||||||||
|
| |||||||
Interactive Media & Services — 4.1% |
| |||||||
Alphabet, Inc., Class A * | — | (a) | 355 | |||||
Alphabet, Inc., Class C * | 1 | 580 | ||||||
|
| |||||||
| 935 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 4.0% |
| |||||||
Amazon.com, Inc. * | — | (a) | 661 | |||||
eBay, Inc. * | 9 | 252 | ||||||
|
| |||||||
| 913 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 23 | ||||||
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
IT Services — 2.0% | ||||||||
Accenture plc, Class A | 3 | 465 | ||||||
|
| |||||||
Machinery — 3.7% | ||||||||
Allison Transmission Holdings, Inc. | 4 | 186 | ||||||
Caterpillar, Inc. | 2 | 226 | ||||||
Ingersoll-Rand plc | 2 | 191 | ||||||
Xylem, Inc. | 4 | 235 | ||||||
|
| |||||||
| 838 | ||||||||
|
| |||||||
Multiline Retail — 1.0% | ||||||||
Target Corp. | 3 | 224 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.7% | ||||||||
ConocoPhillips | 2 | 125 | ||||||
Phillips 66 | 3 | 239 | ||||||
Valero Energy Corp. | 3 | 252 | ||||||
|
| |||||||
| 616 | ||||||||
|
| |||||||
Pharmaceuticals — 1.3% | ||||||||
Bristol-Myers Squibb Co. | 3 | 146 | ||||||
Eli Lilly & Co. | 1 | 141 | ||||||
|
| |||||||
| 287 | ||||||||
|
| |||||||
Road & Rail — 1.5% | ||||||||
CSX Corp. | 5 | 340 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.8% |
| |||||||
Applied Materials, Inc. | 13 | 412 | ||||||
KLA-Tencor Corp. | — | (a) | 9 | |||||
Lam Research Corp. | 2 | 217 | ||||||
|
| |||||||
| 638 | ||||||||
|
| |||||||
Software — 7.4% |
| |||||||
Adobe, Inc.* | 1 | 181 | ||||||
Microsoft Corp. | 15 | 1,511 | ||||||
|
| |||||||
| 1,692 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Specialty Retail — 2.1% |
| |||||||
Best Buy Co., Inc. | 3 | 161 | ||||||
Home Depot, Inc. (The) | 2 | 323 | ||||||
|
| |||||||
| 484 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 5.0% |
| |||||||
Apple, Inc. | 4 | 696 | ||||||
HP, Inc. | 7 | 153 | ||||||
NetApp, Inc. | 5 | 301 | ||||||
|
| |||||||
| 1,150 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.5% |
| |||||||
Hanesbrands, Inc. | 4 | 45 | ||||||
NIKE, Inc., Class B | 4 | 310 | ||||||
|
| |||||||
| 355 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.9% |
| |||||||
United Rentals, Inc. * | 2 | 209 | ||||||
|
| |||||||
Total Common Stocks | 22,392 | |||||||
|
| |||||||
Short-term Investments — 1.9% | ||||||||
Investment Companies — 1.9% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 425 | 425 | ||||||
|
| |||||||
Total Investments — 99.9% | 22,817 | |||||||
Other Assets Less Liabilities — 0.1% | 17 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 22,834 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
(a) | Amount rounds to less than one thousand. | |
(b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
| S&P 500 E-Mini Index | 3 | 03/2019 | USD | 375 | 2 | |||||||||||||
|
| |||||||||||||||||
| 2 | ||||||||||||||||||
|
| |||||||||||||||||
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 24 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan Intrepid Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 96.8% |
| |||||||
Aerospace & Defense — 2.0% | ||||||||
Boeing Co. (The) | 62 | 19,866 | ||||||
|
| |||||||
Airlines — 1.6% | ||||||||
Delta Air Lines, Inc. | 130 | 6,478 | ||||||
United Continental Holdings, Inc. * | 105 | 8,800 | ||||||
|
| |||||||
| 15,278 | ||||||||
|
| |||||||
Automobiles — 1.5% | ||||||||
General Motors Co. | 439 | 14,698 | ||||||
|
| |||||||
Banks — 10.1% | ||||||||
Bank of America Corp. | 1,255 | 30,911 | ||||||
CIT Group, Inc. | 163 | 6,234 | ||||||
Citigroup, Inc. | 536 | 27,883 | ||||||
Citizens Financial Group, Inc. | 203 | 6,047 | ||||||
Fifth Third Bancorp | 250 | 5,883 | ||||||
M&T Bank Corp. | 51 | 7,328 | ||||||
Popular, Inc. (Puerto Rico) | 155 | 7,314 | ||||||
Regions Financial Corp. | 522 | 6,980 | ||||||
|
| |||||||
| 98,580 | ||||||||
|
| |||||||
Beverages — 1.8% | ||||||||
Molson Coors Brewing Co., Class B | 131 | 7,363 | ||||||
PepsiCo, Inc. | 93 | 10,252 | ||||||
|
| |||||||
| 17,615 | ||||||||
|
| |||||||
Biotechnology — 4.7% | ||||||||
AbbVie, Inc. | 136 | 12,547 | ||||||
Amgen, Inc. | 113 | 21,948 | ||||||
Celgene Corp.* | 26 | 1,673 | ||||||
Gilead Sciences, Inc. | 152 | 9,501 | ||||||
|
| |||||||
| 45,669 | ||||||||
|
| |||||||
Capital Markets — 1.3% | ||||||||
Ameriprise Financial, Inc. | 51 | 5,344 | ||||||
Goldman Sachs Group, Inc. (The) | 43 | 7,158 | ||||||
Morgan Stanley | 16 | 618 | ||||||
|
| |||||||
| 13,120 | ||||||||
|
| |||||||
Chemicals — 1.2% | ||||||||
CF Industries Holdings, Inc. | 142 | 6,161 | ||||||
Huntsman Corp. | 270 | 5,205 | ||||||
|
| |||||||
| 11,366 | ||||||||
|
| |||||||
Communications Equipment — 1.5% | ||||||||
Cisco Systems, Inc. | 348 | 15,092 | ||||||
|
| |||||||
Construction & Engineering — 0.3% | ||||||||
EMCOR Group, Inc. | 54 | 3,205 | ||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Consumer Finance — 2.4% | ||||||||
American Express Co. | 77 | 7,330 | ||||||
Capital One Financial Corp. | 11 | 801 | ||||||
Credit Acceptance Corp. * | 23 | 8,728 | ||||||
Discover Financial Services | 110 | 6,506 | ||||||
|
| |||||||
| �� | 23,365 | |||||||
|
| |||||||
Diversified Consumer Services — 0.7% | ||||||||
H&R Block, Inc. (a) | 293 | 7,436 | ||||||
|
| |||||||
Diversified Telecommunication Services — 3.3% | ||||||||
CenturyLink, Inc. | 455 | 6,895 | ||||||
Verizon Communications, Inc. | 446 | 25,057 | ||||||
|
| |||||||
| 31,952 | ||||||||
|
| |||||||
Electric Utilities — 3.8% | ||||||||
Entergy Corp. | 91 | 7,849 | ||||||
Exelon Corp. | 317 | 14,288 | ||||||
NextEra Energy, Inc. | 50 | 8,604 | ||||||
OGE Energy Corp. | 158 | 6,188 | ||||||
|
| |||||||
| 36,929 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 4.0% |
| |||||||
GEO Group, Inc. (The) | 121 | 2,380 | ||||||
Hospitality Properties Trust | 101 | 2,410 | ||||||
Life Storage, Inc. | 57 | 5,300 | ||||||
Medical Properties Trust, Inc. | 496 | 7,974 | ||||||
Piedmont Office Realty Trust, Inc., Class A (a) | 334 | 5,691 | ||||||
SL Green Realty Corp. | 89 | 7,046 | ||||||
Spirit Realty Capital, Inc. | 242 | 8,526 | ||||||
|
| |||||||
| 39,327 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.4% | ||||||||
Walgreens Boots Alliance, Inc. | 32 | 2,180 | ||||||
Walmart, Inc. | 120 | 11,141 | ||||||
|
| |||||||
| 13,321 | ||||||||
|
| |||||||
Food Products — 1.5% | ||||||||
Pilgrim’s Pride Corp. * | 439 | 6,815 | ||||||
Tyson Foods, Inc., Class A | 145 | 7,738 | ||||||
|
| |||||||
| 14,553 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.5% | ||||||||
Hologic, Inc. * | 120 | 4,948 | ||||||
|
| |||||||
Health Care Providers & Services — 6.3% | ||||||||
AmerisourceBergen Corp. | 48 | 3,541 | ||||||
Anthem, Inc. | 61 | 16,099 | ||||||
Centene Corp. * | 61 | 7,022 | ||||||
HCA Healthcare, Inc. | 40 | 5,003 | ||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 25 | ||||||
Table of Contents
JPMorgan Intrepid Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — continued |
| |||||||
Humana, Inc. | 66 | 18,994 | ||||||
Tenet Healthcare Corp. * (a) | 188 | 3,215 | ||||||
WellCare Health Plans, Inc.* | 32 | 7,579 | ||||||
|
| |||||||
| 61,453 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.3% | ||||||||
Dunkin’ Brands Group, Inc. (a) | 66 | 4,257 | ||||||
International Game Technology plc | 311 | 4,543 | ||||||
Wendy’s Co. (The) | 263 | 4,107 | ||||||
|
| |||||||
| 12,907 | ||||||||
|
| |||||||
Household Durables — 0.6% | ||||||||
Toll Brothers, Inc. | 192 | 6,329 | ||||||
|
| |||||||
Household Products — 1.2% | ||||||||
Energizer Holdings, Inc. | 167 | 7,544 | ||||||
Procter & Gamble Co. (The) | 47 | 4,302 | ||||||
|
| |||||||
| 11,846 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 2.4% |
| |||||||
AES Corp. | 515 | 7,444 | ||||||
NRG Energy, Inc. | 200 | 7,924 | ||||||
Vistra Energy Corp.* | 353 | 8,082 | ||||||
|
| |||||||
| 23,450 | ||||||||
|
| |||||||
Insurance — 6.8% |
| |||||||
Allstate Corp. (The) (a) | 203 | 16,741 | ||||||
Everest Re Group Ltd. (a) | 38 | 8,318 | ||||||
First American Financial Corp. | 19 | 830 | ||||||
Lincoln National Corp. (a) | 139 | 7,153 | ||||||
MetLife, Inc. | 51 | 2,102 | ||||||
Primerica, Inc. | 60 | 5,833 | ||||||
Prudential Financial, Inc. | 24 | 1,990 | ||||||
Travelers Cos., Inc. (The) | 198 | 23,699 | ||||||
|
| |||||||
| 66,666 | ||||||||
|
| |||||||
Interactive Media & Services — 1.3% |
| |||||||
Alphabet, Inc., Class C * | 10 | 10,356 | ||||||
TripAdvisor, Inc. * | 41 | 2,228 | ||||||
|
| |||||||
| 12,584 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.9% |
| |||||||
eBay, Inc. * | 316 | 8,881 | ||||||
|
| |||||||
IT Services — 1.5% |
| |||||||
DXC Technology Co. | 133 | 7,050 | ||||||
Sabre Corp. | 335 | 7,243 | ||||||
|
| |||||||
| 14,293 | ||||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Machinery — 2.3% | ||||||||
Allison Transmission Holdings, Inc. | 178 | 7,794 | ||||||
Caterpillar, Inc. | 118 | 15,032 | ||||||
|
| |||||||
| 22,826 | ||||||||
|
| |||||||
Media — 1.7% | ||||||||
Comcast Corp., Class A | 389 | 13,228 | ||||||
Sirius XM Holdings, Inc. (a) | 609 | 3,479 | ||||||
|
| |||||||
| 16,707 | ||||||||
|
| |||||||
Metals & Mining — 1.2% | ||||||||
Freeport-McMoRan, Inc. | 486 | 5,010 | ||||||
Newmont Mining Corp. | 42 | 1,466 | ||||||
Steel Dynamics, Inc. | 185 | 5,548 | ||||||
|
| |||||||
| 12,024 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.3% |
| |||||||
Chimera Investment Corp. | 147 | 2,627 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 9.9% |
| |||||||
Chevron Corp. | 160 | 17,358 | ||||||
ConocoPhillips | 406 | 25,302 | ||||||
Devon Energy Corp. | 74 | 1,657 | ||||||
HollyFrontier Corp. | 87 | 4,452 | ||||||
Marathon Oil Corp. | 82 | 1,172 | ||||||
Marathon Petroleum Corp. | 272 | 16,062 | ||||||
PBF Energy, Inc., Class A | 158 | 5,172 | ||||||
Peabody Energy Corp. | 170 | 5,178 | ||||||
Phillips 66 | 49 | 4,256 | ||||||
Valero Energy Corp. | 217 | 16,276 | ||||||
|
| |||||||
| 96,885 | ||||||||
|
| |||||||
Paper & Forest Products — 0.7% |
| |||||||
Domtar Corp. | 188 | 6,604 | ||||||
|
| |||||||
Personal Products — 0.8% |
| |||||||
Herbalife Nutrition Ltd. * | 137 | 8,088 | ||||||
|
| |||||||
Pharmaceuticals — 3.2% |
| |||||||
Allergan plc | 17 | 2,205 | ||||||
Endo International plc * | 129 | 943 | ||||||
Pfizer, Inc. | 646 | 28,186 | ||||||
|
| |||||||
| 31,334 | ||||||||
|
| |||||||
Professional Services — 0.7% |
| |||||||
Robert Half International, Inc. | 121 | 6,933 | ||||||
|
| |||||||
Real Estate Management & Development — 1.4% |
| |||||||
CBRE Group, Inc., Class A * | 193 | 7,740 | ||||||
Jones Lang LaSalle, Inc. | 50 | 6,279 | ||||||
|
| |||||||
| 14,019 | ||||||||
|
| |||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 26 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Semiconductors & Semiconductor Equipment — 3.1% |
| |||||||
Applied Materials, Inc. | 302 | 9,888 | ||||||
KLA-Tencor Corp. | 1 | 125 | ||||||
Lam Research Corp. | 59 | 8,034 | ||||||
Micron Technology, Inc. * | 46 | 1,450 | ||||||
QUALCOMM, Inc. | 190 | 10,838 | ||||||
|
| |||||||
| 30,335 | ||||||||
|
| |||||||
Software — 1.4% | ||||||||
Citrix Systems, Inc. | 66 | 6,752 | ||||||
VMware, Inc., Class A (a) | 54 | 7,460 | ||||||
|
| |||||||
| 14,212 | ||||||||
|
| |||||||
Specialty Retail — 0.9% | ||||||||
Foot Locker, Inc. | 88 | 4,661 | ||||||
Urban Outfitters, Inc. * | 126 | 4,193 | ||||||
|
| |||||||
| 8,854 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 2.0% |
| |||||||
HP, Inc. | 462 | 9,452 | ||||||
NetApp, Inc. | 103 | 6,152 | ||||||
Seagate Technology plc | 70 | 2,694 | ||||||
Western Digital Corp. | 39 | 1,449 | ||||||
|
| |||||||
| 19,747 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.6% |
| |||||||
Hanesbrands, Inc. | 483 | 6,053 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.7% |
| |||||||
United Rentals, Inc. * | 64 | 6,531 | ||||||
|
| |||||||
Total Common Stocks | 948,508 | |||||||
|
| |||||||
| INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 0.6% | ||||||||
Investment Companies — 0.6% | ||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) | 5,692 | 5,692 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 3.2% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, | 25,003 | 25,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) | 6,468 | 6,468 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 31,468 | |||||||
|
| |||||||
Total Investments — 100.6% | 985,668 | |||||||
Liabilities in Excess of | (6,348 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 979,320 | |||||||
|
| |||||||
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $29,893,000. | |
(b) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of December 31, 2018. | |
* | Non-income producing security. |
| Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts): | ||||||||||||||||||
| Description | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
| S&P 500 E-Mini Index | 266 | 03/2019 | USD | 33,290 | (37 | ) | ||||||||||||
|
| |||||||||||||||||
| (37 | ) | |||||||||||||||||
|
| |||||||||||||||||
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 27 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands, except per share amounts)
JPMorgan | JPMorgan Intrepid Growth Fund | JPMorgan Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in non-affiliates, at value | $ | 3,380,238 | $ | 1,019,491 | $ | 520,426 | ||||||
Investments in affiliates, at value | 154,290 | 18,780 | 7,866 | |||||||||
Investment of cash collateral received from securities loaned, at value (Note 2.C.) | 39,853 | 15,795 | 2,705 | |||||||||
Cash | — | — | 9 | |||||||||
Deposits at broker for futures contracts | 7,024 | 812 | 483 | |||||||||
Receivables: | ||||||||||||
Due from custodian | — | — | 419 | |||||||||
Investment securities sold | 69,968 | 23,726 | 1,287 | |||||||||
Fund shares sold | 372 | 900 | 1,455 | |||||||||
Dividends from non-affiliates | 2,935 | 649 | 796 | |||||||||
Dividends from affiliates | 148 | 32 | 18 | |||||||||
Securities lending income (Note 2.C.) | 4 | 14 | 13 | |||||||||
Variation margin on futures contracts | 711 | 61 | 80 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 3,655,543 | 1,080,260 | 535,557 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 128,755 | 16,078 | 2,303 | |||||||||
Collateral received on securities loaned (Note 2.C.) | 39,853 | 15,795 | 2,705 | |||||||||
Fund shares redeemed | 431 | 1,668 | 3,906 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 931 | 270 | 267 | |||||||||
Administration fees | 57 | — | (a) | 10 | ||||||||
Distribution fees | 67 | 57 | 80 | |||||||||
Service fees | 87 | 76 | 101 | |||||||||
Custodian and accounting fees | 29 | 12 | 8 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | — | |||||||
Audit fees | 11 | 10 | 11 | |||||||||
Registration fees | 3 | 4 | 4 | |||||||||
Other | 107 | 35 | 41 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 170,331 | 34,005 | 9,436 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 3,485,212 | $ | 1,046,255 | $ | 526,121 | ||||||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 28 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan | JPMorgan Intrepid Growth Fund | JPMorgan Intrepid Mid Cap Fund | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 3,149,464 | $ | 831,699 | $ | 472,097 | ||||||
Total distributable earnings (loss) (a) | 335,748 | 214,556 | 54,024 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 3,485,212 | $ | 1,046,255 | $ | 526,121 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 239,146 | $ | 90,199 | $ | 195,789 | ||||||
Class C | 3,938 | 33,003 | 45,100 | |||||||||
Class I | 98,055 | 184,172 | 202,685 | |||||||||
Class R2 | 1,874 | 37,700 | — | |||||||||
Class R3 | — | — | 14,531 | |||||||||
Class R4 | — | — | 1,110 | |||||||||
Class R5 | 5,520 | 179,145 | — | |||||||||
Class R6 | 3,136,679 | 522,036 | 66,906 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 3,485,212 | $ | 1,046,255 | $ | 526,121 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 7,470 | 1,876 | 12,388 | |||||||||
Class C | 123 | 699 | 3,545 | |||||||||
Class I | 2,971 | 3,770 | 12,023 | |||||||||
Class R2 | 60 | 802 | — | |||||||||
Class R3 | — | — | 925 | |||||||||
Class R4 | — | — | 66 | |||||||||
Class R5 | 168 | 3,720 | — | |||||||||
Class R6 | 97,219 | 10,846 | 3,970 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 32.01 | $ | 48.08 | $ | 15.80 | ||||||
Class C — Offering price per share (c) | 31.85 | 47.21 | 12.72 | |||||||||
Class I — Offering and redemption price per share | 33.01 | 48.86 | 16.86 | |||||||||
Class R2 — Offering and redemption price per share | 31.23 | 47.00 | — | |||||||||
Class R3 — Offering and redemption price per share | — | — | 15.71 | |||||||||
Class R4 — Offering and redemption price per share | — | — | 16.80 | |||||||||
Class R5 — Offering and redemption price per share | 32.89 | 48.16 | — | |||||||||
Class R6 — Offering and redemption price per share | 32.26 | 48.13 | 16.85 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 33.78 | $ | 50.74 | $ | 16.68 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 3,029,828 | $ | 801,848 | $ | 482,099 | ||||||
Cost of investments in affiliates | 154,290 | 18,780 | 7,866 | |||||||||
Investment securities on loan, at value | 39,302 | 14,187 | 2,801 | |||||||||
Cost of investment of cash collateral | 39,853 | 15,795 | 2,705 | |||||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 29 | ||||||
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
JPMorgan | JPMorgan Intrepid Value Fund | |||||||
ASSETS: | ||||||||
Investments in non-affiliates, at value | $ | 22,392 | $ | 948,508 | ||||
Investments in affiliates, at value | 425 | 5,692 | ||||||
Investment of cash collateral received from securities loaned, at value (Note 2.C.) | — | 31,468 | ||||||
Deposits at broker for futures contracts | 65 | 400 | ||||||
Receivables: | ||||||||
Due from custodian | 55 | — | ||||||
Investment securities sold | 46 | 31,193 | ||||||
Fund shares sold | 26 | 844 | ||||||
Dividends from non-affiliates | 15 | 1,494 | ||||||
Dividends from affiliates | 1 | 32 | ||||||
Securities lending income (Note 2.C.) | — | 18 | ||||||
Variation margin on futures contracts | 3 | 172 | ||||||
Due from adviser | 1 | — | ||||||
|
|
|
| |||||
Total Assets | 23,029 | 1,019,821 | ||||||
|
|
|
| |||||
LIABILITIES: | ||||||||
Payables: | ||||||||
Due to custodian | — | 29 | ||||||
Investment securities purchased | 117 | 3,204 | ||||||
Collateral received on securities loaned (Note 2.C.) | — | 31,468 | ||||||
Fund shares redeemed | 22 | 5,108 | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | — | 253 | ||||||
Administration fees | — | (a) | 12 | |||||
Distribution fees | 4 | 31 | ||||||
Service fees | — | 181 | ||||||
Custodian and accounting fees | 7 | 10 | ||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | |||||
Audit fees | 11 | 11 | ||||||
Legal fees | 11 | — | ||||||
Registration fees | 17 | 42 | ||||||
Other | 6 | 152 | ||||||
|
|
|
| |||||
Total Liabilities | 195 | 40,501 | ||||||
|
|
|
| |||||
Net Assets | $ | 22,834 | $ | 979,320 | ||||
|
|
|
| |||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 30 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan | JPMorgan Intrepid Value Fund | |||||||
NET ASSETS: | ||||||||
Paid-in-Capital | $ | 20,344 | $ | 935,829 | ||||
Total distributable earnings (loss) (a) | 2,490 | 43,491 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 22,834 | $ | 979,320 | ||||
|
|
|
| |||||
Net Assets: | ||||||||
Class A | $ | 9,100 | $ | 71,926 | ||||
Class C | 2,773 | 18,522 | ||||||
Class I | 10,961 | 697,768 | ||||||
Class R2 | — | 4,370 | ||||||
Class R5 | — | 71,653 | ||||||
Class R6 | — | 115,081 | ||||||
|
|
|
| |||||
Total | $ | 22,834 | $ | 979,320 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) | ||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||
Class A | 255 | 2,610 | ||||||
Class C | 79 | 683 | ||||||
Class I | 305 | 25,161 | ||||||
Class R2 | — | 160 | ||||||
Class R5 | — | 2,575 | ||||||
Class R6 | — | 4,134 | ||||||
Net Asset Value (b): | ||||||||
Class A — Redemption price per share | $ | 35.71 | $ | 27.56 | ||||
Class C — Offering price per share (c) | 35.05 | 27.11 | ||||||
Class I — Offering and redemption price per share | 35.92 | 27.73 | ||||||
Class R2 — Offering and redemption price per share | — | 27.30 | ||||||
Class R5 — Offering and redemption price per share | — | 27.83 | ||||||
Class R6 — Offering and redemption price per share | — | 27.84 | ||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | ||||
Class A maximum public offering price per share | $ | 37.69 | $ | 29.09 | ||||
|
|
|
| |||||
Cost of investments in non-affiliates | $ | 20,523 | $ | 888,229 | ||||
Cost of investments in affiliates | 425 | 5,692 | ||||||
Investment securities on loan, at value | — | 29,893 | ||||||
Cost of investment of cash collateral | — | 31,468 | ||||||
| (a) | Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (c) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 31 | ||||||
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)
(Amounts in thousands)
JPMorgan | JPMorgan Fund | JPMorgan Mid Cap Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income from affiliates | $ | — | (a) | — | (a) | — | (a) | |||||
Dividend income from non-affiliates | 41,222 | 9,242 | 5,664 | |||||||||
Dividend income from affiliates | 830 | 270 | 107 | |||||||||
Income from securities lending (net) | 5 | 23 | 13 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 42,057 | 9,535 | 5,784 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 8,257 | 2,973 | 2,344 | |||||||||
Administration fees | 1,674 | 482 | 293 | |||||||||
Distribution fees: | ||||||||||||
Class A | 484 | 130 | 358 | |||||||||
Class C | 18 | 142 | 219 | |||||||||
Class R2 | 5 | 105 | — | |||||||||
Class R3 | — | — | 19 | |||||||||
Service fees: | ||||||||||||
Class A | 484 | 130 | 358 | |||||||||
Class C | 6 | 47 | 73 | |||||||||
Class I | 145 | 261 | 345 | |||||||||
Class R2 | 3 | 53 | — | |||||||||
Class R3 | — | — | 19 | |||||||||
Class R4 | — | — | 1 | |||||||||
Class R5 | 3 | 103 | — | |||||||||
Custodian and accounting fees | 58 | 20 | 21 | |||||||||
Professional fees | 47 | 33 | 27 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 21 | 15 | 14 | |||||||||
Printing and mailing costs | 95 | 25 | 30 | |||||||||
Registration and filing fees | 57 | 52 | 55 | |||||||||
Transfer agency fees (See Note 2.F.) | 23 | 41 | 32 | |||||||||
Other | 31 | 11 | 9 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 11,411 | 4,623 | 4,217 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (3,320 | ) | (1,655 | ) | (527 | ) | ||||||
Less expense reimbursements | (8 | ) | (5 | ) | (2 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 8,083 | 2,963 | 3,688 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 33,974 | 6,572 | 2,096 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments in non-affiliates | 163,413 | 33,663 | 54,842 | |||||||||
Futures contracts | (8,887 | ) | (1,285 | ) | (1,922 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 154,526 | 32,378 | 52,920 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||
Investments in non-affiliates | (549,328 | ) | (140,451 | ) | (134,216 | ) | ||||||
Futures contracts | 425 | (75 | ) | (140 | ) | |||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (548,903 | ) | (140,526 | ) | (134,356 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (394,377 | ) | (108,148 | ) | (81,436 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | (360,403 | ) | $ | (101,576 | ) | $ | (79,340 | ) | |||
|
|
|
|
|
| |||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 32 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
JPMorgan | JPMorgan Intrepid Value Fund | |||||||
INVESTMENT INCOME: | ||||||||
Interest income from affiliates | $ | — | — | (a) | ||||
Dividend income from non-affiliates | 237 | 13,276 | ||||||
Dividend income from affiliates | 8 | 302 | ||||||
Income from securities lending (net) | — | 35 | ||||||
|
|
|
| |||||
Total investment income | 245 | 13,613 | ||||||
|
|
|
| |||||
EXPENSES: | ||||||||
Investment advisory fees | 60 | 2,256 | ||||||
Administration fees | 10 | 457 | ||||||
Distribution fees: | ||||||||
Class A | 13 | 108 | ||||||
Class C | 12 | 87 | ||||||
Class R2 | — | 13 | ||||||
Service fees: | ||||||||
Class A | 13 | 108 | ||||||
Class C | 4 | 29 | ||||||
Class I | 13 | 999 | ||||||
Class R2 | — | 7 | ||||||
Class R5 | — | 46 | ||||||
Custodian and accounting fees | 12 | 19 | ||||||
Professional fees | 28 | 32 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 13 | 14 | ||||||
Printing and mailing costs | 1 | 25 | ||||||
Registration and filing fees | 24 | 70 | ||||||
Transfer agency fees (See Note 2.F.) | 2 | 25 | ||||||
Other | 4 | 10 | ||||||
|
|
|
| |||||
Total expenses | 209 | 4,305 | ||||||
|
|
|
| |||||
Less fees waived | (101 | ) | (1,024 | ) | ||||
Less expense reimbursements | (14 | ) | (9 | ) | ||||
|
|
|
| |||||
Net expenses | 94 | 3,272 | ||||||
|
|
|
| |||||
Net investment income (loss) | 151 | 10,341 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: | ||||||||
Investments in non-affiliates | 1,285 | 25,913 | ||||||
Futures contracts | (93 | ) | (1,179 | ) | ||||
|
|
|
| |||||
Net realized gain (loss) | 1,192 | 24,734 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation on: | ||||||||
Investments in non-affiliates | (2,911 | ) | (138,183 | ) | ||||
Futures contracts | 2 | 841 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation | (2,909 | ) | (137,342 | ) | ||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | (1,717 | ) | (112,608 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | (1,566 | ) | $ | (102,267 | ) | ||
|
|
|
| |||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 33 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Intrepid America Fund | JPMorgan Intrepid Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 33,974 | $ | 64,578 | $ | 6,572 | $ | 8,774 | ||||||||
Net realized gain (loss) | 154,526 | 416,447 | 32,378 | 136,463 | ||||||||||||
Change in net unrealized appreciation/depreciation | (548,903 | ) | 233,270 | (140,526 | ) | 82,031 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (360,403 | ) | 714,295 | (101,576 | ) | 227,268 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (46,815 | ) | (10,767 | ) | (10,076 | ) | (505 | ) | ||||||||
Class C | (588 | ) | (491 | ) | (3,578 | ) | — | |||||||||
Class I | (17,140 | ) | (7,471 | ) | (20,749 | ) | (1,170 | ) | ||||||||
Class R2 | (276 | ) | (257 | ) | (4,245 | ) | (12 | ) | ||||||||
Class R5 | (843 | ) | (539 | ) | (20,788 | ) | (1,822 | ) | ||||||||
Class R6 | (480,090 | ) | (467,263 | ) | (60,741 | ) | (5,125 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (545,752 | ) | (486,788 | ) | (120,177 | ) | (8,634 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 340,824 | (259,821 | ) | 98,414 | (68,163 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (565,331 | ) | (32,314 | ) | (123,339 | ) | 150,471 | |||||||||
Beginning of period | 4,050,543 | 4,082,857 | 1,169,594 | 1,019,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,485,212 | $ | 4,050,543 | $ | 1,046,255 | $ | 1,169,594 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
JPMorgan Fund | JPMorgan Intrepid Growth Fund | |||||||
Class A | ||||||||
From net investment income | $ | (1,172 | ) | $ | (505 | ) | ||
From net realized gains | (9,595 | ) | — | |||||
Class C | ||||||||
From net realized gains | (491 | ) | — | |||||
Class I | ||||||||
From net investment income | (610 | ) | (1,170 | ) | ||||
From net realized gains | (6,861 | ) | — | |||||
Class R2 | ||||||||
From net investment income | (15 | ) | (12 | ) | ||||
From net realized gains | (242 | ) | — | |||||
Class R5 | ||||||||
From net investment income | (71 | ) | (1,822 | ) | ||||
From net realized gains | (468 | ) | — | |||||
Class R6 | ||||||||
From net investment income | (64,689 | ) | (5,125 | ) | ||||
From net realized gains | (402,574 | ) | — | |||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 34 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Intrepid Mid Cap Fund | JPMorgan Intrepid Sustainable Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 2,096 | $ | 7,332 | $ | 151 | $ | 285 | ||||||||
Net realized gain (loss) | 52,920 | 102,707 | 1,192 | 1,537 | ||||||||||||
Change in net unrealized appreciation/depreciation | (134,356 | ) | (9,650 | ) | (2,909 | ) | 343 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (79,340 | ) | 100,389 | (1,566 | ) | 2,165 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (46,279 | ) | (25,014 | ) | (747 | ) | (593 | ) | ||||||||
Class C | (12,486 | ) | (5,686 | ) | (214 | ) | (226 | ) | ||||||||
Class I | (46,107 | ) | (22,563 | ) | (880 | ) | (481 | ) | ||||||||
Class R3 | (3,226 | ) | (1,038 | ) | — | — | ||||||||||
Class R4 | (191 | ) | (9 | ) | — | — | ||||||||||
Class R6 | (13,230 | ) | (17,271 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (121,519 | ) | (71,581 | ) | (1,841 | ) | (1,300 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (89,543 | ) | (102,024 | ) | 4,295 | 3,037 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (290,402 | ) | (73,216 | ) | 888 | 3,902 | ||||||||||
Beginning of period | 816,523 | 889,739 | 21,946 | 18,044 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 526,121 | $ | 816,523 | $ | 22,834 | $ | 21,946 | ||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
JPMorgan Mid Cap | JPMorgan Intrepid Sustainable Equity Fund | |||||||
Class A | ||||||||
From net investment income | $ | (2,004 | ) | $ | (109 | ) | ||
From net realized gains | (23,010 | ) | (484 | ) | ||||
Class C | ||||||||
From net investment income | (32 | ) | (18 | ) | ||||
From net realized gains | (5,654 | ) | (208 | ) | ||||
Class I | ||||||||
From net investment income | (2,355 | ) | (102 | ) | ||||
From net realized gains | (20,208 | ) | (379 | ) | ||||
Class R3 | ||||||||
From net investment income | (103 | ) | — | |||||
From net realized gains | (935 | ) | — | |||||
Class R4 | ||||||||
From net investment income | (1 | ) | — | |||||
From net realized gains | (8 | ) | — | |||||
Class R6 | ||||||||
From net investment income | (2,366 | ) | — | |||||
From net realized gains | (14,905 | ) | — | |||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 35 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Intrepid Value Fund | ||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||
Net investment income (loss) | $ | 10,341 | $ | 18,700 | ||||
Net realized gain (loss) | 24,734 | 127,733 | ||||||
Change in net unrealized appreciation/depreciation | (137,342 | ) | (7,903 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from operations | (102,267 | ) | 138,530 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||
Class A | (9,449 | ) | (14,409 | ) | ||||
Class C | (2,489 | ) | (3,802 | ) | ||||
Class I | (90,307 | ) | (103,517 | ) | ||||
Class R2 | (552 | ) | (2,926 | ) | ||||
Class R5 | (10,066 | ) | (13,231 | ) | ||||
Class R6 | (13,794 | ) | (23,984 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (126,657 | ) | (161,869 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Change in net assets resulting from capital transactions | 110,381 | (111,642 | ) | |||||
|
|
|
| |||||
NET ASSETS: | ||||||||
Change in net assets | (118,543 | ) | (134,981 | ) | ||||
Beginning of period | 1,097,863 | 1,232,844 | ||||||
|
|
|
| |||||
End of period | $ | 979,320 | $ | 1,097,863 | ||||
|
|
|
| |||||
| (a) | The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows: |
JPMorgan Intrepid | ||||
Class A | ||||
From net investment income | $ | (1,401) | ||
From net realized gains | (13,008 | ) | ||
Class C | ||||
From net investment income | (343 | ) | ||
From net realized gains | (3,459 | ) | ||
Class I | ||||
From net investment income | (12,174 | ) | ||
From net realized gains | (91,343 | ) | ||
Class R2 | ||||
From net investment income | (234 | ) | ||
From net realized gains | (2,692 | ) | ||
Class R5 | ||||
From net investment income | (1,696 | ) | ||
From net realized gains | (11,535 | ) | ||
Class R6 | ||||
From net investment income | (2,924 | ) | ||
From net realized gains | (21,060 | ) | ||
SEE NOTES TO FINANCIAL STATEMENTS.
| 36 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Intrepid America Fund | JPMorgan Intrepid Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 115,152 | $ | 355,797 | $ | 13,888 | $ | 30,048 | ||||||||
Distributions reinvested | 46,624 | 10,595 | 6,926 | 308 | ||||||||||||
Cost of shares redeemed | (183,840 | ) | (75,779 | ) | (15,851 | ) | (36,549 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (22,064 | ) | $ | 290,613 | $ | 4,963 | $ | (6,193 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 369 | $ | 268 | $ | 3,896 | $ | 5,393 | ||||||||
Distributions reinvested | 548 | 458 | 2,906 | — | ||||||||||||
Cost of shares redeemed | (652 | ) | (7,072 | ) | (4,271 | ) | (18,709 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 265 | $ | (6,346 | ) | $ | 2,531 | $ | (13,316 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 47,785 | $ | 56,178 | $ | 28,043 | $ | 25,110 | ||||||||
Distributions reinvested | 16,892 | 7,177 | 19,170 | 1,069 | ||||||||||||
Cost of shares redeemed | (31,541 | ) | (192,805 | ) | (20,413 | ) | (49,004 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 33,136 | $ | (129,450 | ) | $ | 26,800 | $ | (22,825 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 361 | $ | 443 | $ | 7,088 | $ | 42,516 | ||||||||
Distributions reinvested | 90 | 91 | 3,834 | 3 | ||||||||||||
Cost of shares redeemed | (353 | ) | (1,855 | ) | (5,880 | ) | (8,188 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 98 | $ | (1,321 | ) | $ | 5,042 | $ | 34,331 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 1,833 | $ | 1,187 | $ | 13,506 | $ | 37,471 | ||||||||
Distributions reinvested | 498 | 334 | 19,502 | 1,534 | ||||||||||||
Cost of shares redeemed | (1,063 | ) | (752 | ) | (17,100 | ) | (69,349 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 1,268 | $ | 769 | $ | 15,908 | $ | (30,344 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 10,776 | $ | 269,386 | $ | 21,633 | $ | 137,691 | ||||||||
Distributions reinvested | 480,065 | 467,260 | 56,881 | 5,125 | ||||||||||||
Cost of shares redeemed | (162,720 | ) | (1,150,732 | ) | (35,344 | ) | (172,632 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 328,121 | $ | (414,086 | ) | $ | 43,170 | $ | (29,816 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 340,824 | $ | (259,821 | ) | $ | 98,414 | $ | (68,163 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 37 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Intrepid America Fund | JPMorgan Intrepid Growth Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 2,712 | 8,663 | 247 | 539 | ||||||||||||
Reinvested | 1,373 | 265 | 136 | 6 | ||||||||||||
Redeemed | (4,967 | ) | (1,851 | ) | (270 | ) | (647 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (882 | ) | 7,077 | 113 | (102 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 9 | 6 | 71 | 99 | ||||||||||||
Reinvested | 16 | 12 | 58 | — | ||||||||||||
Redeemed | (17 | ) | (170 | ) | (75 | ) | (351 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 8 | (152 | ) | 54 | (252 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 1,102 | 1,331 | 476 | 442 | ||||||||||||
Reinvested | 482 | 175 | 371 | 19 | ||||||||||||
Redeemed | (869 | ) | (4,665 | ) | (355 | ) | (898 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 715 | (3,159 | ) | 492 | (437 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 10 | 12 | 124 | 738 | ||||||||||||
Reinvested | 3 | 2 | 77 | — | (a) | |||||||||||
Redeemed | (9 | ) | (47 | ) | (102 | ) | (146 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 4 | (33 | ) | 99 | 592 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 44 | 29 | 229 | 664 | ||||||||||||
Reinvested | 14 | 8 | 383 | 27 | ||||||||||||
Redeemed | (26 | ) | (18 | ) | (289 | ) | (1,235 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 32 | 19 | 323 | (544 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 257 | 6,583 | 374 | 2,543 | ||||||||||||
Reinvested | 14,006 | 11,580 | 1,116 | 91 | ||||||||||||
Redeemed | (3,917 | ) | (27,858 | ) | (572 | ) | (3,065 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 10,346 | (9,695 | ) | 918 | (431 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 38 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Intrepid Mid Cap Fund | JPMorgan Intrepid Sustainable Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 18,912 | $ | 64,235 | $ | 1,187 | $ | 2,195 | ||||||||
Distributions reinvested | 40,963 | 22,481 | 719 | 573 | ||||||||||||
Cost of shares redeemed | (101,247 | ) | (86,519 | ) | (956 | ) | (1,593 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (41,372 | ) | $ | 197 | $ | 950 | $ | 1,175 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 3,244 | $ | 6,057 | $ | 257 | $ | 273 | ||||||||
Distributions reinvested | 11,150 | 4,798 | 197 | 209 | ||||||||||||
Cost of shares redeemed | (12,761 | ) | (31,724 | ) | (576 | ) | (2,534 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 1,633 | $ | (20,869 | ) | $ | (122 | ) | $ | (2,052 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 28,738 | $ | 76,578 | $ | 4,767 | $ | 4,981 | ||||||||
Distributions reinvested | 39,134 | 19,557 | 879 | 463 | ||||||||||||
Cost of shares redeemed | (83,981 | ) | (120,847 | ) | (2,179 | ) | (1,530 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (16,109 | ) | $ | (24,712 | ) | $ | 3,467 | $ | 3,914 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 4,074 | $ | 6,268 | $ | — | $ | — | ||||||||
Distributions reinvested | 2,914 | 989 | — | — | ||||||||||||
Cost of shares redeemed | (918 | ) | (2,523 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 6,070 | $ | 4,734 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 282 | $ | 1,277 | $ | — | $ | — | ||||||||
Distributions reinvested | 191 | 9 | — | — | ||||||||||||
Cost of shares redeemed | (204 | ) | (105 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 269 | $ | 1,181 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 18,738 | $ | 69,523 | $ | — | $ | — | ||||||||
Distributions reinvested | 12,629 | 17,215 | — | — | ||||||||||||
Cost of shares redeemed | (71,401 | ) | (149,293 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (40,034 | ) | $ | (62,555 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (89,543 | ) | $ | (102,024 | ) | $ | 4,295 | $ | 3,037 | ||||||
|
|
|
|
|
|
|
| |||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 39 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Intrepid Mid Cap Fund | JPMorgan Intrepid Sustainable Equity Fund | |||||||||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 943 | 2,794 | 29 | 53 | ||||||||||||
Reinvested | 2,426 | 1,000 | 19 | 14 | ||||||||||||
Redeemed | (4,782 | ) | (3,785 | ) | (23 | ) | (39 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (1,413 | ) | 9 | 25 | 28 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 203 | 313 | 7 | 6 | ||||||||||||
Reinvested | 821 | 253 | 5 | 5 | ||||||||||||
Redeemed | (752 | ) | (1,618 | ) | (14 | ) | (62 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 272 | (1,052 | ) | (2 | ) | (51 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 1,340 | 3,189 | 117 | 119 | ||||||||||||
Reinvested | 2,168 | 824 | 23 | 11 | ||||||||||||
Redeemed | (3,849 | ) | (5,013 | ) | (56 | ) | (36 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (341 | ) | (1,000 | ) | 84 | 94 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Issued | 187 | 275 | — | — | ||||||||||||
Reinvested | 173 | 44 | — | — | ||||||||||||
Redeemed | (44 | ) | (111 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 316 | 208 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Issued | 16 | 51 | — | — | ||||||||||||
Reinvested | 11 | — | (a) | — | — | |||||||||||
Redeemed | (9 | ) | (4 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 18 | 47 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 876 | 2,860 | — | — | ||||||||||||
Reinvested | 699 | 724 | — | — | ||||||||||||
Redeemed | (2,911 | ) | (6,187 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (1,336 | ) | (2,603 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 40 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| JPMorgan Intrepid Value Fund | ||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||
CAPITAL TRANSACTIONS: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 8,065 | $ | 19,635 | ||||
Distributions reinvested | 8,704 | 13,421 | ||||||
Cost of shares redeemed | (14,230 | ) | (40,025 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class A capital transactions | $ | 2,539 | $ | (6,969 | ) | |||
|
|
|
| |||||
Class C | ||||||||
Proceeds from shares issued | $ | 715 | $ | 1,990 | ||||
Distributions reinvested | 2,370 | 3,617 | ||||||
Cost of shares redeemed | (3,712 | ) | (17,911 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class C capital transactions | $ | (627 | ) | $ | (12,304 | ) | ||
|
|
|
| |||||
Class I | ||||||||
Proceeds from shares issued | $ | 95,159 | $ | 195,675 | ||||
Distributions reinvested | 90,086 | 102,090 | ||||||
Cost of shares redeemed | (96,342 | ) | (396,689 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class I capital transactions | $ | 88,903 | $ | (98,924 | ) | |||
|
|
|
| |||||
Class R2 | ||||||||
Proceeds from shares issued | $ | 731 | $ | 7,759 | ||||
Distributions reinvested | 314 | 2,532 | ||||||
Cost of shares redeemed | (1,492 | ) | (23,607 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R2 capital transactions | $ | (447 | ) | $ | (13,316 | ) | ||
|
|
|
| |||||
Class R5 | ||||||||
Proceeds from shares issued | $ | 7,730 | $ | 16,647 | ||||
Distributions reinvested | 10,066 | 13,231 | ||||||
Cost of shares redeemed | (18,765 | ) | (23,522 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R5 capital transactions | $ | (969 | ) | $ | 6,356 | |||
|
|
|
| |||||
Class R6 | ||||||||
Proceeds from shares issued | $ | 17,832 | $ | 63,524 | ||||
Distributions reinvested | 13,786 | 23,588 | ||||||
Cost of shares redeemed | (10,636 | ) | (73,597 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R6 capital transactions | $ | 20,982 | $ | 13,515 | ||||
|
|
|
| |||||
Total change in net assets resulting from capital transactions | $ | 110,381 | $ | (111,642 | ) | |||
|
|
|
| |||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 41 | ||||||
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Intrepid Value Fund | ||||||||
| Six Months Ended December 31, 2018 (Unaudited) | Year Ended June 30, 2018 | |||||||
SHARE TRANSACTIONS: |
| |||||||
Class A |
| |||||||
Issued | 235 | 536 | ||||||
Reinvested | 298 | 392 | ||||||
Redeemed | (425 | ) | (1,124 | ) | ||||
|
|
|
| |||||
Change in Class A Shares | 108 | (196 | ) | |||||
|
|
|
| |||||
Class C | ||||||||
Issued | 23 | 57 | ||||||
Reinvested | 83 | 107 | ||||||
Redeemed | (118 | ) | (493 | ) | ||||
|
|
|
| |||||
Change in Class C Shares | (12 | ) | (329 | ) | ||||
|
|
|
| |||||
Class I | ||||||||
Issued | 2,747 | 5,456 | ||||||
Reinvested | 3,060 | 2,964 | ||||||
Redeemed | (2,906 | ) | (11,003 | ) | ||||
|
|
|
| |||||
Change in Class I Shares | 2,901 | (2,583 | ) | |||||
|
|
|
| |||||
Class R2 | ||||||||
Issued | 22 | 220 | ||||||
Reinvested | 11 | 74 | ||||||
Redeemed | (42 | ) | (683 | ) | ||||
|
|
|
| |||||
Change in Class R2 Shares | (9 | ) | (389 | ) | ||||
|
|
|
| |||||
Class R5 | ||||||||
Issued | 225 | 463 | ||||||
Reinvested | 340 | 383 | ||||||
Redeemed | (597 | ) | (647 | ) | ||||
|
|
|
| |||||
Change in Class R5 Shares | (32 | ) | 199 | |||||
|
|
|
| |||||
Class R6 | ||||||||
Issued | 570 | 1,778 | ||||||
Reinvested | 466 | 683 | ||||||
Redeemed | (313 | ) | (2,083 | ) | ||||
|
|
|
| |||||
Change in Class R6 Shares | 723 | 378 | ||||||
|
|
|
| |||||
SEE NOTES TO FINANCIAL STATEMENTS.
| 42 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 43 | ||||||
Table of Contents
FOR THE PERIODS INDICATED
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Intrepid America Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 41.04 | $ | 0.22 | $ | (3.80 | ) | $ | (3.58 | ) | $ | (0.33 | ) | $ | (5.12 | ) | $ | (5.45 | ) | |||||||||
Year Ended June 30, 2018 | 39.06 | 0.35 | 6.41 | 6.76 | (0.48 | ) | (4.30 | ) | (4.78 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 34.75 | 0.28 | 5.30 | 5.58 | (0.27 | ) | (1.00 | ) | (1.27 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 38.08 | 0.34 | (1.15 | ) | (0.81 | ) | (0.27 | ) | (2.25 | ) | (2.52 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 37.28 | 0.44 | 2.57 | 3.01 | (0.38 | ) | (1.83 | ) | (2.21 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.76 | 0.30 | 7.49 | 7.79 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 40.76 | 0.14 | (3.77 | ) | (3.63 | ) | (0.16 | ) | (5.12 | ) | (5.28 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.59 | 0.25 | 6.22 | 6.47 | — | (4.30 | ) | (4.30 | ) | |||||||||||||||||||
Year Ended June 30, 2017 | 34.37 | 0.09 | 5.24 | 5.33 | (0.11 | ) | (1.00 | ) | (1.11 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 37.74 | 0.18 | (1.15 | ) | (0.97 | ) | (0.15 | ) | (2.25 | ) | (2.40 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 36.99 | 0.22 | 2.57 | 2.79 | (0.21 | ) | (1.83 | ) | (2.04 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.53 | 0.13 | 7.42 | 7.55 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 42.22 | 0.31 | (3.94 | ) | (3.63 | ) | (0.46 | ) | (5.12 | ) | (5.58 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 39.87 | 0.66 | 6.35 | 7.01 | (0.36 | ) | (4.30 | ) | (4.66 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.48 | 0.39 | 5.41 | 5.80 | (0.41 | ) | (1.00 | ) | (1.41 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 38.49 | 0.39 | (1.09 | ) | (0.70 | ) | (0.06 | ) | (2.25 | ) | (2.31 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 37.61 | 0.53 | 2.61 | 3.14 | (0.43 | ) | (1.83 | ) | (2.26 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 30.00 | 0.38 | 7.56 | 7.94 | (0.33 | ) | — | (0.33 | ) | |||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 40.14 | 0.20 | (3.73 | ) | (3.53 | ) | (0.26 | ) | (5.12 | ) | (5.38 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.18 | 0.36 | 6.14 | 6.50 | (0.24 | ) | (4.30 | ) | (4.54 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 34.01 | 0.19 | 5.17 | 5.36 | (0.19 | ) | (1.00 | ) | (1.19 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 37.45 | 0.27 | (1.15 | ) | (0.88 | ) | (0.31 | ) | (2.25 | ) | (2.56 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 36.82 | 0.33 | 2.55 | 2.88 | (0.42 | ) | (1.83 | ) | (2.25 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.43 | 0.21 | 7.40 | 7.61 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 42.11 | 0.35 | (3.94 | ) | (3.59 | ) | (0.51 | ) | (5.12 | ) | (5.63 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 39.91 | 0.62 | 6.47 | 7.09 | (0.59 | ) | (4.30 | ) | (4.89 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.53 | 0.46 | 5.40 | 5.86 | (0.48 | ) | (1.00 | ) | (1.48 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 38.41 | 0.41 | (1.04 | ) | (0.63 | ) | — | (2.25 | ) | (2.25 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 37.54 | 0.60 | 2.61 | 3.21 | (0.51 | ) | (1.83 | ) | (2.34 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.94 | 0.46 | 7.54 | 8.00 | (0.40 | ) | — | (0.40 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 41.44 | 0.36 | (3.88 | ) | (3.52 | ) | (0.54 | ) | (5.12 | ) | (5.66 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 39.34 | 0.66 | 6.37 | 7.03 | (0.63 | ) | (4.30 | ) | (4.93 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 35.03 | 0.49 | 5.33 | 5.82 | (0.51 | ) | (1.00 | ) | (1.51 | ) | ||||||||||||||||||
November 2, 2015 (f) through June 30, 2016 | 39.15 | 0.41 | (1.77 | ) | (1.36 | ) | (0.51 | ) | (2.25 | ) | (2.76 | ) | ||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 44 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 32.01 | (9.34 | )% | $ | 239,146 | 0.84 | % | 1.07 | % | 1.00 | % | 47 | % | |||||||||||||
| 41.04 | 17.77 | 342,761 | 0.86 | 0.85 | 1.01 | 80 | ||||||||||||||||||||
| 39.06 | 16.27 | 49,774 | 1.03 | 0.76 | 1.08 | 95 | ||||||||||||||||||||
| 34.75 | (2.08 | ) | 57,303 | 1.04 | 0.96 | 1.15 | 70 | |||||||||||||||||||
| 38.08 | 8.27 | 184,225 | 1.03 | 1.16 | 1.11 | 49 | ||||||||||||||||||||
| 37.28 | 26.26 | 97,155 | 1.04 | 0.90 | 1.05 | 67 | ||||||||||||||||||||
| 31.85 | (9.54 | ) | 3,938 | 1.34 | 0.70 | 1.51 | 47 | |||||||||||||||||||
| 40.76 | 17.17 | 4,698 | 1.42 | 0.63 | 1.51 | 80 | ||||||||||||||||||||
| 38.59 | 15.69 | 10,306 | 1.53 | 0.25 | 1.57 | 95 | ||||||||||||||||||||
| 34.37 | (2.55 | ) | 12,599 | 1.54 | 0.50 | 1.62 | 70 | |||||||||||||||||||
| 37.74 | 7.72 | 14,978 | 1.53 | 0.58 | 1.56 | 49 | ||||||||||||||||||||
| 36.99 | 25.62 | 8,774 | 1.54 | 0.39 | 1.55 | 67 | ||||||||||||||||||||
| 33.01 | (9.20 | ) | 98,055 | 0.59 | 1.47 | 0.75 | 47 | |||||||||||||||||||
| 42.22 | 18.06 | 95,252 | 0.66 | 1.59 | 0.75 | 80 | ||||||||||||||||||||
| 39.87 | 16.58 | 215,888 | 0.76 | 1.03 | 0.77 | 95 | ||||||||||||||||||||
| 35.48 | (1.77 | ) | 246,679 | 0.74 | 1.04 | 0.75 | 70 | |||||||||||||||||||
| 38.49 | 8.56 | 1,492,209 | 0.75 | 1.37 | 0.76 | 49 | ||||||||||||||||||||
| 37.61 | 26.56 | 1,514,180 | 0.79 | 1.14 | 0.80 | 67 | ||||||||||||||||||||
| 31.23 | (9.43 | ) | 1,874 | 1.09 | 0.98 | 1.30 | 47 | |||||||||||||||||||
| 40.14 | 17.47 | 2,239 | 1.15 | 0.90 | 1.26 | 80 | ||||||||||||||||||||
| 38.18 | 15.98 | 3,394 | 1.27 | 0.52 | 1.41 | 95 | ||||||||||||||||||||
| 34.01 | (2.30 | ) | 4,584 | 1.29 | 0.78 | 1.46 | 70 | |||||||||||||||||||
| 37.45 | 8.01 | 2,923 | 1.28 | 0.88 | 1.35 | 49 | ||||||||||||||||||||
| 36.82 | 25.93 | 166 | 1.29 | 0.64 | 1.30 | 67 | ||||||||||||||||||||
| 32.89 | (9.14 | ) | 5,520 | 0.44 | 1.63 | 0.60 | 47 | |||||||||||||||||||
| 42.11 | 18.26 | 5,718 | 0.48 | 1.47 | 0.60 | 80 | ||||||||||||||||||||
| 39.91 | 16.75 | 4,681 | 0.59 | 1.20 | 0.63 | 95 | ||||||||||||||||||||
| 35.53 | (1.57 | ) | 3,920 | 0.54 | 1.08 | 0.55 | 70 | |||||||||||||||||||
| 38.41 | 8.76 | 2,015,302 | 0.55 | 1.56 | 0.55 | 49 | ||||||||||||||||||||
| 37.54 | 26.84 | 1,363,358 | 0.58 | 1.35 | 0.59 | 67 | ||||||||||||||||||||
| 32.26 | (9.11 | ) | 3,136,679 | 0.34 | 1.72 | 0.50 | 47 | |||||||||||||||||||
| 41.44 | 18.38 | 3,599,875 | 0.39 | 1.59 | 0.49 | 80 | ||||||||||||||||||||
| 39.34 | 16.91 | 3,798,814 | 0.49 | 1.30 | 0.49 | 95 | ||||||||||||||||||||
| 35.03 | (3.39 | ) | 3,341,467 | 0.49 | 1.78 | 0.50 | 70 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 45 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Intrepid Growth Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 59.09 | $ | 0.23 | $ | (5.30 | ) | $ | (5.07 | ) | $ | (0.30 | ) | $ | (5.64 | ) | $ | (5.94 | ) | |||||||||
Year Ended June 30, 2018 | 48.60 | 0.23 | 10.51 | 10.74 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
Year Ended June 30, 2017 | 40.37 | 0.22 | 8.27 | 8.49 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 40.99 | 0.27 | (0.63 | ) | (0.36 | ) | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 37.05 | 0.25 | 3.88 | 4.13 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 29.36 | 0.18 | (f) | 7.64 | 7.82 | (0.13 | ) | — | (0.13 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 58.00 | 0.08 | (5.19 | ) | (5.11 | ) | (0.04 | ) | (5.64 | ) | (5.68 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 47.72 | (0.04 | ) | 10.32 | 10.28 | — | — | — | ||||||||||||||||||||
Year Ended June 30, 2017 | 39.63 | — | (g) | 8.13 | 8.13 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 40.26 | 0.07 | (0.61 | ) | (0.54 | ) | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 36.45 | 0.05 | 3.81 | 3.86 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 28.93 | 0.01 | (f) | 7.52 | 7.53 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 60.04 | 0.31 | (5.40 | ) | (5.09 | ) | (0.45 | ) | (5.64 | ) | (6.09 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 49.34 | 0.38 | 10.68 | 11.06 | (0.36 | ) | — | (0.36 | ) | |||||||||||||||||||
Year Ended June 30, 2017 | 40.99 | 0.34 | 8.40 | 8.74 | (0.39 | ) | — | (0.39 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 41.27 | 0.29 | (0.55 | ) | (0.26 | ) | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 37.23 | 0.32 | 3.93 | 4.25 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 29.52 | 0.26 | (f) | 7.69 | 7.95 | (0.24 | ) | — | (0.24 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 57.95 | 0.16 | (5.20 | ) | (5.04 | ) | (0.27 | ) | (5.64 | ) | (5.91 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 47.66 | 0.09 | 10.31 | 10.40 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Year Ended June 30, 2017 | 39.66 | 0.11 | 8.12 | 8.23 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 40.39 | 0.19 | (0.63 | ) | (0.44 | ) | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 36.49 | 0.12 | 3.85 | 3.97 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 28.91 | 0.09 | (f) | 7.54 | 7.63 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 59.32 | 0.35 | (5.34 | ) | (4.99 | ) | (0.53 | ) | (5.64 | ) | (6.17 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 48.76 | 0.46 | 10.56 | 11.02 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Year Ended June 30, 2017 | 40.51 | 0.42 | 8.29 | 8.71 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 41.12 | 0.45 | (0.62 | ) | (0.17 | ) | (0.44 | ) | — | (0.44 | ) | |||||||||||||||||
Year Ended June 30, 2015 | 37.09 | 0.41 | 3.91 | 4.32 | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 29.41 | 0.33 | (f) | 7.65 | 7.98 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 59.32 | 0.38 | (5.34 | ) | (4.96 | ) | (0.59 | ) | (5.64 | ) | (6.23 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 48.74 | 0.51 | 10.56 | 11.07 | (0.49 | ) | — | (0.49 | ) | |||||||||||||||||||
Year Ended June 30, 2017 | 40.50 | 0.44 | 8.29 | 8.73 | (0.49 | ) | — | (0.49 | ) | |||||||||||||||||||
November 2, 2015 (i) through June 30, 2016 | 42.20 | 0.36 | (1.60 | ) | (1.24 | ) | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | 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 $0.17, $0.00, $0.26, $0.09 and $0.32 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been 0.51%, 0.01%, 0.76%, 0.26% and 0.96% for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively. |
| (g) | Amount rounds to less than $0.005. |
| (h) | Amount rounds to less than 0.005%. |
| (i) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 46 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 48.08 | (9.07 | )% | $ | 90,199 | 0.84 | % | 0.76 | % | 1.12 | % | 37 | % | |||||||||||||
| 59.09 | 22.13 | 104,167 | 0.86 | 0.42 | 1.11 | 69 | ||||||||||||||||||||
| 48.60 | 21.12 | 90,633 | 0.92 | 0.50 | 1.20 | 68 | ||||||||||||||||||||
| 40.37 | (0.88 | ) | 90,529 | 0.93 | 0.66 | 1.23 | 70 | |||||||||||||||||||
| 40.99 | 11.16 | 106,573 | 0.96 | 0.62 | 1.16 | 64 | ||||||||||||||||||||
| 37.05 | 26.68 | 33,563 | 1.16 | 0.54 | (f) | 1.17 | 67 | |||||||||||||||||||
| 47.21 | (9.31 | ) | 33,003 | 1.34 | 0.26 | 1.61 | 37 | |||||||||||||||||||
| 58.00 | 21.54 | 37,416 | 1.36 | (0.08 | ) | 1.61 | 69 | |||||||||||||||||||
| 47.72 | 20.52 | 42,811 | 1.41 | 0.00 | (h) | 1.67 | 68 | |||||||||||||||||||
| 39.63 | (1.35 | ) | 48,717 | 1.42 | 0.19 | 1.71 | 70 | |||||||||||||||||||
| 40.26 | 10.60 | 49,309 | 1.46 | 0.12 | 1.66 | 64 | ||||||||||||||||||||
| 36.45 | 26.05 | 19,566 | 1.65 | 0.03 | (f) | 1.67 | 67 | |||||||||||||||||||
| 48.86 | (8.96 | ) | 184,172 | 0.59 | 1.02 | 0.86 | 37 | |||||||||||||||||||
| 60.04 | 22.45 | 196,798 | 0.61 | 0.67 | 0.86 | 69 | ||||||||||||||||||||
| 49.34 | 21.43 | 183,265 | 0.68 | 0.75 | 0.89 | 68 | ||||||||||||||||||||
| 40.99 | (0.63 | ) | 151,419 | 0.68 | 0.70 | 0.88 | 70 | |||||||||||||||||||
| 41.27 | 11.43 | 708,276 | 0.74 | 0.80 | 0.87 | 64 | ||||||||||||||||||||
| 37.23 | 27.00 | 597,963 | 0.91 | 0.79 | (f) | 0.92 | 67 | |||||||||||||||||||
| 47.00 | (9.20 | ) | 37,700 | 1.09 | 0.53 | 1.49 | 37 | |||||||||||||||||||
| 57.95 | 21.84 | 40,763 | 1.10 | 0.16 | 1.37 | 69 | ||||||||||||||||||||
| 47.66 | 20.82 | 5,277 | 1.17 | 0.26 | 1.68 | 68 | ||||||||||||||||||||
| 39.66 | (1.10 | ) | 4,207 | 1.17 | 0.50 | 1.76 | 70 | |||||||||||||||||||
| 40.39 | 10.87 | 1,205 | 1.22 | 0.31 | 1.45 | 64 | ||||||||||||||||||||
| 36.49 | 26.41 | 601 | 1.41 | 0.28 | (f) | 1.42 | 67 | |||||||||||||||||||
| 48.16 | (8.90 | ) | 179,145 | 0.44 | 1.17 | 0.71 | 37 | |||||||||||||||||||
| 59.32 | 22.66 | 201,539 | 0.45 | 0.83 | 0.71 | 69 | ||||||||||||||||||||
| 48.76 | 21.65 | 192,164 | 0.48 | 0.94 | 0.72 | 68 | ||||||||||||||||||||
| 40.51 | (0.42 | ) | 205,213 | 0.47 | 1.13 | 0.74 | 70 | |||||||||||||||||||
| 41.12 | 11.66 | 189,466 | 0.54 | 1.02 | 0.70 | 64 | ||||||||||||||||||||
| 37.09 | 27.23 | 124,489 | 0.71 | 0.98 | (f) | 0.72 | 67 | |||||||||||||||||||
| 48.13 | (8.85 | ) | 522,036 | 0.34 | 1.27 | 0.61 | 37 | |||||||||||||||||||
| 59.32 | 22.78 | 588,911 | 0.36 | 0.92 | 0.61 | 69 | ||||||||||||||||||||
| 48.74 | 21.70 | 504,973 | 0.43 | 0.99 | 0.61 | 68 | ||||||||||||||||||||
| 40.50 | (2.94 | ) | 488,138 | 0.42 | 1.38 | 0.61 | 70 | |||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 47 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Intrepid Mid Cap Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 22.76 | $ | 0.05 | $ | (2.67 | ) | $ | (2.62 | ) | $ | (0.08 | ) | $ | (4.26 | ) | $ | (4.34 | ) | |||||||||
Year Ended June 30, 2018 | 22.11 | 0.15 | 2.29 | 2.44 | (0.13 | ) | (1.66 | ) | (1.79 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 19.48 | 0.08 | 2.62 | 2.70 | (0.07 | ) | — | (f) | (0.07 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 21.82 | 0.15 | (0.64 | ) | (0.49 | ) | (0.13 | ) | (1.72 | ) | (1.85 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 24.11 | 0.08 | 1.18 | 1.26 | (0.09 | ) | (3.46 | ) | (3.55 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 18.79 | 0.08 | (g) | 5.41 | 5.49 | (0.07 | ) | (0.10 | ) | (0.17 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 19.23 | — | (f) | (2.22 | ) | (2.22 | ) | (0.03 | ) | (4.26 | ) | (4.29 | ) | |||||||||||||||
Year Ended June 30, 2018 | 18.90 | 0.04 | 1.96 | 2.00 | (0.01 | ) | (1.66 | ) | (1.67 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 16.72 | (0.04 | ) | 2.24 | 2.20 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 19.07 | 0.03 | (0.58 | ) | (0.55 | ) | (0.08 | ) | (1.72 | ) | (1.80 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 21.56 | (0.06 | ) | 1.06 | 1.00 | (0.03 | ) | (3.46 | ) | (3.49 | ) | |||||||||||||||||
Year Ended June 30, 2014 | 16.87 | (0.05 | )(g) | 4.84 | 4.79 | — | (0.10 | ) | (0.10 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 24.01 | 0.09 | (2.84 | ) | (2.75 | ) | (0.14 | ) | (4.26 | ) | (4.40 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 23.22 | 0.22 | 2.41 | 2.63 | (0.18 | ) | (1.66 | ) | (1.84 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 20.43 | 0.14 | 2.75 | 2.89 | (0.10 | ) | — | (f) | (0.10 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 22.77 | 0.19 | (0.64 | ) | (0.45 | ) | (0.17 | ) | (1.72 | ) | (1.89 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 24.97 | 0.14 | 1.24 | 1.38 | (0.12 | ) | (3.46 | ) | (3.58 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 19.45 | 0.14 | (g) | 5.60 | 5.74 | (0.12 | ) | (0.10 | ) | (0.22 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 22.70 | 0.06 | (2.67 | ) | (2.61 | ) | (0.12 | ) | (4.26 | ) | (4.38 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 22.08 | 0.13 | 2.32 | 2.45 | (0.17 | ) | (1.66 | ) | (1.83 | ) | ||||||||||||||||||
September 9, 2016 (h) through June 30, 2017 | 19.97 | 0.11 | 2.09 | 2.20 | (0.09 | ) | — | (f) | (0.09 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 23.95 | 0.09 | (2.83 | ) | (2.74 | ) | (0.15 | ) | (4.26 | ) | (4.41 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 23.20 | 0.19 | 2.44 | 2.63 | (0.22 | ) | (1.66 | ) | (1.88 | ) | ||||||||||||||||||
September 9, 2016 (h) through June 30, 2017 | 20.95 | 0.12 | 2.24 | 2.36 | (0.11 | ) | — | (f) | (0.11 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 24.04 | 0.11 | (2.84 | ) | (2.73 | ) | (0.20 | ) | (4.26 | ) | (4.46 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 23.25 | 0.27 | 2.42 | 2.69 | (0.24 | ) | (1.66 | ) | (1.90 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 20.42 | 0.19 | 2.76 | 2.95 | (0.12 | ) | — | (f) | (0.12 | ) | ||||||||||||||||||
November 2, 2015 (h) through June 30, 2016 | 22.41 | 0.20 | (0.29 | ) | (0.09 | ) | (0.18 | ) | (1.72 | ) | (1.90 | ) | ||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Amount rounds to less than $0.005. |
| (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 $0.04, $(0.08) and $0.10 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.20%, (0.42)% and 0.45% for Class A, Class C, and Class I Shares, respectively. |
| (h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 48 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 15.80 | (12.67 | )% | $ | 195,789 | 1.14 | % | 0.46 | % | 1.29 | % | 35 | % | |||||||||||||
| 22.76 | 11.18 | 314,171 | 1.14 | 0.65 | 1.29 | 62 | ||||||||||||||||||||
| 22.11 | 13.91 | 304,927 | 1.14 | 0.40 | 1.38 | 70 | ||||||||||||||||||||
| 19.48 | (1.71 | ) | 311,724 | 1.15 | 0.77 | 1.44 | 78 | |||||||||||||||||||
| 21.82 | 5.64 | 377,893 | 1.14 | 0.33 | 1.37 | 66 | ||||||||||||||||||||
| 24.11 | 29.30 | 193,342 | 1.16 | 0.38 | (g) | 1.32 | 64 | |||||||||||||||||||
| 12.72 | (12.91 | ) | 45,100 | 1.64 | (0.01 | ) | 1.78 | 35 | ||||||||||||||||||
| 19.23 | 10.69 | 62,925 | 1.64 | 0.18 | 1.78 | 62 | ||||||||||||||||||||
| 18.90 | 13.20 | 81,761 | 1.74 | (0.21 | ) | 1.87 | 70 | |||||||||||||||||||
| 16.72 | (2.35 | ) | 89,071 | 1.79 | 0.15 | 1.96 | 78 | |||||||||||||||||||
| 19.07 | 5.02 | 87,191 | 1.78 | (0.31 | ) | 1.87 | 66 | |||||||||||||||||||
| 21.56 | 28.43 | 49,796 | 1.79 | (0.25 | )(g) | 1.82 | 64 | |||||||||||||||||||
| 16.86 | (12.54 | ) | 202,685 | 0.89 | 0.73 | 1.03 | 35 | |||||||||||||||||||
| 24.01 | 11.47 | 296,876 | 0.89 | 0.91 | 1.02 | 62 | ||||||||||||||||||||
| 23.22 | 14.17 | 310,316 | 0.89 | 0.65 | 1.11 | 70 | ||||||||||||||||||||
| 20.43 | (1.48 | ) | 258,866 | 0.90 | 0.93 | 1.13 | 78 | |||||||||||||||||||
| 22.77 | 5.97 | 510,465 | 0.89 | 0.58 | 1.07 | 66 | ||||||||||||||||||||
| 24.97 | 29.61 | 348,077 | 0.91 | 0.62 | (g) | 1.08 | 64 | |||||||||||||||||||
| 15.71 | (12.64 | ) | 14,531 | 1.14 | 0.56 | 1.28 | 35 | |||||||||||||||||||
| 22.70 | 11.22 | 13,823 | 1.14 | 0.59 | 1.27 | 62 | ||||||||||||||||||||
| 22.08 | 11.07 | 8,854 | 1.15 | 0.64 | 1.34 | 70 | ||||||||||||||||||||
| 16.80 | (12.53 | ) | 1,110 | 0.89 | 0.74 | 1.03 | 35 | |||||||||||||||||||
| 23.95 | 11.46 | 1,157 | 0.89 | 0.80 | 1.11 | 62 | ||||||||||||||||||||
| 23.20 | 11.30 | 22 | 0.90 | 0.67 | 1.11 | 70 | ||||||||||||||||||||
| 16.85 | (12.44 | ) | 66,906 | 0.64 | 0.91 | 0.78 | 35 | |||||||||||||||||||
| 24.04 | 11.73 | 127,571 | 0.64 | 1.11 | 0.77 | 62 | ||||||||||||||||||||
| 23.25 | 14.52 | 183,859 | 0.65 | 0.86 | 0.77 | 70 | ||||||||||||||||||||
| 20.42 | 0.12 | 304,934 | 0.65 | 1.53 | 0.78 | 78 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 49 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Intrepid Sustainable Equity Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 41.28 | $ | 0.26 | $ | (2.69 | ) | $ | (2.43 | ) | $ | (0.41 | ) | $ | (2.73 | ) | $ | (3.14 | ) | |||||||||
Year Ended June 30, 2018 | 39.35 | 0.58 | 4.05 | 4.63 | (0.48 | ) | (2.22 | ) | (2.70 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 33.20 | 0.29 | 6.20 | 6.49 | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 34.01 | 0.62 | (f) | (0.87 | )(f) | (0.25 | ) | (0.56 | ) | — | (0.56 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 31.93 | 0.28 | 2.02 | 2.30 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 25.54 | 0.20 | 6.37 | 6.57 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 40.44 | 0.15 | (2.63 | ) | (2.48 | ) | (0.18 | ) | (2.73 | ) | (2.91 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 38.51 | 0.41 | 3.92 | 4.33 | (0.18 | ) | (2.22 | ) | (2.40 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 32.48 | 0.11 | 6.06 | 6.17 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 33.29 | 0.44 | (f) | (0.85 | )(f) | (0.41 | ) | (0.40 | ) | — | (0.40 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 31.38 | 0.12 | 1.98 | 2.10 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 25.14 | 0.05 | 6.26 | 6.31 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 41.56 | 0.31 | (2.71 | ) | (2.40 | ) | (0.51 | ) | (2.73 | ) | (3.24 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 39.59 | 0.66 | 4.10 | 4.76 | (0.57 | ) | (2.22 | ) | (2.79 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 33.40 | 0.38 | 6.25 | 6.63 | (0.44 | ) | — | (0.44 | ) | |||||||||||||||||||
Year Ended June 30, 2016 | 34.22 | 0.68 | (f) | (0.86 | )(f) | (0.18 | ) | (0.64 | ) | — | (0.64 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 32.07 | 0.37 | 2.04 | 2.41 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||
Year Ended June 30, 2014 | 25.65 | 0.28 | 6.39 | 6.67 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | The amount reflects an out of period adjustment related to a corporate action involving two of the Fund’s holdings. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, $0.15 and $0.38, for Class A, Class C and Class I Shares, respectively, the net realized and unrealized gains (losses) on investment per share would have been $(0.58), $(0.56) and $(0.56) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.99%, 0.47% and 1.14% for Class A, Class C and Class I Shares, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 50 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| 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 income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 35.71 | (6.22 | )% | $ | 9,100 | 0.83 | % | 1.20 | % | 1.80 | % | 42 | % | |||||||||||||
| 41.28 | 11.88 | 9,497 | 0.90 | 1.41 | 1.92 | 38 | ||||||||||||||||||||
| 39.35 | 19.64 | 7,943 | 1.08 | 0.80 | 2.29 | 53 | ||||||||||||||||||||
| 33.20 | (0.72 | ) | 8,760 | 1.15 | 1.90 | (f) | 1.95 | 31 | ||||||||||||||||||
| 34.01 | 7.22 | 10,933 | 1.15 | 0.85 | 1.87 | 35 | ||||||||||||||||||||
| 31.93 | 25.78 | 9,466 | 1.17 | 0.68 | 2.19 | 49 | ||||||||||||||||||||
| 35.05 | (6.48 | ) | 2,773 | 1.33 | 0.71 | 2.29 | 42 | |||||||||||||||||||
| 40.44 | 11.35 | 3,277 | 1.42 | 1.01 | 2.45 | 38 | ||||||||||||||||||||
| 38.51 | 19.02 | 5,063 | 1.58 | 0.30 | 2.79 | 53 | ||||||||||||||||||||
| 32.48 | (1.21 | ) | 6,131 | 1.65 | 1.38 | (f) | 2.46 | 31 | ||||||||||||||||||
| 33.29 | 6.71 | 6,874 | 1.65 | 0.36 | 2.36 | 35 | ||||||||||||||||||||
| 31.38 | 25.13 | 3,709 | 1.66 | 0.19 | 2.66 | 49 | ||||||||||||||||||||
| 35.92 | (6.11 | ) | 10,961 | 0.58 | 1.45 | 1.53 | 42 | |||||||||||||||||||
| 41.56 | 12.16 | 9,172 | 0.64 | 1.59 | 1.63 | 38 | ||||||||||||||||||||
| 39.59 | 19.95 | 5,038 | 0.83 | 1.04 | 2.03 | 53 | ||||||||||||||||||||
| 33.40 | (0.48 | ) | 4,148 | 0.90 | 2.05 | (f) | 1.65 | 31 | ||||||||||||||||||
| 34.22 | 7.51 | 4,833 | 0.90 | 1.10 | 1.59 | 35 | ||||||||||||||||||||
| 32.07 | 26.10 | 3,438 | 0.91 | 0.95 | 1.90 | 49 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 51 | ||||||
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | ||||||||||||||||||||||||||||
| Investment operations | Distributions | |||||||||||||||||||||||||||
| Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Intrepid Value Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | $ | 34.53 | $ | 0.27 | $ | (3.32 | ) | $ | (3.05 | ) | $ | (0.28 | ) | $ | (3.64 | ) | $ | (3.92 | ) | |||||||||
Year Ended June 30, 2018 | 35.54 | 0.53 | 4.10 | 4.63 | (0.55 | ) | (5.09 | ) | (5.64 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 31.20 | 0.47 | 4.66 | 5.13 | (0.52 | ) | (0.27 | ) | (0.79 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.66 | 0.53 | (2.95 | ) | (2.42 | ) | (0.49 | ) | (1.55 | ) | (2.04 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 37.13 | 0.46 | 1.38 | 1.84 | (0.44 | ) | (2.87 | ) | (3.31 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.76 | 0.40 | 7.36 | 7.76 | (0.39 | ) | — | (0.39 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 34.06 | 0.18 | (3.26 | ) | (3.08 | ) | (0.23 | ) | (3.64 | ) | (3.87 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 35.14 | 0.35 | 4.05 | 4.40 | (0.39 | ) | (5.09 | ) | (5.48 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 30.87 | 0.30 | 4.60 | 4.90 | (0.36 | ) | (0.27 | ) | (0.63 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.29 | 0.36 | (2.91 | ) | (2.55 | ) | (0.32 | ) | (1.55 | ) | (1.87 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 36.80 | 0.27 | 1.37 | 1.64 | (0.28 | ) | (2.87 | ) | (3.15 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.52 | 0.23 | 7.28 | 7.51 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 34.71 | 0.32 | (3.35 | ) | (3.03 | ) | (0.31 | ) | (3.64 | ) | (3.95 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 35.69 | 0.62 | 4.11 | 4.73 | (0.62 | ) | (5.09 | ) | (5.71 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 31.34 | 0.53 | 4.67 | 5.20 | (0.58 | ) | (0.27 | ) | (0.85 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.80 | 0.57 | (2.95 | ) | (2.38 | ) | (0.53 | ) | (1.55 | ) | (2.08 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 37.25 | 0.51 | 1.40 | 1.91 | (0.49 | ) | (2.87 | ) | (3.36 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.85 | 0.45 | 7.38 | 7.83 | (0.43 | ) | — | (0.43 | ) | |||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 34.26 | 0.23 | (3.30 | ) | (3.07 | ) | (0.25 | ) | (3.64 | ) | (3.89 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 35.33 | 0.46 | 4.03 | 4.49 | (0.47 | ) | (5.09 | ) | (5.56 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 31.04 | 0.38 | 4.62 | 5.00 | (0.44 | ) | (0.27 | ) | (0.71 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.48 | 0.44 | (2.92 | ) | (2.48 | ) | (0.41 | ) | (1.55 | ) | (1.96 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 37.02 | 0.35 | 1.40 | 1.75 | (0.42 | ) | (2.87 | ) | (3.29 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.69 | 0.31 | 7.33 | 7.64 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 34.80 | 0.34 | (3.34 | ) | (3.00 | ) | (0.33 | ) | (3.64 | ) | (3.97 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 35.78 | 0.66 | 4.13 | 4.79 | (0.68 | ) | (5.09 | ) | (5.77 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 31.42 | 0.59 | 4.69 | 5.28 | (0.65 | ) | (0.27 | ) | (0.92 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.88 | 0.64 | (2.95 | ) | (2.31 | ) | (0.60 | ) | (1.55 | ) | (2.15 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 37.33 | 0.59 | 1.39 | 1.98 | (0.56 | ) | (2.87 | ) | (3.43 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.91 | 0.52 | 7.40 | 7.92 | (0.50 | ) | — | (0.50 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Six Months Ended December 31, 2018 (Unaudited) | 34.80 | 0.37 | (3.35 | ) | (2.98 | ) | (0.34 | ) | (3.64 | ) | (3.98 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 35.78 | 0.69 | 4.13 | 4.82 | (0.71 | ) | (5.09 | ) | (5.80 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 31.42 | 0.61 | 4.69 | 5.30 | (0.67 | ) | (0.27 | ) | (0.94 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 35.89 | 0.66 | (2.97 | ) | (2.31 | ) | (0.61 | ) | (1.55 | ) | (2.16 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 37.33 | 0.61 | 1.39 | 2.00 | (0.57 | ) | (2.87 | ) | (3.44 | ) | ||||||||||||||||||
Year Ended June 30, 2014 | 29.91 | 0.47 | 7.46 | 7.93 | (0.51 | ) | — | (0.51 | ) | |||||||||||||||||||
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 52 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
| Ratios to average net assets(a) | ||||||||||||||||||||||||||
| Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, period | Net expenses (e) | Net income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
| $ | 27.56 | (9.37 | )% | $ | 71,926 | 0.82 | % | 1.58 | % | 1.02 | % | 35 | % | |||||||||||||
| 34.53 | 13.39 | 86,400 | 0.83 | 1.48 | 1.02 | 68 | ||||||||||||||||||||
| 35.54 | 16.55 | 95,891 | 0.83 | 1.41 | 1.16 | 81 | ||||||||||||||||||||
| 31.20 | (6.70 | ) | 240,808 | 0.83 | 1.64 | 1.18 | 66 | |||||||||||||||||||
| 35.66 | 5.24 | 173,149 | 0.86 | 1.26 | 1.13 | 52 | ||||||||||||||||||||
| 37.13 | 26.17 | 114,036 | 0.94 | 1.19 | 1.17 | 49 | ||||||||||||||||||||
| 27.11 | (9.59 | ) | 18,522 | 1.32 | 1.07 | 1.52 | 35 | |||||||||||||||||||
| 34.06 | 12.84 | 23,686 | 1.33 | 1.00 | 1.53 | 68 | ||||||||||||||||||||
| 35.14 | 15.97 | 35,999 | 1.32 | 0.89 | 1.59 | 81 | ||||||||||||||||||||
| 30.87 | (7.16 | ) | 42,788 | 1.33 | 1.12 | 1.62 | 66 | |||||||||||||||||||
| 35.29 | 4.72 | 53,413 | 1.36 | 0.76 | 1.62 | 52 | ||||||||||||||||||||
| 36.80 | 25.50 | 35,963 | 1.44 | 0.69 | 1.67 | 49 | ||||||||||||||||||||
| 27.73 | (9.27 | ) | 697,768 | 0.58 | 1.84 | 0.76 | 35 | |||||||||||||||||||
| 34.71 | 13.65 | 772,556 | 0.62 | 1.71 | 0.76 | 68 | ||||||||||||||||||||
| 35.69 | 16.72 | 886,602 | 0.68 | 1.56 | 0.90 | 81 | ||||||||||||||||||||
| 31.34 | (6.56 | ) | 1,224,039 | 0.68 | 1.77 | 0.91 | 66 | |||||||||||||||||||
| 35.80 | 5.41 | 1,424,101 | 0.71 | 1.39 | 0.90 | 52 | ||||||||||||||||||||
| 37.25 | 26.35 | 1,214,765 | 0.79 | 1.34 | 0.92 | 49 | ||||||||||||||||||||
| 27.30 | (9.49 | ) | 4,370 | 1.08 | 1.30 | 1.83 | 35 | |||||||||||||||||||
| 34.26 | 13.04 | 5,781 | 1.12 | 1.28 | 1.52 | 68 | ||||||||||||||||||||
| 35.33 | 16.24 | 19,693 | 1.10 | 1.12 | 1.59 | 81 | ||||||||||||||||||||
| 31.04 | (6.91 | ) | 17,721 | 1.08 | 1.39 | 1.75 | 66 | |||||||||||||||||||
| 35.48 | 4.98 | 14,237 | 1.09 | 0.97 | 1.43 | 52 | ||||||||||||||||||||
| 37.02 | 25.82 | 1,346 | 1.19 | 0.92 | 1.42 | 49 | ||||||||||||||||||||
| 27.83 | (9.17 | ) | 71,653 | 0.43 | 1.95 | 0.61 | 35 | |||||||||||||||||||
| 34.80 | 13.80 | 90,714 | 0.45 | 1.82 | 0.62 | 68 | ||||||||||||||||||||
| 35.78 | 16.97 | 86,134 | 0.48 | 1.73 | 0.61 | 81 | ||||||||||||||||||||
| 31.42 | (6.35 | ) | 85,624 | 0.48 | 1.98 | 0.61 | 66 | |||||||||||||||||||
| 35.88 | 5.60 | 83,859 | 0.51 | 1.59 | 0.63 | 52 | ||||||||||||||||||||
| 37.33 | 26.60 | 80,008 | 0.59 | 1.53 | 0.72 | 49 | ||||||||||||||||||||
| 27.84 | (9.11 | ) | 115,081 | 0.33 | 2.11 | 0.51 | 35 | |||||||||||||||||||
| 34.80 | 13.90 | 118,726 | 0.37 | 1.90 | 0.52 | 68 | ||||||||||||||||||||
| 35.78 | 17.03 | 108,525 | 0.43 | 1.79 | 0.52 | 81 | ||||||||||||||||||||
| 31.42 | (6.33 | ) | 86,255 | 0.43 | 2.07 | 0.51 | 66 | |||||||||||||||||||
| 35.89 | 5.67 | 39,024 | 0.46 | 1.65 | 0.55 | 52 | ||||||||||||||||||||
| 37.33 | 26.66 | 19,495 | 0.54 | 1.41 | 0.67 | 49 | ||||||||||||||||||||
SEE NOTES TO FINANCIAL STATEMENTS.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 53 | ||||||
Table of Contents
AS OF DECEMBER 31, 2018 (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 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
| Classes Offered | Trust | Diversified/Non-Diversified | ||||
| JPMorgan Intrepid America Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Intrepid Growth Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
| JPMorgan Intrepid Mid Cap Fund | Class A, Class C, Class I, Class R3, Class R4 and Class R6 | JPM II | Diversified | |||
| JPMorgan Intrepid Sustainable Equity Fund | Class A, Class C and Class I | JPM I | Diversified | |||
| JPMorgan Intrepid Value Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
The investment objective of both the JPMorgan Intrepid America Fund (“Intrepid America Fund”) and the JPMorgan Intrepid Growth Fund (“Intrepid Growth Fund”) is to seek to provide long-term capital growth.
The investment objective of the JPMorgan Intrepid Mid Cap Fund (“Intrepid Mid Cap Fund”) is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.
The investment objective of both the JPMorgan Intrepid Sustainable Equity Fund (“Intrepid Sustainable Equity Fund”) and the JPMorgan Intrepid Value Fund (“Intrepid Value Fund”) is to seek to provide long-term capital appreciation.
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 I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. 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. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Boards.
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. 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 contracts are generally valued on the basis of available market quotations.
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.
| 54 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
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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.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):
Intrepid America Fund
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 3,574,381 | $ | — | $ | — | $ | 3,574,381 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 168 | $ | — | $ | — | $ | 168 | ||||||||
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| Intrepid Growth Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 1,054,066 | $ | — | $ | — | $ | 1,054,066 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (214 | ) | $ | — | $ | — | $ | (214 | ) | ||||||
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| Intrepid Mid Cap Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 530,997 | $ | — | $ | — | $ | 530,997 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (173 | ) | $ | — | $ | — | $ | (173 | ) | ||||||
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| Intrepid Sustainable Equity Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 22,817 | $ | — | $ | — | $ | 22,817 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 2 | $ | — | $ | — | $ | 2 | ||||||||
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| Intrepid Value Fund | ||||||||||||||||
| Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 985,668 | $ | — | $ | — | $ | 985,668 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (37 | ) | $ | — | $ | — | $ | (37 | ) | ||||||
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| (a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings. |
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 55 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
There were no transfers among any levels during the six months ended December 31, 2018.
B. Futures Contracts — The Funds 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, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2018 (amounts in thousands):
| Intrepid America Fund | Intrepid Growth Fund | Intrepid Mid Cap Fund | Intrepid Sustainable Equity Fund | Intrepid Value Fund | ||||||||||||||||
Futures Contracts — Equity: | ||||||||||||||||||||
Average Notional Balance Long | $ | 83,460 | $ | 26,692 | $ | 9,346 | $ | 533 | (a) | $ | 35,302 | |||||||||
Ending Notional Balance Long | 100,120 | 26,532 | 7,154 | 375 | 33,290 | |||||||||||||||
| (a) | For the period November 1, 2018 through December 31, 2018. |
The Funds’ futures contracts are not subject to master netting agreements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
C. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).
| Dividend Income | ||||
Intrepid America Fund | $ | 60 | ||
Intrepid Growth Fund | 71 | |||
Intrepid Mid Cap Fund | 4 | |||
Intrepid Value Fund | 77 | |||
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash
| 56 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
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from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):
| Value of Securities on Loan | Cash Collateral Posted by Borrower | Total value of Collateral Investments | ||||||||||
Intrepid America Fund | $ | 39,302 | $ | 39,853 | $ | 39,853 | ||||||
Intrepid Growth Fund | 14,187 | 15,795 | 15,795 | |||||||||
Intrepid Mid Cap Fund | 2,801 | 2,705 | * | 2,705 | ||||||||
Intrepid Value Fund | 29,893 | 31,468 | 31,468 | |||||||||
| * | Subsequent to December 31, 2018, additional collateral was received from borrowers. |
The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.
The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).
Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities | Cash Collateral Posted by Borrower | Net Amount Due to Counterparty (not less than zero) | ||||||||||
Intrepid America Fund | $ | 39,302 | $ | (39,302 | ) | $ | — | |||||
Intrepid Growth Fund | 14,187 | (14,187 | ) | — | ||||||||
Intrepid Mid Cap Fund | 2,801 | (2,705 | )* | 96 | ||||||||
Intrepid Value Fund | 29,893 | (29,893 | ) | — | ||||||||
| * | Subsequent to December 31, 2018, additional collateral was received from borrowers. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):
Intrepid America Fund | $ | 1 | ||
Intrepid Growth Fund | 1 | |||
Intrepid Mid Cap Fund | — | (a) | ||
Intrepid Value Fund | 1 |
| (a) | Amount rounds to less than one thousand. |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the Statements of Operations as Income from securities lending (net).
Intrepid Sustainable Equity Fund did not lend out any securities during the period ended December 31, 2018.
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 57 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Intrepid America Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 70,000 | $ | 36,500 | $ | — | $ | — | $ | 33,500 | 33,503 | $ | 43 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 63,701 | 57,348 | — | — | 6,353 | 6,353 | 17 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 99,912 | 724,948 | 670,570 | — | — | 154,290 | 154,290 | 830 | — | |||||||||||||||||||||||||||
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Total | $ | 99,912 | $ | 858,649 | $ | 764,418 | $ | — | $ | — | $ | 194,143 | $ | 890 | $ | — | ||||||||||||||||||||
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Intrepid Growth Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 54,000 | $ | 43,000 | $ | — | $ | — | $ | 11,000 | 11,001 | $ | 50 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 31,197 | 26,402 | — | — | 4,795 | 4,795 | 21 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 27,874 | 154,768 | 163,862 | — | — | 18,780 | 18,780 | 270 | — | |||||||||||||||||||||||||||
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Total | $ | 27,874 | $ | 239,965 | $ | 233,264 | $ | — | $ | — | $ | 34,575 | $ | 341 | $ | — | ||||||||||||||||||||
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Intrepid Mid Cap Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 7,460 | $ | 4,755 | $ | — | $ | — | $ | 2,705 | 2,705 | $ | 4 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 7,288 | 182,362 | 181,784 | — | — | 7,866 | 7,866 | 107 | — | |||||||||||||||||||||||||||
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Total | $ | 7,288 | $ | 189,822 | $ | 186,539 | $ | — | $ | — | $ | 10,571 | $ | 111 | $ | — | ||||||||||||||||||||
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| 58 | J.P. MORGAN INTREPID FUNDS | DECEMBER 31, 2018 | ||||
Table of Contents
Intrepid Sustainable Equity Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | $ | 976 | $ | 5,630 | $ | 6,181 | $ | — | $ | — | $ | 425 | 425 | $ | 8 | $ | — | |||||||||||||||||||
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Intrepid Value Fund
| For the six months ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||
| Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at December 31, 2018 | Shares at December 31, 2018 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b) | $ | — | $ | 48,000 | $ | 23,000 | $ | — | $ | — | $ | 25,000 | 25,003 | $ | 55 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) | — | 37,300 | 30,832 | — | — | 6,468 | 6,468 | 22 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) | 47,528 | 111,051 | 152,887 | — | — | 5,692 | 5,692 | 302 | — | |||||||||||||||||||||||||||
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Total | $ | 47,528 | $ | 196,351 | $ | 206,719 | $ | — | $ | — | $ | 37,160 | $ | 379 | $ | — | ||||||||||||||||||||
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| (a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
| (b) | The rate shown is the current yield as of December 31, 2018. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net). |
E. 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.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.
F. 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.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 59 | ||||||
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):
| Class A | Class C | Class I | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | ||||||||||||||||||||||||||||
Intrepid America Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | $ | 7 | $ | — | (a) | $ | 2 | $ | 1 | n/a | n/a | $ | — | (a) | $ | 13 | $ | 23 | ||||||||||||||||||
Intrepid Growth Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | 6 | 1 | 3 | 28 | n/a | n/a | 1 | 2 | 41 | |||||||||||||||||||||||||||
Intrepid Mid Cap Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | 25 | 1 | 4 | n/a | — | (a) | — | (a) | n/a | 2 | 32 | |||||||||||||||||||||||||
Intrepid Sustainable Equity Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | 2 | — | (a) | — | (a) | n/a | n/a | n/a | n/a | n/a | 2 | |||||||||||||||||||||||||
Intrepid Value Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | 2 | 1 | 5 | 15 | n/a | n/a | 1 | 1 | 25 | |||||||||||||||||||||||||||
| (a) | Amount rounds to less than one thousand. |
G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31 2018, 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 remains subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually, except for the Intrepid Value Fund, for which distributions are generally declared and paid at least 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 an Investment Advisory Agreement, 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:
Intrepid America Fund | 0.40 | % | ||
Intrepid Growth Fund | 0.50 | |||
Intrepid Mid Cap Fund | 0.65 | |||
Intrepid Sustainable Equity Fund | 0.50 | |||
Intrepid Value Fund | 0.40 |
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was 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 December 31, 2018, the effective 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.
Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of the each Fund’s respective average daily net assets in excess of $25 billion.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
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C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| Class A | Class C | Class R2 | Class R3 | |||||||||||||
Intrepid America Fund | 0.25 | % | 0.75 | % | 0.50 | % | n/a | |||||||||
Intrepid Growth Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
Intrepid Mid Cap Fund | 0.25 | 0.75 | n/a | 0.25 | % | |||||||||||
Intrepid Sustainable Equity Fund | 0.25 | 0.75 | n/a | n/a | ||||||||||||
Intrepid Value Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
In addition, JPMDS 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 December 31, 2018, JPMDS retained the following (amounts in thousands):
| Front-End Sales Charge | CDSC | |||||||
Intrepid America Fund | $ | 2 | $ | — | ||||
Intrepid Growth Fund | 8 | — | ||||||
Intrepid Mid Cap Fund | 6 | — | (a) | |||||
Intrepid Sustainable Equity Fund | 2 | — | ||||||
Intrepid Value Fund | 2 | — | ||||||
| (a) | Amount rounds to less than one thousand. |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class R2 | Class R3 | Class R4 | Class R5 | ||||||||||||||||||||||
Intrepid America Fund | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | n/a | n/a | 0.10 | % | ||||||||||||||||
Intrepid Growth Fund | 0.25 | 0.25 | 0.25 | 0.25 | n/a | n/a | 0.10 | |||||||||||||||||||||
Intrepid Mid Cap Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | % | 0.25 | % | n/a | |||||||||||||||||||
Intrepid Sustainable Equity Fund | 0.25 | 0.25 | 0.25 | n/a | n/a | n/a | n/a | |||||||||||||||||||||
Intrepid Value Fund | 0.25 | 0.25 | 0.25 | 0.25 | n/a | n/a | 0.10 | |||||||||||||||||||||
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, 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 in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately 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.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 61 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of each Fund’s respective average daily net assets as shown in the table below:
| Class A | Class C | Class I | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | |||||||||||||||||||||||||
Intrepid America Fund | 0.84 | % | 1.34 | % | 0.59 | % | 1.09 | % | n/a | n/a | 0.44 | % | 0.34 | % | ||||||||||||||||||
Intrepid Growth Fund | 0.84 | 1.34 | 0.59 | 1.09 | n/a | n/a | 0.44 | 0.34 | ||||||||||||||||||||||||
Intrepid Mid Cap Fund | 1.14 | 1.64 | 0.89 | n/a | 1.14 | % | 0.89 | % | n/a | 0.64 | ||||||||||||||||||||||
Intrepid Sustainable Equity Fund | 0.84 | 1.34 | 0.59 | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||
Intrepid Value Fund | 0.83 | 1.33 | 0.59 | 1.09 | n/a | n/a | 0.44 | 0.34 | ||||||||||||||||||||||||
The expense limitation agreements were in effect for the six months ended December 31, 2018 and are in place until at least October 31, 2019.
For the six months ended December 31, 2018, 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 reimbursed expenses in future years.
| Contractual Waivers | ||||||||||||||||||||
| Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Intrepid America Fund | $ | 1,936 | $ | 1,290 | $ | 10 | $ | 3,236 | $ | 8 | ||||||||||
Intrepid Growth Fund | 1,112 | 482 | 32 | 1,626 | 5 | |||||||||||||||
Intrepid Mid Cap Fund | 292 | 194 | 29 | 515 | 2 | |||||||||||||||
Intrepid Sustainable Equity Fund | 60 | 10 | 30 | 100 | 14 | |||||||||||||||
Intrepid Value Fund | 583 | 389 | 15 | 987 | 9 | |||||||||||||||
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.
The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 were as follows (amounts in thousands):
Intrepid America Fund | $ | 84 | ||
Intrepid Growth Fund | 29 | |||
Intrepid Mid Cap Fund | 12 | |||
Intrepid Sustainable Equity Fund | 1 | |||
Intrepid Value Fund | 37 |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards 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 December 31, 2018, Intrepid America Fund, Intrepid Growth Fund, Intrepid Mid Cap Fund and Intrepid Value Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.
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.
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4. Investment Transactions
During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):
Purchases (excluding U.S. | Sales (excluding U.S. | |||||||
Intrepid America Fund | $ | 1,874,167 | $ | 2,067,372 | ||||
Intrepid Growth Fund | 426,385 | 441,597 | ||||||
Intrepid Mid Cap Fund | 248,182 | 460,361 | ||||||
Intrepid Sustainable Equity Fund | 12,613 | 9,576 | ||||||
Intrepid Value Fund | 389,001 | 372,129 | ||||||
During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Intrepid America Fund | $ | 3,223,971 | $ | 519,268 | $ | 168,690 | $ | 350,578 | ||||||||
Intrepid Growth Fund | 836,423 | 255,741 | 38,312 | 217,429 | ||||||||||||
Intrepid Mid Cap Fund | 492,670 | 83,411 | 45,257 | 38,154 | ||||||||||||
Intrepid Sustainable Equity Fund | 20,948 | 3,016 | 1,145 | 1,871 | ||||||||||||
Intrepid Value Fund | 925,389 | 128,006 | 67,764 | 60,242 | ||||||||||||
As of June 30, 2018, the Funds did not have any net capital loss carryforwards.
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.
The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.
The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended December 31, 2018.
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 63 | ||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2018 (Unaudited) (continued)
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:
| Number of Affiliated Omnibus Accounts | % of the Fund | Number of Non-Affiliated Omnibus Accounts | % of the Fund | |||||||||||||
Intrepid Mid Cap Fund | 2 | 17.2 | % | 4 | 15.5 | % | ||||||||||
Intrepid Sustainable Equity Fund | 2 | 19.4 | 6 | 36.6 | ||||||||||||
Intrepid Value Fund | — | — | 3 | 58.8 | ||||||||||||
As of December 31, 2018, J.P. Morgan Investor Funds and JPMorgan Smart Retirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
JPMorgan Investor Funds | JPMorgan Smart Retirement Funds | |||||||
Intrepid America Fund | 28.1 | % | 61.5 | % | ||||
Intrepid Growth Fund | 40.7 | — | ||||||
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issuedAccounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts StatementConceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.
In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (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, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.
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 Fund 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 July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Intrepid America Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 906.60 | $ | 4.04 | 0.84 | % | ||||||||
Hypothetical | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 904.60 | 6.43 | 1.34 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.45 | 6.82 | 1.34 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 908.00 | 2.84 | 0.59 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.23 | 3.01 | 0.59 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 905.70 | 5.24 | 1.09 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.71 | 5.55 | 1.09 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 908.60 | 2.12 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.99 | 2.24 | 0.44 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 908.90 | 1.64 | 0.34 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.49 | 1.73 | 0.34 | ||||||||||||
JPMorgan Intrepid Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 909.30 | 4.04 | 0.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.97 | 4.28 | 0.84 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 906.90 | 6.44 | 1.34 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.45 | 6.82 | 1.34 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 910.40 | 2.84 | 0.59 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.23 | 3.01 | 0.59 | ||||||||||||
| DECEMBER 31, 2018 | J.P. MORGAN INTREPID FUNDS | 65 | ||||||
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Intrepid Growth Fund (continued) | ||||||||||||||||
Class R2 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 908.00 | $ | 5.24 | 1.09 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.71 | 5.55 | 1.09 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 911.00 | 2.12 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.99 | 2.24 | 0.44 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 911.50 | 1.64 | 0.34 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.49 | 1.73 | 0.34 | ||||||||||||
JPMorgan Intrepid Mid Cap Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 873.30 | 5.38 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.46 | 5.80 | 1.14 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 870.90 | 7.73 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.94 | 8.34 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 874.60 | 4.21 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 873.60 | 5.38 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.46 | 5.80 | 1.14 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 874.70 | 4.21 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 875.60 | 3.03 | 0.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.98 | 3.26 | 0.64 | ||||||||||||
JPMorgan Intrepid Sustainable Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 937.80 | 4.05 | 0.83 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.02 | 4.23 | 0.83 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 935.20 | 6.49 | 1.33 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.50 | 6.77 | 1.33 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 938.90 | 2.83 | 0.58 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.28 | 2.96 | 0.58 | ||||||||||||
JPMorgan Intrepid Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 906.30 | 3.94 | 0.82 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.07 | 4.18 | 0.82 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 904.10 | 6.34 | 1.32 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.55 | 6.72 | 1.32 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 907.30 | 2.79 | 0.58 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.28 | 2.96 | 0.58 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 905.10 | 5.19 | 1.08 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.76 | 5.50 | 1.08 | ||||||||||||
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| Beginning Account Value July 1, 2018 | Ending Account Value December 31, 2018 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Intrepid Value Fund (continued) | ||||||||||||||||
Class R5 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 908.30 | $ | 2.07 | 0.43 | % | ||||||||
Hypothetical | 1,000.00 | 1,023.04 | 2.19 | 0.43 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 908.90 | 1.59 | 0.33 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.54 | 1.68 | 0.33 | ||||||||||||
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreements was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.
The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
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Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of
scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which each Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.
Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer
The Trustees noted that, upon their direction, the Senior Officer for the Intrepid Mid Cap Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
The Trustees noted that, upon their direction, the Chief Compliance Officer for the, Intrepid America Fund, Intrepid Growth Fund, Intrepid Sustainable Equity Fund and Intrepid Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the ��Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the Intrepid America Fund’s performance for Class A shares was in the first quintile based upon the Peer Group, for each of the one-, three-, and five-year periods ended December 31, 2017, and in the first, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, second and first quintiles based upon the Peer Group, and in the first, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Intrepid Growth Fund’s performance for both Class A and Class I shares was in the second, first
and first quintiles based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Intrepid Mid Cap Fund’s performance for Class A shares was in the second, fourth, and second quintiles based upon both the Peer Group and Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, fourth and first quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the Intrepid Sustainable Equity Fund’s performance for Class A shares was in the second quintile based upon the Peer Group, for the one-year period ended December 31, 2017, and in the third, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group for the one-year period ended December 31, 2017, and in the third, third and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Intrepid Value Fund’s performance for Class A shares was in the third, fifth and third quintiles based upon the Peer Group, and in the second, fifth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, fifth and fourth quintiles based upon the Peer Group, and in the second, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation
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prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the Intrepid America Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.
The Trustees noted that the Intrepid Growth Fund’s net advisory fee and actual total expenses for both Class A and Class I
shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Intrepid Mid Cap Fund’s net advisory fee for both Class A and Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the actual total expenses for both Class A and Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Intrepid Sustainable Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Intrepid Value Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC onForm N-Q. The Funds’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the FormN-Q without charge by calling1-800-480-4111 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 prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the marketing name for the asset management businesses 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., 2018. All rights reserved. December 2018. | SAN-INT-1218 |
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ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C.80a-2(a)(19)).
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable to a semi-annual report.
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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-X.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) Disclose the aggregatenon-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision ofnon-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule10A-3 under the Exchange Act (17CFR240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule10A-3(d) under the Exchange Act (17CFR240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable to a semi-annual report.
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ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth inSection 210.12-12 of RegulationS-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Act (17 CFR270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule30a-3(b) under the Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Exchange Act (17 CFR240.13a-15(b) or240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on FormN-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act (17 CFR270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
| (a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Not applicable.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule30a-2(a) under the Act (17 CFR270.30a-2).
Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(3) Any written solicitation to purchase securities under Rule23c-1 under the Act (17 CFR270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
| (b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule30a-2(b) under the Act of 1940. |
Certifications pursuant to Rule30a-2(b) under the Investment Company Act of 1940 are attached hereto.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| JPMorgan Trust II | ||
| By: | /s/ Brian S. Shlissel | |
| Brian S. Shlissel | ||
| President and Principal Executive Officer | ||
| March 07, 2019 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Brian S. Shlissel | |
| Brian S. Shlissel | ||
| President and Principal Executive Officer | ||
| March 07, 2019 | ||
| By: | /s/ Timothy J. Clemens | |
| Timothy J. Clemens | ||
| Treasurer and Principal Financial Officer | ||
| March 07, 2019 | ||