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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)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (800)480-4111
Date of fiscal year end: June 30
Date of reporting period: July 1, 2018 through June 30, 2019
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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Annual Report
J.P. Morgan Small Cap Funds
June 30, 2019
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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Letter to Shareholders | 1 | |||
Market Overview | 2 | |||
Fund Commentaries: | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
Schedules of Portfolio Investments | 15 | |||
Financial Statements | 46 | |||
Financial Highlights | 62 | |||
Notes to Financial Statements | 74 | |||
Report of Independent Registered Public Accounting Firm | 87 | |||
Trustees | 88 | |||
Officers | 91 | |||
Schedule of Shareholder Expenses | 92 | |||
Tax Letter | 96 | |||
Privacy Policy — Located at the back of this Annual Report |
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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July 31, 2019 (Unaudited)
Dear Shareholders,
Even as the pace of growth slowed, the global economic expansion continued and financial markets largely provided positive returns for the twelve months ended June 30, 2019. Central banks in the U.S. and elsewhere moved to support continued economic expansion in 2019, and low interest rates, growth in corporate profits and general investor optimism added further support to both equity and bond markets.
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“We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop.” |
The U.S. economy generally outpaced other developed market nations throughout the twelve month reporting period and the U.S. expansion became the longest on record by the end of June 2019. However, growth in U.S. gross domestic product (GDP) slowed significantly to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. At the same time, the U.S. unemployment rate remained below 4% for all but one month of the reporting period.
After reaching record highs in August and September 2018, U.S. equity prices tumbled sharply in December amid investor concerns about slowing global growth, unresolved U.S.-China trade tensions and expectations for further interest rate increases by the U.S. Federal Reserve (the “Fed”). For the month of December, the S&P 500 Index fell by 9.03%.
By the end of 2018, the Fed indicated it would enact fewer-than-expected interest rate increases in 2019. In January 2019, financial markets began to stabilize and started a rebound that would push equity prices back to record highs at the end of April and again by mid-June. For the twelve month reporting period, the S&P 500 returned 10.42%.
In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019. Notably, manufacturing data weakened in 2019. However, unemployment continued to fall throughout the reporting period and the 7.5% euro area jobless rate by the end June 2019 was the lowest since the 2008-09 financial crisis.
In response to slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth rebounded to 1.8% in the first quarter of 2019 from 1.4% in the final quarter of 2018. Political uncertainty surrounding negotiations for U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the twelve month reporting period, the MSCI EAFE Index returned 1.60%.
Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well certain of its trading partners across Asia. During the second half of the reporting period, emerging markets largely benefitted investor appetite for higher yielding assets. While the MSCI Emerging Markets Index returned 1.61% for reporting period, the Bloomberg Barclays Emerging Markets Aggregate Index returned 10.95%.
Subsequent to the end of the reporting period, the Fed cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.
We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,
Andrea L. Lisher
Head of Americas, J.P. Morgan Global Funds
J.P. Morgan Asset Management
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 1 |
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J.P. Morgan Small Cap Funds
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
Global equity prices rebounded from two sharp sell-offs and U.S. equity largely outperformed both developed and emerging markets equity during the reporting period.
Growth in corporate profits, low interest rates and the continued growth in the global economy bolstered financial markets throughout the reporting period. However, investor concerns about the direction of U.S. interest rates, rising trade tensions and signs of slowing economic activity in China and Europe helped fuel significant market downturns in late 2018 and again in May 2019.
Leading equity indexes plummeted in the second half of December 2018 amid slowing global economic growth, unresolved U.S.-China trade tensions and investor concerns over rising interest rates.
However, financial market volatility stabilized in January and U.S. equity prices rebounded over the next few months and returned to record high levels by April 2019. Global equity markets slumped in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as emerging markets, dropped by more than 6%. However, global equity prices rebounded again in June.
Within U.S. equity, large cap and mid cap stocks generally outperformed small cap stocks and growth stocks continued to outperform value stocks. For the twelve month reporting period, the S&P 500 returned 10.42% and the Russell 2000 Index returned -3.31%.
2 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
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TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 0.74% | |||
Russell 2000 Index | (3.31)% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 348,257 |
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 twelve months ended June 30, 2019. The Fund’s security selection and overweight position in the information technology sector and its security selection in the health care sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and communication services sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Okta Inc., Bright Horizons Family Solutions Inc. and Exact Sciences Corp. Shares of Okta, a provider of security identification and access management software, rose after the company reported better-than-expected sales and earnings for its first quarter ended April 30, 2019. Shares of Bright Horizons Family Solutions, a child care and educational services provider, rose after the company reported better-than-expected revenue for the first quarter of 2019 and raised its earnings forecast for the full year 2019. Shares of Exact Sciences, a maker of cancer screening tests, rose amid strong sales growth for its colorectal cancer screening system.
Leading individual detractors from relative performance included the Fund’s overweight positions in OptiNose Inc., 2u Inc. and Cincinnati Bell Inc. Shares of OptiNose, a specialty pharmaceutical company, fell amid investor concerns about co-pay policy changes among health insurers and pharmacy benefit managers. Shares of 2u, a provider of software services to colleges and universities, fell after the company issued a lower-than-expected forecast for the full year 2019. Shares of Cincinnati Bell, a telecommunications provider, fell after the company reported a loss and lower-than-expected revenue for the first quarter of 2019.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of companies that are attractively val-
ued and stocks that have a history of growth. 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. The Fund is positioned to invest in small cap companies across both growth and value styles.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Simpson Manufacturing Co., Inc. | 1.0 | % | |||||
2. | ITT, Inc. | 1.0 | ||||||
3. | Performance Food Group Co. | 0.8 | ||||||
4. | Envestnet, Inc. | 0.8 | ||||||
5. | Applied Industrial Technologies, Inc. | 0.7 | ||||||
6. | National Vision Holdings, Inc. | 0.7 | ||||||
7. | John Bean Technologies Corp. | 0.7 | ||||||
8. | Teladoc Health, Inc. | 0.7 | ||||||
9. | Generac Holdings, Inc. | 0.7 | ||||||
10. | Inphi Corp. | 0.7 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Industrials | 16.6 | % | ||
Information Technology | 15.6 | |||
Financials | 13.6 | |||
Health Care | 12.0 | |||
Consumer Discretionary | 11.5 | |||
Investment of cash collateral from securities loaned | 9.5 | |||
Real Estate | 5.6 | |||
Utilities | 3.3 | |||
Communication Services | 3.3 | |||
Consumer Staples | 2.3 | |||
Materials | 1.8 | |||
Energy | 1.6 | |||
Short-Term Investments | 3.3 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 3 |
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JPMorgan Small Cap Blend Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | May 19, 1997 | |||||||||||||
With Sales Charge* | (4.57 | )% | 11.05 | % | 15.00 | % | ||||||||
Without Sales Charge | 0.74 | 12.26 | 15.62 | |||||||||||
CLASS C SHARES | January 7, 1998 | |||||||||||||
With CDSC** | (0.78 | ) | 11.69 | 15.02 | ||||||||||
Without CDSC | 0.22 | 11.69 | 15.02 | |||||||||||
CLASS I SHARES | April 5, 1999 | 0.96 | 12.52 | 15.96 | ||||||||||
CLASS R6 SHARES | July 2, 2018 | 1.23 | 12.81 | 16.31 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
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FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class R5 Shares)* | (5.00)% | |||
Russell 2000 Index | (3.31)% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 449,544 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the industrial cyclical and consumer cyclical sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the health services & systems sector and software & services sector was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Cooper Standard Holdings Inc., Owens & Minor Inc. and Acco Brands Corp. Shares of Cooper Standard, a maker of automotive components, fell after the company reported lower-than-expected earnings for the first quarter of 2019. Shares of Owens & Minor, a distributor of health care products, fell after the company reduced its dividend, reported lower-than-expected earnings for the fourth quarter of 2018 and issued a downbeat outlook. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third and fourth quarters of 2018.
Leading individual contributors to relative performance included the Fund’s overweight positions in Molina Healthcare Inc., First BanCorp Puerto Rico, and Sinclair Broadcasting Group Inc. Shares of Molina Healthcare, a health insurance provider not held in the Benchmark, rose after the company reported better-than-expected results for the first quarter of 2019 and raised its full year 2019 forecast. Shares of First BanCorp Puerto Rico, a bank, rose after the company reported earnings growth for the fourth quarter of 2018. Shares of Sinclair Broadcasting Group, a television broadcaster, rose after the company agreed to acquire 21 regional sports networks and Fox College Sports from Walt Disney Co.
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 portfo-
lio managers employ a bottom-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. | Tech Data Corp. | 1.0 | % | |||||
2. | Ensign Group, Inc. (The) | 1.0 | ||||||
3. | First BanCorp (Puerto Rico) | 0.9 | ||||||
4. | Meritor, Inc. | 0.9 | ||||||
5. | Investors Bancorp, Inc. | 0.8 | ||||||
6. | ABM Industries, Inc. | 0.8 | ||||||
7. | Sinclair Broadcast Group, Inc., Class A | 0.8 | ||||||
8. | Essent Group Ltd. | 0.8 | ||||||
9. | PennyMac Mortgage Investment Trust | 0.8 | ||||||
10. | Rent-A-Center, Inc. | 0.8 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 14.9 | % | ||
Health Care | 14.5 | |||
Industrials | 14.0 | |||
Information Technology | 12.3 | |||
Consumer Discretionary | 8.1 | |||
Investment of cash collateral from securities loaned | 6.4 | |||
Real Estate | 6.4 | |||
Materials | 3.4 | |||
Energy | 3.1 | |||
Utilities | 2.7 | |||
Consumer Staples | 2.5 | |||
Communication Services | 2.3 | |||
Short-Term Investments | 9.4 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 5 |
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JPMorgan Small Cap Core Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | May 31, 2016 | |||||||||||||
With Sales Charge* | (10.40 | )% | 5.45 | % | 13.58 | % | ||||||||
Without Sales Charge | (5.43 | ) | 6.59 | 14.19 | ||||||||||
CLASS C SHARES | May 31, 2016 | |||||||||||||
With CDSC** | (6.88 | ) | 6.27 | 14.02 | ||||||||||
Without CDSC | (5.88 | ) | 6.27 | 14.02 | ||||||||||
CLASS I SHARES | January 3, 2017 | (5.17 | ) | 6.78 | 14.29 | |||||||||
CLASS R2 SHARES | July 31, 2017 | (5.65 | ) | 6.14 | 13.56 | |||||||||
CLASS R3 SHARES | July 31, 2017 | (5.43 | ) | 6.40 | 13.84 | |||||||||
CLASS R4 SHARES | July 31, 2017 | (5.17 | ) | 6.68 | 14.12 | |||||||||
CLASS R5 SHARES | January 1, 1997 | (5.00 | ) | 6.89 | 14.35 | |||||||||
CLASS R6 SHARES | May 31, 2016 | (4.95 | ) | 6.92 | 14.37 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
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JPMorgan Small Cap Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 2.82% | |||
Russell 2000 Index | (3.31)% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 6,275,924 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the materials & processing and consumer discretionary sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the energy sector was the sole sector detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in AptarGroup Inc., Pool Corp. and Catalent Inc. Shares of AptarGroup, a maker of consumer product dispensers, rose after the company reported better-than-expected earnings for the first quarter of 2019. Shares of Pool, a distributor of swimming pool supplies and equipment, rose amid steady revenues growth and profit margin expansion. Shares of Catalent, a provider of advanced drug delivery systems, rose after the company agreed to acquire Paragon Bioservices Inc.
Leading individual detractors from relative performance included the Fund’s overweight positions in Core Laboratories NV, SRC Energy Inc. and Patterson-UTI Energy Inc. Shares of Core Laboratories, a provider of analytics and services to petroleum and natural gas producers that was not held in the Benchmark, fell amid lower-than-expected first quarter 2019 results from its underlying business. Shares of SRC Energy, an oil and gas exploration company, fell after the lawmakers in Colorado moved to tighten regulations on drilling in the state. Shares of Patterson-UTI Energy, a provider of oil and gas drilling services not held in the Benchmark, fell due to subdued drilling activity amid weakness and volatility in global oil prices.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-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. | AptarGroup, Inc. | 2.8 | % | |||||
2. | Pool Corp. | 2.7 | ||||||
3. | Toro Co. (The) | 2.5 | ||||||
4. | Performance Food Group Co. | 2.1 | ||||||
5. | Catalent, Inc. | 1.9 | ||||||
6. | West Pharmaceutical Services, Inc. | 1.7 | ||||||
7. | National Retail Properties, Inc. | 1.6 | ||||||
8. | RBC Bearings, Inc. | 1.6 | ||||||
9. | EastGroup Properties, Inc. | 1.5 | ||||||
10. | NorthWestern Corp. | 1.5 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Industrials | 20.1 | % | ||
Financials | 17.1 | |||
Health Care | 11.3 | |||
Information Technology | 10.8 | |||
Consumer Discretionary | 9.4 | |||
Materials | 7.5 | |||
Real Estate | 6.7 | |||
Consumer Staples | 3.7 | |||
Investment of cash collateral from securities loaned | 3.3 | |||
Utilities | 3.0 | |||
Communication Services | 1.6 | |||
Energy | 1.6 | |||
Short-Term Investments | 3.9 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 7 |
Table of Contents
JPMorgan Small Cap Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | December 20, 1994 | |||||||||||||
With Sales Charge* | (2.59 | )% | 7.78 | % | 13.94 | % | ||||||||
Without Sales Charge | 2.82 | 8.94 | 14.55 | |||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||
With CDSC** | 1.31 | 8.40 | 13.99 | |||||||||||
Without CDSC | 2.31 | 8.40 | 13.99 | |||||||||||
CLASS I SHARES | May 7, 1996 | 3.05 | 9.25 | 14.89 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 2.56 | 8.67 | 14.27 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 2.79 | 8.95 | 14.56 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 3.05 | 9.24 | 14.88 | ||||||||||
CLASS R5 SHARES | May 15, 2006 | 3.26 | 9.46 | 15.11 | ||||||||||
CLASS R6 SHARES | May 31, 2016 | 3.33 | 9.50 | 15.13 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 5.08% | |||
Russell 2000 Growth Index | (0.49)% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 2,876,666 |
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 twelve months ended June 30, 2019. The Fund’s security selection and overweight position in technology sector and its security selection in the health care sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the financial services and consumer discretionary sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Okta Inc., Paycom Software Inc. and Anaplan Inc. Shares of Okta, a provider of security identification and access management software not held in the Benchmark, rose after the company consistently reported better-than-expected earnings and revenue backed by growth in subscriptions. Shares of Paycom Software, a provider of workforce management software not held in the Benchmark, rose after the company reported better-than-expected earnings and revenue throughout the reporting period. Shares of Anaplan, a provider of cloud-based business planning and consulting services, rose after the company reported better-than-expected revenue for the first quarter of 2019 and raised its forecast for the full-year 2019.
Leading individual detractors from relative performance included the Fund’s overweight positions in OptiNose Inc., Evolent Health Inc. and Centennial Resources Inc. Shares of OptiNose, a specialty pharmaceutical company, fell amid investor concerns about co-pay policy changes among health insurers and pharmacy benefit managers. Shares of Evolent Health, a provider of health care administration and payment services, fell amid investor concerns about the financial solvency of a key client along with a lower-than-expected forecast for 2019 results. Shares of Centennial Resources, an oil and gas producer not held in the Benchmark, fell amid weakness and volatility in global oil prices and the company’s lower-than-expected production forecast for 2019.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portolio 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. | Performance Food Group Co. | 1.6 | % | |||||
2. | Envestnet, Inc. | 1.6 | ||||||
3. | National Vision Holdings, Inc. | 1.4 | ||||||
4. | John Bean Technologies Corp. | 1.4 | ||||||
5. | Teladoc Health, Inc. | 1.4 | ||||||
6. | Generac Holdings, Inc. | 1.4 | ||||||
7. | Inphi Corp. | 1.3 | ||||||
8. | MKS Instruments, Inc. | 1.3 | ||||||
9. | Bright Horizons Family Solutions, Inc. | 1.3 | ||||||
10. | Entegris, Inc. | 1.2 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 22.1 | % | ||
Health Care | 21.1 | |||
Industrials | 16.2 | |||
Consumer Discretionary | 15.6 | |||
Investment of cash collateral from securities loaned | 12.7 | |||
Financials | 3.2 | |||
Consumer Staples | 3.2 | |||
Communication Services | 2.5 | |||
Real Estate | 1.8 | |||
Others (each less than 1.0%) | 0.8 | |||
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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 9 |
Table of Contents
JPMorgan Small Cap Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | July 1, 1991 | |||||||||||||
With Sales Charge* | (0.43 | )% | 11.89 | % | 16.14 | % | ||||||||
Without Sales Charge | 5.08 | 13.09 | 16.77 | |||||||||||
CLASS C SHARES | November 4, 1997 | 3.49 | 12.52 | 16.16 | ||||||||||
With CDSC** | 4.49 | 12.52 | 16.16 | |||||||||||
Without CDSC | ||||||||||||||
CLASS I SHARES | March 26, 1996 | 5.30 | 13.37 | 17.05 | ||||||||||
CLASS L SHARES | February 19, 2005 | 5.50 | 13.54 | 17.23 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 4.84 | 12.81 | 16.46 | ||||||||||
CLASS R3 SHARES | July 31, 2017 | 5.08 | 13.09 | 16.77 | ||||||||||
CLASS R4 SHARES | July 31, 2017 | 5.35 | 13.37 | 17.05 | ||||||||||
CLASS R5 SHARES | September 9, 2016 | 5.50 | 13.54 | 17.23 | ||||||||||
CLASS R6 SHARES | November 30, 2010 | 5.60 | 13.65 | 17.33 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | (9.53)% | |||
Russell 2000 Value Index | (6.24)% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 1,553,282 |
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 twelve months ended June 30, 2019. The Fund’s security selection in real estate investment trusts and in the industrial cyclical sector 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., Consolidated Communications Holdings Inc. and ArcBest Corp. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third and fourth quarters of 2018. Shares of Consolidated Communications Holdings, a provider of business and broadband communications services, fell after the company eliminated its quarterly dividend. Shares of ArcBest, a freight transportation company, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2019.
Leading individual contributors to relative performance included the Fund’s overweight positions in Sinclair Broadcasting Group Inc., FTI Consulting Inc. and K12 Inc. Shares of Sinclair Broadcasting Group, a television broadcaster, rose after the company agreed to acquire 21 regional sports networks and Fox College Sports from Walt Disney Co. Shares of FTI Consulting, a provider of business advisory services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019. Shares of K12, a provider of online educational products and services, rose after the company reported better-than-expected earnings and revenue for the fiscal third quarter ended March 31, 2019.
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. Through bottom-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. | Delek US Holdings, Inc. | 1.3 | ||||||
3. | Washington Federal, Inc. | 1.2 | ||||||
4. | Trustmark Corp. | 1.1 | ||||||
5. | Westamerica Bancorp | 1.1 | ||||||
6. | KB Home | 1.1 | ||||||
7. | Sunstone Hotel Investors, Inc. | 1.1 | ||||||
8. | EMCOR Group, Inc. | 1.0 | ||||||
9. | United Bankshares, Inc. | 1.0 | ||||||
10. | Portland General Electric Co. | 1.0 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 25.5 | % | ||
Industrials | 13.4 | |||
Real Estate | 10.1 | |||
Consumer Discretionary | 9.6 | |||
Information Technology | 8.9 | |||
Energy | 6.9 | |||
Health Care | 5.7 | |||
Investment of cash collateral from securities loaned | 5.6 | |||
Utilities | 5.5 | |||
Materials | 3.3 | |||
Communication Services | 2.3 | |||
Consumer Staples | 1.1 | |||
Short-Term Investments | 2.1 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 11 |
Table of Contents
JPMorgan Small Cap Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | January 27, 1995 | |||||||||||||
With Sales Charge* | (14.48 | )% | 2.23 | % | 11.23 | % | ||||||||
Without Sales Charge | (9.73 | ) | 3.34 | 11.83 | ||||||||||
CLASS C SHARES | March 22, 1999 | |||||||||||||
With CDSC** | (11.18 | ) | 2.76 | 11.17 | ||||||||||
Without CDSC | (10.18 | ) | 2.76 | 11.17 | ||||||||||
CLASS I SHARES | January 27, 1995 | (9.53 | ) | 3.59 | 12.11 | |||||||||
CLASS R2 SHARES | November 3, 2008 | (9.95 | ) | 3.07 | 11.54 | |||||||||
CLASS R3 SHARES | September 9, 2016 | (9.75 | ) | 3.33 | 11.81 | |||||||||
CLASS R4 SHARES | September 9, 2016 | (9.51 | ) | 3.57 | 12.09 | |||||||||
CLASS R5 SHARES | May 15, 2006 | (9.35 | ) | 3.72 | 12.23 | |||||||||
CLASS R6 SHARES | February 22, 2005 | (9.29 | ) | 3.84 | 12.31 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan U.S. Small Company Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | (8.33)% | |||
Russell 2000 Index | (3.31)% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 1,392,947 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the consumer cyclical and retail sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financial sector and the software & services sector was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Acco Brands Corp., Tenneco Inc. and Penn National Gaming Inc. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third and fourth quarters of 2018. Shares of Tenneco, an automotive parts manufacturer, fell after the company reported lower-than-expected earnings for the first quarter of 2019 and lowered its forecast for the full year 2019. Shares of Penn National Gaming, a casino, racetrack and video gaming company, fell after the company reported lower-than-expected earnings for the first quarter of 2019.
Leading individual contributors to relative performance included the Fund’s overweight positions in Molina Healthcare Inc., Reata Pharmaceuticals Inc. and Sinclair Broadcasting Inc. Shares of Molina Healthcare, a health insurance provider not held in the Benchmark, rose after the company reported better-than-expected results for the first quarter of 2019 and raised its full year 2019 forecast. Shares of Reata Pharmaceuticals, a biopharmaceutical maker, rose after the company reported positive Phase 2 clinical trial data for its Alport Syndrome drug candidate. Shares of Sinclair Broadcasting Group, a television broadcaster, rose after the company agreed to acquire 21 regional sports networks and Fox College Sports from Walt Disney Co.
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 portfo-
lio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-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. | EMCOR Group, Inc. | 1.3 | % | |||||
2. | Allscripts Healthcare Solutions, Inc. | 1.2 | ||||||
3. | Rambus, Inc. | 1.2 | ||||||
4. | Integer Holdings Corp. | 1.1 | ||||||
5. | KB Home | 1.1 | ||||||
6. | Tech Data Corp. | 1.1 | ||||||
7. | Generac Holdings, Inc. | 1.1 | ||||||
8. | Deckers Outdoor Corp. | 1.0 | ||||||
9. | Navigant Consulting, Inc. | 1.0 | ||||||
10. | Trustmark Corp. | 1.0 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Health Care | 15.6 | % | ||
Industrials | 14.9 | |||
Financials | 13.7 | |||
Information Technology | 13.6 | |||
Consumer Discretionary | 10.5 | |||
Investment of cash collateral from securities loaned | 8.8 | |||
Real Estate | 6.2 | |||
Energy | 4.0 | |||
Communication Services | 2.9 | |||
Materials | 2.8 | |||
Utilities | 2.8 | |||
Consumer Staples | 1.6 | |||
Short-Term Investments | 2.6 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 13 |
Table of Contents
JPMorgan U.S. Small Company Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | November 1, 2007 | |||||||||||||
With Sales Charge* | (13.53 | )% | 3.79 | % | 12.68 | % | ||||||||
Without Sales Charge | (8.72 | ) | 4.91 | 13.28 | ||||||||||
CLASS C SHARES | November 1, 2007 | |||||||||||||
With CDSC** | (10.17 | ) | 4.38 | 12.72 | ||||||||||
Without CDSC | (9.17 | ) | 4.38 | 12.72 | ||||||||||
CLASS I SHARES | September 10, 2001 | (8.44 | ) | 5.19 | 13.56 | |||||||||
CLASS L SHARES | November 4, 1993 | (8.33 | ) | 5.36 | 13.76 | |||||||||
CLASS R2 SHARES | November 1, 2011 | (8.90 | ) | 4.65 | 13.08 | |||||||||
CLASS R3 SHARES | September 9, 2016 | (8.71 | ) | 4.92 | 13.29 | |||||||||
CLASS R4 SHARES | September 9, 2016 | (8.47 | ) | 5.18 | 13.56 | |||||||||
CLASS R5 SHARES | September 9, 2016 | (8.34 | ) | 5.35 | 13.75 | |||||||||
CLASS R6 SHARES | November 1, 2011 | (8.20 | ) | 5.46 | 13.83 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 similar to those shown because Class R5 Shares have similar expenses to 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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 96.6% |
| |||||||
Aerospace & Defense — 1.1% |
| |||||||
Curtiss-Wright Corp. | 9 | 1,109 | ||||||
Hexcel Corp. | 24 | 1,933 | ||||||
National Presto Industries, Inc. (a) | 9 | 822 | ||||||
|
| |||||||
3,864 | ||||||||
|
| |||||||
Auto Components — 0.9% |
| |||||||
Cooper-Standard Holdings, Inc.* | 10 | 439 | ||||||
Fox Factory Holding Corp.* (a) | 17 | 1,440 | ||||||
LCI Industries | 6 | 569 | ||||||
Tower International, Inc. | 30 | 590 | ||||||
|
| |||||||
3,038 | ||||||||
|
| |||||||
Automobiles — 0.5% |
| |||||||
Winnebago Industries, Inc. | 40 | 1,565 | ||||||
|
| |||||||
Banks — 9.7% |
| |||||||
1st Source Corp. | 39 | 1,788 | ||||||
BancFirst Corp. | 22 | 1,212 | ||||||
Camden National Corp. | 48 | 2,189 | ||||||
City Holding Co. | 21 | 1,582 | ||||||
Community Trust Bancorp, Inc. | 44 | 1,874 | ||||||
First Busey Corp. | 72 | 1,891 | ||||||
First Commonwealth Financial Corp. | 153 | 2,056 | ||||||
First Financial Bancorp | 68 | 1,658 | ||||||
First Financial Bankshares, Inc. (a) | 41 | 1,268 | ||||||
First Merchants Corp. (a) | 44 | 1,684 | ||||||
Heritage Commerce Corp. | 98 | 1,203 | ||||||
Heritage Financial Corp. (a) | 48 | 1,418 | ||||||
Independent Bank Corp. | 21 | 1,579 | ||||||
Independent Bank Corp. | 36 | 785 | ||||||
Lakeland Bancorp, Inc. | 57 | 918 | ||||||
Mercantile Bank Corp. | 21 | 675 | ||||||
NBT Bancorp, Inc. | 30 | 1,127 | ||||||
Park National Corp. | 14 | 1,399 | ||||||
S&T Bancorp, Inc. | 39 | 1,452 | ||||||
Sandy Spring Bancorp, Inc. | 34 | 1,199 | ||||||
Signature Bank | 9 | 1,138 | ||||||
Tompkins Financial Corp. (a) | 15 | 1,240 | ||||||
Trustmark Corp. (a) | 44 | 1,467 | ||||||
Webster Financial Corp. (a) | 17 | 825 | ||||||
|
| |||||||
33,627 | ||||||||
|
| |||||||
Beverages — 0.3% |
| |||||||
Primo Water Corp.* (a) | 69 | 847 | ||||||
|
| |||||||
Biotechnology — 6.2% |
| |||||||
ACADIA Pharmaceuticals, Inc.* | 29 | 768 | ||||||
Adverum Biotechnologies, Inc.* | 94 | 1,120 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Biotechnology — continued |
| |||||||
Array BioPharma, Inc.* | 38 | 1,776 | ||||||
Atara Biotherapeutics, Inc.* (a) | 38 | 767 | ||||||
Avrobio, Inc.* (a) | 39 | 626 | ||||||
Bellicum Pharmaceuticals, Inc.* | 87 | 148 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.* | 33 | 1,467 | ||||||
Bridgebio Pharma, Inc.* | 12 | 336 | ||||||
Coherus Biosciences, Inc.* (a) | 84 | 1,861 | ||||||
FibroGen, Inc.* | 41 | 1,844 | ||||||
G1 Therapeutics, Inc.* (a) | 38 | 1,165 | ||||||
Global Blood Therapeutics, Inc.* (a) | 9 | 487 | ||||||
Halozyme Therapeutics, Inc.* | 110 | 1,893 | ||||||
Heron Therapeutics, Inc.* (a) | 44 | 810 | ||||||
Homology Medicines, Inc.* | 47 | 921 | ||||||
Intercept Pharmaceuticals, Inc.* (a) | 14 | 1,133 | ||||||
Portola Pharmaceuticals, Inc.* (a) | 12 | 339 | ||||||
REGENXBIO, Inc.* (a) | 25 | 1,280 | ||||||
Rubius Therapeutics, Inc.* (a) | 24 | 380 | ||||||
Sage Therapeutics, Inc.* (a) | 5 | 968 | ||||||
Spark Therapeutics, Inc.* | 3 | 260 | ||||||
Twist Bioscience Corp.* | 43 | 1,234 | ||||||
|
| |||||||
21,583 | ||||||||
|
| |||||||
Building Products — 3.1% |
| |||||||
Advanced Drainage Systems, Inc. | 67 | 2,182 | ||||||
CSW Industrials, Inc. | 22 | 1,491 | ||||||
Simpson Manufacturing Co., Inc. | 60 | 3,992 | ||||||
Trex Co., Inc.* (a) | 30 | 2,141 | ||||||
Universal Forest Products, Inc. (a) | 28 | 1,081 | ||||||
|
| |||||||
10,887 | ||||||||
|
| |||||||
Capital Markets — 1.2% |
| |||||||
Evercore, Inc., Class A (a) | 23 | 2,059 | ||||||
LPL Financial Holdings, Inc. | 20 | 1,607 | ||||||
PennantPark Investment Corp. | 81 | 510 | ||||||
|
| |||||||
4,176 | ||||||||
|
| |||||||
Chemicals — 1.9% |
| |||||||
Ferro Corp.* | 77 | 1,219 | ||||||
Innophos Holdings, Inc. (a) | 50 | 1,460 | ||||||
Innospec, Inc. | 20 | 1,861 | ||||||
Sensient Technologies Corp. | 13 | 991 | ||||||
Stepan Co. | 13 | 1,204 | ||||||
|
| |||||||
6,735 | ||||||||
|
| |||||||
Commercial Services & Supplies — 2.0% |
| |||||||
Brady Corp., Class A (a) | 36 | 1,759 | ||||||
Deluxe Corp. | 27 | 1,090 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 15 |
Table of Contents
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Commercial Services & Supplies — continued |
| |||||||
Kimball International, Inc., Class B | 52 | 913 | ||||||
MSA Safety, Inc. | 23 | 2,377 | ||||||
UniFirst Corp. | 5 | 918 | ||||||
|
| |||||||
7,057 | ||||||||
|
| |||||||
Communications Equipment — 1.1% |
| |||||||
Ciena Corp.* | 44 | 1,800 | ||||||
EchoStar Corp., Class A* | 36 | 1,603 | ||||||
NETGEAR, Inc.* | 13 | 329 | ||||||
|
| |||||||
3,732 | ||||||||
|
| |||||||
Construction & Engineering — 0.4% |
| |||||||
Comfort Systems USA, Inc. | 29 | 1,480 | ||||||
|
| |||||||
Distributors — 0.6% |
| |||||||
Pool Corp. | 12 | 2,225 | ||||||
|
| |||||||
Diversified Consumer Services — 0.7% |
| |||||||
Bright Horizons Family Solutions, Inc.* | 16 | 2,480 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.2% |
| |||||||
Cincinnati Bell, Inc.* | 145 | 719 | ||||||
|
| |||||||
Electric Utilities — 0.3% |
| |||||||
Portland General Electric Co. | 22 | 1,189 | ||||||
|
| |||||||
Electrical Equipment — 1.6% |
| |||||||
EnerSys (a) | 20 | 1,372 | ||||||
Generac Holdings, Inc.* | 40 | 2,756 | ||||||
nVent Electric plc | 57 | 1,414 | ||||||
|
| |||||||
5,542 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.7% |
| |||||||
ePlus, Inc.* (a) | 19 | 1,322 | ||||||
Fabrinet (Thailand)* | 10 | 497 | ||||||
Littelfuse, Inc. | 11 | 1,871 | ||||||
SYNNEX Corp. (a) | 21 | 2,038 | ||||||
|
| |||||||
5,728 | ||||||||
|
| |||||||
Entertainment — 1.0% |
| |||||||
Cinemark Holdings, Inc. | 17 | 625 | ||||||
Glu Mobile, Inc.* | 110 | 788 | ||||||
Sciplay Corp., Class A* (a) | 44 | 603 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 22 | 1,573 | ||||||
|
| |||||||
3,589 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.0% |
| |||||||
American Campus Communities, Inc. | 36 | 1,648 | ||||||
American Homes 4 Rent, Class A | 71 | 1,736 | ||||||
Brixmor Property Group, Inc. | 92 | 1,638 | ||||||
CubeSmart | 29 | 980 | ||||||
EastGroup Properties, Inc. | 3 | 325 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Equity Commonwealth | 46 | 1,509 | ||||||
Highwoods Properties, Inc. | 49 | 2,017 | ||||||
JBG SMITH Properties | 40 | 1,587 | ||||||
National Health Investors, Inc. | 6 | 453 | ||||||
Rayonier, Inc. | 52 | 1,574 | ||||||
Rexford Industrial Realty, Inc. | 43 | 1,748 | ||||||
RLJ Lodging Trust | 86 | 1,527 | ||||||
Sunstone Hotel Investors, Inc. | 103 | 1,410 | ||||||
Terreno Realty Corp. | 29 | 1,427 | ||||||
Washington | 46 | 1,243 | ||||||
|
| |||||||
20,822 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.1% |
| |||||||
Grocery Outlet Holding Corp.* | 20 | 660 | ||||||
Performance Food Group Co.* | 79 | 3,161 | ||||||
|
| |||||||
3,821 | ||||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Flowers Foods, Inc. (a) | 59 | 1,384 | ||||||
Freshpet, Inc.* | 37 | 1,702 | ||||||
|
| |||||||
3,086 | ||||||||
|
| |||||||
Gas Utilities — 1.7% |
| |||||||
Chesapeake Utilities Corp. | 18 | 1,722 | ||||||
ONE Gas, Inc. | 25 | 2,263 | ||||||
Southwest Gas Holdings, Inc. | 23 | 2,071 | ||||||
|
| |||||||
6,056 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 2.1% |
| |||||||
Insulet Corp.* (a) | 19 | 2,249 | ||||||
iRhythm Technologies, Inc.* | 24 | 1,906 | ||||||
LivaNova plc* | 11 | 760 | ||||||
Nevro Corp.* (a) | 26 | 1,660 | ||||||
Shockwave Medical, Inc.* (a) | 10 | 562 | ||||||
|
| |||||||
7,137 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.1% |
| |||||||
Acadia Healthcare Co., Inc.* (a) | 31 | 1,071 | ||||||
Amedisys, Inc.* | 19 | 2,315 | ||||||
Encompass Health Corp. | 21 | 1,346 | ||||||
Ensign Group, Inc. (The) (a) | 21 | 1,224 | ||||||
Providence Service Corp. (The)* | 23 | 1,328 | ||||||
|
| |||||||
7,284 | ||||||||
|
| |||||||
Health Care Technology — 1.0% |
| |||||||
Evolent Health, Inc., Class A* (a) | 80 | 637 | ||||||
Teladoc Health, Inc.* | 42 | 2,774 | ||||||
|
| |||||||
3,411 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Hotels, Restaurants & Leisure — 3.2% |
| |||||||
Boyd Gaming Corp. | 87 | 2,351 | ||||||
Cheesecake Factory, Inc. (The) (a) | 30 | 1,292 | ||||||
Cracker Barrel Old Country Store, Inc. (a) | 7 | 1,189 | ||||||
Jack in the Box, Inc. | 9 | 713 | ||||||
Planet Fitness, Inc., Class A* | 23 | 1,681 | ||||||
Red Rock Resorts, Inc., Class A (a) | 63 | 1,347 | ||||||
Ruth’s Hospitality Group, Inc. (a) | 38 | 868 | ||||||
Texas Roadhouse, Inc. | 30 | 1,604 | ||||||
|
| |||||||
11,045 | ||||||||
|
| |||||||
Household Durables — 0.6% |
| |||||||
Helen of Troy Ltd.* | 9 | 1,112 | ||||||
TRI Pointe Group, Inc.* | 73 | 877 | ||||||
|
| |||||||
1,989 | ||||||||
|
| |||||||
Insurance — 1.9% |
| |||||||
Argo Group International Holdings Ltd. | 6 | 457 | ||||||
James River Group Holdings Ltd. | 14 | 670 | ||||||
Old Republic International Corp. | 65 | 1,455 | ||||||
Safety Insurance Group, Inc. | 13 | 1,241 | ||||||
Selective Insurance Group, Inc. (a) | 24 | 1,797 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 106 | 1,098 | ||||||
|
| |||||||
6,718 | ||||||||
|
| |||||||
Interactive Media & Services — 0.4% |
| |||||||
Cars.com, Inc.* (a) | 65 | 1,282 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.3% |
| |||||||
Etsy, Inc.* | 12 | 761 | ||||||
Farfetch Ltd., Class A (United Kingdom)* (a) | 70 | 1,449 | ||||||
GrubHub, Inc.* (a) | 9 | 667 | ||||||
Liberty Expedia Holdings, Inc., Class A* | 28 | 1,340 | ||||||
RealReal, Inc. (The)* | 15 | 425 | ||||||
|
| |||||||
4,642 | ||||||||
|
| |||||||
IT Services — 2.8% |
| |||||||
CSG Systems International, Inc. (a) | 29 | 1,418 | ||||||
ManTech International Corp., Class A | 30 | 1,954 | ||||||
MAXIMUS, Inc. (a) | 21 | 1,499 | ||||||
MongoDB, Inc.* (a) | 8 | 1,163 | ||||||
Science Applications International Corp. (a) | 19 | 1,668 | ||||||
Wix.com Ltd. (Israel) * | 15 | 2,151 | ||||||
|
| |||||||
9,853 | ||||||||
|
| |||||||
Leisure Products — 0.2% |
| |||||||
Callaway Golf Co. | 48 | 824 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Life Sciences Tools & Services — 0.3% |
| |||||||
Adaptive Biotechnologies Corp.* | 10 | 471 | ||||||
Personalis, Inc.* | 17 | 466 | ||||||
|
| |||||||
937 | ||||||||
|
| |||||||
Machinery — 6.3% |
| |||||||
Alamo Group, Inc. (a) | 16 | 1,623 | ||||||
Blue Bird Corp.* | 78 | 1,531 | ||||||
Chart Industries, Inc.* | 19 | 1,439 | ||||||
Crane Co. | 10 | 866 | ||||||
Graco, Inc. | 32 | 1,605 | ||||||
Hillenbrand, Inc. | 34 | 1,360 | ||||||
ITT, Inc. | 57 | 3,700 | ||||||
John Bean Technologies Corp. | 23 | 2,795 | ||||||
Kadant, Inc. | 16 | 1,453 | ||||||
Lincoln Electric Holdings, Inc. | 15 | 1,196 | ||||||
Mueller Industries, Inc. | 45 | 1,310 | ||||||
Oshkosh Corp. | 17 | 1,427 | ||||||
Watts Water Technologies, Inc., Class A (a) | 12 | 1,160 | ||||||
Woodward, Inc. | 5 | 620 | ||||||
|
| |||||||
22,085 | ||||||||
|
| |||||||
Marine — 0.2% |
| |||||||
Kirby Corp.* | 11 | 842 | ||||||
|
| |||||||
Media — 2.0% |
| |||||||
Cable One, Inc. | 1 | 1,171 | ||||||
Emerald Expositions Events, Inc. | 64 | 715 | ||||||
Hemisphere Media Group, Inc.* | 69 | 886 | ||||||
John Wiley & Sons, Inc., Class A (a) | 19 | 889 | ||||||
Liberty Latin America Ltd., Class C (Chile)* (a) | 80 | 1,375 | ||||||
New York Times Co. (The), Class A | 61 | 2,001 | ||||||
|
| |||||||
7,037 | ||||||||
|
| |||||||
Multiline Retail — 0.5% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 22 | 1,881 | ||||||
|
| |||||||
Multi-Utilities — 0.5% |
| |||||||
Unitil Corp. | 28 | 1,687 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.8% |
| |||||||
Antero Midstream Corp. (a) | 77 | 885 | ||||||
Callon Petroleum Co.* (a) | 129 | 851 | ||||||
Centennial Resource Development, Inc., Class A* | 63 | 475 | ||||||
CNX Resources Corp.* | 87 | 636 | ||||||
Delek US Holdings, Inc. | 32 | 1,305 | ||||||
Matador Resources Co.* (a) | 42 | 831 | ||||||
PDC Energy, Inc.* | 14 | 517 | ||||||
SemGroup Corp., Class A (a) | 58 | 695 | ||||||
|
| |||||||
6,195 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 17 |
Table of Contents
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Personal Products — 0.3% |
| |||||||
Inter Parfums, Inc. | 17 | 1,161 | ||||||
|
| |||||||
Pharmaceuticals — 1.7% |
| |||||||
Horizon Therapeutics plc* | 88 | 2,116 | ||||||
Optinose, Inc.* | 60 | 423 | ||||||
Prestige Consumer Healthcare, Inc.* (a) | 17 | 552 | ||||||
Revance Therapeutics, Inc.* (a) | 57 | 733 | ||||||
TherapeuticsMD, Inc.* | 254 | 661 | ||||||
Tricida, Inc.* (a) | 40 | 1,559 | ||||||
|
| |||||||
6,044 | ||||||||
|
| |||||||
Professional Services — 0.5% |
| |||||||
Insperity, Inc. | 8 | 922 | ||||||
Korn Ferry | 16 | 624 | ||||||
|
| |||||||
1,546 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.2% |
| |||||||
RE/MAX Holdings, Inc., Class A | 26 | 806 | ||||||
|
| |||||||
Road & Rail — 0.9% |
| |||||||
Marten Transport Ltd. | 58 | 1,050 | ||||||
Saia, Inc.* (a) | 31 | 2,030 | ||||||
|
| |||||||
3,080 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.0% |
| |||||||
Cabot Microelectronics Corp. | 12 | 1,370 | ||||||
Entegris, Inc. (a) | 65 | 2,423 | ||||||
Inphi Corp.* | 53 | 2,636 | ||||||
MKS Instruments, Inc. | 32 | 2,522 | ||||||
Monolithic Power Systems, Inc. (a) | 17 | 2,344 | ||||||
Semtech Corp.* (a) | 41 | 1,972 | ||||||
Versum Materials, Inc. | 14 | 730 | ||||||
|
| |||||||
13,997 | ||||||||
|
| |||||||
Software — 7.7% |
| |||||||
Anaplan, Inc.* | 36 | 1,835 | ||||||
Coupa Software, Inc.* | 12 | 1,502 | ||||||
CyberArk Software Ltd. (Israel)* | 10 | 1,223 | ||||||
Elastic NV* (a) | 15 | 1,154 | ||||||
Envestnet, Inc.* | 45 | 3,090 | ||||||
HubSpot, Inc.* | 8 | 1,310 | ||||||
LogMeIn, Inc. | 14 | 998 | ||||||
New Relic, Inc.* | 8 | 654 | ||||||
Nuance Communications, Inc.* | 60 | 958 | ||||||
Pagerduty, Inc.* (a) | 19 | 872 | ||||||
Pluralsight, Inc., Class A* | 54 | 1,626 | ||||||
Progress Software Corp. | 27 | 1,178 | ||||||
Proofpoint, Inc.* | 17 | 2,070 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — continued |
| |||||||
RingCentral, Inc., Class A* | 8 | 894 | ||||||
SailPoint Technologies Holding, Inc.* | 71 | 1,419 | ||||||
Smartsheet, Inc., Class A* | 37 | 1,791 | ||||||
Trade Desk, Inc. (The), Class A* (a) | 3 | 608 | ||||||
Zendesk, Inc.* | 18 | 1,621 | ||||||
Zscaler, Inc.* (a) | 27 | 2,087 | ||||||
|
| |||||||
26,890 | ||||||||
|
| |||||||
Specialty Retail — 2.6% |
| |||||||
American Eagle Outfitters, Inc. | 46 | 770 | ||||||
Floor & Decor Holdings, Inc., Class A* (a) | 22 | 934 | ||||||
Hudson Ltd., Class A* | 124 | 1,714 | ||||||
Lithia Motors, Inc., Class A (a) | 16 | 1,849 | ||||||
National Vision Holdings, Inc.* (a) | 91 | 2,809 | ||||||
Williams-Sonoma, Inc. (a) | 16 | 1,009 | ||||||
|
| |||||||
9,085 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.7% |
| |||||||
Carter’s, Inc. | 15 | 1,506 | ||||||
Columbia Sportswear Co. | 11 | 1,102 | ||||||
Movado Group, Inc. | 33 | 888 | ||||||
Wolverine World Wide, Inc. (a) | 81 | 2,241 | ||||||
|
| |||||||
5,737 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 2.3% |
| |||||||
Axos Financial, Inc.* (a) | 24 | 666 | ||||||
First Defiance Financial Corp. | 60 | 1,715 | ||||||
TrustCo Bank Corp. | 220 | 1,744 | ||||||
Washington Federal, Inc. | 62 | 2,151 | ||||||
WSFS Financial Corp. | 39 | 1,621 | ||||||
|
| |||||||
7,897 | ||||||||
|
| |||||||
Trading Companies & Distributors — 2.2% |
| |||||||
Applied Industrial Technologies, Inc. | 46 | 2,859 | ||||||
H&E Equipment Services, Inc. | 44 | 1,285 | ||||||
Rush Enterprises, Inc., Class A | 47 | 1,730 | ||||||
SiteOne Landscape Supply, Inc.* (a) | 25 | 1,740 | ||||||
|
| |||||||
7,614 | ||||||||
|
| |||||||
Water Utilities — 1.1% |
| |||||||
American States Water Co. | 26 | 1,952 | ||||||
Middlesex Water Co. | 34 | 2,001 | ||||||
|
| |||||||
3,953 | ||||||||
|
| |||||||
Total Common Stocks | 336,507 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
18 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | NO. OF RIGHTS (000) | VALUE ($000) | ||||||
Rights — 0.0%(b) |
| |||||||
Biotechnology — 0.0%(b) |
| |||||||
Clementia Pharmaceuticals, Inc. (Canada)*‡ | 51 | — | (c) | |||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 3.7% |
| |||||||
Investment Companies — 3.7% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (d) (e) | 12,786 | 12,791 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 10.5% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (d) (e) | 26,003 | 26,008 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (d) (e) | 10,612 | 10,612 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 36,620 | |||||||
|
| |||||||
Total Investments — 110.8% | 385,918 | |||||||
Liabilities in Excess of | (37,661 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 348,257 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $36,058,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Amount rounds to less than one thousand. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 19 |
Table of Contents
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — 93.9% |
| |||||||
Aerospace & Defense — 0.9% | ||||||||
Moog, Inc., Class A | 5 | 510 | ||||||
Parsons Corp.* | 29 | 1,065 | ||||||
Vectrus, Inc.* | 58 | 2,353 | ||||||
|
| |||||||
3,928 | ||||||||
|
| |||||||
Airlines — 0.9% |
| |||||||
SkyWest, Inc. | 41 | 2,492 | ||||||
Spirit Airlines, Inc.* | 32 | 1,536 | ||||||
|
| |||||||
4,028 | ||||||||
|
| |||||||
Auto Components — 1.0% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 138 | 1,756 | ||||||
Dana, Inc. | 122 | 2,439 | ||||||
Modine Manufacturing Co.* | 9 | 128 | ||||||
Tower International, Inc. | 8 | 164 | ||||||
|
| |||||||
4,487 | ||||||||
|
| |||||||
Banks — 9.6% |
| |||||||
Bancorp, Inc. (The)* | 79 | 704 | ||||||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 37 | 1,259 | ||||||
BankFinancial Corp. | 7 | 97 | ||||||
Cathay General Bancorp (a) | 13 | 476 | ||||||
Central Valley Community Bancorp | 5 | 108 | ||||||
Community Trust Bancorp, Inc. | 2 | 97 | ||||||
ConnectOne Bancorp, Inc. | 40 | 897 | ||||||
Customers Bancorp, Inc.* | 70 | 1,474 | ||||||
East West Bancorp, Inc. | 6 | 264 | ||||||
Enterprise Financial Services Corp. | 3 | 111 | ||||||
Fidelity Southern Corp. | 23 | 722 | ||||||
Financial Institutions, Inc. | 30 | 873 | ||||||
First BanCorp (Puerto Rico) | 425 | 4,694 | ||||||
First Bank | 8 | 90 | ||||||
First Business Financial Services, Inc. | 8 | 182 | ||||||
First Choice Bancorp | 2 | 47 | ||||||
First Community Bankshares, Inc. | 9 | 309 | ||||||
First Financial Bancorp | 9 | 222 | ||||||
First Merchants Corp. (a) | 17 | 647 | ||||||
Hancock Whitney Corp. | 63 | 2,516 | ||||||
Hanmi Financial Corp. | 55 | 1,230 | ||||||
IBERIABANK Corp. | 40 | 3,036 | ||||||
Investors Bancorp, Inc. | 375 | 4,179 | ||||||
NBT Bancorp, Inc. | 5 | 193 | ||||||
Northeast Bank | 6 | 165 | ||||||
Pacific Mercantile Bancorp* | 8 | 67 | ||||||
Pacific Premier Bancorp, Inc. (a) | 94 | 2,889 |
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Banks — continued |
| |||||||
PacWest Bancorp | 40 | 1,557 | ||||||
People’s United Financial, Inc. | 36 | 612 | ||||||
Popular, Inc. (Puerto Rico) | 19 | 1,005 | ||||||
Premier Financial Bancorp, Inc. | 4 | 61 | ||||||
Shore Bancshares, Inc. | 10 | 165 | ||||||
Sierra Bancorp | 5 | 132 | ||||||
Signature Bank | 22 | 2,665 | ||||||
TCF Financial Corp. | 182 | 3,788 | ||||||
Towne Bank | 3 | 81 | ||||||
TriCo Bancshares | 7 | 266 | ||||||
Umpqua Holdings Corp. | 129 | 2,148 | ||||||
United Community Banks, Inc. | 29 | 833 | ||||||
Wintrust Financial Corp. | 31 | 2,281 | ||||||
|
| |||||||
43,142 | ||||||||
|
| |||||||
Beverages — 0.7% |
| |||||||
Coca-Cola Consolidated, Inc. | 11 | 3,232 | ||||||
|
| |||||||
Biotechnology — 6.2% |
| |||||||
Acorda Therapeutics, Inc.* (a) | 16 | 119 | ||||||
Aduro Biotech, Inc.* (a) | 302 | 465 | ||||||
Akebia Therapeutics, Inc.* | 56 | 271 | ||||||
Alector, Inc.* (a) | 54 | 1,029 | ||||||
AMAG Pharmaceuticals, Inc.* (a) | 11 | 113 | ||||||
Amicus Therapeutics, Inc.* (a) | 94 | 1,177 | ||||||
AnaptysBio, Inc.* (a) | 10 | 574 | ||||||
Arrowhead Pharmaceuticals, Inc.* (a) | 61 | 1,619 | ||||||
Assembly Biosciences, Inc.* | 43 | 579 | ||||||
Atara Biotherapeutics, Inc.* (a) | 8 | 169 | ||||||
Audentes Therapeutics, Inc.* | 24 | 909 | ||||||
Bluebird Bio, Inc.* (a) | 6 | 805 | ||||||
Blueprint Medicines Corp.* (a) | 20 | 1,896 | ||||||
Bridgebio Pharma, Inc.* | 24 | 636 | ||||||
Cara Therapeutics, Inc.* (a) | 27 | 589 | ||||||
Catalyst Pharmaceuticals, Inc.* (a) | 197 | 758 | ||||||
Coherus Biosciences, Inc.* (a) | 61 | 1,342 | ||||||
Concert Pharmaceuticals, Inc.* | 31 | 373 | ||||||
Dicerna Pharmaceuticals, Inc.* | 94 | 1,473 | ||||||
Esperion Therapeutics, Inc.* | 14 | 657 | ||||||
FibroGen, Inc.* | 20 | 905 | ||||||
Gritstone Oncology, Inc.* (a) | 14 | 151 | ||||||
Heron Therapeutics, Inc.* (a) | 41 | 766 | ||||||
Homology Medicines, Inc.* (a) | 36 | 711 | ||||||
Immunomedics, Inc.* (a) | 78 | 1,077 | ||||||
Insmed, Inc.* | 43 | 1,096 |
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Biotechnology — continued |
| |||||||
Jounce Therapeutics, Inc.* | 38 | 190 | ||||||
Kura Oncology, Inc.* | 6 | 109 | ||||||
MeiraGTx Holdings plc* | 30 | 798 | ||||||
Principia Biopharma, Inc.* | 2 | 50 | ||||||
Ra Pharmaceuticals, Inc.* (a) | 51 | 1,526 | ||||||
Radius Health, Inc.* | 5 | 118 | ||||||
Rhythm Pharmaceuticals, Inc.* | 24 | 530 | ||||||
Sage Therapeutics, Inc.* (a) | 5 | 870 | ||||||
Sarepta Therapeutics, Inc.* (a) | 9 | 1,375 | ||||||
Sutro Biopharma, Inc.* | 11 | 128 | ||||||
Syros Pharmaceuticals, Inc.* | 86 | 797 | ||||||
TCR2 Therapeutics, Inc.* (a) | 23 | 327 | ||||||
Twist Bioscience Corp.* | 6 | 183 | ||||||
Xencor, Inc.* | 18 | 746 | ||||||
Y-mAbs Therapeutics, Inc.* | 3 | 78 | ||||||
|
| |||||||
28,084 | ||||||||
|
| |||||||
Building Products — 1.1% |
| |||||||
Builders FirstSource, Inc.* | 141 | 2,372 | ||||||
Insteel Industries, Inc. | 4 | 78 | ||||||
Masonite International Corp.* | 9 | 482 | ||||||
Universal Forest Products, Inc. (a) | 54 | 2,064 | ||||||
|
| |||||||
4,996 | ||||||||
|
| |||||||
Capital Markets — 1.7% |
| |||||||
BGC Partners, Inc., Class A | 32 | 169 | ||||||
Blucora, Inc.* | 90 | 2,729 | ||||||
BrightSphere Investment Group plc | 223 | 2,540 | ||||||
Federated Investors, Inc., Class B (a) | 48 | 1,564 | ||||||
Houlihan Lokey, Inc. | 13 | 595 | ||||||
Pzena Investment Management, Inc., Class A | 11 | 95 | ||||||
|
| |||||||
7,692 | ||||||||
|
| |||||||
Chemicals — 1.6% |
| |||||||
AdvanSix, Inc.* | 21 | 503 | ||||||
FutureFuel Corp. | 30 | 348 | ||||||
Kraton Corp.* | 30 | 935 | ||||||
OMNOVA Solutions, Inc.* | 47 | 291 | ||||||
Rayonier Advanced Materials, Inc. (a) | 9 | 56 | ||||||
Stepan Co. | 17 | 1,576 | ||||||
Trinseo SA | 77 | 3,263 | ||||||
Valhi, Inc. | 35 | 104 | ||||||
|
| |||||||
7,076 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Commercial Services & Supplies — 3.0% |
| |||||||
ABM Industries, Inc. (a) | 100 | 4,004 | ||||||
ACCO Brands Corp. | 369 | 2,907 | ||||||
Herman Miller, Inc. | 4 | 197 | ||||||
Kimball International, Inc., Class B | 42 | 727 | ||||||
Knoll, Inc. | 98 | 2,251 | ||||||
LSC Communications, Inc. | 87 | 319 | ||||||
Quad/Graphics, Inc. (a) | 48 | 383 | ||||||
RR Donnelley & Sons Co. | 95 | 188 | ||||||
Steelcase, Inc., Class A | 39 | 667 | ||||||
UniFirst Corp. | 9 | 1,716 | ||||||
|
| |||||||
13,359 | ||||||||
|
| |||||||
Communications Equipment — 1.6% |
| |||||||
Acacia Communications, Inc.* | 17 | 797 | ||||||
Aerohive Networks, Inc.* | 130 | 577 | ||||||
Cambium Networks Corp.* | 117 | 1,118 | ||||||
Ciena Corp.* | 57 | 2,328 | ||||||
Extreme Networks, Inc.* | 74 | 480 | ||||||
Lumentum Holdings, Inc.* (a) | 32 | 1,701 | ||||||
|
| |||||||
7,001 | ||||||||
|
| |||||||
Construction & Engineering — 1.9% |
| |||||||
Comfort Systems USA, Inc. | 22 | 1,133 | ||||||
EMCOR Group, Inc. | 38 | 3,384 | ||||||
Great Lakes Dredge & Dock Corp.* | 184 | 2,036 | ||||||
MasTec, Inc.* (a) | 16 | 826 | ||||||
Sterling Construction Co., Inc.* | 62 | 835 | ||||||
Tutor Perini Corp.* (a) | 21 | 297 | ||||||
|
| |||||||
8,511 | ||||||||
|
| |||||||
Consumer Finance — 0.1% |
| |||||||
Enova International, Inc.* | 19 | 443 | ||||||
|
| |||||||
Containers & Packaging — 0.1% |
| |||||||
Berry Global Group, Inc.* | 5 | 265 | ||||||
|
| |||||||
Distributors — 0.8% | ||||||||
Core-Mark Holding Co., Inc. | 92 | 3,640 | ||||||
Greenlane Holdings, Inc., Class A* | 2 | 15 | ||||||
|
| |||||||
3,655 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.6% |
| |||||||
American Public Education, Inc.* | 13 | 384 | ||||||
K12, Inc.* | 79 | 2,414 | ||||||
|
| |||||||
2,798 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 21 |
Table of Contents
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Diversified Financial Services — 0.0%(b) |
| |||||||
Marlin Business Services Corp. | 5 | 121 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.1% |
| |||||||
Ooma, Inc.* | 50 | 528 | ||||||
|
| |||||||
Electric Utilities — 1.6% |
| |||||||
IDACORP, Inc. | 9 | 929 | ||||||
MGE Energy, Inc. | 6 | 421 | ||||||
PNM Resources, Inc. | 33 | 1,657 | ||||||
Portland General Electric Co. | 52 | 2,818 | ||||||
Spark Energy, Inc., Class A (a) | 136 | 1,527 | ||||||
|
| |||||||
7,352 | ||||||||
|
| |||||||
Electrical Equipment — 1.0% |
| |||||||
Atkore International Group, Inc.* | 80 | 2,057 | ||||||
Encore Wire Corp. | 13 | 772 | ||||||
Generac Holdings, Inc.* (a) | 18 | 1,283 | ||||||
Regal Beloit Corp. | 6 | 468 | ||||||
|
| |||||||
4,580 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.0% |
| |||||||
Benchmark Electronics, Inc. | 55 | 1,390 | ||||||
Fabrinet (Thailand)* | 20 | 975 | ||||||
Insight Enterprises, Inc.* | 25 | 1,482 | ||||||
KEMET Corp. (a) | 73 | 1,366 | ||||||
Kimball Electronics, Inc.* | 41 | 670 | ||||||
Methode Electronics, Inc. (a) | 77 | 2,210 | ||||||
Sanmina Corp.* | 102 | 3,096 | ||||||
Tech Data Corp.* (a) | 49 | 5,098 | ||||||
Vishay Intertechnology, Inc. | 55 | 916 | ||||||
Vishay Precision Group, Inc.* | 15 | 629 | ||||||
|
| |||||||
17,832 | ||||||||
|
| |||||||
Energy Equipment & Services — 1.0% |
| |||||||
FTS International, Inc.* | 155 | 867 | ||||||
Matrix Service Co.* (a) | 42 | 852 | ||||||
Nine Energy Service, Inc.* (a) | 33 | 575 | ||||||
ProPetro Holding Corp.* | 34 | 703 | ||||||
RigNet, Inc.* | 35 | 348 | ||||||
Select Energy Services, Inc., Class A* | 92 | 1,073 | ||||||
|
| |||||||
4,418 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.6% |
| |||||||
American Assets Trust, Inc. | 8 | 391 | ||||||
Americold Realty Trust | 115 | 3,722 | ||||||
Armada Hoffler Properties, Inc. | 131 | 2,174 | ||||||
Ashford Hospitality Trust, Inc. | 17 | 50 |
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Braemar Hotels & Resorts, Inc. | 44 | 437 | ||||||
Chatham Lodging Trust (a) | 15 | 283 | ||||||
CoreCivic, Inc. | 72 | 1,504 | ||||||
CorEnergy Infrastructure Trust, Inc. (a) | 1 | 55 | ||||||
CorePoint Lodging, Inc. | 59 | 736 | ||||||
CoreSite Realty Corp. | 9 | 1,070 | ||||||
Cousins Properties, Inc. | 79 | 2,846 | ||||||
DiamondRock Hospitality Co. | 58 | 595 | ||||||
First Industrial Realty Trust, Inc. | 71 | 2,620 | ||||||
GEO Group, Inc. (The) | 130 | 2,738 | ||||||
Getty Realty Corp. | 6 | 197 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 35 | 990 | ||||||
Highwoods Properties, Inc. | 5 | 188 | ||||||
Hudson Pacific Properties, Inc. | 17 | 577 | ||||||
Jernigan Capital, Inc. | 4 | 77 | ||||||
New Senior Investment Group, Inc. (a) | 231 | 1,555 | ||||||
Rexford Industrial Realty, Inc. | 24 | 968 | ||||||
RLJ Lodging Trust | 35 | 618 | ||||||
Sun Communities, Inc. | 5 | 577 | ||||||
Sunstone Hotel Investors, Inc. | 116 | 1,586 | ||||||
Uniti Group, Inc. | 2 | 23 | ||||||
Urban Edge Properties | 23 | 392 | ||||||
Xenia Hotels & Resorts, Inc. | 125 | 2,598 | ||||||
|
| |||||||
29,567 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.0% |
| |||||||
Grocery Outlet Holding Corp.* | 19 | 632 | ||||||
Performance Food Group Co.* | 75 | 3,010 | ||||||
SpartanNash Co. | 13 | 157 | ||||||
US Foods Holding Corp.* | 15 | 538 | ||||||
|
| |||||||
4,337 | ||||||||
|
| |||||||
Food Products — 0.9% | ||||||||
Pilgrim’s Pride Corp.* (a) | 46 | 1,173 | ||||||
Sanderson Farms, Inc. | 21 | 2,820 | ||||||
TreeHouse Foods, Inc.* | 4 | 225 | ||||||
|
| |||||||
4,218 | ||||||||
|
| |||||||
Gas Utilities — 1.0% | ||||||||
New Jersey Resources Corp. | 39 | 1,945 | ||||||
ONE Gas, Inc. | 8 | 693 | ||||||
Southwest Gas Holdings, Inc. | 21 | 1,868 | ||||||
|
| |||||||
4,506 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Health Care Equipment & Supplies — 3.1% | ||||||||
Axonics Modulation Technologies, Inc.* (a) | 48 | 1,951 | ||||||
CONMED Corp. (a) | 5 | 469 | ||||||
Globus Medical, Inc., Class A* | 9 | 384 | ||||||
Haemonetics Corp.* | 17 | 2,046 | ||||||
Integer Holdings Corp.* | 40 | 3,365 | ||||||
Lantheus Holdings, Inc.* | 114 | 3,222 | ||||||
Masimo Corp.* | 5 | 781 | ||||||
OraSure Technologies, Inc.* | 73 | 675 | ||||||
Tandem Diabetes Care, Inc.* | 16 | 1,002 | ||||||
|
| |||||||
13,895 | ||||||||
|
| |||||||
Health Care Providers & Services — 4.7% | ||||||||
Addus HomeCare Corp.* (a) | 11 | 845 | ||||||
Amedisys, Inc.* | 6 | 677 | ||||||
American Renal Associates Holdings, Inc.* (a) | 22 | 163 | ||||||
Cross Country Healthcare, Inc.* | 137 | 1,285 | ||||||
Encompass Health Corp. | 13 | 824 | ||||||
Ensign Group, Inc. (The) (a) | 86 | 4,908 | ||||||
Guardant Health, Inc.* | 5 | 447 | ||||||
LHC Group, Inc.* | 5 | 628 | ||||||
Magellan Health, Inc.* | 33 | 2,420 | ||||||
Molina Healthcare, Inc.* | 20 | 2,899 | ||||||
Owens & Minor, Inc. (a) | 318 | 1,017 | ||||||
Patterson Cos., Inc. (a) | 38 | 861 | ||||||
RadNet, Inc.* | 50 | 685 | ||||||
Tenet Healthcare Corp.* (a) | 95 | 1,969 | ||||||
Triple-S Management Corp., Class B (Puerto Rico)* | 55 | 1,300 | ||||||
|
| |||||||
20,928 | ||||||||
|
| |||||||
Health Care Technology — 0.2% | ||||||||
Omnicell, Inc.* | 8 | 699 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.9% | ||||||||
Bloomin’ Brands, Inc. | 61 | 1,149 | ||||||
Boyd Gaming Corp. | 40 | 1,072 | ||||||
Marriott Vacations Worldwide Corp. | 12 | 1,159 | ||||||
Penn National Gaming, Inc.* | 19 | 371 | ||||||
Red Robin Gourmet Burgers, Inc.* | 3 | 83 | ||||||
Texas Roadhouse, Inc. | 3 | 181 | ||||||
|
| |||||||
4,015 | ||||||||
|
| |||||||
Household Durables — 1.5% | ||||||||
Bassett Furniture Industries, Inc. | 9 | 131 | ||||||
Hamilton Beach Brands Holding Co., Class A | 6 | 106 | ||||||
Helen of Troy Ltd.* | 3 | 351 | ||||||
Hooker Furniture Corp. | 15 | 301 |
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Household Durables — continued | ||||||||
KB Home | 54 | 1,381 | ||||||
Lifetime Brands, Inc. | 22 | 205 | ||||||
MDC Holdings, Inc. | 45 | 1,474 | ||||||
Taylor Morrison Home Corp., Class A* | 140 | 2,936 | ||||||
|
| |||||||
6,885 | ||||||||
|
| |||||||
Household Products — 0.2% | ||||||||
Central Garden & Pet Co., Class A* (a) | 27 | 670 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.1% |
| |||||||
Atlantic Power Corp.* | 76 | 185 | ||||||
Vistra Energy Corp. (a) | 16 | 357 | ||||||
|
| |||||||
542 | ||||||||
|
| |||||||
Insurance — 0.9% | ||||||||
American Equity Investment Life Holding Co. | 54 | 1,456 | ||||||
FedNat Holding Co. | 18 | 255 | ||||||
First American Financial Corp. | 19 | 1,010 | ||||||
Heritage Insurance Holdings, Inc. | 6 | 94 | ||||||
National General Holdings Corp. | 9 | 207 | ||||||
Selective Insurance Group, Inc. (a) | 6 | 463 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 66 | 676 | ||||||
|
| |||||||
4,161 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.6% | ||||||||
Groupon, Inc.* | 133 | 475 | ||||||
Liberty Expedia Holdings, Inc., Class A* | 50 | 2,397 | ||||||
|
| |||||||
2,872 | ||||||||
|
| |||||||
IT Services — 2.0% | ||||||||
KBR, Inc. | 94 | 2,340 | ||||||
Limelight Networks, Inc.* | 395 | 1,068 | ||||||
ManTech International Corp., Class A | 6 | 382 | ||||||
MAXIMUS, Inc. (a) | 3 | 247 | ||||||
NIC, Inc. (a) | 70 | 1,115 | ||||||
Perspecta, Inc. | 118 | 2,757 | ||||||
Virtusa Corp.* (a) | 21 | 925 | ||||||
|
| |||||||
8,834 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.3% | ||||||||
Adaptive Biotechnologies Corp.* | 16 | 792 | ||||||
Personalis, Inc.* | 20 | 530 | ||||||
|
| |||||||
1,322 | ||||||||
|
| |||||||
Machinery — 2.9% | ||||||||
Columbus McKinnon Corp. | 31 | 1,321 | ||||||
Federal Signal Corp. (a) | 26 | 696 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 23 |
Table of Contents
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Machinery — continued | ||||||||
Graham Corp. | 8 | 160 | ||||||
Hillenbrand, Inc. | 43 | 1,713 | ||||||
Hurco Cos., Inc. | 10 | 350 | ||||||
Hyster-Yale Materials Handling, Inc. (a) | 7 | 361 | ||||||
Meritor, Inc.* | 182 | 4,419 | ||||||
Park-Ohio Holdings Corp. | 6 | 206 | ||||||
TriMas Corp.* | 16 | 496 | ||||||
Wabash National Corp. | 211 | 3,434 | ||||||
|
| |||||||
13,156 | ||||||||
|
| |||||||
Media — 2.5% | ||||||||
EW Scripps Co. (The), Class A | 8 | 124 | ||||||
Fluent, Inc.* | 116 | 623 | ||||||
Gray Television, Inc.* (a) | 63 | 1,028 | ||||||
Liberty Latin America Ltd., Class A (Chile)* | 115 | 1,982 | ||||||
Meredith Corp. (a) | 29 | 1,597 | ||||||
Nexstar Media Group, Inc., Class A | 19 | 1,954 | ||||||
Sinclair Broadcast Group, Inc., Class A (a) | 72 | 3,888 | ||||||
|
| |||||||
11,196 | ||||||||
|
| |||||||
Metals & Mining — 0.7% |
| |||||||
Commercial Metals Co. | 31 | 547 | ||||||
Ramaco Resources, Inc.* | 34 | 180 | ||||||
Ryerson Holding Corp.* | 23 | 189 | ||||||
Warrior Met Coal, Inc. | 77 | 2,008 | ||||||
|
| |||||||
2,924 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.2% |
| |||||||
AG Mortgage Investment Trust, Inc. | 17 | 272 | ||||||
PennyMac Mortgage Investment Trust | 176 | 3,840 | ||||||
Redwood Trust, Inc. (a) | 71 | 1,171 | ||||||
|
| |||||||
5,283 | ||||||||
|
| |||||||
Multi-Utilities — 0.2% |
| |||||||
Black Hills Corp. | 13 | 1,006 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.4% |
| |||||||
Abraxas Petroleum Corp.* | 210 | 216 | ||||||
Arch Coal, Inc., Class A (a) | 10 | 928 | ||||||
CONSOL Energy, Inc.* | 12 | 316 | ||||||
CVR Energy, Inc. (a) | 34 | 1,682 | ||||||
Delek US Holdings, Inc. (a) | 87 | 3,537 | ||||||
Denbury Resources, Inc.* (a) | 464 | 575 | ||||||
Gulfport Energy Corp.* | 127 | 623 | ||||||
Hallador Energy Co. | 7 | 41 | ||||||
Midstates Petroleum Co., Inc.* | 51 | 302 | ||||||
Peabody Energy Corp. | 33 | 798 |
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued |
| |||||||
Renewable Energy Group, Inc.* (a) | 58 | 913 | ||||||
REX American Resources Corp.* (a) | 1 | 55 | ||||||
W&T Offshore, Inc.* | 206 | 1,023 | ||||||
|
| |||||||
11,009 | ||||||||
|
| |||||||
Paper & Forest Products — 1.5% |
| |||||||
Boise Cascade Co. | 61 | 1,709 | ||||||
Louisiana-Pacific Corp. (a) | 91 | 2,376 | ||||||
Schweitzer-Mauduit International, Inc. | 51 | 1,687 | ||||||
Verso Corp., Class A* | 46 | 881 | ||||||
|
| |||||||
6,653 | ||||||||
|
| |||||||
Pharmaceuticals — 1.7% |
| |||||||
Aclaris Therapeutics, Inc.* (a) | 44 | 96 | ||||||
Arvinas, Inc.* (a) | 1 | 23 | ||||||
Dermira, Inc.* (a) | 95 | 907 | ||||||
Horizon Therapeutics plc* | 69 | 1,652 | ||||||
Lannett Co., Inc.* (a) | 140 | 847 | ||||||
Mallinckrodt plc* (a) | 71 | 655 | ||||||
Medicines Co. (The)* (a) | 48 | 1,737 | ||||||
Menlo Therapeutics, Inc.* | 86 | 518 | ||||||
Phibro Animal Health Corp., Class A | 17 | 524 | ||||||
Revance Therapeutics, Inc.* | 8 | 103 | ||||||
TherapeuticsMD, Inc.* (a) | 160 | 415 | ||||||
Zynerba Pharmaceuticals, Inc.* (a) | 17 | 235 | ||||||
|
| |||||||
7,712 | ||||||||
|
| |||||||
Professional Services — 2.4% |
| |||||||
Acacia Research Corp.* | 20 | 59 | ||||||
Barrett Business Services, Inc. | 42 | 3,447 | ||||||
CBIZ, Inc.* | 49 | 952 | ||||||
CRA International, Inc. | 8 | 301 | ||||||
Heidrick & Struggles International, Inc. | 15 | 445 | ||||||
Insperity, Inc. | 21 | 2,551 | ||||||
Kelly Services, Inc., Class A | 3 | 71 | ||||||
Korn Ferry | 9 | 378 | ||||||
TriNet Group, Inc.* | 9 | 630 | ||||||
TrueBlue, Inc.* | 80 | 1,765 | ||||||
|
| |||||||
10,599 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
Cushman & Wakefield plc* | 82 | 1,472 | ||||||
HFF, Inc., Class A | 19 | 859 | ||||||
|
| |||||||
2,331 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Road & Rail — 0.7% |
| |||||||
ArcBest Corp. | 64 | 1,800 | ||||||
Avis Budget Group, Inc.* | 12 | 437 | ||||||
Covenant Transportation Group, Inc., Class A* | 7 | 104 | ||||||
Schneider National, Inc., Class B | 17 | 301 | ||||||
YRC Worldwide, Inc.* | 151 | 609 | ||||||
|
| |||||||
3,251 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.9% |
| |||||||
Advanced Energy Industries, Inc.* (a) | 21 | 1,197 | ||||||
Alpha & Omega Semiconductor Ltd.* | 46 | 433 | ||||||
Cirrus Logic, Inc.* | 49 | 2,147 | ||||||
Cohu, Inc. | 49 | 759 | ||||||
Ichor Holdings Ltd.* (a) | 34 | 813 | ||||||
Rambus, Inc.* | 111 | 1,331 | ||||||
Rudolph Technologies, Inc.* | 48 | 1,339 | ||||||
Ultra Clean Holdings, Inc.* | 46 | 638 | ||||||
|
| |||||||
8,657 | ||||||||
|
| |||||||
Software — 4.2% |
| |||||||
ACI Worldwide, Inc.* | 31 | 1,057 | ||||||
Alteryx, Inc., Class A* (a) | 13 | 1,394 | ||||||
Avaya Holdings Corp.* | 27 | 326 | ||||||
Bottomline Technologies DE, Inc.* | 10 | 421 | ||||||
CommVault Systems, Inc.* | 51 | 2,539 | ||||||
Cornerstone OnDemand, Inc.* (a) | 47 | 2,702 | ||||||
Crowdstrike Holdings, Inc., Class A* | 22 | 1,470 | ||||||
MicroStrategy, Inc., Class A* (a) | 4 | 638 | ||||||
Pagerduty, Inc.* (a) | 16 | 762 | ||||||
Paylocity Holding Corp.* | 22 | 2,017 | ||||||
Progress Software Corp. | 78 | 3,416 | ||||||
SPS Commerce, Inc.* (a) | 6 | 626 | ||||||
SVMK, Inc.* | 27 | 447 | ||||||
Zscaler, Inc.* (a) | 16 | 1,203 | ||||||
|
| |||||||
19,018 | ||||||||
|
| |||||||
Specialty Retail — 2.8% |
| |||||||
Barnes & Noble Education, Inc.* (a) | 166 | 559 | ||||||
Designer Brands, Inc., Class A | 34 | 650 | ||||||
Hibbett Sports, Inc.* (a) | 69 | 1,256 | ||||||
Lithia Motors, Inc., Class A | 17 | 1,960 | ||||||
Office Depot, Inc. | 1,419 | 2,923 | ||||||
Rent-A-Center, Inc.* | 144 | 3,834 | ||||||
Signet Jewelers Ltd. (a) | 7 | 125 | ||||||
Zumiez, Inc.* (a) | 47 | 1,224 | ||||||
|
| |||||||
12,531 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Technology Hardware, Storage & Peripherals — 0.0%(b) |
| |||||||
Immersion Corp.* | 24 | 186 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.8% |
| |||||||
Deckers Outdoor Corp.* | 20 | 3,519 | ||||||
|
| |||||||
Thrifts & Mortgage Finance — 3.1% |
| |||||||
Essent Group Ltd.* | 83 | 3,877 | ||||||
FS Bancorp, Inc. | 3 | 141 | ||||||
HomeStreet, Inc.* | 16 | 460 | ||||||
Luther Burbank Corp. | 21 | 223 | ||||||
MGIC Investment Corp.* | 261 | 3,428 | ||||||
OceanFirst Financial Corp. | 19 | 480 | ||||||
PennyMac Financial Services, Inc. | 14 | 314 | ||||||
Radian Group, Inc. | 101 | 2,308 | ||||||
Walker & Dunlop, Inc. | 55 | 2,912 | ||||||
|
| |||||||
14,143 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.9% |
| |||||||
Aircastle Ltd. | 32 | 670 | ||||||
Applied Industrial Technologies, Inc. | 14 | 860 | ||||||
MRC Global, Inc.* | 111 | 1,906 | ||||||
Rush Enterprises, Inc., Class A | 6 | 208 | ||||||
Veritiv Corp.* | 21 | 402 | ||||||
|
| |||||||
4,046 | ||||||||
|
| |||||||
Water Utilities — 0.0%(b) |
| |||||||
Consolidated Water Co. Ltd. (Cayman Islands) | 4 | 58 | ||||||
|
| |||||||
Total Common Stocks | 422,257 | |||||||
|
| |||||||
NO. OF WARRANTS (000) | ||||||||
Warrants – 0.0% |
| |||||||
Consumer Finance – 0.0% |
| |||||||
Emergent Capital, Inc. expiring 10/1/2019, price 10.75 USD* | 2 | — | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-term Investments – 10.5% |
| |||||||
Investment Companies – 10.5% | ||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (c) (d) | 47,051 | 47,070 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 25 |
Table of Contents
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 7.2% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (c) (d) | 25,001 | 25,006 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (c) (d) | 7,388 | 7,388 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 32,394 | |||||||
|
| |||||||
Total Investments — 111.6% |
| 501,721 | ||||||
Liabilities in Excess of |
| (52,177 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 449,544 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
USD | United States Dollar | |
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $30,884,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts | ||||||||||||||||||
Russell 2000E-Mini Index | 338 | 09/2019 | USD | 26,494 | 241 | |||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 95.5% |
| |||||||
Auto Components — 1.3% |
| |||||||
LCI Industries (a) | 871 | 78,389 | ||||||
|
| |||||||
Banks — 10.3% |
| |||||||
Associated Banc-Corp. | 1,807 | 38,196 | ||||||
BankUnited, Inc. | 1,457 | 49,150 | ||||||
Cadence BanCorp (a) | 2,637 | 54,852 | ||||||
Commerce Bancshares, Inc. (a) | 1,196 | 71,379 | ||||||
Cullen/Frost Bankers, Inc. (a) | 666 | 62,419 | ||||||
First Financial Bancorp | 2,348 | 56,879 | ||||||
First Hawaiian, Inc. | 2,603 | 67,333 | ||||||
First Horizon National Corp. (a) | 3,663 | 54,695 | ||||||
IBERIABANK Corp. | 819 | 62,102 | ||||||
Western Alliance Bancorp* | 1,393 | 62,292 | ||||||
Wintrust Financial Corp. | 931 | 68,078 | ||||||
|
| |||||||
647,375 | ||||||||
|
| |||||||
Beverages — 0.6% |
| |||||||
Cott Corp. | 2,712 | 36,210 | ||||||
|
| |||||||
Building Products — 1.1% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,223 | 69,864 | ||||||
|
| |||||||
Capital Markets — 4.8% |
| |||||||
Eaton Vance Corp. | 1,150 | 49,592 | ||||||
FactSet Research Systems, Inc. (a) | 198 | 56,811 | ||||||
Focus Financial Partners, Inc., Class A* (a) | 1,307 | 35,688 | ||||||
Lazard Ltd., Class A (a) | 1,541 | 52,991 | ||||||
Moelis & Co., Class A (a) | 1,326 | 46,333 | ||||||
Morningstar, Inc. | 415 | 60,022 | ||||||
|
| |||||||
301,437 | ||||||||
|
| |||||||
Chemicals — 4.0% |
| |||||||
GCP Applied Technologies, Inc.* (a) | 2,192 | 49,631 | ||||||
PQ Group Holdings, Inc.* | 3,794 | 60,142 | ||||||
Quaker Chemical Corp. (a) | 448 | 90,844 | ||||||
Valvoline, Inc. (a) | 2,679 | 52,321 | ||||||
|
| |||||||
252,938 | ||||||||
|
| |||||||
Commercial Services & Supplies — 5.5% |
| |||||||
Advanced Disposal Services, Inc.* | 2,006 | 64,011 | ||||||
Brady Corp., Class A (a) | 1,644 | 81,100 | ||||||
BrightView Holdings, Inc.* | 1,828 | 34,195 | ||||||
Herman Miller, Inc. | 497 | 22,221 | ||||||
KAR Auction Services, Inc. | 1,490 | 37,261 | ||||||
MSA Safety, Inc. (a) | 702 | 73,975 | ||||||
US Ecology, Inc. (a) | 568 | 33,837 | ||||||
|
| |||||||
346,600 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Construction & Engineering — 1.0% |
| |||||||
WillScot Corp.* (a) | 4,300 | 64,674 | ||||||
|
| |||||||
Containers & Packaging — 3.7% |
| |||||||
AptarGroup, Inc. (a) | 1,445 | 179,672 | ||||||
Crown Holdings, Inc.* | 859 | 52,470 | ||||||
|
| |||||||
232,142 | ||||||||
|
| |||||||
Distributors — 3.7% |
| |||||||
IAA, Inc.* | 1,490 | 57,800 | ||||||
Pool Corp. (a) | 898 | 171,528 | ||||||
|
| |||||||
229,328 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.8% |
| |||||||
ServiceMaster Global Holdings, Inc.* | 979 | 51,004 | ||||||
|
| |||||||
Electric Utilities — 1.5% |
| |||||||
Portland General Electric Co. | 1,749 | 94,756 | ||||||
|
| |||||||
Electrical Equipment — 1.0% |
| |||||||
Generac Holdings, Inc.* (a) | 920 | 63,853 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.5% |
| |||||||
nLight, Inc.* (a) | 1,645 | 31,585 | ||||||
|
| |||||||
Energy Equipment & Services — 1.6% |
| |||||||
Core Laboratories NV (a) | 839 | 43,843 | ||||||
Patterson-UTI Energy, Inc. | 4,881 | 56,178 | ||||||
|
| |||||||
100,021 | ||||||||
|
| |||||||
Entertainment — 1.3% |
| |||||||
Cinemark Holdings, Inc. | 2,220 | 80,143 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.0% |
| |||||||
CubeSmart | 2,137 | 71,458 | ||||||
EastGroup Properties, Inc. | 844 | 97,930 | ||||||
National Retail Properties, Inc. (a) | 1,907 | 101,080 | ||||||
Outfront Media, Inc. | 1,918 | 49,478 | ||||||
RLJ Lodging Trust | 3,067 | 54,412 | ||||||
|
| |||||||
374,358 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.1% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.* | 2,268 | 59,877 | ||||||
Performance Food Group Co.* | 3,326 | 133,139 | ||||||
|
| |||||||
193,016 | ||||||||
|
| |||||||
Food Products — 0.2% |
| |||||||
Beyond Meat, Inc.* (a) | 60 | 9,560 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 3.0% |
| |||||||
ICU Medical, Inc.* (a) | 319 | 80,275 | ||||||
West Pharmaceutical Services, Inc. | 875 | 109,496 | ||||||
|
| |||||||
189,771 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 27 |
Table of Contents
JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Health Care Providers & Services — 4.4% |
| |||||||
Encompass Health Corp. | 1,405 | 89,002 | ||||||
HealthEquity, Inc.* | 619 | 40,511 | ||||||
Molina Healthcare, Inc.* | 628 | 89,909 | ||||||
Premier, Inc., Class A* (a) | 1,428 | 55,864 | ||||||
|
| |||||||
275,286 | ||||||||
|
| |||||||
Health Care Technology — 0.9% |
| |||||||
Medidata Solutions, Inc.* | 655 | 59,275 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.3% |
| |||||||
Monarch Casino & Resort, Inc.* (a) | 509 | 21,776 | ||||||
|
| |||||||
Insurance — 2.5% |
| |||||||
Kinsale Capital Group, Inc. | 811 | 74,194 | ||||||
RLI Corp. | 972 | 83,288 | ||||||
|
| |||||||
157,482 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.8% |
| |||||||
GrubHub, Inc.* (a) | 603 | 47,024 | ||||||
|
| |||||||
IT Services — 0.9% |
| |||||||
CoreLogic, Inc.* | 1,384 | 57,872 | ||||||
|
| |||||||
Leisure Products — 2.1% |
| |||||||
Acushnet Holdings Corp. (a) | 1,777 | 46,660 | ||||||
Brunswick Corp. (a) | 1,655 | 75,958 | ||||||
Malibu Boats, Inc., Class A* | 242 | 9,421 | ||||||
|
| |||||||
132,039 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.8% |
| |||||||
Syneos Health, Inc.* (a) | 984 | 50,270 | ||||||
|
| |||||||
Machinery — 8.9% |
| |||||||
Altra Industrial Motion Corp. | 1,468 | 52,674 | ||||||
Douglas Dynamics, Inc. | 996 | 39,626 | ||||||
Gates Industrial Corp. plc* (a) | 3,560 | 40,619 | ||||||
Lincoln Electric Holdings, Inc. (a) | 983 | 80,931 | ||||||
RBC Bearings, Inc.* (a) | 606 | 101,072 | ||||||
Toro Co. (The) (a) | 2,382 | 159,364 | ||||||
Welbilt, Inc.* (a) | 2,224 | 37,142 | ||||||
Woodward, Inc. | 436 | 49,297 | ||||||
|
| |||||||
560,725 | ||||||||
|
| |||||||
Media — 0.4% |
| |||||||
EW Scripps Co. (The), Class A | 1,555 | 23,772 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multi-Utilities — 1.5% |
| |||||||
NorthWestern Corp. | 1,336 | 96,422 | ||||||
|
| |||||||
Pharmaceuticals — 2.5% |
| |||||||
Catalent, Inc.* (a) | 2,253 | 122,136 | ||||||
Prestige Consumer Healthcare, Inc.* (a) | 1,155 | 36,578 | ||||||
|
| |||||||
158,714 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.9% |
| |||||||
Cushman & Wakefield plc* (a) | 3,229 | 57,734 | ||||||
|
| |||||||
Road & Rail — 2.1% |
| |||||||
Knight-Swift Transportation Holdings, Inc. (a) | 2,166 | 71,134 | ||||||
Landstar System, Inc. (a) | 579 | 62,518 | ||||||
|
| |||||||
133,652 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.6% |
| |||||||
Cabot Microelectronics Corp. | 567 | 62,444 | ||||||
Power Integrations, Inc. (a) | 437 | 35,001 | ||||||
|
| |||||||
97,445 | ||||||||
|
| |||||||
Software — 8.1% |
| |||||||
Aspen Technology, Inc.* | 574 | 71,390 | ||||||
Blackbaud, Inc. (a) | 668 | 55,806 | ||||||
Cision Ltd.* | 4,739 | 55,590 | ||||||
Cornerstone OnDemand, Inc.* | 888 | 51,456 | ||||||
Guidewire Software, Inc.* (a) | 607 | 61,490 | ||||||
Instructure, Inc.* (a) | 144 | 6,138 | ||||||
Q2 Holdings, Inc.* (a) | 985 | 75,224 | ||||||
SailPoint Technologies Holding, Inc.* | 1,359 | 27,225 | ||||||
Tableau Software, Inc., Class A* | 264 | 43,896 | ||||||
Tyler Technologies, Inc.* (a) | 281 | 60,738 | ||||||
|
| |||||||
508,953 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.8% |
| |||||||
Carter’s, Inc. | 484 | 47,169 | ||||||
|
| |||||||
Trading Companies & Distributors — 1.0% |
| |||||||
Applied Industrial Technologies, Inc. | 1,016 | 62,523 | ||||||
|
| |||||||
Total Common Stocks |
| 5,995,157 | ||||||
|
| |||||||
Short-term Investments — 4.1% | ||||||||
Investment Companies — 4.1% | ||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 254,641 | 254,743 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 3.4% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | 177,019 | 177,054 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | 39,120 | 39,120 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 216,174 | |||||||
|
| |||||||
Total Investments — 103.0% | 6,466,074 | |||||||
Liabilities in Excess of | (190,150 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 6,275,924 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $215,609,000. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 29 |
Table of Contents
JPMorgan Small Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.4% | ||||||||
Aerospace & Defense — 1.1% |
| |||||||
Hexcel Corp. | 392 | 31,708 | ||||||
|
| |||||||
Auto Components — 0.8% |
| |||||||
Fox Factory Holding Corp.* (a) | 286 | 23,605 | ||||||
|
| |||||||
Automobiles — 0.9% |
| |||||||
Winnebago Industries, Inc. (a) | 664 | 25,657 | ||||||
|
| |||||||
Banks — 1.8% |
| |||||||
First Financial Bankshares, Inc. (a) | 682 | 20,999 | ||||||
Signature Bank | �� | 154 | 18,651 | |||||
Webster Financial Corp. | 283 | 13,505 | ||||||
|
| |||||||
53,155 | ||||||||
|
| |||||||
Beverages — 0.5% |
| |||||||
Primo Water Corp.* (a) | 1,127 | 13,864 | ||||||
|
| |||||||
Biotechnology — 12.3% |
| |||||||
ACADIA Pharmaceuticals, Inc.* (a) | 470 | 12,567 | ||||||
Adverum Biotechnologies, Inc.* | 1,561 | 18,556 | ||||||
Array BioPharma, Inc.* (a) | 635 | 29,430 | ||||||
Atara Biotherapeutics, Inc.* (a) | 625 | 12,560 | ||||||
Avrobio, Inc.* (a) | 630 | 10,236 | ||||||
Bellicum Pharmaceuticals, Inc.* (a) | 1,409 | 2,394 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.* (a) | 549 | 24,044 | ||||||
Bridgebio Pharma, Inc.* | 207 | 5,583 | ||||||
Coherus Biosciences, Inc.* (a) | 1,381 | 30,517 | ||||||
FibroGen, Inc.* | 670 | 30,248 | ||||||
G1 Therapeutics, Inc.* (a) | 622 | 19,083 | ||||||
Global Blood Therapeutics, Inc.* | 151 | 7,954 | ||||||
Halozyme Therapeutics, Inc.* | 1,807 | 31,042 | ||||||
Heron Therapeutics, Inc.* (a) | 714 | 13,265 | ||||||
Homology Medicines, Inc.* (a) | 771 | 15,085 | ||||||
Intercept Pharmaceuticals, Inc.* (a) | 233 | 18,570 | ||||||
Portola Pharmaceuticals, Inc.* (a) | 213 | 5,770 | ||||||
REGENXBIO, Inc.*(a) | 409 | 20,985 | ||||||
Rubius Therapeutics, Inc.* (a) | 393 | 6,184 | ||||||
Sage Therapeutics, Inc.* (a) | 88 | 16,029 | ||||||
Spark Therapeutics, Inc.* | 42 | 4,260 | ||||||
Twist Bioscience Corp.* (a) | 697 | 20,229 | ||||||
|
| |||||||
354,591 | ||||||||
|
| |||||||
Building Products — 3.7% |
| |||||||
Advanced Drainage Systems, Inc. | 1,103 | 36,178 | ||||||
Simpson Manufacturing Co., Inc. | 543 | 36,071 | ||||||
Trex Co., Inc.*(a) | 490 | 35,130 | ||||||
|
| |||||||
107,379 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Capital Markets — 1.5% |
| |||||||
Evercore, Inc., Class A (a) | 381 | 33,777 | ||||||
PennantPark Investment Corp. | 1,338 | 8,455 | ||||||
|
| |||||||
42,232 | ||||||||
|
| |||||||
Chemicals — 0.7% |
| |||||||
Ferro Corp.* | 1,264 | 19,969 | ||||||
|
| |||||||
Commercial Services & Supplies — 1.3% |
| |||||||
MSA Safety, Inc. (a) | 370 | 38,991 | ||||||
|
| |||||||
Communications Equipment — 1.0% |
| |||||||
Ciena Corp.* | 718 | 29,517 | ||||||
|
| |||||||
Distributors — 1.3% |
| |||||||
Pool Corp. (a) | 192 | 36,621 | ||||||
|
| |||||||
Diversified Consumer Services — 1.4% |
| |||||||
Bright Horizons Family Solutions, Inc.* | 271 | 40,825 | ||||||
|
| |||||||
Electrical Equipment — 1.6% |
| |||||||
Generac Holdings, Inc.* (a) | 652 | 45,227 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.8% |
| |||||||
Littelfuse, Inc. (a) | 124 | 21,972 | ||||||
|
| |||||||
Entertainment — 1.7% |
| |||||||
Glu Mobile, Inc.* | 1,797 | 12,901 | ||||||
Sciplay Corp., Class A* (a) | 719 | 9,859 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 357 | 25,795 | ||||||
|
| |||||||
48,555 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.5% |
| |||||||
CubeSmart | 480 | 16,059 | ||||||
EastGroup Properties, Inc. | 47 | 5,474 | ||||||
Highwoods Properties, Inc. | 274 | 11,303 | ||||||
National Health Investors, Inc. | 97 | 7,561 | ||||||
Terreno Realty Corp. | 80 | 3,933 | ||||||
|
| |||||||
44,330 | ||||||||
|
| |||||||
Food & Staples Retailing — 2.2% |
| |||||||
Grocery Outlet Holding Corp.* (a) | 328 | 10,798 | ||||||
Performance Food Group Co.* | 1,296 | 51,873 | ||||||
|
| |||||||
62,671 | ||||||||
|
| |||||||
Food Products — 1.0% |
| |||||||
Freshpet, Inc.* | 613 | 27,915 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 4.1% |
| |||||||
Insulet Corp.* (a) | 309 | 36,885 | ||||||
iRhythm Technologies, Inc.* (a) | 395 | 31,265 | ||||||
LivaNova plc* | 180 | 12,961 | ||||||
Nevro Corp.* (a) | 420 | 27,225 | ||||||
Shockwave Medical, Inc.* (a) | 161 | 9,184 | ||||||
|
| |||||||
117,520 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — 1.9% |
| |||||||
Acadia Healthcare Co., Inc.* (a) | 502 | 17,552 | ||||||
Amedisys, Inc.* | 313 | 37,986 | ||||||
|
| |||||||
55,538 | ||||||||
|
| |||||||
Health Care Technology — 1.9% |
| |||||||
Evolent Health, Inc., Class A* (a) | 1,309 | 10,408 | ||||||
Teladoc Health, Inc.* | 685 | 45,523 | ||||||
|
| |||||||
55,931 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.0% |
| |||||||
Boyd Gaming Corp. | 1,432 | 38,570 | ||||||
Planet Fitness, Inc., Class A* | 386 | 27,983 | ||||||
Red Rock Resorts, Inc., Class A (a) | 1,028 | 22,086 | ||||||
Texas Roadhouse, Inc. | 490 | 26,298 | ||||||
|
| |||||||
114,937 | ||||||||
|
| |||||||
Household Durables — 0.5% |
| |||||||
TRI Pointe Group, Inc.* | 1,200 | 14,361 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.9% |
| |||||||
Etsy, Inc.* | 204 | 12,514 | ||||||
Farfetch Ltd., Class A (United Kingdom)* (a) | 1,142 | 23,763 | ||||||
GrubHub, Inc.* (a) | 140 | 10,905 | ||||||
RealReal, Inc. (The)* | 244 | 7,053 | ||||||
|
| |||||||
54,235 | ||||||||
|
| |||||||
IT Services — 3.0% |
| |||||||
ManTech International Corp., Class A | 487 | 32,044 | ||||||
MongoDB, Inc.* (a) | 126 | 19,142 | ||||||
Wix.com Ltd. (Israel)* | 248 | 35,286 | ||||||
|
| |||||||
86,472 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.5% |
| |||||||
Adaptive Biotechnologies Corp.* | 163 | 7,866 | ||||||
Personalis, Inc.* | 280 | 7,608 | ||||||
|
| |||||||
15,474 | ||||||||
|
| |||||||
Machinery — 5.3% |
| |||||||
Chart Industries, Inc.* (a) | 307 | 23,592 | ||||||
Graco, Inc. | 526 | 26,410 | ||||||
ITT, Inc. | 524 | 34,336 | ||||||
John Bean Technologies Corp. | 379 | 45,871 | ||||||
Oshkosh Corp. | 280 | 23,398 | ||||||
|
| |||||||
153,607 | ||||||||
|
| |||||||
Marine — 0.5% |
| |||||||
Kirby Corp.* (a) | 177 | 13,952 | ||||||
|
| |||||||
Media — 1.1% |
| |||||||
New York Times Co. (The), Class A (a) | 1,006 | 32,817 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multiline Retail — 1.1% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.* (a) | 354 | 30,846 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.3% |
| |||||||
Centennial Resource Development, Inc., Class A* (a) | 1,023 | 7,763 | ||||||
|
| |||||||
Pharmaceuticals — 3.1% |
| |||||||
Horizon Therapeutics plc* (a) | 1,443 | 34,712 | ||||||
Optinose, Inc.* | 974 | 6,899 | ||||||
Revance Therapeutics, Inc.* (a) | 950 | 12,326 | ||||||
TherapeuticsMD, Inc.* | 4,156 | 10,806 | ||||||
Tricida, Inc.* (a) | 648 | 25,552 | ||||||
|
| |||||||
90,295 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
RE/MAX Holdings, Inc., Class A (a) | 429 | 13,199 | ||||||
|
| |||||||
Road & Rail — 1.2% |
| |||||||
Saia, Inc.* (a) | 515 | 33,293 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.8% |
| |||||||
Entegris, Inc. (a) | 1,075 | 40,125 | ||||||
Inphi Corp.* | 871 | 43,622 | ||||||
MKS Instruments, Inc. (a) | 531 | 41,381 | ||||||
Monolithic Power Systems, Inc. (a) | 283 | 38,445 | ||||||
Semtech Corp.* (a) | 673 | 32,345 | ||||||
|
| |||||||
195,918 | ||||||||
|
| |||||||
Software — 13.6% |
| |||||||
Anaplan, Inc.* | 596 | 30,103 | ||||||
Coupa Software, Inc.* | 195 | 24,715 | ||||||
CyberArk Software Ltd. (Israel)* (a) | 158 | 20,135 | ||||||
Elastic NV* (a) | 256 | 19,110 | ||||||
Envestnet, Inc.* | 742 | 50,704 | ||||||
HubSpot, Inc.* | 127 | 21,691 | ||||||
New Relic, Inc.* (a) | 124 | 10,696 | ||||||
Pagerduty, Inc.* (a) | 304 | 14,285 | ||||||
Pluralsight, Inc., Class A* (a) | 880 | 26,667 | ||||||
Proofpoint, Inc.* (a) | 282 | 33,956 | ||||||
RingCentral, Inc., Class A* (a) | 128 | 14,707 | ||||||
SailPoint Technologies Holding, Inc.* (a) | 1,161 | 23,268 | ||||||
Smartsheet, Inc., Class A* | 607 | 29,365 | ||||||
Trade Desk, Inc. (The), Class A* (a) | 44 | 10,065 | ||||||
Zendesk, Inc.* (a) | 300 | 26,684 | ||||||
Zscaler, Inc.* (a) | 448 | 34,342 | ||||||
|
| |||||||
390,493 | ||||||||
|
| |||||||
Specialty Retail — 4.6% |
| |||||||
American Eagle Outfitters, Inc. | 746 | 12,600 | ||||||
Floor & Decor Holdings, Inc., Class A* (a) | 365 | 15,289 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 31 |
Table of Contents
JPMorgan Small Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — continued |
| |||||||
Hudson Ltd., Class A* | 2,039 | 28,117 | ||||||
Lithia Motors, Inc., Class A (a) | 255 | 30,331 | ||||||
National Vision Holdings, Inc.* (a) | 1,500 | 46,089 | ||||||
|
| |||||||
132,426 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.3% |
| |||||||
Wolverine World Wide, Inc. (a) | 1,335 | 36,761 | ||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.4% |
| |||||||
Axos Financial, Inc.* (a) | 399 | 10,885 | ||||||
|
| |||||||
Trading Companies & Distributors — 3.7% |
| |||||||
Applied Industrial Technologies, Inc. (a) | 451 | 27,734 | ||||||
H&E Equipment Services, Inc. (a) | 724 | 21,066 | ||||||
Rush Enterprises, Inc., Class A | 777 | 28,375 | ||||||
SiteOne Landscape Supply, Inc.* (a) | 412 | 28,529 | ||||||
|
| |||||||
105,704 | ||||||||
|
| |||||||
Total Common Stocks |
| 2,831,211 | ||||||
|
| |||||||
NO. OF RIGHTS (000) | ||||||||
RIGHTS — 0.0%(b) |
| |||||||
Biotechnology — 0.0%(b) |
| |||||||
Clementia Pharmaceuticals, Inc. (Canada)*‡ (Cost $—) | 927 | — | (c) | |||||
|
| |||||||
Short-Term Investments — 0.8% |
| |||||||
Investment Companies — 0.8% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (d) (e) | 24,531 | 24,541 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 14.5% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (d) (e) | 341,011 | 341,079 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (d) (e) | 75,263 | 75,263 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 416,342 | |||||||
|
| |||||||
Total Investments — 113.7% |
| 3,272,094 | ||||||
Liabilities in Excess of |
| (395,428 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 2,876,666 | ||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $402,031,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Amount rounds to less than one thousand. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.6% | ||||||||
Aerospace & Defense — 0.5% |
| |||||||
Moog, Inc., Class A | 80 | 7,489 | ||||||
|
| |||||||
Air Freight & Logistics — 0.5% |
| |||||||
Echo Global Logistics, Inc.* | 344 | 7,173 | ||||||
| �� | |||||||
Auto Components — 0.9% |
| |||||||
Adient plc | 134 | 3,259 | ||||||
Cooper-Standard Holdings, Inc.* | 7 | 335 | ||||||
Gentherm, Inc.* (a) | 118 | 4,932 | ||||||
Stoneridge, Inc.* (a) | 144 | 4,540 | ||||||
Tower International, Inc. | 62 | 1,217 | ||||||
|
| |||||||
14,283 | ||||||||
|
| |||||||
Banks — 17.3% |
| |||||||
1st Source Corp. | 101 | 4,673 | ||||||
American National Bankshares, Inc. | 6 | 225 | ||||||
Atlantic Union Bankshares Corp. | 8 | 279 | ||||||
BancFirst Corp. | 117 | 6,523 | ||||||
BancorpSouth Bank (a) | 72 | 2,103 | ||||||
BankFinancial Corp. | 210 | 2,939 | ||||||
Banner Corp. | 39 | 2,134 | ||||||
Brookline Bancorp, Inc. | 102 | 1,570 | ||||||
Bryn Mawr Bank Corp. | 29 | 1,075 | ||||||
Cadence BanCorp | 16 | 329 | ||||||
Cathay General Bancorp (a) | 192 | 6,906 | ||||||
Central Pacific Financial Corp. | 417 | 12,505 | ||||||
Central Valley Community Bancorp | 23 | 483 | ||||||
Century Bancorp, Inc., Class A (a) | 4 | 325 | ||||||
Citizens & Northern Corp. | 18 | 474 | ||||||
City Holding Co. (a) | 105 | 8,007 | ||||||
Columbia Banking System, Inc. (a) | 136 | 4,924 | ||||||
Community Bank System, Inc. (a) | 127 | 8,335 | ||||||
Community Trust Bancorp, Inc. | 114 | 4,819 | ||||||
East West Bancorp, Inc. | 11 | 530 | ||||||
Enterprise Financial Services Corp. | 197 | 8,212 | ||||||
Financial Institutions, Inc. | 65 | 1,889 | ||||||
First Bancorp | 28 | 1,031 | ||||||
First BanCorp (Puerto Rico) | 1,129 | 12,464 | ||||||
First Citizens BancShares, Inc., Class A | 8 | 3,557 | ||||||
First Commonwealth Financial Corp. (a) | 899 | 12,106 | ||||||
First Community Bankshares, Inc. | 56 | 1,897 | ||||||
First Financial Corp. (a) | 19 | 775 | ||||||
First Hawaiian, Inc. | 88 | 2,279 | ||||||
First Interstate BancSystem, Inc., Class A | 92 | 3,650 | ||||||
Flushing Financial Corp. | 136 | 3,024 | ||||||
Glacier Bancorp, Inc. | 198 | 8,013 | ||||||
Great Southern Bancorp, Inc. | 34 | 2,059 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Banks — continued |
| |||||||
Great Western Bancorp, Inc. (a) | 96 | 3,411 | ||||||
Hancock Whitney Corp. (a) | 24 | 970 | ||||||
Home BancShares, Inc. | 359 | 6,912 | ||||||
Hope Bancorp, Inc. (a) | 598 | 8,242 | ||||||
Independent Bank Corp. | 51 | 1,113 | ||||||
Investors Bancorp, Inc. | 907 | 10,118 | ||||||
Lakeland Financial Corp. (a) | 39 | 1,822 | ||||||
Mercantile Bank Corp. | 18 | 577 | ||||||
OFG Bancorp (Puerto Rico) (a) | 237 | 5,626 | ||||||
Preferred Bank | 16 | 775 | ||||||
Republic Bancorp, Inc., Class A | 18 | 910 | ||||||
S&T Bancorp, Inc. | 20 | 765 | ||||||
South State Corp. | 154 | 11,341 | ||||||
Stock Yards Bancorp, Inc. (a) | 18 | 640 | ||||||
Tompkins Financial Corp. (a) | 21 | 1,689 | ||||||
TriState Capital Holdings, Inc.* | 24 | 508 | ||||||
Trustmark Corp. (a) | 558 | 18,560 | ||||||
UMB Financial Corp. (a) | 208 | 13,658 | ||||||
Umpqua Holdings Corp. | 550 | 9,126 | ||||||
United Bankshares, Inc. (a) | 457 | 16,935 | ||||||
Washington Trust Bancorp, Inc. | 35 | 1,847 | ||||||
Webster Financial Corp. (a) | 104 | 4,973 | ||||||
West Bancorp, Inc. | 12 | 254 | ||||||
Westamerica Bancorp (a) | 294 | 18,107 | ||||||
|
| |||||||
268,993 | ||||||||
|
| |||||||
Biotechnology — 1.4% |
| |||||||
Acorda Therapeutics, Inc.* (a) | 31 | 237 | ||||||
Arcus Biosciences, Inc.* (a) | 308 | 2,451 | ||||||
Enanta Pharmaceuticals, Inc.* | 33 | 2,742 | ||||||
Epizyme, Inc.* | 279 | 3,504 | ||||||
Fate Therapeutics, Inc.* | 162 | 3,283 | ||||||
Five Prime Therapeutics, Inc.* | 150 | 904 | ||||||
Iovance Biotherapeutics, Inc.* (a) | 269 | 6,586 | ||||||
Tocagen, Inc.* (a) | 289 | 1,927 | ||||||
|
| |||||||
21,634 | ||||||||
|
| |||||||
Building Products — 0.7% |
| |||||||
Armstrong Flooring, Inc.* (a) | 132 | 1,300 | ||||||
Builders FirstSource, Inc.* | 394 | 6,638 | ||||||
Masonite International Corp.* | 64 | 3,382 | ||||||
|
| |||||||
11,320 | ||||||||
|
| |||||||
Capital Markets — 1.0% |
| |||||||
Associated Capital Group, Inc., Class A | 2 | 82 | ||||||
BrightSphere Investment Group plc | 144 | 1,638 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 33 |
Table of Contents
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Capital Markets — continued |
| |||||||
Donnelley Financial Solutions, Inc.* | 168 | 2,245 | ||||||
Oppenheimer Holdings, Inc., Class A | 14 | 373 | ||||||
Stifel Financial Corp. (a) | 184 | 10,838 | ||||||
|
| |||||||
15,176 | ||||||||
|
| |||||||
Chemicals — 0.8% |
| |||||||
FutureFuel Corp. | 157 | 1,835 | ||||||
Minerals Technologies, Inc. | 56 | 2,970 | ||||||
Trinseo SA | 195 | 8,244 | ||||||
|
| |||||||
13,049 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.9% |
| |||||||
ABM Industries, Inc. (a) | 260 | 10,412 | ||||||
ACCO Brands Corp. | 1,266 | 9,960 | ||||||
Ennis, Inc. (a) | 78 | 1,594 | ||||||
Quad/Graphics, Inc. (a) | 623 | 4,930 | ||||||
VSE Corp. | 109 | 3,124 | ||||||
|
| |||||||
30,020 | ||||||||
|
| |||||||
Communications Equipment — 0.3% |
| |||||||
Comtech Telecommunications Corp. | 33 | 930 | ||||||
NetScout Systems, Inc.* (a) | 115 | 2,930 | ||||||
|
| |||||||
3,860 | ||||||||
|
| |||||||
Construction & Engineering — 1.8% |
| |||||||
EMCOR Group, Inc. | 196 | 17,277 | ||||||
MYR Group, Inc.* | 161 | 6,028 | ||||||
Sterling Construction Co., Inc.* | 95 | 1,280 | ||||||
Tutor Perini Corp.* (a) | 203 | 2,821 | ||||||
|
| |||||||
27,406 | ||||||||
|
| |||||||
Consumer Finance — 0.3% |
| |||||||
Nelnet, Inc., Class A | 85 | 5,004 | ||||||
|
| |||||||
Containers & Packaging — 0.1% |
| |||||||
Myers Industries, Inc. | 51 | 981 | ||||||
|
| |||||||
Distributors — 0.5% |
| |||||||
Core-Mark Holding Co., Inc. | 202 | 8,007 | ||||||
Weyco Group, Inc. | 6 | 163 | ||||||
|
| |||||||
8,170 | ||||||||
|
| |||||||
Diversified Consumer Services — 1.0% |
| |||||||
Houghton Mifflin Harcourt Co.* | 511 | 2,944 | ||||||
K12, Inc.* | 410 | 12,456 | ||||||
|
| |||||||
15,400 | ||||||||
|
| |||||||
Diversified Financial Services — 0.0% (b) |
| |||||||
Marlin Business Services Corp. | 30 | 750 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.4% |
| |||||||
Consolidated Communications Holdings, Inc. (a) | 1,384 | 6,822 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Electric Utilities — 1.2% |
| |||||||
IDACORP, Inc. | 15 | 1,456 | ||||||
Portland General Electric Co. | 301 | 16,300 | ||||||
Spark Energy, Inc., Class A (a) | 87 | 978 | ||||||
|
| |||||||
18,734 | ||||||||
|
| |||||||
Electrical Equipment — 0.3% |
| |||||||
Bloom Energy Corp., Class A* (a) | 13 | 154 | ||||||
Powell Industries, Inc. | 111 | 4,233 | ||||||
|
| |||||||
4,387 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.3% |
| |||||||
Bel Fuse, Inc., Class B | 143 | 2,459 | ||||||
Benchmark Electronics, Inc. | 494 | 12,402 | ||||||
Fabrinet (Thailand)* | 106 | 5,265 | ||||||
Insight Enterprises, Inc.* | 125 | 7,287 | ||||||
OSI Systems, Inc.* (a) | 11 | 1,183 | ||||||
Tech Data Corp.* | 211 | 22,112 | ||||||
|
| |||||||
50,708 | ||||||||
|
| |||||||
Energy Equipment & Services — 2.0% |
| |||||||
C&J Energy Services, Inc.* | 48 | 561 | ||||||
Dril-Quip, Inc.* | 246 | 11,803 | ||||||
FTS International, Inc.* | 558 | 3,114 | ||||||
Keane Group, Inc.* | 82 | 552 | ||||||
Matrix Service Co.* (a) | 366 | 7,417 | ||||||
SEACOR Holdings, Inc.* | 162 | 7,701 | ||||||
|
| |||||||
31,148 | ||||||||
|
| |||||||
Entertainment — 0.2% |
| |||||||
AMC Entertainment Holdings, Inc., Class A (a) | 309 | 2,878 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 10.6% |
| |||||||
Acadia Realty Trust | 126 | 3,457 | ||||||
Alexander & Baldwin, Inc. | 186 | 4,286 | ||||||
American Assets Trust, Inc. | 317 | 14,932 | ||||||
Armada Hoffler Properties, Inc. | 51 | 851 | ||||||
Ashford Hospitality Trust, Inc. | 831 | 2,469 | ||||||
Braemar Hotels & Resorts, Inc. | 274 | 2,714 | ||||||
Cedar Realty Trust, Inc. | 255 | 676 | ||||||
City Office, Inc. | 45 | 536 | ||||||
CoreCivic, Inc. | 73 | 1,513 | ||||||
CorEnergy Infrastructure Trust, Inc. (a) | 73 | 2,905 | ||||||
CoreSite Realty Corp. | 59 | 6,841 | ||||||
Cousins Properties, Inc. | 207 | 7,501 | ||||||
DiamondRock Hospitality Co. (a) | 1,018 | 10,528 | ||||||
Easterly Government Properties, Inc. | 254 | 4,595 | ||||||
First Industrial Realty Trust, Inc. | 45 | 1,664 | ||||||
Franklin Street Properties Corp. | 167 | 1,232 | ||||||
GEO Group, Inc. (The) | 650 | 13,661 |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Getty Realty Corp. | 136 | 4,172 | ||||||
Gladstone Commercial Corp. | 68 | 1,441 | ||||||
Hersha Hospitality Trust | 57 | 946 | ||||||
Highwoods Properties, Inc. | 28 | 1,144 | ||||||
Hospitality Properties Trust | 148 | 3,698 | ||||||
Industrial Logistics Properties Trust | 34 | 706 | ||||||
Kite Realty Group Trust | 113 | 1,708 | ||||||
Lexington Realty Trust | 216 | 2,031 | ||||||
Mack-Cali Realty Corp. | 394 | 9,174 | ||||||
Pebblebrook Hotel Trust (a) | 383 | 10,796 | ||||||
Piedmont Office Realty Trust, Inc., Class A (a) | 283 | 5,640 | ||||||
PotlatchDeltic Corp. | 216 | 8,416 | ||||||
PS Business Parks, Inc. | 40 | 6,707 | ||||||
RLJ Lodging Trust | 79 | 1,397 | ||||||
Saul Centers, Inc. | 11 | 617 | ||||||
STAG Industrial, Inc. | 65 | 1,972 | ||||||
Sunstone Hotel Investors, Inc. | 1,267 | 17,374 | ||||||
Uniti Group, Inc. | 3 | 30 | ||||||
Urstadt Biddle Properties, Inc., Class A | 72 | 1,516 | ||||||
Washington | 9 | 227 | ||||||
Xenia Hotels & Resorts, Inc. | 184 | 3,834 | ||||||
|
| |||||||
163,907 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.1% |
| |||||||
Grocery Outlet Holding Corp.* | 40 | 1,299 | ||||||
Rite Aid Corp.* (a) | 55 | 437 | ||||||
|
| |||||||
1,736 | ||||||||
|
| |||||||
Food Products — 1.0% |
| |||||||
Darling Ingredients, Inc.* | 99 | 1,961 | ||||||
Sanderson Farms, Inc. | 96 | 13,165 | ||||||
|
| |||||||
15,126 | ||||||||
|
| |||||||
Gas Utilities — 1.9% |
| |||||||
Northwest Natural Holding Co. | 127 | 8,799 | ||||||
ONE Gas, Inc. (a) | 30 | 2,736 | ||||||
Southwest Gas Holdings, Inc. | 140 | 12,538 | ||||||
Spire, Inc. | 65 | 5,463 | ||||||
|
| |||||||
29,536 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.3% |
| |||||||
Varex Imaging Corp.* | 151 | 4,625 | ||||||
|
| |||||||
Health Care Providers & Services — 2.2% |
| |||||||
American Renal Associates Holdings, Inc.* (a) | 313 | 2,331 | ||||||
Cross Country Healthcare, Inc.* | 215 | 2,014 | ||||||
Diplomat Pharmacy, Inc.* | 737 | 4,491 | ||||||
Magellan Health, Inc.* | 51 | 3,748 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Providers & Services — continued |
| |||||||
Owens & Minor, Inc. (a) | 130 | 417 | ||||||
Patterson Cos., Inc. (a) | 421 | 9,643 | ||||||
Triple-S Management Corp., Class B | 480 | 11,452 | ||||||
|
| |||||||
34,096 | ||||||||
|
| |||||||
Health Care Technology — 1.1% |
| |||||||
Allscripts Healthcare Solutions, Inc.* | 1,398 | 16,253 | ||||||
Computer Programs & Systems, Inc. | 29 | 792 | ||||||
|
| |||||||
17,045 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.2% |
| |||||||
Boyd Gaming Corp. | 81 | 2,180 | ||||||
Brinker International, Inc. (a) | 375 | 14,760 | ||||||
Red Lion Hotels Corp.* (a) | 178 | 1,266 | ||||||
|
| |||||||
18,206 | ||||||||
|
| |||||||
Household Durables — 3.0% |
| |||||||
Helen of Troy Ltd.* | 26 | 3,395 | ||||||
KB Home | 683 | 17,571 | ||||||
Meritage Homes Corp.* | 58 | 2,993 | ||||||
Sonos, Inc.* (a) | 717 | 8,131 | ||||||
TRI Pointe Group, Inc.* (a) | 1,207 | 14,446 | ||||||
|
| |||||||
46,536 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 1.2% |
| |||||||
Atlantic Power Corp.* | 1,922 | 4,651 | ||||||
Clearway Energy, Inc., Class A | 381 | 6,157 | ||||||
Clearway Energy, Inc., Class C (a) | 436 | 7,349 | ||||||
|
| |||||||
18,157 | ||||||||
|
| |||||||
Insurance — 2.8% |
| |||||||
Ambac Financial Group, Inc.* (a) | 195 | 3,279 | ||||||
American Equity Investment Life Holding Co. | 328 | 8,900 | ||||||
AMERISAFE, Inc. | 89 | 5,695 | ||||||
Argo Group International Holdings Ltd. | 22 | 1,608 | ||||||
CNO Financial Group, Inc. | 575 | 9,586 | ||||||
Global Indemnity Ltd. (Cayman Islands) | 11 | 334 | ||||||
Hallmark Financial Services, Inc.* | 68 | 969 | ||||||
Heritage Insurance Holdings, Inc. | 269 | 4,144 | ||||||
Horace Mann Educators Corp. | 21 | 834 | ||||||
MBIA, Inc.* (a) | 538 | 5,010 | ||||||
Primerica, Inc. | 10 | 1,211 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 195 | 2,016 | ||||||
|
| |||||||
43,586 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.7% |
| |||||||
Liberty Expedia Holdings, Inc., Class A* | 113 | 5,381 | ||||||
Stamps.com, Inc.* | 104 | 4,713 | ||||||
|
| |||||||
10,094 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 35 |
Table of Contents
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
IT Services — 0.7% |
| |||||||
KBR, Inc. | 221 | 5,509 | ||||||
Perficient, Inc.* (a) | 93 | 3,199 | ||||||
Unisys Corp.* (a) | 168 | 1,633 | ||||||
|
| |||||||
10,341 | ||||||||
|
| |||||||
Machinery — 2.0% |
| |||||||
AGCO Corp. | 89 | 6,873 | ||||||
Douglas Dynamics, Inc. | 141 | 5,618 | ||||||
EnPro Industries, Inc. | 19 | 1,226 | ||||||
Graham Corp. | 24 | 483 | ||||||
Harsco Corp.* | 73 | 2,011 | ||||||
Hurco Cos., Inc. | 42 | 1,497 | ||||||
LB Foster Co., Class A* | 31 | 845 | ||||||
Wabash National Corp. | 760 | 12,359 | ||||||
|
| |||||||
30,912 | ||||||||
|
| |||||||
Marine — 0.1% |
| |||||||
Costamare, Inc. (Monaco) | 172 | 885 | ||||||
|
| |||||||
Media — 1.8% |
| |||||||
Gannett Co., Inc. (a) | 362 | 2,954 | ||||||
Hemisphere Media Group, Inc.* | 279 | 3,610 | ||||||
New Media Investment Group, Inc. | 253 | 2,390 | ||||||
Sinclair Broadcast Group, Inc., Class A | 287 | 15,370 | ||||||
Tribune Publishing Co. | 62 | 498 | ||||||
WideOpenWest, Inc.* (a) | 458 | 3,323 | ||||||
|
| |||||||
28,145 | ||||||||
|
| |||||||
Metals & Mining — 1.1% |
| |||||||
Warrior Met Coal, Inc. | 312 | 8,147 | ||||||
Worthington Industries, Inc. | 217 | 8,752 | ||||||
|
| |||||||
16,899 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 2.0% |
| |||||||
AG Mortgage Investment Trust, Inc. | 51 | 814 | ||||||
ARMOUR Residential REIT, Inc. (a) | 248 | 4,630 | ||||||
Capstead Mortgage Corp. (a) | 636 | 5,308 | ||||||
Cherry Hill Mortgage Investment Corp. (a) | 233 | 3,723 | ||||||
Invesco Mortgage Capital, Inc. | 558 | 8,997 | ||||||
Two Harbors Investment Corp. | 637 | 8,068 | ||||||
|
| |||||||
31,540 | ||||||||
|
| |||||||
Multi-Utilities — 1.4% |
| |||||||
Avista Corp. | 143 | 6,369 | ||||||
Black Hills Corp. (a) | 180 | 14,086 | ||||||
Unitil Corp. | 20 | 1,198 | ||||||
|
| |||||||
21,653 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — 5.3% |
| |||||||
Arch Coal, Inc., Class A (a) | 169 | 15,959 | ||||||
CNX Resources Corp.* | 310 | 2,263 | ||||||
Delek US Holdings, Inc. | 530 | 21,492 | ||||||
Green Plains, Inc. | 130 | 1,396 | ||||||
Gulfport Energy Corp.* (a) | 1,756 | 8,621 | ||||||
Midstates Petroleum Co., Inc.* | 410 | 2,415 | ||||||
Peabody Energy Corp. | 271 | 6,519 | ||||||
Renewable Energy Group, Inc.* (a) | 340 | 5,389 | ||||||
REX American Resources Corp.* (a) | 118 | 8,580 | ||||||
W&T Offshore, Inc.* | 1,190 | 5,903 | ||||||
Whiting Petroleum Corp.* | 226 | 4,216 | ||||||
|
| |||||||
82,753 | ||||||||
|
| |||||||
Paper & Forest Products — 1.5% |
| |||||||
Boise Cascade Co. | 97 | 2,732 | ||||||
Domtar Corp. | 79 | 3,536 | ||||||
Louisiana-Pacific Corp. (a) | 195 | 5,116 | ||||||
Schweitzer-Mauduit International, Inc. | 210 | 6,981 | ||||||
Verso Corp., Class A* | 240 | 4,568 | ||||||
|
| |||||||
22,933 | ||||||||
|
| |||||||
Pharmaceuticals — 1.1% |
| |||||||
Intra-Cellular Therapies, Inc.* | 123 | 1,600 | ||||||
Lannett Co., Inc.* (a) | 362 | 2,191 | ||||||
Mallinckrodt plc* (a) | 226 | 2,070 | ||||||
Medicines Co. (The)* (a) | 197 | 7,185 | ||||||
Prestige Consumer Healthcare, Inc.* (a) | 151 | 4,781 | ||||||
|
| |||||||
17,827 | ||||||||
|
| |||||||
Professional Services — 3.3% |
| |||||||
Acacia Research Corp.* | 439 | 1,300 | ||||||
Barrett Business Services, Inc. | 104 | 8,601 | ||||||
FTI Consulting, Inc.* | 160 | 13,448 | ||||||
Huron Consulting Group, Inc.* (a) | 173 | 8,731 | ||||||
Kelly Services, Inc., Class A | 70 | 1,833 | ||||||
Navigant Consulting, Inc. | 538 | 12,479 | ||||||
TrueBlue, Inc.* | 240 | 5,292 | ||||||
|
| |||||||
51,684 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.2% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 185 | 3,801 | ||||||
|
| |||||||
Road & Rail — 0.8% |
| |||||||
ArcBest Corp. | 344 | 9,676 | ||||||
Covenant Transportation Group, Inc., Class A* | 40 | 591 | ||||||
YRC Worldwide, Inc.* | 652 | 2,627 | ||||||
|
| |||||||
12,894 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
36 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Semiconductors & Semiconductor Equipment — 3.5% |
| |||||||
Amkor Technology, Inc.* | 696 | 5,191 | ||||||
Cirrus Logic, Inc.* | 309 | 13,490 | ||||||
Cree, Inc.* | 4 | 225 | ||||||
NeoPhotonics Corp.* | 270 | 1,130 | ||||||
Rambus, Inc.* | 1,279 | 15,403 | ||||||
Synaptics, Inc.* | 179 | 5,222 | ||||||
Veeco Instruments, Inc.* (a) | 381 | 4,651 | ||||||
Xperi Corp. | 459 | 9,457 | ||||||
|
| |||||||
54,769 | ||||||||
|
| |||||||
Software — 1.8% |
| |||||||
ACI Worldwide, Inc.* | 234 | 8,039 | ||||||
Fair Isaac Corp.* | 17 | 5,213 | ||||||
MicroStrategy, Inc., Class A* (a) | 20 | 2,923 | ||||||
Synchronoss Technologies, Inc.* | 144 | 1,139 | ||||||
TiVo Corp. | 1,448 | 10,669 | ||||||
|
| |||||||
27,983 | ||||||||
|
| |||||||
Specialty Retail — 2.2% |
| |||||||
Abercrombie & Fitch Co., Class A | 690 | 11,063 | ||||||
Barnes & Noble Education, Inc.* (a) | 500 | 1,681 | ||||||
Cato Corp. (The), Class A | 138 | 1,696 | ||||||
Chico’s FAS, Inc. (a) | 175 | 588 | ||||||
Conn’s, Inc.* (a) | 99 | 1,759 | ||||||
Express, Inc.* | 513 | 1,400 | ||||||
Hibbett Sports, Inc.* (a) | 416 | 7,577 | ||||||
Murphy USA, Inc.* | 31 | 2,613 | ||||||
Office Depot, Inc. | 1,346 | 2,772 | ||||||
Sally Beauty Holdings, Inc.* | 32 | 424 | ||||||
Zumiez, Inc.* | 128 | 3,346 | ||||||
|
| |||||||
34,919 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.7% |
| |||||||
Deckers Outdoor Corp.* | 28 | 4,874 | ||||||
Fossil Group, Inc.* (a) | 250 | 2,871 | ||||||
G-III Apparel Group Ltd.* | 27 | 797 | ||||||
Movado Group, Inc. (a) | 112 | 3,032 | ||||||
|
| |||||||
11,574 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 3.8% |
| |||||||
Essent Group Ltd.* | 94 | 4,408 | ||||||
First Defiance Financial Corp. | 64 | 1,823 | ||||||
Luther Burbank Corp. | 58 | 626 | ||||||
Meridian Bancorp, Inc. | 289 | 5,170 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Thrifts & Mortgage Finance — continued |
| |||||||
MGIC Investment Corp.* | 530 | 6,960 | ||||||
Northfield Bancorp, Inc. (a) | 580 | 9,054 | ||||||
Oritani Financial Corp. (a) | 26 | 454 | ||||||
Radian Group, Inc. | 139 | 3,178 | ||||||
Territorial Bancorp, Inc. | 15 | 454 | ||||||
United Community Financial Corp. | 40 | 378 | ||||||
United Financial Bancorp, Inc. | 90 | 1,278 | ||||||
Washington Federal, Inc. (a) | 582 | 20,326 | ||||||
Waterstone Financial, Inc. | 82 | 1,404 | ||||||
WSFS Financial Corp. | 79 | 3,243 | ||||||
|
| |||||||
58,756 | ||||||||
|
| |||||||
Tobacco — 0.1% |
| |||||||
Vector Group Ltd. (a) | 193 | 1,884 | ||||||
|
| |||||||
Trading Companies & Distributors — 2.5% |
| |||||||
BMC Stock Holdings, Inc.* | 206 | 4,361 | ||||||
DXP Enterprises, Inc.* | 107 | 4,058 | ||||||
MRC Global, Inc.* | 545 | 9,328 | ||||||
NOW, Inc.* (a) | 764 | 11,273 | ||||||
Titan Machinery, Inc.* | 348 | 7,168 | ||||||
Veritiv Corp.* | 112 | 2,177 | ||||||
|
| |||||||
38,365 | ||||||||
|
| |||||||
Water Utilities — 0.2% |
| |||||||
American States Water Co. | 42 | 3,137 | ||||||
|
| |||||||
Total Common Stocks |
| 1,531,689 | ||||||
|
| |||||||
NO. OF WARRANTS (000) | ||||||||
Warrants — 0.0% |
| |||||||
Consumer Finance — 0.0% | ||||||||
Emergent Capital, Inc. expiring 10/1/2019, price 10.75 | 3 | — | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 2.3% |
| |||||||
Investment Companies — 2.3% | ||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (c) (d) | 35,257 | 35,272 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 37 |
Table of Contents
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 6.0% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (c) (d) | 70,014 | 70,028 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (c) (d) | 23,241 | 23,241 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 93,269 | |||||||
|
| |||||||
Total Investments — 106.9% |
| 1,660,230 | ||||||
Liabilities in Excess of |
| (106,948 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 1,553,282 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
REIT | Real Estate Investment Trust | |
USD | United States Dollar | |
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $90,492,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts | ||||||||||||||||||
Russell 2000E-Mini Index | 294 | 09/2019 | USD | 23,045 | 582 | |||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
38 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — 95.1% |
| |||||||
Aerospace & Defense — 0.2% |
| |||||||
Moog, Inc., Class A | 26 | 2,392 | ||||||
|
| |||||||
Air Freight & Logistics — 0.2% |
| |||||||
Echo Global Logistics, Inc.* | 149 | 3,100 | ||||||
|
| |||||||
Auto Components — 1.1% |
| |||||||
Gentherm, Inc.* | 152 | 6,337 | ||||||
Stoneridge, Inc.* (a) | 270 | 8,504 | ||||||
|
| |||||||
14,841 | ||||||||
|
| |||||||
Banks — 8.3% |
| |||||||
1st Source Corp. | 43 | 2,009 | ||||||
Atlantic Union Bankshares Corp. | 35 | 1,228 | ||||||
BancFirst Corp. | 132 | 7,364 | ||||||
BancorpSouth Bank (a) | 178 | 5,158 | ||||||
BankFinancial Corp. | 70 | 980 | ||||||
Banner Corp. | 137 | 7,444 | ||||||
Brookline Bancorp, Inc. | 177 | 2,715 | ||||||
Cadence BanCorp | 11 | 238 | ||||||
Cathay General Bancorp (a) | 69 | 2,491 | ||||||
Central Pacific Financial Corp. | 216 | 6,459 | ||||||
Central Valley Community Bancorp | 16 | 345 | ||||||
Citizens & Northern Corp. | 18 | 465 | ||||||
Columbia Banking System, Inc. | 172 | 6,233 | ||||||
CVB Financial Corp. (a) | 287 | 6,036 | ||||||
East West Bancorp, Inc. | 2 | 115 | ||||||
Enterprise Financial Services Corp. | 41 | 1,697 | ||||||
First Commonwealth Financial Corp. | 290 | 3,908 | ||||||
First Community Bankshares, Inc. | 19 | 651 | ||||||
First Hawaiian, Inc. | 63 | 1,636 | ||||||
First Interstate BancSystem, Inc., Class A | 44 | 1,744 | ||||||
Flushing Financial Corp. | 59 | 1,305 | ||||||
Great Western Bancorp, Inc. | 21 | 764 | ||||||
Hope Bancorp, Inc. | 142 | 1,954 | ||||||
IBERIABANK Corp. | 25 | 1,927 | ||||||
Independent Bank Corp. | 83 | 1,800 | ||||||
Independent Bank Corp. | 9 | 701 | ||||||
Investors Bancorp, Inc. | 195 | 2,172 | ||||||
National Bank Holdings Corp., Class A | 16 | 588 | ||||||
OFG Bancorp (Puerto Rico) | 25 | 602 | ||||||
PacWest Bancorp (a) | 47 | 1,835 | ||||||
People’s United Financial, Inc. | 97 | 1,622 | ||||||
Simmons First National Corp., Class A (a) | 82 | 1,918 | ||||||
South State Corp. (a) | 10 | 759 | ||||||
TCF Financial Corp. | 179 | 3,712 | ||||||
Trustmark Corp. (a) | 435 | 14,455 |
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Banks — continued |
| |||||||
UMB Financial Corp. (a) | 43 | 2,825 | ||||||
United Bankshares, Inc. (a) | 127 | 4,720 | ||||||
Webster Financial Corp. | 42 | 1,982 | ||||||
West Bancorp, Inc. | 28 | 596 | ||||||
Westamerica Bancorp (a) | 167 | 10,278 | ||||||
|
| |||||||
115,431 | ||||||||
|
| |||||||
Biotechnology — 7.0% |
| |||||||
ACADIA Pharmaceuticals, Inc.* | 161 | 4,295 | ||||||
Achillion Pharmaceuticals, Inc.* | 427 | 1,145 | ||||||
Aimmune Therapeutics, Inc.* (a) | 97 | 2,010 | ||||||
Alder Biopharmaceuticals, Inc.* (a) | 185 | 2,172 | ||||||
Alector, Inc.* (a) | 38 | 714 | ||||||
AMAG Pharmaceuticals, Inc.* (a) | 19 | 192 | ||||||
Amicus Therapeutics, Inc.* (a) | 296 | 3,690 | ||||||
Arena Pharmaceuticals, Inc.* | 90 | 5,285 | ||||||
Atara Biotherapeutics, Inc.* (a) | 99 | 2,000 | ||||||
Athenex, Inc.* (a) | 236 | 4,671 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.* | 110 | 4,825 | ||||||
Bluebird Bio, Inc.* (a) | 15 | 1,914 | ||||||
Bridgebio Pharma, Inc.* | 74 | 1,985 | ||||||
Clovis Oncology, Inc.* (a) | 135 | 2,009 | ||||||
CytomX Therapeutics, Inc.* | 101 | 1,133 | ||||||
Eagle Pharmaceuticals, Inc.* (a) | 24 | 1,332 | ||||||
Flexion Therapeutics, Inc.* (a) | 104 | 1,277 | ||||||
Forty Seven, Inc.* (a) | 188 | 1,996 | ||||||
Global Blood Therapeutics, Inc.* (a) | 97 | 5,115 | ||||||
Gritstone Oncology, Inc.* (a) | 44 | 488 | ||||||
Homology Medicines, Inc.* | 61 | 1,198 | ||||||
Intercept Pharmaceuticals, Inc.* (a) | 57 | 4,549 | ||||||
La Jolla Pharmaceutical Co.* (a) | 96 | 886 | ||||||
Mersana Therapeutics, Inc.* (a) | 617 | 2,500 | ||||||
Myriad Genetics, Inc.* | 120 | 3,347 | ||||||
Principia Biopharma, Inc.* (a) | 108 | 3,596 | ||||||
Protagonist Therapeutics, Inc.* | 234 | 2,834 | ||||||
Puma Biotechnology, Inc.* | 69 | 883 | ||||||
REGENXBIO, Inc.* (a) | 90 | 4,613 | ||||||
Sangamo Therapeutics, Inc.* (a) | 58 | 621 | ||||||
Sarepta Therapeutics, Inc.* (a) | 26 | 3,958 | ||||||
Seres Therapeutics, Inc.* (a) | 491 | 1,580 | ||||||
Solid Biosciences, Inc.* (a) | 94 | 538 | ||||||
Sutro Biopharma, Inc.* | 35 | 395 | ||||||
Synlogic, Inc.* (a) | 192 | 1,752 | ||||||
TCR2 Therapeutics, Inc.* (a) | 75 | 1,077 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 39 |
Table of Contents
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Biotechnology — continued |
| |||||||
TG Therapeutics, Inc.* (a) | 208 | 1,800 | ||||||
Twist Bioscience Corp.* (a) | 63 | 1,822 | ||||||
Vanda Pharmaceuticals, Inc.* (a) | 150 | 2,116 | ||||||
Voyager Therapeutics, Inc.* | 160 | 4,348 | ||||||
Xencor, Inc.* | 114 | 4,671 | ||||||
Y-mAbs Therapeutics, Inc.* | 10 | 236 | ||||||
|
| |||||||
97,568 | ||||||||
|
| |||||||
Building Products — 1.3% |
| |||||||
Builders FirstSource, Inc.* | 87 | 1,472 | ||||||
Continental Building Products, Inc.* | 233 | 6,204 | ||||||
CSW Industrials, Inc. | 95 | 6,486 | ||||||
Masonite International Corp.* | 82 | 4,309 | ||||||
|
| |||||||
18,471 | ||||||||
|
| |||||||
Capital Markets — 0.9% |
| |||||||
BrightSphere Investment Group plc | 52 | 590 | ||||||
Cowen, Inc., Class A* (a) | 59 | 1,009 | ||||||
Donnelley Financial Solutions, Inc.* | 96 | 1,281 | ||||||
Houlihan Lokey, Inc. | 116 | 5,184 | ||||||
Stifel Financial Corp. | 78 | 4,598 | ||||||
|
| |||||||
12,662 | ||||||||
|
| |||||||
Chemicals — 1.1% |
| |||||||
FutureFuel Corp. | 158 | 1,846 | ||||||
Minerals Technologies, Inc. (a) | 58 | 3,113 | ||||||
OMNOVA Solutions, Inc.* | 249 | 1,553 | ||||||
PolyOne Corp. | 34 | 1,052 | ||||||
Trinseo SA | 187 | 7,936 | ||||||
|
| |||||||
15,500 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.8% |
| |||||||
ABM Industries, Inc. | 44 | 1,753 | ||||||
ACCO Brands Corp. | 930 | 7,317 | ||||||
Deluxe Corp. | 86 | 3,486 | ||||||
Ennis, Inc. | 243 | 4,984 | ||||||
HNI Corp. (a) | 85 | 2,990 | ||||||
Quad/Graphics, Inc. (a) | 331 | 2,616 | ||||||
VSE Corp. | 44 | 1,269 | ||||||
|
| |||||||
24,415 | ||||||||
|
| |||||||
Communications Equipment — 0.9% |
| |||||||
Cambium Networks Corp.* | 348 | 3,336 | ||||||
NetScout Systems, Inc.* (a) | 376 | 9,544 | ||||||
|
| |||||||
12,880 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Construction & Engineering — 2.4% |
| |||||||
Comfort Systems USA, Inc. | 90 | 4,600 | ||||||
EMCOR Group, Inc. | 221 | 19,461 | ||||||
MasTec, Inc.* (a) | 92 | 4,741 | ||||||
MYR Group, Inc.* | 86 | 3,198 | ||||||
Sterling Construction Co., Inc.* | 128 | 1,713 | ||||||
|
| |||||||
33,713 | ||||||||
|
| |||||||
Consumer Finance — 0.6% |
| |||||||
Credit Acceptance Corp.* (a) | 8 | 3,713 | ||||||
FirstCash, Inc. | 24 | 2,353 | ||||||
Green Dot Corp., Class A* (a) | 37 | 1,807 | ||||||
Nelnet, Inc., Class A | 11 | 634 | ||||||
|
| |||||||
8,507 | ||||||||
|
| |||||||
Containers & Packaging — 0.1% |
| |||||||
Graphic Packaging Holding Co. | 94 | 1,318 | ||||||
Myers Industries, Inc. | 25 | 483 | ||||||
|
| |||||||
1,801 | ||||||||
|
| |||||||
Distributors — 0.2% |
| |||||||
Core-Mark Holding Co., Inc. | 75 | 2,984 | ||||||
Weyco Group, Inc. | 9 | 246 | ||||||
|
| |||||||
3,230 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.4% |
| |||||||
Houghton Mifflin Harcourt Co.* | 48 | 279 | ||||||
K12, Inc.* | 153 | 4,656 | ||||||
|
| |||||||
4,935 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 1.0% |
| |||||||
Cogent Communications Holdings, Inc. | 144 | 8,565 | ||||||
Consolidated Communications Holdings, Inc. (a) | 1,103 | 5,440 | ||||||
|
| |||||||
14,005 | ||||||||
|
| |||||||
Electric Utilities — 1.1% |
| |||||||
IDACORP, Inc. | 13 | 1,276 | ||||||
PNM Resources, Inc. | 62 | 3,146 | ||||||
Portland General Electric Co. | 146 | 7,905 | ||||||
Spark Energy, Inc., Class A (a) | 218 | 2,444 | ||||||
|
| |||||||
14,771 | ||||||||
|
| |||||||
Electrical Equipment — 1.3% |
| |||||||
Bloom Energy Corp., Class A* (a) | 9 | 110 | ||||||
Generac Holdings, Inc.* | 225 | 15,638 | ||||||
Powell Industries, Inc. | 73 | 2,775 | ||||||
|
| |||||||
18,523 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Electronic Equipment, Instruments & Components — 3.1% |
| |||||||
Bel Fuse, Inc., Class B | 3 | 49 | ||||||
Benchmark Electronics, Inc. | 201 | 5,040 | ||||||
ePlus, Inc.* | 68 | 4,700 | ||||||
Fabrinet (Thailand)* | 80 | 3,977 | ||||||
Insight Enterprises, Inc.* (a) | 41 | 2,386 | ||||||
OSI Systems, Inc.* (a) | 89 | 9,999 | ||||||
SYNNEX Corp. | 15 | 1,446 | ||||||
Tech Data Corp.* | 154 | 16,150 | ||||||
|
| |||||||
43,747 | ||||||||
|
| |||||||
Energy Equipment & Services — 1.4% |
| |||||||
Dril-Quip, Inc.* | 184 | 8,814 | ||||||
FTS International, Inc.* | 109 | 610 | ||||||
Matrix Service Co.* | 322 | 6,533 | ||||||
SEACOR Holdings, Inc.* | 73 | 3,454 | ||||||
|
| |||||||
19,411 | ||||||||
|
| |||||||
Entertainment — 0.2% |
| |||||||
AMC Entertainment Holdings, Inc., Class A (a) | 225 | 2,099 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.6% |
| |||||||
Alexander & Baldwin, Inc. | 36 | 826 | ||||||
American Assets Trust, Inc. | 223 | 10,502 | ||||||
Americold Realty Trust (a) | 356 | 11,547 | ||||||
Ashford Hospitality Trust, Inc. | 514 | 1,525 | ||||||
CorEnergy Infrastructure Trust, Inc. (a) | 8 | 305 | ||||||
CoreSite Realty Corp. | 106 | 12,240 | ||||||
Cousins Properties, Inc. | 52 | 1,888 | ||||||
CubeSmart | 55 | 1,848 | ||||||
DiamondRock Hospitality Co. | 470 | 4,858 | ||||||
EastGroup Properties, Inc. | 29 | 3,358 | ||||||
Equity LifeStyle Properties, Inc. | 21 | 2,560 | ||||||
First Industrial Realty Trust, Inc. | 41 | 1,503 | ||||||
GEO Group, Inc. (The) | 366 | 7,689 | ||||||
Gladstone Commercial Corp. | 16 | 338 | ||||||
Hersha Hospitality Trust | 67 | 1,106 | ||||||
Highwoods Properties, Inc. | 31 | 1,268 | ||||||
Hospitality Properties Trust | 84 | 2,093 | ||||||
Lexington Realty Trust (a) | 142 | 1,334 | ||||||
Mack-Cali Realty Corp. | 74 | 1,722 | ||||||
National Retail Properties, Inc. | 10 | 541 | ||||||
Pebblebrook Hotel Trust (a) | 310 | 8,740 | ||||||
Piedmont Office Realty Trust, Inc., Class A (a) | 153 | 3,055 | ||||||
PS Business Parks, Inc. | 13 | 2,212 | ||||||
RLJ Lodging Trust | 46 | 819 | ||||||
Saul Centers, Inc. | 40 | 2,256 |
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Sunstone Hotel Investors, Inc. | 315 | 4,317 | ||||||
Taubman Centers, Inc. | 27 | 1,106 | ||||||
Uniti Group, Inc. | 8 | 79 | ||||||
Xenia Hotels & Resorts, Inc. | 35 | 722 | ||||||
|
| |||||||
92,357 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.2% |
| |||||||
Grocery Outlet Holding Corp.* | 34 | 1,128 | ||||||
Rite Aid Corp.* (a) | 196 | 1,566 | ||||||
|
| |||||||
2,694 | ||||||||
|
| |||||||
Food Products — 1.2% |
| |||||||
Darling Ingredients, Inc.* | 572 | 11,378 | ||||||
Sanderson Farms, Inc. (a) | 32 | 4,343 | ||||||
Seneca Foods Corp., Class A* | 16 | 455 | ||||||
|
| |||||||
16,176 | ||||||||
|
| |||||||
Gas Utilities — 0.4% |
| |||||||
Northwest Natural Holding Co. | 21 | 1,460 | ||||||
Southwest Gas Holdings, Inc. | 42 | 3,746 | ||||||
|
| |||||||
5,206 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.5% |
| |||||||
AngioDynamics, Inc.* | 246 | 4,836 | ||||||
Axonics Modulation Technologies, Inc.* (a) | 10 | 422 | ||||||
Integer Holdings Corp.* | 201 | 16,855 | ||||||
Lantheus Holdings, Inc.* (a) | 65 | 1,834 | ||||||
Meridian Bioscience, Inc. | 180 | 2,143 | ||||||
Nevro Corp.* (a) | 60 | 3,895 | ||||||
NuVasive, Inc.* (a) | 112 | 6,578 | ||||||
Orthofix Medical, Inc.* | 40 | 2,105 | ||||||
Utah Medical Products, Inc. | 16 | 1,498 | ||||||
Varex Imaging Corp.* | 290 | 8,888 | ||||||
|
| |||||||
49,054 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.0% |
| |||||||
Amedisys, Inc.* | 48 | 5,812 | ||||||
Community Health Systems, Inc.* (a) | 253 | 675 | ||||||
Cross Country Healthcare, Inc.* | 328 | 3,077 | ||||||
Magellan Health, Inc.* | 8 | 601 | ||||||
Owens & Minor, Inc. (a) | 491 | 1,572 | ||||||
Patterson Cos., Inc. (a) | 244 | 5,593 | ||||||
Surgery Partners, Inc.* (a) | 115 | 939 | ||||||
Tenet Healthcare Corp.* (a) | 131 | 2,712 | ||||||
Triple-S Management Corp., Class B (Puerto Rico)* | 283 | 6,750 | ||||||
|
| |||||||
27,731 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 41 |
Table of Contents
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Health Care Technology — 1.6% |
| |||||||
Allscripts Healthcare Solutions, Inc.* (a) | 1,556 | 18,092 | ||||||
HealthStream, Inc.* | 188 | 4,867 | ||||||
|
| |||||||
22,959 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.5% |
| |||||||
Bloomin’ Brands, Inc. | 432 | 8,161 | ||||||
Boyd Gaming Corp. | 116 | 3,131 | ||||||
Brinker International, Inc. (a) | 209 | 8,233 | ||||||
Red Lion Hotels Corp.* (a) | 147 | 1,045 | ||||||
|
| |||||||
20,570 | ||||||||
|
| |||||||
Household Durables — 2.8% |
| |||||||
Hamilton Beach Brands Holding Co., Class A | 34 | 644 | ||||||
KB Home | 652 | 16,767 | ||||||
Sonos, Inc.* (a) | 742 | 8,418 | ||||||
TRI Pointe Group, Inc.* (a) | 1,071 | 12,815 | ||||||
|
| |||||||
38,644 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.5% |
| |||||||
Atlantic Power Corp.* | 2,096 | 5,073 | ||||||
Clearway Energy, Inc., Class A | 77 | 1,247 | ||||||
|
| |||||||
6,320 | ||||||||
|
| |||||||
Insurance — 1.8% |
| |||||||
Ambac Financial Group, Inc.* (a) | 13 | 213 | ||||||
American Equity Investment Life Holding Co. | 14 | 373 | ||||||
CNO Financial Group, Inc. | 141 | 2,347 | ||||||
First American Financial Corp. | 28 | 1,497 | ||||||
Global Indemnity Ltd. (Cayman Islands) | 16 | 506 | ||||||
Kemper Corp. | 15 | 1,273 | ||||||
Kinsale Capital Group, Inc. | 68 | 6,189 | ||||||
MBIA, Inc.* (a) | 420 | 3,911 | ||||||
Primerica, Inc. | 66 | 7,923 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 88 | 904 | ||||||
|
| |||||||
25,136 | ||||||||
|
| |||||||
Interactive Media & Services — 0.2% |
| |||||||
Yelp, Inc.* (a) | 67 | 2,287 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.1% |
| |||||||
Etsy, Inc.* | 20 | 1,252 | ||||||
Groupon, Inc.* | 423 | 1,513 | ||||||
Liberty Expedia Holdings, Inc., Class A* | 260 | 12,429 | ||||||
|
| |||||||
15,194 | ||||||||
|
| |||||||
IT Services — 1.6% |
| |||||||
Brightcove, Inc.* | 297 | 3,067 | ||||||
CACI International, Inc., Class A* | 22 | 4,532 |
INVESTMENTS | SHARES | VALUE ($000) | ||||||
IT Services — continued |
| |||||||
Euronet Worldwide, Inc.* | 15 | 2,498 | ||||||
NIC, Inc. | 189 | 3,024 | ||||||
Perficient, Inc.* (a) | 273 | 9,375 | ||||||
Unisys Corp.* (a) | 31 | 303 | ||||||
|
| |||||||
22,799 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.7% |
| |||||||
Adaptive Biotechnologies Corp.* | 52 | 2,526 | ||||||
Medpace Holdings, Inc.* (a) | 79 | 5,180 | ||||||
Personalis, Inc.* | 59 | 1,607 | ||||||
|
| |||||||
9,313 | ||||||||
|
| |||||||
Machinery — 3.1% |
| |||||||
Actuant Corp., Class A (a) | 12 | 305 | ||||||
Douglas Dynamics, Inc. | 201 | 8,008 | ||||||
EnPro Industries, Inc. | 41 | 2,598 | ||||||
Graham Corp. | 29 | 588 | ||||||
Harsco Corp.* | 123 | 3,386 | ||||||
Hillenbrand, Inc. (a) | 160 | 6,333 | ||||||
Kadant, Inc. | 37 | 3,394 | ||||||
LB Foster Co., Class A* | 19 | 513 | ||||||
Meritor, Inc.* | 143 | 3,465 | ||||||
Wabash National Corp. | 882 | 14,347 | ||||||
|
| |||||||
42,937 | ||||||||
|
| |||||||
Media — 1.8% |
| |||||||
comScore, Inc.* | 5 | 26 | ||||||
Hemisphere Media Group, Inc.* | 188 | 2,435 | ||||||
New Media Investment Group, Inc. | 103 | 972 | ||||||
Nexstar Media Group, Inc., Class A | 61 | 6,111 | ||||||
Sinclair Broadcast Group, Inc., Class A | 246 | 13,202 | ||||||
WideOpenWest, Inc.* (a) | 365 | 2,648 | ||||||
|
| |||||||
25,394 | ||||||||
|
| |||||||
Metals & Mining — 0.9% |
| |||||||
Kaiser Aluminum Corp. | 10 | 996 | ||||||
Warrior Met Coal, Inc. (a) | 227 | 5,927 | ||||||
Worthington Industries, Inc. | 140 | 5,635 | ||||||
|
| |||||||
12,558 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.7% |
| |||||||
Blackstone Mortgage Trust, Inc., Class A | 74 | 2,647 | ||||||
Capstead Mortgage Corp. (a) | 61 | 512 | ||||||
Cherry Hill Mortgage Investment Corp. (a) | 89 | 1,422 | ||||||
Invesco Mortgage Capital, Inc. | 158 | 2,543 | ||||||
Two Harbors Investment Corp. | 245 | 3,108 | ||||||
|
| |||||||
10,232 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Multiline Retail — 0.1% |
| |||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 14 | 1,246 | ||||||
|
| |||||||
Multi-Utilities — 0.4% |
| |||||||
Black Hills Corp. (a) | 65 | 5,089 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.9% |
| |||||||
Arch Coal, Inc., Class A (a) | 67 | 6,326 | ||||||
CVR Energy, Inc. | 15 | 774 | ||||||
Delek US Holdings, Inc. (a) | 264 | 10,689 | ||||||
Dorian LPG Ltd.* | 5 | 42 | ||||||
Gulfport Energy Corp.* | 730 | 3,586 | ||||||
Peabody Energy Corp. | 134 | 3,222 | ||||||
Renewable Energy Group, Inc.* (a) | 238 | 3,770 | ||||||
REX American Resources Corp.* (a) | 90 | 6,574 | ||||||
W&T Offshore, Inc.* | 1,056 | 5,235 | ||||||
|
| |||||||
40,218 | ||||||||
|
| |||||||
Paper & Forest Products — 0.9% |
| |||||||
Boise Cascade Co. | 77 | 2,163 | ||||||
Domtar Corp. | 33 | 1,466 | ||||||
Louisiana-Pacific Corp. (a) | 125 | 3,281 | ||||||
Verso Corp., Class A* | 299 | 5,686 | ||||||
|
| |||||||
12,596 | ||||||||
|
| |||||||
Personal Products — 0.4% |
| |||||||
Edgewell Personal Care Co.* (a) | 38 | 1,026 | ||||||
Herbalife Nutrition Ltd.* (a) | 29 | 1,239 | ||||||
Medifast, Inc. | 11 | 1,386 | ||||||
USANA Health Sciences, Inc.* | 17 | 1,322 | ||||||
|
| |||||||
4,973 | ||||||||
|
| |||||||
Pharmaceuticals — 1.9% |
| |||||||
Arvinas, Inc.* (a) | 3 | 73 | ||||||
Horizon Therapeutics plc* | 243 | 5,840 | ||||||
Lannett Co., Inc.* (a) | 360 | 2,179 | ||||||
Mallinckrodt plc* | 289 | 2,650 | ||||||
Menlo Therapeutics, Inc.* | 81 | 482 | ||||||
MyoKardia, Inc.* | 104 | 5,199 | ||||||
Paratek Pharmaceuticals, Inc.* (a) | 236 | 940 | ||||||
Prestige Consumer Healthcare, Inc.* (a) | 155 | 4,901 | ||||||
Reata Pharmaceuticals, Inc., Class A* (a) | 43 | 4,098 | ||||||
resTORbio, Inc.* | 59 | 606 | ||||||
|
| |||||||
26,968 | ||||||||
|
| |||||||
Professional Services — 3.4% |
| |||||||
Barrett Business Services, Inc. | 141 | 11,639 | ||||||
Heidrick & Struggles International, Inc. | 19 | 575 | ||||||
Huron Consulting Group, Inc.* | 172 | 8,674 |
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Professional Services — continued |
| |||||||
Kforce, Inc. | 114 | 3,990 | ||||||
Korn Ferry | 113 | 4,544 | ||||||
Navigant Consulting, Inc. | 632 | 14,650 | ||||||
TrueBlue, Inc.* | 131 | 2,885 | ||||||
|
| |||||||
46,957 | ||||||||
|
| |||||||
Road & Rail — 0.6% |
| |||||||
ArcBest Corp. | 229 | 6,435 | ||||||
Covenant Transportation Group, Inc., Class A* | 24 | 352 | ||||||
Schneider National, Inc., Class B | 42 | 763 | ||||||
YRC Worldwide, Inc.* | 293 | 1,179 | ||||||
|
| |||||||
8,729 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.6% |
| |||||||
Amkor Technology, Inc.* (a) | 757 | 5,649 | ||||||
Cirrus Logic, Inc.* | 273 | 11,937 | ||||||
Cree, Inc.* | 23 | 1,314 | ||||||
NeoPhotonics Corp.* | 212 | 886 | ||||||
Rambus, Inc.* (a) | 1,423 | 17,139 | ||||||
Synaptics, Inc.* | 126 | 3,680 | ||||||
Veeco Instruments, Inc.* (a) | 260 | 3,174 | ||||||
Xperi Corp. | 304 | 6,253 | ||||||
|
| |||||||
50,032 | ||||||||
|
| |||||||
Software — 5.3% |
| |||||||
ACI Worldwide, Inc.* | 413 | 14,187 | ||||||
Aspen Technology, Inc.* | 37 | 4,583 | ||||||
Box, Inc., Class A* (a) | 240 | 4,219 | ||||||
CommVault Systems, Inc.* | 81 | 4,007 | ||||||
Crowdstrike Holdings, Inc., Class A* | 66 | 4,534 | ||||||
j2 Global, Inc. (a) | 60 | 5,356 | ||||||
Manhattan Associates, Inc.* (a) | 35 | 2,444 | ||||||
MicroStrategy, Inc., Class A* (a) | 14 | 2,056 | ||||||
Pagerduty, Inc.* (a) | 52 | 2,465 | ||||||
Progress Software Corp. (a) | 212 | 9,254 | ||||||
Proofpoint, Inc.* | 31 | 3,776 | ||||||
Qualys, Inc.* (a) | 60 | 5,266 | ||||||
Synchronoss Technologies, Inc.* | 219 | 1,734 | ||||||
Telenav, Inc.* | 134 | 1,072 | ||||||
TiVo Corp. (a) | 1,192 | 8,782 | ||||||
|
| |||||||
73,735 | ||||||||
|
| |||||||
Specialty Retail — 2.7% |
| |||||||
Abercrombie & Fitch Co., Class A | 595 | 9,545 | ||||||
Barnes & Noble Education, Inc.* (a) | 583 | 1,960 | ||||||
Conn’s, Inc.* (a) | 38 | 673 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 43 |
Table of Contents
JPMorgan U.S. Small Company Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Specialty Retail — continued |
| |||||||
Five Below, Inc.* | 10 | 1,224 | ||||||
Hibbett Sports, Inc.* (a) | 198 | 3,595 | ||||||
Murphy USA, Inc.* | 53 | 4,456 | ||||||
Office Depot, Inc. | 1,178 | 2,427 | ||||||
Sleep Number Corp.* (a) | 175 | 7,080 | ||||||
Tailored Brands, Inc. (a) | 175 | 1,008 | ||||||
Zumiez, Inc.* | 194 | 5,055 | ||||||
|
| |||||||
37,023 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.0%(b) |
| |||||||
Electronics For Imaging, Inc.* (a) | 15 | 563 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.5% |
| |||||||
Crocs, Inc.* | 140 | 2,762 | ||||||
Deckers Outdoor Corp.* (a) | 84 | 14,839 | ||||||
Fossil Group, Inc.* (a) | 344 | 3,959 | ||||||
|
| |||||||
21,560 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 2.3% |
| |||||||
Capitol Federal Financial, Inc. | 15 | 210 | ||||||
First Defiance Financial Corp. | 31 | 897 | ||||||
Meridian Bancorp, Inc. | 426 | 7,613 | ||||||
MGIC Investment Corp.* | 331 | 4,355 | ||||||
NMI Holdings, Inc., Class A* (a) | 43 | 1,213 | ||||||
Northfield Bancorp, Inc. | 431 | 6,731 | ||||||
Radian Group, Inc. | 84 | 1,914 | ||||||
Washington Federal, Inc. (a) | 280 | 9,795 | ||||||
|
| |||||||
32,728 | ||||||||
|
| |||||||
Trading Companies & Distributors — 1.6% |
| |||||||
BMC Stock Holdings, Inc.* | 100 | 2,118 | ||||||
DXP Enterprises, Inc.* | 96 | 3,620 | ||||||
MRC Global, Inc.* (a) | 361 | 6,186 | ||||||
NOW, Inc.* | 461 | 6,800 | ||||||
Titan Machinery, Inc.* (a) | 139 | 2,864 | ||||||
Veritiv Corp.* | 58 | 1,134 | ||||||
|
| |||||||
22,722 | ||||||||
|
| |||||||
Water Utilities — 0.7% |
| |||||||
American States Water Co. | 128 | 9,627 | ||||||
|
| |||||||
Total Common Stocks | 1,324,329 | |||||||
|
|
INVESTMENTS | NO. OF WARRANTS (000) | VALUE ($000) | ||||||
Warrants — 0.0% |
| |||||||
Consumer Finance — 0.0% |
| |||||||
Emergent Capital, Inc. expiring 10/1/2019, price 10.75 USD* | — | (c) | — | |||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 2.8% |
| |||||||
Investment Companies — 2.8% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (d) (e) | 38,880 | 38,896 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 9.4% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (d) (e) | 106,011 | 106,032 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (d) (e) | 25,260 | 25,260 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 131,292 | |||||||
|
| |||||||
Total Investments — 107.3% |
| 1,494,517 | ||||||
Liabilities in Excess of |
| (101,570 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 1,392,947 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
USD | United States Dollar | |
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $124,171,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Amount rounds to less than one thousand. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts | ||||||||||||||||||
Russell 2000E-Mini Index | 862 | 09/2019 | USD | 67,568 | 719 | |||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 45 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019
(Amounts in thousands, except per share amounts)
JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | JPMorgan | ||||||||||
ASSETS: |
| |||||||||||
Investments innon-affiliates, at value | $ | 336,507 | $ | 422,257 | $ | 5,995,157 | ||||||
Investments in affiliates, at value | 12,791 | 47,070 | 254,743 | |||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | 36,620 | 32,394 | 216,174 | |||||||||
Cash | 18 | 32 | 571 | |||||||||
Deposits at broker for futures contracts | — | 1,775 | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 3,689 | 14,180 | 30,669 | |||||||||
Fund shares sold | 1,523 | 250 | 3,020 | |||||||||
Dividends fromnon-affiliates | 197 | 362 | 5,863 | |||||||||
Dividends from affiliates | 1 | 3 | 17 | |||||||||
Securities lending income (See Note 2.C.) | 7 | 9 | 374 | |||||||||
Variation margin on futures contracts | — | 441 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 391,353 | 518,773 | 6,506,588 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Investment securities purchased | 3,724 | 36,362 | 3,368 | |||||||||
Collateral received on securities loaned (See Note 2.C.) | 36,620 | 32,394 | 216,174 | |||||||||
Fund shares redeemed | 2,345 | 94 | 5,838 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 140 | 191 | 3,199 | |||||||||
Administration fees | — | 17 | 337 | |||||||||
Distribution fees | 47 | 3 | 232 | |||||||||
Service fees | 53 | 15 | 792 | |||||||||
Custodian and accounting fees | 9 | 19 | 54 | |||||||||
Other | 158 | 134 | 670 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 43,096 | 69,229 | 230,664 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 348,257 | $ | 449,544 | $ | 6,275,924 | ||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | JPMorgan | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 297,525 | $ | 395,342 | $ | 4,251,143 | ||||||
Total distributable earnings (loss) (a) | 50,732 | 54,202 | 2,024,781 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 348,257 | $ | 449,544 | $ | 6,275,924 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 116,751 | $ | 5,896 | $ | 791,846 | ||||||
Class C | 38,625 | 2,307 | 111,453 | |||||||||
Class I | 110,123 | 13,211 | 2,720,056 | |||||||||
Class R2 | — | 166 | 9,718 | |||||||||
Class R3 | — | 3,768 | 2,597 | |||||||||
Class R4 | — | 1,941 | 475 | |||||||||
Class R5 | — | 215,630 | 1,214,075 | |||||||||
Class R6 | 82,758 | 206,625 | 1,425,704 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 348,257 | $ | 449,544 | $ | 6,275,924 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 5,902 | 118 | 15,822 | |||||||||
Class C | 2,995 | 47 | 3,075 | |||||||||
Class I | 4,636 | 263 | 46,622 | |||||||||
Class R2 | — | 3 | 199 | |||||||||
Class R3 | — | 75 | 52 | |||||||||
Class R4 | — | 39 | 8 | |||||||||
Class R5 | — | 4,277 | 20,750 | |||||||||
Class R6 | 3,475 | 4,104 | 24,372 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 19.78 | $ | 49.98 | $ | 50.05 | ||||||
Class C — Offering price per share (c) | 12.90 | 49.27 | 36.25 | |||||||||
Class I — Offering and redemption price per share | 23.75 | 50.25 | 58.34 | |||||||||
Class R2 — Offering and redemption price per share | — | 50.01 | 48.98 | |||||||||
Class R3 — Offering and redemption price per share | — | 50.18 | 49.73 | |||||||||
Class R4 — Offering and redemption price per share | — | 50.28 | 58.26 | |||||||||
Class R5 — Offering and redemption price per share | — | 50.42 | 58.51 | |||||||||
Class R6 — Offering and redemption price per share | 23.82 | 50.34 | 58.50 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 20.88 | $ | 52.75 | $ | 52.82 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 286,426 | $ | 376,060 | $ | 4,154,901 | ||||||
Cost of investments in affiliates | 12,790 | 47,069 | 254,718 | |||||||||
Investment securities on loan, at value (See Note 2.C.) | 36,058 | 30,884 | 215,609 | |||||||||
Cost of investment of cash collateral (See Note 2.C.) | 36,617 | 32,392 | 216,158 |
(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.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 47 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund | JPMorgan U.S. Small Company Fund | ||||||||||
ASSETS: |
| |||||||||||
Investments innon-affiliates, at value | $ | 2,831,211 | $ | 1,531,689 | $ | 1,324,329 | ||||||
Investments in affiliates, at value | 24,541 | 35,272 | 38,896 | |||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | 416,342 | 93,269 | 131,292 | |||||||||
Cash | 87 | 43 | 51 | |||||||||
Deposits at broker for futures contracts | — | 1,670 | 1,828 | |||||||||
Receivables: | ||||||||||||
Due from custodian | 60,974 | — | — | |||||||||
Investment securities sold | 140,436 | 26,671 | 40,149 | |||||||||
Fund shares sold | 6,797 | 1,470 | 2,733 | |||||||||
Dividends fromnon-affiliates | 964 | 2,593 | 1,096 | |||||||||
Dividends from affiliates | 2 | 2 | 3 | |||||||||
Securities lending income (See Note 2.C.) | 91 | 16 | 24 | |||||||||
Variation margin on futures contracts | — | 398 | 306 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 3,481,445 | 1,693,093 | 1,540,707 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Investment securities purchased | 105,767 | 32,692 | 10,615 | |||||||||
Collateral received on securities loaned (See Note 2.C.) | 416,342 | 93,269 | 131,292 | |||||||||
Fund shares redeemed | 80,574 | 12,550 | 4,685 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 1,463 | 804 | 662 | |||||||||
Administration fees | 148 | 87 | 83 | |||||||||
Distribution fees | 126 | 68 | 67 | |||||||||
Service fees | 199 | 115 | 130 | |||||||||
Custodian and accounting fees | 23 | 20 | 28 | |||||||||
Other | 137 | 206 | 198 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 604,779 | 139,811 | 147,760 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,876,666 | $ | 1,553,282 | $ | 1,392,947 | ||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund | JPMorgan U.S. Small | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 2,193,860 | $ | 1,365,546 | $ | 1,264,136 | ||||||
Total distributable earnings (loss) (a) | 682,806 | 187,736 | 128,811 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 2,876,666 | $ | 1,553,282 | $ | 1,392,947 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Class A | $ | 400,127 | $ | 193,505 | $ | 136,432 | ||||||
Class C | 58,288 | 18,088 | 28,451 | |||||||||
Class I | 289,094 | 287,014 | 273,370 | |||||||||
Class L | 568,539 | — | 433,521 | |||||||||
Class R2 | 26,011 | 36,276 | 44,064 | |||||||||
Class R3 | 1,072 | 14,854 | 23,887 | |||||||||
Class R4 | 1,336 | 436 | 6,313 | |||||||||
Class R5 | 13,817 | 69,857 | 11,770 | |||||||||
Class R6 | 1,518,382 | 933,252 | 435,139 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 2,876,666 | $ | 1,553,282 | $ | 1,392,947 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
Class A | 23,537 | 8,182 | 8,547 | |||||||||
Class C | 4,948 | 957 | 1,889 | |||||||||
Class I | 15,179 | 11,337 | 16,672 | |||||||||
Class L | 28,844 | — | 26,462 | |||||||||
Class R2 | 1,595 | 1,553 | 2,829 | |||||||||
Class R3 | 63 | 629 | 1,505 | |||||||||
Class R4 | 78 | 17 | 387 | |||||||||
Class R5 | 701 | 2,757 | 720 | |||||||||
Class R6 | 76,124 | 36,777 | 26,539 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 17.00 | $ | 23.65 | $ | 15.96 | ||||||
Class C — Offering price per share (c) | 11.78 | 18.90 | 15.06 | |||||||||
Class I — Offering and redemption price per share | 19.05 | 25.32 | 16.40 | |||||||||
Class L — Offering and redemption price per share | 19.71 | — | 16.38 | |||||||||
Class R2 — Offering and redemption price per share | 16.31 | 23.37 | 15.58 | |||||||||
Class R3 — Offering and redemption price per share | 17.00 | 23.61 | 15.87 | |||||||||
Class R4 — Offering and redemption price per share | 17.09 | 25.28 | 16.32 | |||||||||
Class R5 — Offering and redemption price per share | 19.72 | 25.34 | 16.34 | |||||||||
Class R6 — Offering and redemption price per share | 19.95 | 25.38 | 16.40 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 17.94 | $ | 24.96 | $ | 16.84 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 2,252,931 | $ | 1,352,766 | $ | 1,157,955 | ||||||
Cost of investments in affiliates | 24,539 | 35,268 | 38,893 | |||||||||
Investment securities on loan, at value (See Note 2.C.) | 402,031 | 90,492 | 124,171 | |||||||||
Cost of investment of cash collateral (See Note 2.C.) | 416,311 | 93,263 | 131,282 |
(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.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 49 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2019
(Amounts in thousands)
JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | JPMorgan | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income fromnon-affiliates | $ | — | $ | 11 | $ | — | ||||||
Interest income from affiliates | — | (a) | — | (a) | — | (a) | ||||||
Dividend income fromnon-affiliates | 3,099 | 4,477 | 89,752 | |||||||||
Dividend income from affiliates | 148 | 250 | 5,550 | |||||||||
Income from securities lending (net) (See Note 2.C.) | 58 | 77 | 762 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 3,305 | 4,815 | 96,064 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 1,737 | 2,169 | 41,878 | |||||||||
Administration fees | 208 | 260 | 5,040 | |||||||||
Distribution fees: | ||||||||||||
Class A | 240 | 13 | 2,275 | |||||||||
Class C | 297 | 17 | 933 | |||||||||
Class R2 | — | 1 | 54 | |||||||||
Class R3 | — | 3 | 6 | |||||||||
Service fees: | ||||||||||||
Class A | 240 | 13 | 2,275 | |||||||||
Class C | 99 | 6 | 311 | |||||||||
Class I | 266 | 41 | 6,958 | |||||||||
Class R2 | — | — | (a) | 27 | ||||||||
Class R3 | — | 3 | 6 | |||||||||
Class R4 | — | 4 | 2 | |||||||||
Class R5 | — | 217 | 1,216 | |||||||||
Custodian and accounting fees | 52 | 61 | 177 | |||||||||
Professional fees | 92 | 53 | 128 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 26 | 26 | 51 | |||||||||
Printing and mailing costs | 70 | 10 | 490 | |||||||||
Registration and filing fees | 76 | 166 | 226 | |||||||||
Transfer agency fees (See Note 2.F.) | 83 | 15 | 165 | |||||||||
Other | 15 | 20 | 105 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 3,501 | 3,098 | 62,323 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (334 | ) | (416 | ) | (1,573 | ) | ||||||
Less expense reimbursements | (59 | ) | (3 | ) | (12 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 3,108 | 2,679 | 60,738 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 197 | 2,136 | 35,326 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments innon-affiliates | 14,852 | 17,055 | 378,483 | |||||||||
Investments in affiliates | — | (a) | 1 | 3 | ||||||||
Futures contracts | — | (130 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 14,852 | 16,926 | 378,486 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||
Investments innon-affiliates | (8,862 | ) | (32,857 | ) | (267,350 | ) | ||||||
Investments in affiliates | 4 | 3 | 41 | |||||||||
Futures contracts | — | 311 | — | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (8,858 | ) | (32,543 | ) | (267,309 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 5,994 | (15,617 | ) | 111,177 | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 6,191 | $ | (13,481 | ) | $ | 146,503 | |||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Growth Fund | JPMorgan Small Cap Value Fund | JPMorgan | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income fromnon-affiliates | $ | — | $ | 41 | $ | 34 | ||||||
Interest income from affiliates | — | (a) | — | (a) | — | (a) | ||||||
Dividend income fromnon-affiliates | 12,711 | 34,212 | 20,358 | |||||||||
Dividend income from affiliates | 889 | 982 | 819 | |||||||||
Income from securities lending (net) (See Note 2.C.) | 623 | 289 | 545 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 14,223 | 35,524 | 21,756 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 16,315 | 11,116 | 9,399 | |||||||||
Administration fees | 1,955 | 1,338 | 1,226 | |||||||||
Distribution fees: | ||||||||||||
Class A | 882 | 631 | 424 | |||||||||
Class C | 392 | 166 | 272 | |||||||||
Class R2 | 150 | 199 | 240 | |||||||||
Class R3 | 2 | 36 | 54 | |||||||||
Service fees: | ||||||||||||
Class A | 882 | 631 | 424 | |||||||||
Class C | 131 | 55 | 91 | |||||||||
Class I | 646 | 767 | 871 | |||||||||
Class L | 496 | — | 479 | |||||||||
Class R2 | 75 | 100 | 120 | |||||||||
Class R3 | 2 | 35 | 54 | |||||||||
Class R4 | 2 | 1 | 15 | |||||||||
Class R5 | 23 | 104 | 10 | |||||||||
Custodian and accounting fees | 90 | 74 | 85 | |||||||||
Interest expense to affiliates | — | — | (a) | — | (a) | |||||||
Professional fees | 82 | 71 | 75 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 34 | 32 | 31 | |||||||||
Printing and mailing costs | 318 | 136 | 121 | |||||||||
Registration and filing fees | 276 | 104 | 145 | |||||||||
Transfer agency fees (See Note 2.F.) | 92 | 96 | 82 | |||||||||
Other | 49 | 42 | 37 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 22,894 | 15,734 | 14,255 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (692 | ) | (416 | ) | (90 | ) | ||||||
Less expense reimbursements | (24 | ) | (27 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 22,178 | 15,291 | 14,165 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | (7,955 | ) | 20,233 | 7,591 | ||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments innon-affiliates | 206,500 | 135,561 | 33,000 | |||||||||
Investments in affiliates | 5 | 2 | — | (a) | ||||||||
Futures contracts | — | (7,532 | ) | (4,029 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 206,505 | 128,031 | 28,971 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||
Investments innon-affiliates | (56,811 | ) | (326,384 | ) | (193,123 | ) | ||||||
Investments in affiliates | 33 | 10 | 13 | |||||||||
Futures contracts | — | 823 | 1,958 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (56,778 | ) | (325,551 | ) | (191,152 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 149,727 | (197,520 | ) | (162,181 | ) | |||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 141,772 | $ | (177,287 | ) | $ | (154,590 | ) | ||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 197 | $ | (1,589 | ) | $ | 2,136 | $ | 1,237 | |||||||
Net realized gain (loss) | 14,852 | 67,803 | 16,926 | 18,718 | ||||||||||||
Change in net unrealized appreciation/depreciation | (8,858 | ) | (5,489 | ) | (32,543 | ) | 24,496 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 6,191 | 60,725 | (13,481 | ) | 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 | 182,535 | 9,046 | 173,401 | 79,449 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 129,500 | 48,365 | 135,724 | 103,075 | ||||||||||||
Beginning of period | 218,757 | 170,392 | 313,820 | 210,745 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 348,257 | $ | 218,757 | $ | 449,544 | $ | 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 9. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Equity Fund | JPMorgan Small Cap Growth Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 35,326 | $ | 30,506 | $ | (7,955 | ) | $ | (7,870 | ) | ||||||
Net realized gain (loss) | 378,486 | 239,434 | 206,505 | 300,478 | ||||||||||||
Change in net unrealized appreciation/depreciation | (267,309 | ) | 609,763 | (56,778 | ) | 197,385 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 146,503 | 879,703 | 141,772 | 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 | (287,511 | ) | 9,723 | 792,978 | 495,754 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (552,315 | ) | 539,796 | 686,754 | 873,984 | |||||||||||
Beginning of period | 6,828,239 | 6,288,443 | 2,189,912 | 1,315,928 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 6,275,924 | $ | 6,828,239 | $ | 2,876,666 | $ | 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 9. 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.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 20,233 | $ | 20,141 | $ | 7,591 | $ | 5,467 | ||||||||
Net realized gain (loss) | 128,031 | 115,617 | 28,971 | 144,995 | ||||||||||||
Change in net unrealized appreciation/depreciation | (325,551 | ) | 84,422 | (191,152 | ) | 111,286 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (177,287 | ) | 220,180 | (154,590 | ) | 261,748 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (33,379 | ) | (26,130 | ) | (17,753 | ) | (13,966 | ) | ||||||||
Class C | (3,600 | ) | (2,152 | ) | (3,937 | ) | (3,080 | ) | ||||||||
Class I | (37,990 | ) | (23,178 | ) | (34,817 | ) | (25,766 | ) | ||||||||
Class L | — | — | (50,872 | ) | (44,432 | ) | ||||||||||
Class R2 | (5,236 | ) | (3,737 | ) | (5,054 | ) | (3,249 | ) | ||||||||
Class R3 | (1,914 | ) | (786 | ) | (2,105 | ) | (872 | ) | ||||||||
Class R4 | (53 | ) | (6 | ) | (678 | ) | (270 | ) | ||||||||
Class R5 | (15,233 | ) | (8,334 | ) | (1,146 | ) | (18 | ) | ||||||||
Class R6 | (121,650 | ) | (65,775 | ) | (45,521 | ) | (23,782 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (219,055 | ) | (130,098 | ) | (161,883 | ) | (115,435 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 21,342 | (277,003 | ) | (69,426 | ) | (119,140 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (375,000 | ) | (186,921 | ) | (385,899 | ) | 27,173 | |||||||||
Beginning of period | 1,928,282 | 2,115,203 | 1,778,846 | 1,751,673 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,553,282 | $ | 1,928,282 | $ | 1,392,947 | $ | 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 9. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Blend Fund | JPMorgan Small Cap Core Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 56,422 | $ | 15,940 | $ | 3,052 | $ | 2,760 | ||||||||
Distributions reinvested | 17,078 | 5,772 | 351 | 252 | ||||||||||||
Cost of shares redeemed | (21,654 | ) | (17,025 | ) | (1,451 | ) | (922 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 51,846 | $ | 4,687 | $ | 1,952 | $ | 2,090 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 24,795 | $ | 11,682 | $ | 1,749 | $ | 795 | ||||||||
Distributions reinvested | 1,178 | 349 | 172 | 108 | ||||||||||||
Cost of shares redeemed | (15,655 | ) | (14,448 | ) | (1,065 | ) | (223 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 10,318 | $ | (2,417 | ) | $ | 856 | $ | 680 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 122,678 | $ | 49,518 | $ | 14,346 | $ | 33,484 | ||||||||
Distributions reinvested | 24,212 | 7,882 | 1,269 | 1,875 | ||||||||||||
Cost of shares redeemed | (105,365 | ) | (50,624 | ) | (15,564 | ) | (23,067 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 41,525 | $ | 6,776 | $ | 51 | $ | 12,292 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2(a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 164 | $ | 20 | ||||||||
Distributions reinvested | — | — | 3 | 2 | ||||||||||||
Cost of shares redeemed | — | — | (31 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | 136 | $ | 22 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 4,058 | $ | 20 | ||||||||
Distributions reinvested | — | — | 2 | 2 | ||||||||||||
Cost of shares redeemed | — | — | (369 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | — | $ | — | $ | 3,691 | $ | 22 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 825 | $ | 1,555 | ||||||||
Distributions reinvested | — | — | 114 | 2 | ||||||||||||
Cost of shares redeemed | — | — | (337 | ) | (107 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | — | $ | — | $ | 602 | $ | 1,450 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 53,375 | $ | 51,871 | ||||||||
Distributions reinvested | — | — | 15,379 | 14,939 | ||||||||||||
Cost of shares redeemed | — | — | (50,254 | ) | (49,890 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | 18,500 | $ | 16,920 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(b) | ||||||||||||||||
Proceeds from shares issued | $ | 84,215 | $ | — | $ | 159,605 | $ | 46,416 | ||||||||
Distributions reinvested | 4 | — | 6,240 | 2,907 | ||||||||||||
Cost of shares redeemed | (5,373 | ) | — | (18,232 | ) | (3,350 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 78,846 | $ | — | $ | 147,613 | $ | 45,973 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 182,535 | $ | 9,046 | $ | 173,401 | $ | 79,449 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Core Fund. |
(b) | Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 2,757 | 656 | 58 | 51 | ||||||||||||
Reinvested | 976 | 255 | 7 | 5 | ||||||||||||
Redeemed | (1,042 | ) | (705 | ) | (28 | ) | (17 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 2,691 | 206 | 37 | 39 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 1,952 | 657 | 33 | 14 | ||||||||||||
Reinvested | 103 | 21 | 4 | 2 | ||||||||||||
Redeemed | (1,095 | ) | (787 | ) | (22 | ) | (4 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 960 | (109 | ) | 15 | 12 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 4,930 | 1,801 | 277 | 598 | ||||||||||||
Reinvested | 1,154 | 305 | 27 | 35 | ||||||||||||
Redeemed | (4,485 | ) | (1,787 | ) | (312 | ) | (429 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 1,599 | 319 | (8 | ) | 204 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2(a) | ||||||||||||||||
Issued | — | — | 4 | — | (b) | |||||||||||
Reinvested | — | — | — | (b) | — | (b) | ||||||||||
Redeemed | — | — | (1 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | — | 3 | — | (b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) |
| |||||||||||||||
Issued | — | — | 82 | — | (b) | |||||||||||
Reinvested | — | — | — | (b) | — | (b) | ||||||||||
Redeemed | — | — | (7 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | — | — | 75 | — | (b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) |
| |||||||||||||||
Issued | — | — | 16 | 29 | ||||||||||||
Reinvested | — | — | 2 | — | (b) | |||||||||||
Redeemed | — | — | (6 | ) | (2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | — | — | 12 | 27 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | — | — | 1,028 | 952 | ||||||||||||
Reinvested | — | — | 329 | 281 | ||||||||||||
Redeemed | — | — | (966 | ) | (904 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | 391 | 329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(c) |
| |||||||||||||||
Issued | 3,705 | — | 3,183 | 840 | ||||||||||||
Reinvested | — | (b) | — | 134 | 55 | |||||||||||
Redeemed | (230 | ) | — | (365 | ) | (62 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 3,475 | — | 2,952 | 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Equity Fund | JPMorgan Small Cap Growth Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 161,692 | $ | 261,260 | $ | 186,511 | $ | 143,219 | ||||||||
Distributions reinvested | 57,371 | 58,136 | 34,926 | 16,796 | ||||||||||||
Cost of shares redeemed | (467,700 | ) | (442,597 | ) | (139,043 | ) | (73,782 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (248,637 | ) | $ | (123,201 | ) | $ | 82,394 | $ | 86,233 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 4,981 | $ | 6,912 | $ | 31,303 | $ | 27,470 | ||||||||
Distributions reinvested | 11,037 | 10,428 | 8,141 | 2,267 | ||||||||||||
Cost of shares redeemed | (37,555 | ) | (54,198 | ) | (17,570 | ) | (12,373 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (21,537 | ) | $ | (36,858 | ) | $ | 21,874 | $ | 17,364 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 812,167 | $ | 728,118 | $ | 249,007 | $ | 214,425 | ||||||||
Distributions reinvested | 161,114 | 127,579 | 22,035 | 10,622 | ||||||||||||
Cost of shares redeemed | (1,009,139 | ) | (923,843 | ) | (234,917 | ) | (107,938 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (35,858 | ) | $ | (68,146 | ) | $ | 36,125 | $ | 117,109 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 299,095 | $ | 174,119 | ||||||||
Distributions reinvested | — | — | 42,498 | 21,436 | ||||||||||||
Cost of shares redeemed | — | — | (182,736 | ) | (208,654 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | 158,857 | $ | (13,099 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 3,928 | $ | 4,488 | $ | 5,637 | $ | 7,304 | ||||||||
Distributions reinvested | 442 | 397 | 3,392 | 2,045 | ||||||||||||
Cost of shares redeemed | (6,276 | ) | (6,823 | ) | (12,461 | ) | (7,260 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (1,906 | ) | $ | (1,938 | ) | $ | (3,432 | ) | $ | 2,089 | |||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Proceeds from shares issued | $ | 780 | $ | 3,244 | $ | 700 | $ | 430 | ||||||||
Distributions reinvested | 131 | 138 | 93 | 2 | ||||||||||||
Cost of shares redeemed | (764 | ) | (1,138 | ) | (162 | ) | (42 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 147 | $ | 2,244 | $ | 631 | $ | 390 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
Proceeds from shares issued | $ | 437 | $ | 634 | $ | 742 | $ | 698 | ||||||||
Distributions reinvested | 49 | 4 | 91 | 2 | ||||||||||||
Cost of shares redeemed | (556 | ) | (89 | ) | (210 | ) | (40 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | (70 | ) | $ | 549 | $ | 623 | $ | 660 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 249,768 | $ | 199,217 | $ | 15,804 | $ | 27,789 | ||||||||
Distributions reinvested | 72,102 | 60,149 | 3,229 | 152 | ||||||||||||
Cost of shares redeemed | (311,556 | ) | (374,064 | ) | (29,628 | ) | (1,442 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 10,314 | $ | (114,698 | ) | $ | (10,595 | ) | $ | 26,499 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 273,648 | $ | 631,942 | $ | 737,982 | $ | 505,197 | ||||||||
Distributions reinvested | 84,729 | 74,202 | 120,678 | 54,603 | ||||||||||||
Cost of shares redeemed | (348,341 | ) | (354,373 | ) | (352,159 | ) | (301,291 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 10,036 | $ | 351,771 | $ | 506,501 | $ | 258,509 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (287,511 | ) | $ | 9,723 | $ | 792,978 | $ | 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.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 3,220 | 5,187 | 11,086 | 8,439 | ||||||||||||
Reinvested | 1,280 | 1,180 | 2,442 | 1,070 | ||||||||||||
Redeemed | (9,569 | ) | (8,823 | ) | (8,306 | ) | (4,457 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (5,069 | ) | (2,456 | ) | 5,222 | 5,052 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 137 | 183 | 2,555 | 2,182 | ||||||||||||
Reinvested | 339 | 283 | 819 | 196 | ||||||||||||
Redeemed | (1,057 | ) | (1,432 | ) | (1,609 | ) | (1,007 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (581 | ) | (966 | ) | 1,765 | 1,371 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 14,200 | 12,557 | 13,101 | 11,500 | ||||||||||||
Reinvested | 3,089 | 2,241 | 1,377 | 615 | ||||||||||||
Redeemed | (18,069 | ) | (16,281 | ) | (12,472 | ) | (5,782 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (780 | ) | (1,483 | ) | 2,006 | 6,333 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | — | — | 15,406 | 9,322 | ||||||||||||
Reinvested | — | — | 2,570 | 1,206 | ||||||||||||
Redeemed | — | — | (9,858 | ) | (11,497 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | 8,118 | (969 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 81 | 91 | 352 | 448 | ||||||||||||
Reinvested | 10 | 8 | 247 | 135 | ||||||||||||
Redeemed | (128 | ) | (137 | ) | (774 | ) | (451 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (37 | ) | (38 | ) | (175 | ) | 132 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Issued | 15 | 66 | 42 | 26 | ||||||||||||
Reinvested | 3 | 3 | 7 | — | (b) | |||||||||||
Redeemed | (15 | ) | (22 | ) | (10 | ) | (2 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 3 | 47 | 39 | 24 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
Issued | 7 | 11 | 45 | 41 | ||||||||||||
Reinvested | 1 | — | (b) | 6 | — | (b) | ||||||||||
Redeemed | (10 | ) | (2 | ) | (12 | ) | (2 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | (2 | ) | 9 | 39 | 39 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 4,320 | 3,448 | 779 | 1,360 | ||||||||||||
Reinvested | 1,380 | 1,052 | 195 | 8 | ||||||||||||
Redeemed | (5,632 | ) | (6,519 | ) | (1,640 | ) | (72 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 68 | (2,019 | ) | (666 | ) | 1,296 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 4,903 | 11,211 | 37,658 | 26,133 | ||||||||||||
Reinvested | 1,623 | 1,298 | 7,213 | 3,044 | ||||||||||||
Redeemed | (6,057 | ) | (6,135 | ) | (18,147 | ) | (15,867 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 469 | 6,374 | 26,724 | 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Small Cap Value Fund | JPMorgan U.S. Small Company Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 39,092 | $ | 60,386 | $ | 31,276 | $ | 44,296 | ||||||||
Distributions reinvested | 30,915 | 23,733 | 16,222 | 12,503 | ||||||||||||
Cost of shares redeemed | (150,367 | ) | (280,733 | ) | (84,556 | ) | (109,587 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (80,360 | ) | $ | (196,614 | ) | $ | (37,058 | ) | $ | (52,788 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 1,412 | $ | 2,007 | $ | 4,264 | $ | 6,012 | ||||||||
Distributions reinvested | 3,378 | 2,038 | 3,767 | 2,725 | ||||||||||||
Cost of shares redeemed | (6,345 | ) | (19,425 | ) | (17,367 | ) | (16,485 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (1,555 | ) | $ | (15,380 | ) | $ | (9,336 | ) | $ | (7,748 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 111,050 | $ | 110,534 | $ | 93,832 | $ | 100,489 | ||||||||
Distributions reinvested | 37,950 | 23,006 | 33,313 | 24,711 | ||||||||||||
Cost of shares redeemed | (129,351 | ) | (156,637 | ) | (216,008 | ) | (113,460 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 19,649 | $ | (23,097 | ) | $ | (88,863 | ) | $ | 11,740 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 138,828 | $ | 99,730 | ||||||||
Distributions reinvested | — | — | 43,991 | 40,197 | ||||||||||||
Cost of shares redeemed | — | — | (204,856 | ) | (346,397 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | (22,037 | ) | $ | (206,470 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 11,408 | $ | 15,183 | $ | 18,232 | $ | 15,072 | ||||||||
Distributions reinvested | 4,865 | 3,488 | 3,913 | 2,439 | ||||||||||||
Cost of shares redeemed | (15,716 | ) | (35,329 | ) | (17,683 | ) | (23,258 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 557 | $ | (16,658 | ) | $ | 4,462 | $ | (5,747 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 6,293 | $ | 9,713 | $ | 13,013 | $ | 8,039 | ||||||||
Distributions reinvested | 1,910 | 786 | 2,049 | 870 | ||||||||||||
Cost of shares redeemed | (2,872 | ) | (11,467 | ) | (5,163 | ) | (1,973 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 5,331 | $ | (968 | ) | $ | 9,899 | $ | 6,936 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 514 | $ | 55 | $ | 3,626 | $ | 5,108 | ||||||||
Distributions reinvested | 53 | 6 | 678 | 270 | ||||||||||||
Cost of shares redeemed | (142 | ) | (1 | ) | (2,627 | ) | (677 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 425 | $ | 60 | $ | 1,677 | $ | 4,701 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 23,910 | $ | 34,935 | $ | 8,102 | $ | 6,329 | ||||||||
Distributions reinvested | 14,495 | 7,845 | 958 | 18 | ||||||||||||
Cost of shares redeemed | (70,249 | ) | (48,118 | ) | (1,751 | ) | (398 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (31,844 | ) | $ | (5,338 | ) | $ | 7,309 | $ | 5,949 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 212,292 | $ | 210,275 | $ | 117,831 | $ | 189,990 | ||||||||
Subscriptions in-kind (See Note 8) | — | — | 13,799 | — | ||||||||||||
Distributions reinvested | 121,650 | 65,764 | 45,073 | 23,112 | ||||||||||||
Cost of shares redeemed | (224,803 | ) | (295,047 | ) | (112,182 | ) | (88,815 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 109,139 | $ | (19,008 | ) | $ | 64,521 | $ | 124,287 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 21,342 | $ | (277,003 | ) | $ | (69,426 | ) | $ | (119,140 | ) | |||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 1,538 | 2,050 | 1,816 | 2,384 | ||||||||||||
Reinvested | 1,333 | 822 | 1,049 | 690 | ||||||||||||
Redeemed | (5,737 | ) | (9,593 | ) | (5,034 | ) | (5,894 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (2,866 | ) | (6,721 | ) | (2,169 | ) | (2,820 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 68 | 81 | 258 | 337 | ||||||||||||
Reinvested | 182 | 85 | 257 | 157 | ||||||||||||
Redeemed | (320 | ) | (783 | ) | (1,066 | ) | (924 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (70 | ) | (617 | ) | (551 | ) | (430 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 4,075 | 3,529 | 5,437 | 5,279 | ||||||||||||
Reinvested | 1,528 | 752 | 2,098 | 1,332 | ||||||||||||
Redeemed | (4,698 | ) | (5,046 | ) | (12,470 | ) | (5,956 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 905 | (765 | ) | (4,935 | ) | 655 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | — | — | 8,225 | 5,276 | ||||||||||||
Reinvested | — | — | 2,772 | 2,166 | ||||||||||||
Redeemed | — | — | (12,189 | ) | (18,304 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | (1,192 | ) | (10,862 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 456 | 522 | 1,048 | 827 | ||||||||||||
Reinvested | 212 | 122 | 259 | 137 | ||||||||||||
Redeemed | (619 | ) | (1,223 | ) | (1,064 | ) | (1,270 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 49 | (579 | ) | 243 | (306 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Issued | 233 | 325 | 778 | 434 | ||||||||||||
Reinvested | 83 | 27 | 133 | 48 | ||||||||||||
Redeemed | (113 | ) | (385 | ) | (312 | ) | (106 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 203 | (33 | ) | 599 | 376 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Issued | 17 | 2 | 208 | 266 | ||||||||||||
Reinvested | 2 | — | (a) | 43 | 15 | |||||||||||
Redeemed | (5 | ) | — | (a) | (153 | ) | (35 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 14 | 2 | 98 | 246 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 838 | 1,124 | 437 | 335 | ||||||||||||
Reinvested | 582 | 256 | 61 | 1 | ||||||||||||
Redeemed | (2,739 | ) | (1,535 | ) | (102 | ) | (20 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (1,319 | ) | (155 | ) | 396 | 316 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 8,015 | 6,791 | 6,749 | 10,065 | ||||||||||||
Subscriptions in-kind (See Note 8) | — | — | 828 | — | ||||||||||||
Reinvested | 4,881 | 2,143 | 2,839 | 1,243 | ||||||||||||
Redeemed | (8,321 | ) | (9,407 | ) | (6,595 | ) | (4,637 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 4,575 | (473 | ) | 3,821 | 6,671 | |||||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
JUNE 30, 2019 | 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 | ||||||||||||||||
JPMorgan Small Cap Blend Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Year Ended June 30, 2019 | $ | 26.65 | $ | — | (f) | $ | (0.63 | ) | $ | (0.63 | ) | $ | (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 | ) | |||||||||||||
Class C | ||||||||||||||||||||
Year Ended June 30, 2019 | 19.89 | (0.08 | ) | (0.67 | ) | (0.75 | ) | (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 | ) | |||||||||||||
Class I | ||||||||||||||||||||
Year Ended June 30, 2019 | 30.53 | 0.05 | (0.59 | ) | (0.54 | ) | (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 | ) | |||||||||||||
Class R6 | ||||||||||||||||||||
July 2, 2018 (g) through June 30, 2019 | 30.73 | 0.18 | (0.85 | ) | (0.67 | ) | (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) | Amount rounds to less than $0.005. |
(g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
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 | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 19.78 | 0.70 | % | $ | 116,751 | 1.24 | % | (0.01 | )% | 1.37 | % | 75 | % | |||||||||||||
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 | |||||||||||||||||||
12.90 | 0.25 | 38,625 | 1.74 | (0.53 | ) | 1.85 | 75 | |||||||||||||||||||
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 | |||||||||||||||||||
23.75 | 0.94 | 110,123 | 0.99 | 0.20 | 1.10 | 75 | ||||||||||||||||||||
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 | |||||||||||||||||||
23.82 | 0.55 | 82,758 | 0.74 | 0.79 | 1.10 | 75 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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) (b) | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 57.16 | $ | 0.11 | $ | (3.52 | ) | $ | (3.41 | ) | $ | (0.02 | ) | $ | (3.75 | ) | $ | (3.77 | ) | |||||||||
Year Ended June 30, 2018 | 52.32 | 0.04 | (f) | 9.19 | 9.23 | (0.01 | ) | (4.38 | ) | (4.39 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 45.88 | (0.04 | ) | 11.81 | 11.77 | (0.20 | ) | (5.13 | ) | (5.33 | ) | |||||||||||||||||
May 31, 2016 (g) through June 30, 2016 | 45.81 | 0.02 | (f) | 0.05 | 0.07 | — | — | — | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 56.67 | (0.15 | ) | (3.50 | ) | (3.65 | ) | — | (3.75 | ) | (3.75 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 52.14 | (0.24 | )(f) | 9.15 | 8.91 | — | (4.38 | ) | (4.38 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 45.86 | (0.24 | ) | 11.74 | 11.50 | (0.09 | ) | (5.13 | ) | (5.22 | ) | |||||||||||||||||
May 31, 2016 (g) through June 30, 2016 | 45.81 | — | (f)(h) | 0.05 | 0.05 | — | — | — | ||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 57.44 | 0.23 | (3.55 | ) | (3.32 | ) | (0.12 | ) | (3.75 | ) | (3.87 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 52.58 | 0.17 | (f) | 9.24 | 9.41 | (0.17 | ) | (4.38 | ) | (4.55 | ) | |||||||||||||||||
January 3, 2017 (g) through June 30, 2017 | 50.44 | 0.07 | 2.07 | 2.14 | — | — | — | |||||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 57.32 | 0.04 | (3.60 | ) | (3.56 | ) | — | (3.75 | ) | (3.75 | ) | |||||||||||||||||
July 31, 2017 (g) through June 30, 2018 | 53.24 | (0.08 | )(f) | 8.58 | 8.50 | (0.04 | ) | (4.38 | ) | (4.42 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 57.40 | 0.26 | (3.71 | ) | (3.45 | ) | (0.02 | ) | (3.75 | ) | (3.77 | ) | ||||||||||||||||
July 31, 2017 (g) through June 30, 2018 | 53.24 | 0.05 | (f) | 8.58 | 8.63 | (0.09 | ) | (4.38 | ) | (4.47 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 57.48 | 0.23 | (3.56 | ) | (3.33 | ) | (0.12 | ) | (3.75 | ) | (3.87 | ) | ||||||||||||||||
July 31, 2017 (g) through June 30, 2018 | 53.24 | 0.18 | (f) | 8.58 | 8.76 | (0.14 | ) | (4.38 | ) | (4.52 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 57.63 | 0.33 | (3.58 | ) | (3.25 | ) | (0.21 | ) | (3.75 | ) | (3.96 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 52.64 | 0.26 | (f) | 9.28 | 9.54 | (0.17 | ) | (4.38 | ) | (4.55 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 45.90 | 0.20 | 11.83 | 12.03 | (0.16 | ) | (5.13 | ) | (5.29 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 56.18 | 0.15 | (f) | (5.25 | ) | (5.10 | ) | (0.32 | ) | (4.86 | ) | (5.18 | ) | |||||||||||||||
Year Ended June 30, 2015 | 58.70 | 0.37 | 3.20 | 3.57 | (0.10 | ) | (5.99 | ) | (6.09 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 57.55 | 0.39 | (3.61 | ) | (3.22 | ) | (0.24 | ) | (3.75 | ) | (3.99 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 52.57 | 0.33 | (f) | 9.23 | 9.56 | (0.20 | ) | (4.38 | ) | (4.58 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 45.90 | 0.29 | 11.76 | 12.05 | (0.25 | ) | (5.13 | ) | (5.38 | ) | ||||||||||||||||||
May 31, 2016 (g) through June 30, 2016 | 45.81 | 0.04 | (f) | 0.05 | 0.09 | — | — | — |
(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. |
(h) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets(a) | ||||||||||||||||||||||||||
Net asset end of | 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) | ||||||||||||||||||||
$ | 49.98 | (5.48 | )% | $ | 5,896 | 1.23 | % | 0.21 | % | 1.36 | % | 74 | % | |||||||||||||
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 | |||||||||||||||||||
49.27 | (5.97 | ) | 2,307 | 1.73 | (0.30 | ) | 1.86 | 74 | ||||||||||||||||||
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 | |||||||||||||||||||
50.25 | (5.24 | ) | 13,211 | 0.98 | 0.45 | 1.09 | 74 | |||||||||||||||||||
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 | ||||||||||||||||||||
50.01 | (5.73 | ) | 166 | 1.48 | 0.08 | 2.08 | 74 | |||||||||||||||||||
57.32 | 16.67 | 24 | 1.49 | (0.15 | )(f) | 1.72 | 39 | |||||||||||||||||||
50.18 | (5.51 | ) | 3,768 | 1.23 | 0.53 | 1.59 | 74 | |||||||||||||||||||
57.40 | 16.94 | 24 | 1.24 | 0.10 | (f) | 1.46 | 39 | |||||||||||||||||||
50.28 | (5.26 | ) | 1,941 | 0.98 | 0.45 | 1.10 | 74 | |||||||||||||||||||
57.48 | 17.21 | 1,536 | 0.99 | 0.36 | (f) | 1.11 | 39 | |||||||||||||||||||
50.42 | (5.07 | ) | 215,630 | 0.79 | 0.63 | 0.93 | 74 | |||||||||||||||||||
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 | ||||||||||||||||||||
50.34 | (5.02 | ) | 206,625 | 0.73 | 0.75 | 0.83 | 74 | |||||||||||||||||||
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.
JUNE 30, 2019 | 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 | |||||||||||||||||||
JPMorgan Small Cap Equity Fund | ||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 52.43 | $ | 0.12 | $ | 0.95 | $ | 1.07 | $ | (0.06 | ) | $ | (3.39 | ) | ||||||||||
Year Ended June 30, 2018 | 48.63 | 0.10 | 6.67 | 6.77 | (0.10 | ) | (2.87 | ) | ||||||||||||||||
Year Ended June 30, 2017 | 41.68 | 0.11 | 8.21 | 8.32 | (0.12 | ) | (1.25 | ) | ||||||||||||||||
Year Ended June 30, 2016 | 44.68 | 0.13 | (f) | 0.08 | 0.21 | (0.14 | ) | (3.07 | ) | |||||||||||||||
Year Ended June 30, 2015 | 46.56 | 0.08 | 2.98 | 3.06 | (0.08 | ) | (4.86 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||
Year Ended June 30, 2019 | 39.12 | (0.09 | ) | 0.61 | 0.52 | — | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 37.07 | (0.12 | ) | 5.04 | 4.92 | — | (2.87 | ) | ||||||||||||||||
Year Ended June 30, 2017 | 32.21 | (0.09 | ) | 6.31 | 6.22 | (0.11 | ) | (1.25 | ) | |||||||||||||||
Year Ended June 30, 2016 | 35.32 | (0.06 | )(f) | 0.02 | (0.04 | ) | — | (3.07 | ) | |||||||||||||||
Year Ended June 30, 2015 | 37.96 | (0.12 | ) | 2.34 | 2.22 | — | (4.86 | ) | ||||||||||||||||
Class I | ||||||||||||||||||||||||
Year Ended June 30, 2019 | 60.52 | 0.29 | 1.12 | 1.41 | (0.20 | ) | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 55.69 | 0.26 | 7.67 | 7.93 | (0.23 | ) | (2.87 | ) | ||||||||||||||||
Year Ended June 30, 2017 | 47.50 | 0.28 | 9.37 | 9.65 | (0.21 | ) | (1.25 | ) | ||||||||||||||||
Year Ended June 30, 2016 | 50.31 | 0.25 | (f) | 0.17 | 0.42 | (0.16 | ) | (3.07 | ) | |||||||||||||||
Year Ended June 30, 2015 | 51.78 | 0.24 | 3.36 | 3.60 | (0.21 | ) | (4.86 | ) | ||||||||||||||||
Class R2 | ||||||||||||||||||||||||
Year Ended June 30, 2019 | 51.44 | — | (g) | 0.93 | 0.93 | — | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 47.81 | (0.03 | ) | 6.55 | 6.52 | (0.02 | ) | (2.87 | ) | |||||||||||||||
Year Ended June 30, 2017 | 41.08 | — | (g) | 8.08 | 8.08 | (0.10 | ) | (1.25 | ) | |||||||||||||||
Year Ended June 30, 2016 | 44.04 | 0.01 | (f) | 0.10 | 0.11 | — | (3.07 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 45.99 | (0.04 | ) | 2.95 | 2.91 | — | (4.86 | ) | ||||||||||||||||
Class R3 | ||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.13 | 0.13 | 0.92 | 1.05 | (0.06 | ) | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 48.54 | 0.12 | 6.63 | 6.75 | (0.29 | ) | (2.87 | ) | ||||||||||||||||
September 9, 2016 (i) through June 30, 2017 | 43.22 | 0.12 | 6.68 | 6.80 | (0.23 | ) | (1.25 | ) | ||||||||||||||||
Class R4 | ||||||||||||||||||||||||
Year Ended June 30, 2019 | 60.42 | 0.29 | 1.12 | 1.41 | (0.18 | ) | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 55.64 | 0.33 | 7.59 | 7.92 | (0.27 | ) | (2.87 | ) | ||||||||||||||||
September 9, 2016 (i) through June 30, 2017 | 49.28 | 0.23 | 7.63 | 7.86 | (0.25 | ) | (1.25 | ) | ||||||||||||||||
Class R5 | ||||||||||||||||||||||||
Year Ended June 30, 2019 | 60.69 | 0.41 | 1.11 | 1.52 | (0.31 | ) | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 55.84 | 0.37 | 7.70 | 8.07 | (0.35 | ) | (2.87 | ) | ||||||||||||||||
Year Ended June 30, 2017 | 47.57 | 0.36 | 9.42 | 9.78 | (0.26 | ) | (1.25 | ) | ||||||||||||||||
Year Ended June 30, 2016 | 50.43 | 0.36 | (f) | 0.15 | 0.51 | (0.30 | ) | (3.07 | ) | |||||||||||||||
Year Ended June 30, 2015 | 51.88 | 0.34 | 3.37 | 3.71 | (0.30 | ) | (4.86 | ) | ||||||||||||||||
Class R6 | ||||||||||||||||||||||||
Year Ended June 30, 2019 | 60.68 | 0.44 | 1.11 | 1.55 | (0.34 | ) | (3.39 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 55.83 | 0.41 | 7.69 | 8.10 | (0.38 | ) | (2.87 | ) | ||||||||||||||||
Year Ended June 30, 2017 | 47.57 | 0.46 | 9.34 | 9.80 | (0.29 | ) | (1.25 | ) | ||||||||||||||||
May 31, 2016 (i) 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) | 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.
66 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||||||
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 income | Expenses without waivers, | Portfolio turnover rate (c) | |||||||||||||||||||||||
$ | (3.45 | ) | $ | 50.05 | 2.82 | % | $ | 791,846 | 1.23 | % | 0.24 | % | 1.25 | % | 23 | % | ||||||||||||||
(2.97 | ) | 52.43 | 14.33 | 1,095,395 | 1.24 | 0.19 | 1.26 | 17 | ||||||||||||||||||||||
(1.37 | ) | 48.63 | 20.14 | 1,135,394 | 1.29 | 0.24 | 1.35 | 21 | ||||||||||||||||||||||
(3.21 | ) | 41.68 | 1.10 | 736,629 | 1.29 | 0.31 | (f) | 1.38 | 32 | |||||||||||||||||||||
(4.94 | ) | 44.68 | 7.49 | 674,619 | 1.29 | 0.17 | 1.39 | 20 | ||||||||||||||||||||||
(3.39 | ) | 36.25 | 2.31 | 111,453 | 1.73 | (0.25 | ) | 1.75 | 23 | |||||||||||||||||||||
(2.87 | ) | 39.12 | 13.76 | 143,030 | 1.74 | (0.32 | ) | 1.76 | 17 | |||||||||||||||||||||
(1.36 | ) | 37.07 | 19.53 | 171,352 | 1.79 | (0.25 | ) | 1.84 | 21 | |||||||||||||||||||||
(3.07 | ) | 32.21 | 0.63 | 70,176 | 1.79 | (0.20 | )(f) | 1.85 | 32 | |||||||||||||||||||||
(4.86 | ) | 35.32 | 6.92 | 35,783 | 1.79 | (0.33 | ) | 1.87 | 20 | |||||||||||||||||||||
(3.59 | ) | 58.34 | 3.05 | 2,720,056 | 0.98 | 0.51 | 1.00 | 23 | ||||||||||||||||||||||
(3.10 | ) | 60.52 | 14.61 | 2,868,739 | 0.98 | 0.45 | 1.00 | 17 | ||||||||||||||||||||||
(1.46 | ) | 55.69 | 20.50 | 2,722,213 | 0.99 | 0.54 | 1.07 | 21 | ||||||||||||||||||||||
(3.23 | ) | 47.50 | 1.41 | 1,261,772 | 0.99 | 0.54 | (f) | 1.14 | 32 | |||||||||||||||||||||
(5.07 | ) | 50.31 | 7.81 | 1,435,112 | 0.99 | 0.48 | 1.14 | 20 | ||||||||||||||||||||||
(3.39 | ) | 48.98 | 2.56 | 9,718 | 1.48 | 0.00 | (h) | 1.52 | 23 | |||||||||||||||||||||
(2.89 | ) | 51.44 | 14.02 | 12,133 | 1.49 | (0.06 | ) | 1.52 | 17 | |||||||||||||||||||||
(1.35 | ) | 47.81 | 19.85 | 13,078 | 1.53 | 0.00 | (h) | 1.73 | 21 | |||||||||||||||||||||
(3.07 | ) | 41.08 | 0.85 | 5,313 | 1.54 | 0.03 | (f) | 1.72 | 32 | |||||||||||||||||||||
(4.86 | ) | 44.04 | 7.23 | 3,446 | 1.54 | (0.08 | ) | 1.73 | 20 | |||||||||||||||||||||
(3.45 | ) | 49.73 | 2.79 | 2,597 | 1.23 | 0.26 | 1.25 | 23 | ||||||||||||||||||||||
(3.16 | ) | 52.13 | 14.33 | 2,542 | 1.23 | 0.24 | 1.30 | 17 | ||||||||||||||||||||||
(1.48 | ) | 48.54 | 15.92 | 104 | 1.24 | 0.32 | 1.36 | 21 | ||||||||||||||||||||||
(3.57 | ) | 58.26 | 3.05 | 475 | 0.98 | 0.50 | 1.03 | 23 | ||||||||||||||||||||||
(3.14 | ) | 60.42 | 14.61 | 624 | 0.98 | 0.57 | 1.07 | 17 | ||||||||||||||||||||||
(1.50 | ) | 55.64 | 16.14 | 60 | 0.99 | 0.55 | 1.14 | 21 | ||||||||||||||||||||||
(3.70 | ) | 58.51 | 3.26 | 1,214,075 | 0.79 | 0.70 | 0.85 | 23 | ||||||||||||||||||||||
(3.22 | ) | 60.69 | 14.83 | 1,255,251 | 0.79 | 0.64 | 0.85 | 17 | ||||||||||||||||||||||
(1.51 | ) | 55.84 | 20.74 | 1,267,593 | 0.79 | 0.68 | 0.86 | 21 | ||||||||||||||||||||||
(3.37 | ) | 47.57 | 1.62 | 1,349,107 | 0.79 | 0.78 | (f) | 0.86 | 32 | |||||||||||||||||||||
(5.16 | ) | 50.43 | 8.03 | 1,244,878 | 0.79 | 0.68 | 0.89 | 20 | ||||||||||||||||||||||
(3.73 | ) | 58.50 | 3.33 | 1,425,704 | 0.73 | 0.76 | 0.75 | 23 | ||||||||||||||||||||||
(3.25 | ) | 60.68 | 14.89 | 1,450,525 | 0.73 | 0.71 | 0.75 | 17 | ||||||||||||||||||||||
(1.54 | ) | 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.
JUNE 30, 2019 | 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 | ||||||||||||||||||||
Year Ended June 30, 2019 | $ | 18.45 | $ | (0.11 | ) | $ | 0.67 | $ | 0.56 | $ | (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 | ) | |||||||||||||
Class C |
| |||||||||||||||||||
Year Ended June 30, 2019 | 13.55 | (0.14 | ) | 0.38 | 0.24 | (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 | ) | |||||||||||||
Class I |
| |||||||||||||||||||
Year Ended June 30, 2019 | 20.35 | (0.08 | ) | 0.79 | 0.71 | (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 | ) | |||||||||||||
Class L |
| |||||||||||||||||||
Year Ended June 30, 2019 | 20.95 | (0.05 | ) | 0.82 | 0.77 | (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 | ) | |||||||||||||
Class R2 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 17.84 | (0.15 | ) | 0.63 | 0.48 | (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 | ) | |||||||||||||
Class R3 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 18.45 | (0.10 | ) | 0.66 | 0.56 | (2.01 | ) | |||||||||||||
July 31, 2017 (g) through June 30, 2018 | 15.17 | (0.13 | )(f) | 4.74 | 4.61 | (1.33 | ) | |||||||||||||
Class R4 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 18.50 | (0.07 | ) | 0.67 | 0.60 | (2.01 | ) | |||||||||||||
July 31, 2017 (g) through June 30, 2018 | 15.17 | (0.09 | )(f) | 4.75 | 4.66 | (1.33 | ) | |||||||||||||
Class R5 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 20.96 | (0.07 | ) | 0.84 | 0.77 | (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 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 21.16 | (0.03 | ) | 0.83 | 0.80 | (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 | ) |
(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 | JUNE 30, 2019 |
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 | Expenses without waivers, | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 17.00 | 5.08 | % | $ | 400,127 | 1.24 | % | (0.68 | )% | 1.27 | % | 58 | % | |||||||||||||
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 | |||||||||||||||||||
11.78 | 4.51 | 58,288 | 1.74 | (1.17 | ) | 1.77 | 58 | |||||||||||||||||||
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 | |||||||||||||||||||
19.05 | 5.36 | 289,094 | 0.99 | (0.43 | ) | 1.02 | 58 | |||||||||||||||||||
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 | |||||||||||||||||||
19.71 | 5.51 | 568,539 | 0.84 | (0.27 | ) | 0.86 | 58 | |||||||||||||||||||
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 | |||||||||||||||||||
16.31 | 4.79 | 26,011 | 1.49 | (0.94 | ) | 1.52 | 58 | |||||||||||||||||||
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 | |||||||||||||||||||
17.00 | 5.08 | 1,072 | 1.24 | (0.63 | ) | 1.37 | 58 | |||||||||||||||||||
18.45 | 31.93 | 446 | 1.23 | (0.80 | )(f) | 1.28 | 58 | |||||||||||||||||||
17.09 | 5.30 | 1,336 | 0.99 | (0.39 | ) | 1.01 | 58 | |||||||||||||||||||
18.50 | 32.28 | 726 | 0.99 | (0.53 | )(f) | 1.17 | 58 | |||||||||||||||||||
19.72 | 5.50 | 13,817 | 0.84 | (0.34 | ) | 0.86 | 58 | |||||||||||||||||||
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 | |||||||||||||||||||
19.95 | 5.60 | 1,518,382 | 0.74 | (0.16 | ) | 0.76 | 58 | |||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 30.42 | $ | 0.21 | $ | (3.28 | ) | $ | (3.07 | ) | $ | (0.24 | ) | $ | (3.46 | ) | $ | (3.70 | ) | |||||||||
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 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 25.21 | 0.07 | (2.73 | ) | (2.66 | ) | (0.19 | ) | (3.46 | ) | (3.65 | ) | ||||||||||||||||
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 | ) | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 32.25 | 0.31 | (3.48 | ) | (3.17 | ) | (0.30 | ) | (3.46 | ) | (3.76 | ) | ||||||||||||||||
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 | ) | |||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 30.13 | 0.15 | (3.25 | ) | (3.10 | ) | (0.20 | ) | (3.46 | ) | (3.66 | ) | ||||||||||||||||
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 | ) | |||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 30.38 | 0.23 | (3.29 | ) | (3.06 | ) | (0.25 | ) | (3.46 | ) | (3.71 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 29.14 | 0.20 | (f) | 3.01 | 3.21 | (0.23 | ) | (1.74 | ) | (1.97 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 25.89 | 0.12 | (f) | 3.31 | 3.43 | (0.16 | ) | (0.02 | ) | (0.18 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 32.21 | 0.30 | (3.47 | ) | (3.17 | ) | (0.30 | ) | (3.46 | ) | (3.76 | ) | ||||||||||||||||
Year Ended June 30, 2018 | 30.77 | 0.32 | (f) | 3.14 | 3.46 | (0.28 | ) | (1.74 | ) | (2.02 | ) | |||||||||||||||||
September 9, 2016 (g) through June 30, 2017 | 27.30 | 0.18 | (f) | 3.49 | 3.67 | (0.18 | ) | (0.02 | ) | (0.20 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 32.26 | 0.34 | (3.47 | ) | (3.13 | ) | (0.33 | ) | (3.46 | ) | (3.79 | ) | ||||||||||||||||
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 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 32.30 | 0.38 | (3.49 | ) | (3.11 | ) | (0.35 | ) | (3.46 | ) | (3.81 | ) | ||||||||||||||||
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 | ) |
(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.
70 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 23.65 | (9.73 | )% | $ | 193,505 | 1.24 | % | 0.80 | % | 1.26 | % | 60 | % | |||||||||||||
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 | ||||||||||||||||||||
18.90 | (10.18 | ) | 18,088 | 1.74 | 0.33 | 1.77 | 60 | |||||||||||||||||||
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 | ||||||||||||||||||||
25.32 | (9.49 | ) | 287,014 | 0.99 | 1.10 | 1.01 | 60 | |||||||||||||||||||
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 | ||||||||||||||||||||
23.37 | (9.94 | ) | 36,276 | 1.49 | 0.60 | 1.58 | 60 | |||||||||||||||||||
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 | ||||||||||||||||||||
23.61 | (9.72 | ) | 14,854 | 1.24 | 0.89 | 1.28 | 60 | |||||||||||||||||||
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 | |||||||||||||||||||
25.28 | (9.51 | ) | 436 | 0.99 | 1.10 | 1.04 | 60 | |||||||||||||||||||
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 | |||||||||||||||||||
25.34 | (9.35 | ) | 69,857 | 0.84 | 1.21 | 0.86 | 60 | |||||||||||||||||||
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 | ||||||||||||||||||||
25.38 | (9.25 | ) | 933,252 | 0.74 | 1.36 | 0.76 | 60 | |||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 19.60 | $ | 0.03 | $ | (1.81 | ) | $ | (1.78 | ) | $ | — | $ | (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 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 18.70 | (0.06 | ) | (1.72 | ) | (1.78 | ) | — | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 20.05 | 0.07 | (1.84 | ) | (1.77 | ) | (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 | ) | ||||||||||||||||||
Class L | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 20.05 | 0.10 | (1.86 | ) | (1.76 | ) | (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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 19.22 | (0.01 | ) | (1.77 | ) | (1.78 | ) | — | (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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 19.50 | 0.04 | (1.81 | ) | (1.77 | ) | — | (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 (i) through June 30, 2017 | 16.02 | 0.04 | (g) | 2.04 | 2.08 | (0.07 | ) | — | (f) | (0.07 | ) | |||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 19.98 | 0.08 | (1.85 | ) | (1.77 | ) | (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 (i) through June 30, 2017 | 16.36 | 0.13 | (g) | 2.04 | 2.17 | (0.09 | ) | — | (f) | (0.09 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 20.01 | 0.11 | (1.86 | ) | (1.75 | ) | (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 (i) through June 30, 2017 | 16.35 | 0.07 | (g) | 2.13 | 2.20 | (0.10 | ) | — | (f) | (0.10 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 20.07 | 0.12 | (1.86 | ) | (1.74 | ) | (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 | ) |
(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) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 15.96 | (8.77 | )% | $ | 136,432 | 1.22 | % | 0.16 | % | 1.22 | % | 64 | % | |||||||||||||
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 | ||||||||||||||||||||
15.06 | (9.22 | ) | 28,451 | 1.72 | (0.35 | ) | 1.73 | 64 | ||||||||||||||||||
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 | |||||||||||||||||||
16.40 | (8.49 | ) | 273,370 | 0.96 | 0.41 | 0.96 | 64 | |||||||||||||||||||
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 | ||||||||||||||||||||
16.38 | (8.42 | ) | 433,521 | 0.81 | 0.58 | 0.81 | 64 | |||||||||||||||||||
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 | ||||||||||||||||||||
15.58 | (8.95 | ) | 44,064 | 1.47 | (0.07 | ) | 1.49 | 64 | ||||||||||||||||||
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 | |||||||||||||||||||
15.87 | (8.75 | ) | 23,887 | 1.21 | 0.23 | 1.21 | 64 | |||||||||||||||||||
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 | |||||||||||||||||||
16.32 | (8.52 | ) | 6,313 | 0.97 | 0.45 | 0.98 | 64 | |||||||||||||||||||
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 | |||||||||||||||||||
16.34 | (8.39 | ) | 11,770 | 0.81 | 0.64 | 0.81 | 64 | |||||||||||||||||||
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 | |||||||||||||||||||
16.40 | (8.30 | ) | 435,139 | 0.71 | 0.70 | 0.72 | 64 | |||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 73 |
Table of Contents
AS OF JUNE 30, 2019
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”), asopen-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(1) | 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 |
(1) | 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 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’ 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
74 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
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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/or 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.
Investments inopen-end investment companies (“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) | $ | 385,918 | $ | — | $ | — | (b) | $ | 385,918 | |||||||
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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 (c) | $ | 501,721 | $ | — | (d) | $ | — | $ | 501,721 | |||||||
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Appreciation in Other Financial Instruments |
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Futures Contracts (e) | $ | 241 | $ | — | $ | — | $ | 241 | ||||||||
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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(e) | $ | 6,466,074 | $ | — | $ | — | $ | 6,466,074 | ||||||||
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JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 75 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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) | $ | 3,272,094 | $ | — | $ | — | (b) | $ | 3,272,094 | |||||||
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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 (c) | $ | 1,660,230 | $ | — | (d) | $ | — | $ | 1,660,230 | |||||||
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Appreciation in Other Financial Instruments |
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Futures Contracts (e) | $ | 582 | $ | — | $ | — | $ | 582 | ||||||||
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U.S. Small Company Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (c) | $ | 1,494,517 | $ | — | (d) | $ | — | $ | 1,494,517 | |||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (e) | $ | 719 | $ | — | $ | — | $ | 719 | ||||||||
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(a) | 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 SOI for industry specifics of portfolio holdings. |
(b) | Amount rounds to less than one thousand. |
(c) | 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. |
(d) | Value is zero. |
(e) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. |
There were no significant transfers into and out of level 3 for the year ended June 30, 2019.
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, while 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.
76 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
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The table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2019 (amounts in thousands):
Small Cap Core Fund | Small Cap Value Fund | U.S. Small Company Fund | ||||||||||
Futures Contracts — Equity: | ||||||||||||
Average Notional Balance Long | $ | 12,279 | $ | 46,007 | $ | 44,087 | ||||||
Ending Notional Balance Long | 26,494 | 23,045 | 67,568 |
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.
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.
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), subject to certainde minimis amounts.
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 June 30, 2019, 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 | $ | 36,058 | $ | 36,620 | $ | 36,620 | ||||||
Small Cap Core Fund | 30,884 | 32,394 | 32,394 | |||||||||
Small Cap Equity Fund | 215,609 | 216,174 | 216,174 | |||||||||
Small Cap Growth Fund | 402,031 | 416,342 | 416,342 | |||||||||
Small Cap Value Fund | 90,492 | 93,269 | 93,269 | |||||||||
U.S. Small Company Fund | 124,171 | 131,292 | 131,292 |
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 collateral received or posted by the Funds as of June 30, 2019 (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) | ||||||||||
Small Cap Blend Fund | $ | 36,058 | $ | (36,058 | ) | $ | — | |||||
Small Cap Core Fund | 30,884 | (30,884 | ) | — | ||||||||
Small Cap Equity Fund | 215,609 | (215,609 | ) | — | ||||||||
Small Cap Growth Fund | 402,031 | (402,031 | ) | — | ||||||||
Small Cap Value Fund | 90,492 | (90,492 | ) | — | ||||||||
U.S. Small Company Fund | 124,171 | (124,171 | ) | — |
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 77 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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 cash collateral 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 | $ | 4 | ||
Small Cap Core Fund | 4 | |||
Small Cap Equity Fund | 24 | |||
Small Cap Growth Fund | 30 | |||
Small Cap Value Fund | 13 | |||
U.S. Small Company Fund | 13 |
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 year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 39,753 | $ | 26,963 | $ | — | (c) | $ | 1 | $ | 12,791 | 12,786 | $ | 48 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 56,000 | 30,000 | 5 | * | 3 | 26,008 | 26,003 | 372 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 122,500 | 111,888 | — | — | 10,612 | 10,612 | 126 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 5,211 | 94,749 | 99,960 | — | — | — | — | 100 | — | |||||||||||||||||||||||||||
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Total | $ | 5,211 | $ | 313,002 | $ | 268,811 | $ | 5 | $ | 4 | $ | 49,411 | $ | 646 | $ | — | ||||||||||||||||||||
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Small Cap Core Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 170,805 | $ | 123,737 | $ | 1 | $ | 1 | $ | 47,070 | 47,051 | $ | 55 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 55,000 | 30,000 | 4 | * | 2 | 25,006 | 25,001 | 287 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 96,869 | 89,481 | — | — | 7,388 | 7,388 | 110 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 11,474 | 95,834 | 107,308 | — | — | — | — | 195 | — | |||||||||||||||||||||||||||
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Total | $ | 11,474 | $ | 418,508 | $ | 350,526 | $ | 5 | $ | 3 | $ | 79,464 | $ | 647 | $ | — | ||||||||||||||||||||
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78 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
Table of Contents
Small Cap Equity Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 468,874 | $ | 214,159 | $ | 3 | $ | 25 | $ | 254,743 | 254,641 | $ | 1,596 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 635,000 | 458,000 | 38 | * | 16 | 177,054 | 177,019 | 2,726 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 594,683 | 555,563 | — | — | 39,120 | 39,120 | 720 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 354,263 | 899,078 | 1,253,341 | — | — | — | — | 3,954 | — | |||||||||||||||||||||||||||
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Total | $ | 354,263 | $ | 2,597,635 | $ | 2,481,063 | $ | 41 | $ | 41 | $ | 470,917 | $ | 8,996 | $ | — | ||||||||||||||||||||
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Small Cap Growth Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 301,436 | $ | 276,901 | $ | 5 | $ | 1 | �� | $ | 24,541 | 24,531 | $ | 307 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 862,000 | 521,000 | 47 | * | 32 | 341,079 | 341,011 | 3,804 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 730,893 | 655,630 | — | — | 75,263 | 75,263 | 967 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 52,237 | 755,193 | 807,430 | — | — | — | — | 582 | — | |||||||||||||||||||||||||||
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Total | $ | 52,237 | $ | 2,649,522 | $ | 2,260,961 | $ | 52 | $ | 33 | $ | 440,883 | $ | 5,660 | $ | — | ||||||||||||||||||||
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Small Cap Value Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 122,233 | $ | 86,966 | $ | 2 | $ | 3 | $ | 35,272 | 35,257 | $ | 197 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 280,000 | 210,000 | 21 | * | 7 | 70,028 | 70,014 | 1,453 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 261,743 | 238,502 | — | — | 23,241 | 23,241 | 386 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 25,875 | 311,664 | 337,539 | — | — | — | — | 785 | — | |||||||||||||||||||||||||||
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Total | $ | 25,875 | $ | 975,640 | $ | 873,007 | $ | 23 | $ | 10 | $ | 128,541 | $ | 2,821 | $ | — | ||||||||||||||||||||
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JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 79 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
U.S. Small Company Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 163,782 | $ | 124,888 | $ | — | (c) | $ | 2 | $ | 38,896 | 38,880 | $ | 142 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 256,000 | 150,000 | 21 | * | 11 | 106,032 | 106,011 | 1,568 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 313,376 | 288,116 | — | — | 25,260 | 25,260 | 410 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 65,468 | 364,123 | 429,591 | — | — | — | — | 677 | — | |||||||||||||||||||||||||||
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Total | $ | 65,468 | $ | 1,097,281 | $ | 992,595 | $ | 21 | $ | 13 | $ | 170,188 | $ | 2,797 | $ | — | ||||||||||||||||||||
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(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of June 30, 2019. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
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 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.
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 share class of the Funds for the year ended June 30, 2019 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 | $ | 17 | $ | 2 | $ | 4 | n/a | n/a | n/a | n/a | n/a | $ | 60 | $ | 83 | |||||||||||||||||||||||||
Small Cap Core Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 2 | 1 | 2 | n/a | $ | — | (a) | $ | 3 | $ | — | (a) | $ | 7 | — | (a) | 15 | |||||||||||||||||||||||
Small Cap Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 67 | 7 | 57 | n/a | 2 | — | (a) | — | (a) | 17 | 15 | 165 | ||||||||||||||||||||||||||||
Small Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 44 | 3 | 10 | $ | 5 | 4 | 1 | — | (a) | 1 | 24 | 92 | ||||||||||||||||||||||||||||
Small Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 12 | 3 | 9 | n/a | 30 | 4 | — | (a) | 5 | 33 | 96 | |||||||||||||||||||||||||||||
U.S. Small Company Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 18 | 6 | 11 | 10 | 13 | 1 | 1 | — | (a) | 22 | 82 |
(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.
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Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2019, no liability for Federal 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.
The following amounts were reclassified within the capital accounts (amounts in thousands):
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | ||||||||||
Small Cap Blend Fund | $ | 1,417 | $ | 659 | $ | (2,076 | ) | |||||
Small Cap Core Fund | — | �� | (141 | ) | 141 | |||||||
Small Cap Equity Fund | — | (a) | (6,325 | ) | 6,325 | |||||||
Small Cap Growth Fund | 53,997 | 14,367 | (68,364 | ) | ||||||||
Small Cap Value Fund | — | (a) | (965 | ) | 965 | |||||||
U.S. Small Company Fund | — | (a) | (722 | ) | 722 |
(a) | Amount rounds to less than one thousand. |
The reclassifications for the Funds relate primarily to investments in partnerships, investments in PFICs, net operating losses, non-taxable dividends and tax equalization.
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, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2019, 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.
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.
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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 | |||||||||||||
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 |
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 year ended June 30, 2019, JPMDS retained the following (amounts in thousands):
Front-End Sales Charge | CDSC | |||||||
Small Cap Blend Fund | $ | 52 | $ | 2 | ||||
Small Cap Core Fund | 4 | — | ||||||
Small Cap Equity Fund | 10 | — | (a) | |||||
Small Cap Growth Fund | 156 | — | (a) | |||||
Small Cap Value Fund | 6 | — | ||||||
U.S. Small Company Fund | 6 | 1 |
(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, 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.
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,
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expenses related to trustee elections 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 year ended June 30, 2019. The contractual expense limitation percentages are in place until at least October 31, 2019.
For the year ended June 30, 2019, 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 | ||||||||||||||||
Small Cap Blend Fund | $ | 184 | $ | 118 | $ | 19 | $ | 321 | $ | 59 | ||||||||||
Small Cap Core Fund | 178 | 118 | 98 | 394 | 3 | |||||||||||||||
Small Cap Equity Fund | 257 | 171 | 629 | 1,057 | 12 | |||||||||||||||
Small Cap Growth Fund | 330 | 216 | 63 | 609 | 24 | |||||||||||||||
Small Cap Value Fund | 162 | 105 | 59 | 326 | 27 | |||||||||||||||
U.S. Small Company Fund | — | — | 9 | 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, except for investments of securities lending cash collateral.
The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2019 was as follows (amounts in thousands):
Small Cap Blend Fund | $ | 13 | ||
Small Cap Core Fund | 22 | |||
Small Cap Equity Fund | 516 | |||
Small Cap Growth Fund | 83 | |||
Small Cap Value Fund | 90 | |||
U.S. Small Company Fund | 81 |
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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with 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 year ended June 30, 2019, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
4. Investment Transactions
During the year ended June 30, 2019, 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) | |||||||
Small Cap Blend Fund | $ | 313,489 | $ | 196,702 | ||||
Small Cap Core Fund | 375,606 | 241,397 | ||||||
Small Cap Equity Fund | 1,425,384 | 2,047,280 | ||||||
Small Cap Growth Fund | 1,970,258 | 1,440,483 | ||||||
Small Cap Value Fund | 992,256 | 1,180,227 | ||||||
U.S. Small Company Fund | 975,427 | 1,213,164 |
During the year ended June 30, 2019, 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 June 30, 2019 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Small Cap Blend Fund | $ | 346,214 | $ | 57,197 | $ | 17,493 | $ | 39,704 | ||||||||
Small Cap Core Fund | 461,508 | 64,606 | 24,152 | 40,454 | ||||||||||||
Small Cap Equity Fund | 4,623,882 | 2,003,356 | 161,164 | 1,842,192 | ||||||||||||
Small Cap Growth Fund | 2,735,686 | 696,777 | 160,369 | 536,408 | ||||||||||||
Small Cap Value Fund | 1,488,669 | 290,977 | 118,834 | 172,143 | ||||||||||||
U.S. Small Company Fund | 1,344,767 | 245,109 | 94,640 | 150,469 |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, wash sale loss deferrals andnon-taxable dividends.
The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Small Cap Blend Fund | $ | 8,571 | $ | 50,655 | $ | 59,226 | ||||||
Small Cap Core Fund | 6,092 | 18,104 | 24,196 | |||||||||
Small Cap Equity Fund | 36,602 | 374,705 | 411,307 | |||||||||
Small Cap Growth Fund | 53,918 | 194,078 | 247,996 | |||||||||
Small Cap Value Fund | 27,972 | 191,083 | 219,055 | |||||||||
U.S. Small Company Fund | 59,623 | 102,260 | 161,883 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2018 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Small Cap Blend Fund | $ | 1,346 | $ | 20,060 | $ | 21,406 | ||||||
Small Cap Core Fund | 3,556 | 17,269 | 20,825 | |||||||||
Small Cap Equity Fund | 125,515 | 224,115 | 349,630 | |||||||||
Small Cap Growth Fund | 563 | 111,200 | 111,763 | |||||||||
Small Cap Value Fund | 19,757 | 110,341 | 130,098 | |||||||||
U.S. Small Company Fund | 17,257 | 98,178 | 115,435 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
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As of June 30, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
Small Cap Blend Fund | $ | 483 | $ | 11,863 | $ | 39,704 | ||||||
Small Cap Core Fund | 1,211 | 16,579 | 40,454 | |||||||||
Small Cap Equity Fund | 13,386 | 201,208 | 1,842,192 | |||||||||
Small Cap Growth Fund | 7,005 | 166,088 | 536,408 | |||||||||
Small Cap Value Fund | 1,531 | 69,409 | 172,143 | |||||||||
U.S. Small Company Fund | 4,142 | 518 | 150,469 |
For the Funds, the cumulative timing differences primarily consist of mark to market of futures contracts, wash sale loss deferrals,non-taxable dividends, post-October capital loss deferrals and late year ordinary loss deferrals.
At June 30, 2019, the Funds did not have any capital loss carryforwards.
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 Funds’ next taxable year. For the year ended June 30, 2019, the following Funds deferred to July 1, 2019 late year ordinary losses and post-October capital losses of (amounts in thousands):
Net Capital Losses (Gains) | ||||||||||||
Short-Term | Long-Term | Late Year Ordinary Loss Deferral | ||||||||||
Small Cap Blend Fund | $ | 1,287 | $ | — | $ | — | ||||||
Small Cap Core Fund | 3,995 | — | — | |||||||||
Small Cap Equity Fund | 31,929 | — | — | |||||||||
Small Cap Growth Fund | 23,715 | — | 2,937 | |||||||||
Small Cap Value Fund | 55,298 | — | — | |||||||||
U.S. Small Company Fund | 58,563 | (32,278 | ) | — |
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 year ended June 30, 2019.
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 13, 2019, this agreement has been amended and restated for a term of 364 days, unless extended.
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
The Funds did not utilize the Credit Facility during the year ended June 30, 2019.
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 June 30, 2019, the Funds had individual shareholder and/ornon-affiliated omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:
Number of individual shareholder and/orNon-Affiliated Omnibus Accounts | % of the Fund | |||||||
Small Cap Blend Fund | 3 | 67.8 | % | |||||
Small Cap Core Fund | 2 | 47.7 | ||||||
Small Cap Equity Fund | 1 | 24.8 | ||||||
Small Cap Growth Fund | 1 | 14.8 | ||||||
Small Cap Value Fund | 1 | 14.6 | ||||||
U.S. Small Company Fund | 2 | 32.7 |
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
As of June 30, 2019, J.P. Morgan 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 as follows:
J.P. Morgan Investor Funds | JPMorgan SmartRetirement Funds | |||||||
Small Cap Growth Fund | n/a | 12.1 | % | |||||
Small Cap Value Fund | 10.8 | % | 20.9 |
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. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
8. Subscriptionin-kind
On April 3, 2019, certain shareholders purchased Class R6 Shares of U.S. Small Company Fund. The portfolio securities were received primarily by means of a subscriptionin-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):
Value | Type | |||||
$13,799 | Subscription in-kind |
9. New Accounting Pronouncements
In August 2018, the Financial Accounting Standards 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. 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. Management has 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 the 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. Management has 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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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TotheBoard of Trustees ofJPMorgan Trust I and JPMorgan Trust II andShareholders of 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 and JPMorgan U.S. Small Company Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Core Fund, JPMorgan Small Cap Equity Fund and JPMorgan U.S. Small Company Fund (four of the funds constituting JPMorgan Trust I) and JPMorgan Small Cap Growth Fund and JPMorgan Small Cap Value Fund (two of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2019and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019by correspondence with the custodian, transfer agentand brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
August 23, 2019
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 134 | Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trusts since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 134 | Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 134 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016). | |||
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999). | 134 | Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present). | |||
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 134 | None | |||
Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 134 | None |
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Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trusts since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 134 | Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 134 | None | |||
Mary E. Martinez (1960); Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 134 | None | |||
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President of Administration and Planning, Northwestern University (1985-present). | 134 | None | |||
Mitchell M. Merin (1953); Trustee of Trusts since 2013. | Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006). | 134 | Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013). | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002). | 134 | Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006). | 134 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
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TRUSTEES
(Unaudited) (continued)
(1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eleven registered investment companies (134 funds). |
* | Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
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(Unaudited)
Name (Year of Birth), Positions Held with the Trusts (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016) | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014). | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016. | |
Gregory S. Samuels (1980), Secretary (2019)* (formerly Assistant Secretary since 2010) | Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015. | |
Keri E. Riemer (1976), Assistant Secretary (2019)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016). | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Lauren A. Paino (1973), Assistant Treasurer (2014)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006. | |
Gillian I. Sands (1969), Assistant Treasurer (2012)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
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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, January 1, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.
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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Small Cap Blend Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,203.90 | $ | 6.72 | 1.23 | % | ||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,201.10 | 9.44 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.22 | 8.65 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,205.60 | 5.36 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,207.30 | 4.05 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.12 | 3.71 | 0.74 | ||||||||||||
JPMorgan Small Cap Core Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,161.50 | 6.59 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,158.70 | 9.26 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.22 | 8.65 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,162.90 | 5.26 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,160.10 | 7.93 | 1.48 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.46 | 7.40 | 1.48 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,161.30 | 6.59 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 |
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Table of Contents
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Small Cap Core Fund (continued) | ||||||||||||||||
Class R4 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,162.80 | $ | 5.26 | 0.98 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,164.20 | 4.24 | 0.79 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.88 | 3.96 | 0.79 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,164.20 | 3.92 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.17 | 3.66 | 0.73 | ||||||||||||
JPMorgan Small Cap Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,196.50 | 6.70 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,193.60 | 9.41 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.22 | 8.65 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,197.70 | 5.34 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,194.90 | 8.05 | 1.48 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.46 | 7.40 | 1.48 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,196.30 | 6.70 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,197.80 | 5.34 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,199.00 | 4.31 | 0.79 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.88 | 3.96 | 0.79 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,199.30 | 3.98 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.17 | 3.66 | 0.73 | ||||||||||||
JPMorgan Small Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,266.80 | 6.97 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,263.90 | 9.77 | 1.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.17 | 8.70 | 1.74 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,269.20 | 5.57 | 0.99 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.89 | 4.96 | 0.99 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 1,269.20 | 4.73 | 0.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.63 | 4.21 | 0.84 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,265.30 | 8.37 | 1.49 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.41 | 7.45 | 1.49 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,266.80 | 6.97 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Small Cap Growth Fund (continued) | ||||||||||||||||
Class R4 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,268.70 | $ | 5.57 | 0.99 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.89 | 4.96 | 0.99 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,269.80 | 4.73 | 0.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.63 | 4.21 | 0.84 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,270.70 | 4.17 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.12 | 3.71 | 0.74 | ||||||||||||
JPMorgan Small Cap Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,110.40 | 6.44 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,107.70 | 9.04 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.22 | 8.65 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,111.90 | 5.13 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,109.40 | 7.74 | 1.48 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.46 | 7.40 | 1.48 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,110.80 | 6.44 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,111.60 | 5.13 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,112.60 | 4.35 | 0.83 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.68 | 4.16 | 0.83 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,113.50 | 3.88 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.12 | 3.71 | 0.74 | ||||||||||||
JPMorgan U.S. Small Company Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,115.30 | 6.35 | 1.21 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.79 | 6.06 | 1.21 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,113.10 | 9.01 | 1.72 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.27 | 8.60 | 1.72 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,117.20 | 5.04 | 0.96 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.03 | 4.81 | 0.96 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 1,118.10 | 4.25 | 0.81 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.78 | 4.06 | 0.81 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,114.40 | 7.71 | 1.47 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.50 | 7.35 | 1.47 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,116.00 | 6.35 | 1.21 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.79 | 6.06 | 1.21 |
94 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
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Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan U.S. Small Company Fund (continued) | ||||||||||||||||
Class R4 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,117.80 | $ | 5.09 | 0.97 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.98 | 4.86 | 0.97 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,117.60 | 4.25 | 0.81 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.78 | 4.06 | 0.81 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,118.70 | 3.73 | 0.71 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.27 | 3.56 | 0.71 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
JUNE 30, 2019 | J.P. MORGAN SMALL CAP FUNDS | 95 |
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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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2019:
Dividends Received Deduction | ||||
JPMorgan Small Cap Blend Fund | 28.09 | % | ||
JPMorgan Small Cap Core Fund | 49.63 | |||
JPMorgan Small Cap Equity Fund | 100.00 | |||
JPMorgan Small Cap Growth Fund | 19.05 | |||
JPMorgan Small Cap Value Fund | 79.92 | |||
JPMorgan U.S. Small Company Fund | 24.14 |
Long Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Long-Term Capital Gain Distribution | ||||
JPMorgan Small Cap Blend Fund | $ | 52,037 | ||
JPMorgan Small Cap Core Fund | 18,104 | |||
JPMorgan Small Cap Equity Fund | 374,705 | |||
JPMorgan Small Cap Growth Fund | 218,147 | |||
JPMorgan Small Cap Value Fund | 191,083 | |||
JPMorgan U.S. Small Company Fund | 102,260 |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Qualified Dividend Income | ||||
JPMorgan Small Cap Blend Fund | $ | 2,412 | ||
JPMorgan Small Cap Core Fund | 3,372 | |||
JPMorgan Small Cap Equity Fund | 36,602 | |||
JPMorgan Small Cap Growth Fund | 10,156 | |||
JPMorgan Small Cap Value Fund | 23,143 | |||
JPMorgan U.S. Small Company Fund | 14,725 |
96 | J.P. MORGAN SMALL CAP FUNDS | JUNE 30, 2019 |
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FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you areno longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. 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-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2019. All rights reserved. June 2019. | AN-SC-619 |
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Annual Report
J.P. Morgan MidCap/Multi-Cap Funds
June 30, 2019
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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Letter to Shareholders | 1 | |||
Market Overview | 2 | |||
Fund Commentaries: | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
Schedules of Portfolio Investments | 13 | |||
Financial Statements | 28 | |||
Financial Highlights | 44 | |||
Notes to Financial Statements | 54 | |||
Report of Independent Registered Public Accounting Firm | 66 | |||
Trustees | 67 | |||
Officers | 70 | |||
Schedule of Shareholder Expenses | 71 | |||
Tax Letter | 74 | |||
Privacy Policy — Located at the back of this Annual Report |
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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July 31, 2019 (Unaudited)
Dear Shareholders,
Even as the pace of growth slowed, the global economic expansion continued and financial markets largely provided positive returns for the twelve months ended June 30, 2019. Central banks in the U.S. and elsewhere moved to support continued economic expansion in 2019, and low interest rates, growth in corporate profits and general investor optimism added further support to both equity and bond markets.
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“We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop.” |
The U.S. economy generally outpaced other developed market nations throughout the twelve month reporting period and the U.S. expansion became the longest on record by the end of June 2019. However, growth in U.S. gross domestic product (GDP) slowed significantly to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. At the same time, the U.S. unemployment rate remained below 4% for all but one month of the reporting period.
After reaching record highs in August and September 2018, U.S. equity prices tumbled sharply in December amid investor concerns about slowing global growth, unresolved U.S.-China trade tensions and expectations for further interest rate increases by the U.S. Federal Reserve (the “Fed”). For the month of December, the S&P 500 Index fell by 9.03%.
By the end of 2018, the Fed indicated it would enact fewer-than-expected interest rate increases in 2019. In January 2019, financial markets began to stabilize and started a rebound that would push equity prices back to record highs at the end of April and again by mid-June. For the twelve month reporting period, the S&P 500 returned 10.42%.
In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019. Notably, manufacturing data weakened in 2019. However, unemployment continued to fall throughout the reporting period and the 7.5% euro area jobless rate by the end June 2019 was the lowest since the 2008-09 financial crisis.
In response to slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth rebounded to 1.8% in the first quarter of 2019 from 1.4% in the final quarter of 2018. Political uncertainty surrounding negotiations for U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the twelve month reporting period, the MSCI EAFE Index returned 1.60%.
Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well certain of its trading partners across Asia. During the second half of the reporting period, emerging markets largely benefitted investor appetite for higher yielding assets. While the MSCI Emerging Markets Index returned 1.61% for reporting period, the Bloomberg Barclays Emerging Markets Aggregate Index returned 10.95%.
Subsequent to the end of the reporting period, the Fed cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.
We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,
Andrea L. Lisher
Head of Americas, J.P. Morgan Global Funds
J.P. Morgan Asset Management
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 1 |
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J.P. Morgan MidCap/Multi-Cap Funds
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
Global equity prices rebounded from two sharp sell-offs and U.S. equity largely outperformed both developed and emerging markets equity during the reporting period.
Growth in corporate profits, low interest rates and the continued growth in the global economy bolstered financial markets throughout the reporting period. However, investor concerns about the direction of U.S. interest rates, rising trade tensions and signs of slowing economic activity in China and Europe helped fuel significant market downturns in late 2018 and again in May 2019.
Leading equity indexes plummeted in the second half of December 2018 amid slowing global economic growth, unresolved U.S.-China trade tensions and investor concerns over rising interest rates.
However, financial market volatility stabilized in January and U.S. equity prices rebounded over the next few months and returned to record high levels by April 2019. Global equity markets slumped in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as emerging markets, dropped by more than 6%. However, global equity prices rebounded again in June.
Within U.S. equity, large cap and mid cap stocks generally outperformed small cap stocks and growth stocks continued to outperform value stocks. For the twelve month reporting period, the S&P 500 returned 10.42% and the Russell Mid Cap Index returned 7.83%.
2 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
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JPMorgan Growth Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 9.63% | |||
Russell 3000 Growth Index | 10.60% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 9,389,089 |
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 twelve months ended June 30, 2019. 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 security selection in the health care and producer durables sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in East West Bancorp, Electronic Arts Inc. and Evolent Health Inc. Shares of East West Bancorp, a provider of financial services, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2019 and amid investor concerns about U.S.-China trade tariffs. Shares of Electronic Arts, a maker of digital interactive games and entertainment, fell amid a drop in revenue from mobile gaming and lower-than-expected live services revenue. Shares of Evolent Health, a provider of health care delivery and payment services, fell amid investor concerns about the financial solvency of a key client and the company’s lower-than-expected forecast for 2019 earnings.
Leading individual contributors to relative performance included the Fund’s overweight positions in Exact Sciences Inc., Veeva Systems Inc. and Waste Connections Inc. Shares of Exact Sciences, a provider of cancer diagnostics, rose amid better-than-expected quarterly earnings and revenue and increased adoption of its leading product by health care providers. Shares of Veeva Systems, a provider of software and services to the life sciences industry, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019 and raised its forecast for the full year 2019. Shares of Waste Connections, a provider of solid waste services that was not held in the Benchmark, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-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. | 6.9 | % | |||||
2. | Amazon.com, Inc. | 5.7 | ||||||
3. | Alphabet, Inc., Class C | 4.4 | ||||||
4. | Apple, Inc. | 4.3 | ||||||
5. | Mastercard, Inc., Class A | 2.7 | ||||||
6. | UnitedHealth Group, Inc. | 2.6 | ||||||
7. | Visa, Inc., Class A | 2.3 | ||||||
8. | Waste Connections, Inc. | 2.2 | ||||||
9. | PayPal Holdings, Inc. | 1.9 | ||||||
10. | Netflix, Inc. | 1.7 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 36.9 | % | ||
Health Care | 13.7 | |||
Consumer Discretionary | 13.2 | |||
Industrials | 11.0 | |||
Communication Services | 9.5 | |||
Financials | 6.5 | |||
Materials | 2.8 | |||
Investment of cash collateral from securities loaned | 2.0 | |||
Energy | 1.3 | |||
Others (each less than 1.0%) | 0.9 | |||
Short-Term Investments | 2.2 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 3 |
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JPMorgan Growth Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | October 29, 1999 | |||||||||||||
With Sales Charge* | 3.89 | % | 12.24 | % | 16.34 | % | ||||||||
Without Sales Charge | 9.63 | 13.46 | 16.98 | |||||||||||
CLASS C SHARES | May 1, 2006 | |||||||||||||
With CDSC** | 8.06 | 12.89 | 16.38 | |||||||||||
Without CDSC | 9.06 | 12.89 | 16.38 | |||||||||||
CLASS I SHARES | May 1, 2006 | 9.91 | 13.70 | 17.22 | ||||||||||
CLASS R2 SHARES | July 31, 2017 | 9.36 | 13.18 | 16.69 | ||||||||||
CLASS R3 SHARES | May 31, 2017 | 9.63 | 13.47 | 16.99 | ||||||||||
CLASS R4 SHARES | May 31, 2017 | 9.91 | 13.74 | 17.27 | ||||||||||
CLASS R5 SHARES | January 8, 2009 | 10.05 | 13.89 | 17.44 | ||||||||||
CLASS R6 SHARES | December 23, 2013 | 10.18 | 14.01 | 17.51 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 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.
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
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FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 10.20% | |||
Russell Midcap Index | 7.83% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 2,791,397 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the materials & processing sector and in the health care sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary 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., Paycom Software Inc. and Veeva Systems Inc. Shares of Ball, a packaging manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of Paycom Software, a provider of workforce management software, rose amid consistently better-than-expected earnings and revenue during the reporting period. Shares of Veeva Systems, a provider of software and services to the life sciences industry, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019 and raised its forecast for the full year 2019.
Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Corp., Mohawk Industries Inc. and Electronic Arts Inc. Shares of EQT, a natural gas production and transmission company, fell after the company forecast flat production and lower capital expenditures in 2019. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell after the company reported lower-than-expected revenue for the first quarter of 2019. Shares of Electronic Arts, a video games and other interactive entertainment, fell amid a drop in revenue from mobile gaming and lower-than-expected live services revenue.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-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. | Ball Corp. | 1.4 | % | |||||
2. | Synopsys, Inc. | 1.2 | ||||||
3. | AMETEK, Inc. | 1.2 | ||||||
4. | Global Payments, Inc. | 1.2 | ||||||
5. | Amphenol Corp., Class A | 1.2 | ||||||
6. | CBRE Group, Inc., Class A | 1.1 | ||||||
7. | Waste Connections, Inc. | 1.1 | ||||||
8. | Hilton Worldwide Holdings, Inc. | 1.1 | ||||||
9. | CMS Energy Corp. | 1.1 | ||||||
10. | O’Reilly Automotive, Inc. | 1.1 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 20.0 | % | ||
Financials | 13.6 | |||
Consumer Discretionary | 12.5 | |||
Industrials | 12.0 | |||
Health Care | 10.9 | |||
Real Estate | 7.2 | |||
Utilities | 5.0 | |||
Materials | 4.5 | |||
Energy | 3.3 | |||
Investment of cash collateral from securities loaned | 2.9 | |||
Communication Services | 2.8 | |||
Consumer Staples | 1.9 | |||
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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 5 |
Table of Contents
JPMorgan Mid Cap Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | November 2, 2009 | |||||||||||||
With Sales Charge* | 4.14 | % | 7.54 | % | 14.18 | % | ||||||||
Without Sales Charge | 9.92 | 8.71 | 14.79 | |||||||||||
CLASS C SHARES | November 2, 2009 | |||||||||||||
With CDSC** | 8.39 | 8.17 | 14.24 | |||||||||||
Without CDSC | 9.39 | 8.17 | 14.24 | |||||||||||
CLASS I SHARES | January 1, 1997 | 10.20 | 9.06 | 15.16 | ||||||||||
CLASS R2 SHARES | March 14, 2014 | 9.66 | 8.44 | 14.64 | ||||||||||
CLASS R5 SHARES | March 14, 2014 | 10.37 | 9.18 | 15.23 | ||||||||||
CLASS R6 SHARES | March 14, 2014 | 10.48 | 9.25 | 15.27 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 15.73% | |||
Russell Midcap Growth Index | 13.94% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 4,558,492 |
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 outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2019. The Fund’s security selection in the health care and producer durables sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the technology sector and its underweight position in the consumer staples sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Paycom Software Inc., Veeva Systems Inc. and Exact Sciences Inc. Shares of Paycom Software, a provider of workforce management software, rose amid consistently better-than-expected quarterly earnings and revenue during the reporting period. Shares of Veeva Systems, a provider of software and services to the life sciences industry, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019 and raised its forecast for the full year 2019. Shares of Exact Sciences, a provider of cancer diagnostics, rose amid better-than-expected quarterly earnings and revenue and increased adoption of its leading product by health care providers.
Leading individual detractors from relative performance included the Fund’s overweight positions in Electronic Arts Inc., East West Bancorp and Red Rock Resorts Inc. Shares of Electronic Arts, a maker of digital interactive games and entertainment not held in the Benchmark, fell amid a drop in revenue from mobile gaming and lower-than-expected live services revenue. Shares of East West Bancorp, a provider of financial services, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2019 and amid investor concerns over U.S.-China trade tariffs. Shares of Red Rock Resorts, a casino and entertainment properties operator not held in the Benchmark, fell amid investor concerns about weaker-than-expected demand at the company’s Palms Casino Resort.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-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. | Global Payments, Inc. | 2.3 | % | |||||
2. | Waste Connections, Inc. | 2.2 | ||||||
3. | O’Reilly Automotive, Inc. | 2.1 | ||||||
4. | Fiserv, Inc. | 1.8 | ||||||
5. | Tractor Supply Co. | 1.7 | ||||||
6. | Ball Corp. | 1.7 | ||||||
7. | Advanced Micro Devices, Inc. | 1.6 | ||||||
8. | Xilinx, Inc. | 1.6 | ||||||
9. | Take-Two Interactive Software, Inc. | 1.5 | ||||||
10. | Copart, Inc. | 1.5 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 33.3 | % | ||
Industrials | 16.4 | |||
Health Care | 15.3 | |||
Consumer Discretionary | 13.0 | |||
Financials | 5.9 | |||
Materials | 4.4 | |||
Investment of cash collateral from securities loaned | 4.2 | |||
Communication Services | 3.2 | |||
Real Estate | 1.1 | |||
Others (each less than 1.0%) | 0.8 | |||
Short-Term Investments | 2.4 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 7 |
Table of Contents
JPMorgan Mid Cap Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 18, 1992 | |||||||||||||
With Sales Charge* | 9.31 | % | 9.29 | % | 15.14 | % | ||||||||
Without Sales Charge | 15.37 | 10.48 | 15.77 | |||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||
With CDSC** | 13.78 | 9.92 | 15.18 | |||||||||||
Without CDSC | 14.78 | 9.92 | 15.18 | |||||||||||
CLASS I SHARES | March 2, 1989 | 15.73 | 10.82 | 16.13 | ||||||||||
CLASS R2 SHARES | June 19, 2009 | 15.10 | 10.26 | 15.56 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 15.38 | 10.48 | 15.77 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 15.66 | 10.75 | 16.06 | ||||||||||
CLASS R5 SHARES | November 1, 2011 | 15.89 | 10.97 | 16.25 | ||||||||||
CLASS R6 SHARES | November 1, 2011 | 15.97 | 11.04 | 16.30 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 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 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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | 4.63% | |||
Russell Midcap Value Index | 3.68% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 17,015,485 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the materials and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary 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., AutoZone Inc. and Williams Cos. Shares of Ball, a packaging manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Williams, an operator of natural gas and petroleum pipelines and storage facilities, rose amid investor expectations for earnings growth and investor demand for stocks that pay relatively high dividends.
Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Corp., Mohawk Industries Inc. and CommScope Holding Co. Shares of EQT, a natural gas production and transmission company, fell after the company forecast flat production and lower capital expenditures in 2019. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell after the company reported lower-than-expected revenue for the first quarter of 2019. Shares of CommScope Holding, a communications infrastructure provider, fell after the company issued a weaker-than-expected earnings and revenue forecast for the second quarter of 2019.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-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. | 2.1 | ||||||
3. | Xcel Energy, Inc. | 2.1 | ||||||
4. | Loews Corp. | 2.0 | ||||||
5. | M&T Bank Corp. | 1.9 | ||||||
6. | Williams Cos., Inc. (The) | 1.9 | ||||||
7. | Diamondback Energy, Inc. | 1.6 | ||||||
8. | SunTrust Banks, Inc. | 1.5 | ||||||
9. | T. Rowe Price Group, Inc. | 1.5 | ||||||
10. | AutoZone, Inc. | 1.5 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 21.7 | % | ||
Real Estate | 12.9 | |||
Consumer Discretionary | 11.9 | |||
Utilities | 10.1 | |||
Industrials | 7.5 | |||
Health Care | 6.5 | |||
Information Technology | 6.5 | |||
Energy | 5.8 | |||
Materials | 4.6 | |||
Consumer Staples | 3.8 | |||
Communication Services | 2.5 | |||
Investment of cash collateral from securities loaned | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 9 |
Table of Contents
JPMorgan Mid Cap Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | April 30, 2001 | |||||||||||||
With Sales Charge* | (1.34 | )% | 5.52 | % | 13.23 | % | ||||||||
Without Sales Charge | 4.12 | 6.66 | 13.84 | |||||||||||
CLASS C SHARES | April 30, 2001 | |||||||||||||
With CDSC** | 2.59 | 6.12 | 13.26 | |||||||||||
Without CDSC | 3.59 | 6.12 | 13.26 | |||||||||||
CLASS I SHARES | October 31, 2001 | 4.38 | 6.93 | 14.12 | ||||||||||
CLASS L SHARES | November 13, 1997 | 4.63 | 7.18 | 14.40 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 3.86 | 6.39 | 13.54 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 4.12 | 6.66 | 13.84 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 4.38 | 6.92 | 14.12 | ||||||||||
CLASS R5 SHARES | September 9, 2016 | 4.52 | 7.13 | 14.37 | ||||||||||
CLASS R6 SHARES | September 9, 2016 | 4.63 | 7.18 | 14.40 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | 7.44% | |||
Russell 3000 Value Index | 7.34% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 10,825,760 |
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 outperformed the Russell 3000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2019. The Fund’s security selection in the energy and materials sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples sector and its security selection and overweight position in the financials sector were leading detractors from relative performance.
Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Ball Corp., AutoZone Inc. and Kinder Morgan Inc. Shares of Ball, a packaging manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Kinder Morgan, a natural gas and petroleum pipelines and storage company, rose after the company increased its quarterly dividend by 25% in April 2019.
Leading individual detractors from relative performance included the Fund’s overweight positions in Nordstrom Inc., CommScope Holding Co. and Energizer Holdings Inc. Shares of Nordstrom, an apparel retail chain not held in the Benchmark, fell after the company reported lower-than-expected earnings and revenue and reduced its forecast for the full year 2019.
Shares of CommScope Holding, a communications infrastructure provider, fell after the company issued a weaker-than-expected earnings and revenue forecast for the second quarter of 2019. Shares of Energizer, a batteries and lighting manufacturer, fell after the company reported lower than expected sales for the first quarter of 2019.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-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. | 3.3 | % | |||||
2. | Pfizer, Inc. | 2.7 | ||||||
3. | Wells Fargo & Co. | 2.1 | ||||||
4. | Capital One Financial Corp. | 2.1 | ||||||
5. | PNC Financial Services Group, Inc. (The) | 1.9 | ||||||
6. | Loews Corp. | 1.9 | ||||||
7. | Chevron Corp. | 1.9 | ||||||
8. | Merck & Co., Inc. | 1.7 | ||||||
9. | Delta Air Lines, Inc. | 1.6 | ||||||
10. | M&T Bank Corp. | 1.6 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 29.6 | % | ||
Energy | 9.2 | |||
Health Care | 9.2 | |||
Consumer Discretionary | 7.6 | |||
Real Estate | 7.5 | |||
Industrials | 6.5 | |||
Information Technology | 6.0 | |||
Utilities | 5.6 | |||
Communication Services | 5.2 | |||
Consumer Staples | 5.0 | |||
Materials | 4.7 | |||
Investment of cash collateral from securities loaned | 2.3 | |||
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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 11 |
Table of Contents
JPMorgan Value Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 28, 2005 | |||||||||||||
With Sales Charge* | 1.38 | % | 5.83 | % | 13.30 | % | ||||||||
Without Sales Charge | 7.00 | 6.98 | 13.91 | |||||||||||
CLASS C SHARES | February 28, 2005 | |||||||||||||
With CDSC** | 5.48 | 6.45 | 13.35 | |||||||||||
Without CDSC | 6.48 | 6.45 | 13.35 | |||||||||||
CLASS I SHARES | February 28, 2005 | 7.28 | 7.25 | 14.20 | ||||||||||
CLASS L SHARES | February 28, 2005 | 7.44 | 7.49 | 14.46 | ||||||||||
CLASS R2 SHARES | July 31, 2017 | 6.75 | 6.71 | 13.63 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 7.00 | 6.98 | 13.91 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 7.27 | 7.25 | 14.20 | ||||||||||
CLASS R5 SHARES | September 9, 2016 | 7.41 | 7.46 | 14.45 | ||||||||||
CLASS R6 SHARES | September 9, 2016 | 7.57 | 7.53 | 14.49 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to
June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.3% |
| |||||||
Aerospace & Defense — 1.0% |
| |||||||
Boeing Co. (The) | 264 | 95,917 | ||||||
|
| |||||||
Automobiles — 0.2% |
| |||||||
Tesla, Inc. * (a) | 102 | 22,704 | ||||||
|
| |||||||
Banks — 1.6% |
| |||||||
East West Bancorp, Inc. | 1,600 | 74,827 | ||||||
First Republic Bank (a) | 775 | 75,650 | ||||||
|
| |||||||
150,477 | ||||||||
|
| |||||||
Biotechnology — 2.9% |
| |||||||
Exact Sciences Corp. * (a) | 881 | 103,993 | ||||||
Exelixis, Inc. * | 2,549 | 54,466 | ||||||
Intercept Pharmaceuticals, Inc. * (a) | 179 | 14,227 | ||||||
Sage Therapeutics, Inc. * (a) | 195 | 35,721 | ||||||
Vertex Pharmaceuticals, Inc. * | 353 | 64,660 | ||||||
|
| |||||||
273,067 | ||||||||
|
| |||||||
Building Products — 1.7% |
| |||||||
Fortune Brands Home & Security, Inc. | 1,362 | 77,822 | ||||||
Lennox International, Inc. (a) | 284 | 77,963 | ||||||
|
| |||||||
155,785 | ||||||||
|
| |||||||
Capital Markets — 4.0% |
| |||||||
BlackRock, Inc. | 149 | 70,020 | ||||||
Charles Schwab Corp. (The) | 1,487 | 59,771 | ||||||
Nasdaq, Inc. | 732 | 70,353 | ||||||
S&P Global, Inc. (a) | 521 | 118,747 | ||||||
TD Ameritrade Holding Corp. | 1,046 | 52,201 | ||||||
|
| |||||||
371,092 | ||||||||
|
| |||||||
Commercial Services & Supplies — 3.4% |
| |||||||
Copart, Inc. * | 1,384 | 103,470 | ||||||
Waste Connections, Inc. | 2,234 | 213,559 | ||||||
|
| |||||||
317,029 | ||||||||
|
| |||||||
Communications Equipment — 0.6% |
| |||||||
Arista Networks, Inc. * | 224 | 58,194 | ||||||
|
| |||||||
Construction Materials — 0.8% |
| |||||||
Vulcan Materials Co. | 551 | 75,630 | ||||||
|
| |||||||
Containers & Packaging — 2.1% |
| |||||||
Avery Dennison Corp. | 776 | 89,803 | ||||||
Ball Corp. | 1,482 | 103,697 | ||||||
|
| |||||||
193,500 | ||||||||
|
| |||||||
Electrical Equipment — 0.5% |
| |||||||
AMETEK, Inc. | 530 | 48,172 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 3.1% |
| |||||||
Amphenol Corp., Class A | 710 | 68,137 | ||||||
Corning, Inc. | 2,011 | 66,835 | ||||||
Keysight Technologies, Inc. * | 772 | 69,333 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Electronic Equipment, Instruments & Components — continued |
| |||||||
Zebra Technologies Corp., Class A * (a) | 420 | 87,923 | ||||||
|
| |||||||
292,228 | ||||||||
|
| |||||||
Entertainment — 3.9% |
| |||||||
Netflix, Inc. * | 456 | 167,424 | ||||||
Spotify Technology SA * | 571 | 83,492 | ||||||
Take-Two Interactive Software, Inc. * | 1,056 | 119,859 | ||||||
|
| |||||||
370,775 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 1.7% |
| |||||||
DexCom, Inc. * | 472 | 70,665 | ||||||
Intuitive Surgical, Inc. * (a) | 164 | 86,131 | ||||||
|
| |||||||
156,796 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.9% |
| |||||||
Acadia Healthcare Co., Inc. * (a) | 1,285 | 44,907 | ||||||
Anthem, Inc. | 278 | 78,426 | ||||||
UnitedHealth Group, Inc. | 1,014 | 247,475 | ||||||
|
| |||||||
370,808 | ||||||||
|
| |||||||
Health Care Technology — 1.8% |
| |||||||
Teladoc Health, Inc. * | 1,408 | 93,512 | ||||||
Veeva Systems, Inc., Class A * | 488 | 79,093 | ||||||
|
| |||||||
172,605 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.6% |
| |||||||
Hilton Worldwide Holdings, Inc. (a) | 562 | 54,953 | ||||||
|
| |||||||
Insurance — 1.1% |
| |||||||
Progressive Corp. (The) | 1,278 | 102,135 | ||||||
|
| |||||||
Interactive Media & Services — 5.3% |
| |||||||
Alphabet, Inc., Class C * | 395 | 427,289 | ||||||
Facebook, Inc., Class A * | 383 | 73,861 | ||||||
|
| |||||||
501,150 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 6.4% |
| |||||||
Amazon.com, Inc. * | 290 | 548,206 | ||||||
Wayfair, Inc., Class A * (a) | 329 | 48,005 | ||||||
|
| |||||||
596,211 | ||||||||
|
| |||||||
IT Services — 9.8% |
| |||||||
Booz Allen Hamilton Holding Corp. | 545 | 36,097 | ||||||
Global Payments, Inc. (a) | 951 | 152,332 | ||||||
GoDaddy, Inc., Class A * | 890 | 62,398 | ||||||
Mastercard, Inc., Class A | 996 | 263,366 | ||||||
PayPal Holdings, Inc. * | 1,629 | 186,490 | ||||||
Visa, Inc., Class A | 1,252 | 217,354 | ||||||
|
| |||||||
918,037 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 2.1% |
| |||||||
Illumina, Inc. * | 272 | 100,247 | ||||||
Thermo Fisher Scientific, Inc. | 331 | 97,120 | ||||||
|
| |||||||
197,367 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 13 |
Table of Contents
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Machinery — 2.7% |
| |||||||
Nordson Corp. (a) | 338 | 47,777 | ||||||
Oshkosh Corp. | 522 | 43,540 | ||||||
Parker-Hannifin Corp. | 399 | 67,800 | ||||||
Stanley Black & Decker, Inc. | 656 | 94,821 | ||||||
|
| |||||||
253,938 | ||||||||
|
| |||||||
Media — 0.5% |
| |||||||
New York Times Co. (The), Class A (a) | 1,334 | 43,505 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.3% |
| |||||||
Concho Resources, Inc. | 585 | 60,309 | ||||||
EOG Resources, Inc. | 667 | 62,147 | ||||||
|
| |||||||
122,456 | ||||||||
|
| |||||||
Pharmaceuticals — 1.6% |
| |||||||
Catalent, Inc. * (a) | 1,303 | 70,636 | ||||||
Jazz Pharmaceuticals plc * | 484 | 68,970 | ||||||
TherapeuticsMD, Inc. * | 5,525 | 14,364 | ||||||
|
| |||||||
153,970 | ||||||||
|
| |||||||
Professional Services — 0.8% |
| |||||||
IHS Markit Ltd. * | 1,110 | 70,755 | ||||||
|
| |||||||
Real Estate Management & Development — 0.9% |
| |||||||
CBRE Group, Inc., Class A * | 1,669 | 85,640 | ||||||
|
| |||||||
Road & Rail — 1.1% |
| |||||||
Lyft, Inc., Class A * | 702 | 46,148 | ||||||
Old Dominion Freight Line, Inc. | 381 | 56,876 | ||||||
|
| |||||||
103,024 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.6% |
| |||||||
Advanced Micro Devices, Inc. * (a) | 2,563 | 77,832 | ||||||
Applied Materials, Inc. | 1,463 | 65,712 | ||||||
Microchip Technology, Inc. (a) | 407 | 35,322 | ||||||
NVIDIA Corp. | 483 | 79,258 | ||||||
QUALCOMM, Inc. | 1,201 | 91,383 | ||||||
Xilinx, Inc. | 679 | 80,091 | ||||||
|
| |||||||
429,598 | ||||||||
|
| |||||||
Software — 15.4% |
| |||||||
Autodesk, Inc. * | 278 | 45,205 | ||||||
DocuSign, Inc. * (a) | 744 | 36,989 | ||||||
Fair Isaac Corp. * | 197 | 61,799 | ||||||
Intuit, Inc. | 500 | 130,717 | ||||||
Microsoft Corp. | 4,972 | 666,063 | ||||||
Palo Alto Networks, Inc. * | 351 | 71,601 | ||||||
salesforce.com, Inc. * (a) | 993 | 150,653 | ||||||
ServiceNow, Inc. * | 421 | 115,704 | ||||||
Slack Technologies, Inc., Class A * (a) | 776 | 29,092 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — continued |
| |||||||
Splunk, Inc. * | 575 | 72,269 | ||||||
Synopsys, Inc. * | 543 | 69,867 | ||||||
|
| |||||||
1,449,959 | ||||||||
|
| |||||||
Specialty Retail — 5.5% |
| |||||||
Home Depot, Inc. (The) | 754 | 156,726 | ||||||
O’Reilly Automotive, Inc. * | 240 | 88,637 | ||||||
Ross Stores, Inc. | 1,659 | 164,430 | ||||||
Tractor Supply Co. | 936 | 101,880 | ||||||
|
| |||||||
511,673 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 4.4% |
| |||||||
Apple, Inc. | 2,086 | 412,851 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.9% |
| |||||||
Lululemon Athletica, Inc. * | 493 | 88,771 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.1% |
| |||||||
WW Grainger, Inc. | 41 | 10,862 | ||||||
|
| |||||||
Total Common Stocks |
| 9,231,634 | ||||||
|
| |||||||
Short-Term Investments — 2.3% |
| |||||||
Investment Companies — 2.3% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 214,265 | 214,350 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 2.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | 157,015 | 157,046 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | 36,180 | 36,180 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 193,226 | |||||||
|
| |||||||
Total Investments — 102.7% |
| 9,639,210 | ||||||
Liabilities in Excess of |
| (250,121 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 9,389,089 | ||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $189,162,000. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 96.8% |
| |||||||
Aerospace & Defense — 0.6% |
| |||||||
HEICO Corp., Class A | 159 | 16,437 | ||||||
|
| |||||||
Auto Components — 0.6% |
| |||||||
Aptiv plc | 93 | 7,485 | ||||||
BorgWarner, Inc. | 259 | 10,861 | ||||||
|
| |||||||
18,346 | ||||||||
|
| |||||||
Automobiles — 0.1% |
| |||||||
Tesla, Inc. * (a) | 9 | 2,101 | ||||||
|
| |||||||
Banks — 5.2% |
| |||||||
Citizens Financial Group, Inc. | 395 | 13,951 | ||||||
Comerica, Inc. | 131 | 9,479 | ||||||
East West Bancorp, Inc. | 251 | 11,747 | ||||||
Fifth Third Bancorp | 712 | 19,866 | ||||||
First Republic Bank | 256 | 24,950 | ||||||
Huntington Bancshares, Inc. | 775 | 10,704 | ||||||
M&T Bank Corp. | 159 | 27,082 | ||||||
SunTrust Banks, Inc. | 350 | 21,978 | ||||||
Zions Bancorp NA | 116 | 5,311 | ||||||
|
| |||||||
145,068 | ||||||||
|
| |||||||
Beverages — 0.8% |
| |||||||
Constellation Brands, Inc., Class A | 62 | 12,277 | ||||||
Keurig Dr Pepper, Inc. (a) | 203 | 5,874 | ||||||
Molson Coors Brewing Co., Class B | 98 | 5,515 | ||||||
|
| |||||||
23,666 | ||||||||
|
| |||||||
Biotechnology — 2.1% |
| |||||||
Agios Pharmaceuticals, Inc. * (a) | 81 | 4,060 | ||||||
Alnylam Pharmaceuticals, Inc. * (a) | 64 | 4,629 | ||||||
BioMarin Pharmaceutical, Inc. * | 50 | 4,291 | ||||||
Exact Sciences Corp. * (a) | 171 | 20,161 | ||||||
Exelixis, Inc. * | 408 | 8,723 | ||||||
Intercept Pharmaceuticals, Inc. * | 54 | 4,329 | ||||||
Moderna, Inc. * | 169 | 2,467 | ||||||
Sage Therapeutics, Inc. * (a) | 53 | 9,759 | ||||||
|
| |||||||
58,419 | ||||||||
|
| |||||||
Building Products — 1.4% |
| |||||||
Fortune Brands Home & Security, Inc. | 424 | 24,244 | ||||||
Lennox International, Inc. | 52 | 14,312 | ||||||
|
| |||||||
38,556 | ||||||||
|
| |||||||
Capital Markets — 4.2% |
| |||||||
Ameriprise Financial, Inc. | 110 | 15,908 | ||||||
Invesco Ltd. | 266 | 5,443 | ||||||
MSCI, Inc. | 52 | 12,371 | ||||||
Nasdaq, Inc. | 117 | 11,233 | ||||||
Northern Trust Corp. | 156 | 14,001 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Capital Markets — continued | ||||||||
Raymond James Financial, Inc. | 152 | 12,826 | ||||||
S&P Global, Inc. | 61 | 13,986 | ||||||
T. Rowe Price Group, Inc. | 191 | 20,960 | ||||||
TD Ameritrade Holding Corp. | 229 | 11,447 | ||||||
|
| |||||||
118,175 | ||||||||
|
| |||||||
Chemicals — 0.5% |
| |||||||
Sherwin-Williams Co. (The) | 29 | 13,208 | ||||||
|
| |||||||
Commercial Services & Supplies — 1.9% |
| |||||||
Copart, Inc. * | 285 | 21,293 | ||||||
Waste Connections, Inc. | 334 | 31,924 | ||||||
|
| |||||||
53,217 | ||||||||
|
| |||||||
Communications Equipment — 0.7% |
| |||||||
Arista Networks, Inc. * (a) | 57 | 14,744 | ||||||
CommScope Holding Co., Inc. * | 258 | 4,052 | ||||||
|
| |||||||
18,796 | ||||||||
|
| |||||||
Construction Materials — 1.2% |
| |||||||
Martin Marietta Materials, Inc. | 52 | 11,917 | ||||||
Vulcan Materials Co. | 150 | 20,569 | ||||||
|
| |||||||
32,486 | ||||||||
|
| |||||||
Consumer Finance — 0.2% |
| |||||||
Ally Financial, Inc. | 165 | 5,106 | ||||||
|
| |||||||
Containers & Packaging — 3.0% |
| |||||||
Avery Dennison Corp. | 163 | 18,821 | ||||||
Ball Corp. | 593 | 41,479 | ||||||
Silgan Holdings, Inc. | 470 | 14,381 | ||||||
Westrock Co. | 268 | 9,756 | ||||||
|
| |||||||
84,437 | ||||||||
|
| |||||||
Distributors — 0.3% |
| |||||||
Genuine Parts Co. | 88 | 9,124 | ||||||
|
| |||||||
Diversified Consumer Services — 0.6% |
| |||||||
Bright Horizons Family Solutions, Inc. * | 109 | 16,369 | ||||||
|
| |||||||
Electric Utilities — 1.8% |
| |||||||
Edison International | 94 | 6,318 | ||||||
Evergy, Inc. | 226 | 13,596 | ||||||
Xcel Energy, Inc. | 503 | 29,897 | ||||||
|
| |||||||
49,811 | ||||||||
|
| |||||||
Electrical Equipment — 2.0% |
| |||||||
Acuity Brands, Inc. | 91 | 12,546 | ||||||
AMETEK, Inc. | 375 | 34,094 | ||||||
Hubbell, Inc. | 62 | 8,144 | ||||||
|
| |||||||
54,784 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 15 |
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Electronic Equipment, Instruments & Components — 4.7% |
| |||||||
Amphenol Corp., Class A | 353 | 33,877 | ||||||
Arrow Electronics, Inc. * | 213 | 15,191 | ||||||
CDW Corp. | 172 | 19,138 | ||||||
Corning, Inc. | 299 | 9,919 | ||||||
FLIR Systems, Inc. | 163 | 8,808 | ||||||
Keysight Technologies, Inc. * | 311 | 27,927 | ||||||
Zebra Technologies Corp., Class A * | 83 | 17,471 | ||||||
|
| |||||||
132,331 | ||||||||
|
| |||||||
Entertainment — 1.4% |
| |||||||
Spotify Technology SA * (a) | 112 | 16,435 | ||||||
Take-Two Interactive Software, Inc. * | 189 | 21,480 | ||||||
|
| |||||||
37,915 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.1% |
| |||||||
American Campus Communities, Inc. | 168 | 7,762 | ||||||
American Homes 4 Rent, Class A | 348 | 8,462 | ||||||
AvalonBay Communities, Inc. | 92 | 18,656 | ||||||
Boston Properties, Inc. | 131 | 16,935 | ||||||
Brixmor Property Group, Inc. | 627 | 11,211 | ||||||
Essex Property Trust, Inc. | 38 | 11,131 | ||||||
Federal Realty Investment Trust | 112 | 14,473 | ||||||
JBG SMITH Properties | 149 | 5,866 | ||||||
Kimco Realty Corp. | 498 | 9,204 | ||||||
Outfront Media, Inc. | 409 | 10,539 | ||||||
Rayonier, Inc. | 347 | 10,527 | ||||||
Regency Centers Corp. | 128 | 8,514 | ||||||
Ventas, Inc. | 108 | 7,408 | ||||||
Vornado Realty Trust | 228 | 14,624 | ||||||
Weyerhaeuser Co. | 311 | 8,196 | ||||||
WP Carey, Inc. | 76 | 6,203 | ||||||
|
| |||||||
169,711 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.3% |
| |||||||
Kroger Co. (The) | 345 | 7,493 | ||||||
|
| |||||||
Food Products — 0.4% |
| |||||||
Post Holdings, Inc. * | 113 | 11,750 | ||||||
|
| |||||||
Gas Utilities — 0.5% |
| |||||||
National Fuel Gas Co. | 256 | 13,503 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.2% |
| |||||||
DexCom, Inc. * | 97 | 14,579 | ||||||
Insulet Corp. * (a) | 107 | 12,786 | ||||||
ResMed, Inc. | 137 | 16,682 | ||||||
Zimmer Biomet Holdings, Inc. | 144 | 16,957 | ||||||
|
| |||||||
61,004 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Providers & Services — 4.1% |
| |||||||
Acadia Healthcare Co., Inc. * (a) | 197 | 6,885 | ||||||
AmerisourceBergen Corp. | 185 | 15,767 | ||||||
Centene Corp. * | 236 | 12,351 | ||||||
Cigna Corp. | 79 | 12,488 | ||||||
Covetrus, Inc. * | 43 | 1,053 | ||||||
Henry Schein, Inc. * | 150 | 10,463 | ||||||
Humana, Inc. | 23 | 6,202 | ||||||
Laboratory Corp. of America Holdings * | 93 | 16,054 | ||||||
Universal Health Services, Inc., Class B | 109 | 14,151 | ||||||
WellCare Health Plans, Inc. * | 64 | 18,159 | ||||||
|
| |||||||
113,573 | ||||||||
|
| |||||||
Health Care Technology — 1.2% |
| |||||||
Teladoc Health, Inc. * | 235 | 15,606 | ||||||
Veeva Systems, Inc., Class A * | 117 | 18,935 | ||||||
|
| |||||||
34,541 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.4% |
| |||||||
Hilton Worldwide Holdings, Inc. | 319 | 31,207 | ||||||
Red Rock Resorts, Inc., Class A (a) | 347 | 7,449 | ||||||
|
| |||||||
38,656 | ||||||||
|
| |||||||
Household Durables — 1.2% |
| |||||||
Mohawk Industries, Inc. * | 113 | 16,661 | ||||||
Newell Brands, Inc. | 288 | 4,437 | ||||||
NVR, Inc. * | 3 | 11,526 | ||||||
|
| |||||||
32,624 | ||||||||
|
| |||||||
Household Products — 0.3% |
| |||||||
Energizer Holdings, Inc. | 191 | 7,363 | ||||||
|
| |||||||
Industrial Conglomerates — 0.3% |
| |||||||
Carlisle Cos., Inc. | 61 | 8,600 | ||||||
|
| |||||||
Insurance — 4.4% |
| |||||||
Alleghany Corp. * | 14 | 9,335 | ||||||
Hartford Financial Services Group, Inc. (The) | 356 | 19,823 | ||||||
Lincoln National Corp. | 158 | 10,155 | ||||||
Loews Corp. | 518 | 28,327 | ||||||
Marsh & McLennan Cos., Inc. | 126 | 12,545 | ||||||
Principal Financial Group, Inc. | 60 | 3,501 | ||||||
Progressive Corp. (The) | 322 | 25,768 | ||||||
Unum Group | 102 | 3,427 | ||||||
WR Berkley Corp. | 151 | 9,971 | ||||||
|
| |||||||
122,852 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.1% |
| |||||||
Expedia Group, Inc. | 153 | 20,330 | ||||||
Wayfair, Inc., Class A * (a) | 70 | 10,264 | ||||||
|
| |||||||
30,594 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
IT Services — 5.7% |
| |||||||
Booz Allen Hamilton Holding Corp. | 305 | 20,187 | ||||||
Fiserv, Inc. * (a) | 294 | 26,774 | ||||||
Gartner, Inc. * | 71 | 11,427 | ||||||
Global Payments, Inc. (a) | 212 | 34,011 | ||||||
GoDaddy, Inc., Class A * | 198 | 13,904 | ||||||
Jack Henry & Associates, Inc. | 88 | 11,782 | ||||||
Okta, Inc. * | 97 | 12,030 | ||||||
Shopify, Inc., Class A (Canada) * | 39 | 11,556 | ||||||
Square, Inc., Class A * | 119 | 8,624 | ||||||
Worldpay, Inc., Class A * | 68 | 8,296 | ||||||
|
| |||||||
158,591 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.4% |
| |||||||
Illumina, Inc. * | 29 | 10,669 | ||||||
|
| |||||||
Machinery — 3.6% |
| |||||||
IDEX Corp. | 86 | 14,860 | ||||||
Ingersoll-Rand plc | 148 | 18,773 | ||||||
Middleby Corp. (The) * | 91 | 12,389 | ||||||
Nordson Corp. | 71 | 10,061 | ||||||
Oshkosh Corp. | 79 | 6,554 | ||||||
Parker-Hannifin Corp. (a) | 53 | 8,977 | ||||||
Snap-on, Inc. | 90 | 14,959 | ||||||
Stanley Black & Decker, Inc. | 105 | 15,242 | ||||||
|
| |||||||
101,815 | ||||||||
|
| |||||||
Media — 1.6% |
| |||||||
CBS Corp.(Non-Voting), Class B | 165 | 8,224 | ||||||
DISH Network Corp., Class A * | 257 | 9,869 | ||||||
Liberty Broadband Corp., Class C * | 65 | 6,726 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C * | 266 | 10,121 | ||||||
New York Times Co. (The), Class A (a) | 265 | 8,631 | ||||||
|
| |||||||
43,571 | ||||||||
|
| |||||||
Multiline Retail — 0.7% |
| |||||||
Kohl’s Corp. | 228 | 10,825 | ||||||
Nordstrom, Inc. (a) | 238 | 7,592 | ||||||
|
| |||||||
18,417 | ||||||||
|
| |||||||
Multi-Utilities — 2.9% |
| |||||||
CMS Energy Corp. | 525 | 30,393 | ||||||
Sempra Energy | 149 | 20,445 | ||||||
WEC Energy Group, Inc. | 361 | 30,105 | ||||||
|
| |||||||
80,943 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.4% |
| |||||||
Cabot Oil & Gas Corp. | 461 | 10,575 | ||||||
Concho Resources, Inc. | 115 | 11,886 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued |
| |||||||
Diamondback Energy, Inc. | 207 | 22,595 | ||||||
EQT Corp. | 387 | 6,113 | ||||||
Equitrans Midstream Corp. | 357 | 7,036 | ||||||
PBF Energy, Inc., Class A | 300 | 9,386 | ||||||
Williams Cos., Inc. (The) | 959 | 26,877 | ||||||
|
| |||||||
94,468 | ||||||||
|
| |||||||
Personal Products — 0.2% |
| |||||||
Coty, Inc., Class A (a) | 381 | 5,099 | ||||||
|
| |||||||
Pharmaceuticals — 1.3% |
| |||||||
Catalent, Inc. * (a) | 233 | 12,647 | ||||||
Elanco Animal Health, Inc. * | 289 | 9,765 | ||||||
Jazz Pharmaceuticals plc * | 106 | 15,140 | ||||||
|
| |||||||
37,552 | ||||||||
|
| |||||||
Professional Services — 1.5% |
| |||||||
CoStar Group, Inc. * | 16 | 9,087 | ||||||
IHS Markit Ltd. * | 262 | 16,663 | ||||||
Verisk Analytics, Inc. (a) | 117 | 17,106 | ||||||
|
| |||||||
42,856 | ||||||||
|
| |||||||
Real Estate Management & Development — 1.3% |
| |||||||
CBRE Group, Inc., Class A * | 642 | 32,941 | ||||||
Cushman & Wakefield plc * (a) | 233 | 4,164 | ||||||
|
| |||||||
37,105 | ||||||||
|
| |||||||
Road & Rail — 0.6% |
| |||||||
Lyft, Inc., Class A * | 110 | 7,228 | ||||||
Old Dominion Freight Line, Inc. (a) | 68 | 10,135 | ||||||
|
| |||||||
17,363 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.3% |
| |||||||
Advanced Micro Devices, Inc. * (a) | 757 | 22,999 | ||||||
Analog Devices, Inc. | 55 | 6,244 | ||||||
Lam Research Corp. | 100 | 18,746 | ||||||
Marvell Technology Group Ltd. (a) | 565 | 13,487 | ||||||
Microchip Technology, Inc. (a) | 99 | 8,575 | ||||||
Xilinx, Inc. | 194 | 22,818 | ||||||
|
| |||||||
92,869 | ||||||||
|
| |||||||
Software — 6.2% |
| |||||||
Autodesk, Inc. * | 58 | 9,448 | ||||||
Crowdstrike Holdings, Inc., Class A * | 67 | 4,541 | ||||||
DocuSign, Inc. * (a) | 122 | 6,055 | ||||||
Fair Isaac Corp. * | 38 | 12,027 | ||||||
Intuit, Inc. | 56 | 14,582 | ||||||
Palo Alto Networks, Inc. * | 88 | 17,964 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 17 |
Table of Contents
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Software — continued |
| |||||||
Paycom Software, Inc. * (a) | 70 | 15,893 | ||||||
Proofpoint, Inc. * (a) | 114 | 13,673 | ||||||
ServiceNow, Inc. * | 50 | 13,838 | ||||||
Slack Technologies, Inc., Class A * | 122 | 4,583 | ||||||
Splunk, Inc. * | 139 | 17,504 | ||||||
Synopsys, Inc. * | 266 | 34,246 | ||||||
Trade Desk, Inc. (The), Class A * (a) | 45 | 10,159 | ||||||
|
| |||||||
174,513 | ||||||||
|
| |||||||
Specialty Retail — 5.4% |
| |||||||
American Eagle Outfitters, Inc. | 247 | 4,176 | ||||||
AutoZone, Inc. * | 19 | 20,935 | ||||||
Best Buy Co., Inc. | 189 | 13,189 | ||||||
Gap, Inc. (The) | 497 | 8,934 | ||||||
National Vision Holdings, Inc. * (a) | 261 | 8,033 | ||||||
O’Reilly Automotive, Inc. * | 82 | 30,358 | ||||||
Ross Stores, Inc. | 214 | 21,232 | ||||||
Tiffany & Co. (a) | 135 | 12,662 | ||||||
Tractor Supply Co. | 225 | 24,437 | ||||||
Ulta Beauty, Inc. * | 23 | 7,874 | ||||||
|
| |||||||
151,830 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.5% |
| |||||||
Lululemon Athletica, Inc. * | 109 | 19,715 | ||||||
PVH Corp. | 119 | 11,294 | ||||||
Ralph Lauren Corp. | 95 | 10,845 | ||||||
|
| |||||||
41,854 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.4% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 129 | 9,598 | ||||||
WW Grainger, Inc. | 9 | 2,280 | ||||||
|
| |||||||
11,878 | ||||||||
|
| |||||||
Total Common Stocks |
| 2,702,009 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 3.5% |
| |||||||
Investment Companies — 3.5% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 97,743 | 97,782 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 3.0% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | 69,009 | 69,023 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | 15,260 | 15,260 | ||||||
|
| |||||||
Total Investment of Cash Collateral from | 84,283 | |||||||
|
| |||||||
Total Investments — 103.3% |
| 2,884,074 | ||||||
Liabilities in Excess of |
| (92,677 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 2,791,397 | ||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $82,780,000. | |||
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |||
(c) | The rate shown is the current yield as of June 30, 2019. | |||
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
18 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.8% |
| |||||||
Aerospace & Defense — 1.2% |
| |||||||
HEICO Corp., Class A | 522 | 54,009 | ||||||
|
| |||||||
Auto Components — 0.5% |
| |||||||
Aptiv plc | 302 | 24,395 | ||||||
|
| |||||||
Automobiles — 0.1% |
| |||||||
Tesla, Inc. * (a) | 31 | 6,927 | ||||||
|
| |||||||
Banks — 1.7% |
| |||||||
East West Bancorp, Inc. | 825 | 38,602 | ||||||
First Republic Bank | 403 | 39,382 | ||||||
|
| |||||||
77,984 | ||||||||
|
| |||||||
Biotechnology — 4.2% |
| |||||||
Agios Pharmaceuticals, Inc. * (a) | 268 | 13,388 | ||||||
Alnylam Pharmaceuticals, Inc. * (a) | 210 | 15,245 | ||||||
BioMarin Pharmaceutical, Inc. * | 165 | 14,150 | ||||||
Exact Sciences Corp. * (a) | 561 | 66,208 | ||||||
Exelixis, Inc. * | 1,331 | 28,435 | ||||||
Intercept Pharmaceuticals, Inc. * (a) | 179 | 14,264 | ||||||
Moderna, Inc. * (a) | 557 | 8,156 | ||||||
Sage Therapeutics, Inc. * (a) | 175 | 32,114 | ||||||
|
| |||||||
191,960 | ||||||||
|
| |||||||
Building Products — 2.0% |
| |||||||
Fortune Brands Home & Security, Inc. | 759 | 43,356 | ||||||
Lennox International, Inc. | 170 | 46,704 | ||||||
|
| |||||||
90,060 | ||||||||
|
| |||||||
Capital Markets — 3.5% |
| |||||||
MSCI, Inc. | 170 | 40,642 | ||||||
Nasdaq, Inc. | 384 | 36,900 | ||||||
S&P Global, Inc. | 199 | 45,360 | ||||||
TD Ameritrade Holding Corp. | 754 | 37,622 | ||||||
|
| |||||||
160,524 | ||||||||
|
| |||||||
Commercial Services & Supplies — 3.8% |
| |||||||
Copart, Inc. * | 936 | 69,934 | ||||||
Waste Connections, Inc. | 1,086 | 103,789 | ||||||
|
| |||||||
173,723 | ||||||||
|
| |||||||
Communications Equipment — 1.1% |
| |||||||
Arista Networks, Inc. * (a) | 186 | 48,398 | ||||||
|
| |||||||
Construction Materials — 1.5% |
| |||||||
Vulcan Materials Co. | 488 | 67,071 | ||||||
|
| |||||||
Containers & Packaging — 3.1% |
| |||||||
Avery Dennison Corp. (a) | 534 | 61,808 | ||||||
Ball Corp. (a) | 1,143 | 79,995 | ||||||
|
| |||||||
141,803 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Diversified Consumer Services — 1.2% |
| |||||||
Bright Horizons Family Solutions, Inc. * | 356 | 53,755 | ||||||
|
| |||||||
Electrical Equipment — 1.4% |
| |||||||
AMETEK, Inc. | 700 | 63,615 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 5.4% |
| |||||||
Amphenol Corp., Class A | 672 | 64,494 | ||||||
Corning, Inc. | 981 | 32,609 | ||||||
FLIR Systems, Inc. | 535 | 28,954 | ||||||
Keysight Technologies, Inc. * | 708 | 63,550 | ||||||
Zebra Technologies Corp., Class A * | 274 | 57,379 | ||||||
|
| |||||||
246,986 | ||||||||
|
| |||||||
Entertainment — 2.7% |
| |||||||
Spotify Technology SA * (a) | 369 | 53,970 | ||||||
Take-Two Interactive Software, Inc. * | 621 | 70,536 | ||||||
|
| |||||||
124,506 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.2% |
| |||||||
DexCom, Inc. * | 320 | 47,904 | ||||||
Insulet Corp. * (a) | 352 | 42,022 | ||||||
ResMed, Inc. | 449 | 54,803 | ||||||
|
| |||||||
144,729 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.7% |
| |||||||
Acadia Healthcare Co., Inc. * (a) | 648 | 22,656 | ||||||
Centene Corp. * | 774 | 40,583 | ||||||
WellCare Health Plans, Inc. * | 209 | 59,608 | ||||||
|
| |||||||
122,847 | ||||||||
|
| |||||||
Health Care Technology — 2.5% |
| |||||||
Teladoc Health, Inc. * | 772 | 51,269 | ||||||
Veeva Systems, Inc., Class A * | 384 | 62,194 | ||||||
|
| |||||||
113,463 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.9% |
| |||||||
Hilton Worldwide Holdings, Inc. | 624 | 61,014 | ||||||
Red Rock Resorts, Inc., Class A (a) | 1,141 | 24,504 | ||||||
|
| |||||||
85,518 | ||||||||
|
| |||||||
Household Durables — 0.8% |
| |||||||
NVR, Inc. * | 11 | 38,084 | ||||||
|
| |||||||
Insurance — 0.9% |
| |||||||
Progressive Corp. (The) | 513 | 40,972 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.7% |
| |||||||
Wayfair, Inc., Class A * (a) | 231 | 33,744 | ||||||
|
| |||||||
IT Services — 10.6% |
| |||||||
Booz Allen Hamilton Holding Corp. | 1,001 | 66,303 | ||||||
Fiserv, Inc. * (a) | 965 | 87,924 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 19 |
Table of Contents
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
IT Services — continued |
| |||||||
Gartner, Inc. * | 233 | 37,576 | ||||||
Global Payments, Inc. | 697 | 111,674 | ||||||
GoDaddy, Inc., Class A * | 651 | 45,689 | ||||||
Okta, Inc. * (a) | 320 | 39,523 | ||||||
Shopify, Inc., Class A (Canada) * | 127 | 37,999 | ||||||
Square, Inc., Class A * | 391 | 28,345 | ||||||
Worldpay, Inc., Class A * | 221 | 27,027 | ||||||
|
| |||||||
482,060 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.8% |
| |||||||
Illumina, Inc. * | 95 | 35,076 | ||||||
|
| |||||||
Machinery — 4.3% |
| |||||||
Ingersoll-Rand plc | 487 | 61,638 | ||||||
Nordson Corp. | 234 | 33,066 | ||||||
Oshkosh Corp. | 256 | 21,365 | ||||||
Parker-Hannifin Corp. (a) | 172 | 29,259 | ||||||
Stanley Black & Decker, Inc. | 346 | 50,064 | ||||||
|
| |||||||
195,392 | ||||||||
|
| |||||||
Media — 0.6% |
| |||||||
New York Times Co. (The), Class A (a) | 870 | 28,379 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.9% |
| |||||||
Concho Resources, Inc. | 379 | 39,056 | ||||||
|
| |||||||
Pharmaceuticals — 2.7% |
| |||||||
Catalent, Inc. * | 753 | 40,804 | ||||||
Elanco Animal Health, Inc. * | 950 | 32,100 | ||||||
Jazz Pharmaceuticals plc * (a) | 349 | 49,720 | ||||||
|
| |||||||
122,624 | ||||||||
|
| |||||||
Professional Services — 3.1% |
| |||||||
CoStar Group, Inc. * | 54 | 29,864 | ||||||
IHS Markit Ltd. * | 859 | 54,735 | ||||||
Verisk Analytics, Inc. (a) | 384 | 56,182 | ||||||
|
| |||||||
140,781 | ||||||||
|
| |||||||
Real Estate Management & Development — 1.2% |
| |||||||
CBRE Group, Inc., Class A * | 1,032 | 52,938 | ||||||
|
| |||||||
Road & Rail — 1.2% |
| |||||||
Lyft, Inc., Class A * | 362 | 23,781 | ||||||
Old Dominion Freight Line, Inc. | 222 | 33,061 | ||||||
|
| |||||||
56,842 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.2% |
| |||||||
Advanced Micro Devices, Inc. * (a) | 2,487 | 75,524 | ||||||
Lam Research Corp. | 328 | 61,591 | ||||||
Marvell Technology Group Ltd. | 1,857 | 44,318 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Semiconductors & Semiconductor Equipment — continued |
| |||||||
Microchip Technology, Inc. (a) | 322 | 27,944 | ||||||
Xilinx, Inc. | 635 | 74,926 | ||||||
|
| |||||||
284,303 | ||||||||
|
| |||||||
Software — 11.6% |
| |||||||
Autodesk, Inc. * | 189 | 30,821 | ||||||
Crowdstrike Holdings, Inc., Class A * (a) | 219 | 14,955 | ||||||
DocuSign, Inc. * (a) | 401 | 19,929 | ||||||
Fair Isaac Corp. * | 126 | 39,504 | ||||||
Intuit, Inc. | 183 | 47,876 | ||||||
Palo Alto Networks, Inc. * | 290 | 59,012 | ||||||
Paycom Software, Inc. * (a) | 230 | 52,236 | ||||||
Proofpoint, Inc. * | 374 | 44,913 | ||||||
ServiceNow, Inc. * | 164 | 45,105 | ||||||
Slack Technologies, Inc., Class A * | 403 | 15,105 | ||||||
Splunk, Inc. * | 457 | 57,472 | ||||||
Synopsys, Inc. * | 528 | 67,884 | ||||||
Trade Desk, Inc. (The), Class A * (a) | 147 | 33,370 | ||||||
|
| |||||||
528,182 | ||||||||
|
| |||||||
Specialty Retail — 6.9% |
| |||||||
American Eagle Outfitters, Inc. (a) | 814 | 13,762 | ||||||
National Vision Holdings, Inc. * (a) | 860 | 26,412 | ||||||
O’Reilly Automotive, Inc. * | 270 | 99,703 | ||||||
Ross Stores, Inc. | 699 | 69,264 | ||||||
Tractor Supply Co. | 738 | 80,251 | ||||||
Ulta Beauty, Inc. * (a) | 75 | 25,866 | ||||||
|
| |||||||
315,258 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.4% |
| |||||||
Lululemon Athletica, Inc. * | 359 | 64,731 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
WW Grainger, Inc. | 28 | 7,484 | ||||||
|
| |||||||
Total Common Stocks |
| 4,458,179 | ||||||
|
| |||||||
Short-Term Investments — 2.5% |
| |||||||
Investment Companies — 2.5% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 113,720 | 113,766 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 4.3% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | 168,032 | 168,065 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | 30,123 | 30,123 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 198,188 | |||||||
|
| |||||||
Total Investments — 104.6% |
| 4,770,133 | ||||||
Liabilities in Excess of |
| (211,641 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 4,558,492 | ||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $194,911,000. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 21 |
Table of Contents
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 95.5% |
| |||||||
Auto Components — 0.8% |
| |||||||
BorgWarner, Inc. | 3,136 | 131,652 | ||||||
|
| |||||||
Banks — 8.6% |
| |||||||
Citizens Financial Group, Inc. | 4,781 | 169,057 | ||||||
Comerica, Inc. | 1,583 | 114,957 | ||||||
Fifth Third Bancorp | 8,625 | 240,632 | ||||||
First Republic Bank | 1,610 | 157,175 | ||||||
Huntington Bancshares, Inc. | 9,389 | 129,755 | ||||||
M&T Bank Corp. | 1,928 | 327,947 | ||||||
SunTrust Banks, Inc. | 4,235 | 266,195 | ||||||
Zions Bancorp NA | 1,403 | 64,503 | ||||||
|
| |||||||
1,470,221 | ||||||||
|
| |||||||
Beverages — 1.6% |
| |||||||
Constellation Brands, Inc., Class A | 756 | 148,809 | ||||||
Keurig Dr Pepper, Inc. (a) | 2,467 | 71,304 | ||||||
Molson Coors Brewing Co., Class B | 1,073 | 60,078 | ||||||
|
| |||||||
280,191 | ||||||||
|
| |||||||
Building Products — 0.8% |
| |||||||
Fortune Brands Home & Security, Inc. | 2,345 | 133,944 | ||||||
|
| |||||||
Capital Markets — 4.9% |
| |||||||
Ameriprise Financial, Inc. | 1,328 | 192,728 | ||||||
Invesco Ltd. | 3,230 | 66,092 | ||||||
Northern Trust Corp. | 1,885 | 169,662 | ||||||
Raymond James Financial, Inc. | 1,838 | 155,433 | ||||||
T. Rowe Price Group, Inc. | 2,352 | 258,064 | ||||||
|
| |||||||
841,979 | ||||||||
|
| |||||||
Chemicals — 0.9% |
| |||||||
Sherwin-Williams Co. (The) | 349 | 160,082 | ||||||
|
| |||||||
Communications Equipment — 0.3% |
| |||||||
CommScope Holding Co., Inc. * | 3,132 | 49,267 | ||||||
|
| |||||||
Construction Materials — 0.8% |
| |||||||
Martin Marietta Materials, Inc. (a) | 628 | 144,447 | ||||||
|
| |||||||
Consumer Finance — 0.4% |
| |||||||
Ally Financial, Inc. | 2,001 | 62,018 | ||||||
|
| |||||||
Containers & Packaging — 2.9% |
| |||||||
Ball Corp. | 2,963 | 207,356 | ||||||
Silgan Holdings, Inc. | 5,695 | 174,260 | ||||||
Westrock Co. (a) | 3,243 | 118,286 | ||||||
|
| |||||||
499,902 | ||||||||
|
| |||||||
Distributors — 0.7% |
| |||||||
Genuine Parts Co. (a) | 1,068 | 110,647 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Electric Utilities — 3.5% |
| |||||||
Edison International (a) | 1,138 | 76,691 | ||||||
Evergy, Inc. | 2,739 | 164,757 | ||||||
Xcel Energy, Inc. (a) | 6,085 | 362,024 | ||||||
|
| |||||||
603,472 | ||||||||
|
| |||||||
Electrical Equipment — 2.5% |
| |||||||
Acuity Brands, Inc. | 1,102 | 152,044 | ||||||
AMETEK, Inc. | 1,964 | 178,451 | ||||||
Hubbell, Inc. | 758 | 98,789 | ||||||
|
| |||||||
429,284 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.1% |
| |||||||
Amphenol Corp., Class A | 1,799 | 172,577 | ||||||
Arrow Electronics, Inc. * | 2,583 | 184,059 | ||||||
CDW Corp. | 2,088 | 231,810 | ||||||
Keysight Technologies, Inc. * | 1,159 | 104,083 | ||||||
|
| |||||||
692,529 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 11.7% |
| |||||||
American Campus Communities, Inc. | 2,040 | 94,154 | ||||||
American Homes 4 Rent, Class A | 4,222 | 102,630 | ||||||
AvalonBay Communities, Inc. | 1,112 | 225,993 | ||||||
Boston Properties, Inc. | 1,590 | 205,162 | ||||||
Brixmor Property Group, Inc. | 7,600 | 135,887 | ||||||
Essex Property Trust, Inc. | 462 | 134,935 | ||||||
Federal Realty Investment Trust | 1,362 | 175,371 | ||||||
JBG SMITH Properties | 1,810 | 71,213 | ||||||
Kimco Realty Corp. | 6,039 | 111,606 | ||||||
Outfront Media, Inc. | 5,043 | 130,055 | ||||||
Rayonier, Inc. (a) | 4,212 | 127,619 | ||||||
Regency Centers Corp. | 1,547 | 103,257 | ||||||
Ventas, Inc. | 1,315 | 89,861 | ||||||
Vornado Realty Trust | 2,764 | 177,196 | ||||||
Weyerhaeuser Co. | 3,774 | 99,408 | ||||||
|
| |||||||
1,984,347 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.5% |
| |||||||
Kroger Co. (The) | 4,187 | 90,909 | ||||||
|
| |||||||
Food Products — 0.8% |
| |||||||
Post Holdings, Inc. * | 1,370 | 142,411 | ||||||
|
| |||||||
Gas Utilities — 1.0% |
| |||||||
National Fuel Gas Co. (a) | 3,102 | 163,624 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.2% |
| |||||||
Zimmer Biomet Holdings, Inc. (a) | 1,745 | 205,425 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — 5.4% |
| |||||||
AmerisourceBergen Corp. | 2,241 | 191,028 | ||||||
Cigna Corp. | 961 | 151,343 | ||||||
Covetrus, Inc. * (a) | 530 | 12,971 | ||||||
Henry Schein, Inc. * | 1,815 | 126,841 | ||||||
Humana, Inc. | 284 | 75,271 | ||||||
Laboratory Corp. of America Holdings * | 1,125 | 194,501 | ||||||
Universal Health Services, Inc., Class B | 1,315 | 171,475 | ||||||
|
| |||||||
923,430 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.9% |
| |||||||
Hilton Worldwide Holdings, Inc. | 1,566 | 153,060 | ||||||
|
| |||||||
Household Durables — 1.5% |
| |||||||
Mohawk Industries, Inc. * (a) | 1,369 | 201,842 | ||||||
Newell Brands, Inc. (a) | 3,497 | 53,919 | ||||||
|
| |||||||
255,761 | ||||||||
|
| |||||||
Household Products — 0.5% |
| |||||||
Energizer Holdings, Inc. (a) | 2,312 | 89,333 | ||||||
|
| |||||||
Industrial Conglomerates — 0.6% |
| |||||||
Carlisle Cos., Inc. | 743 | 104,295 | ||||||
|
| |||||||
Insurance — 7.9% |
| |||||||
Alleghany Corp. * | 166 | 113,149 | ||||||
Hartford Financial Services Group, Inc. (The) | 4,309 | 240,115 | ||||||
Lincoln National Corp. (a) | 1,910 | 123,118 | ||||||
Loews Corp. | 6,274 | 343,026 | ||||||
Marsh & McLennan Cos., Inc. | 1,524 | 152,046 | ||||||
Principal Financial Group, Inc. (a) | 735 | 42,599 | ||||||
Progressive Corp. (The) | 2,016 | 161,161 | ||||||
Unum Group | 1,243 | 41,690 | ||||||
WR Berkley Corp. | 1,834 | 120,896 | ||||||
|
| |||||||
1,337,800 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.4% |
| |||||||
Expedia Group, Inc. (a) | 1,851 | 246,252 | ||||||
|
| |||||||
IT Services — 0.8% |
| |||||||
Jack Henry & Associates, Inc. (a) | 1,066 | 142,802 | ||||||
|
| |||||||
Machinery — 3.0% |
| |||||||
IDEX Corp. | 1,046 | 180,058 | ||||||
Middleby Corp. (The) * | 1,107 | 150,156 | ||||||
Snap-on, Inc. | 1,094 | 181,256 | ||||||
|
| |||||||
511,470 | ||||||||
|
| |||||||
Media — 2.5% |
| |||||||
CBS Corp.(Non-Voting), Class B | 1,999 | 99,754 | ||||||
DISH Network Corp., Class A * | 3,115 | 119,648 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Media — continued |
| |||||||
Liberty Broadband Corp., Class C * | 783 | 81,622 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C * | 3,231 | 122,704 | ||||||
|
| |||||||
423,728 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.3% |
| |||||||
Starwood Property Trust, Inc. (a) | 2,257 | 51,273 | ||||||
|
| |||||||
Multiline Retail — 1.3% |
| |||||||
Kohl’s Corp. | 2,760 | 131,224 | ||||||
Nordstrom, Inc. (a) | 2,891 | 92,105 | ||||||
|
| |||||||
223,329 | ||||||||
|
| |||||||
Multi-Utilities — 5.8% |
| |||||||
CMS Energy Corp. (a) | 6,355 | 368,020 | ||||||
Sempra Energy | 1,802 | 247,641 | ||||||
WEC Energy Group, Inc. (a) | 4,373 | 364,543 | ||||||
|
| |||||||
980,204 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.9% |
| |||||||
Cabot Oil & Gas Corp. | 5,583 | 128,197 | ||||||
Diamondback Energy, Inc. | 2,511 | 273,658 | ||||||
EQT Corp. (a) | 4,695 | 74,221 | ||||||
Equitrans Midstream Corp. | 4,331 | 85,369 | ||||||
PBF Energy, Inc., Class A | 3,636 | 113,820 | ||||||
Williams Cos., Inc. (The) | 11,608 | 325,474 | ||||||
|
| |||||||
1,000,739 | ||||||||
|
| |||||||
Personal Products — 0.4% |
| |||||||
Coty, Inc., Class A (a) | 4,622 | 61,932 | ||||||
|
| |||||||
Real Estate Management & Development — 1.5% |
| |||||||
CBRE Group, Inc., Class A * | 3,974 | 203,864 | ||||||
Cushman & Wakefield plc * (a) | 2,831 | 50,621 | ||||||
|
| |||||||
254,485 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 0.5% |
| |||||||
Analog Devices, Inc. | 680 | 76,727 | ||||||
|
| |||||||
Software — 1.0% |
| |||||||
Synopsys, Inc. * | 1,278 | 164,420 | ||||||
|
| |||||||
Specialty Retail — 4.0% |
| |||||||
AutoZone, Inc. * | 231 | 253,539 | ||||||
Best Buy Co., Inc. | 2,292 | 159,841 | ||||||
Gap, Inc. (The) (a) | 6,029 | 108,337 | ||||||
Tiffany & Co. (a) | 1,639 | 153,457 | ||||||
|
| |||||||
675,174 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.6% |
| |||||||
PVH Corp. | 1,446 | 136,896 | ||||||
Ralph Lauren Corp. (a) | 1,157 | 131,473 | ||||||
|
| |||||||
268,369 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 23 |
Table of Contents
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Trading Companies & Distributors — 0.7% |
| |||||||
MSC Industrial Direct Co., Inc., Class A | 1,567 | 116,378 | ||||||
|
| |||||||
Total Common Stocks |
| 16,257,312 | ||||||
|
| |||||||
Short-Term Investments — 4.2% | ||||||||
Investment Companies — 4.2% | ||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 715,003 | 715,289 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 2.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | 296,001 | 296,060 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | 58,776 | 58,776 | ||||||
|
| |||||||
Total Investment of Cash Collateral from | 354,836 | |||||||
|
| |||||||
Total Investments — 101.8% |
| 17,327,437 | ||||||
Liabilities in Excess of |
| (311,952 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 17,015,485 | ||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $349,843,000. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.4% |
| |||||||
Aerospace & Defense — 0.9% |
| |||||||
United Technologies Corp. | 777 | 101,122 | ||||||
|
| |||||||
Airlines — 1.9% |
| |||||||
Delta Air Lines, Inc. | 3,074 | 174,477 | ||||||
Southwest Airlines Co. | 694 | 35,251 | ||||||
|
| |||||||
209,728 | ||||||||
|
| |||||||
Banks — 14.6% |
| |||||||
Bank of America Corp. | 12,580 | 364,826 | ||||||
Citigroup, Inc. | 1,956 | 137,009 | ||||||
Citizens Financial Group, Inc. | 3,189 | 112,767 | ||||||
Fifth Third Bancorp | 1,979 | 55,221 | ||||||
First Republic Bank | 524 | 51,136 | ||||||
M&T Bank Corp. | 1,017 | 172,930 | ||||||
PNC Financial Services Group, Inc. (The) | 1,544 | 211,998 | ||||||
SunTrust Banks, Inc. | 2,065 | 129,802 | ||||||
US Bancorp | 2,093 | 109,652 | ||||||
Wells Fargo & Co. | 4,980 | 235,669 | ||||||
|
| |||||||
1,581,010 | ||||||||
|
| |||||||
Beverages — 0.8% |
| |||||||
Keurig Dr Pepper, Inc. (a) | 1,657 | 47,892 | ||||||
Molson Coors Brewing Co., Class B | 632 | 35,379 | ||||||
|
| |||||||
83,271 | ||||||||
|
| |||||||
Capital Markets — 4.4% |
| |||||||
Charles Schwab Corp. (The) | 2,387 | 95,950 | ||||||
Invesco Ltd. (a) | 2,191 | 44,833 | ||||||
Morgan Stanley | 3,076 | 134,756 | ||||||
Northern Trust Corp. (a) | 717 | 64,562 | ||||||
T. Rowe Price Group, Inc. | 1,280 | 140,422 | ||||||
|
| |||||||
480,523 | ||||||||
|
| |||||||
Chemicals — 0.2% |
| |||||||
AdvanSix, Inc. * | 862 | 21,063 | ||||||
|
| |||||||
Communications Equipment — 1.6% |
| |||||||
Cisco Systems, Inc. | 2,370 | 129,688 | ||||||
CommScope Holding Co., Inc. * | 2,919 | 45,914 | ||||||
|
| |||||||
175,602 | ||||||||
|
| |||||||
Construction Materials — 1.5% |
| |||||||
Martin Marietta Materials, Inc. (a) | 687 | 158,172 | ||||||
|
| |||||||
Consumer Finance — 3.2% |
| |||||||
American Express Co. | 907 | 111,948 | ||||||
Capital One Financial Corp. | 2,576 | 233,745 | ||||||
|
| |||||||
345,693 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Containers & Packaging — 3.2% |
| |||||||
Ball Corp. | 1,931 | 135,169 | ||||||
Graphic Packaging Holding Co. (a) | 4,870 | 68,089 | ||||||
Packaging Corp. of America | 759 | 72,329 | ||||||
Westrock Co. | 1,911 | 69,697 | ||||||
|
| |||||||
345,284 | ||||||||
|
| |||||||
Distributors — 0.4% |
| |||||||
Genuine Parts Co. (a) | 385 | 39,873 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.5% |
| |||||||
Verizon Communications, Inc. | 2,831 | 161,745 | ||||||
|
| |||||||
Electric Utilities — 5.4% |
| |||||||
American Electric Power Co., Inc. | 1,662 | 146,292 | ||||||
Duke Energy Corp. (a) | 669 | 59,022 | ||||||
Edison International (a) | 571 | 38,458 | ||||||
Eversource Energy (a) | 829 | 62,836 | ||||||
NextEra Energy, Inc. | 616 | 126,192 | ||||||
Xcel Energy, Inc. | 2,496 | 148,502 | ||||||
|
| |||||||
581,302 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.9% |
| |||||||
Arrow Electronics, Inc. * (a) | 1,333 | 94,975 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.7% |
| |||||||
American Homes 4 Rent, Class A | 2,382 | 57,913 | ||||||
Brixmor Property Group, Inc. | 4,414 | 78,914 | ||||||
EastGroup Properties, Inc. | 428 | 49,662 | ||||||
Federal Realty Investment Trust | 471 | 60,672 | ||||||
Kimco Realty Corp. (a) | 3,738 | 69,077 | ||||||
Mid-America Apartment Communities, Inc. | 986 | 116,164 | ||||||
Outfront Media, Inc. | 3,129 | 80,695 | ||||||
Public Storage (a) | 466 | 110,916 | ||||||
Rayonier, Inc. | 2,139 | 64,804 | ||||||
Weyerhaeuser Co. | 1,355 | 35,683 | ||||||
|
| |||||||
724,500 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.0% |
| |||||||
Kroger Co. (The) (a) | 1,262 | 27,406 | ||||||
Walgreens Boots Alliance, Inc. (a) | 1,516 | 82,896 | ||||||
|
| |||||||
110,302 | ||||||||
|
| |||||||
Food Products — 0.8% |
| |||||||
Post Holdings, Inc. * | 834 | 86,669 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.7% |
| |||||||
Medtronic plc | 757 | 73,763 | ||||||
|
| |||||||
Health Care Providers & Services — 1.9% |
| |||||||
AmerisourceBergen Corp. | 663 | 56,493 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 25 |
Table of Contents
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Providers & Services — continued | ||||||||
HCA Healthcare, Inc. | 320 | 43,274 | ||||||
UnitedHealth Group, Inc. | 438 | 106,909 | ||||||
|
| |||||||
206,676 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.0% |
| |||||||
Brinker International, Inc. (a) | 1,123 | 44,189 | ||||||
Hilton Worldwide Holdings, Inc. | 695 | 67,940 | ||||||
|
| |||||||
112,129 | ||||||||
|
| |||||||
Household Products — 2.1% |
| |||||||
Clorox Co. (The) | 196 | 30,040 | ||||||
Energizer Holdings, Inc. (a) | 1,550 | 59,879 | ||||||
Procter & Gamble Co. (The) | 1,279 | 140,203 | ||||||
|
| |||||||
230,122 | ||||||||
|
| |||||||
Industrial Conglomerates — 1.7% |
| |||||||
Carlisle Cos., Inc. | 388 | 54,439 | ||||||
Honeywell International, Inc. | 766 | 133,757 | ||||||
|
| |||||||
188,196 | ||||||||
|
| |||||||
Insurance — 8.1% |
| |||||||
Alleghany Corp. * | 65 | 44,133 | ||||||
American International Group, Inc. (a) | 2,447 | 130,353 | ||||||
Chubb Ltd. (a) | 578 | 85,199 | ||||||
Fairfax Financial Holdings Ltd. (Canada) | 108 | 52,835 | ||||||
Hartford Financial Services Group, Inc. (The) | 1,515 | 84,437 | ||||||
Loews Corp. (a) | 3,825 | 209,086 | ||||||
Marsh & McLennan Cos., Inc. (a) | 898 | 89,600 | ||||||
Prudential Financial, Inc. | 361 | 36,446 | ||||||
Travelers Cos., Inc. (The) (a) | 971 | 145,239 | ||||||
|
| |||||||
877,328 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.0% |
| |||||||
Expedia Group, Inc. | 840 | 111,743 | ||||||
|
| |||||||
Machinery — 2.0% |
| |||||||
Dover Corp. | 839 | 84,039 | ||||||
Illinois Tool Works, Inc. (a) | 637 | 96,108 | ||||||
Middleby Corp. (The) * | 263 | 35,648 | ||||||
|
| |||||||
215,795 | ||||||||
|
| |||||||
Media — 3.8% |
| |||||||
CBS Corp.(Non-Voting), Class B | 1,184 | 59,076 | ||||||
Charter Communications, Inc., Class A * (a) | 383 | 151,270 | ||||||
DISH Network Corp., Class A * (a) | 2,214 | 85,040 | ||||||
Entercom Communications Corp., Class A (a) | 7,872 | 45,657 | ||||||
Nexstar Media Group, Inc., Class A | 714 | 72,103 | ||||||
|
| |||||||
413,146 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multiline Retail — 1.4% |
| |||||||
Kohl’s Corp. (a) | 1,477 | 70,232 | ||||||
Nordstrom, Inc. (a) | 2,382 | 75,875 | ||||||
|
| |||||||
146,107 | ||||||||
|
| |||||||
Multi-Utilities — 0.4% |
| |||||||
NiSource, Inc. | 1,333 | 38,379 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 9.4% |
| |||||||
Chevron Corp. | 1,651 | 205,500 | ||||||
ConocoPhillips | 2,223 | 135,613 | ||||||
Diamondback Energy, Inc. (a) | 628 | 68,444 | ||||||
EQT Corp. | 1,824 | 28,837 | ||||||
Equitrans Midstream Corp. (a) | 1,663 | 32,784 | ||||||
Exxon Mobil Corp. | 1,147 | 87,911 | ||||||
Kinder Morgan, Inc. | 5,655 | 118,087 | ||||||
Marathon Petroleum Corp. | 1,632 | 91,208 | ||||||
Occidental Petroleum Corp. | 743 | 37,373 | ||||||
PBF Energy, Inc., Class A | 1,293 | 40,482 | ||||||
Phillips 66 | 775 | 72,464 | ||||||
Williams Cos., Inc. (The) | 3,609 | 101,208 | ||||||
|
| |||||||
1,019,911 | ||||||||
|
| |||||||
Personal Products — 0.4% |
| |||||||
Coty, Inc., Class A (a) | 2,821 | 37,798 | ||||||
|
| |||||||
Pharmaceuticals — 6.8% |
| |||||||
Allergan plc | 597 | 99,987 | ||||||
Johnson & Johnson | 1,042 | 145,160 | ||||||
Merck & Co., Inc. | 2,197 | 184,197 | ||||||
Pfizer, Inc. | 7,035 | 304,735 | ||||||
|
| |||||||
734,079 | ||||||||
|
| |||||||
Real Estate Management & Development — 1.0% |
| |||||||
CBRE Group, Inc., Class A * | 2,150 | 110,289 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.4% |
| |||||||
Analog Devices, Inc. | 779 | 87,881 | ||||||
QUALCOMM, Inc. | 290 | 22,093 | ||||||
Texas Instruments, Inc. | 1,260 | 144,605 | ||||||
|
| |||||||
254,579 | ||||||||
|
| |||||||
Software — 1.1% |
| |||||||
Microsoft Corp. | 906 | 121,304 | ||||||
|
| |||||||
Specialty Retail — 3.6% |
| |||||||
AutoZone, Inc. * | 147 | 161,461 | ||||||
Best Buy Co., Inc. | 799 | 55,713 | ||||||
Home Depot, Inc. (The) | 301 | 62,499 | ||||||
Murphy USA, Inc. * | 534 | 44,832 | ||||||
Tiffany & Co. (a) | 697 | 65,285 | ||||||
|
| |||||||
389,790 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Technology Hardware, Storage & Peripherals — 0.2% |
| |||||||
Hewlett Packard Enterprise Co. | 1,546 | 23,119 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.4% |
| |||||||
Columbia Sportswear Co. (a) | 471 | 47,189 | ||||||
|
| |||||||
Total Common Stocks |
| 10,652,276 | ||||||
|
| |||||||
NO. OF RIGHTS (000) | ||||||||
Rights — 0.0% | ||||||||
Media — 0.0% |
| |||||||
Media General, Inc., CVR * ‡ (Cost $—) | 2,982 | — | (b) | |||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 1.7% |
| |||||||
Investment Companies — 1.7% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (c) (d) | 181,797 | 181,870 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 2.4% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (c) (d) | 214,997 | 215,041 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (c) (d) | 42,795 | 42,795 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 257,836 | |||||||
|
| |||||||
Total Investments — 102.5% | 11,091,982 | |||||||
Liabilities in Excess of | (266,222 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 10,825,760 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
CVR | Contingent Value Rights | |
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $253,972,000. | |
(b) | Amount rounds to less than one thousand. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 27 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019
(Amounts in thousands, except per share amounts)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
ASSETS: | ||||||||||||
Investments innon-affiliates, at value | $ | 9,231,634 | $ | 2,702,009 | $ | 4,458,179 | ||||||
Investments in affiliates, at value | 214,350 | 97,782 | 113,766 | |||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.B.) | 193,226 | 84,283 | 198,188 | |||||||||
Cash | 443 | 206 | 324 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 114,556 | 98,232 | 305,591 | |||||||||
Fund shares sold | 5,909 | 1,758 | 4,127 | |||||||||
Dividends fromnon-affiliates | 429 | 2,217 | 653 | |||||||||
Dividends from affiliates | 14 | 7 | 8 | |||||||||
Securities lending income (See Note 2.B.) | 24 | 29 | 90 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 9,760,585 | 2,986,523 | 5,080,926 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 164,951 | 107,931 | 310,561 | |||||||||
Collateral received on securities loaned (See Note 2.B.) | 193,226 | 84,283 | 198,188 | |||||||||
Fund shares redeemed | 6,471 | 1,141 | 10,066 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 4,360 | 1,267 | 2,336 | |||||||||
Administration fees | 223 | 50 | 267 | |||||||||
Distribution fees | 846 | 105 | 278 | |||||||||
Service fees | 960 | 156 | 419 | |||||||||
Custodian and accounting fees | 71 | 35 | 39 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | — | ||||||||
Other | 388 | 158 | 280 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 371,496 | 195,126 | 522,434 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 9,389,089 | $ | 2,791,397 | $ | 4,558,492 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 5,224,488 | $ | 1,742,232 | $ | 3,030,306 | ||||||
Total distributable earnings (loss) (a) | 4,164,601 | 1,049,165 | 1,528,186 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 9,389,089 | $ | 2,791,397 | $ | 4,558,492 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 1,825,607 | $ | 451,118 | $ | 1,012,686 | ||||||
Class C | 793,489 | 24,071 | 83,558 | |||||||||
Class I | 2,107,041 | 301,071 | 1,085,728 | |||||||||
Class R2 | 88 | 524 | 44,453 | |||||||||
Class R3 | 448 | — | 30,023 | |||||||||
Class R4 | 16,423 | — | 9,343 | |||||||||
Class R5 | 118,449 | 6,073 | 457,513 | |||||||||
Class R6 | 4,527,544 | 2,008,540 | 1,835,188 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 9,389,089 | $ | 2,791,397 | $ | 4,558,492 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 83,805 | 8,929 | 30,748 | |||||||||
Class C | 42,066 | 498 | 3,297 | |||||||||
Class I | 93,511 | 5,863 | 28,297 | |||||||||
Class R2 | 4 | 11 | 1,238 | |||||||||
Class R3 | 20 | — | 790 | |||||||||
Class R4 | 729 | — | 244 | |||||||||
Class R5 | 5,150 | 118 | 11,761 | |||||||||
Class R6 | 195,550 | 39,070 | 46,942 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 21.78 | $ | 50.52 | $ | 32.94 | ||||||
Class C — Offering price per share (c) | 18.86 | 48.32 | 25.34 | |||||||||
Class I — Offering and redemption price per share | 22.53 | 51.35 | 38.37 | |||||||||
Class R2 — Offering and redemption price per share | 21.67 | 49.96 | 35.91 | |||||||||
Class R3 — Offering and redemption price per share | 21.79 | — | 38.01 | |||||||||
Class R4 — Offering and redemption price per share | 22.53 | — | 38.30 | |||||||||
Class R5 — Offering and redemption price per share | 23.00 | 51.37 | 38.90 | |||||||||
Class R6 — Offering and redemption price per share | 23.15 | 51.41 | 39.09 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | ||||||||||||
[net asset value per share/(100% — maximum sales charge)] | $ | 22.99 | $ | 53.32 | $ | 34.77 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 5,395,304 | $ | 1,781,480 | $ | 3,119,960 | ||||||
Cost of investments in affiliates | 214,330 | 97,773 | 113,754 | |||||||||
Investment securities on loan, at value (See Note 2.B.) | 189,162 | 82,780 | 194,911 | |||||||||
Cost of investment of cash collateral (See Note 2.B.) | 193,211 | 84,278 | 198,175 |
(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.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 29 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |||||||
ASSETS: | ||||||||
Investments innon-affiliates, at value | $ | 16,257,312 | $ | 10,652,276 | ||||
Investments in affiliates, at value | 715,289 | 181,870 | ||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.B.) | 354,836 | 257,836 | ||||||
Cash | 1,741 | 686 | ||||||
Receivables: | ||||||||
Investment securities sold | 54,801 | 4,173 | ||||||
Fund shares sold | 11,291 | 14,833 | ||||||
Dividends fromnon-affiliates | 25,061 | 9,325 | ||||||
Dividends from affiliates | 48 | 12 | ||||||
Securities lending income (See Note 2.B.) | 39 | 24 | ||||||
|
|
|
| |||||
Total Assets | 17,420,418 | 11,121,035 | ||||||
|
|
|
| |||||
LIABILITIES: | ||||||||
Payables: | ||||||||
Investment securities purchased | 10,047 | 708 | ||||||
Collateral received on securities loaned (See Note 2.B.) | 354,836 | 257,836 | ||||||
Fund shares redeemed | 27,893 | 29,106 | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | 8,669 | 5,097 | ||||||
Administration fees | 733 | 270 | ||||||
Distribution fees | 479 | 569 | ||||||
Service fees | 1,112 | 1,058 | ||||||
Custodian and accounting fees | 133 | 88 | ||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | |||||
Other | 1,031 | 543 | ||||||
|
|
|
| |||||
Total Liabilities | 404,933 | 295,275 | ||||||
|
|
|
| |||||
Net Assets | $ | 17,015,485 | $ | 10,825,760 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |||||||
NET ASSETS: | ||||||||
Paid-in-Capital | $ | 10,301,602 | $ | 7,502,697 | ||||
Total distributable earnings (loss) (a) | 6,713,883 | 3,323,063 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 17,015,485 | $ | 10,825,760 | ||||
|
|
|
| |||||
Net Assets: | ||||||||
Class A | $ | 1,662,841 | $ | 1,231,325 | ||||
Class C | 149,839 | 522,878 | ||||||
Class I | 2,662,983 | 2,445,747 | ||||||
Class L | 8,996,364 | 2,569,596 | ||||||
Class R2 | 74,236 | 69 | ||||||
Class R3 | 73,299 | 2,241 | ||||||
Class R4 | 27,681 | 20,538 | ||||||
Class R5 | 95,243 | 8,018 | ||||||
Class R6 | 3,272,999 | 4,025,348 | ||||||
|
|
|
| |||||
Total | $ | 17,015,485 | $ | 10,825,760 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) | ||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||
Class A | 43,735 | 34,725 | ||||||
Class C | 4,112 | 14,816 | ||||||
Class I | 69,203 | 68,574 | ||||||
Class L | 230,746 | 71,994 | ||||||
Class R2 | 2,043 | 2 | ||||||
Class R3 | 1,944 | 64 | ||||||
Class R4 | 723 | 578 | ||||||
Class R5 | 2,446 | 225 | ||||||
Class R6 | 83,987 | 112,862 | ||||||
Net Asset Value (b): | ||||||||
Class A — Redemption price per share | $ | 38.02 | $ | 35.46 | ||||
Class C — Offering price per share (c) | 36.44 | 35.29 | ||||||
Class I — Offering and redemption price per share | 38.48 | 35.67 | ||||||
Class L — Offering and redemption price per share | 38.99 | 35.69 | ||||||
Class R2 — Offering and redemption price per share | 36.35 | 35.24 | ||||||
Class R3 — Offering and redemption price per share | 37.70 | 35.08 | ||||||
Class R4 — Offering and redemption price per share | 38.29 | 35.52 | ||||||
Class R5 — Offering and redemption price per share | 38.93 | 35.62 | ||||||
Class R6 — Offering and redemption price per share | 38.97 | 35.67 | ||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | ||||
Class A maximum public offering price per share | ||||||||
[net asset value per share/(100% — maximum sales charge)] | $ | 40.13 | $ | 37.42 | ||||
|
|
|
| |||||
Cost of investments innon-affiliates | $ | 10,157,428 | $ | 7,536,461 | ||||
Cost of investments in affiliates | 715,220 | 181,854 | ||||||
Investment securities on loan, at value (See Note 2.B.) | 349,843 | 253,972 | ||||||
Cost of investment of cash collateral (See Note 2.B.) | 354,811 | 257,819 |
(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.
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 31 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2019
(Amounts in thousands)
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | JPMorgan Mid Cap Growth Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income fromnon-affiliates | $ | 1 | $ | — | (a) | $ | 1 | |||||
Interest income from affiliates | — | (a) | 1 | — | (a) | |||||||
Dividend income fromnon-affiliates | 62,713 | 38,659 | 23,710 | |||||||||
Dividend income from affiliates | 4,351 | 1,812 | 2,718 | |||||||||
Income from securities lending (net) (See Note 2.B.) | 410 | 438 | 1,301 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 67,475 | 40,910 | 27,730 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 57,800 | 17,665 | 26,605 | |||||||||
Administration fees | 6,942 | 2,122 | 3,192 | |||||||||
Distribution fees: | ||||||||||||
Class A | 4,315 | 1,025 | 2,348 | |||||||||
Class C | 5,681 | 187 | 599 | |||||||||
Class R2 | — | (a) | 2 | 201 | ||||||||
Class R3 | 1 | — | 69 | |||||||||
Service fees: | ||||||||||||
Class A | 4,315 | 1,025 | 2,348 | |||||||||
Class C | 1,894 | 62 | 200 | |||||||||
Class I | 4,765 | 750 | 2,791 | |||||||||
Class R2 | — | (a) | 1 | 101 | ||||||||
Class R3 | 1 | — | 69 | |||||||||
Class R4 | 35 | — | 33 | |||||||||
Class R5 | 114 | 6 | 321 | |||||||||
Custodian and accounting fees | 228 | 204 | 120 | |||||||||
Interest expense to affiliates | 3 | 1 | 1 | |||||||||
Professional fees | 152 | 86 | 96 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 60 | 35 | 41 | |||||||||
Printing and mailing costs | 597 | 100 | 324 | |||||||||
Registration and filing fees | 367 | 140 | 142 | |||||||||
Transfer agency fees (See Note 2.E.) | 247 | 53 | 393 | |||||||||
Other | 203 | 51 | 76 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 87,720 | 23,515 | 40,070 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (10,066 | ) | (3,220 | ) | (1,740 | ) | ||||||
Less expense reimbursements | (34 | ) | (6 | ) | (29 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 77,620 | 20,289 | 38,301 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | (10,145 | ) | 20,621 | (10,571 | ) | |||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||
Investments innon-affiliates | 629,055 | 205,660 | 269,033 | |||||||||
Investments in affiliates | 2 | 1 | 4 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 629,057 | 205,661 | 269,037 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||
Investments innon-affiliates | 213,927 | 42,732 | 351,514 | |||||||||
Investments in affiliates | 35 | 14 | 25 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | 213,962 | 42,746 | 351,539 | |||||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 843,019 | 248,407 | 620,576 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 832,874 | $ | 269,028 | $ | 610,005 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Mid Cap Value Fund | JPMorgan Value Advantage Fund | |||||||
INVESTMENT INCOME: | ||||||||
Interest income fromnon-affiliates | $ | — | (a) | $ | — | (a) | ||
Interest income from affiliates | 1 | 1 | ||||||
Dividend income fromnon-affiliates | 396,806 | 293,028 | ||||||
Dividend income from affiliates | 11,506 | 5,791 | ||||||
Income from securities lending (net) (See Note 2.B.) | 346 | 197 | ||||||
|
|
|
| |||||
Total investment income | 408,659 | 299,017 | ||||||
|
|
|
| |||||
EXPENSES: | ||||||||
Investment advisory fees | 112,756 | 72,137 | ||||||
Administration fees | 12,734 | 8,579 | ||||||
Distribution fees: | ||||||||
Class A | 4,340 | 3,124 | ||||||
Class C | 1,390 | 4,147 | ||||||
Class R2 | 389 | — | (a) | |||||
Class R3 | 174 | 4 | ||||||
Service fees: | ||||||||
Class A | 4,340 | 3,124 | ||||||
Class C | 463 | 1,382 | ||||||
Class I | 6,822 | 6,097 | ||||||
Class L | 10,474 | 2,830 | ||||||
Class R2 | 195 | — | (a) | |||||
Class R3 | 174 | 5 | ||||||
Class R4 | 58 | 45 | ||||||
Class R5 | 86 | 7 | ||||||
Custodian and accounting fees | 430 | 283 | ||||||
Professional fees | 206 | 181 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 71 | 66 | ||||||
Printing and mailing costs | 1,387 | 547 | ||||||
Registration and filing fees | 301 | 325 | ||||||
Transfer agency fees (See Note 2.E.) | 837 | 236 | ||||||
Other | 393 | 180 | ||||||
|
|
|
| |||||
Total expenses | 158,020 | 103,299 | ||||||
|
|
|
| |||||
Less fees waived | (11,356 | ) | (11,952 | ) | ||||
Less expense reimbursements | (121 | ) | (33 | ) | ||||
|
|
|
| |||||
Net expenses | 146,543 | 91,314 | ||||||
|
|
|
| |||||
Net investment income (loss) | 262,116 | 207,703 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: | ||||||||
Investments innon-affiliates | 854,560 | 344,696 | ||||||
Investments in affiliates | — | (a) | 2 | |||||
|
|
|
| |||||
Net realized gain (loss) | 854,560 | 344,698 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation on: | ||||||||
Investments innon-affiliates | (449,720 | ) | 219,768 | |||||
Investments in affiliates | 94 | 33 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation | (449,626 | ) | 219,801 | |||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | 404,934 | 564,499 | ||||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | 667,050 | $ | 772,202 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (10,145 | ) | $ | (24,732 | ) | $ | 20,621 | $ | 11,549 | ||||||
Net realized gain (loss) | 629,057 | 694,039 | 205,661 | 280,150 | ||||||||||||
Change in net unrealized appreciation/depreciation | 213,962 | 1,184,781 | 42,746 | 63,890 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 832,874 | 1,854,088 | 269,028 | 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 | 562,790 | 60,031 | 74,601 | (260,045 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 697,502 | 1,593,677 | 57,689 | (74,770 | ) | |||||||||||
Beginning of period | 8,691,587 | 7,097,910 | 2,733,708 | 2,808,478 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 9,389,089 | $ | 8,691,587 | $ | 2,791,397 | $ | 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (10,571 | ) | $ | (12,093 | ) | $ | 262,116 | $ | 165,452 | ||||||
Net realized gain (loss) | 269,037 | 321,274 | 854,560 | 714,557 | ||||||||||||
Change in net unrealized appreciation/depreciation | 351,539 | 272,913 | (449,626 | ) | 323,839 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 610,005 | 582,094 | 667,050 | 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 | 283,053 | 466,368 | (734,957 | ) | (826,948 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 641,248 | 828,966 | (1,268,366 | ) | (119,161 | ) | ||||||||||
Beginning of period | 3,917,244 | 3,088,278 | 18,283,851 | 18,403,012 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,558,492 | $ | 3,917,244 | $ | 17,015,485 | $ | 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.
JUNE 30, 2019 | 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 | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||
Net investment income (loss) | $ | 207,703 | $ | 153,657 | ||||
Net realized gain (loss) | 344,698 | 371,543 | ||||||
Change in net unrealized appreciation/depreciation | 219,801 | 415,090 | ||||||
|
|
|
| |||||
Change in net assets resulting from operations | 772,202 | 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 | (123 | ) | (17 | ) | ||||
Class R4 | (1,103 | ) | (43 | ) | ||||
Class R5 | (451 | ) | (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 | (621,729 | ) | (360,503 | ) | ||||
|
|
|
| |||||
NET ASSETS: | ||||||||
Change in net assets | (558,477 | ) | 326,211 | |||||
Beginning of period | 11,384,237 | 11,058,026 | ||||||
|
|
|
| |||||
End of period | $ | 10,825,760 | $ | 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Growth Advantage Fund | JPMorgan Mid Cap Equity Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 403,155 | $ | 385,379 | $ | 104,599 | $ | 69,668 | ||||||||
Distributions reinvested | 134,593 | 67,889 | 41,253 | 21,589 | ||||||||||||
Cost of shares redeemed | (459,409 | ) | (604,708 | ) | (96,097 | ) | (90,548 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 78,339 | $ | (151,440 | ) | $ | 49,755 | $ | 709 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 156,438 | $ | 167,812 | $ | 2,104 | $ | 2,589 | ||||||||
Distributions reinvested | 66,057 | 27,785 | 2,589 | 1,665 | ||||||||||||
Cost of shares redeemed | (164,414 | ) | (179,201 | ) | (7,756 | ) | (8,820 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 58,081 | $ | 16,396 | $ | (3,063 | ) | $ | (4,566 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 749,623 | $ | 820,383 | $ | 49,175 | $ | 67,824 | ||||||||
Distributions reinvested | 135,181 | 48,329 | 31,662 | 19,948 | ||||||||||||
Cost of shares redeemed | (558,012 | ) | (1,088,919 | ) | (100,951 | ) | (567,749 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 326,792 | $ | (220,207 | ) | $ | (20,114 | ) | $ | (479,977 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R2(a) | ||||||||||||||||
Proceeds from shares issued | $ | 44 | $ | 40 | $ | 65 | $ | 75 | ||||||||
Distributions reinvested | 5 | 1 | 40 | 19 | ||||||||||||
Cost of shares redeemed | (5 | ) | (2 | ) | (21 | ) | (284 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 44 | $ | 39 | $ | 84 | $ | (190 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 184 | $ | 379 | $ | — | $ | — | ||||||||
Distributions reinvested | 27 | 11 | — | — | ||||||||||||
Cost of shares redeemed | (41 | ) | (187 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 170 | $ | 203 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 4,852 | $ | 12,768 | $ | — | $ | — | ||||||||
Distributions reinvested | 957 | 1 | — | — | ||||||||||||
Cost of shares redeemed | (2,115 | ) | (1,127 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 3,694 | $ | 11,642 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 21,008 | $ | 22,793 | $ | 62 | $ | 4,460 | ||||||||
Distributions reinvested | 8,803 | 4,273 | 621 | 317 | ||||||||||||
Cost of shares redeemed | (26,114 | ) | (31,002 | ) | (1,088 | ) | (361 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 3,697 | $ | (3,936 | ) | $ | (405 | ) | $ | 4,416 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 705,912 | $ | 1,307,512 | $ | 259,016 | $ | 659,956 | ||||||||
Distributions reinvested | 333,918 | 165,238 | 209,472 | 126,386 | ||||||||||||
Cost of shares redeemed | (947,857 | ) | (1,065,416 | ) | (420,144 | ) | (566,779 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 91,973 | $ | 407,334 | $ | 48,344 | $ | 219,563 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 562,790 | $ | 60,031 | $ | 74,601 | $ | (260,045 | ) | |||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A | ||||||||||||||||
Issued | 19,276 | 19,063 | 2,159 | 1,371 | ||||||||||||
Reinvested | 7,186 | 3,464 | 952 | 435 | ||||||||||||
Redeemed | (22,010 | ) | (29,518 | ) | (1,995 | ) | (1,784 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 4,452 | (6,991 | ) | 1,116 | 22 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 8,466 | 9,329 | 45 | 52 | ||||||||||||
Reinvested | 4,060 | 1,603 | 63 | 35 | ||||||||||||
Redeemed | (9,125 | ) | (10,165 | ) | (167 | ) | (180 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 3,401 | 767 | (59 | ) | (93 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 34,535 | 39,183 | 996 | 1,338 | ||||||||||||
Reinvested | 6,986 | 2,400 | 719 | 396 | ||||||||||||
Redeemed | (26,418 | ) | (55,106 | ) | (2,083 | ) | (11,347 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 15,103 | (13,523 | ) | (368 | ) | (9,613 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2(a) | ||||||||||||||||
Issued | 2 | 2 | 1 | 3 | ||||||||||||
Reinvested | — | (b) | — | (b) | 1 | — | (b) | |||||||||
Redeemed | — | (b) | — | (b) | — | (b) | (6 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 2 | 2 | 2 | (3 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Issued | 9 | 20 | — | — | ||||||||||||
Reinvested | 1 | — | (b) | — | — | |||||||||||
Redeemed | (2 | ) | (9 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 8 | 11 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Issued | 238 | 587 | — | — | ||||||||||||
Reinvested | 50 | — | (b) | — | — | |||||||||||
Redeemed | (96 | ) | (51 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 192 | 536 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 934 | 1,072 | 2 | 88 | ||||||||||||
Reinvested | 446 | 209 | 14 | 6 | ||||||||||||
Redeemed | (1,188 | ) | (1,457 | ) | (22 | ) | (7 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 192 | (176 | ) | (6 | ) | 87 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 31,785 | 63,769 | 5,236 | 13,118 | ||||||||||||
Reinvested | 16,814 | 8,033 | 4,754 | 2,502 | ||||||||||||
Redeemed | (43,117 | ) | (49,818 | ) | (8,527 | ) | (10,935 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 5,482 | 21,984 | 1,463 | 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Mid Cap Growth Fund | JPMorgan Mid Cap Value Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 114,825 | $ | 118,397 | $ | 232,702 | $ | 363,088 | ||||||||
Distributions reinvested | 61,839 | 61,743 | 101,729 | 45,299 | ||||||||||||
Cost of shares redeemed | (170,138 | ) | (251,332 | ) | (588,500 | ) | (671,647 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 6,526 | $ | (71,192 | ) | $ | (254,069 | ) | $ | (263,260 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 14,313 | $ | 14,077 | $ | 18,374 | $ | 7,880 | ||||||||
Distributions reinvested | 6,348 | 6,179 | 10,374 | 4,180 | ||||||||||||
Cost of shares redeemed | (24,318 | ) | (35,034 | ) | (86,785 | ) | (263,384 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (3,657 | ) | $ | (14,778 | ) | $ | (58,037 | ) | $ | (251,324 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 238,900 | $ | 339,754 | $ | 746,983 | $ | 751,430 | ||||||||
Distributions reinvested | 63,129 | 61,456 | 166,354 | 70,707 | ||||||||||||
Cost of shares redeemed | (444,249 | ) | (427,645 | ) | (1,161,145 | ) | (851,133 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (142,220 | ) | $ | (26,435 | ) | $ | (247,808 | ) | $ | (28,996 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 1,602,921 | $ | 1,968,939 | ||||||||
Distributions reinvested | — | — | 713,339 | 306,493 | ||||||||||||
Cost of shares redeemed | — | — | (4,636,220 | ) | (3,432,839 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | — | $ | — | $ | (2,319,960 | ) | $ | (1,157,407 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 15,230 | $ | 14,239 | $ | 14,477 | $ | 17,627 | ||||||||
Distributions reinvested | 2,347 | 2,362 | 4,936 | 1,815 | ||||||||||||
Cost of shares redeemed | (14,882 | ) | (17,165 | ) | (24,713 | ) | (25,651 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 2,695 | $ | (564 | ) | $ | (5,300 | ) | $ | (6,209 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 8,791 | $ | 27,693 | $ | 25,594 | $ | 51,385 | ||||||||
Distributions reinvested | 1,655 | 102 | 4,297 | 1,347 | ||||||||||||
Cost of shares redeemed | (9,229 | ) | (1,822 | ) | (17,703 | ) | (10,294 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 1,217 | $ | 25,973 | $ | 12,188 | $ | 42,438 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 4,725 | $ | 14,393 | $ | 11,792 | $ | 18,175 | ||||||||
Distributions reinvested | 921 | 242 | 1,720 | 385 | ||||||||||||
Cost of shares redeemed | (11,309 | ) | (897 | ) | (3,466 | ) | (4,544 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | (5,663 | ) | $ | 13,738 | $ | 10,046 | $ | 14,016 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 199,729 | $ | 79,191 | $ | 26,423 | $ | 70,982 | ||||||||
Distributions reinvested | 17,215 | 15,915 | 5,681 | 2,165 | ||||||||||||
Cost of shares redeemed | (109,050 | ) | (59,057 | ) | (19,629 | ) | (21,198 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 107,894 | $ | 36,049 | $ | 12,475 | $ | 51,949 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 565,276 | $ | 649,363 | $ | 2,480,879 | $ | 924,565 | ||||||||
Distributions reinvested | 90,442 | 63,657 | 82,670 | 18,935 | ||||||||||||
Cost of shares redeemed | (339,457 | ) | (209,443 | ) | (448,041 | ) | (171,655 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 316,261 | $ | 503,577 | $ | 2,115,508 | $ | 771,845 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 283,053 | $ | 466,368 | $ | (734,957 | ) | $ | (826,948 | ) | ||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A | ||||||||||||||||
Issued | 3,765 | 3,941 | 6,269 | 9,353 | ||||||||||||
Reinvested | 2,301 | 2,145 | 2,966 | 1,153 | ||||||||||||
Redeemed | (5,639 | ) | (8,462 | ) | (15,628 | ) | (17,242 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 427 | (2,376 | ) | (6,393 | ) | (6,736 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 610 | 586 | 538 | 210 | ||||||||||||
Reinvested | 306 | 271 | 315 | 111 | ||||||||||||
Redeemed | (1,023 | ) | (1,457 | ) | (2,429 | ) | (7,079 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (107 | ) | (600 | ) | (1,576 | ) | (6,758 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 6,807 | 9,954 | 20,189 | 19,096 | ||||||||||||
Reinvested | 2,019 | 1,861 | 4,798 | 1,778 | ||||||||||||
Redeemed | (12,716 | ) | (12,666 | ) | (30,988 | ) | (21,586 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (3,890 | ) | (851 | ) | (6,001 | ) | (712 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Issued | — | — | 41,784 | 49,400 | ||||||||||||
Reinvested | — | — | 20,337 | 7,611 | ||||||||||||
Redeemed | — | — | (124,718 | ) | (86,072 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | — | — | (62,597 | ) | (29,061 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Issued | 460 | 437 | 404 | 472 | ||||||||||||
Reinvested | 80 | 75 | 150 | 48 | ||||||||||||
Redeemed | (451 | ) | (526 | ) | (692 | ) | (686 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | 89 | (14 | ) | (138 | ) | (166 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Issued | 248 | 799 | 680 | 1,326 | ||||||||||||
Reinvested | 53 | 3 | 127 | 34 | ||||||||||||
Redeemed | (267 | ) | (51 | ) | (469 | ) | (265 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 34 | 751 | 338 | 1,095 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Issued | 134 | 419 | 313 | 464 | ||||||||||||
Reinvested | 30 | 7 | 50 | 10 | ||||||||||||
Redeemed | (325 | ) | (25 | ) | (92 | ) | (115 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | (161 | ) | 401 | 271 | 359 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Issued | 5,532 | 2,258 | 697 | 1,800 | ||||||||||||
Reinvested | 544 | 477 | 162 | 54 | ||||||||||||
Redeemed | (3,055 | ) | (1,695 | ) | (517 | ) | (534 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 3,021 | 1,040 | 342 | 1,320 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 15,732 | 18,762 | 66,731 | 23,270 | ||||||||||||
Reinvested | 2,842 | 1,899 | 2,355 | 471 | ||||||||||||
Redeemed | (9,571 | ) | (6,005 | ) | (11,820 | ) | (4,290 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 9,003 | 14,656 | 57,266 | 19,451 | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Value Advantage Fund | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
CAPITAL TRANSACTIONS: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 232,481 | $ | 302,187 | ||||
Distributions reinvested | 70,886 | 25,163 | ||||||
Cost of shares redeemed | (426,883 | ) | (497,550 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class A capital transactions | $ | (123,516 | ) | $ | (170,200 | ) | ||
|
|
|
| |||||
Class C | ||||||||
Proceeds from shares issued | $ | 49,965 | $ | 58,391 | ||||
Distributions reinvested | 28,077 | 7,029 | ||||||
Cost of shares redeemed | (149,047 | ) | (261,978 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class C capital transactions | $ | (71,005 | ) | $ | (196,558 | ) | ||
|
|
|
| |||||
Class I | ||||||||
Proceeds from shares issued | $ | 990,121 | $ | 844,644 | ||||
Distributions reinvested | 145,394 | 44,769 | ||||||
Cost of shares redeemed | (990,428 | ) | (897,538 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class I capital transactions | $ | 145,087 | $ | (8,125 | ) | |||
|
|
|
| |||||
Class L | ||||||||
Proceeds from shares issued | $ | 682,284 | $ | 1,135,519 | ||||
Distributions reinvested | 161,936 | 85,647 | ||||||
Cost of shares redeemed | (1,552,416 | ) | (1,811,163 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class L capital transactions | $ | (708,196 | ) | $ | (589,997 | ) | ||
|
|
|
| |||||
Class R2(a) | ||||||||
Proceeds from shares issued | $ | 33 | $ | 38 | ||||
Distributions reinvested | 2 | — | (b) | |||||
Cost of shares redeemed | (6 | ) | (1 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R2 capital transactions | $ | 29 | $ | 37 | ||||
|
|
|
| |||||
Class R3 | ||||||||
Proceeds from shares issued | $ | 1,084 | $ | 793 | ||||
Distributions reinvested | 109 | 14 | ||||||
Cost of shares redeemed | (69 | ) | (103 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R3 capital transactions | $ | 1,124 | $ | 704 | ||||
|
|
|
| |||||
Class R4 | ||||||||
Proceeds from shares issued | $ | 4,132 | $ | 19,694 | ||||
Distributions reinvested | 1,103 | 43 | ||||||
Cost of shares redeemed | (2,174 | ) | (2,597 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R4 capital transactions | $ | 3,061 | $ | 17,140 | ||||
|
|
|
| |||||
Class R5 | ||||||||
Proceeds from shares issued | $ | 2,695 | $ | 6,381 | ||||
Distributions reinvested | 451 | 115 | ||||||
Cost of shares redeemed | (1,340 | ) | (1,014 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R5 capital transactions | $ | 1,806 | $ | 5,482 | ||||
|
|
|
| |||||
Class R6 | ||||||||
Proceeds from shares issued | $ | 581,176 | $ | 1,235,372 | ||||
Distributions reinvested | 263,676 | 77,658 | ||||||
Cost of shares redeemed | (714,971 | ) | (732,016 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R6 capital transactions | $ | 129,881 | $ | 581,014 | ||||
|
|
|
| |||||
Total change in net assets resulting from capital transactions | $ | (621,729 | ) | $ | (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.
JUNE 30, 2019 | 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 | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
SHARE TRANSACTIONS: |
| |||||||
Class A | ||||||||
Issued | 6,752 | 8,673 | ||||||
Reinvested | 2,205 | 704 | ||||||
Redeemed | (12,282 | ) | (14,215 | ) | ||||
|
|
|
| |||||
Change in Class A Shares | (3,325 | ) | (4,838 | ) | ||||
|
|
|
| |||||
Class C | ||||||||
Issued | 1,459 | 1,674 | ||||||
Reinvested | 875 | 198 | ||||||
Redeemed | (4,326 | ) | (7,551 | ) | ||||
|
|
|
| |||||
Change in Class C Shares | (1,992 | ) | (5,679 | ) | ||||
|
|
|
| |||||
Class I | ||||||||
Issued | 28,239 | 24,044 | ||||||
Reinvested | 4,502 | 1,245 | ||||||
Redeemed | (28,665 | ) | (25,207 | ) | ||||
|
|
|
| |||||
Change in Class I Shares | 4,076 | 82 | ||||||
|
|
|
| |||||
Class L | ||||||||
Issued | 19,446 | 32,262 | ||||||
Reinvested | 5,015 | 2,380 | ||||||
Redeemed | (43,889 | ) | (51,546 | ) | ||||
|
|
|
| |||||
Change in Class L Shares | (19,428 | ) | (16,904 | ) | ||||
|
|
|
| |||||
Class R2(a) | ||||||||
Issued | 1 | 1 | ||||||
Reinvested | — | (b) | — | (b) | ||||
Redeemed | — | (b) | — | (b) | ||||
|
|
|
| |||||
Change in Class R2 Shares | 1 | 1 | ||||||
|
|
|
| |||||
Class R3 | ||||||||
Issued | 31 | 22 | ||||||
Reinvested | 3 | 1 | ||||||
Redeemed | (2 | ) | (3 | ) | ||||
|
|
|
| |||||
Change in Class R3 Shares | 32 | 20 | ||||||
|
|
|
| |||||
Class R4 | ||||||||
Issued | 120 | 558 | ||||||
Reinvested | 34 | 1 | ||||||
Redeemed | (62 | ) | (74 | ) | ||||
|
|
|
| |||||
Change in Class R4 Shares | 92 | 485 | ||||||
|
|
|
| |||||
Class R5 | ||||||||
Issued | 77 | 186 | ||||||
Reinvested | 14 | 3 | ||||||
Redeemed | (38 | ) | (29 | ) | ||||
|
|
|
| |||||
Change in Class R5 Shares | 53 | 160 | ||||||
|
|
|
| |||||
Class R6 | ||||||||
Issued | 16,654 | 35,495 | ||||||
Reinvested | 8,179 | 2,160 | ||||||
Redeemed | (20,665 | ) | (20,295 | ) | ||||
|
|
|
| |||||
Change in Class R6 Shares | 4,168 | 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 | JUNE 30, 2019 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
JUNE 30, 2019 | 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 gains (losses) on | Total from investment operations | Net realized gain | ||||||||||||||||
JPMorgan Growth Advantage Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Year Ended June 30, 2019 | $ | 21.73 | $ | (0.08 | ) | $ | 1.89 | $ | 1.81 | $ | (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 | ) | |||||||||||||
Class C | ||||||||||||||||||||
Year Ended June 30, 2019 | 19.16 | (0.16 | ) | 1.62 | 1.46 | (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 | ) | |||||||||||||
Class I | ||||||||||||||||||||
Year Ended June 30, 2019 | 22.36 | (0.03 | ) | 1.96 | 1.93 | (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 | ) | |||||||||||||
Class R2 | ||||||||||||||||||||
Year Ended June 30, 2019 | 21.68 | (0.13 | ) | 1.88 | 1.75 | (1.76 | ) | |||||||||||||
July 31, 2017 (f) through June 30, 2018 | 18.47 | (0.14 | ) | 4.19 | 4.05 | (0.84 | ) | |||||||||||||
Class R3 | ||||||||||||||||||||
Year Ended June 30, 2019 | 21.74 | (0.07 | ) | 1.88 | 1.81 | (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 | ||||||||||||||||||||
Year Ended June 30, 2019 | 22.36 | (0.03 | ) | 1.96 | 1.93 | (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 | ||||||||||||||||||||
Year Ended June 30, 2019 | 22.76 | 0.01 | 1.99 | 2.00 | (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 | ) | |||||||||||||
Class R6 | ||||||||||||||||||||
Year Ended June 30, 2019 | 22.87 | 0.03 | 2.01 | 2.04 | (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 | ) |
(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 | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 21.78 | 9.63 | % | $ | 1,825,607 | 1.14 | % | (0.38 | )% | 1.25 | % | 40 | % | |||||||||||||
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 | |||||||||||||||||||
18.86 | 9.06 | 793,489 | 1.64 | (0.88 | ) | 1.75 | 40 | |||||||||||||||||||
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 | |||||||||||||||||||
22.53 | 9.91 | 2,107,041 | 0.89 | (0.12 | ) | 1.00 | 40 | |||||||||||||||||||
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 | |||||||||||||||||||
21.67 | 9.36 | 88 | 1.39 | (0.61 | ) | 2.24 | 40 | |||||||||||||||||||
21.68 | 22.39 | 43 | 1.41 | (0.77 | ) | 1.59 | 31 | |||||||||||||||||||
21.79 | 9.63 | 448 | 1.14 | (0.36 | ) | 1.40 | 40 | |||||||||||||||||||
21.74 | 26.20 | 266 | 1.15 | (0.53 | ) | 1.28 | 31 | |||||||||||||||||||
17.96 | 0.62 | 20 | 1.25 | (0.55 | ) | 1.25 | 34 | |||||||||||||||||||
22.53 | 9.91 | 16,423 | 0.89 | (0.12 | ) | 1.00 | 40 | |||||||||||||||||||
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 | |||||||||||||||||||
23.00 | 10.05 | 118,449 | 0.74 | 0.02 | 0.85 | 40 | ||||||||||||||||||||
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 | |||||||||||||||||||
23.15 | 10.18 | 4,527,544 | 0.64 | 0.12 | 0.75 | 40 | ||||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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) (a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Mid Cap Equity Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 51.57 | $ | 0.18 | $ | 4.04 | $ | 4.22 | $ | (0.13 | ) | $ | (5.14 | ) | $ | (5.27 | ) | |||||||||||
Year Ended June 30, 2018 | 48.53 | — | (d) | 5.89 | 5.89 | — | (2.85 | ) | (2.85 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 42.95 | (0.02 | ) | 7.02 | 7.00 | (0.05 | ) | (1.37 | ) | (1.42 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 47.12 | (0.01 | ) | (2.02 | ) | (2.03 | ) | (0.03 | ) | (2.11 | ) | (2.14 | ) | |||||||||||||||
Year Ended June 30, 2015 | 44.91 | (0.03 | ) | 4.32 | 4.29 | (0.02 | ) | (2.06 | ) | (2.08 | ) | |||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 49.66 | (0.04 | ) | 3.84 | 3.80 | — | (5.14 | ) | (5.14 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 47.05 | (0.24 | ) | 5.70 | 5.46 | — | (2.85 | ) | (2.85 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 41.85 | (0.25 | ) | 6.82 | 6.57 | — | (1.37 | ) | (1.37 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 46.16 | (0.23 | ) | (1.97 | ) | (2.20 | ) | — | (2.11 | ) | (2.11 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 44.21 | (0.25 | ) | 4.23 | 3.98 | — | (2.03 | ) | (2.03 | ) | ||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.32 | 0.33 | 4.07 | 4.40 | (0.23 | ) | (5.14 | ) | (5.37 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 49.13 | 0.14 | 5.97 | 6.11 | (0.07 | ) | (2.85 | ) | (2.92 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 43.41 | 0.14 | 7.09 | 7.23 | (0.14 | ) | (1.37 | ) | (1.51 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 47.47 | 0.11 | (1.99 | ) | (1.88 | ) | (0.07 | ) | (2.11 | ) | (2.18 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 45.15 | 0.13 | 4.34 | 4.47 | (0.09 | ) | (2.06 | ) | (2.15 | ) | ||||||||||||||||||
Class R2 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 51.08 | 0.05 | 4.00 | 4.05 | (0.03 | ) | (5.14 | ) | (5.17 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 48.21 | (0.14 | ) | 5.86 | 5.72 | — | (2.85 | ) | (2.85 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 42.75 | (0.14 | ) | 6.98 | 6.84 | (0.01 | ) | (1.37 | ) | (1.38 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 46.98 | (0.13 | ) | (1.99 | ) | (2.12 | ) | — | (2.11 | ) | (2.11 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 44.87 | (0.14 | ) | 4.30 | 4.16 | — | (2.05 | ) | (2.05 | ) | ||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.35 | 0.41 | 4.06 | 4.47 | (0.31 | ) | (5.14 | ) | (5.45 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 49.17 | 0.24 | 5.94 | 6.18 | (0.15 | ) | (2.85 | ) | (3.00 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 43.43 | 0.18 | 7.11 | 7.29 | (0.18 | ) | (1.37 | ) | (1.55 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 47.49 | 0.18 | (2.03 | ) | (1.85 | ) | (0.10 | ) | (2.11 | ) | (2.21 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 45.15 | 0.20 | 4.33 | 4.53 | (0.13 | ) | (2.06 | ) | (2.19 | ) | ||||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.39 | 0.43 | 4.09 | 4.52 | (0.36 | ) | (5.14 | ) | (5.50 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 49.18 | 0.27 | 5.96 | 6.23 | (0.17 | ) | (2.85 | ) | (3.02 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 43.44 | 0.21 | 7.09 | 7.30 | (0.19 | ) | (1.37 | ) | (1.56 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 47.49 | 0.20 | (2.02 | ) | (1.82 | ) | (0.12 | ) | (2.11 | ) | (2.23 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 45.15 | 0.20 | 4.34 | 4.54 | (0.14 | ) | (2.06 | ) | (2.20 | ) |
(a) | Calculated based upon average shares outstanding. |
(b) | 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. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (b) | Net assets, end of period (000’s) | Net expenses (c) | Net investment income (loss) | Expenses | Portfolio turnover rate | ||||||||||||||||||||
$ | 50.52 | 9.92 | % | $ | 451,118 | 1.13 | % | 0.37 | % | 1.26 | % | 34 | % | |||||||||||||
51.57 | 12.37 | 402,897 | 1.17 | 0.01 | 1.25 | 31 | ||||||||||||||||||||
48.53 | 16.61 | 378,055 | 1.24 | (0.05 | ) | 1.37 | 38 | |||||||||||||||||||
42.95 | (4.17 | ) | 335,424 | 1.25 | (0.03 | ) | 1.43 | 39 | ||||||||||||||||||
47.12 | 9.99 | 232,320 | 1.24 | (0.06 | ) | 1.44 | 41 | |||||||||||||||||||
48.32 | 9.37 | 24,071 | 1.63 | (0.09 | ) | 1.76 | 34 | |||||||||||||||||||
49.66 | 11.83 | 27,666 | 1.67 | (0.50 | ) | 1.76 | 31 | |||||||||||||||||||
47.05 | 16.01 | 30,596 | 1.74 | (0.56 | ) | 1.92 | 38 | |||||||||||||||||||
41.85 | (4.64 | ) | 32,045 | 1.75 | (0.54 | ) | 1.96 | 39 | ||||||||||||||||||
46.16 | 9.44 | 25,597 | 1.74 | (0.56 | ) | 1.91 | 41 | |||||||||||||||||||
51.35 | 10.20 | 301,071 | 0.88 | 0.65 | 1.00 | 34 | ||||||||||||||||||||
52.32 | 12.68 | 326,026 | 0.89 | 0.26 | 1.00 | 31 | ||||||||||||||||||||
49.13 | 17.01 | 778,378 | 0.89 | 0.30 | 1.08 | 38 | ||||||||||||||||||||
43.41 | (3.81 | ) | 622,440 | 0.90 | 0.25 | 1.20 | 39 | |||||||||||||||||||
47.47 | 10.35 | 1,773,929 | 0.89 | 0.29 | 1.16 | 41 | ||||||||||||||||||||
49.96 | 9.63 | 524 | 1.38 | 0.10 | 1.57 | 34 | ||||||||||||||||||||
51.08 | 12.09 | 443 | 1.43 | (0.28 | ) | 1.57 | 31 | |||||||||||||||||||
48.21 | 16.30 | 600 | 1.49 | (0.31 | ) | 1.69 | 38 | |||||||||||||||||||
42.75 | (4.38 | ) | 688 | 1.50 | (0.30 | ) | 1.81 | 39 | ||||||||||||||||||
46.98 | 9.71 | 823 | 1.49 | (0.31 | ) | 1.69 | 41 | |||||||||||||||||||
51.37 | 10.37 | 6,073 | 0.73 | 0.81 | 0.86 | 34 | ||||||||||||||||||||
52.35 | 12.83 | 6,499 | 0.75 | 0.47 | 0.85 | 31 | ||||||||||||||||||||
49.17 | 17.14 | 1,804 | 0.79 | 0.40 | 0.87 | 38 | ||||||||||||||||||||
43.43 | (3.73 | ) | 2,840 | 0.80 | 0.42 | 0.91 | 39 | |||||||||||||||||||
47.49 | 10.49 | 1,636 | 0.79 | 0.43 | 0.88 | 41 | ||||||||||||||||||||
51.41 | 10.48 | 2,008,540 | 0.63 | 0.87 | 0.75 | 34 | ||||||||||||||||||||
52.39 | 12.93 | 1,970,177 | 0.67 | 0.51 | 0.75 | 31 | ||||||||||||||||||||
49.18 | 17.18 | 1,619,045 | 0.74 | 0.45 | 0.75 | 38 | ||||||||||||||||||||
43.44 | (3.66 | ) | 1,370,912 | 0.74 | 0.46 | 0.77 | 39 | |||||||||||||||||||
47.49 | 10.53 | 1,268,988 | 0.74 | 0.45 | 0.80 | 41 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 |
| |||||||||||||||||||
Year Ended June 30, 2019 | $ | 30.84 | $ | (0.17 | ) | $ | 4.42 | $ | 4.25 | $ | (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 | ) | |||||||||||||
Class C |
| |||||||||||||||||||
Year Ended June 30, 2019 | 24.37 | (0.25 | ) | 3.37 | 3.12 | (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 | ) | |||||||||||||
Class I |
| |||||||||||||||||||
Year Ended June 30, 2019 | 35.44 | (0.09 | ) | 5.17 | 5.08 | (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 | ) | |||||||||||||
Class R2 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 33.49 | (0.27 | ) | 4.84 | 4.57 | (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 | ) | |||||||||||||
Class R3 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 35.23 | (0.20 | ) | 5.13 | 4.93 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 31.71 | (0.19 | ) | 5.85 | 5.66 | (2.14 | ) | |||||||||||||
September 9, 2016 (f) through June 30, 2017 | 27.06 | (0.13 | ) | 4.79 | 4.66 | (0.01 | ) | |||||||||||||
Class R4 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 35.40 | (0.11 | ) | 5.16 | 5.05 | (2.15 | ) | |||||||||||||
Year Ended June 30, 2018 | 31.77 | (0.12 | ) | 5.89 | 5.77 | (2.14 | ) | |||||||||||||
September 9, 2016 (f) through June 30, 2017 | 27.06 | (0.06 | ) | 4.78 | 4.72 | (0.01 | ) | |||||||||||||
Class R5 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 35.85 | (0.04 | ) | 5.24 | 5.20 | (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 | ) | |||||||||||||
Class R6 |
| |||||||||||||||||||
Year Ended June 30, 2019 | 36.00 | (0.02 | ) | 5.26 | 5.24 | (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 | ) |
(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.
48 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
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 (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 32.94 | 15.37 | % | $ | 1,012,686 | 1.23 | % | (0.56 | )% | 1.28 | % | 54 | % | |||||||||||||
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 | |||||||||||||||||||
25.34 | 14.78 | 83,558 | 1.73 | (1.06 | ) | 1.75 | 54 | |||||||||||||||||||
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 | |||||||||||||||||||
38.37 | 15.73 | 1,085,728 | 0.92 | (0.25 | ) | 1.00 | 54 | |||||||||||||||||||
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 | |||||||||||||||||||
35.91 | 15.10 | 44,453 | 1.48 | (0.81 | ) | 1.55 | 54 | |||||||||||||||||||
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 | |||||||||||||||||||
38.01 | 15.38 | 30,023 | 1.23 | (0.56 | ) | 1.25 | 54 | |||||||||||||||||||
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 | |||||||||||||||||||
38.30 | 15.66 | 9,343 | 0.98 | (0.31 | ) | 1.00 | 54 | |||||||||||||||||||
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 | |||||||||||||||||||
38.90 | 15.89 | 457,513 | 0.78 | (0.11 | ) | 0.85 | 54 | |||||||||||||||||||
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 | |||||||||||||||||||
39.09 | 15.94 | 1,835,188 | 0.73 | (0.05 | ) | 0.75 | 54 | |||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 39.24 | $ | 0.45 | $ | 0.87 | $ | 1.32 | $ | (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 | ) | ||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 37.68 | 0.26 | 0.83 | 1.09 | (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 | ) | ||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 39.70 | 0.54 | 0.88 | 1.42 | (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 | ) | ||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 40.21 | 0.62 | 0.90 | 1.52 | (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 | ) | ||||||||||||||||||
Class R2 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 37.64 | 0.31 | 0.86 | 1.17 | (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 | ) | ||||||||||||||||||
Class R3 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 38.97 | 0.39 | 0.91 | 1.30 | (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 (f) through June 30, 2017 | 35.78 | 0.26 | 4.15 | 4.41 | (0.28 | ) | (2.24 | ) | (2.52 | ) | ||||||||||||||||||
Class R4 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 39.56 | 0.50 | 0.90 | 1.40 | (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 (f) through June 30, 2017 | 36.18 | 0.38 | 4.15 | 4.53 | (0.31 | ) | (2.24 | ) | (2.55 | ) | ||||||||||||||||||
Class R5 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 40.15 | 0.58 | 0.90 | 1.48 | (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 (f) through June 30, 2017 | 36.60 | 0.36 | 4.28 | 4.64 | (0.33 | ) | (2.24 | ) | (2.57 | ) | ||||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 40.19 | 0.58 | 0.94 | 1.52 | (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 (f) 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) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
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) | end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 38.02 | 4.12 | % | $ | 1,662,841 | 1.23 | % | 1.20 | % | 1.25 | % | 11 | % | |||||||||||||
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 | ||||||||||||||||||||
36.44 | 3.59 | 149,839 | 1.73 | 0.72 | 1.74 | 11 | ||||||||||||||||||||
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 | ||||||||||||||||||||
38.48 | 4.38 | 2,662,983 | 0.98 | 1.41 | 0.99 | 11 | ||||||||||||||||||||
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 | ||||||||||||||||||||
38.99 | 4.63 | 8,996,364 | 0.74 | 1.61 | 0.85 | 11 | ||||||||||||||||||||
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 | ||||||||||||||||||||
36.35 | 3.86 | 74,236 | 1.49 | 0.87 | 1.50 | 11 | ||||||||||||||||||||
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 | ||||||||||||||||||||
37.70 | 4.12 | 73,299 | 1.24 | 1.04 | 1.25 | 11 | ||||||||||||||||||||
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 | ||||||||||||||||||||
38.29 | 4.38 | 27,681 | 0.98 | 1.32 | 0.99 | 11 | ||||||||||||||||||||
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 | ||||||||||||||||||||
38.93 | 4.52 | 95,243 | 0.83 | 1.50 | 0.84 | 11 | ||||||||||||||||||||
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 | ||||||||||||||||||||
38.97 | 4.63 | 3,272,999 | 0.73 | 1.52 | 0.74 | 11 | ||||||||||||||||||||
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.
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 35.38 | $ | 0.55 | $ | 1.68 | $ | 2.23 | $ | (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 | ) | ||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 35.20 | 0.38 | 1.68 | 2.06 | (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 | ) | ||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 35.60 | 0.62 | 1.70 | 2.32 | (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 | ) | ||||||||||||||||||
Class L |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 35.62 | 0.72 | 1.64 | 2.36 | (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 | ) | ||||||||||||||||||
Class R2 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 35.22 | 0.48 | 1.65 | 2.13 | (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 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 35.11 | 0.49 | 1.71 | 2.20 | (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 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 35.47 | 0.62 | 1.69 | 2.31 | (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 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 35.57 | 0.65 | 1.71 | 2.36 | (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 |
| |||||||||||||||||||||||||||
Year Ended June 30, 2019 | 35.60 | 0.71 | 1.70 | 2.41 | (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 | JUNE 30, 2019 |
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 (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 35.46 | 7.00 | % | $ | 1,231,325 | 1.14 | % | 1.59 | % | 1.25 | % | 15 | % | |||||||||||||
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 | ||||||||||||||||||||
35.29 | 6.45 | 522,878 | 1.64 | 1.08 | 1.75 | 15 | ||||||||||||||||||||
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 | ||||||||||||||||||||
35.67 | 7.28 | 2,445,747 | 0.89 | 1.76 | 0.99 | 15 | ||||||||||||||||||||
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 | ||||||||||||||||||||
35.69 | 7.41 | 2,569,596 | 0.74 | 2.04 | 0.84 | 15 | ||||||||||||||||||||
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 | ||||||||||||||||||||
35.24 | 6.72 | 69 | 1.39 | 1.40 | 2.14 | 15 | ||||||||||||||||||||
35.22 | 5.54 | 38 | 1.41 | 0.78 | (f) | 1.61 | 23 | |||||||||||||||||||
35.08 | 7.00 | 2,241 | 1.14 | 1.44 | 1.26 | 15 | ||||||||||||||||||||
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 | ||||||||||||||||||||
35.52 | 7.27 | 20,538 | 0.89 | 1.79 | 0.99 | 15 | ||||||||||||||||||||
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 | ||||||||||||||||||||
35.62 | 7.41 | 8,018 | 0.74 | 1.85 | 0.84 | 15 | ||||||||||||||||||||
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 | ||||||||||||||||||||
35.67 | 7.57 | 4,025,348 | 0.64 | 2.02 | 0.74 | 15 | ||||||||||||||||||||
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.
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AS OF JUNE 30, 2019
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(1), 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(1), Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified |
(1) | 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 | JUNE 30, 2019 |
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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/or 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 (“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 observable inputs | Level 3 unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 9,639,210 | $ | — | $ | — | $ | 9,639,210 | ||||||||
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Mid Cap Equity Fund | ||||||||||||||||
Level 1 Quoted prices | �� | Level 2 Other significant observable inputs | Level 3 unobservable inputs | Total | ||||||||||||
Total Investments in Securities (a) | $ | 2,884,074 | $ | — | $ | — | $ | 2,884,074 | ||||||||
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Mid Cap Growth Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 4,770,133 | $ | — | $ | — | $ | 4,770,133 | ||||||||
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Mid Cap Value Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 17,327,437 | $ | — | $ | — | $ | 17,327,437 | ||||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Value Advantage Fund | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 unobservable inputs | Total | |||||||||||||
Total Investments in Securities (b) | $ | 11,091,982 | $ | — | $ | — | (c) | $ | 11,091,982 | |||||||
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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 SOI. Level 3 consists of rights. Please refer to the SOI for industry specifics of portfolio holdings. |
(c) | Amount rounds to less than one thousand. |
There were no transfers into and out of level 3 for the year ended June 30, 2019.
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.
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), subject to certaindeminimis amounts.
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 June 30, 2019, 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 | $ | 189,162 | $ | 193,226 | $ | 193,226 | ||||||
Mid Cap Equity Fund | 82,780 | 84,283 | 84,283 | |||||||||
Mid Cap Growth Fund | 194,911 | 198,188 | 198,188 | |||||||||
Mid Cap Value Fund | 349,843 | 354,836 | 354,836 | |||||||||
Value Advantage Fund | 253,972 | 257,836 | 257,836 |
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 collateral received or posted by the Funds as of June 30, 2019 (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 | $ | 189,162 | $ | (189,162 | ) | $ | — | |||||
Mid Cap Equity Fund | 82,780 | (82,780 | ) | — | ||||||||
Mid Cap Growth Fund | 194,911 | (194,911 | ) | — | ||||||||
Mid Cap Value Fund | 349,843 | (349,843 | ) | — | ||||||||
Value Advantage Fund | 253,972 | (253,972 | ) | — |
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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 cash collateral 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 | $ | 24 | ||
Mid Cap Equity Fund | 9 | |||
Mid Cap Growth Fund | 24 | |||
Mid Cap Value Fund | 25 | |||
Value Advantage Fund | 15 |
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 year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 680,153 | $ | 465,825 | $ | 2 | $ | 20 | $ | 214,350 | 214,265 | $ | 1,017 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b) | — | 850,000 | 693,000 | 31 | * | 15 | 157,046 | 157,015 | 2,751 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b) | — | 714,399 | 678,219 | — | — | 36,180 | 36,180 | 729 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 218,911 | 1,515,257 | 1,734,168 | — | — | — | — | 3,334 | — | |||||||||||||||||||||||||||
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Total | $ | 218,911 | $ | 3,759,809 | $ | 3,571,212 | $ | 33 | $ | 35 | $ | 407,576 | $ | 7,831 | $ | — | ||||||||||||||||||||
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Mid Cap Equity Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 315,622 | $ | 217,849 | $ | 1 | $ | 8 | $ | 97,782 | 97,743 | $ | 532 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b) | — | 261,000 | 192,000 | 17 | * | 6 | 69,023 | 69,009 | 1,001 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b) | — | 255,630 | 240,370 | — | — | 15,260 | 15,260 | 286 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 80,883 | 511,978 | 592,861 | — | — | — | — | 1,280 | — | |||||||||||||||||||||||||||
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Total | $ | 80,883 | $ | 1,344,230 | $ | 1,243,080 | $ | 18 | $ | 14 | $ | 182,065 | $ | 3,099 | $ | — | ||||||||||||||||||||
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Mid Cap Growth Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 343,642 | $ | 229,892 | $ | 4 | $ | 12 | $ | 113,766 | 113,720 | $ | 915 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b) | — | 748,000 | 580,000 | 52 | * | 13 | 168,065 | 168,032 | �� | 2,932 | * | — | ||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b) | — | 614,171 | 584,048 | — | — | 30,123 | 30,123 | 744 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 114,331 | 712,821 | 827,152 | — | — | — | — | 1,803 | — | |||||||||||||||||||||||||||
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Total | $ | 114,331 | $ | 2,418,634 | $ | 2,221,092 | $ | 56 | $ | 25 | $ | 311,954 | $ | 6,394 | $ | — | ||||||||||||||||||||
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Mid Cap Value Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 1,098,535 | $ | 383,315 | $ | — | (c) | $ | 69 | $ | 715,289 | 715,003 | $ | 3,158 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b) | — | 1,171,000 | 875,000 | 35 | * | 25 | 296,060 | 296,001 | 3,261 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b) | — | 848,122 | 789,346 | — | — | 58,776 | 58,776 | 823 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 511,256 | 1,669,123 | 2,180,379 | — | — | — | — | 8,348 | — | |||||||||||||||||||||||||||
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Total | $ | 511,256 | $ | 4,786,780 | $ | 4,228,040 | $ | 35 | $ | 94 | $ | 1,070,125 | $ | 15,590 | $ | — | ||||||||||||||||||||
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Value Advantage Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 666,854 | $ | 485,002 | $ | 2 | $ | 16 | $ | 181,870 | 181,797 | $ | 1,673 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b) | — | 659,000 | 444,000 | 24 | * | 17 | 215,041 | 214,997 | 1,963 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b) | — | 605,207 | 562,412 | — | — | 42,795 | 42,795 | 518 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 253,654 | 1,499,558 | 1,753,212 | — | — | — | — | 4,118 | — | |||||||||||||||||||||||||||
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Total | $ | 253,654 | $ | 3,430,619 | $ | 3,244,626 | $ | 26 | $ | 33 | $ | 439,706 | $ | 8,272 | $ | — | ||||||||||||||||||||
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(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
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(b) | The rate shown is the current yield as of June 30, 2019. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
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 share class of the Funds for the year ended June 30, 2019 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 | $ | 109 | $ | 45 | $ | 39 | n/a | $ | — | (a) | $ | 1 | $ | — | (a) | $ | 4 | $ | 49 | $ | 247 | |||||||||||||||||||
Mid Cap Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 27 | 1 | 7 | n/a | — | (a) | n/a | n/a | — | (a) | 18 | 53 | ||||||||||||||||||||||||||||
Mid Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 264 | 5 | 28 | n/a | 23 | 2 | 1 | 6 | 64 | 393 | ||||||||||||||||||||||||||||||
Mid Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 106 | 6 | 37 | $ | 631 | 8 | 7 | 1 | — | (a) | 41 | 837 | ||||||||||||||||||||||||||||
Value Advantage Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 76 | 37 | 35 | 56 | — | (a) | — | (a) | — | (a) | — | (a) | 32 | 236 |
(a) | Amount rounds to less than one thousand. |
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 June 30, 2019, no liability for Federal 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.
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
The following amounts were reclassified within the capital accounts (amounts in thousands):
Paid-in-Capital | Accumulated net investment | Accumulated net realized gains (losses) | ||||||||||
Growth Advantage Fund | $ | (20,213 | ) | $ | 20,213 | $ | — | |||||
Mid Cap Equity Fund | 1 | (27 | ) | 26 | ||||||||
Mid Cap Growth Fund | (13,068 | ) | 13,028 | 40 | ||||||||
Mid Cap Value Fund | — | (a) | 2,738 | (2,738 | ) | |||||||
Value Advantage Fund | — | (2,030 | ) | 2,030 |
(a) | Amount rounds to less than one thousand. |
The reclassifications for the Funds relate primarily to net operating losses and non-taxable dividends.
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 | %(1) | ||
Mid Cap Equity Fund | 0.65 | |||
Mid Cap Growth Fund | 0.65 | |||
Mid Cap Value Fund | 0.65 | |||
Value Advantage Fund | 0.65 | (1) |
(1) | Effective August 1, 2019, the annual rate for Growth Advantage Fund and Value Advantage Fund will change from 0.65% to 0.55%. |
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, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2019, the effective rate for Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund was 0.08%, 0.08%, 0.08%, 0.07% and 0.08%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived Administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services 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 |
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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 year ended June 30, 2019, JPMDS retained the following (amounts in thousands):
Front-End Sales Charge | CDSC | |||||||
Growth Advantage Fund | $ | 490 | $ | 11 | ||||
Mid Cap Equity Fund | 134 | — | ||||||
Mid Cap Growth Fund | 95 | — | (a) | |||||
Mid Cap Value Fund | 62 | — | (a) | |||||
Value Advantage Fund | 172 | 15 |
(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.
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, expenses related to trustee elections 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 | (1) | |||||||||||||||||||||||||
Value Advantage Fund | 1.14 | 1.64 | 0.89 | 0.75 | 1.39 | 1.14 | 0.89 | 0.74 | 0.64 |
(1) | Prior to November 1, 2018, the contractual expense limitation was 0.75% for Class R6 Shares. |
Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2019 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2019.
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
For the year ended June 30, 2019, 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 | $ | 5,680 | $ | 3,786 | $ | 182 | $ | 9,648 | $ | 34 | ||||||||||
Mid Cap Equity Fund | 1,816 | 1,211 | 31 | 3,058 | 6 | |||||||||||||||
Mid Cap Growth Fund | 241 | 156 | 1,104 | 1,501 | 29 | |||||||||||||||
Mid Cap Value Fund | 470 | 302 | 9,537 | 10,309 | 121 | |||||||||||||||
Value Advantage Fund | 6,758 | 4,506 | 147 | 11,411 | 33 |
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, except for investments of securities lending cash collateral.
The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2019 was as follows (amounts in thousands):
Growth Advantage Fund | $ | 418 | ||
Mid Cap Equity Fund | 162 | |||
Mid Cap Growth Fund | 239 | |||
Mid Cap Value Fund | 1,047 | |||
Value Advantage Fund | 541 |
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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with 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 year ended June 30, 2019, 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 Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended June 30, 2019, 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 | $ | 3,488,334 | $ | 3,511,207 | ||||
Mid Cap Equity Fund | 895,425 | 1,080,696 | ||||||
Mid Cap Growth Fund | 2,243,066 | 2,178,280 | ||||||
Mid Cap Value Fund | 1,848,321 | 3,557,417 | ||||||
Value Advantage Fund | 1,603,885 | 2,614,166 |
During the year ended June 30, 2019, there were no purchases or sales of U.S. Government securities.
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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 June 30, 2019 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Growth Advantage Fund | $ | 5,834,131 | $ | 3,855,079 | $ | 50,000 | $ | 3,805,079 | ||||||||
Mid Cap Equity Fund | 1,988,448 | 930,585 | 34,959 | 895,626 | ||||||||||||
Mid Cap Growth Fund | 3,453,707 | 1,348,778 | 32,352 | 1,316,426 | ||||||||||||
Mid Cap Value Fund | 11,274,461 | 6,358,825 | 305,849 | 6,052,976 | ||||||||||||
Value Advantage Fund | 8,036,261 | 3,302,709 | 246,988 | 3,055,721 |
For the Funds, the difference between book and tax basis appreciation/(depreciation) on investments is primarily attributed to wash sale loss deferrals.
The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Growth Advantage Fund | $ | 35,076 | $ | 663,086 | $ | 698,162 | ||||||
Mid Cap Equity Fund | 43,984 | 241,956 | 285,940 | |||||||||
Mid Cap Growth Fund | 24,869 | 226,941 | 251,810 | |||||||||
Mid Cap Value Fund | 264,620 | 935,839 | 1,200,459 | |||||||||
Value Advantage Fund | 234,470 | 474,480 | 708,950 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2018 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term | Total Distributions Paid | ||||||||||
Growth Advantage Fund | $ | 10,634 | $ | 309,808 | $ | 320,442 | ||||||
Mid Cap Equity Fund | 46,277 | 124,037 | 170,314 | |||||||||
Mid Cap Growth Fund | — | 219,496 | 219,496 | |||||||||
Mid Cap Value Fund | 175,864 | 320,197 | 496,061 | |||||||||
Value Advantage Fund | 136,339 | 117,237 | 253,576 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of June 30, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
Growth Advantage Fund | $ | — | $ | 391,803 | $ | 3,805,079 | ||||||
Mid Cap Equity Fund | 8,119 | 147,310 | 895,626 | |||||||||
Mid Cap Growth Fund | — | 239,543 | 1,316,426 | |||||||||
Mid Cap Value Fund | 97,027 | 579,406 | 6,052,976 | |||||||||
Value Advantage Fund | 87,143 | 185,795 | 3,055,721 |
For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, post-October capital loss deferrals and late year ordinary loss deferrals.
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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, 2019, the following Funds deferred to July 1, 2019 late year ordinary losses and post-October capital losses of (amounts in thousands):
Net Capital Losses | Late Year Ordinary Loss Deferral | |||||||||||
Short-Term | Long-Term | |||||||||||
Growth Advantage Fund | $ | 32,062 | $ | — | $ | 150 | ||||||
Mid Cap Equity Fund | 1,839 | — | — | |||||||||
Mid Cap Growth Fund | 23,877 | — | 3,796 | |||||||||
Mid Cap Value Fund | 15,200 | — | — | |||||||||
Value Advantage Fund | 5,503 | — | — |
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 June 30, 2019. Average borrowings from the Facility during the year ended June 30, 2019, 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 13, 2019, 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 June 30, 2019. Average borrowings from the Credit Facility for, or at any time during the year ended June 30, 2019 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.
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As of June 30, 2019, the Funds had individual shareholder and/or 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 | % of the Fund | |||||||||||||
Growth Advantage Fund | 1 | 12.1 | % | 1 | 16.6 | % | ||||||||||
Mid Cap Equity Fund | — | — | 1 | 26.9 | ||||||||||||
Mid Cap Value Fund | — | — | 2 | 32.9 | ||||||||||||
Value Advantage Fund | — | — | 3 | 34.2 |
As of June 30, 2019, 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 | 25.8 | % | ||
Mid Cap Equity Fund | 45.4 | |||
Value Advantage Fund | 21.3 |
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standards 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. Management has 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 the 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. Management has 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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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Tothe Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust IIand Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Mid Cap Value Fund and JPMorgan Value Advantage Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Growth Advantage Fund (constituting J.P. Morgan Mutual Fund Investment Trust), JPMorgan Mid Cap Value Fund (constituting J.P. Morgan Fleming Mutual Fund Group, Inc.), JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Mid Cap Growth Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2019and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
August 23, 2019
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | �� | Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 134 | Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | ||
Stephen P. Fisher (1959); Trustee of Trusts since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 134 | Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 134 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016). | |||
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999). | 134 | Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present). | |||
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 134 | None | |||
Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 134 | None |
JUNE 30, 2019 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | 67 |
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TRUSTEES
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trusts since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 134 | Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 134 | None | |||
Mary E. Martinez (1960); Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 134 | None | |||
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President of Administration and Planning, Northwestern University (1985-present). | 134 | None | |||
Mitchell M. Merin (1953); Trustee of Trusts since 2013. | Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006). | 134 | Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013). | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002). | 134 | Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006). | 134 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
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(1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eleven registered investment companies (134 funds). |
* | Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
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(Unaudited)
Name (Year of Birth), Positions Held with the Trusts (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016) | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014). | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016. | |
Gregory S. Samuels (1980), Secretary (2019)* (formerly Assistant Secretary since 2010) | Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015. | |
Keri E. Riemer (1976), Assistant Secretary (2019)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016). | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Lauren A. Paino (1973), Assistant Treasurer (2014)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006. | |
Gillian I. Sands (1969), Assistant Treasurer (2012)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
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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, January 1, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.
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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Growth Advantage Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,231.20 | $ | 6.31 | 1.14 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.14 | 5.71 | 1.14 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,227.90 | 9.06 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.66 | 8.20 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,232.50 | 4.93 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.38 | 4.46 | 0.89 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,229.90 | 7.69 | 1.39 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.90 | 6.95 | 1.39 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,231.10 | 6.31 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.14 | 5.71 | 1.14 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,232.50 | 4.93 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.38 | 4.46 | 0.89 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,233.20 | 4.10 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.12 | 3.71 | 0.74 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,234.00 | 3.55 | 0.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.62 | 3.21 | 0.64 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Mid Cap Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,235.20 | $ | 6.26 | 1.13 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.19 | 5.66 | 1.13 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,232.00 | 9.02 | 1.63 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.71 | 8.15 | 1.63 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,236.50 | 4.88 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.43 | 4.41 | 0.88 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,233.60 | 7.64 | 1.38 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.95 | 6.90 | 1.38 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,237.50 | 4.05 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.17 | 3.66 | 0.73 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,238.20 | 3.50 | 0.63 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.67 | 3.16 | 0.63 | ||||||||||||
JPMorgan Mid Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,291.80 | 6.99 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,288.30 | 9.82 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.22 | 8.65 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,293.70 | 5.23 | 0.92 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.23 | 4.61 | 0.92 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,290.30 | 8.40 | 1.48 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.46 | 7.40 | 1.48 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,291.50 | 6.99 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,293.00 | 5.57 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,294.50 | 4.44 | 0.78 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.93 | 3.91 | 0.78 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,294.80 | 4.15 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.17 | 3.66 | 0.73 | ||||||||||||
JPMorgan Mid Cap Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,179.30 | 6.65 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,176.20 | 9.33 | 1.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.22 | 8.65 | 1.73 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,180.70 | 5.30 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 |
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Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Mid Cap Value Fund (continued) | ||||||||||||||||
Class L | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,182.20 | $ | 4.00 | 0.74 | % | ||||||||
Hypothetical | 1,000.00 | 1,021.12 | 3.71 | 0.74 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,177.90 | 8.05 | 1.49 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.41 | 7.45 | 1.49 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,179.20 | 6.70 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,180.70 | 5.30 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,181.50 | 4.44 | 0.82 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.73 | 4.11 | 0.82 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,182.30 | 3.95 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.17 | 3.66 | 0.73 | ||||||||||||
JPMorgan Value Advantage Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,166.10 | 6.07 | 1.13 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.19 | 5.66 | 1.13 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,163.20 | 8.74 | 1.63 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.71 | 8.15 | 1.63 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,167.60 | 4.73 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.43 | 4.41 | 0.88 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 1,168.20 | 3.98 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.12 | 3.71 | 0.74 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,164.60 | 7.46 | 1.39 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.90 | 6.95 | 1.39 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,166.20 | 6.07 | 1.13 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.19 | 5.66 | 1.13 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,167.70 | 4.73 | 0.88 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.43 | 4.41 | 0.88 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,168.30 | 3.98 | 0.74 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.12 | 3.71 | 0.74 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,169.10 | 3.44 | 0.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.62 | 3.21 | 0.64 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2019:
Dividends Received Deduction | ||||
JPMorgan Growth Advantage Fund | 100.00 | % | ||
JPMorgan Mid Cap Equity Fund | 76.35 | |||
JPMorgan Mid Cap Growth Fund | 86.11 | |||
JPMorgan Mid Cap Value Fund | 100.00 | |||
JPMorgan Value Advantage Fund | 100.00 |
Long-Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Long-Term Capital Gain Distribution | ||||
JPMorgan Growth Advantage Fund | $ | 663,086 | ||
JPMorgan Mid Cap Equity Fund | 241,956 | |||
JPMorgan Mid Cap Growth Fund | 226,941 | |||
JPMorgan Mid Cap Value Fund | 935,839 | |||
JPMorgan Value Advantage Fund | 474,480 |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Qualified Dividend Income | ||||
JPMorgan Growth Advantage Fund | $ | 35,076 | ||
JPMorgan Mid Cap Equity Fund | 34,588 | |||
JPMorgan Mid Cap Growth Fund | 23,093 | |||
JPMorgan Mid Cap Value Fund | 264,620 | |||
JPMorgan Value Advantage Fund | 234,470 |
74 | J.P. MORGAN MID CAP/MULTI-CAP FUNDS | JUNE 30, 2019 |
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FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you areno longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. 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-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2019. All rights reserved. June 2019. | AN-MC-619 |
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Annual Report
J.P. Morgan Large Cap Funds
June 30, 2019
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. Large Cap Core Plus 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).
Table of Contents
Letter to Shareholders | 1 | |||
Market Overview | 2 | |||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
17 | ||||
20 | ||||
Schedules of Portfolio Investments | 22 | |||
Financial Statements | 52 | |||
Financial Highlights | 78 | |||
Notes to Financial Statements | 96 | |||
Report of Independent Registered Public Accounting Firm | 114 | |||
Trustees | 115 | |||
Officers | 118 | |||
Schedule of Shareholder Expenses | 119 | |||
Tax Letter | 124 | |||
Privacy Policy — Located at the back of this Annual Report |
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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JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 1 |
July 31, 2019 (Unaudited)
Dear Shareholders,
Even as the pace of growth slowed, the global economic expansion continued and financial markets largely provided positive returns for the twelve months ended June 30, 2019. Central banks in the U.S. and elsewhere moved to support continued economic expansion in 2019, and low interest rates, growth in corporate profits and general investor optimism added further support to both equity and bond markets.
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“We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop.” |
The U.S. economy generally outpaced other developed market nations throughout the twelve month reporting period and the U.S. expansion became the longest on record by the end of June 2019. However, growth in U.S. gross domestic product (GDP) slowed significantly to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. At the same time, the U.S. unemployment rate remained below 4% for all but one month of the reporting period.
After reaching record highs in August and September 2018, U.S. equity prices tumbled sharply in December amid investor concerns about slowing global growth, unresolved U.S.-China trade tensions and expectations for further interest rate increases by the U.S. Federal Reserve (the “Fed”). For the month of December, the S&P 500 Index fell by 9.03%.
By the end of 2018, the Fed indicated it would enact fewer-than-expected interest rate increases in 2019. In January 2019, financial markets began to stabilize and started a rebound that would push equity prices back to record highs at the end of April and again by mid-June. For the twelve month reporting period, the S&P 500 returned 10.42%.
In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019. Notably, manufacturing data weakened in 2019. However, unemployment continued to fall throughout the reporting period and the 7.5% euro area jobless rate by the end June 2019 was the lowest since the2008-09 financial crisis.
In response to slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth rebounded to 1.8% in the first quarter of 2019 from 1.4% in the final quarter of 2018. Political uncertainty surrounding negotiations for U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the twelve month reporting period, the MSCI EAFE Index returned 1.60%.
Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well certain of its trading partners across Asia. During the second half of the reporting period, emerging markets largely benefitted investor appetite for higher yielding assets. While the MSCI Emerging Markets Index returned 1.61% for reporting period, the Bloomberg Barclays Emerging Markets Aggregate Index returned 10.95%.
Subsequent to the end of the reporting period, the Fed cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.
We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at1-800-480-4111.
Sincerely yours,
Andrea L. Lisher
Head of Americas, J.P. Morgan Global Funds
J.P. Morgan Asset Management
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J.P. Morgan Large Cap Funds
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
Global equity prices rebounded from two sharp sell-offs and U.S. equity largely outperformed both developed and emerging markets equity during the reporting period.
Growth in corporate profits, low interest rates and the continued growth in the global economy bolstered financial markets throughout the reporting period. However, investor concerns about the direction of U.S. interest rates, rising trade tensions and signs of slowing economic activity in China and Europe helped fuel significant market downturns in late 2018 and again in May 2019.
Leading equity indexes plummeted in the second half of December 2018 amid slowing global economic growth, unresolved U.S.-China trade tensions and investor concerns over rising interest rates.
However, financial market volatility stabilized in January and U.S. equity prices rebounded over the next few months and returned to record high levels by April 2019. Global equity markets slumped in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as emerging markets, dropped by more than 6%. However, global equity prices rebounded again in June.
Within U.S. equity, large cap and mid cap stocks generally outperformed small cap stocks and growth stocks continued to outperform value stocks. For the twelve month reporting period, the S&P 500 returned 10.42% and the Russell 1000 Index returned 10.02%.
2 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 9.50% | |||
S&P 500 Index | 10.42% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 106,828 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the financials sector and its security selection and overweight position in the health care sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the materials and energy sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Kohl’s Corp., Concho Resources Inc. and Nvidia Corp. Shares of Kohl’s, a department store chain, fell after the company reported lower-than-expected earnings and sales for the first quarter of 2019 and reduced its forecast for the full year 2019. Shares of Concho Resources, an oil and gas producer, fell amid volatility in global oil prices during the reporting period. Shares of Nvidia, a semiconductors manufacturer, fell amid weak demand for its specialty semiconductors during the reporting period.
Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp., AutoZone Inc. and Martin Marietta Materials Inc. Shares of Ball, a packaging manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Martin Marietta Materials, a supplier of crushed stone, sand and gravel, rose after the company reaffirmed its full year 2019 earnings and revenue forecast.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed abottom-up fundamental approach to stock selection. As a result of this approach to stock selection, the Fund’s largest positions were in the information technology and financials sectors and the Fund’s smallest positions were in the consumer staples and utilities sectors.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Microsoft Corp. | 6.8 | % | |||||
2. | Amazon.com, Inc. | 4.8 | ||||||
3. | UnitedHealth Group, Inc. | 3.9 | ||||||
4. | Mastercard, Inc., Class A | 3.8 | ||||||
5. | Capital One Financial Corp. | 3.7 | ||||||
6. | Loews Corp. | 3.6 | ||||||
7. | Alphabet, Inc., Class C | 3.4 | ||||||
8. | Delta Air Lines, Inc. | 3.3 | ||||||
9. | Kinder Morgan, Inc. | 3.2 | ||||||
10. | AutoZone, Inc. | 3.2 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 19.7 | % | ||
Financials | 18.0 | |||
Health Care | 10.2 | |||
Consumer Discretionary | 9.6 | |||
Industrials | 8.2 | |||
Communication Services | 7.9 | |||
Materials | 7.0 | |||
Energy | 6.6 | |||
Real Estate | 5.9 | |||
Utilities | 2.7 | |||
Consumer Staples | 1.6 | |||
Short-Term Investments | 2.6 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 3 |
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JPMorgan Equity Focus Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | SINCE INCEPTION | |||||||||||
CLASS A SHARES | July 29, 2011 | |||||||||||||
With Sales Charge* | 3.50 | % | 9.02 | % | 12.11 | % | ||||||||
Without Sales Charge | 9.22 | 10.21 | 12.87 | |||||||||||
CLASS C SHARES | July 29, 2011 | |||||||||||||
With CDSC** | 7.67 | 9.66 | 12.31 | |||||||||||
Without CDSC | 8.67 | 9.66 | 12.31 | |||||||||||
CLASS I SHARES | July 29, 2011 | 9.50 | 10.49 | 13.16 | ||||||||||
CLASS R6 SHARES | October 1, 2018 | 9.72 | 10.53 | 13.18 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE(7/29/11 TO 6/30/19)
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 June 30, 2019. 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 | JUNE 30, 2019 |
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FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 11.45% | |||
Russell 1000 Value Index | 8.46% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 23,662,447 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the consumer discretionary and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the health care sector and its security selection in the real estate sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Air Products & Chemicals Inc., Microsoft Corp. and Dover Corp. Shares of Air Products & Chemicals, an industrial gases manufacturer, rose after the company reported better-than-expected earnings for the first quarter of 2019 and increased its forecast for full year 2019 earnings. Shares of Microsoft, a provider of software, services and devices, rose amid consistently better-than-expected quarterly earnings and revenue. Shares of Dover, an industrial equipment manufacturer, rose after the company reported better-than-expected earnings for the first quarter of 2019 and reaffirmed its earnings and revenue forecast for the full year 2019.
Leading individual detractors from relative performance included the Fund’s overweight positions in Altria Group Inc., Occidental Petroleum Inc. and Bristol-Myers Squibb Co. Shares of Altria Group, a manufacturer of tobacco products that was not held in the Benchmark, fell amid a decline in cigarette sales during the reporting period. Shares of Occidental Petroleum, an oil and gas exploration and production company, fell amid volatility in global oil prices and investor concern about the company’s planned $38 billion acquisition of Anadarko Petroleum Corp. Shares of Bristol-Myers Squibb, a pharmaceuticals company, fell ahead of the company’s planned $74 billion acquisition of Celgene Corp.
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. | 3.4 | % | |||||
2. | Bank of America Corp. | 2.9 | ||||||
3. | Microsoft Corp. | 2.8 | ||||||
4. | CME Group, Inc. | 2.6 | ||||||
5. | Pfizer, Inc. | 2.3 | ||||||
6. | Comcast Corp., Class A | 2.3 | ||||||
7. | PNC Financial Services Group, Inc. (The) | 2.2 | ||||||
8. | BlackRock, Inc. | 2.1 | ||||||
9. | ConocoPhillips | 2.1 | ||||||
10. | Merck & Co., Inc. | 2.0 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 25.6 | % | ||
Health Care | 11.1 | |||
Information Technology | 10.4 | |||
Industrials | 9.8 | |||
Consumer Discretionary | 7.6 | |||
Energy | 7.5 | |||
Consumer Staples | 7.2 | |||
Utilities | 5.1 | |||
Materials | 4.4 | |||
Communication Services | 3.9 | |||
Real Estate | 3.0 | |||
Short-Term Investments | 4.4 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 5 |
Table of Contents
JPMorgan Equity Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 18, 1992 | |||||||||||||
With Sales Charge* | 5.35 | % | 7.68 | % | 13.50 | % | ||||||||
Without Sales Charge | 11.17 | 8.86 | 14.11 | |||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||
With CDSC** | 9.66 | 8.32 | 13.55 | |||||||||||
Without CDSC | 10.66 | 8.32 | 13.55 | |||||||||||
CLASS I SHARES | July 2, 1987 | 11.45 | 9.12 | 14.41 | ||||||||||
CLASS R2 SHARES | February 28, 2011 | 10.90 | 8.57 | 13.85 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 11.20 | 8.85 | 14.11 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 11.46 | 9.12 | 14.41 | ||||||||||
CLASS R5 SHARES | February 28, 2011 | 11.67 | 9.34 | 14.59 | ||||||||||
CLASS R6 SHARES | January 31, 2012 | 11.72 | 9.42 | 14.64 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019.
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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Growth and Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 6.65% | |||
Russell 1000 Value Index | 8.46% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 652,503 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the health care and financials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and materials sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Bristol-Myers Squibb Co. and Altria Group Inc., and its underweight position in Procter & Gamble Co. Shares of Bristol-Myers Squibb, a pharmaceuticals company, fell ahead of the company’s planned $74 billion acquisition of Celgene Corp. Shares of Altria Group, a manufacturer of tobacco products that was not held in the Benchmark, fell amid a decline in cigarette sales during the reporting period. Shares of Procter & Gamble, a consumer products company, rose along with other large companies in the consumer staples sector as investors sought sectors largely unaffected by U.S.-China trade tariffs.
Leading individual contributors to relative performance included the Fund’s overweight positions in Microsoft Corp. and AutoZone Inc. and its underweight position in Intel Corp. Shares of Microsoft, a provider of software, services and devices, rose amid consistently better-than-expected quarterly earnings and revenue. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Intel, a semiconductor manufacturer, fell along with the broader semiconductor sector amid a global oversupply of semiconductors during 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 abottom-up approach to security selection and fundamental research.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Bank of America Corp. | 3.2 | % | |||||
2. | Microsoft Corp. | 2.8 | ||||||
3. | Chevron Corp. | 2.7 | ||||||
4. | Morgan Stanley | 2.3 | ||||||
5. | BlackRock, Inc. | 2.1 | ||||||
6. | Berkshire Hathaway, Inc., Class B | 2.1 | ||||||
7. | Hartford Financial Services Group, Inc. (The) | 1.9 | ||||||
8. | Home Depot, Inc. (The) | 1.7 | ||||||
9. | Parker-Hannifin Corp. | 1.7 | ||||||
10. | Texas Instruments, Inc. | 1.7 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 28.7 | % | ||
Health Care | 11.2 | |||
Information Technology | 9.7 | |||
Industrials | 9.4 | |||
Energy | 9.2 | |||
Consumer Discretionary | 7.4 | |||
Consumer Staples | 5.5 | |||
Utilities | 4.5 | |||
Communication Services | 4.0 | |||
Materials | 3.8 | |||
Real Estate | 3.5 | |||
Short-Term Investments | 3.1 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 7 |
Table of Contents
JPMorgan Growth and Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | September 23, 1987 | |||||||||||||
With Sales Charge* | 1.05 | % | 6.97 | % | 13.08 | % | ||||||||
Without Sales Charge | 6.65 | 8.13 | 13.69 | |||||||||||
CLASS C SHARES | January 2, 1998 | |||||||||||||
With CDSC** | 5.15 | 7.59 | 13.12 | |||||||||||
Without CDSC | 6.15 | 7.59 | 13.12 | |||||||||||
CLASS I SHARES | January 25, 1996 | 6.94 | 8.39 | 13.99 | ||||||||||
CLASS R2 SHARES | November 2, 2015 | 6.39 | 7.93 | 13.58 | ||||||||||
CLASS R3 SHARES | July 31, 2017 | 6.66 | 8.14 | 13.69 | ||||||||||
CLASS R4 SHARES | July 31, 2017 | 6.94 | 8.40 | 13.99 | ||||||||||
CLASS R5 SHARES | November 2, 2015 | 7.08 | 8.53 | 14.06 | ||||||||||
CLASS R6 SHARES | November 2, 2015 | 7.19 | 8.59 | 14.09 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 5.50% | |||
S&P 500 Index | 10.42% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 5,055,806 |
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 underperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2019. 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 53% of the Benchmark’s total return with about 52% of the Benchmark’s volatility during the twelve month reporting period.
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 in Facebook Inc. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell after the company reduced its earnings forecast for the full year 2019. Shares of Nvidia, a semiconductors manufacturer, fell amid weak demand for its specialty semiconductors during the reporting period. Shares of Facebook, a social media company, rose amid better-than-expected quarterly earnings and revenue.
Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Microsoft Corp. and Norfolk Southern Corp. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Microsoft, a provider of software, services and devices, rose amid consistently better-than-expected quarterly earnings and revenue. Shares of Norfolk Southern, a freight rail operator, rose after the company reported better-than-expected results for the first quarter of 2019.
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. | 4.9 | % | |||||
2. | Apple, Inc. | 3.5 | ||||||
3. | Amazon.com, Inc. | 3.4 | ||||||
4. | Berkshire Hathaway, Inc., Class B | 1.6 | ||||||
5. | Alphabet, Inc., Class A | 1.6 | ||||||
6. | Mastercard, Inc., Class A | 1.5 | ||||||
7. | Chevron Corp. | 1.5 | ||||||
8. | Alphabet, Inc., Class C | 1.5 | ||||||
9. | Bank of America Corp. | 1.5 | ||||||
10. | Comcast Corp., Class A | 1.4 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 20.3 | % | ||
Health Care | 13.4 | |||
Financials | 12.3 | |||
Consumer Discretionary | 11.2 | |||
Communication Services | 9.9 | |||
Industrials | 9.1 | |||
Consumer Staples | 5.3 | |||
Energy | 4.8 | |||
Utilities | 3.1 | |||
Materials | 2.7 | |||
Real Estate | 2.2 | |||
Put Options Purchased | 1.3 | |||
Short-Term Investments | 4.4 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 9 |
Table of Contents
JPMorgan Hedged Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | SINCE INCEPTION | |||||||||||||
CLASS A SHARES | December 13, 2013 | |||||||||||||||
With Sales Charge* | (0.26 | )% | 4.98 | % | 5.61 | % | ||||||||||
Without Sales Charge | 5.29 | 6.12 | 6.64 | |||||||||||||
CLASS C SHARES | December 13, 2013 | |||||||||||||||
With CDSC** | 3.76 | 5.60 | 6.12 | |||||||||||||
Without CDSC | 4.76 | 5.60 | 6.12 | |||||||||||||
CLASS I SHARES | December 13, 2013 | 5.50 | 6.39 | 6.91 | ||||||||||||
CLASS R5 SHARES | December 13, 2013 | 5.73 | 6.58 | 7.12 | ||||||||||||
CLASS R6 SHARES | December 13, 2013 | 5.80 | 6.64 | 7.17 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE(12/13/13 TO 6/30/19)
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 June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Large Cap Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 13.95% | |||
Russell 1000 Growth Index | 11.56% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 15,912,610 |
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 outperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2019. The Fund’s security selection in the health care sector and its security selection and overweight position in the financials sector were leading contributors to performance relative to the Benchmark. The Fund’s security selection in the consumer staples sector was the only significant sector detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in MercadoLibre Inc., ServiceNow Inc. and Mastercard Inc. Shares of MercadoLibre, an online commerce platform operator not held in the Benchmark, rose after the company reported a 50% jump in revenue for the first quarter of 2019. Shares of ServiceNow, a provider of enterprise computing technology, rose after subscription billings rose 34% in 2018 and the company forecast 31% growth in subscription billings for the full year 2019. Shares of Mastercard, a payments processing company, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019.
Leading individual detractors from relative performance included the Fund’s overweight positions in Activision Blizzard Inc., Electronic Arts Inc. and Nvidia Corp. Shares of Activision Blizzard, a producer of video games and other interactive entertainment, fell amid weak growth in video game sales during the reporting period. Shares of Electronic Arts, a producer of video games and other interactive entertainment, fell amid a drop in revenue from mobile gaming and lower-than-expected live services revenue. Shares of Nvidia, a semiconductors manufacturer, fell amid weak demand for its specialty semiconductors during the reporting period.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized abottom-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. | Microsoft Corp. | 5.9 | % | |||||
2. | Amazon.com, Inc. | 5.6 | ||||||
3. | Mastercard, Inc., Class A | 4.7 | ||||||
4. | PayPal Holdings, Inc. | 3.5 | ||||||
5. | ServiceNow, Inc. | 3.0 | ||||||
6. | Alphabet, Inc., Class C | 2.9 | ||||||
7. | Boeing Co. (The) | 2.8 | ||||||
8. | Apple, Inc. | 2.7 | ||||||
9. | Netflix, Inc. | 2.6 | ||||||
10. | MercadoLibre, Inc. (Argentina) | 2.5 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 36.0 | % | ||
Consumer Discretionary | 16.3 | |||
Health Care | 14.1 | |||
Industrials | 10.4 | |||
Communication Services | 7.8 | |||
Financials | 4.8 | |||
Consumer Staples | 3.7 | |||
Investment of cash collateral from securities loaned | 3.0 | |||
Materials | 2.1 | |||
Real Estate | 0.7 | |||
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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 11 |
Table of Contents
JPMorgan Large Cap Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 22, 1994 | |||||||||||||
With Sales Charge* | 7.70 | % | 13.75 | % | 16.60 | % | ||||||||
Without Sales Charge | 13.67 | 14.98 | 17.23 | |||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||
With CDSC** | 12.11 | 14.41 | 16.56 | |||||||||||
Without CDSC | 13.11 | 14.41 | 16.56 | |||||||||||
CLASS I SHARES | February 28, 1992 | 13.95 | 15.20 | 17.44 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 13.39 | 14.69 | 16.93 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 13.68 | 14.94 | 17.21 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 13.96 | 15.20 | 17.44 | ||||||||||
CLASS R5 SHARES | April 14, 2009 | 14.15 | 15.41 | 17.67 | ||||||||||
CLASS R6 SHARES | November 30, 2010 | 14.23 | 15.51 | 17.75 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 and Class R4 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.
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 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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 1.25% | |||
Russell 1000 Value Index | 8.46% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 1,411,128 |
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 twelve months ended June 30, 2019. The Fund’s security selection and overweight positions in the energy and consumer cyclical sectors were leading detractors from performance relative to the Benchmark. The Fund’s security selection and overweight position in the telecommunications 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 Occidental Petroleum Corp. and Eastman Chemical Co. and its underweight position in Procter & Gamble Co. Shares of Occidental Petroleum, an oil and gas exploration and production company, fell amid volatility in global oil prices and investor concern about the company’s planned $38 billion acquisition of Anadarko Petroleum Corp. Shares of Eastman Chemical, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2019. Shares of Procter & Gamble, a consumer products company, rose along with other large companies in the consumer staples sector as investors appeared to seek sectors largely unaffected by U.S.-China trade tariffs.
Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in FMC Corp., Crown Holdings Inc. and Charter Communications Inc. Shares of FMC, a diversified chemicals manufacturer, rose after the company raised its earnings and revenue forecasts for the second quarter and full year 2019. Shares of Crown Holdings, a consumer products packaging maker, rose after the company reported earnings and revenue growth for the first quarter of 2019 and reaffirmed its forecast for the full year 2019. Shares of Charter Communications, a cable provider of video, internet and voice services, rose after the company reported better-than-expected revenue for the first quarter of 2019.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio manager combined abottom-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. | Comcast Corp., Class A | 4.3 | % | |||||
2. | FMC Corp. | 3.4 | ||||||
3. | Pfizer, Inc. | 3.0 | ||||||
4. | Charter Communications, Inc., Class A | 2.7 | ||||||
5. | Berkshire Hathaway, Inc., Class B | 2.6 | ||||||
6. | Cigna Corp. | 2.4 | ||||||
7. | Marathon Petroleum Corp. | 2.4 | ||||||
8. | Bank of America Corp. | 2.1 | ||||||
9. | General Dynamics Corp. | 2.1 | ||||||
10. | KeyCorp | 2.1 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 18.8 | % | ||
Health Care | 17.3 | |||
Communication Services | 10.4 | |||
Energy | 9.1 | |||
Consumer Discretionary | 9.0 | |||
Real Estate | 8.1 | |||
Materials | 7.6 | |||
Industrials | 6.3 | |||
Consumer Staples | 5.1 | |||
Utilities | 3.9 | |||
Information Technology | 3.6 | |||
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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 13 |
Table of Contents
JPMorgan Large Cap Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 18, 1992 | |||||||||||||
With Sales Charge* | (4.25 | )% | 6.54 | % | 11.87 | % | ||||||||
Without Sales Charge | 1.07 | 7.69 | 12.48 | |||||||||||
CLASS C SHARES | March 22, 1999 | |||||||||||||
With CDSC** | (0.50 | ) | 7.13 | 11.89 | ||||||||||
Without CDSC | 0.50 | 7.13 | 11.89 | |||||||||||
CLASS I SHARES | March 1, 1991 | 1.25 | 7.88 | 12.67 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 0.77 | 7.40 | 12.18 | ||||||||||
CLASS R3 SHARES | October 1, 2018 | 1.01 | 7.68 | 12.47 | ||||||||||
CLASS R4 SHARES | October 1, 2018 | 1.25 | 7.88 | 12.67 | ||||||||||
CLASS R5 SHARES | May 15, 2006 | 1.43 | 8.08 | 12.89 | ||||||||||
CLASS R6 SHARES | November 30, 2010 | 1.52 | 8.15 | 12.94 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | 9.60% | |||
S&P 500 Index | 10.42% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 14,301,497 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the energy sector and its security selection and overweight position in the health services & systems sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the auto & transportation sector and in the financials sector was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Nvidia Corp., PVH Corp. and Cigna Corp. Shares of Nvidia, a semiconductors manufacturer, fell amid weak demand for its specialty semiconductors during the reporting period. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell after the company reduced its earnings forecast for the full year 2019. Shares of Cigna, a health insurance provider, fell along with those of its sector peers following the introduction of the Medicare for All Act of 2019 in the U.S. House of Representatives.
Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Norfolk Southern Corp. and Boston Scientific Co. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Boston Scientific, a medical device manufacturer, rose after the company reported better-than-expected earnings and sales for the fourth quarter of 2018. Shares of Norfolk Southern, a freight rail operator, rose after the company reported better-than-expected results for the first quarter of 2019.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed abottom-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 twelve months
ended June 30, 2019 were in the media and regional business sectors, while the Fund’s largest underweight positions were in the retail and financials sectors.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Microsoft Corp. | 6.1 | % | |||||
2. | Amazon.com, Inc. | 4.3 | ||||||
3. | Alphabet, Inc., Class A | 3.0 | ||||||
4. | Coca-Cola Co. (The) | 2.8 | ||||||
5. | Pfizer, Inc. | 2.7 | ||||||
6. | Charter Communications, Inc., Class A | 2.1 | ||||||
7. | Norfolk Southern Corp. | 2.1 | ||||||
8. | Mastercard, Inc., Class A | 2.1 | ||||||
9. | Apple, Inc. | 2.0 | ||||||
10. | Northrop Grumman Corp. | 2.0 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 22.6 | % | ||
Health Care | 13.8 | |||
Communication Services | 12.5 | |||
Industrials | 11.0 | |||
Consumer Discretionary | 10.9 | |||
Financials | 9.2 | |||
Energy | 5.3 | |||
Consumer Staples | 5.2 | |||
Utilities | 3.9 | |||
Materials | 2.5 | |||
Real Estate | 2.4 | |||
Investment of cash collateral from securities loaned | 0.1 | |||
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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 15 |
Table of Contents
JPMorgan U.S. Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | September 10, 2001 | |||||||||||||
With Sales Charge* | 3.47 | % | 8.56 | % | 13.40 | % | ||||||||
Without Sales Charge | 9.18 | 9.74 | 14.02 | |||||||||||
CLASS C SHARES | September 10, 2001 | |||||||||||||
With CDSC** | 7.63 | 9.19 | 13.44 | |||||||||||
Without CDSC | 8.63 | 9.19 | 13.44 | |||||||||||
CLASS I SHARES | September 10, 2001 | 9.47 | 9.96 | 14.24 | ||||||||||
CLASS L SHARES | September 17, 1993 | 9.60 | 10.11 | 14.42 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 8.89 | 9.45 | 13.73 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 9.14 | 9.72 | 14.01 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 9.44 | 9.96 | 14.24 | ||||||||||
CLASS R5 SHARES | May 15, 2006 | 9.60 | 10.16 | 14.45 | ||||||||||
CLASS R6 SHARES | November 30, 2010 | 9.74 | 10.23 | 14.52 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 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 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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan U.S. Large Cap Core Plus Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares) | 7.11% | |||
S&P 500 Index | 10.42% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 6,419,008 |
INVESTMENT OBJECTIVE**
The JPMorgan U.S. Large Cap Core Plus Fund (the “Fund”) seeks to provide a high total return from a portfolio of selected equity securities.
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 twelve months ended June 30, 2019. The Fund’s security selection in the financials and energy 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 long positions in Nvidia Corp., PVH Corp. and Cigna Corp. Shares of Nvidia, a semiconductors manufacturer, fell amid weak demand for its specialty semiconductors during the reporting period. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell after the company reduced its earnings forecast for the full year 2019. Shares of Cigna, a health insurance provider, fell along with those of its sector peers following the introduction of the Medicare for All Act of 2019 in the U.S. House of Representatives.
Leading individual contributors to relative performance included the Fund’s overweight long positions in AutoZone Inc., Norfolk Southern Co. and Boston Scientific Corp. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Norfolk Southern, a freight rail operator, rose after the company reported better-than-expected results for the first quarter of 2019. Shares of Boston Scientific, a medical device manufacturer, rose after the company reported better-than-expected earnings and sales for the fourth quarter of 2018.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed abottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund’s portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions, and looked for over-
valued stocks in which to take short positions. Thelong-to-short exposure ratio at the end of the reporting period was 123% to 23%.
* | 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. |
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 17 |
Table of Contents
JPMorgan U.S. Large Cap Core Plus Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
TOP TEN LONG POSITIONS OF THE PORTFOLIO* | ||||||||
1. | Microsoft Corp. | 4.9 | % | |||||
2. | Amazon.com, Inc. | 3.3 | ||||||
3. | Apple, Inc. | 2.0 | ||||||
4. | Alphabet, Inc., Class A | 2.0 | ||||||
5. | Linde plc (United Kingdom) | 1.9 | ||||||
6. | Alphabet, Inc., Class C | 1.8 | ||||||
7. | Comcast Corp., Class A | 1.8 | ||||||
8. | Honeywell International, Inc. | 1.7 | ||||||
9. | Marathon Petroleum Corp. | 1.7 | ||||||
10. | Pfizer, Inc. | 1.6 |
TOP TEN SHORT POSITIONS OF THE PORTFOLIO** | ||||||||
1. | Exxon Mobil Corp. | 3.3 | % | |||||
2. | Omnicom Group, Inc. | 2.4 | ||||||
3. | Dominion Energy, Inc. | 2.4 | ||||||
4. | Henry Schein, Inc. | 2.3 | ||||||
5. | Western Digital Corp. | 2.0 | ||||||
6. | 3M Co. | 2.0 | ||||||
7. | Clorox Co. (The) | 1.9 | ||||||
8. | eBay, Inc. | 1.9 | ||||||
9. | CH Robinson Worldwide, Inc. | 1.8 | ||||||
10. | Huntington Ingalls Industries, Inc. | 1.8 |
LONG POSITION PORTFOLIO COMPOSITION BY SECTOR* | ||||||
Information Technology | 22.2 | % | ||||
Health Care | 12.7 | |||||
Communication Services | 11.2 | |||||
Consumer Discretionary | 11.1 | |||||
Financials | 10.1 | |||||
Industrials | 9.9 | |||||
Energy | 6.8 | |||||
Materials | 4.4 | |||||
Consumer Staples | 4.3 | |||||
Utilities | 3.6 | |||||
Real Estate | 2.7 | |||||
Short-Term Investments | 1.0 |
SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR** | ||||||
Industrials | 16.8 | % | ||||
Energy | 13.9 | |||||
Information Technology | 13.8 | |||||
Health Care | 10.4 | |||||
Consumer Staples | 9.1 | |||||
Utilities | 7.4 | |||||
Consumer Discretionary | 6.9 | |||||
Financials | 6.0 | |||||
Communication Services | 5.4 | |||||
Materials | 5.4 | |||||
Real Estate | 4.9 |
* | Percentages indicated are based on total long investments as of June 30, 2019. The Fund’s portfolio composition is subject to change. |
** | Percentages indicated are based on total short investments as of June 30, 2019. The Fund’s portfolio composition is subject to change. |
18 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | November 1, 2005 | |||||||||||||
With Sales Charge* | 1.23 | % | 7.73 | % | 12.99 | % | ||||||||
Without Sales Charge | 6.84 | 8.90 | 13.60 | |||||||||||
CLASS C SHARES | November 1, 2005 | |||||||||||||
With CDSC** | 5.31 | 8.36 | 13.03 | |||||||||||
Without CDSC | 6.31 | 8.36 | 13.03 | |||||||||||
CLASS I SHARES | November 1, 2005 | 7.11 | 9.17 | 13.88 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 6.45 | 8.59 | 13.29 | ||||||||||
CLASS R5 SHARES | May 15, 2006 | 7.14 | 9.33 | 14.08 | ||||||||||
CLASS R6 SHARES | November 1, 2017 | 7.27 | 9.37 | 14.10 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund, the S&P 500 Index and the Lipper Alternative Active Extension Funds Average from June 30, 2009 to June 30, 2019. 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 Alternative Active Extension 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. Investors cannot directly invest in an index. The Lipper Alternative Active Extension Funds Average is an average based on 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.
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.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 19 |
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class L Shares)* | 9.66% | |||
S&P 500 Index | 10.42% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 5,815,346 |
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 twelve months ended June 30, 2019. 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 in Facebook Inc. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell after the company reduced its earnings forecast for the full year 2019. Shares of Nvidia, a semiconductors manufacturer, fell amid weak demand for its specialty semiconductors during the reporting period. Shares of Facebook, a social media company, rose amid better-than-expected quarterly earnings and revenue.
Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Microsoft Corp. and Norfolk Southern Corp. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal third quarter. Shares of Microsoft, a provider of software, services and devices, rose amid consistently better-than-expected quarterly earnings and revenue. Shares of Norfolk Southern, a freight rail operator, rose after the company reported better-than-expected results for the first quarter of 2019.
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. | 5.1 | % | |||||
2. | Apple, Inc. | 3.7 | ||||||
3. | Amazon.com, Inc. | 3.6 | ||||||
4. | Berkshire Hathaway, Inc., Class B | 1.7 | ||||||
5. | Alphabet, Inc., Class A | 1.6 | ||||||
6. | Mastercard, Inc., Class A | 1.6 | ||||||
7. | Chevron Corp. | 1.6 | ||||||
8. | Alphabet, Inc., Class C | 1.5 | ||||||
9. | Bank of America Corp. | 1.5 | ||||||
10. | Comcast Corp., Class A | 1.5 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||||
Information Technology | 21.4 | % | ||||
Health Care | 14.1 | |||||
Financials | 13.0 | |||||
Consumer Discretionary | 11.8 | |||||
Communication Services | 10.4 | |||||
Industrials | 9.6 | |||||
Consumer Staples | 5.5 | |||||
Energy | 5.1 | |||||
Utilities | 3.3 | |||||
Materials | 2.8 | |||||
Real Estate | 2.3 | |||||
Short-Term Investments | 0.7 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
20 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | September 28, 2001 | |||||||||||||
With Sales Charge* | 3.66 | % | 7.68 | % | 13.30 | % | ||||||||
Without Sales Charge | 9.39 | 8.84 | 13.92 | |||||||||||
CLASS I SHARES | September 10, 2001 | 9.65 | 9.12 | 14.21 | ||||||||||
CLASS L SHARES | January 3, 1997 | 9.66 | 9.20 | 14.34 | ||||||||||
CLASS R6 SHARES | March 23, 2003 | 9.78 | 9.31 | 14.45 |
* | Sales Charge for Class A Shares is 5.25%. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 21 |
Table of Contents
JPMorgan Equity Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.3% |
| |||||||
Airlines — 3.2% |
| |||||||
Delta Air Lines, Inc. | 61 | 3,465 | ||||||
|
| |||||||
Banks — 2.3% |
| |||||||
Bank of America Corp. | 85 | 2,470 | ||||||
|
| |||||||
Biotechnology — 0.8% |
| |||||||
Vertex Pharmaceuticals, Inc. * | 5 | 849 | ||||||
|
| |||||||
Capital Markets — 5.6% |
| |||||||
Charles Schwab Corp. (The) | 50 | 2,006 | ||||||
S&P Global, Inc. | 9 | 2,000 | ||||||
T. Rowe Price Group, Inc. | 18 | 2,025 | ||||||
|
| |||||||
6,031 | ||||||||
|
| |||||||
Commercial Services & Supplies — 2.3% |
| |||||||
Waste Connections, Inc. | 26 | 2,479 | ||||||
|
| |||||||
Construction Materials — 3.0% |
| |||||||
Martin Marietta Materials, Inc. | 14 | 3,204 | ||||||
|
| |||||||
Consumer Finance — 3.7% |
| |||||||
Capital One Financial Corp. | 43 | 3,905 | ||||||
|
| |||||||
Containers & Packaging — 4.0% |
| |||||||
Ball Corp. | 29 | 2,058 | ||||||
Packaging Corp. of America | 23 | 2,169 | ||||||
|
| |||||||
4,227 | ||||||||
|
| |||||||
Electric Utilities — 2.7% |
| |||||||
Xcel Energy, Inc. | 48 | 2,855 | ||||||
|
| |||||||
Entertainment — 3.1% |
| |||||||
Spotify Technology SA * | 10 | 1,472 | ||||||
Take-Two Interactive Software, Inc. * | 16 | 1,848 | ||||||
|
| |||||||
3,320 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 5.9% |
| |||||||
Federal Realty Investment Trust | 26 | 3,371 | ||||||
Public Storage | 12 | 2,961 | ||||||
|
| |||||||
6,332 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.6% |
| |||||||
Walgreens Boots Alliance, Inc. | 32 | 1,722 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.5% |
| |||||||
DexCom, Inc. * | 5 | 803 | ||||||
Intuitive Surgical, Inc. * | 4 | 1,838 | ||||||
|
| |||||||
2,641 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.9% |
| |||||||
UnitedHealth Group, Inc. | 17 | 4,110 | ||||||
|
| |||||||
Insurance — 6.4% |
| |||||||
American International Group, Inc. | 57 | 3,016 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Insurance — continued |
| |||||||
Loews Corp. | 70 | 3,834 | ||||||
|
| |||||||
6,850 | ||||||||
|
| |||||||
Interactive Media & Services — 3.4% |
| |||||||
Alphabet, Inc., Class C * | 3 | 3,586 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 4.8% |
| |||||||
Amazon.com, Inc. * | 3 | 5,137 | ||||||
|
| |||||||
IT Services — 5.2% |
| |||||||
Mastercard, Inc., Class A | 15 | 4,033 | ||||||
PayPal Holdings, Inc. * | 13 | 1,517 | ||||||
|
| |||||||
5,550 | ||||||||
|
| |||||||
Machinery — 2.6% |
| |||||||
Parker-Hannifin Corp. | 6 | 1,070 | ||||||
Stanley Black & Decker, Inc. | 12 | 1,694 | ||||||
|
| |||||||
2,764 | ||||||||
|
| |||||||
Media — 1.4% |
| |||||||
DISH Network Corp., Class A * | 40 | 1,526 | ||||||
|
| |||||||
Multiline Retail — 1.6% |
| |||||||
Kohl’s Corp. | 36 | 1,724 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 6.6% |
| |||||||
Concho Resources, Inc. | 10 | 1,043 | ||||||
Kinder Morgan, Inc. | 165 | 3,439 | ||||||
Marathon Petroleum Corp. | 46 | 2,555 | ||||||
|
| |||||||
7,037 | ||||||||
|
| |||||||
Pharmaceuticals — 3.0% |
| |||||||
Pfizer, Inc. | 75 | 3,237 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.0% |
| |||||||
QUALCOMM, Inc. | 14 | 1,079 | ||||||
|
| |||||||
Software — 10.4% |
| |||||||
Microsoft Corp. | 55 | 7,302 | ||||||
salesforce.com, Inc. * | 13 | 1,940 | ||||||
ServiceNow, Inc. * | 7 | 1,884 | ||||||
|
| |||||||
11,126 | ||||||||
|
| |||||||
Specialty Retail — 3.2% |
| |||||||
AutoZone, Inc. * | 3 | 3,432 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.1% |
| |||||||
Apple, Inc. | 17 | 3,311 | ||||||
|
| |||||||
Total Common Stocks | 103,969 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 2.6% |
| |||||||
Investment Companies — 2.6% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | 2,778 | 2,779 | ||||||
|
| |||||||
Total Investments — 99.9% | 106,748 | |||||||
Other Assets Less Liabilities — 0.1% | 80 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 106,828 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 23 |
Table of Contents
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 95.5% |
| |||||||
Aerospace & Defense — 1.8% |
| |||||||
General Dynamics Corp. | 2,319 | 421,613 | ||||||
|
| |||||||
Banks — 9.5% |
| |||||||
Bank of America Corp. | 23,852 | 691,717 | ||||||
BB&T Corp. | 5,507 | 270,545 | ||||||
Cullen/Frost Bankers, Inc. | 1,109 | 103,840 | ||||||
M&T Bank Corp. | 458 | 77,899 | ||||||
PNC Financial Services Group, Inc. (The) | 3,755 | 515,506 | ||||||
US Bancorp | 4,792 | 251,126 | ||||||
Wells Fargo & Co. | 7,203 | 340,822 | ||||||
|
| |||||||
2,251,455 | ||||||||
|
| |||||||
Beverages — 2.4% |
| |||||||
Coca-Cola Co. (The) | 5,964 | 303,686 | ||||||
PepsiCo, Inc. | 1,964 | 257,495 | ||||||
|
| |||||||
561,181 | ||||||||
|
| |||||||
Biotechnology — 0.5% |
| |||||||
Gilead Sciences, Inc. | 1,781 | 120,339 | ||||||
|
| |||||||
Capital Markets — 6.1% |
| |||||||
BlackRock, Inc. | 1,056 | 495,753 | ||||||
CME Group, Inc. | 3,148 | 611,011 | ||||||
Northern Trust Corp. | 1,377 | 123,951 | ||||||
T. Rowe Price Group, Inc. | 1,980 | 217,249 | ||||||
|
| |||||||
1,447,964 | ||||||||
|
| |||||||
Chemicals — 4.4% |
| |||||||
Air Products & Chemicals, Inc. | 1,882 | 426,033 | ||||||
Corteva, Inc. * | 1,916 | 56,644 | ||||||
Dow, Inc. | 531 | 26,200 | ||||||
DuPont de Nemours, Inc. | 1,916 | 143,802 | ||||||
PPG Industries, Inc. | 2,505 | 292,344 | ||||||
RPM International, Inc. | 1,464 | 89,489 | ||||||
|
| |||||||
1,034,512 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.7% |
| |||||||
Republic Services, Inc. | 1,782 | 154,383 | ||||||
|
| |||||||
Consumer Finance — 1.7% |
| |||||||
Capital One Financial Corp. | 2,350 | 213,252 | ||||||
Discover Financial Services | 2,408 | 186,838 | ||||||
|
| |||||||
400,090 | ||||||||
|
| |||||||
Distributors — 0.4% |
| |||||||
Genuine Parts Co. | 985 | 102,058 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.6% |
| |||||||
Verizon Communications, Inc. | 6,800 | 388,482 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Electric Utilities — 2.6% |
| |||||||
NextEra Energy, Inc. | 1,728 | 353,896 | ||||||
Xcel Energy, Inc. | 4,516 | 268,634 | ||||||
|
| |||||||
622,530 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 3.0% |
| |||||||
Alexandria Real Estate Equities, Inc. | 605 | 85,333 | ||||||
AvalonBay Communities, Inc. | 1,147 | 233,025 | ||||||
Boston Properties, Inc. | 851 | 109,744 | ||||||
Simon Property Group, Inc. | 970 | 154,988 | ||||||
Vornado Realty Trust | 2,067 | 132,521 | ||||||
|
| |||||||
715,611 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.8% |
| |||||||
Walmart, Inc. | 1,690 | 186,733 | ||||||
|
| |||||||
Food Products — 1.2% |
| |||||||
Mondelez International, Inc., Class A | 5,460 | 294,278 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.8% |
| |||||||
Abbott Laboratories | 1,531 | 128,729 | ||||||
Becton Dickinson and Co. | 1,083 | 273,006 | ||||||
Medtronic plc | 2,733 | 266,151 | ||||||
|
| |||||||
667,886 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 3.3% |
| |||||||
Las Vegas Sands Corp. | 3,156 | 186,511 | ||||||
McDonald’s Corp. | 1,985 | 412,114 | ||||||
Starbucks Corp. | 1,029 | 86,282 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,718 | 95,753 | ||||||
|
| |||||||
780,660 | ||||||||
|
| |||||||
Household Products — 1.3% |
| |||||||
Procter & Gamble Co. (The) | 2,734 | 299,799 | ||||||
|
| |||||||
Industrial Conglomerates — 0.9% |
| |||||||
Honeywell International, Inc. | 1,204 | 210,239 | ||||||
|
| |||||||
Insurance — 8.3% |
| |||||||
Arthur J Gallagher & Co. | 2,190 | 191,861 | ||||||
Chubb Ltd. | 1,522 | 224,219 | ||||||
Cincinnati Financial Corp. | 657 | 68,092 | ||||||
Hartford Financial Services Group, Inc. (The) | 6,222 | 346,671 | ||||||
Marsh & McLennan Cos., Inc. | 632 | 63,086 | ||||||
MetLife, Inc. | 5,125 | 254,552 | ||||||
Progressive Corp. (The) | 1,776 | 141,979 | ||||||
Prudential Financial, Inc. | 3,212 | 324,385 | ||||||
Travelers Cos., Inc. (The) | 2,282 | 341,178 | ||||||
|
| |||||||
1,956,023 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
IT Services — 2.6% |
| |||||||
Accenture plc, Class A | 998 | 184,442 | ||||||
Automatic Data Processing, Inc. | 1,115 | 184,353 | ||||||
Fidelity National Information Services, Inc. | 2,086 | 255,960 | ||||||
|
| |||||||
624,755 | ||||||||
|
| |||||||
Leisure Products — 0.8% |
| |||||||
Hasbro, Inc. | 1,709 | 180,558 | ||||||
|
| |||||||
Machinery — 5.3% |
| |||||||
Deere & Co. | 1,041 | 172,559 | ||||||
Dover Corp. | 3,458 | 346,525 | ||||||
Illinois Tool Works, Inc. | 1,631 | 245,977 | ||||||
Parker-Hannifin Corp. | 1,546 | 262,886 | ||||||
Stanley Black & Decker, Inc. | 1,522 | 220,081 | ||||||
|
| |||||||
1,248,028 | ||||||||
|
| |||||||
Media — 2.2% |
| |||||||
Comcast Corp., Class A | 12,564 | 531,206 | ||||||
|
| |||||||
Multi-Utilities — 2.5% |
| |||||||
CMS Energy Corp. | 3,769 | 218,291 | ||||||
DTE Energy Co. | 399 | 50,989 | ||||||
NiSource, Inc. | 5,241 | 150,936 | ||||||
Public Service Enterprise Group, Inc. | 2,753 | 161,925 | ||||||
|
| |||||||
582,141 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 7.5% |
| |||||||
Chevron Corp. | 6,392 | 795,472 | ||||||
ConocoPhillips | 8,088 | 493,369 | ||||||
Exxon Mobil Corp. | 4,353 | 333,607 | ||||||
Valero Energy Corp. | 1,765 | 151,074 | ||||||
|
| |||||||
1,773,522 | ||||||||
|
| |||||||
Pharmaceuticals — 7.8% |
| |||||||
Bristol-Myers Squibb Co. | 5,374 | 243,709 | ||||||
Eli Lilly & Co. | 2,589 | 286,839 | ||||||
Johnson & Johnson | 2,143 | 298,412 | ||||||
Merck & Co., Inc. | 5,622 | 471,422 | ||||||
Pfizer, Inc. | 12,656 | 548,246 | ||||||
|
| |||||||
1,848,628 | ||||||||
|
| |||||||
Road & Rail — 1.2% |
| |||||||
Norfolk Southern Corp. | 1,406 | 280,357 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.7% |
| |||||||
Analog Devices, Inc. | 3,792 | 428,040 | ||||||
Texas Instruments, Inc. | 3,795 | 435,502 | ||||||
|
| |||||||
863,542 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — 2.7% |
| |||||||
Microsoft Corp. | 4,854 | 650,176 | ||||||
|
| |||||||
Specialty Retail — 2.3% |
| |||||||
Home Depot, Inc. (The) | 1,813 | 377,105 | ||||||
Tiffany & Co. | 1,844 | 172,663 | ||||||
|
| |||||||
549,768 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 1.3% |
| |||||||
Apple, Inc. | 1,598 | 316,319 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.7% |
| |||||||
VF Corp. | 2,011 | 175,628 | ||||||
|
| |||||||
Tobacco — 1.6% |
| |||||||
Altria Group, Inc. | 4,232 | 200,365 | ||||||
Philip Morris International, Inc. | 2,128 | 167,093 | ||||||
|
| |||||||
367,458 | ||||||||
|
| |||||||
Total Common Stocks | 22,607,922 | |||||||
|
| |||||||
Short-Term Investments — 4.5% |
| |||||||
Investment Companies — 4.5% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | 1,051,895 | 1,052,315 | ||||||
|
| |||||||
Total Investments — 100.0% | 23,660,237 | |||||||
Other Assets Less Liabilities — 0.0% (c) | 2,210 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 23,662,447 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2019. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 25 |
Table of Contents
JPMorgan Growth and Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.8% |
| |||||||
Aerospace & Defense — 2.6% |
| |||||||
General Dynamics Corp. | 43 | 7,745 | ||||||
United Technologies Corp. | 73 | 9,505 | ||||||
|
| |||||||
17,250 | ||||||||
|
| |||||||
Banks — 12.1% |
| |||||||
Bank of America Corp. | 723 | 20,955 | ||||||
BB&T Corp. | 129 | 6,358 | ||||||
Citigroup, Inc. | 96 | 6,741 | ||||||
Citizens Financial Group, Inc. | 125 | 4,413 | ||||||
Cullen/Frost Bankers, Inc. | 37 | 3,437 | ||||||
M&T Bank Corp. | 38 | 6,378 | ||||||
PNC Financial Services Group, Inc. (The) | 66 | 9,102 | ||||||
SunTrust Banks, Inc. | 126 | 7,938 | ||||||
US Bancorp | 133 | 6,990 | ||||||
Wells Fargo & Co. | 137 | 6,497 | ||||||
|
| |||||||
78,809 | ||||||||
|
| |||||||
Beverages — 0.6% |
| |||||||
PepsiCo, Inc. | 28 | 3,672 | ||||||
|
| |||||||
Biotechnology — 1.6% |
| |||||||
AbbVie, Inc. | 71 | 5,170 | ||||||
Gilead Sciences, Inc. | 75 | 5,094 | ||||||
|
| |||||||
10,264 | ||||||||
|
| |||||||
Capital Markets — 7.5% |
| |||||||
BlackRock, Inc. | 30 | 13,891 | ||||||
Charles Schwab Corp. (The) | 74 | 2,974 | ||||||
Goldman Sachs Group, Inc. (The) | 33 | 6,834 | ||||||
Morgan Stanley | 348 | 15,263 | ||||||
T. Rowe Price Group, Inc. | 93 | 10,203 | ||||||
|
| |||||||
49,165 | ||||||||
|
| |||||||
Chemicals — 2.6% |
| |||||||
Air Products & Chemicals, Inc. | 29 | 6,451 | ||||||
Axalta Coating Systems Ltd. * | 102 | 3,034 | ||||||
Corteva, Inc. * | 65 | 1,917 | ||||||
Dow, Inc. | 21 | 1,029 | ||||||
DuPont de Nemours, Inc. | 65 | 4,867 | ||||||
|
| |||||||
17,298 | ||||||||
|
| |||||||
Consumer Finance — 1.9% |
| |||||||
Capital One Financial Corp. | 63 | 5,735 | ||||||
Discover Financial Services | 83 | 6,440 | ||||||
|
| |||||||
12,175 | ||||||||
|
| |||||||
Containers & Packaging — 1.1% |
| |||||||
Ball Corp. | 54 | 3,744 | ||||||
Sealed Air Corp. | 85 | 3,628 | ||||||
|
| |||||||
7,372 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Distributors — 0.6% |
| |||||||
Genuine Parts Co. | 36 | 3,760 | ||||||
|
| |||||||
Diversified Financial Services — 2.1% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 64 | 13,579 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.4% |
| |||||||
Verizon Communications, Inc. | 158 | 9,016 | ||||||
|
| |||||||
Electric Utilities — 2.1% |
| |||||||
Edison International | 55 | 3,694 | ||||||
NextEra Energy, Inc. | 25 | 5,203 | ||||||
Xcel Energy, Inc. | 83 | 4,908 | ||||||
|
| |||||||
13,805 | ||||||||
|
| |||||||
Entertainment — 1.5% |
| |||||||
Walt Disney Co. (The) | 71 | 9,942 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 3.5% |
| |||||||
AvalonBay Communities, Inc. | 23 | 4,734 | ||||||
Crown Castle International Corp. | 23 | 3,037 | ||||||
Simon Property Group, Inc. | 25 | 4,010 | ||||||
Ventas, Inc. | 96 | 6,541 | ||||||
Vornado Realty Trust | 75 | 4,782 | ||||||
|
| |||||||
23,104 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.0% |
| |||||||
Walmart, Inc. | 57 | 6,331 | ||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Mondelez International, Inc., Class A | 115 | 6,209 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.1% |
| |||||||
Becton Dickinson and Co. | 35 | 8,719 | ||||||
Medtronic plc | 53 | 5,162 | ||||||
|
| |||||||
13,881 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.4% |
| |||||||
Cigna Corp. | 16 | 2,458 | ||||||
Humana, Inc. | 16 | 4,351 | ||||||
UnitedHealth Group, Inc. | 37 | 8,906 | ||||||
|
| |||||||
15,715 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.7% |
| |||||||
Royal Caribbean Cruises Ltd. | 35 | 4,279 | ||||||
|
| |||||||
Household Products — 1.3% |
| |||||||
Colgate-Palmolive Co. | 116 | 8,321 | ||||||
|
| |||||||
Industrial Conglomerates — 1.2% |
| |||||||
Honeywell International, Inc. | 44 | 7,665 | ||||||
|
| |||||||
Insurance — 5.4% |
| |||||||
Chubb Ltd. | 55 | 8,066 | ||||||
Hartford Financial Services Group, Inc. (The) | 223 | 12,414 |
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Insurance — Continued | ||||||||
Loews Corp. | 87 | 4,762 | ||||||
MetLife, Inc. | 88 | 4,391 | ||||||
Prudential Financial, Inc. | 57 | 5,737 | ||||||
|
| |||||||
35,370 | ||||||||
|
| |||||||
Interactive Media & Services — 0.7% |
| |||||||
Alphabet, Inc., Class C * | 4 | 4,301 | ||||||
|
| |||||||
IT Services — 1.0% |
| |||||||
Fidelity National Information Services, Inc. | 55 | 6,686 | ||||||
|
| |||||||
Machinery — 3.7% |
| |||||||
Dover Corp. | 67 | 6,701 | ||||||
Parker-Hannifin Corp. | 67 | 11,442 | ||||||
Stanley Black & Decker, Inc. | 40 | 5,756 | ||||||
|
| |||||||
23,899 | ||||||||
|
| |||||||
Media — 0.5% |
| |||||||
Comcast Corp., Class A | 79 | 3,340 | ||||||
|
| |||||||
Multiline Retail — 0.4% |
| |||||||
Target Corp. | 28 | 2,399 | ||||||
|
| |||||||
Multi-Utilities — 2.4% |
| |||||||
CMS Energy Corp. | 181 | 10,453 | ||||||
NiSource, Inc. | 83 | 2,385 | ||||||
Public Service Enterprise Group, Inc. | 53 | 3,117 | ||||||
|
| |||||||
15,955 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 9.3% |
| |||||||
Chevron Corp. | 140 | 17,471 | ||||||
ConocoPhillips | 168 | 10,277 | ||||||
EOG Resources, Inc. | 61 | 5,697 | ||||||
Exxon Mobil Corp. | 60 | 4,635 | ||||||
Marathon Petroleum Corp. | 39 | 2,202 | ||||||
Phillips 66 | 47 | 4,349 | ||||||
Pioneer Natural Resources Co. | 35 | 5,416 | ||||||
Valero Energy Corp. | 72 | 6,155 | ||||||
Williams Cos., Inc. (The) | 155 | 4,352 | ||||||
|
| |||||||
60,554 | ||||||||
|
| |||||||
Pharmaceuticals — 5.2% |
| |||||||
Bristol-Myers Squibb Co. | 95 | 4,313 | ||||||
Eli Lilly & Co. | 27 | 2,998 | ||||||
Johnson & Johnson | 37 | 5,098 | ||||||
Merck & Co., Inc. | 132 | 11,091 | ||||||
Pfizer, Inc. | 240 | 10,379 | ||||||
|
| |||||||
33,879 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Road & Rail — 1.2% |
| |||||||
CSX Corp. | 33 | 2,522 | ||||||
Kansas City Southern | 41 | 5,019 | ||||||
|
| |||||||
7,541 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.3% |
| |||||||
Analog Devices, Inc. | 97 | 10,971 | ||||||
NXP Semiconductors NV (Netherlands) | 59 | 5,779 | ||||||
Texas Instruments, Inc. | 98 | 11,235 | ||||||
|
| |||||||
27,985 | ||||||||
|
| |||||||
Software — 2.9% |
| |||||||
Microsoft Corp. | 140 | 18,701 | ||||||
|
| |||||||
Specialty Retail — 4.4% |
| |||||||
AutoZone, Inc. * | 7 | 7,707 | ||||||
Home Depot, Inc. (The) | 55 | 11,480 | ||||||
Lowe’s Cos., Inc. | 66 | 6,610 | ||||||
Tiffany & Co. | 35 | 3,268 | ||||||
|
| |||||||
29,065 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 1.6% |
| |||||||
Apple, Inc. | 52 | 10,331 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.4% |
| |||||||
NIKE, Inc., Class B | 109 | 9,159 | ||||||
|
| |||||||
Tobacco — 1.8% |
| |||||||
Altria Group, Inc. | 117 | 5,540 | ||||||
Philip Morris International, Inc. | 79 | 6,180 | ||||||
|
| |||||||
11,720 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.8% |
| |||||||
Watsco, Inc. | 33 | 5,364 | ||||||
|
| |||||||
Total Common Stocks | 637,861 | |||||||
|
| |||||||
Short-Term Investments — 3.1% |
| |||||||
Investment Companies — 3.1% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | 20,390 | 20,398 | ||||||
|
| |||||||
Total Investments — 100.9% | 658,259 | |||||||
Liabilities in Excess of | (5,756 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 652,503 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 27 |
Table of Contents
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.4% |
| |||||||
Aerospace & Defense — 2.3% |
| |||||||
Boeing Co. (The) | 52 | 19,041 | ||||||
General Dynamics Corp. (a) | 223 | 40,517 | ||||||
Northrop Grumman Corp. (a) | 56 | 18,075 | ||||||
United Technologies Corp. | 287 | 37,422 | ||||||
|
| |||||||
115,055 | ||||||||
|
| |||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | 199 | 11,294 | ||||||
Southwest Airlines Co. | 95 | 4,804 | ||||||
United Continental Holdings, Inc. * | 49 | 4,289 | ||||||
|
| |||||||
20,387 | ||||||||
|
| |||||||
Auto Components — 0.4% |
| |||||||
BorgWarner, Inc. | 241 | 10,112 | ||||||
Magna International, Inc. (Canada) | 189 | 9,389 | ||||||
|
| |||||||
19,501 | ||||||||
|
| |||||||
Automobiles — 0.2% |
| |||||||
General Motors Co. | 303 | 11,676 | ||||||
|
| |||||||
Banks — 4.8% |
| |||||||
Bank of America Corp. | 2,636 | 76,430 | ||||||
Citigroup, Inc. | 940 | 65,816 | ||||||
Citizens Financial Group, Inc. | 168 | 5,930 | ||||||
KeyCorp | 1,386 | 24,599 | ||||||
Regions Financial Corp. | 476 | 7,118 | ||||||
SunTrust Banks, Inc. | 388 | 24,359 | ||||||
Wells Fargo & Co. (a) | 809 | 38,272 | ||||||
|
| |||||||
242,524 | ||||||||
|
| |||||||
Beverages — 2.3% |
| |||||||
Coca-Cola Co. (The) (a) | 1,441 | 73,401 | ||||||
Constellation Brands, Inc., Class A | 41 | 8,033 | ||||||
Molson Coors Brewing Co., Class B (a) | 179 | 10,010 | ||||||
PepsiCo, Inc. (a) | 186 | 24,367 | ||||||
|
| |||||||
115,811 | ||||||||
|
| |||||||
Biotechnology — 2.0% |
| |||||||
AbbVie, Inc. (a) | 83 | 6,070 | ||||||
Alexion Pharmaceuticals, Inc. * | 125 | 16,341 | ||||||
Amgen, Inc. | 37 | 6,730 | ||||||
Biogen, Inc. * | 77 | 18,118 | ||||||
Celgene Corp. * | 201 | 18,574 | ||||||
Gilead Sciences, Inc. | 77 | 5,199 | ||||||
Regeneron Pharmaceuticals, Inc. * | 40 | 12,486 | ||||||
Vertex Pharmaceuticals, Inc. * | 108 | 19,766 | ||||||
|
| |||||||
103,284 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Building Products — 0.3% |
| |||||||
Masco Corp. | 393 | 15,433 | ||||||
|
| |||||||
Capital Markets — 3.0% |
| |||||||
Ameriprise Financial, Inc. | 68 | 9,900 | ||||||
Bank of New York Mellon Corp. (The) | 113 | 5,002 | ||||||
Charles Schwab Corp. (The) | 524 | 21,058 | ||||||
CME Group, Inc. | 25 | 4,921 | ||||||
Franklin Resources, Inc. | 362 | 12,594 | ||||||
Intercontinental Exchange, Inc. | 395 | 33,909 | ||||||
Invesco Ltd. | 365 | 7,470 | ||||||
Morgan Stanley | 961 | 42,090 | ||||||
TD Ameritrade Holding Corp. | 312 | 15,593 | ||||||
|
| |||||||
152,537 | ||||||||
|
| |||||||
Chemicals — 2.1% |
| |||||||
Celanese Corp. | 122 | 13,140 | ||||||
Corteva, Inc. * | 309 | 9,142 | ||||||
Dow, Inc. | 387 | 19,075 | ||||||
DuPont de Nemours, Inc. | 220 | 16,536 | ||||||
Eastman Chemical Co. | 298 | 23,186 | ||||||
Linde plc (United Kingdom) | 79 | 15,879 | ||||||
LyondellBasell Industries NV, Class A | 60 | 5,151 | ||||||
RPM International, Inc. | 41 | 2,480 | ||||||
|
| |||||||
104,589 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.2% |
| |||||||
Cintas Corp. | 13 | 3,006 | ||||||
Waste Management, Inc. | 42 | 4,869 | ||||||
|
| |||||||
7,875 | ||||||||
|
| |||||||
Communications Equipment — 0.4% |
| |||||||
Cisco Systems, Inc. | 286 | 15,643 | ||||||
Motorola Solutions, Inc. | 21 | 3,420 | ||||||
|
| |||||||
19,063 | ||||||||
|
| |||||||
Consumer Finance — 1.1% |
| |||||||
American Express Co. | 174 | 21,494 | ||||||
Capital One Financial Corp. | 253 | 22,936 | ||||||
Synchrony Financial | 288 | 9,995 | ||||||
|
| |||||||
54,425 | ||||||||
|
| |||||||
Containers & Packaging — 0.6% |
| |||||||
Avery Dennison Corp. | 60 | 6,971 | ||||||
Crown Holdings, Inc. * | 164 | 10,032 | ||||||
Packaging Corp. of America | 63 | 6,034 | ||||||
Westrock Co. | 183 | 6,671 | ||||||
|
| |||||||
29,708 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Diversified Consumer Services — 0.0% (b) |
| |||||||
H&R Block, Inc. | 82 | 2,411 | ||||||
|
| |||||||
Diversified Financial Services — 1.7% |
| |||||||
Berkshire Hathaway, Inc., Class B * (a) | 395 | 84,113 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.1% |
| |||||||
Verizon Communications, Inc. (a) | 978 | 55,881 | ||||||
|
| |||||||
Electric Utilities — 2.9% |
| |||||||
American Electric Power Co., Inc. | 289 | 25,404 | ||||||
Edison International | 293 | 19,758 | ||||||
Exelon Corp. | 719 | 34,449 | ||||||
FirstEnergy Corp. | 3 | 112 | ||||||
NextEra Energy, Inc. (a) | 188 | 38,458 | ||||||
Xcel Energy, Inc. (a) | 471 | 28,047 | ||||||
|
| |||||||
146,228 | ||||||||
|
| |||||||
Electrical Equipment — 0.9% |
| |||||||
Eaton Corp. plc | 498 | 41,509 | ||||||
Emerson Electric Co. | 43 | 2,896 | ||||||
|
| |||||||
44,405 | ||||||||
|
| |||||||
Entertainment — 1.9% |
| |||||||
Electronic Arts, Inc. * | 239 | 24,226 | ||||||
Netflix, Inc. * (a) | 112 | 41,129 | ||||||
Walt Disney Co. (The) (a) | 237 | 33,036 | ||||||
|
| |||||||
98,391 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.3% |
| |||||||
AvalonBay Communities, Inc. | 113 | 22,874 | ||||||
Boston Properties, Inc. | 42 | 5,450 | ||||||
Digital Realty Trust, Inc. | 31 | 3,682 | ||||||
Equinix, Inc. | 18 | 8,976 | ||||||
Equity Residential | 86 | 6,531 | ||||||
Federal Realty Investment Trust | 76 | 9,831 | ||||||
Host Hotels & Resorts, Inc. | 348 | 6,341 | ||||||
Mid-America Apartment Communities, Inc. | 22 | 2,638 | ||||||
Prologis, Inc. | 290 | 23,266 | ||||||
Public Storage | 22 | 5,190 | ||||||
Ventas, Inc. | 115 | 7,830 | ||||||
Vornado Realty Trust | 211 | 13,553 | ||||||
|
| |||||||
116,162 | ||||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Conagra Brands, Inc. | 101 | 2,684 | ||||||
General Mills, Inc. | 141 | 7,384 | ||||||
Mondelez International, Inc., Class A (a) | 671 | 36,193 | ||||||
|
| |||||||
46,261 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Equipment & Supplies — 3.1% |
| |||||||
Baxter International, Inc. | 70 | 5,708 | ||||||
Becton Dickinson and Co. (a) | 33 | 8,228 | ||||||
Boston Scientific Corp. * | 1,078 | 46,329 | ||||||
Danaher Corp. | 26 | 3,646 | ||||||
Intuitive Surgical, Inc. * | 16 | 8,613 | ||||||
Medtronic plc (a) | 485 | 47,259 | ||||||
Zimmer Biomet Holdings, Inc. (a) | 302 | 35,522 | ||||||
|
| |||||||
155,305 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.8% |
| |||||||
Anthem, Inc. | 86 | 24,346 | ||||||
Cigna Corp. (a) | 284 | 44,812 | ||||||
CVS Health Corp. | 76 | 4,121 | ||||||
McKesson Corp. | 11 | 1,458 | ||||||
UnitedHealth Group, Inc. (a) | 265 | 64,763 | ||||||
|
| |||||||
139,500 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.1% |
| |||||||
Hilton Worldwide Holdings, Inc. | 186 | 18,190 | ||||||
Royal Caribbean Cruises Ltd. | 43 | 5,239 | ||||||
Yum! Brands, Inc. | 310 | 34,291 | ||||||
|
| |||||||
57,720 | ||||||||
|
| |||||||
Household Durables — 0.2% |
| |||||||
Lennar Corp., Class A | 249 | 12,079 | ||||||
|
| |||||||
Household Products — 1.0% |
| |||||||
Procter & Gamble Co. (The) (a) | 465 | 50,976 | ||||||
|
| |||||||
Industrial Conglomerates — 1.1% |
| |||||||
Honeywell International, Inc. (a) | 316 | 55,237 | ||||||
|
| |||||||
Insurance — 2.3% |
| |||||||
Allstate Corp. (The) | 139 | 14,166 | ||||||
American International Group, Inc. | 359 | 19,130 | ||||||
Arthur J Gallagher & Co. | 85 | 7,428 | ||||||
Everest Re Group Ltd. | 27 | 6,728 | ||||||
Hartford Financial Services Group, Inc. (The) | 365 | 20,313 | ||||||
Lincoln National Corp. | 256 | 16,470 | ||||||
MetLife, Inc. (a) | 655 | 32,536 | ||||||
|
| |||||||
116,771 | ||||||||
|
| |||||||
Interactive Media & Services — 4.1% |
| |||||||
Alphabet, Inc., Class A * (a) | 76 | 81,751 | ||||||
Alphabet, Inc., Class C * (a) | 71 | 76,928 | ||||||
Facebook, Inc., Class A * (a) | 260 | 50,192 | ||||||
|
| |||||||
208,871 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 29 |
Table of Contents
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Internet & Direct Marketing Retail — 4.1% |
| |||||||
Amazon.com, Inc. * (a) | 94 | 178,512 | ||||||
Booking Holdings, Inc. * | 4 | 7,893 | ||||||
Expedia Group, Inc. | 142 | 18,955 | ||||||
|
| |||||||
205,360 | ||||||||
|
| |||||||
IT Services — 5.7% |
| |||||||
Accenture plc, Class A | 108 | 19,974 | ||||||
Automatic Data Processing, Inc. (a) | 366 | 60,453 | ||||||
Cognizant Technology Solutions Corp., Class A | 275 | 17,451 | ||||||
Fidelity National Information Services, Inc. | 36 | 4,397 | ||||||
First Data Corp., Class A * | 197 | 5,321 | ||||||
Mastercard, Inc., Class A | 300 | 79,457 | ||||||
PayPal Holdings, Inc. * (a) | 439 | 50,199 | ||||||
Visa, Inc., Class A (a) | 292 | 50,739 | ||||||
|
| |||||||
287,991 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.2% |
| |||||||
Agilent Technologies, Inc. | 66 | 4,919 | ||||||
Illumina, Inc. * | 30 | 11,114 | ||||||
Thermo Fisher Scientific, Inc. | 156 | 45,855 | ||||||
|
| |||||||
61,888 | ||||||||
|
| |||||||
Machinery — 2.4% |
| |||||||
Caterpillar, Inc. | 20 | 2,658 | ||||||
Cummins, Inc. | 148 | 25,348 | ||||||
Deere & Co. | 92 | 15,230 | ||||||
Ingersoll-Rand plc | 162 | 20,485 | ||||||
PACCAR, Inc. (a) | 338 | 24,192 | ||||||
Parker-Hannifin Corp. | 27 | 4,607 | ||||||
Snap-on, Inc. | 49 | 8,047 | ||||||
Stanley Black & Decker, Inc. | 141 | 20,375 | ||||||
|
| |||||||
120,942 | ||||||||
|
| |||||||
Media — 2.9% |
| |||||||
Altice USA, Inc., Class A * | 322 | 7,843 | ||||||
Charter Communications, Inc., Class A * (a) | 102 | 40,158 | ||||||
Comcast Corp., Class A (a) | 1,788 | 75,606 | ||||||
Discovery, Inc., Class A * | 426 | 13,093 | ||||||
Discovery, Inc., Class C * | 428 | 12,184 | ||||||
|
| |||||||
148,884 | ||||||||
|
| |||||||
Metals & Mining — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 274 | 3,186 | ||||||
Newmont Goldcorp Corp. | 96 | 3,710 | ||||||
|
| |||||||
6,896 | ||||||||
|
| |||||||
Multiline Retail — 0.3% |
| |||||||
Dollar General Corp. | 115 | 15,554 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multi-Utilities — 0.4% |
| |||||||
Sempra Energy | 137 | 18,873 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.0% |
| |||||||
Chevron Corp. (a) | 624 | 77,692 | ||||||
Concho Resources, Inc. | 46 | 4,777 | ||||||
Diamondback Energy, Inc. | 190 | 20,662 | ||||||
EOG Resources, Inc. (a) | 451 | 42,034 | ||||||
Exxon Mobil Corp. (a) | 268 | 20,561 | ||||||
Marathon Petroleum Corp. (a) | 655 | 36,602 | ||||||
ONEOK, Inc. | 261 | 17,976 | ||||||
Parsley Energy, Inc., Class A * | 118 | 2,245 | ||||||
Phillips 66 | 24 | 2,254 | ||||||
Pioneer Natural Resources Co. (a) | 191 | 29,340 | ||||||
|
| |||||||
254,143 | ||||||||
|
| |||||||
Pharmaceuticals — 4.9% |
| |||||||
Allergan plc | 85 | 14,180 | ||||||
Bristol-Myers Squibb Co. | 238 | 10,803 | ||||||
Eli Lilly & Co. | 323 | 35,745 | ||||||
Johnson & Johnson (a) | 416 | 57,973 | ||||||
Merck & Co., Inc. (a) | 752 | 63,013 | ||||||
Pfizer, Inc. (a) | 1,409 | 61,041 | ||||||
Zoetis, Inc. | 27 | 3,030 | ||||||
|
| |||||||
245,785 | ||||||||
|
| |||||||
Road & Rail — 1.9% |
| |||||||
Lyft, Inc., Class A * | 100 | 6,591 | ||||||
Norfolk Southern Corp. (a) | 251 | 50,002 | ||||||
Union Pacific Corp. (a) | 245 | 41,366 | ||||||
|
| |||||||
97,959 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.0% |
| |||||||
Analog Devices, Inc. (a) | 444 | 50,151 | ||||||
Intel Corp. | 190 | 9,099 | ||||||
Marvell Technology Group Ltd. | 199 | 4,743 | ||||||
NVIDIA Corp. (a) | 213 | 34,902 | ||||||
NXP Semiconductors NV (Netherlands) | 156 | 15,188 | ||||||
QUALCOMM, Inc. | 72 | 5,492 | ||||||
Teradyne, Inc. | 376 | 17,998 | ||||||
Texas Instruments, Inc. (a) | 570 | 65,448 | ||||||
|
| |||||||
203,021 | ||||||||
|
| |||||||
Software — 6.9% |
| |||||||
Intuit, Inc. | 80 | 21,003 | ||||||
Microsoft Corp. (a) | 1,923 | 257,655 | ||||||
Oracle Corp. | 324 | 18,433 | ||||||
salesforce.com, Inc. * (a) | 283 | 42,973 |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Software — continued | ||||||||
VMware, Inc., Class A | 43 | 7,140 | ||||||
Workday, Inc., Class A * | 9 | 1,930 | ||||||
|
| |||||||
349,134 | ||||||||
|
| |||||||
Specialty Retail — 4.7% |
| |||||||
Advance Auto Parts, Inc. | 85 | 13,139 | ||||||
AutoZone, Inc. * (a) | 33 | 36,700 | ||||||
Best Buy Co., Inc. | 284 | 19,796 | ||||||
Home Depot, Inc. (The) (a) | 295 | 61,314 | ||||||
Lowe’s Cos., Inc. | 379 | 38,267 | ||||||
O’Reilly Automotive, Inc. * | 42 | 15,652 | ||||||
Ross Stores, Inc. (a) | 242 | 23,969 | ||||||
TJX Cos., Inc. (The) | 500 | 26,422 | ||||||
|
| |||||||
235,259 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 4.2% |
| |||||||
Apple, Inc. (a) | 924 | 182,874 | ||||||
Hewlett Packard Enterprise Co. | 1,074 | 16,054 | ||||||
HP, Inc. | 680 | 14,145 | ||||||
|
| |||||||
213,073 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.6% |
| |||||||
NIKE, Inc., Class B | 255 | 21,366 | ||||||
PVH Corp. | 115 | 10,874 | ||||||
|
| |||||||
32,240 | ||||||||
|
| |||||||
Tobacco — 1.3% |
| |||||||
Altria Group, Inc. | 283 | 13,388 | ||||||
Philip Morris International, Inc. | 637 | 50,029 | ||||||
|
| |||||||
63,417 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.1% |
| |||||||
HD Supply Holdings, Inc. * | 118 | 4,750 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.2% |
| |||||||
T-Mobile US, Inc. * | 104 | 7,673 | ||||||
|
| |||||||
Total Common Stocks | 4,975,021 | |||||||
|
|
INVESTMENTS | NO. OF CONTRACTS | VALUE ($000) | ||||||
Options Purchased — 1.3% |
| |||||||
Put Options Purchased — 1.3% |
| |||||||
Index Funds — 1.3% | ||||||||
S&P 500 Index | 8,746 | 32,929 | ||||||
9/30/2019 at USD 2,780.00, European Style Notional Amount: USD 2,489,906 Exchange Traded * | 8,464 | 32,628 | ||||||
|
| |||||||
Total Put Options Purchased | 65,557 | |||||||
|
| |||||||
Total Options Purchased | 65,557 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 4.6% |
| |||||||
Investment Companies — 4.6% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (c) (d) | 232,451 | 232,451 | ||||||
|
| |||||||
Total Investments — 104.3% | 5,273,029 | |||||||
Liabilities in Excess of | (217,223 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 5,055,806 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
USD | United States Dollar | |
(a) | All or a portion of this security is segregated for options written. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 31 |
Table of Contents
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | �� | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | ||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500E-Mini Index | 522 | 09/2019 | USD | 76,838 | 1,239 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
Written Call Options Contracts as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||||||||
DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) | ||||||||||||||||||
S&P 500 Index | Exchange Traded | 8,464 | USD 2,489,906 | USD 3,040 | 9/30/2019 | (27,296 | ) | |||||||||||||||||
S&P 500 Index | Exchange Traded | 8,746 | USD 2,572,863 | USD 3,035 | 9/30/2019 | (30,043 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
(57,339 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||
Written Put Options Contracts as of June 30, 2019 (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 | 17,210 | USD 5,062,769 | USD 2,340 | 9/30/2019 | (8,863 | ) | |||||||||||||||||
|
| |||||||||||||||||||||||
(8,863 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||
Total Written Options Contracts (Premiums Received $64,855) | (66,202 | ) | ||||||||||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Large Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.6% |
| |||||||
Aerospace & Defense — 3.9% |
| |||||||
Boeing Co. (The) | 1,250 | 455,122 | ||||||
TransDigm Group, Inc. * (a) | 354 | 171,023 | ||||||
|
| |||||||
626,145 | ||||||||
|
| |||||||
Automobiles — 0.3% |
| |||||||
Tesla, Inc. * (a) | 179 | 40,089 | ||||||
|
| |||||||
Beverages — 0.8% |
| |||||||
Monster Beverage Corp. * | 1,928 | 123,035 | ||||||
|
| |||||||
Biotechnology — 2.4% |
| |||||||
Exact Sciences Corp. * (a) | 1,990 | 234,947 | ||||||
Moderna, Inc. * (a) | 1,501 | 21,978 | ||||||
Regeneron Pharmaceuticals, Inc. * | 16 | 4,851 | ||||||
Vertex Pharmaceuticals, Inc. * | 666 | 122,054 | ||||||
|
| |||||||
383,830 | ||||||||
|
| |||||||
Capital Markets — 5.0% |
| |||||||
Charles Schwab Corp. (The) | 1,583 | 63,630 | ||||||
Intercontinental Exchange, Inc. (a) | 1,239 | 106,473 | ||||||
MarketAxess Holdings, Inc. (a) | 659 | 211,719 | ||||||
MSCI, Inc. | 399 | 95,158 | ||||||
S&P Global, Inc. | 1,400 | 318,861 | ||||||
|
| |||||||
795,841 | ||||||||
|
| |||||||
Chemicals — 2.1% |
| |||||||
Air Products & Chemicals, Inc. | 725 | 164,186 | ||||||
Ecolab, Inc. | 260 | 51,244 | ||||||
Sherwin-Williams Co. (The) | 271 | 124,334 | ||||||
|
| |||||||
339,764 | ||||||||
|
| |||||||
Electrical Equipment — 0.2% |
| |||||||
Rockwell Automation, Inc. | 189 | 30,915 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.3% |
| |||||||
Amphenol Corp., Class A | 571 | 54,753 | ||||||
|
| |||||||
Entertainment — 2.7% |
| |||||||
Netflix, Inc. * | 1,173 | 430,903 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% |
| |||||||
Equinix, Inc. | 232 | 117,172 | ||||||
|
| |||||||
Food & Staples Retailing — 1.5% |
| |||||||
Costco Wholesale Corp. | 892 | 235,799 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 7.0% |
| |||||||
Abbott Laboratories | 1,487 | 125,048 | ||||||
ABIOMED, Inc. * | 165 | 42,929 | ||||||
Becton Dickinson and Co. (a) | 202 | 51,007 | ||||||
Boston Scientific Corp. * | 5,987 | 257,300 | ||||||
DexCom, Inc. * (a) | 1,822 | 272,978 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Equipment & Supplies — continued |
| |||||||
Intuitive Surgical, Inc. * (a) | 692 | 362,818 | ||||||
|
| |||||||
1,112,080 | ||||||||
|
| |||||||
Health Care Providers & Services — 0.2% |
| |||||||
UnitedHealth Group, Inc. | 142 | 34,704 | ||||||
|
| |||||||
Health Care Technology — 1.5% |
| |||||||
Veeva Systems, Inc., Class A * | 1,436 | 232,855 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.7% |
| |||||||
Chipotle Mexican Grill, Inc. * | 218 | 159,548 | ||||||
Starbucks Corp. | 3,263 | 273,529 | ||||||
|
| |||||||
433,077 | ||||||||
|
| |||||||
Industrial Conglomerates — 3.5% |
| |||||||
Honeywell International, Inc. | 1,226 | 214,082 | ||||||
Roper Technologies, Inc. | 928 | 339,890 | ||||||
|
| |||||||
553,972 | ||||||||
|
| |||||||
Interactive Media & Services — 5.4% |
| |||||||
Alphabet, Inc., Class C * | 439 | 474,154 | ||||||
Facebook, Inc., Class A * | 323 | 62,324 | ||||||
Match Group, Inc. (a) | 3,541 | 238,203 | ||||||
Twitter, Inc. * | 2,234 | 77,953 | ||||||
|
| |||||||
852,634 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 9.0% |
| |||||||
Amazon.com, Inc. * | 487 | 922,207 | ||||||
GrubHub, Inc. * (a) | 152 | 11,815 | ||||||
MercadoLibre, Inc. (Argentina) * | 675 | 412,884 | ||||||
Wayfair, Inc., Class A * (a) | 592 | 86,374 | ||||||
|
| |||||||
1,433,280 | ||||||||
|
| |||||||
IT Services — 13.7% |
| |||||||
Mastercard, Inc., Class A | 2,910 | 769,703 | ||||||
PayPal Holdings, Inc. * | 5,069 | 580,215 | ||||||
Shopify, Inc., Class A (Canada) * | 906 | 271,816 | ||||||
Square, Inc., Class A * (a) | 1,511 | 109,564 | ||||||
Twilio, Inc., Class A * (a) | 1,418 | 193,331 | ||||||
Visa, Inc., Class A | 584 | 101,266 | ||||||
Worldpay, Inc., Class A * | 1,239 | 151,876 | ||||||
|
| |||||||
2,177,771 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 3.5% |
| |||||||
Illumina, Inc. * | 912 | 335,817 | ||||||
Thermo Fisher Scientific, Inc. | 775 | 227,532 | ||||||
|
| |||||||
563,349 | ||||||||
|
| |||||||
Personal Products — 1.6% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | 1,403 | 256,830 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 33 |
Table of Contents
JPMorgan Large Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Professional Services — 1.7% |
| |||||||
CoStar Group, Inc. * | 485 | 268,719 | ||||||
|
| |||||||
Road & Rail — 1.5% |
| |||||||
Lyft, Inc., Class A * | 243 | 15,981 | ||||||
Norfolk Southern Corp. | 1,106 | 220,419 | ||||||
|
| |||||||
236,400 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.5% |
| |||||||
Advanced Micro Devices, Inc. * (a) | 6,945 | 210,907 | ||||||
NVIDIA Corp. | 660 | 108,321 | ||||||
QUALCOMM, Inc. | 872 | 66,363 | ||||||
Texas Instruments, Inc. | 1,443 | 165,622 | ||||||
Xilinx, Inc. | 1,378 | 162,506 | ||||||
|
| |||||||
713,719 | ||||||||
|
| |||||||
Software — 16.1% |
| |||||||
Adobe, Inc. * | 184 | 54,098 | ||||||
Atlassian Corp. plc, Class A * (a) | 1,851 | 242,159 | ||||||
Microsoft Corp. | 7,287 | 976,153 | ||||||
salesforce.com, Inc. * | 1,329 | 201,679 | ||||||
ServiceNow, Inc. * | 1,779 | 488,529 | ||||||
Synopsys, Inc. * | 1,322 | 170,077 | ||||||
Trade Desk, Inc. (The), Class A * (a) | 1,386 | 315,794 | ||||||
Zendesk, Inc. * (a) | 1,267 | 112,836 | ||||||
|
| |||||||
2,561,325 | ||||||||
|
| |||||||
Specialty Retail — 3.4% |
| |||||||
Home Depot, Inc. (The) | 1,412 | 293,599 | ||||||
Ross Stores, Inc. | 2,549 | 252,694 | ||||||
|
| |||||||
546,293 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 2.8% |
| |||||||
Apple, Inc. | 2,272 | 449,677 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.6% |
| |||||||
Lululemon Athletica, Inc. * | 1,376 | 248,041 | ||||||
|
| |||||||
Total Common Stocks | 15,852,972 | |||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 1.1% |
| |||||||
Investment Companies — 1.1% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 177,612 | 177,684 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 3.2% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | 406,028 | 406,108 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | 96,965 | 96,965 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 503,073 | |||||||
|
| |||||||
Total Investments — 103.9% | 16,533,729 | |||||||
Liabilities in Excess of | (621,119 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 15,912,610 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $487,111,000. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Large Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.6% |
| |||||||
Aerospace & Defense — 2.4% |
| |||||||
Arconic, Inc. | 166 | 4,297 | ||||||
General Dynamics Corp. | 163 | 29,691 | ||||||
|
| |||||||
33,988 | ||||||||
|
| |||||||
Airlines — 1.6% |
| |||||||
Southwest Airlines Co. | 446 | 22,628 | ||||||
|
| |||||||
Automobiles — 1.0% |
| |||||||
Ford Motor Co. | 641 | 6,554 | ||||||
General Motors Co. | 212 | 8,169 | ||||||
|
| |||||||
14,723 | ||||||||
|
| |||||||
Banks — 9.3% |
| |||||||
Bank of America Corp. | 1,033 | 29,948 | ||||||
Citigroup, Inc. | 356 | 24,933 | ||||||
Citizens Financial Group, Inc. | 396 | 14,006 | ||||||
East West Bancorp, Inc. | 268 | 12,534 | ||||||
Huntington Bancshares, Inc. | 480 | 6,634 | ||||||
KeyCorp | 1,642 | 29,137 | ||||||
US Bancorp | 258 | 13,498 | ||||||
|
| |||||||
130,690 | ||||||||
|
| |||||||
Beverages — 0.5% |
| |||||||
Coca-Cola Co. (The) | 146 | 7,414 | ||||||
|
| |||||||
Biotechnology — 0.8% |
| |||||||
Alexion Pharmaceuticals, Inc. * | 47 | 6,130 | ||||||
Gilead Sciences, Inc. | 86 | 5,790 | ||||||
|
| |||||||
11,920 | ||||||||
|
| |||||||
Building Products — 0.8% |
| |||||||
Owens Corning | 192 | 11,192 | ||||||
|
| |||||||
Capital Markets — 2.5% |
| |||||||
Intercontinental Exchange, Inc. | 85 | 7,339 | ||||||
Morgan Stanley | 637 | 27,916 | ||||||
|
| |||||||
35,255 | ||||||||
|
| |||||||
Chemicals — 6.0% |
| |||||||
Celanese Corp. | 51 | 5,465 | ||||||
DuPont de Nemours, Inc. | 120 | 9,038 | ||||||
Eastman Chemical Co. | 196 | 15,224 | ||||||
FMC Corp. | 578 | 47,904 | ||||||
Linde plc (United Kingdom) | 38 | 7,711 | ||||||
|
| |||||||
85,342 | ||||||||
|
| |||||||
Consumer Finance — 0.7% |
| |||||||
Capital One Financial Corp. | 117 | 10,598 | ||||||
|
| |||||||
Containers & Packaging — 1.5% |
| |||||||
Crown Holdings, Inc. * | 255 | 15,605 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Containers & Packaging — continued |
| |||||||
Westrock Co. | 158 | 5,751 | ||||||
|
| |||||||
21,356 | ||||||||
|
| |||||||
Diversified Financial Services — 2.6% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 171 | 36,431 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.5% |
| |||||||
Verizon Communications, Inc. | 373 | 21,304 | ||||||
|
| |||||||
Electric Utilities — 3.9% |
| |||||||
American Electric Power Co., Inc. | 163 | 14,381 | ||||||
Edison International | 145 | 9,801 | ||||||
Exelon Corp. | 156 | 7,464 | ||||||
NextEra Energy, Inc. | 73 | 14,955 | ||||||
Xcel Energy, Inc. | 136 | 8,085 | ||||||
|
| |||||||
54,686 | ||||||||
|
| |||||||
Electrical Equipment — 1.0% |
| |||||||
Eaton Corp. plc | 174 | 14,457 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 8.0% |
| |||||||
Empire State Realty Trust, Inc., Class A | 672 | 9,954 | ||||||
Equinix, Inc. | 13 | 6,758 | ||||||
HCP, Inc. | 461 | 14,749 | ||||||
Mid-America Apartment Communities, Inc. | 89 | 10,457 | ||||||
Prologis, Inc. | 122 | 9,772 | ||||||
SL Green Realty Corp. | 164 | 13,157 | ||||||
Ventas, Inc. | 353 | 24,134 | ||||||
VICI Properties, Inc. | 648 | 14,284 | ||||||
WP Carey, Inc. | 121 | 9,782 | ||||||
|
| |||||||
113,047 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.3% |
| |||||||
Sprouts Farmers Market, Inc. * | 147 | 2,768 | ||||||
Walmart, Inc. | 146 | 16,087 | ||||||
|
| |||||||
18,855 | ||||||||
|
| |||||||
Food Products — 1.7% |
| |||||||
General Mills, Inc. | 77 | 4,050 | ||||||
Kellogg Co. | 106 | 5,673 | ||||||
Lamb Weston Holdings, Inc. | 233 | 14,750 | ||||||
|
| |||||||
24,473 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 5.4% |
| |||||||
Becton Dickinson and Co. | 84 | 21,270 | ||||||
Boston Scientific Corp. * | 570 | 24,498 | ||||||
Medtronic plc | 75 | 7,304 | ||||||
Zimmer Biomet Holdings, Inc. | 191 | 22,524 | ||||||
|
| |||||||
75,596 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 35 |
Table of Contents
JPMorgan Large Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Health Care Providers & Services — 5.2% |
| |||||||
Cigna Corp. | 217 | 34,125 | ||||||
CVS Health Corp. | 227 | 12,348 | ||||||
DaVita, Inc. * | 290 | 16,321 | ||||||
Laboratory Corp. of America Holdings * | 34 | 5,861 | ||||||
UnitedHealth Group, Inc. | 17 | 4,221 | ||||||
|
| |||||||
72,876 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.0% |
| |||||||
Carnival Corp. | 246 | 11,456 | ||||||
Norwegian Cruise Line Holdings Ltd. * | 315 | 16,877 | ||||||
|
| |||||||
28,333 | ||||||||
|
| |||||||
Household Durables — 2.0% |
| |||||||
Lennar Corp., Class A | 266 | 12,910 | ||||||
Mohawk Industries, Inc. * | 101 | 14,836 | ||||||
|
| |||||||
27,746 | ||||||||
|
| |||||||
Household Products — 0.2% |
| |||||||
Energizer Holdings, Inc. | 83 | 3,223 | ||||||
|
| |||||||
Insurance — 3.6% |
| |||||||
Everest Re Group Ltd. | 15 | 3,807 | ||||||
Hartford Financial Services Group, Inc. (The) | 155 | 8,620 | ||||||
Lincoln National Corp. | 85 | 5,465 | ||||||
MetLife, Inc. | 502 | 24,944 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 43 | 7,637 | ||||||
|
| |||||||
50,473 | ||||||||
|
| |||||||
Interactive Media & Services — 0.9% |
| |||||||
Alphabet, Inc., Class A * | 12 | 12,777 | ||||||
|
| |||||||
IT Services — 1.4% |
| |||||||
Cognizant Technology Solutions Corp., Class A | 209 | 13,274 | ||||||
Fidelity National Information Services, Inc. | 59 | 7,226 | ||||||
|
| |||||||
20,500 | ||||||||
|
| |||||||
Leisure Products — 0.7% |
| |||||||
Brunswick Corp. | 201 | 9,233 | ||||||
|
| |||||||
Machinery — 0.5% |
| |||||||
Stanley Black & Decker, Inc. | 46 | 6,652 | ||||||
|
| |||||||
Media — 7.5% |
| |||||||
Altice USA, Inc., Class A * | 280 | 6,828 | ||||||
Charter Communications, Inc., Class A * | 96 | 37,937 | ||||||
Comcast Corp., Class A | 1,430 | 60,477 | ||||||
|
| |||||||
105,242 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 9.1% |
| |||||||
Anadarko Petroleum Corp. | 223 | 15,728 | ||||||
Chevron Corp. | 206 | 25,647 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued |
| |||||||
Concho Resources, Inc. | 132 | 13,578 | ||||||
Marathon Petroleum Corp. | 609 | 34,031 | ||||||
Occidental Petroleum Corp. | 161 | 8,115 | ||||||
Pioneer Natural Resources Co. | 152 | 23,387 | ||||||
TC Energy Corp. (Canada) | 148 | 7,319 | ||||||
|
| |||||||
127,805 | ||||||||
|
| |||||||
Pharmaceuticals — 5.8% |
| |||||||
Eli Lilly & Co. | 110 | 12,194 | ||||||
Merck & Co., Inc. | 336 | 28,173 | ||||||
Pfizer, Inc. | 955 | 41,358 | ||||||
|
| |||||||
81,725 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.1% |
| |||||||
Analog Devices, Inc. | 81 | 9,142 | ||||||
First Solar, Inc. * | 88 | 5,747 | ||||||
|
| |||||||
14,889 | ||||||||
|
| |||||||
Software — 1.1% |
| |||||||
LogMeIn, Inc. | 88 | 6,447 | ||||||
Microsoft Corp. | 66 | 8,828 | ||||||
|
| |||||||
15,275 | ||||||||
|
| |||||||
Specialty Retail — 2.3% |
| |||||||
Advance Auto Parts, Inc. | 90 | 13,842 | ||||||
Best Buy Co., Inc. | 88 | 6,150 | ||||||
Lowe’s Cos., Inc. | 121 | 12,240 | ||||||
|
| |||||||
32,232 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.0% |
| |||||||
Levi Strauss & Co., Class A * | 123 | 2,568 | ||||||
PVH Corp. | 86 | 8,101 | ||||||
Tapestry, Inc. | 99 | 3,129 | ||||||
|
| |||||||
13,798 | ||||||||
|
| |||||||
Tobacco — 1.2% |
| |||||||
Philip Morris International, Inc. | 219 | 17,159 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.5% |
| |||||||
T-Mobile US, Inc. * | 97 | 7,184 | ||||||
|
| |||||||
Total Common Stocks | 1,391,077 | |||||||
|
| |||||||
NO. OF WARRANTS (000) | ||||||||
Warrants — 0.0% |
| |||||||
Consumer Finance — 0.0% |
| |||||||
Emergent Capital, Inc. | 36 | — | (a) | |||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
36 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 0.8% |
| |||||||
Investment Companies — 0.8% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 11,515 | 11,520 | ||||||
|
| |||||||
Total Investments — 99.4% | 1,402,597 | |||||||
Other Assets Less Liabilities — 0.6% | 8,531 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 1,411,128 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
USD | United States Dollar | |
(a) | Amount rounds to less than one thousand. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 37 |
Table of Contents
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.6% |
| |||||||
Aerospace & Defense — 5.1% |
| |||||||
Boeing Co. (The) | 335 | 122,121 | ||||||
General Dynamics Corp. | 1,532 | 278,615 | ||||||
Northrop Grumman Corp. | 900 | 290,701 | ||||||
United Technologies Corp. | 239 | 31,156 | ||||||
|
| |||||||
722,593 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.2% |
| |||||||
United Parcel Service, Inc., Class B | 214 | 22,149 | ||||||
|
| |||||||
Auto Components — 0.1% |
| |||||||
BorgWarner, Inc. | 342 | 14,353 | ||||||
|
| |||||||
Banks — 4.6% |
| |||||||
Bank of America Corp. | 2,577 | 74,728 | ||||||
Citigroup, Inc. | 1,034 | 72,385 | ||||||
First Republic Bank | 48 | 4,734 | ||||||
Huntington Bancshares, Inc. | 8,784 | 121,399 | ||||||
KeyCorp | 8,217 | 145,853 | ||||||
SunTrust Banks, Inc. | 1,475 | 92,679 | ||||||
SVB Financial Group * | 508 | 114,051 | ||||||
Wells Fargo & Co. | 610 | 28,854 | ||||||
|
| |||||||
654,683 | ||||||||
|
| |||||||
Beverages — 4.3% |
| |||||||
Coca-Cola Co. (The) | 7,828 | 398,594 | ||||||
Constellation Brands, Inc., Class A | 1,067 | 210,187 | ||||||
PepsiCo, Inc. | 52 | 6,857 | ||||||
|
| |||||||
615,638 | ||||||||
|
| |||||||
Biotechnology — 0.7% |
| |||||||
Alexion Pharmaceuticals, Inc. * | 139 | 18,151 | ||||||
Celgene Corp. * | 530 | 49,018 | ||||||
Regeneron Pharmaceuticals, Inc. * | 38 | 11,954 | ||||||
Vertex Pharmaceuticals, Inc. * | 139 | 25,528 | ||||||
|
| |||||||
104,651 | ||||||||
|
| |||||||
Capital Markets — 2.7% |
| |||||||
Ameriprise Financial, Inc. | 894 | 129,826 | ||||||
Charles Schwab Corp. (The) | 795 | 31,946 | ||||||
Intercontinental Exchange, Inc. | 48 | 4,100 | ||||||
Morgan Stanley | 5,067 | 221,964 | ||||||
|
| |||||||
387,836 | ||||||||
|
| |||||||
Chemicals — 1.8% |
| |||||||
Air Products & Chemicals, Inc. | 26 | 5,930 | ||||||
Corteva, Inc. * | 505 | 14,923 | ||||||
DuPont de Nemours, Inc. | 403 | 30,281 | ||||||
Eastman Chemical Co. | 2,123 | 165,239 | ||||||
Linde plc (United Kingdom) | 235 | 47,249 | ||||||
|
| |||||||
263,622 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — 0.0%(a) |
| |||||||
Waste Management, Inc. | 46 | 5,347 | ||||||
|
| |||||||
Consumer Finance — 0.3% |
| |||||||
American Express Co. | 143 | 17,711 | ||||||
Capital One Financial Corp. | 222 | 20,166 | ||||||
|
| |||||||
37,877 | ||||||||
|
| |||||||
Containers & Packaging — 0.7% |
| |||||||
Crown Holdings, Inc. * | 1,642 | 100,324 | ||||||
|
| |||||||
Diversified Financial Services — 0.3% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 171 | 36,434 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.5% |
| |||||||
Verizon Communications, Inc. | 3,698 | 211,289 | ||||||
|
| |||||||
Electric Utilities — 3.8% |
| |||||||
American Electric Power Co., Inc. | 1,552 | 136,627 | ||||||
Edison International (b) | 224 | 15,095 | ||||||
Exelon Corp. | 119 | 5,707 | ||||||
NextEra Energy, Inc. | 894 | 183,062 | ||||||
Xcel Energy, Inc. | 3,350 | 199,302 | ||||||
|
| |||||||
539,793 | ||||||||
|
| |||||||
Electrical Equipment — 1.5% |
| |||||||
Eaton Corp. plc | 2,574 | 214,395 | ||||||
Emerson Electric Co. | 69 | 4,626 | ||||||
|
| |||||||
219,021 | ||||||||
|
| |||||||
Entertainment — 2.1% |
| |||||||
Activision Blizzard, Inc. | 114 | 5,364 | ||||||
Electronic Arts, Inc. * | 363 | 36,728 | ||||||
Netflix, Inc. * | 694 | 255,041 | ||||||
|
| |||||||
297,133 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.4% |
| |||||||
Prologis, Inc. | 3,614 | 289,481 | ||||||
Public Storage | 43 | 10,258 | ||||||
Ventas, Inc. | 409 | 27,953 | ||||||
VICI Properties, Inc. | 697 | 15,360 | ||||||
WP Carey, Inc. | 54 | 4,415 | ||||||
|
| |||||||
347,467 | ||||||||
|
| |||||||
Food Products — 0.2% |
| |||||||
Mondelez International, Inc., Class A | 439 | 23,641 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 3.4% |
| |||||||
Becton Dickinson and Co. | 204 | 51,518 | ||||||
Boston Scientific Corp. * | 6,047 | 259,912 | ||||||
Intuitive Surgical, Inc. * (b) | 252 | 132,120 | ||||||
Zimmer Biomet Holdings, Inc. | 392 | 46,097 | ||||||
|
| |||||||
489,647 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
38 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Health Care Providers & Services — 2.9% |
| |||||||
Cigna Corp. | 1,542 | 242,910 | ||||||
DaVita, Inc. * | 64 | 3,584 | ||||||
Humana, Inc. | 317 | 84,167 | ||||||
UnitedHealth Group, Inc. | 330 | 80,544 | ||||||
|
| |||||||
411,205 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.4% |
| |||||||
Carnival Corp. | 239 | 11,121 | ||||||
Hilton Worldwide Holdings, Inc. | 56 | 5,461 | ||||||
McDonald’s Corp. | 30 | 6,272 | ||||||
Royal Caribbean Cruises Ltd. | 1,130 | 136,922 | ||||||
Yum! Brands, Inc. | 308 | 34,112 | ||||||
|
| |||||||
193,888 | ||||||||
|
| |||||||
Household Durables — 0.4% |
| |||||||
Lennar Corp., Class A | 1,227 | 59,444 | ||||||
|
| |||||||
Household Products — 0.4% |
| |||||||
Procter & Gamble Co. (The) | 485 | 53,192 | ||||||
|
| |||||||
Industrial Conglomerates — 0.5% |
| |||||||
Honeywell International, Inc. | 438 | 76,454 | ||||||
|
| |||||||
Insurance — 1.4% |
| |||||||
Allstate Corp. (The) | 389 | 39,595 | ||||||
Arthur J Gallagher & Co. | 910 | 79,691 | ||||||
Hartford Financial Services Group, Inc. (The) | 348 | 19,380 | ||||||
Lincoln National Corp. | 366 | 23,592 | ||||||
MetLife, Inc. | 553 | 27,447 | ||||||
Travelers Cos., Inc. (The) | 44 | 6,636 | ||||||
|
| |||||||
196,341 | ||||||||
|
| |||||||
Interactive Media & Services — 5.2% |
| |||||||
Alphabet, Inc., Class A * | 391 | 423,485 | ||||||
Alphabet, Inc., Class C * | 133 | 144,181 | ||||||
Facebook, Inc., Class A * | 878 | 169,475 | ||||||
|
| |||||||
737,141 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 4.3% |
| |||||||
Amazon.com, Inc. * | 323 | 611,830 | ||||||
|
| |||||||
IT Services — 5.8% |
| |||||||
Automatic Data Processing, Inc. | 334 | 55,254 | ||||||
Cognizant Technology Solutions Corp., Class A | 316 | 20,011 | ||||||
Fidelity National Information Services, Inc. | 109 | 13,425 | ||||||
Fiserv, Inc. * (b) | 473 | 43,098 | ||||||
Leidos Holdings, Inc. | 951 | 75,914 | ||||||
Mastercard, Inc., Class A | 1,138 | 301,067 | ||||||
PayPal Holdings, Inc. * | 559 | 64,014 | ||||||
Visa, Inc., Class A | 1,403 | 243,475 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
IT Services — continued |
| |||||||
WEX, Inc. * | 33 | 6,814 | ||||||
|
| |||||||
823,072 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.1% |
| |||||||
Thermo Fisher Scientific, Inc. | 560 | 164,562 | ||||||
|
| |||||||
Machinery — 1.4% |
| |||||||
Deere & Co. (b) | 177 | 29,264 | ||||||
Ingersoll-Rand plc | 217 | 27,542 | ||||||
Parker-Hannifin Corp. | 107 | 18,196 | ||||||
Stanley Black & Decker, Inc. | 831 | 120,228 | ||||||
|
| |||||||
195,230 | ||||||||
|
| |||||||
Media — 3.3% |
| |||||||
Charter Communications, Inc., Class A * | 778 | 307,444 | ||||||
Comcast Corp., Class A | 1,748 | 73,925 | ||||||
Discovery, Inc., Class A * (b) | 467 | 14,323 | ||||||
Discovery, Inc., Class C * | 2,713 | 77,180 | ||||||
|
| |||||||
472,872 | ||||||||
|
| |||||||
Multi-Utilities — 0.1% |
| |||||||
Sempra Energy | 140 | 19,188 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.3% |
| |||||||
Chevron Corp. | 1,549 | 192,723 | ||||||
Concho Resources, Inc. | 712 | 73,444 | ||||||
Diamondback Energy, Inc. | 1,579 | 172,077 | ||||||
EOG Resources, Inc. | 1,104 | 102,890 | ||||||
Marathon Petroleum Corp. | 816 | 45,594 | ||||||
Parsley Energy, Inc., Class A * | 3,572 | 67,909 | ||||||
Pioneer Natural Resources Co. | 629 | 96,849 | ||||||
TC Energy Corp. (Canada) | 165 | 8,194 | ||||||
|
| |||||||
759,680 | ||||||||
|
| |||||||
Pharmaceuticals — 5.7% |
| |||||||
Bristol-Myers Squibb Co. | 1,817 | 82,416 | ||||||
Elanco Animal Health, Inc. * | 98 | 3,305 | ||||||
Eli Lilly & Co. | 245 | 27,160 | ||||||
Johnson & Johnson | 643 | 89,560 | ||||||
Merck & Co., Inc. | 2,358 | 197,731 | ||||||
Nektar Therapeutics * (b) | 586 | 20,841 | ||||||
Pfizer, Inc. | 9,073 | 393,034 | ||||||
|
| |||||||
814,047 | ||||||||
|
| |||||||
Road & Rail — 2.2% |
| |||||||
Norfolk Southern Corp. | 1,532 | 305,330 | ||||||
Union Pacific Corp. | 85 | 14,442 | ||||||
|
| |||||||
319,772 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 39 |
Table of Contents
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Semiconductors & Semiconductor Equipment — 6.2% |
| |||||||
Advanced Micro Devices, Inc. * | 2,449 | 74,375 | ||||||
Analog Devices, Inc. | 1,255 | 141,676 | ||||||
Broadcom, Inc. | 83 | 23,919 | ||||||
NVIDIA Corp. | 767 | 125,922 | ||||||
NXP Semiconductors NV (Netherlands) | 403 | 39,288 | ||||||
QUALCOMM, Inc. | 73 | 5,542 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 6,178 | 241,990 | ||||||
Texas Instruments, Inc. | 2,101 | 241,127 | ||||||
|
| |||||||
893,839 | ||||||||
|
| |||||||
Software — 8.6% |
| |||||||
Coupa Software, Inc. * (b) | 157 | 19,862 | ||||||
Intuit, Inc. | 25 | 6,621 | ||||||
Microsoft Corp. | 6,486 | 868,912 | ||||||
salesforce.com, Inc. * | 1,897 | 287,886 | ||||||
Workday, Inc., Class A * | 239 | 49,175 | ||||||
|
| |||||||
1,232,456 | ||||||||
|
| |||||||
Specialty Retail — 4.0% |
| |||||||
Advance Auto Parts, Inc. | 640 | 98,692 | ||||||
AutoZone, Inc. * | 6 | 7,052 | ||||||
Best Buy Co., Inc. | 179 | 12,447 | ||||||
Home Depot, Inc. (The) | 341 | 70,885 | ||||||
Lowe’s Cos., Inc. | 350 | 35,277 | ||||||
O’Reilly Automotive, Inc. * (b) | 633 | 233,688 | ||||||
Ross Stores, Inc. | 1,070 | 106,018 | ||||||
TJX Cos., Inc. (The) | 110 | 5,834 | ||||||
|
| |||||||
569,893 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 2.0% |
| |||||||
Apple, Inc. | 1,471 | 291,217 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.8% |
| |||||||
NIKE, Inc., Class B | 103 | 8,651 | ||||||
PVH Corp. | 1,086 | 102,781 | ||||||
|
| |||||||
111,432 | ||||||||
|
| |||||||
Tobacco — 0.3% |
| |||||||
Philip Morris International, Inc. | 620 | 48,705 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.1% |
| |||||||
HD Supply Holdings, Inc. * | 265 | 10,661 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.5% |
| |||||||
T-Mobile US, Inc. * | 1,046 | 77,583 | ||||||
|
| |||||||
Total Common Stocks | 14,237,202 | |||||||
|
|
INVESTMENTS | NO. OF WARRANTS (000) | VALUE ($000) | ||||||
Warrants — 0.0% (a) |
| |||||||
Consumer Finance — 0.0%(a) |
| |||||||
Emergent Capital, Inc. expiring 10/1/2019, price 10.75 USD * | 24 | — | (c) | |||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 0.6% |
| |||||||
Investment Companies — 0.6% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (d) (e) | 88,757 | 88,792 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (d) (e) | 13,015 | 13,017 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (d) (e) | 3,902 | 3,902 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 16,919 | |||||||
|
| |||||||
Total Investments — 100.3% | 14,342,913 | |||||||
Liabilities in Excess of | (41,416 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 14,301,497 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
ADR | American Depositary Receipt | |
USD | United States Dollar | |
(a) | Amount rounds to less than 0.1% of net assets. | |
(b) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $16,917,000. | |
(c) | Amount rounds to less than one thousand. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500E-Mini Index | 60 | 09/2019 | USD | 8,832 | 142 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 41 |
Table of Contents
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Long Positions — 122.6% |
| |||||||
Common Stocks — 121.4% |
| |||||||
Aerospace & Defense — 3.9% |
| |||||||
General Dynamics Corp. (a) | 642 | 116,751 | ||||||
Northrop Grumman Corp. (a) | 214 | 69,261 | ||||||
United Technologies Corp. | 494 | 64,325 | ||||||
|
| |||||||
250,337 | ||||||||
|
| |||||||
Auto Components — 0.1% |
| |||||||
Aptiv plc (a) | 93 | 7,543 | ||||||
|
| |||||||
Banks — 5.0% |
| |||||||
Bank of America Corp. (a) | 3,217 | 93,295 | ||||||
Citigroup, Inc. | 917 | 64,240 | ||||||
First Horizon National Corp. | 431 | 6,429 | ||||||
First Republic Bank | 234 | 22,838 | ||||||
KeyCorp | 3,366 | 59,742 | ||||||
Regions Financial Corp. | 349 | 5,221 | ||||||
SVB Financial Group * | 157 | 35,336 | ||||||
Wells Fargo & Co. | 698 | 33,021 | ||||||
|
| |||||||
320,122 | ||||||||
|
| |||||||
Beverages — 2.4% |
| |||||||
Coca-Cola Co. (The) (a) | 1,910 | 97,261 | ||||||
Constellation Brands, Inc., Class A | 113 | 22,156 | ||||||
PepsiCo, Inc. (a) | 252 | 33,077 | ||||||
|
| |||||||
152,494 | ||||||||
|
| |||||||
Biotechnology — 2.3% |
| |||||||
Alexion Pharmaceuticals, Inc. * | 232 | 30,423 | ||||||
Celgene Corp. * | 937 | 86,634 | ||||||
Vertex Pharmaceuticals, Inc. * | 151 | 27,707 | ||||||
|
| |||||||
144,764 | ||||||||
|
| |||||||
Building Products — 0.4% |
| |||||||
Allegion plc | 99 | 10,969 | ||||||
Masco Corp. | 321 | 12,581 | ||||||
|
| |||||||
23,550 | ||||||||
|
| |||||||
Capital Markets — 2.1% |
| |||||||
Ameriprise Financial, Inc. | 217 | 31,569 | ||||||
Intercontinental Exchange, Inc. | 230 | 19,777 | ||||||
Morgan Stanley (a) | 1,851 | 81,093 | ||||||
|
| |||||||
132,439 | ||||||||
|
| |||||||
Chemicals — 5.3% |
| |||||||
Air Products & Chemicals, Inc. | 273 | 61,742 | ||||||
Corteva, Inc. * | 1,601 | 47,340 | ||||||
DuPont de Nemours, Inc. | 1,073 | 80,562 | ||||||
Linde plc (United Kingdom) | 731 | 146,828 | ||||||
RPM International, Inc. | 111 | 6,762 | ||||||
|
| |||||||
343,234 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — 1.0% |
| |||||||
Waste Connections, Inc. | 137 | 13,089 | ||||||
Waste Management, Inc. | 453 | 52,303 | ||||||
|
| |||||||
65,392 | ||||||||
|
| |||||||
Consumer Finance — 1.3% |
| |||||||
American Express Co. | 692 | 85,471 | ||||||
|
| |||||||
Diversified Financial Services — 1.1% |
| |||||||
Berkshire Hathaway, Inc., Class B * (a) | 294 | 62,706 | ||||||
Voya Financial, Inc. | 189 | 10,436 | ||||||
|
| |||||||
73,142 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.7% |
| |||||||
Verizon Communications, Inc. | 735 | 41,992 | ||||||
|
| |||||||
Electric Utilities — 4.1% |
| |||||||
American Electric Power Co., Inc. | 582 | 51,222 | ||||||
Edison International | 163 | 10,962 | ||||||
Exelon Corp. | 1,099 | 52,671 | ||||||
NextEra Energy, Inc. (a) | 443 | 90,739 | ||||||
Xcel Energy, Inc. | 926 | 55,076 | ||||||
|
| |||||||
260,670 | ||||||||
|
| |||||||
Electrical Equipment — 0.3% |
| |||||||
Emerson Electric Co. | 334 | 22,315 | ||||||
|
| |||||||
Entertainment — 2.3% |
| |||||||
Activision Blizzard, Inc. | 618 | 29,162 | ||||||
Electronic Arts, Inc. * | 519 | 52,574 | ||||||
Netflix, Inc. * (a) | 178 | 65,491 | ||||||
|
| |||||||
147,227 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 3.3% |
| |||||||
Equinix, Inc. | 25 | 12,670 | ||||||
JBG SMITH Properties | 414 | 16,300 | ||||||
Prologis, Inc. | 1,430 | 114,548 | ||||||
Ventas, Inc. | 703 | 48,038 | ||||||
WP Carey, Inc. | 262 | 21,297 | ||||||
|
| |||||||
212,853 | ||||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
General Mills, Inc. | 374 | 19,661 | ||||||
Mondelez International, Inc., Class A (a) | 675 | 36,357 | ||||||
|
| |||||||
56,018 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 4.5% |
| |||||||
Becton Dickinson and Co. | 187 | 47,057 | ||||||
Boston Scientific Corp. * (a) | 2,680 | 115,192 | ||||||
Intuitive Surgical, Inc. * | 76 | 39,881 |
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Long Positions — continued |
| |||||||
Common Stocks — continued |
| |||||||
Health Care Equipment & Supplies — continued |
| |||||||
Zimmer Biomet Holdings, Inc. (a) | 748 | 88,067 | ||||||
|
| |||||||
290,197 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.3% |
| |||||||
Anthem, Inc. | 42 | 11,801 | ||||||
Cigna Corp. (a) | 513 | 80,897 | ||||||
DaVita, Inc. * | 605 | 34,042 | ||||||
UnitedHealth Group, Inc. (a) | 358 | 87,461 | ||||||
|
| |||||||
214,201 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.9% |
| |||||||
Hilton Worldwide Holdings, Inc. | 270 | 26,345 | ||||||
McDonald’s Corp. | 276 | 57,362 | ||||||
Royal Caribbean Cruises Ltd. | 370 | 44,826 | ||||||
Yum! Brands, Inc. | 546 | 60,417 | ||||||
|
| |||||||
188,950 | ||||||||
|
| |||||||
Household Durables — 0.1% |
| |||||||
Lennar Corp., Class A | 124 | 6,009 | ||||||
|
| |||||||
Household Products — 1.6% |
| |||||||
Procter & Gamble Co. (The) | 921 | 100,983 | ||||||
|
| |||||||
Industrial Conglomerates — 2.1% |
| |||||||
Honeywell International, Inc. | 774 | 135,055 | ||||||
|
| |||||||
Insurance — 2.8% |
| |||||||
Allstate Corp. (The) | 388 | 39,455 | ||||||
Arthur J Gallagher & Co. | 651 | 57,036 | ||||||
Axis Capital Holdings Ltd. | 221 | 13,182 | ||||||
Lincoln National Corp. | 385 | 24,805 | ||||||
MetLife, Inc. | 280 | 13,929 | ||||||
Travelers Cos., Inc. (The) | 214 | 32,016 | ||||||
|
| |||||||
180,423 | ||||||||
|
| |||||||
Interactive Media & Services — 5.9% |
| |||||||
Alphabet, Inc., Class A * (a) | 142 | 154,066 | ||||||
Alphabet, Inc., Class C * (a) | 131 | 141,737 | ||||||
Facebook, Inc., Class A * (a) | 427 | 82,479 | ||||||
|
| |||||||
378,282 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 4.3% |
| |||||||
Amazon.com, Inc. * (a) | 139 | 263,065 | ||||||
Expedia Group, Inc. | 103 | 13,743 | ||||||
|
| |||||||
276,808 | ||||||||
|
| |||||||
IT Services — 9.4% |
| |||||||
Automatic Data Processing, Inc. (a) | 448 | 74,112 | ||||||
Cognizant Technology Solutions Corp., Class A | 391 | 24,782 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
IT Services — continued |
| |||||||
DXC Technology Co. | 60 | 3,302 | ||||||
Fidelity National Information Services, Inc. | 528 | 64,766 | ||||||
First Data Corp., Class A * | 1,424 | 38,542 | ||||||
Fiserv, Inc. * (a) | 863 | 78,644 | ||||||
Leidos Holdings, Inc. | 190 | 15,187 | ||||||
Mastercard, Inc., Class A (a) | 485 | 128,185 | ||||||
PayPal Holdings, Inc. * | 765 | 87,599 | ||||||
Total System Services, Inc. | 74 | 9,491 | ||||||
Visa, Inc., Class A | 261 | 45,234 | ||||||
WEX, Inc. * | 172 | 35,857 | ||||||
|
| |||||||
605,701 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.6% |
| |||||||
Thermo Fisher Scientific, Inc. | 136 | 39,897 | ||||||
|
| |||||||
Machinery — 1.5% |
| |||||||
Ingersoll-Rand plc | 379 | 48,036 | ||||||
Stanley Black & Decker, Inc. | 349 | 50,520 | ||||||
|
| |||||||
98,556 | ||||||||
|
| |||||||
Media — 4.6% |
| |||||||
Charter Communications, Inc., Class A * | 268 | 105,852 | ||||||
Comcast Corp., Class A | 3,304 | 139,709 | ||||||
Discovery, Inc., Class A * | 1,635 | 50,195 | ||||||
|
| |||||||
295,756 | ||||||||
|
| |||||||
Multi-Utilities — 0.3% |
| |||||||
Sempra Energy | 134 | 18,428 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 8.4% |
| |||||||
Chevron Corp. | 668 | 83,118 | ||||||
Concho Resources, Inc. | 116 | 11,920 | ||||||
Continental Resources, Inc. * | 171 | 7,179 | ||||||
Diamondback Energy, Inc. | 686 | 74,747 | ||||||
EOG Resources, Inc. (a) | 524 | 48,771 | ||||||
Marathon Petroleum Corp. (a) | 2,369 | 132,407 | ||||||
ONEOK, Inc. | 234 | 16,119 | ||||||
Parsley Energy, Inc., Class A * | 1,998 | 37,985 | ||||||
Pioneer Natural Resources Co. (a) | 442 | 67,952 | ||||||
TC Energy Corp. (Canada) | 1,131 | 56,000 | ||||||
|
| |||||||
536,198 | ||||||||
|
| |||||||
Pharmaceuticals — 4.9% |
| |||||||
Bristol-Myers Squibb Co. | 684 | 31,006 | ||||||
Elanco Animal Health, Inc. * | 1,022 | 34,551 | ||||||
Merck & Co., Inc. (a) | 1,423 | 119,320 | ||||||
Pfizer, Inc. (a) | 2,977 | 128,945 | ||||||
|
| |||||||
313,822 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 43 |
Table of Contents
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Long Positions — continued |
| |||||||
Common Stocks — continued |
| |||||||
Road & Rail — 2.9% |
| |||||||
Lyft, Inc., Class A * | 212 | 13,923 | ||||||
Norfolk Southern Corp. (a) | 510 | 101,680 | ||||||
Union Pacific Corp. (a) | 412 | 69,672 | ||||||
|
| |||||||
185,275 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 6.7% |
| |||||||
Advanced Micro Devices, Inc. * | 808 | 24,533 | ||||||
Broadcom, Inc. (a) | 432 | 124,338 | ||||||
NVIDIA Corp. (a) | 226 | 37,190 | ||||||
NXP Semiconductors NV (Netherlands) | 290 | 28,349 | ||||||
QUALCOMM, Inc. | 506 | 38,528 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 2,144 | 83,990 | ||||||
Teradyne, Inc. | 74 | 3,522 | ||||||
Texas Instruments, Inc. (a) | 760 | 87,227 | ||||||
|
| |||||||
427,677 | ||||||||
|
| |||||||
Software — 8.6% |
| |||||||
Intuit, Inc. | 134 | 35,102 | ||||||
Microsoft Corp. (a) | 2,880 | 385,809 | ||||||
salesforce.com, Inc. * (a) | 662 | 100,391 | ||||||
ServiceNow, Inc. * | 80 | 21,944 | ||||||
VMware, Inc., Class A | 57 | 9,505 | ||||||
|
| |||||||
552,751 | ||||||||
|
| |||||||
Specialty Retail — 5.1% |
| |||||||
Advance Auto Parts, Inc. | 146 | 22,479 | ||||||
AutoZone, Inc. * (a) | 31 | 34,020 | ||||||
Home Depot, Inc. (The) (a) | 341 | 70,975 | ||||||
Lowe’s Cos., Inc. | 690 | 69,661 | ||||||
O’Reilly Automotive, Inc. * | 152 | 55,978 | ||||||
Ross Stores, Inc. | 371 | 36,733 | ||||||
TJX Cos., Inc. (The) | 714 | 37,751 | ||||||
|
| |||||||
327,597 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 2.5% |
| |||||||
Apple, Inc. (a) | 813 | 161,005 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.1% |
| |||||||
NIKE, Inc., Class B | 640 | 53,751 | ||||||
PVH Corp. | 161 | 15,194 | ||||||
|
| |||||||
68,945 | ||||||||
|
| |||||||
Tobacco — 0.5% |
| |||||||
Philip Morris International, Inc. | 401 | 31,470 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.3% |
| |||||||
T-Mobile US, Inc. * | 282 | 20,936 | ||||||
|
| |||||||
Total Common Stocks | 7,794,485 | |||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 1.2% |
| |||||||
Investment Companies — 1.2% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 78,054 | 78,086 | ||||||
|
| |||||||
Total Long Positions | 7,872,571 | |||||||
|
| |||||||
Short Positions — (22.6)% |
| |||||||
Common Stocks — (22.6)% |
| |||||||
Aerospace & Defense — (0.6)% | ||||||||
Huntington Ingalls Industries, Inc. | (115 | ) | (25,887 | ) | ||||
Textron, Inc. | (282 | ) | (14,940 | ) | ||||
|
| |||||||
(40,827 | ) | |||||||
|
| |||||||
Air Freight & Logistics — (0.5)% |
| |||||||
CH Robinson Worldwide, Inc. | (310 | ) | (26,109 | ) | ||||
Expeditors International of Washington, Inc. | (84 | ) | (6,395 | ) | ||||
|
| |||||||
(32,504 | ) | |||||||
|
| |||||||
Auto Components — (0.3)% |
| |||||||
Autoliv, Inc. (Sweden) | (111 | ) | (7,857 | ) | ||||
Garrett Motion, Inc. (Switzerland) * | (568 | ) | (8,720 | ) | ||||
|
| |||||||
(16,577 | ) | |||||||
|
| |||||||
Banks — (1.0)% |
| |||||||
BancorpSouth Bank | (458 | ) | (13,310 | ) | ||||
Bank of Hawaii Corp. | (148 | ) | (12,261 | ) | ||||
Commerce Bancshares, Inc. | (190 | ) | (11,341 | ) | ||||
First Hawaiian, Inc. | (133 | ) | (3,432 | ) | ||||
Fulton Financial Corp. | (397 | ) | (6,496 | ) | ||||
Old National Bancorp | (192 | ) | (3,183 | ) | ||||
People’s United Financial, Inc. | (858 | ) | (14,403 | ) | ||||
|
| |||||||
(64,426 | ) | |||||||
|
| |||||||
Biotechnology — (0.4)% |
| |||||||
Amgen, Inc. | (130 | ) | (23,870 | ) | ||||
|
| |||||||
Building Products — (0.4)% |
| |||||||
Johnson Controls International plc | (596 | ) | (24,628 | ) | ||||
Lennox International, Inc. | (12 | ) | (3,287 | ) | ||||
|
| |||||||
(27,915 | ) | |||||||
|
| |||||||
Chemicals — (0.7)% |
| |||||||
Albemarle Corp. | (185 | ) | (13,034 | ) | ||||
Ecolab, Inc. | (103 | ) | (20,280 | ) | ||||
PPG Industries, Inc. | (109 | ) | (12,707 | ) | ||||
|
| |||||||
(46,021 | ) | |||||||
|
| |||||||
Commercial Services & Supplies — (0.1)% |
| |||||||
Republic Services, Inc. | (43 | ) | (3,767 | ) | ||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short Positions — continued |
| |||||||
Common Stocks — continued |
| |||||||
Communications Equipment — (0.1)% |
| |||||||
Juniper Networks, Inc. | (104 | ) | (2,757 | ) | ||||
|
| |||||||
Containers & Packaging — (0.3)% |
| |||||||
International Paper Co. | (205 | ) | (8,895 | ) | ||||
Sonoco Products Co. | (127 | ) | (8,328 | ) | ||||
|
| |||||||
(17,223 | ) | |||||||
|
| |||||||
Electric Utilities — (0.9)% |
| |||||||
Duke Energy Corp. | (214 | ) | (18,844 | ) | ||||
Eversource Energy | (180 | ) | (13,618 | ) | ||||
Pinnacle West Capital Corp. | (98 | ) | (9,239 | ) | ||||
PPL Corp. | (199 | ) | (6,178 | ) | ||||
Southern Co. (The) | (224 | ) | (12,365 | ) | ||||
|
| |||||||
(60,244 | ) | |||||||
|
| |||||||
Electrical Equipment — (0.6)% |
| |||||||
Acuity Brands, Inc. | (105 | ) | (14,459 | ) | ||||
Hubbell, Inc. | (126 | ) | (16,399 | ) | ||||
Rockwell Automation, Inc. | (59 | ) | (9,604 | ) | ||||
|
| |||||||
(40,462 | ) | |||||||
|
| |||||||
Energy Equipment & Services — (1.0)% |
| |||||||
Baker Hughes a GE Co. | (835 | ) | (20,576 | ) | ||||
Halliburton Co. | (614 | ) | (13,969 | ) | ||||
National Oilwell Varco, Inc. | (242 | ) | (5,379 | ) | ||||
Schlumberger Ltd. | (578 | ) | (22,961 | ) | ||||
|
| |||||||
(62,885 | ) | |||||||
|
| |||||||
Entertainment — (0.1)% |
| |||||||
Viacom, Inc., Class B | (280 | ) | (8,363 | ) | ||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — (1.1)% |
| |||||||
Apartment Investment & Management Co., Class A | (73 | ) | (3,636 | ) | ||||
Boston Properties, Inc. | (71 | ) | (9,139 | ) | ||||
Duke Realty Corp. | (202 | ) | (6,400 | ) | ||||
Extra Space Storage, Inc. | (118 | ) | (12,571 | ) | ||||
Kimco Realty Corp. | (516 | ) | (9,528 | ) | ||||
Simon Property Group, Inc. | (136 | ) | (21,790 | ) | ||||
Welltower, Inc. | (102 | ) | (8,287 | ) | ||||
|
| |||||||
(71,351 | ) | |||||||
|
| |||||||
Food & Staples Retailing — (0.8)% |
| |||||||
Kroger Co. (The) | (936 | ) | (20,322 | ) | ||||
Sysco Corp. | (267 | ) | (18,861 | ) | ||||
Walgreens Boots Alliance, Inc. | (258 | ) | (14,111 | ) | ||||
|
| |||||||
(53,294 | ) | |||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Food Products — (0.5)% |
| |||||||
Campbell Soup Co. | (317 | ) | (12,690 | ) | ||||
Hershey Co. (The) | (46 | ) | (6,102 | ) | ||||
Kellogg Co. | (171 | ) | (9,169 | ) | ||||
Kraft Heinz Co. (The) | (210 | ) | (6,529 | ) | ||||
|
| |||||||
(34,490 | ) | |||||||
|
| |||||||
Gas Utilities — (0.1)% |
| |||||||
National Fuel Gas Co. | (112 | ) | (5,898 | ) | ||||
|
| |||||||
Health Care Equipment & Supplies — (0.6)% |
| |||||||
Abbott Laboratories | (272 | ) | (22,878 | ) | ||||
Stryker Corp. | (30 | ) | (6,090 | ) | ||||
Varian Medical Systems, Inc. * | (84 | ) | (11,437 | ) | ||||
|
| |||||||
(40,405 | ) | |||||||
|
| |||||||
Health Care Providers & Services — (1.1)% |
| |||||||
AmerisourceBergen Corp. | (174 | ) | (14,804 | ) | ||||
Cardinal Health, Inc. | (509 | ) | (23,954 | ) | ||||
Henry Schein, Inc. * | (471 | ) | (32,929 | ) | ||||
|
| |||||||
(71,687 | ) | |||||||
|
| |||||||
Hotels, Restaurants & Leisure — (0.4)% |
| |||||||
Chipotle Mexican Grill, Inc. * | (14 | ) | (10,116 | ) | ||||
Starbucks Corp. | (217 | ) | (18,157 | ) | ||||
|
| |||||||
(28,273 | ) | |||||||
|
| |||||||
Household Products — (0.6)% |
| |||||||
Clorox Co. (The) | (182 | ) | (27,848 | ) | ||||
Colgate-Palmolive Co. | (174 | ) | (12,468 | ) | ||||
|
| |||||||
(40,316 | ) | |||||||
|
| |||||||
Industrial Conglomerates — (0.5)% |
| |||||||
3M Co. | (166 | ) | (28,854 | ) | ||||
|
| |||||||
Insurance — (0.4)% |
| |||||||
Aon plc | (37 | ) | (7,098 | ) | ||||
Torchmark Corp. | (177 | ) | (15,876 | ) | ||||
|
| |||||||
(22,974 | ) | |||||||
|
| |||||||
Internet & Direct Marketing Retail — (0.4)% |
| |||||||
eBay, Inc. | (702 | ) | (27,714 | ) | ||||
|
| |||||||
IT Services — (0.9)% |
| |||||||
Infosys Ltd., ADR (India) | (1,743 | ) | (18,651 | ) | ||||
International Business Machines Corp. | (23 | ) | (3,199 | ) | ||||
Jack Henry & Associates, Inc. | (70 | ) | (9,331 | ) | ||||
Paychex, Inc. | (116 | ) | (9,567 | ) | ||||
Western Union Co. (The) | (861 | ) | (17,134 | ) | ||||
|
| |||||||
(57,882 | ) | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 45 |
Table of Contents
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short Positions — continued |
| |||||||
Common Stocks — continued |
| |||||||
Life Sciences Tools & Services — (0.2)% |
| |||||||
Mettler-Toledo International, Inc. * | (8 | ) | (6,376 | ) | ||||
Waters Corp. * | (38 | ) | (8,236 | ) | ||||
|
| |||||||
(14,612 | ) | |||||||
|
| |||||||
Machinery — (0.5)% |
| |||||||
Donaldson Co., Inc. | (122 | ) | (6,202 | ) | ||||
Illinois Tool Works, Inc. | (123 | ) | (18,595 | ) | ||||
Wabtec Corp. | (85 | ) | (6,118 | ) | ||||
|
| |||||||
(30,915 | ) | |||||||
|
| |||||||
Media — (1.1)% |
| |||||||
AMC Networks, Inc., Class A * | (152 | ) | (8,264 | ) | ||||
Fox Corp., Class A | (248 | ) | (9,085 | ) | ||||
Interpublic Group of Cos., Inc. (The) | (774 | ) | (17,477 | ) | ||||
Omnicom Group, Inc. | (425 | ) | (34,821 | ) | ||||
|
| |||||||
(69,647 | ) | |||||||
|
| |||||||
Multiline Retail — (0.1)% |
| |||||||
Kohl’s Corp. | (122 | ) | (5,816 | ) | ||||
|
| |||||||
Multi-Utilities — (0.6)% |
| |||||||
CenterPoint Energy, Inc. | (213 | ) | (6,108 | ) | ||||
Dominion Energy, Inc. | (446 | ) | (34,447 | ) | ||||
|
| |||||||
(40,555 | ) | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels — (2.2)% |
| |||||||
Apache Corp. | (843 | ) | (24,432 | ) | ||||
ConocoPhillips | (54 | ) | (3,270 | ) | ||||
Devon Energy Corp. | (226 | ) | (6,441 | ) | ||||
Enbridge, Inc. (Canada) | (509 | ) | (18,356 | ) | ||||
Equitrans Midstream Corp. | (289 | ) | (5,688 | ) | ||||
Exxon Mobil Corp. | (617 | ) | (47,256 | ) | ||||
Hess Corp. | (108 | ) | (6,871 | ) | ||||
Kinder Morgan, Inc. | (355 | ) | (7,404 | ) | ||||
Occidental Petroleum Corp. | (323 | ) | (16,239 | ) | ||||
Targa Resources Corp. | (74 | ) | (2,909 | ) | ||||
|
| |||||||
(138,866 | ) | |||||||
|
| |||||||
Paper & Forest Products — (0.2)% |
| |||||||
Domtar Corp. | (324 | ) | (14,441 | ) | ||||
|
| |||||||
Personal Products — (0.1)% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | (18 | ) | (3,234 | ) | ||||
|
| |||||||
Professional Services — (0.3)% |
| |||||||
Robert Half International, Inc. | (324 | ) | (18,468 | ) | ||||
|
| |||||||
Road & Rail — (0.3)% |
| |||||||
Canadian National Railway Co. (Canada) | (67 | ) | (6,242 | ) |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Road & Rail — continued |
| |||||||
JB Hunt Transport Services, Inc. | (101 | ) | (9,255 | ) | ||||
Werner Enterprises, Inc. | (108 | ) | (3,342 | ) | ||||
|
| |||||||
(18,839 | ) | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — (0.7)% |
| |||||||
Applied Materials, Inc. | (299 | ) | (13,430 | ) | ||||
Intel Corp. | (307 | ) | (14,719 | ) | ||||
Lam Research Corp. | (59 | ) | (11,100 | ) | ||||
Micron Technology, Inc. * | (112 | ) | (4,338 | ) | ||||
|
| |||||||
(43,587 | ) | |||||||
|
| |||||||
Software — (0.5)% |
| |||||||
Adobe, Inc. * | (11 | ) | (3,217 | ) | ||||
Citrix Systems, Inc. | (160 | ) | (15,748 | ) | ||||
Splunk, Inc. * | (79 | ) | (9,907 | ) | ||||
|
| |||||||
(28,872 | ) | |||||||
|
| |||||||
Specialty Retail — (0.3)% |
| |||||||
Bed Bath & Beyond, Inc. | (440 | ) | (5,117 | ) | ||||
CarMax, Inc. * | (82 | ) | (7,101 | ) | ||||
Tiffany & Co. | (103 | ) | (9,628 | ) | ||||
|
| |||||||
(21,846 | ) | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — (1.1)% |
| |||||||
Hewlett Packard Enterprise Co. | (407 | ) | (6,078 | ) | ||||
HP, Inc. | (318 | ) | (6,601 | ) | ||||
NetApp, Inc. | (136 | ) | (8,394 | ) | ||||
Seagate Technology plc | (349 | ) | (16,422 | ) | ||||
Western Digital Corp. | (619 | ) | (29,440 | ) | ||||
|
| |||||||
(66,935 | ) | |||||||
|
| |||||||
Total Common Stocks | (1,447,612 | ) | ||||||
|
| |||||||
Total Short Positions | (1,447,612 | ) | ||||||
|
| |||||||
Total Investments — 100.0% | 6,424,959 | |||||||
Liabilities in Excess of |
| (5,951 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% | 6,419,008 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
Abbreviations
ADR | American Depositary Receipt | |
(a) | All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $2,009,246,000. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
(d) | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500E-Mini Index | 259 | 09/2019 | USD | 38,125 | (156 | ) | ||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 47 |
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.3% |
| |||||||
Aerospace & Defense — 2.3% |
| |||||||
Boeing Co. (The) | 61 | 22,092 | ||||||
General Dynamics Corp. | 258 | 46,988 | ||||||
Northrop Grumman Corp. | 65 | 20,931 | ||||||
United Technologies Corp. | 333 | 43,411 | ||||||
|
| |||||||
133,422 | ||||||||
|
| |||||||
Airlines — 0.4% |
| |||||||
Delta Air Lines, Inc. | 231 | 13,093 | ||||||
Southwest Airlines Co. | 110 | 5,576 | ||||||
United Continental Holdings, Inc. * | 57 | 4,991 | ||||||
|
| |||||||
23,660 | ||||||||
|
| |||||||
Auto Components — 0.4% |
| |||||||
BorgWarner, Inc. | 279 | 11,731 | ||||||
Magna International, Inc. (Canada) | 219 | 10,892 | ||||||
|
| |||||||
22,623 | ||||||||
|
| |||||||
Automobiles — 0.2% |
| |||||||
General Motors Co. | 351 | 13,536 | ||||||
|
| |||||||
Banks — 4.8% |
| |||||||
Bank of America Corp. | 3,050 | 88,441 | ||||||
Citigroup, Inc. | 1,090 | 76,357 | ||||||
Citizens Financial Group, Inc. | 190 | 6,716 | ||||||
KeyCorp | 1,670 | 29,634 | ||||||
Regions Financial Corp. | 553 | 8,262 | ||||||
SunTrust Banks, Inc. | 444 | 27,902 | ||||||
Wells Fargo & Co. | 934 | 44,214 | ||||||
|
| |||||||
281,526 | ||||||||
|
| |||||||
Beverages — 2.3% |
| |||||||
Coca-Cola Co. (The) | 1,672 | 85,151 | ||||||
Constellation Brands, Inc., Class A | 47 | 9,317 | ||||||
Molson Coors Brewing Co., Class B | 207 | 11,599 | ||||||
PepsiCo, Inc. | 213 | 27,880 | ||||||
|
| |||||||
133,947 | ||||||||
|
| |||||||
Biotechnology — 2.1% |
| |||||||
AbbVie, Inc. | 97 | 7,041 | ||||||
Alexion Pharmaceuticals, Inc. * | 145 | 18,962 | ||||||
Amgen, Inc. | 42 | 7,788 | ||||||
Biogen, Inc. * | 90 | 21,025 | ||||||
Celgene Corp. * | 233 | 21,535 | ||||||
Gilead Sciences, Inc. | 89 | 6,030 | ||||||
Regeneron Pharmaceuticals, Inc. * | 46 | 14,473 | ||||||
Vertex Pharmaceuticals, Inc. * | 125 | 22,898 | ||||||
|
| |||||||
119,752 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Building Products — 0.3% |
| |||||||
Masco Corp. | 456 | 17,901 | ||||||
|
| |||||||
Capital Markets — 3.1% |
| |||||||
Ameriprise Financial, Inc. | 79 | 11,482 | ||||||
Bank of New York Mellon Corp. (The) | 131 | 5,790 | ||||||
Charles Schwab Corp. (The) | 608 | 24,428 | ||||||
CME Group, Inc. | 29 | 5,697 | ||||||
Franklin Resources, Inc. | 438 | 15,253 | ||||||
Intercontinental Exchange, Inc. | 458 | 39,341 | ||||||
Invesco Ltd. | 424 | 8,671 | ||||||
Morgan Stanley | 1,115 | 48,829 | ||||||
TD Ameritrade Holding Corp. | 362 | 18,083 | ||||||
|
| |||||||
177,574 | ||||||||
|
| |||||||
Chemicals — 2.1% |
| |||||||
Celanese Corp. | 141 | 15,222 | ||||||
Corteva, Inc. * | 359 | 10,608 | ||||||
Dow, Inc. | 449 | 22,142 | ||||||
DuPont de Nemours, Inc. | 256 | 19,184 | ||||||
Eastman Chemical Co. | 346 | 26,894 | ||||||
Linde plc (United Kingdom) | 92 | 18,444 | ||||||
LyondellBasell Industries NV, Class A | 69 | 5,969 | ||||||
RPM International, Inc. | 47 | 2,875 | ||||||
|
| |||||||
121,338 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.2% |
| |||||||
Cintas Corp. | 15 | 3,493 | ||||||
Waste Management, Inc. | 49 | 5,642 | ||||||
|
| |||||||
9,135 | ||||||||
|
| |||||||
Communications Equipment — 0.4% |
| |||||||
Cisco Systems, Inc. | 332 | 18,143 | ||||||
Motorola Solutions, Inc. | 24 | 3,967 | ||||||
|
| |||||||
22,110 | ||||||||
|
| |||||||
Consumer Finance — 1.1% |
| |||||||
American Express Co. | 201 | 24,817 | ||||||
Capital One Financial Corp. | 293 | 26,604 | ||||||
Synchrony Financial | 335 | 11,604 | ||||||
|
| |||||||
63,025 | ||||||||
|
| |||||||
Containers & Packaging — 0.6% |
| |||||||
Avery Dennison Corp. | 70 | 8,068 | ||||||
Crown Holdings, Inc. * | 190 | 11,618 | ||||||
Packaging Corp. of America | 73 | 6,996 | ||||||
Westrock Co. | 212 | 7,739 | ||||||
|
| |||||||
34,421 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Diversified Consumer Services — 0.0%(a) |
| |||||||
H&R Block, Inc. | 95 | 2,796 | ||||||
|
| |||||||
Diversified Financial Services — 1.7% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 458 | 97,574 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.1% |
| |||||||
Verizon Communications, Inc. | 1,150 | 65,694 | ||||||
|
| |||||||
Electric Utilities — 2.9% |
| |||||||
American Electric Power Co., Inc. | 349 | 30,737 | ||||||
Edison International | 340 | 22,933 | ||||||
Exelon Corp. | 834 | 39,958 | ||||||
FirstEnergy Corp. | 3 | 135 | ||||||
NextEra Energy, Inc. | 218 | 44,760 | ||||||
Xcel Energy, Inc. | 546 | 32,506 | ||||||
|
| |||||||
171,029 | ||||||||
|
| |||||||
Electrical Equipment — 0.9% |
| |||||||
Eaton Corp. plc | 578 | 48,136 | ||||||
Emerson Electric Co. | 50 | 3,363 | ||||||
|
| |||||||
51,499 | ||||||||
|
| |||||||
Entertainment — 2.0% |
| |||||||
Electronic Arts, Inc. * | 277 | 28,078 | ||||||
Netflix, Inc. * | 130 | 47,704 | ||||||
Walt Disney Co. (The) | 274 | 38,327 | ||||||
|
| |||||||
114,109 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.3% |
| |||||||
AvalonBay Communities, Inc. | 131 | 26,529 | ||||||
Boston Properties, Inc. | 49 | 6,320 | ||||||
Digital Realty Trust, Inc. | 36 | 4,272 | ||||||
Equinix, Inc. | 21 | 10,429 | ||||||
Equity Residential | 100 | 7,583 | ||||||
Federal Realty Investment Trust | 89 | 11,412 | ||||||
Host Hotels & Resorts, Inc. | 404 | 7,357 | ||||||
Mid-America Apartment Communities, Inc. | 26 | 3,050 | ||||||
Prologis, Inc. | 337 | 26,998 | ||||||
Public Storage | 25 | 6,026 | ||||||
Ventas, Inc. | 133 | 9,085 | ||||||
Vornado Realty Trust | 245 | 15,726 | ||||||
|
| |||||||
134,787 | ||||||||
|
| |||||||
Food Products — 0.9% |
| |||||||
Conagra Brands, Inc. | 120 | 3,185 | ||||||
General Mills, Inc. | 163 | 8,561 | ||||||
Mondelez International, Inc., Class A | 770 | 41,492 | ||||||
|
| |||||||
53,238 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Equipment & Supplies — 3.1% |
| |||||||
Baxter International, Inc. | 81 | 6,626 | ||||||
Becton Dickinson and Co. | 38 | 9,534 | ||||||
Boston Scientific Corp. * | 1,250 | 53,738 | ||||||
Danaher Corp. | 30 | 4,238 | ||||||
Intuitive Surgical, Inc. * | 19 | 10,040 | ||||||
Medtronic plc | 563 | 54,836 | ||||||
Zimmer Biomet Holdings, Inc. | 350 | 41,203 | ||||||
|
| |||||||
180,215 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.8% |
| |||||||
Anthem, Inc. | 101 | 28,548 | ||||||
Cigna Corp. | 330 | 52,000 | ||||||
CVS Health Corp. | 88 | 4,778 | ||||||
McKesson Corp. | 13 | 1,700 | ||||||
UnitedHealth Group, Inc. | 308 | 75,109 | ||||||
|
| |||||||
162,135 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.2% |
| |||||||
Hilton Worldwide Holdings, Inc. | 216 | 21,103 | ||||||
Royal Caribbean Cruises Ltd. | 50 | 6,077 | ||||||
Yum! Brands, Inc. | 360 | 39,797 | ||||||
|
| |||||||
66,977 | ||||||||
|
| |||||||
Household Durables — 0.2% |
| |||||||
Lennar Corp., Class A | 289 | 14,009 | ||||||
|
| |||||||
Household Products — 1.0% |
| |||||||
Procter & Gamble Co. (The) | 539 | 59,139 | ||||||
|
| |||||||
Industrial Conglomerates — 1.1% |
| |||||||
Honeywell International, Inc. | 367 | 64,095 | ||||||
|
| |||||||
Insurance — 2.3% |
| |||||||
Allstate Corp. (The) | 162 | 16,429 | ||||||
American International Group, Inc. | 416 | 22,184 | ||||||
Arthur J Gallagher & Co. | 101 | 8,820 | ||||||
Everest Re Group Ltd. | 32 | 7,814 | ||||||
Hartford Financial Services Group, Inc. (The) | 423 | 23,562 | ||||||
Lincoln National Corp. | 297 | 19,110 | ||||||
MetLife, Inc. | 760 | 37,741 | ||||||
|
| |||||||
135,660 | ||||||||
|
| |||||||
Interactive Media & Services — 4.2% |
| |||||||
Alphabet, Inc., Class A * | 87 | 94,626 | ||||||
Alphabet, Inc., Class C * | 83 | 89,207 | ||||||
Facebook, Inc., Class A * | 302 | 58,211 | ||||||
|
| |||||||
242,044 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 49 |
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Internet & Direct Marketing Retail — 4.1% |
| |||||||
Amazon.com, Inc. * | 109 | 207,182 | ||||||
Booking Holdings, Inc. * | 5 | 9,598 | ||||||
Expedia Group, Inc. | 165 | 21,969 | ||||||
|
| |||||||
238,749 | ||||||||
|
| |||||||
IT Services — 5.7% |
| |||||||
Accenture plc, Class A | 125 | 23,170 | ||||||
Automatic Data Processing, Inc. | 424 | 70,171 | ||||||
Cognizant Technology Solutions Corp., Class A | 320 | 20,253 | ||||||
Fidelity National Information Services, Inc. | 41 | 5,082 | ||||||
First Data Corp., Class A * | 228 | 6,171 | ||||||
Mastercard, Inc., Class A | 348 | 92,054 | ||||||
PayPal Holdings, Inc. * | 509 | 58,243 | ||||||
Visa, Inc., Class A | 339 | 58,856 | ||||||
|
| |||||||
334,000 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.2% |
| |||||||
Agilent Technologies, Inc. | 76 | 5,693 | ||||||
Illumina, Inc. * | 35 | 12,985 | ||||||
Thermo Fisher Scientific, Inc. | 183 | 53,661 | ||||||
|
| |||||||
72,339 | ||||||||
|
| |||||||
Machinery — 2.4% |
| |||||||
Caterpillar, Inc. | 23 | 3,067 | ||||||
Cummins, Inc. | 172 | 29,400 | ||||||
Deere & Co. | 106 | 17,646 | ||||||
Ingersoll-Rand plc | 187 | 23,748 | ||||||
PACCAR, Inc. | 392 | 28,060 | ||||||
Parker-Hannifin Corp. | 32 | 5,372 | ||||||
Snap-on, Inc. | 56 | 9,332 | ||||||
Stanley Black & Decker, Inc. | 163 | 23,611 | ||||||
|
| |||||||
140,236 | ||||||||
|
| |||||||
Media — 3.0% |
| |||||||
Altice USA, Inc., Class A * | 374 | 9,099 | ||||||
Charter Communications, Inc., Class A* | 118 | 46,544 | ||||||
Comcast Corp., Class A | 2,074 | 87,701 | ||||||
Discovery, Inc., Class A * | 523 | 16,060 | ||||||
Discovery, Inc., Class C * | 467 | 13,277 | ||||||
|
| |||||||
172,681 | ||||||||
|
| |||||||
Metals & Mining — 0.1% |
| |||||||
Freeport-McMoRan, Inc. | 309 | 3,585 | ||||||
Newmont Goldcorp Corp. | 112 | 4,308 | ||||||
|
| |||||||
7,893 | ||||||||
|
| |||||||
Multiline Retail — 0.3% |
| |||||||
Dollar General Corp. | 133 | 18,033 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multi-Utilities — 0.4% |
| |||||||
Sempra Energy | 160 | 21,946 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.1% |
| |||||||
Chevron Corp. | 724 | 90,138 | ||||||
Concho Resources, Inc. | 54 | 5,554 | ||||||
Diamondback Energy, Inc. | 220 | 23,972 | ||||||
EOG Resources, Inc. | 523 | 48,748 | ||||||
Exxon Mobil Corp. | 316 | 24,182 | ||||||
Marathon Petroleum Corp. | 760 | 42,449 | ||||||
ONEOK, Inc. | 303 | 20,856 | ||||||
Parsley Energy, Inc., Class A * | 137 | 2,604 | ||||||
Phillips 66 | 28 | 2,619 | ||||||
Pioneer Natural Resources Co. | 221 | 34,048 | ||||||
|
| |||||||
295,170 | ||||||||
|
| |||||||
Pharmaceuticals — 4.9% |
| |||||||
Allergan plc | 98 | 16,410 | ||||||
Bristol-Myers Squibb Co. | 276 | 12,534 | ||||||
Eli Lilly & Co. | 374 | 41,458 | ||||||
Johnson & Johnson | 483 | 67,243 | ||||||
Merck & Co., Inc. | 872 | 73,100 | ||||||
Pfizer, Inc. | 1,634 | 70,798 | ||||||
Zoetis, Inc. | 31 | 3,507 | ||||||
|
| |||||||
285,050 | ||||||||
|
| |||||||
Road & Rail — 2.0% |
| |||||||
Lyft, Inc., Class A * | 115 | 7,583 | ||||||
Norfolk Southern Corp. | 291 | 57,987 | ||||||
Union Pacific Corp. | 284 | 47,946 | ||||||
|
| |||||||
113,516 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.0% |
| |||||||
Analog Devices, Inc. | 515 | 58,155 | ||||||
Intel Corp. | 220 | 10,554 | ||||||
Marvell Technology Group Ltd. | 230 | 5,500 | ||||||
NVIDIA Corp. | 247 | 40,526 | ||||||
NXP Semiconductors NV (Netherlands) | 181 | 17,628 | ||||||
QUALCOMM, Inc. | 84 | 6,382 | ||||||
Teradyne, Inc. | 436 | 20,883 | ||||||
Texas Instruments, Inc. | 662 | 75,949 | ||||||
|
| |||||||
235,577 | ||||||||
|
| |||||||
Software — 7.0% |
| |||||||
Intuit, Inc. | 93 | 24,322 | ||||||
Microsoft Corp. | 2,231 | 298,803 | ||||||
Oracle Corp. | 375 | 21,335 | ||||||
salesforce.com, Inc. * | 328 | 49,837 |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Software — continued |
| |||||||
VMware, Inc., Class A | 50 | 8,294 | ||||||
Workday, Inc., Class A * | 11 | 2,210 | ||||||
|
| |||||||
404,801 | ||||||||
|
| |||||||
Specialty Retail — 4.7% |
| |||||||
Advance Auto Parts, Inc. | 99 | 15,232 | ||||||
AutoZone, Inc. * | 39 | 42,363 | ||||||
Best Buy Co., Inc. | 329 | 22,951 | ||||||
Home Depot, Inc. (The) | 342 | 71,126 | ||||||
Lowe’s Cos., Inc. | 440 | 44,394 | ||||||
O’Reilly Automotive, Inc. * | 49 | 18,148 | ||||||
Ross Stores, Inc. | 280 | 27,767 | ||||||
TJX Cos., Inc. (The) | 580 | 30,668 | ||||||
|
| |||||||
272,649 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 4.2% |
| |||||||
Apple, Inc. | 1,072 | 212,113 | ||||||
Hewlett Packard Enterprise Co. | 1,246 | 18,622 | ||||||
HP, Inc. | 789 | 16,408 | ||||||
|
| |||||||
247,143 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.6% |
| |||||||
NIKE, Inc., Class B | 296 | 24,816 | ||||||
PVH Corp. | 133 | 12,603 | ||||||
|
| |||||||
37,419 | ||||||||
|
| |||||||
Tobacco — 1.3% |
| |||||||
Altria Group, Inc. | 328 | 15,530 | ||||||
Philip Morris International, Inc. | 739 | 58,028 | ||||||
|
| |||||||
73,558 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Trading Companies & Distributors — 0.1% |
| |||||||
HD Supply Holdings, Inc. * | 137 | 5,509 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.2% |
| |||||||
T-Mobile US, Inc. * | 120 | 8,908 | ||||||
|
| |||||||
Total Common Stocks | 5,774,147 | |||||||
|
| |||||||
Short-Term Investments — 0.7% |
| |||||||
Investment Companies — 0.7% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 39,661 | 39,677 | ||||||
|
| |||||||
Total Investments — 100.0% | 5,813,824 | |||||||
Other Assets Less Liabilities — 0.0%(a) | 1,522 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 5,815,346 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Amount rounds to less than 0.1% of net assets. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
S&P 500E-Mini Index | 268 | 09/2019 | USD | 39,450 | 636 | |||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 51 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019
(Amounts in thousands, except per share amounts)
JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | JPMorgan | ||||||||||
ASSETS: |
| |||||||||||
Investments innon-affiliates, at value | $ | 103,969 | $ | 22,607,922 | $ | 637,861 | ||||||
Investments in affiliates, at value | 2,779 | 1,052,315 | 20,398 | |||||||||
Cash | 7 | 1,897 | 30 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 425 | 60,248 | 2,858 | |||||||||
Fund shares sold | 1 | 43,185 | 249 | |||||||||
Dividends fromnon-affiliates | 64 | 33,416 | 809 | |||||||||
Dividends from affiliates | — | (a) | 71 | 1 | ||||||||
Due from adviser | 4 | — | — | |||||||||
Other assets | 10 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 107,259 | 23,799,054 | 662,206 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | 325 | 95,920 | 8,868 | |||||||||
Fund shares redeemed | 20 | 26,764 | 285 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | — | 7,482 | 170 | |||||||||
Administration fees | — | 1,120 | 14 | |||||||||
Distribution fees | 3 | 1,603 | 115 | |||||||||
Service fees | 17 | 2,959 | 123 | |||||||||
Custodian and accounting fees | 11 | 155 | 12 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | — | (a) | — | ||||||||
Audit fees | 26 | 27 | 25 | |||||||||
Printing and mailing cost | 23 | 503 | 20 | |||||||||
Other | 6 | 74 | 71 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 431 | 136,607 | 9,703 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 106,828 | $ | 23,662,447 | $ | 652,503 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
52 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | JPMorgan | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 63,171 | $ | 17,794,033 | $ | 427,987 | ||||||
Total distributable earnings (loss) (a) | 43,657 | 5,868,414 | 224,516 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 106,828 | $ | 23,662,447 | $ | 652,503 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 5,511 | $ | 3,277,249 | $ | 490,597 | ||||||
Class C | 3,084 | 1,434,793 | 26,032 | |||||||||
Class I | 75,887 | 9,013,293 | 94,500 | |||||||||
Class R2 | — | 93,453 | 108 | |||||||||
Class R3 | — | 137,142 | 24 | |||||||||
Class R4 | — | 66,602 | 24 | |||||||||
Class R5 | — | 1,422,483 | 74 | |||||||||
Class R6 | 22,346 | 8,217,432 | 41,144 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 106,828 | $ | 23,662,447 | $ | 652,503 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 183 | 183,839 | 9,844 | |||||||||
Class C | 106 | 82,148 | 584 | |||||||||
Class I | 2,480 | 496,777 | 1,793 | |||||||||
Class R2 | — | 5,268 | 2 | |||||||||
Class R3 | — | 7,699 | 1 | |||||||||
Class R4 | — | 3,673 | 1 | |||||||||
Class R5 | — | 78,348 | 1 | |||||||||
Class R6 | 733 | 452,925 | 775 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 30.15 | $ | 17.83 | $ | 49.84 | ||||||
Class C — Offering price per share (c) | 29.01 | 17.47 | 44.59 | |||||||||
Class I — Offering and redemption price per share | 30.60 | 18.14 | 52.69 | |||||||||
Class R2 — Offering and redemption price per share | — | 17.74 | 50.01 | |||||||||
Class R3 — Offering and redemption price per share | — | 17.81 | 52.66 | |||||||||
Class R4 — Offering and redemption price per share | — | 18.13 | 52.69 | |||||||||
Class R5 — Offering and redemption price per share | — | 18.16 | 53.06 | |||||||||
Class R6 — Offering and redemption price per share | 30.48 | 18.14 | 53.08 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 31.82 | $ | 18.82 | $ | 52.60 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 72,201 | $ | 16,671,384 | $ | 424,845 | ||||||
Cost of investments in affiliates | 2,779 | 1,052,234 | 20,397 |
(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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 53 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Hedged Equity Fund | JPMorgan Large Cap Growth Fund | JPMorgan | ||||||||||
ASSETS: |
| |||||||||||
Investments innon-affiliates, at value | $ | 4,975,021 | $ | 15,852,972 | $ | 1,391,077 | ||||||
Investments in affiliates, at value | 232,451 | 177,684 | 11,520 | |||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.E.) | — | 503,073 | — | |||||||||
Options purchased, at value | 65,557 | — | — | |||||||||
Cash | — | 225 | 47 | |||||||||
Deposits at broker for futures contracts | 10,161 | — | — | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 74,123 | 51,850 | 13,842 | |||||||||
Fund shares sold | 42,540 | 23,113 | 616 | |||||||||
Dividends fromnon-affiliates | 4,260 | 1,239 | 2,238 | |||||||||
Dividends from affiliates | 313 | 12 | 1 | |||||||||
Securities lending income (See Note 2.E.) | — | 80 | — | (a) | ||||||||
Variation margin on futures contracts | 795 | — | — | |||||||||
Other assets | 43 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 5,405,264 | 16,610,248 | 1,419,341 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Investment securities purchased | 275,950 | 160,802 | 6,012 | |||||||||
Collateral received on securities loaned (See Note 2.E.) | — | 503,073 | — | |||||||||
Fund shares redeemed | 4,794 | 25,218 | 1,436 | |||||||||
Outstanding options written, at fair value | 66,202 | — | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 956 | 5,263 | 390 | |||||||||
Administration fees | 286 | 150 | 45 | |||||||||
Distribution fees | 157 | 885 | 74 | |||||||||
Service fees | 921 | 1,638 | 111 | |||||||||
Custodian and accounting fees | 56 | 110 | 21 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | — | (a) | — | ||||||||
Audit fees | 41 | 148 | 25 | |||||||||
Printing and mailing cost | 79 | 331 | 70 | |||||||||
Other | 16 | 20 | 29 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 349,458 | 697,638 | 8,213 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 5,055,806 | $ | 15,912,610 | $ | 1,411,128 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Hedged Equity Fund | JPMorgan Large Cap Growth Fund | JPMorgan | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 4,750,430 | $ | 7,855,854 | $ | 1,357,029 | ||||||
Total distributable earnings (loss) (a) | 305,376 | 8,056,756 | 54,099 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 5,055,806 | $ | 15,912,610 | $ | 1,411,128 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Class A | $ | 296,242 | $ | 2,466,910 | $ | 153,809 | ||||||
Class C | 158,602 | 518,116 | 55,009 | |||||||||
Class I | 4,214,453 | 4,691,515 | 301,663 | |||||||||
Class R2 | — | 138,030 | 21,489 | |||||||||
Class R3 | — | 45,376 | 19 | |||||||||
Class R4 | — | 10,740 | 14,545 | |||||||||
Class R5 | 1,893 | 702,536 | 30,522 | |||||||||
Class R6 | 384,616 | 7,339,387 | 834,072 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 5,055,806 | $ | 15,912,610 | $ | 1,411,128 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 14,643 | 58,916 | 10,903 | |||||||||
Class C | 7,889 | 16,027 | 4,077 | |||||||||
Class I | 207,821 | 110,493 | 21,779 | |||||||||
Class R2 | — | 3,423 | 1,537 | |||||||||
Class R3 | — | 1,078 | 1 | |||||||||
Class R4 | — | 253 | 1,031 | |||||||||
Class R5 | 93 | 16,173 | 2,181 | |||||||||
Class R6 | 18,928 | 167,640 | 59,992 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 20.23 | $ | 41.87 | $ | 14.11 | ||||||
Class C — Offering price per share (c) | 20.10 | 32.33 | 13.49 | |||||||||
Class I — Offering and redemption price per share | 20.28 | 42.46 | 13.85 | |||||||||
Class R2 — Offering and redemption price per share | — | 40.32 | 13.98 | |||||||||
Class R3 — Offering and redemption price per share | — | 42.10 | 13.84 | |||||||||
Class R4 — Offering and redemption price per share | — | 42.45 | 14.11 | |||||||||
Class R5 — Offering and redemption price per share | 20.32 | 43.44 | 14.00 | |||||||||
Class R6 — Offering and redemption price per share | 20.32 | 43.78 | 13.90 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 21.35 | $ | 44.19 | $ | 14.89 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 4,389,433 | $ | 8,892,960 | $ | 1,282,012 | ||||||
Cost of investments in affiliates | 232,451 | 177,677 | 11,519 | |||||||||
Cost of options purchased | 67,168 | — | — | |||||||||
Investment securities on loan, at value (See Note 2.E.) | — | 487,111 | — | |||||||||
Cost of investment of cash collateral (See Note 2.E.) | — | 503,036 | — | |||||||||
Premiums received from options written | 64,855 | — | — |
(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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 55 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Fund | JPMorgan U.S. Large Cap Core Plus Fund | JPMorgan U.S. Research Enhanced Equity Fund | ||||||||||
ASSETS: |
| |||||||||||
Investments innon-affiliates, at value | $ | 14,237,202 | $ | 7,794,485 | $ | 5,774,147 | ||||||
Investments in affiliates, at value | 88,792 | 78,086 | 39,677 | |||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.E.) | 16,919 | — | — | |||||||||
Cash | 417 | 408 | 114 | |||||||||
Deposits at broker for futures contracts | 900 | 1,832 | 1,888 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 33,498 | 72,793 | 16,471 | |||||||||
Fund shares sold | 10,627 | 2,808 | 1,588 | |||||||||
Dividends fromnon-affiliates | 18,514 | 8,981 | 5,130 | |||||||||
Dividends from affiliates | 6 | 5 | 3 | |||||||||
Securities lending income (See Note 2.E.) | 4 | — | — | |||||||||
Variation margin on futures contracts | — | 169 | 176 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 14,406,879 | 7,959,567 | 5,839,194 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Due to broker for securities sold short | — | — | (a) | — | ||||||||
Distributions | — | (a) | — | — | ||||||||
Securities sold short, at value | — | 1,447,612 | — | |||||||||
Dividend expense tonon-affiliates on securities sold short | — | 2,853 | — | |||||||||
Investment securities purchased | 54,672 | 76,556 | 15,451 | |||||||||
Interest expense tonon-affiliates on securities sold short | — | 674 | — | |||||||||
Collateral received on securities loaned (See Note 2.E.) | 16,919 | — | — | |||||||||
Fund shares redeemed | 26,235 | 7,755 | 6,783 | |||||||||
Variation margin on futures contracts | 283 | — | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 4,346 | 3,474 | 947 | |||||||||
Administration fees | 608 | 225 | 205 | |||||||||
Distribution fees | 629 | 209 | 42 | |||||||||
Service fees | 883 | 693 | 70 | |||||||||
Custodian and accounting fees | 128 | 135 | 55 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | — | (a) | |||||||
Audit fees | 28 | 33 | 27 | |||||||||
Printing and mailing cost | 434 | 233 | 208 | |||||||||
Other | 217 | 107 | 60 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 105,382 | 1,540,559 | 23,848 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 14,301,497 | $ | 6,419,008 | $ | 5,815,346 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
56 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan U.S. Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund | JPMorgan U.S. Research Enhanced Equity Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 9,780,868 | $ | 3,481,011 | $ | 3,758,883 | ||||||
Total distributable earnings (loss) (a) | 4,520,629 | 2,937,997 | 2,056,463 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 14,301,497 | $ | 6,419,008 | $ | 5,815,346 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Class A | $ | 1,556,392 | $ | 678,071 | $ | 207,809 | ||||||
Class C | 289,675 | 108,332 | — | |||||||||
Class I | 1,121,609 | 4,740,691 | 232,077 | |||||||||
Class L | 1,552,520 | — | 422,351 | |||||||||
Class R2 | 244,356 | 5,304 | — | |||||||||
Class R3 | 111,902 | — | — | |||||||||
Class R4 | 22,870 | — | — | |||||||||
Class R5 | 842,888 | 99,113 | — | |||||||||
Class R6 | 8,559,285 | 787,497 | 4,953,109 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 14,301,497 | $ | 6,419,008 | $ | 5,815,346 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 98,153 | 24,648 | 7,590 | |||||||||
Class C | 18,921 | 4,186 | — | |||||||||
Class I | 70,500 | 169,684 | 8,392 | |||||||||
Class L | 97,433 | — | 15,298 | |||||||||
Class R2 | 15,563 | 199 | — | |||||||||
Class R3 | 7,082 | — | — | |||||||||
Class R4 | 1,439 | — | — | |||||||||
Class R5 | 52,879 | 3,529 | — | |||||||||
Class R6 | 535,938 | 28,059 | 179,325 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 15.86 | $ | 27.51 | $ | 27.38 | ||||||
Class C — Offering price per share (c) | 15.31 | 25.88 | — | |||||||||
Class I — Offering and redemption price per share | 15.91 | 27.94 | 27.65 | |||||||||
Class L — Offering and redemption price per share | 15.93 | — | 27.61 | |||||||||
Class R2 — Offering and redemption price per share | 15.70 | 26.62 | — | |||||||||
Class R3 — Offering and redemption price per share | 15.80 | — | — | |||||||||
Class R4 — Offering and redemption price per share | 15.89 | — | — | |||||||||
Class R5 — Offering and redemption price per share | 15.94 | 28.08 | — | |||||||||
Class R6 — Offering and redemption price per share | 15.97 | 28.07 | 27.62 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 16.74 | $ | 29.03 | $ | 28.90 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 10,434,720 | $ | 5,295,210 | $ | 3,942,122 | ||||||
Cost of investments in affiliates | 88,783 | 78,084 | 39,673 | |||||||||
Investment securities on loan, at value (See Note 2.E.) | 16,917 | — | — | |||||||||
Cost of investment of cash collateral (See Note 2.E.) | 16,918 | — | — | |||||||||
Proceeds from securities sold short | — | 1,525,397 | — |
(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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 57 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2019
(Amounts in thousands)
JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | JPMorgan | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income fromnon-affiliates | $ | — | (a) | $ | — | $ | — | (a) | ||||
Interest income from affiliates | — | (a) | — | — | ||||||||
Dividend income fromnon-affiliates | 2,361 | 548,338 | 16,327 | |||||||||
Dividend income from affiliates | 113 | 14,089 | 406 | |||||||||
Income from securities lending (net) (See Note 2.E.) | — | (a) | — | — | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 2,474 | 562,427 | 16,733 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 1,035 | 78,589 | 2,522 | |||||||||
Administration fees | 136 | 13,912 | 492 | |||||||||
Distribution fees: | ||||||||||||
Class A | 12 | 7,631 | 1,204 | |||||||||
Class C | 22 | 10,193 | 182 | |||||||||
Class R2 | — | 432 | 1 | |||||||||
Class R3 | — | 273 | — | (a) | ||||||||
Service fees: | ||||||||||||
Class A | 12 | 7,631 | 1,204 | |||||||||
Class C | 7 | 3,397 | 61 | |||||||||
Class I | 377 | 18,772 | 218 | |||||||||
Class R2 | — | 216 | — | (a) | ||||||||
Class R3 | — | 273 | — | (a) | ||||||||
Class R4 | — | 93 | — | (a) | ||||||||
Class R5 | — | 1,223 | — | (a) | ||||||||
Custodian and accounting fees | 29 | 475 | 35 | |||||||||
Professional fees | 62 | 260 | 63 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 26 | 100 | 27 | |||||||||
Printing and mailing costs | 66 | 1,152 | 45 | |||||||||
Registration and filing fees | 72 | 452 | 146 | |||||||||
Transfer agency fees (See Note 2.H.) | 6 | 650 | 154 | |||||||||
Other | 16 | 329 | 22 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,878 | 146,053 | 6,376 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (422 | ) | (1,255 | ) | (771 | ) | ||||||
Less expense reimbursements | (3 | ) | — | (2 | ) | |||||||
|
|
|
|
|
| |||||||
Net expenses | 1,453 | 144,798 | 5,603 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 1,021 | 417,629 | 11,130 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||
Investments innon-affiliates | 25,683 | 261,942 | 16,767 | |||||||||
Investments in affiliates | — | (a) | 24 | — | (a) | |||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 25,683 | 261,966 | 16,767 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||
Investments innon-affiliates | (16,976 | ) | 1,549,882 | 12,930 | ||||||||
Investments in affiliates | — | (a) | 81 | 1 | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (16,976 | ) | 1,549,963 | 12,931 | ||||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 8,707 | 1,811,929 | 29,698 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 9,728 | $ | 2,229,558 | $ | 40,828 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
58 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Hedged Equity Fund | JPMorgan Large Cap Growth Fund | JPMorgan | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income fromnon-affiliates | $ | 390 | $ | — | (a) | $ | — | (a) | ||||
Interest income from affiliates | 3 | — | (a) | — | (a) | |||||||
Dividend income fromnon-affiliates | 64,663 | 93,466 | 33,084 | |||||||||
Dividend income from affiliates | 1,966 | 8,930 | 732 | |||||||||
Income from securities lending (net) (See Note 2.E.) | — | 639 | 14 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 67,022 | 103,035 | 33,830 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 8,802 | 72,709 | 6,351 | |||||||||
Administration fees | 2,729 | 10,813 | 1,243 | |||||||||
Distribution fees: | ||||||||||||
Class A | 676 | 5,884 | 483 | |||||||||
Class C | 865 | 3,910 | 480 | |||||||||
Class R2 | — | 729 | 102 | |||||||||
Class R3 (b) | — | 56 | — | (a) | ||||||||
Service fees: | ||||||||||||
Class A | 676 | 5,884 | 483 | |||||||||
Class C | 288 | 1,303 | 160 | |||||||||
Class I | 7,249 | 10,884 | 873 | |||||||||
Class R2 | — | 364 | 51 | |||||||||
Class R3 (b) | — | 57 | — | (a) | ||||||||
Class R4 (b) | — | 18 | 18 | |||||||||
Class R5 | 1 | 766 | 30 | |||||||||
Custodian and accounting fees | 176 | 354 | 58 | |||||||||
Interest expense to affiliates | — | (a) | — | 1 | ||||||||
Professional fees | 127 | 221 | 78 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 37 | 81 | 31 | |||||||||
Printing and mailing costs | 250 | 385 | 204 | |||||||||
Registration and filing fees | 403 | 98 | 140 | |||||||||
Transfer agency fees (See Note 2.H.) | 52 | 493 | 94 | |||||||||
Other | 273 | 253 | 37 | |||||||||
�� |
|
|
|
|
|
| ||||||
Total expenses | 22,604 | 115,262 | 10,917 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (464 | ) | (22,143 | ) | (1,319 | ) | ||||||
Less expense reimbursements | (7 | ) | (61 | ) | (24 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 22,133 | 93,058 | 9,574 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 44,889 | 9,977 | 24,256 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||
Investments innon-affiliates | (33,983 | ) | 2,059,616 | (38,070 | ) | |||||||
Investments in affiliates | — | — | (a) | 2 | ||||||||
Options purchased | 73,119 | — | — | |||||||||
Futures contracts | 9,123 | — | — | |||||||||
Options written | (247,518 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (199,259 | ) | 2,059,616 | (38,069 | ) | |||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||
Investments innon-affiliates | 380,487 | (142,318 | ) | 29,359 | ||||||||
Investments in affiliates | — | 44 | 1 | |||||||||
Options purchased | (2,097 | ) | — | — | ||||||||
Futures contracts | 1,242 | — | — | |||||||||
Options written | (2,383 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | 377,249 | (142,274 | ) | 29,360 | ||||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 177,990 | 1,917,342 | (8,709 | ) | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 222,879 | $ | 1,927,319 | $ | 15,547 | ||||||
|
|
|
|
|
|
(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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 59 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2019 (continued)
(Amounts in thousands)
JPMorgan U.S. Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund | JPMorgan U.S. Research Enhanced Equity Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income fromnon-affiliates | $ | 40 | $ | 28 | $ | 82 | ||||||
Interest income from affiliates | — | (a) | 1 | — | (a) | |||||||
Dividend income fromnon-affiliates | 241,455 | 165,060 | 116,735 | |||||||||
Dividend income from affiliates | 3,124 | 1,620 | 1,065 | |||||||||
Income from securities lending (net) (See Note 2.E.) | 391 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 245,010 | 166,709 | 117,882 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 57,366 | 58,883 | 15,980 | |||||||||
Administration fees | 10,754 | 6,199 | 4,998 | |||||||||
Distribution fees: | ||||||||||||
Class A | 3,403 | 1,755 | 593 | |||||||||
Class C | 2,230 | 1,049 | — | |||||||||
Class R2 | 1,261 | 29 | — | |||||||||
Class R3 | 218 | — | — | |||||||||
Service fees: | ||||||||||||
Class A | 3,403 | 1,755 | 593 | |||||||||
Class C | 743 | 350 | — | |||||||||
Class I | 3,549 | 14,024 | 605 | |||||||||
Class L | 1,621 | — | 444 | |||||||||
Class R2 | 631 | 15 | — | |||||||||
Class R3 | 218 | — | — | |||||||||
Class R4 | 40 | — | — | |||||||||
Class R5 | 883 | 122 | — | |||||||||
Custodian and accounting fees | 405 | 439 | 168 | |||||||||
Interest expense to affiliates | — | (a) | 5 | — | ||||||||
Professional fees | 220 | 206 | 129 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 72 | 53 | 48 | |||||||||
Printing and mailing costs | 594 | 356 | 250 | |||||||||
Registration and filing fees | 288 | 220 | 100 | |||||||||
Transfer agency fees (See Note 2.H.) | 400 | 156 | 87 | |||||||||
Other | 292 | 119 | 105 | |||||||||
Dividend expense tonon-affiliates on securities sold short | — | 53,966 | — | |||||||||
Interest expense tonon-affiliates on securities sold short | — | 11,308 | — | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 88,591 | 151,009 | 24,100 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (7,303 | ) | (17,912 | ) | (6,649 | ) | ||||||
Less expense reimbursements | (82 | ) | (8 | ) | (44 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 81,206 | 133,089 | 17,407 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 163,804 | 33,620 | 100,475 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||
Investments innon-affiliates | 1,323,798 | 985,417 | 514,416 | |||||||||
Investments in affiliates | 5 | 2 | 1 | |||||||||
Futures contracts | (3,646 | ) | (1,782 | ) | 2,849 | |||||||
Securities sold short | — | (20,712 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 1,320,157 | 962,925 | 517,266 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||
Investments innon-affiliates | (181,734 | ) | (545,893 | ) | (26,963 | ) | ||||||
Investments in affiliates | 10 | 2 | 4 | |||||||||
Futures contracts | 1,388 | (181 | ) | 2,067 | ||||||||
Securities sold short | — | (15,422 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (180,336 | ) | (561,494 | ) | (24,892 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 1,139,821 | 401,431 | 492,374 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 1,303,625 | $ | 435,051 | $ | 592,849 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,021 | $ | 1,117 | $ | 417,629 | $ | 290,322 | ||||||||
Net realized gain (loss) | 25,683 | 10,273 | 261,966 | 305,643 | ||||||||||||
Change in net unrealized appreciation/depreciation | (16,976 | ) | 18,485 | 1,549,963 | 913,007 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 9,728 | 29,875 | 2,229,558 | 1,508,972 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (681 | ) | (186 | ) | (140,305 | ) | (76,031 | ) | ||||||||
Class C | (399 | ) | (170 | ) | (57,794 | ) | (28,299 | ) | ||||||||
Class I | (14,230 | ) | (10,710 | ) | (356,669 | ) | (150,432 | ) | ||||||||
Class R2 | — | — | (3,859 | ) | (1,994 | ) | ||||||||||
Class R3 | — | — | (5,148 | ) | (1,758 | ) | ||||||||||
Class R4 | — | — | (1,500 | ) | (453 | ) | ||||||||||
Class R5 | — | — | (59,529 | ) | (29,159 | ) | ||||||||||
Class R6 (b) | (2 | ) | — | (310,524 | ) | (133,346 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (15,312 | ) | (11,066 | ) | (935,328 | ) | (421,472 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (140,958 | ) | 47,717 | 5,113,722 | 1,214,083 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (146,542 | ) | 66,526 | 6,407,952 | 2,301,583 | |||||||||||
Beginning of period | 253,370 | 186,844 | 17,254,495 | 14,952,912 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 106,828 | $ | 253,370 | $ | 23,662,447 | $ | 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 9. 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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 61 |
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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 11,130 | $ | 7,601 | $ | 44,889 | $ | 17,706 | ||||||||
Net realized gain (loss) | 16,767 | 36,587 | (199,259 | ) | (52,720 | ) | ||||||||||
Change in net unrealized appreciation/depreciation | 12,931 | 20,167 | 377,249 | 131,026 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 40,828 | 64,355 | 222,879 | 96,012 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (28,923 | ) | (25,010 | ) | (2,575 | ) | (1,774 | ) | ||||||||
Class C | (1,489 | ) | (1,315 | ) | (707 | ) | (200 | ) | ||||||||
Class I | (5,085 | ) | (4,029 | ) | (36,679 | ) | (14,219 | ) | ||||||||
Class R2 | (6 | ) | (1 | ) | — | — | ||||||||||
Class R3 (b) | (1 | ) | (1 | ) | — | — | ||||||||||
Class R4 (b) | (1 | ) | (1 | ) | — | — | ||||||||||
Class R5 | (3 | ) | (3 | ) | (7 | ) | (1 | ) | ||||||||
Class R6 | (2,303 | ) | (501 | ) | (3,472 | ) | (485 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (37,811 | ) | (30,861 | ) | (43,440 | ) | (16,679 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 38,723 | 37,564 | 2,447,975 | 1,585,763 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 41,740 | 71,058 | 2,627,414 | 1,665,096 | ||||||||||||
Beginning of period | 610,763 | 539,705 | 2,428,392 | 763,296 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 652,503 | $ | 610,763 | $ | 5,055,806 | $ | 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 9. Prior period balances were as follows: |
JPMorgan Growth and Income Fund | 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 | — | (c) | — | |||||
From net realized gains | (1 | ) | — | |||||
Class R3(b) | ||||||||
From net investment income | — | (c) | — | |||||
From net realized gains | (1 | ) | — | |||||
Class R4(b) | ||||||||
From net investment income | — | (c) | — | |||||
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 | ) | — |
(b) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth and Income Fund. |
(c) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 9,977 | $ | 716 | $ | 24,256 | $ | 17,087 | ||||||||
Net realized gain (loss) | 2,059,616 | 1,428,027 | (38,069 | ) | 104,778 | |||||||||||
Change in net unrealized appreciation/depreciation | (142,274 | ) | 1,838,302 | 29,360 | (52,694 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 1,927,319 | 3,267,045 | 15,547 | 69,171 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (290,662 | ) | (341,736 | ) | (14,350 | ) | (20,288 | ) | ||||||||
Class C | (80,926 | ) | (78,411 | ) | (4,699 | ) | (4,929 | ) | ||||||||
Class I | (537,464 | ) | (495,445 | ) | (26,304 | ) | (26,336 | ) | ||||||||
Class R2 | (19,576 | ) | (20,556 | ) | (1,479 | ) | (937 | ) | ||||||||
Class R3(b) | (2,356 | ) | (239 | ) | (1 | ) | — | |||||||||
Class R4 (b) | (823 | ) | (1,429 | ) | (93 | ) | — | |||||||||
Class R5 | (94,352 | ) | (107,511 | ) | (2,258 | ) | (2,015 | ) | ||||||||
Class R6 | (744,597 | ) | (610,039 | ) | (70,128 | ) | (68,722 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,770,756 | ) | (1,655,366 | ) | (119,312 | ) | (123,227 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 1,405,460 | 462,204 | (137,459 | ) | 654,144 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 1,562,023 | 2,073,883 | (241,224 | ) | 600,088 | |||||||||||
Beginning of period | 14,350,587 | 12,276,704 | 1,652,352 | 1,052,264 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 15,912,610 | $ | 14,350,587 | $ | 1,411,128 | $ | 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 9. 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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 63 |
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. Large Cap Core Plus Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 163,804 | $ | 158,433 | $ | 33,620 | $ | 22,951 | ||||||||
Net realized gain (loss) | 1,320,157 | 1,679,988 | 962,925 | 1,328,180 | ||||||||||||
Change in net unrealized appreciation/depreciation | (180,336 | ) | 109,913 | (561,494 | ) | (170,779 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 1,303,625 | 1,948,334 | 435,051 | 1,180,352 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (145,610 | ) | (113,310 | ) | (96,383 | ) | (103,489 | ) | ||||||||
Class C | (34,523 | ) | (23,352 | ) | (20,837 | ) | (23,856 | ) | ||||||||
Class I | (176,401 | ) | (122,404 | ) | (784,212 | ) | (794,977 | ) | ||||||||
Class L | (197,302 | ) | (146,714 | ) | — | — | ||||||||||
Class R2 | (28,317 | ) | (21,453 | ) | (839 | ) | (836 | ) | ||||||||
Class R3 | (10,133 | ) | (4,039 | ) | — | — | ||||||||||
Class R4 | (1,931 | ) | (504 | ) | — | — | ||||||||||
Class R5 | (104,750 | ) | (78,990 | ) | (16,031 | ) | (16,620 | ) | ||||||||
Class R6 (b) | (936,749 | ) | (778,839 | ) | (193,852 | ) | (251,239 | ) | ||||||||
|
|
|
|
|
|
| �� | |||||||||
Total distributions to shareholders | (1,635,716 | ) | (1,289,605 | ) | (1,112,154 | ) | (1,191,017 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (424,509 | ) | 102,375 | (1,932,512 | ) | (202,590 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (756,600 | ) | 761,104 | (2,609,615 | ) | (213,255 | ) | |||||||||
Beginning of period | 15,058,097 | 14,296,993 | 9,028,623 | 9,241,878 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 14,301,497 | $ | 15,058,097 | $ | 6,419,008 | $ | 9,028,623 | ||||||||
|
|
|
|
|
|
|
|
(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 U.S. Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund | |||||||
Class A | ||||||||
From net investment income | $ | (9,388 | ) | $ | — | |||
From net realized gains | (103,922 | ) | (103,489 | ) | ||||
Class C | ||||||||
From net investment income | (716 | ) | — | |||||
From net realized gains | (22,636 | ) | (23,856 | ) | ||||
Class I | ||||||||
From net investment income | (13,503 | ) | (5,329 | ) | ||||
From net realized gains | (108,901 | ) | (789,648 | ) | ||||
Class L | ||||||||
From net investment income | (17,778 | ) | — | |||||
From net realized gains | (128,936 | ) | — | |||||
Class R2 | ||||||||
From net investment income | (1,146 | ) | — | |||||
From net realized gains | (20,307 | ) | (836 | ) | ||||
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 | ) | (379 | ) | ||||
From net realized gains | (68,930 | ) | (16,241 | ) | ||||
Class R6(b) | ||||||||
From net investment income | (104,163 | ) | (7,053 | ) | ||||
From net realized gains | (674,676 | ) | (244,186 | ) |
(b) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan U.S. Large Cap Core Plus Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||
Net investment income (loss) | $ | 100,475 | $ | 107,440 | ||||
Net realized gain (loss) | 517,266 | 652,092 | ||||||
Change in net unrealized appreciation/depreciation | (24,892 | ) | 214,392 | |||||
|
|
|
| |||||
Change in net assets resulting from operations | 592,849 | 973,924 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||
Class A | (27,920 | ) | (3,827 | ) | ||||
Class I | (27,285 | ) | (3,737 | ) | ||||
Class L | (51,150 | ) | (9,307 | ) | ||||
Class R6 | (633,551 | ) | (86,761 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (739,906 | ) | (103,632 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Change in net assets resulting from capital transactions | (774,687 | ) | (1,539,735 | ) | ||||
|
|
|
| |||||
NET ASSETS: | ||||||||
Change in net assets | (921,744 | ) | (669,443 | ) | ||||
Beginning of period | 6,737,090 | 7,406,533 | ||||||
|
|
|
| |||||
End of period | $ | 5,815,346 | $ | 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 9. Prior period balances were as follows: |
JPMorgan U.S. Research Enhanced Equity Fund | ||||
Class A | ||||
From net investment income | $(3,827) | |||
Class I | ||||
From net investment income | (3,737 | ) | ||
Class L | ||||
From net investment income | (9,307 | ) | ||
Class R6 | ||||
From net investment income | (86,761 | ) |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 65 |
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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 2,435 | $ | 1,177 | $ | 755,202 | $ | 525,531 | ||||||||
Distributions reinvested | 681 | 186 | 133,800 | 71,651 | ||||||||||||
Cost of shares redeemed | (1,458 | ) | (971 | ) | (824,132 | ) | (975,605 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 1,658 | $ | 392 | $ | 64,870 | $ | (378,423 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 529 | $ | 529 | $ | 284,340 | $ | 158,580 | ||||||||
Distributions reinvested | 399 | 170 | 51,095 | 25,015 | ||||||||||||
Cost of shares redeemed | (688 | ) | (1,305 | ) | (286,413 | ) | (358,771 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 240 | $ | (606 | ) | $ | 49,022 | $ | (175,176 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 23,367 | $ | 81,292 | $ | 3,482,287 | $ | 1,983,704 | ||||||||
Distributions reinvested | 14,130 | 10,677 | 318,091 | 131,986 | ||||||||||||
Cost of shares redeemed | (198,184 | ) | (44,038 | ) | (1,602,290 | ) | (2,734,993 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (160,687 | ) | $ | 47,931 | $ | 2,198,088 | $ | (619,303 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 30,350 | $ | 18,053 | ||||||||
Distributions reinvested | — | — | 3,484 | 1,710 | ||||||||||||
Cost of shares redeemed | — | — | (25,985 | ) | (33,335 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | 7,849 | $ | (13,572 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 64,756 | $ | 82,515 | ||||||||
Distributions reinvested | — | — | 4,644 | 1,736 | ||||||||||||
Cost of shares redeemed | — | — | (30,072 | ) | (19,935 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | — | $ | — | $ | 39,328 | $ | 64,316 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 57,970 | $ | 29,460 | ||||||||
Distributions reinvested | — | — | 1,500 | 452 | ||||||||||||
Cost of shares redeemed | — | — | (20,302 | ) | (8,782 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | — | $ | — | $ | 39,168 | $ | 21,130 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 460,008 | $ | 468,882 | ||||||||
Distributions reinvested | — | — | 55,745 | 26,960 | ||||||||||||
Cost of shares redeemed | — | — | (273,526 | ) | (382,098 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | — | $ | — | $ | 242,227 | $ | 113,744 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 40,177 | $ | — | $ | 3,362,596 | $ | 2,906,484 | ||||||||
Distributions reinvested | 2 | — | 292,441 | 124,146 | ||||||||||||
Cost of shares redeemed | (22,348 | ) | — | (1,127,173 | ) | (829,263 | ) | |||||||||
Redemptionsin-kind (See Note 8) | — | — | (54,694 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 17,831 | $ | — | $ | 2,473,170 | $ | 2,201,367 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (140,958 | ) | $ | 47,717 | $ | 5,113,722 | $ | 1,214,083 | |||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Equity Focus Fund | JPMorgan Equity Income Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 81 | 38 | 44,333 | 31,499 | ||||||||||||
Reinvested | 25 | 6 | 8,045 | 4,281 | ||||||||||||
Redeemed | (51 | ) | (32 | ) | (48,297 | ) | (58,701 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 55 | 12 | 4,081 | (22,921 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 18 | 17 | 17,076 | 9,654 | ||||||||||||
Reinvested | 15 | 6 | 3,143 | 1,521 | ||||||||||||
Redeemed | (25 | ) | (43 | ) | (17,081 | ) | (22,050 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 8 | (20 | ) | 3,138 | (10,875 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 726 | 2,578 | 201,387 | 116,951 | ||||||||||||
Reinvested | 511 | 345 | 18,776 | 7,758 | ||||||||||||
Redeemed | (6,421 | ) | (1,399 | ) | (93,029 | ) | (165,937 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (5,184 | ) | 1,524 | 127,134 | (41,228 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | — | — | 1,779 | 1,087 | ||||||||||||
Reinvested | — | — | 211 | 103 | ||||||||||||
Redeemed | — | — | (1,521 | ) | (1,990 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | — | 469 | (800 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 |
| |||||||||||||||
Issued | — | — | 3,784 | 4,897 | ||||||||||||
Reinvested | — | — | 280 | 103 | ||||||||||||
Redeemed | — | — | (1,796 | ) | (1,179 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | — | — | 2,268 | 3,821 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 |
| |||||||||||||||
Issued | — | — | 3,364 | 1,791 | ||||||||||||
Reinvested | — | — | 88 | 27 | ||||||||||||
Redeemed | — | — | (1,151 | ) | (530 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | — | — | 2,301 | 1,288 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | — | — | 26,643 | 27,638 | ||||||||||||
Reinvested | — | — | 3,283 | 1,584 | ||||||||||||
Redeemed | — | — | (15,716 | ) | (22,367 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | — | 14,210 | 6,855 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) |
| |||||||||||||||
Issued | 1,490 | — | 192,820 | 174,849 | ||||||||||||
Reinvested | — | (b) | — | 17,229 | 7,288 | |||||||||||
Redeemed | (757 | ) | — | (64,768 | ) | (48,541 | ) | |||||||||
Redemptionsin-kind (See Note 8) | — | — | (3,151 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 733 | — | 142,130 | 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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 67 |
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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 48,540 | $ | 63,584 | $ | 200,515 | $ | 245,722 | ||||||||
Distributions reinvested | 28,106 | 24,233 | 2,559 | 1,770 | ||||||||||||
Cost of shares redeemed | (63,999 | ) | (85,887 | ) | (196,149 | ) | (115,928 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 12,647 | $ | 1,930 | $ | 6,925 | $ | 131,564 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 8,554 | $ | 3,673 | $ | 98,773 | $ | 56,798 | ||||||||
Distributions reinvested | 1,282 | 1,171 | 705 | 200 | ||||||||||||
Cost of shares redeemed | (6,924 | ) | (11,728 | ) | (27,734 | ) | (7,913 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 2,912 | $ | (6,884 | ) | $ | 71,744 | $ | 49,085 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 37,640 | $ | 34,111 | $ | 3,264,704 | $ | 1,593,492 | ||||||||
Distributions reinvested | 4,589 | 3,841 | 34,623 | 13,345 | ||||||||||||
Cost of shares redeemed | (26,157 | ) | (28,585 | ) | (1,180,493 | ) | (320,018 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 16,072 | $ | 9,367 | $ | 2,118,834 | $ | 1,286,819 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 66 | $ | 15 | $ | — | $ | — | ||||||||
Distributions reinvested | 6 | 1 | — | — | ||||||||||||
Cost of shares redeemed | (3 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | 69 | $ | 16 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | 20 | $ | — | $ | — | ||||||||
Distributions reinvested | 1 | 1 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 1 | $ | 21 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
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 | $ | 30 | $ | 6 | $ | 1,826 | $ | 152 | ||||||||
Distributions reinvested | 3 | 3 | 7 | 1 | ||||||||||||
Cost of shares redeemed | (3 | ) | (6 | ) | (105 | ) | (72 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 30 | $ | 3 | $ | 1,728 | $ | 81 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 12,212 | $ | 34,075 | $ | 295,474 | $ | 128,229 | ||||||||
Distributions reinvested | 2,197 | 501 | 978 | 199 | ||||||||||||
Cost of shares redeemed | (7,418 | ) | (1,486 | ) | (47,708 | ) | (10,214 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 6,991 | $ | 33,090 | $ | 248,744 | $ | 118,214 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 38,723 | $ | 37,564 | $ | 2,447,975 | $ | 1,585,763 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth and Income Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Growth and Income Fund | JPMorgan Hedged Equity Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 987 | 1,271 | 10,234 | 12,948 | ||||||||||||
Reinvested | 606 | 485 | 131 | 93 | ||||||||||||
Redeemed | (1,316 | ) | (1,688 | ) | (10,028 | ) | (6,071 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 277 | 68 | 337 | 6,970 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 198 | 81 | 5,092 | 2,990 | ||||||||||||
Reinvested | 31 | 26 | 37 | 11 | ||||||||||||
Redeemed | (158 | ) | (259 | ) | (1,432 | ) | (415 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 71 | (152 | ) | 3,697 | 2,586 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 736 | 649 | 166,589 | 83,305 | ||||||||||||
Reinvested | 93 | 73 | 1,758 | 699 | ||||||||||||
Redeemed | (519 | ) | (543 | ) | (60,565 | ) | (16,636 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 310 | 179 | 107,782 | 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 | 1 | — | (a) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 1 | — | (a) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(b) |
| |||||||||||||||
Issued | — | — | (a) | — | — | |||||||||||
Reinvested | 1 | — | (a) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 1 | — | (a) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | — | (a) | — | (a) | 92 | 8 | ||||||||||
Reinvested | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||
Redeemed | — | (a) | — | (a) | (5 | ) | (4 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | — | (a) | — | (a) | 87 | 4 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 235 | 615 | 15,045 | 6,591 | ||||||||||||
Reinvested | 44 | 10 | 49 | 10 | ||||||||||||
Redeemed | (144 | ) | (28 | ) | (2,420 | ) | (527 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 135 | 597 | 12,674 | 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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 69 |
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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 565,602 | $ | 495,076 | $ | 38,199 | $ | 130,775 | ||||||||
Net assets acquired in Fund reorganization (See Note 10) | — | 63,247 | — | — | ||||||||||||
Distributions reinvested | 268,247 | 311,846 | 13,929 | 19,806 | ||||||||||||
Cost of shares redeemed | (848,901 | ) | (1,174,028 | ) | (120,946 | ) | (123,251 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (15,052 | ) | $ | (303,859 | ) | $ | (68,818 | ) | $ | 27,330 | |||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 101,496 | $ | 80,665 | $ | 12,245 | $ | 38,428 | ||||||||
Net assets acquired in Fund reorganization (See Note 10) | — | 13,553 | — | — | ||||||||||||
Distributions reinvested | 64,190 | 59,885 | 4,589 | 4,755 | ||||||||||||
Cost of shares redeemed | (162,510 | ) | (152,863 | ) | (26,332 | ) | (19,452 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 3,176 | $ | 1,240 | $ | (9,498 | ) | $ | 23,731 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 1,278,824 | $ | 1,263,343 | $ | 180,351 | $ | 345,159 | ||||||||
Net assets acquired in Fund reorganization (See Note 10) | — | 66,379 | — | — | ||||||||||||
Distributions reinvested | 499,924 | 437,623 | 26,175 | 25,985 | ||||||||||||
Cost of shares redeemed | (1,526,803 | ) | (2,608,344 | ) | (258,184 | ) | (138,314 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 251,945 | $ | (840,999 | ) | $ | (51,658 | ) | $ | 232,830 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 52,974 | $ | 46,028 | $ | 9,456 | $ | 13,920 | ||||||||
Distributions reinvested | 15,016 | 14,353 | 1,316 | 689 | ||||||||||||
Cost of shares redeemed | (85,360 | ) | (68,572 | ) | (4,971 | ) | (3,779 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (17,370 | ) | $ | (8,191 | ) | $ | 5,801 | $ | 10,830 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) | ||||||||||||||||
Proceeds from shares issued | $ | 41,442 | $ | 5,967 | $ | 20 | $ | — | ||||||||
Distributions reinvested | 1,370 | 198 | 1 | — | ||||||||||||
Cost of shares redeemed | (5,767 | ) | (985 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 37,045 | $ | 5,180 | $ | 21 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) | ||||||||||||||||
Proceeds from shares issued | $ | 5,495 | $ | 16,616 | $ | 13,825 | $ | — | ||||||||
Distributions reinvested | 823 | 1,429 | 93 | — | ||||||||||||
Cost of shares redeemed | (1,898 | ) | (13,174 | ) | (1,201 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 4,420 | $ | 4,871 | $ | 12,717 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 171,763 | $ | 167,961 | $ | 20,278 | $ | 21,564 | ||||||||
Net assets acquired in Fund reorganization (See Note 10) | — | 201,731 | — | — | ||||||||||||
Distributions reinvested | 89,822 | 99,180 | 2,241 | 1,993 | ||||||||||||
Cost of shares redeemed | (351,362 | ) | (578,359 | ) | (13,694 | ) | (9,689 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (89,777 | ) | $ | (109,487 | ) | $ | 8,825 | $ | 13,868 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 1,840,965 | $ | 2,125,161 | $ | 325,810 | $ | 374,045 | ||||||||
Distributions reinvested | 723,675 | 540,060 | 69,882 | 68,661 | ||||||||||||
Cost of shares redeemed | (1,333,567 | ) | (951,772 | ) | (430,541 | ) | (97,151 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 1,231,073 | $ | 1,713,449 | $ | (34,849 | ) | $ | 345,555 | |||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 1,405,460 | $ | 462,204 | $ | (137,459 | ) | $ | 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.
70 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 14,213 | 12,491 | 2,636 | 8,302 | ||||||||||||
Shares issued in connection with Fund reorganization (See Note 10) | — | 1,736 | — | — | ||||||||||||
Reinvested | 7,726 | 8,728 | 1,057 | 1,278 | ||||||||||||
Redeemed | (21,501 | ) | (28,909 | ) | (8,443 | ) | (7,816 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 438 | (5,954 | ) | (4,750 | ) | 1,764 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 3,322 | 2,540 | 893 | 2,535 | ||||||||||||
Shares issued in connection with Fund reorganization (See Note 10) | — | 460 | — | — | ||||||||||||
Reinvested | 2,388 | 2,073 | 365 | 319 | ||||||||||||
Redeemed | (5,303 | ) | (4,716 | ) | (1,966 | ) | (1,285 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 407 | 357 | (708 | ) | 1,569 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 31,957 | 30,824 | 12,677 | 22,191 | ||||||||||||
Shares issued in connection with Fund reorganization (See Note 10) | — | 1,807 | — | — | ||||||||||||
Reinvested | 14,219 | 12,149 | 2,016 | 1,706 | ||||||||||||
Redeemed | (38,672 | ) | (65,821 | ) | (18,372 | ) | (9,034 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 7,504 | (21,041 | ) | (3,679 | ) | 14,863 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 1,393 | 1,202 | 652 | 896 | ||||||||||||
Reinvested | 449 | 413 | 101 | 45 | ||||||||||||
Redeemed | (2,227 | ) | (1,769 | ) | (353 | ) | (244 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (385 | ) | (154 | ) | 400 | 697 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3(a) |
| |||||||||||||||
Issued | 1,026 | 154 | 1 | — | ||||||||||||
Reinvested | 39 | 6 | — | (b) | — | |||||||||||
Redeemed | (148 | ) | (25 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 917 | 135 | 1 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4(a) |
| |||||||||||||||
Issued | 139 | 414 | 1,113 | — | ||||||||||||
Reinvested | 23 | 40 | 7 | — | ||||||||||||
Redeemed | (47 | ) | (327 | ) | (89 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 115 | 127 | 1,031 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 4,109 | 4,139 | 1,415 | 1,379 | ||||||||||||
Shares issued in connection with Fund reorganization (See Note 10) | — | 5,397 | — | — | ||||||||||||
Reinvested | 2,499 | 2,706 | 170 | 130 | ||||||||||||
Redeemed | (8,504 | ) | (14,647 | ) | (950 | ) | (628 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (1,896 | ) | (2,405 | ) | 635 | 881 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 44,475 | 52,207 | 22,094 | 24,088 | ||||||||||||
Reinvested | 19,983 | 14,648 | 5,350 | 4,491 | ||||||||||||
Redeemed | (32,490 | ) | (23,114 | ) | (29,764 | ) | (6,224 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 31,968 | 43,741 | (2,320 | ) | 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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 71 |
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. Large Cap Core Plus Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 668,701 | $ | 214,993 | $ | 135,379 | $ | 152,196 | ||||||||
Distributions reinvested | 132,720 | 101,906 | 94,468 | 101,567 | ||||||||||||
Cost of shares redeemed | (561,909 | ) | (408,599 | ) | (275,160 | ) | (269,078 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 239,512 | $ | (91,700 | ) | $ | (45,313 | ) | $ | (15,315 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 47,501 | $ | 53,665 | $ | 12,993 | $ | 14,610 | ||||||||
Distributions reinvested | 32,837 | 22,181 | 17,995 | 20,635 | ||||||||||||
Cost of shares redeemed | (81,416 | ) | (105,361 | ) | (67,277 | ) | (76,640 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (1,078 | ) | $ | (29,515 | ) | $ | (36,289 | ) | $ | (41,395 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 408,617 | $ | 475,037 | $ | 888,442 | $ | 942,669 | ||||||||
Distributions reinvested | 171,208 | 118,776 | 739,627 | 743,582 | ||||||||||||
Cost of shares redeemed | (922,817 | ) | (415,816 | ) | (2,590,860 | ) | (3,753,341 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | (342,992 | ) | $ | 177,997 | $ | (962,791 | ) | $ | (2,067,090 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class L | ||||||||||||||||
Proceeds from shares issued | $ | 340,083 | $ | 312,658 | $ | — | $ | — | ||||||||
Distributions reinvested | 166,869 | 127,665 | — | — | ||||||||||||
Cost of shares redeemed | (575,141 | ) | (2,240,979 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class L capital transactions | $ | (68,189 | ) | $ | (1,800,656 | ) | $ | — | $ | — | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 31,183 | $ | 41,736 | $ | 946 | $ | 1,855 | ||||||||
Distributions reinvested | 26,663 | 19,822 | 532 | 469 | ||||||||||||
Cost of shares redeemed | (72,348 | ) | (67,632 | ) | (2,235 | ) | (1,954 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (14,502 | ) | $ | (6,074 | ) | $ | (757 | ) | $ | 370 | |||||
|
|
|
|
|
|
|
| |||||||||
Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 53,558 | $ | 41,120 | $ | — | $ | — | ||||||||
Distributions reinvested | 9,047 | 4,029 | — | — | ||||||||||||
Cost of shares redeemed | (9,993 | ) | (10,051 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R3 capital transactions | $ | 52,612 | $ | 35,098 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 17,146 | $ | 10,245 | $ | — | $ | — | ||||||||
Distributions reinvested | 1,931 | 504 | — | — | ||||||||||||
Cost of shares redeemed | (6,325 | ) | (1,318 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R4 capital transactions | $ | 12,752 | $ | 9,431 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 73,209 | $ | 119,546 | $ | 22,201 | $ | 21,497 | ||||||||
Distributions reinvested | 94,444 | 70,680 | 15,977 | 16,608 | ||||||||||||
Cost of shares redeemed | (236,756 | ) | (181,128 | ) | (57,731 | ) | (83,469 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | (69,103 | ) | $ | 9,098 | $ | (19,553 | ) | $ | (45,364 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 1,335,233 | $ | 2,759,027 | $ | 38,738 | $ | 2,206,431 | ||||||||
Distributions reinvested | 934,866 | 777,436 | 166,828 | 224,242 | ||||||||||||
Cost of shares redeemed | (2,503,620 | ) | (1,737,767 | ) | (1,073,375 | ) | (464,469 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (233,521 | ) | $ | 1,798,696 | $ | (867,809 | ) | $ | 1,966,204 | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (424,509 | ) | $ | 102,375 | $ | (1,932,512 | ) | $ | (202,590 | ) | |||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan U.S. Large Cap Core Plus Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan U.S. Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 43,450 | 13,038 | 4,895 | 4,946 | ||||||||||||
Reinvested | 9,250 | 6,310 | 3,825 | 3,475 | ||||||||||||
Redeemed | (35,922 | ) | (24,809 | ) | (9,740 | ) | (8,817 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 16,778 | (5,461 | ) | (1,020 | ) | (396 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 3,118 | 3,347 | 506 | 501 | ||||||||||||
Reinvested | 2,381 | 1,416 | 773 | 740 | ||||||||||||
Redeemed | (5,483 | ) | (6,567 | ) | (2,631 | ) | (2,586 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 16 | (1,804 | ) | (1,352 | ) | (1,345 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 26,279 | 28,752 | 31,989 | 30,549 | ||||||||||||
Reinvested | 11,895 | 7,333 | 29,468 | 25,111 | ||||||||||||
Redeemed | (59,810 | ) | (25,267 | ) | (93,992 | ) | (116,782 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (21,636 | ) | 10,818 | (32,535 | ) | (61,122 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class L |
| |||||||||||||||
Issued | 21,487 | 18,949 | — | — | ||||||||||||
Reinvested | 11,566 | 7,871 | — | — | ||||||||||||
Redeemed | (37,224 | ) | (139,241 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class L Shares | (4,171 | ) | (112,421 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 2,018 | 2,553 | 36 | 63 | ||||||||||||
Reinvested | 1,883 | 1,239 | 22 | 16 | ||||||||||||
Redeemed | (4,597 | ) | (4,154 | ) | (82 | ) | (65 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (696 | ) | (362 | ) | (24 | ) | 14 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R3 |
| |||||||||||||||
Issued | 3,354 | 2,508 | — | — | ||||||||||||
Reinvested | 633 | 250 | — | — | ||||||||||||
Redeemed | (643 | ) | (610 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R3 Shares | 3,344 | 2,148 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R4 |
| |||||||||||||||
Issued | 1,067 | 621 | — | — | ||||||||||||
Reinvested | 134 | 31 | — | — | ||||||||||||
Redeemed | (400 | ) | (79 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R4 Shares | 801 | 573 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 4,699 | 7,233 | 840 | 689 | ||||||||||||
Reinvested | 6,538 | 4,355 | 633 | 557 | ||||||||||||
Redeemed | (15,115 | ) | (10,982 | ) | (2,058 | ) | (2,602 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | (3,878 | ) | 606 | (585 | ) | (1,356 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) |
| |||||||||||||||
Issued | 85,926 | 170,342 | 1,425 | 66,258 | ||||||||||||
Reinvested | 64,491 | 47,843 | 6,614 | 7,523 | ||||||||||||
Redeemed | (154,015 | ) | (103,956 | ) | (38,577 | ) | (15,184 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (3,598 | ) | 114,229 | (30,538 | ) | 58,597 | ||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective November 1, 2017 for JPMorgan U.S. Large Cap Core Plus Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 73 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan U.S. Research Enhanced Equity Fund | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
CAPITAL TRANSACTIONS: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 34,397 | $ | 52,738 | ||||
Distributions reinvested | 27,797 | 3,815 | ||||||
Cost of shares redeemed | (123,985 | ) | (247,174 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class A capital transactions | $ | (61,791 | ) | $ | (190,621 | ) | ||
|
|
|
| |||||
Class I | ||||||||
Proceeds from shares issued | $ | 56,824 | $ | 41,680 | ||||
Distributions reinvested | 26,614 | 3,308 | ||||||
Cost of shares redeemed | (115,409 | ) | (93,153 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class I capital transactions | $ | (31,971 | ) | $ | (48,165 | ) | ||
|
|
|
| |||||
Class L | ||||||||
Proceeds from shares issued | $ | 60,334 | $ | 88,724 | ||||
Distributions reinvested | 32,173 | 7,140 | ||||||
Cost of shares redeemed | (138,095 | ) | (544,996 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class L capital transactions | $ | (45,588 | ) | $ | (449,132 | ) | ||
|
|
|
| |||||
Class R6 | ||||||||
Proceeds from shares issued | $ | 253,929 | $ | 834,134 | ||||
Distributions reinvested | 633,410 | 86,745 | ||||||
Cost of shares redeemed | (1,522,676 | ) | (1,772,696 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class R6 capital transactions | $ | (635,337 | ) | $ | (851,817 | ) | ||
|
|
|
| |||||
Total change in net assets resulting from capital transactions | $ | (774,687 | ) | $ | (1,539,735 | ) | ||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan U.S. Research Enhanced Equity Fund | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
SHARE TRANSACTIONS: |
| |||||||
Class A |
| |||||||
Issued | 1,253 | 1,931 | ||||||
Reinvested | 1,116 | 139 | ||||||
Redeemed | (4,605 | ) | (8,885 | ) | ||||
|
|
|
| |||||
Change in Class A Shares | (2,236 | ) | (6,815 | ) | ||||
|
|
|
| |||||
Class I |
| |||||||
Issued | 2,021 | 1,498 | ||||||
Reinvested | 1,056 | 119 | ||||||
Redeemed | (4,084 | ) | (3,348 | ) | ||||
|
|
|
| |||||
Change in Class I Shares | (1,007 | ) | (1,731 | ) | ||||
|
|
|
| |||||
Class L |
| |||||||
Issued | 2,291 | 3,285 | ||||||
Reinvested | 1,280 | 259 | ||||||
Redeemed | (4,963 | ) | (19,517 | ) | ||||
|
|
|
| |||||
Change in Class L Shares | (1,392 | ) | (15,973 | ) | ||||
|
|
|
| |||||
Class R6 |
| |||||||
Issued | 9,239 | 29,946 | ||||||
Reinvested | 25,157 | 3,129 | ||||||
Redeemed | (54,997 | ) | (62,298 | ) | ||||
|
|
|
| |||||
Change in Class R6 Shares | (20,601 | ) | (29,223 | ) | ||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 75 |
Table of Contents
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2019
(Amounts in thousands)
JPMorgan U.S. Large Cap Core Plus Fund | ||||
INCREASE (DECREASE) IN CASH | ||||
Cash flows provided (used) by operating activities: | ||||
Net increase in net assets resulting from operations | $ | 435,051 | ||
Adjustments to reconcile net increase/decrease in net assets resulting from | ||||
operations to net cash provided (used) by operating activities: | ||||
Purchase of investment securities | (9,667,473 | ) | ||
Proceeds from disposition of investment securities | 13,365,672 | |||
Covers of investment securities sold short | (4,905,565 | ) | ||
Proceeds from investment securities sold short | 4,170,522 | |||
Purchases of short-term investments — affiliates, net | 48,632 | |||
Change in unrealized (appreciation)/depreciation on investments in non-affiliates | 545,893 | |||
Change in unrealized (appreciation)/depreciation on investments in affiliates | (2 | ) | ||
Change in unrealized (appreciation)/depreciation on investment securities sold short | 15,422 | |||
Net realized (gain)/loss on investments innon-affiliates | (985,417 | ) | ||
Net realized (gain)/loss on investments in affiliates | (2 | ) | ||
Net realized (gain)/loss on securities sold short | 20,712 | |||
Decrease in dividends receivable from affiliates | 94 | |||
Increase in dividends receivable fromnon-affiliates | (214 | ) | ||
Increase in variation margin receivable | (136 | ) | ||
Decrease in dividend expense tonon-affiliates on securities sold short | (1,124 | ) | ||
Decrease in interest expense tonon-affiliates on securities sold short | (299 | ) | ||
Decrease in investment advisory fees payable | (1,555 | ) | ||
Increase in administration fees payable | 225 | |||
Decrease in distribution fees payable | (58 | ) | ||
Decrease in service fees payable | (190 | ) | ||
Increase in custodian and accounting fees payable | 43 | |||
Increase in audit fees payable | 33 | |||
Increase in printing and mailing cost payable | 233 | |||
Decrease in Trustees’ and Chief Compliance Officer’s fees payable | (4 | ) | ||
Decrease in other accrued expenses payable | (111 | ) | ||
|
| |||
Net cash provided (used) by operating activities | 3,040,382 | |||
|
| |||
Cash flows provided (used) by financing activities: | ||||
Decrease in due to custodian | (1 | ) | ||
Proceeds from units issued | 1,099,877 | |||
Payment for units redeemed | (4,063,203 | ) | ||
Cash distributions paid to shareholders (net of reinvestments of approximately $1,035,427,000) | (76,727 | ) | ||
|
| |||
Net cash provided (used) by financing activities | (3,040,054 | ) | ||
|
| |||
Cash: | ||||
Net increase (decrease) in unrestricted and restricted cash and deposits at broker | 328 | |||
Restricted and unrestricted cash and deposits at broker at beginning of period | 1,912 | |||
|
| |||
Restricted and unrestricted cash and deposits at broker at end of period | $ | 2,240 | ||
|
|
Supplemental disclosure of cash flow information:
For the year ended June 30, 2019, the Fund paid approximately $11,612,000 in interest expense for securities sold short.
For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.
Reconciliation of restricted and unrestricted cash and foreign currency at the end of period to the Statements of Assets and Liabilities:
June 30, 2018 | June 30, 2019 | |||||||
Cash | $ | — | $ | 408 | ||||
Deposits at broker: | ||||||||
Futures contracts | 1,910 | 1,832 | ||||||
Securities sold short | 2 | — | ||||||
|
|
|
| |||||
$ | 1,912 | $ | 2,240 | |||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 77 |
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 (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Equity Focus Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 31.83 | $ | 0.13 | $ | 2.32 | $ | 2.45 | $ | (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 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 30.75 | (0.03 | ) | 2.25 | 2.22 | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 32.13 | 0.18 | 2.38 | 2.56 | (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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
October 1, 2018 (g) through June 30, 2019 | 34.55 | 0.23 | (0.05 | ) | 0.18 | (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.
78 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 30.15 | 9.22 | % | $ | 5,511 | 1.09 | % | 0.42 | % | 1.41 | % | 45 | % | |||||||||||||
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 | |||||||||||||||||||
29.01 | 8.67 | 3,084 | 1.59 | (0.09 | ) | 1.89 | 45 | |||||||||||||||||||
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 | |||||||||||||||||||
30.60 | 9.50 | 75,887 | 0.84 | 0.57 | 1.08 | 45 | ||||||||||||||||||||
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 | ||||||||||||||||||||
30.48 | 2.03 | 22,346 | 0.59 | 1.08 | 0.95 | 45 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 79 |
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 Equity Income Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 16.82 | $ | 0.32 | (e) | $ | 1.48 | $ | 1.80 | $ | (0.33 | ) | $ | (0.46 | ) | $ | (0.79 | ) | ||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.50 | 0.23 | (e) | 1.46 | 1.69 | (0.26 | ) | (0.46 | ) | (0.72 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 17.10 | 0.37 | (e) | 1.51 | 1.88 | (0.38 | ) | (0.46 | ) | (0.84 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.74 | 0.28 | (e) | 1.47 | 1.75 | (0.29 | ) | (0.46 | ) | (0.75 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.80 | 0.32 | (e) | 1.49 | 1.81 | (0.34 | ) | (0.46 | ) | (0.80 | ) | |||||||||||||||||
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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 17.09 | 0.36 | (e) | 1.52 | 1.88 | (0.38 | ) | (0.46 | ) | (0.84 | ) | |||||||||||||||||
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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 17.11 | 0.40 | (e) | 1.51 | 1.91 | (0.40 | ) | (0.46 | ) | (0.86 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 17.10 | 0.42 | (e) | 1.50 | 1.92 | (0.42 | ) | (0.46 | ) | (0.88 | ) | |||||||||||||||||
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 | ) |
(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.
80 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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 | Portfolio turnover rate (b) | ||||||||||||||||||||
$ | 17.83 | 11.17 | % | $ | 3,277,249 | 0.99 | % | 1.90 | % | 1.00 | % | 23 | % | |||||||||||||
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 | ||||||||||||||||||||
17.47 | 10.66 | 1,434,793 | 1.48 | 1.39 | 1.49 | 23 | ||||||||||||||||||||
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 | ||||||||||||||||||||
18.14 | 11.45 | 9,013,293 | 0.73 | 2.12 | 0.74 | 23 | ||||||||||||||||||||
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 | ||||||||||||||||||||
17.74 | 10.90 | 93,453 | 1.24 | 1.64 | 1.25 | 23 | ||||||||||||||||||||
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 | ||||||||||||||||||||
17.81 | 11.20 | 137,142 | 0.98 | 1.87 | 0.99 | 23 | ||||||||||||||||||||
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 | ||||||||||||||||||||
18.13 | 11.46 | 66,602 | 0.73 | 2.08 | 0.74 | 23 | ||||||||||||||||||||
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 | ||||||||||||||||||||
18.16 | 11.67 | 1,422,483 | 0.58 | 2.29 | 0.59 | 23 | ||||||||||||||||||||
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 | ||||||||||||||||||||
18.14 | 11.72 | 8,217,432 | 0.48 | 2.38 | 0.49 | 23 | ||||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 81 |
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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 49.77 | $ | 0.85 | $ | 2.21 | $ | 3.06 | $ | (0.85 | ) | $ | (2.14 | ) | $ | (2.99 | ) | |||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 44.91 | 0.53 | 1.98 | 2.51 | (0.69 | ) | (2.14 | ) | (2.83 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.41 | 1.00 | 2.36 | 3.36 | (0.94 | ) | (2.14 | ) | (3.08 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 49.98 | 0.63 | 2.31 | 2.94 | (0.77 | ) | (2.14 | ) | (2.91 | ) | ||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.41 | 0.89 | 2.33 | 3.22 | (0.83 | ) | (2.14 | ) | (2.97 | ) | ||||||||||||||||||
July 31, 2017 (f) through June 30, 2018 | 49.99 | 0.68 | 4.46 | 5.14 | (0.64 | ) | (2.08 | ) | (2.72 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.41 | 1.02 | 2.34 | 3.36 | (0.94 | ) | (2.14 | ) | (3.08 | ) | ||||||||||||||||||
July 31, 2017 (f) through June 30, 2018 | 49.99 | 0.79 | 4.46 | 5.25 | (0.75 | ) | (2.08 | ) | (2.83 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.74 | 1.09 | 2.38 | 3.47 | (1.01 | ) | (2.14 | ) | (3.15 | ) | ||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 52.75 | 1.16 | 2.36 | 3.52 | (1.05 | ) | (2.14 | ) | (3.19 | ) | ||||||||||||||||||
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.
82 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 49.84 | 6.68 | % | $ | 490,597 | 0.93 | % | 1.73 | % | 1.06 | % | 26 | % | |||||||||||||
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 | ||||||||||||||||||||
44.59 | 6.15 | 26,032 | 1.43 | 1.21 | 1.54 | 26 | ||||||||||||||||||||
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 | ||||||||||||||||||||
52.69 | 6.94 | 94,500 | 0.68 | 1.93 | 0.79 | 26 | ||||||||||||||||||||
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 | ||||||||||||||||||||
50.01 | 6.41 | 108 | 1.18 | 1.30 | 2.77 | 26 | ||||||||||||||||||||
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 | |||||||||||||||||||
52.66 | 6.66 | 24 | 0.93 | 1.73 | 1.84 | 26 | ||||||||||||||||||||
52.41 | 10.33 | 22 | 0.94 | 1.42 | 1.12 | 32 | ||||||||||||||||||||
52.69 | 6.94 | 24 | 0.68 | 1.98 | 1.60 | 26 | ||||||||||||||||||||
52.41 | 10.56 | 22 | 0.71 | 1.64 | 0.87 | 32 | ||||||||||||||||||||
53.06 | 7.10 | 74 | 0.53 | 2.10 | 1.01 | 26 | ||||||||||||||||||||
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 | ||||||||||||||||||||
53.08 | 7.21 | 41,144 | 0.43 | 2.22 | 0.53 | 26 | ||||||||||||||||||||
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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 83 |
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) (a) | Net realized (losses) on | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan Hedged Equity Fund | ||||||||||||||||||||
Class A | ||||||||||||||||||||
Year Ended June 30, 2019 | $ | 19.43 | $ | 0.20 | $ | 0.79 | $ | 0.99 | $ | (0.19 | ) | |||||||||
Year Ended June 30, 2018 | 18.24 | 0.18 | 1.15 | 1.33 | (0.14 | ) | ||||||||||||||
Year Ended June 30, 2017 | 16.23 | 0.19 | 2.01 | 2.20 | (0.19 | ) | ||||||||||||||
Year Ended June 30, 2016 | 16.47 | 0.20 | (0.28 | ) | (0.08 | ) | (0.16 | ) | ||||||||||||
Year Ended June 30, 2015 | 15.74 | 0.19 | 0.67 | 0.86 | (0.13 | ) | ||||||||||||||
Class C | ||||||||||||||||||||
Year Ended June 30, 2019 | 19.33 | 0.11 | 0.77 | 0.88 | (0.11 | ) | ||||||||||||||
Year Ended June 30, 2018 | 18.16 | 0.08 | 1.15 | 1.23 | (0.06 | ) | ||||||||||||||
Year Ended June 30, 2017 | 16.17 | 0.10 | 2.01 | 2.11 | (0.12 | ) | ||||||||||||||
Year Ended June 30, 2016 | 16.43 | 0.13 | (0.29 | ) | (0.16 | ) | (0.10 | ) | ||||||||||||
Year Ended June 30, 2015 | 15.76 | 0.10 | 0.67 | 0.77 | (0.10 | ) | ||||||||||||||
Class I | ||||||||||||||||||||
Year Ended June 30, 2019 | 19.47 | 0.26 | 0.78 | 1.04 | (0.23 | ) | ||||||||||||||
Year Ended June 30, 2018 | 18.27 | 0.23 | 1.16 | 1.39 | (0.19 | ) | ||||||||||||||
Year Ended June 30, 2017 | 16.26 | 0.23 | 2.01 | 2.24 | (0.23 | ) | ||||||||||||||
Year Ended June 30, 2016 | 16.50 | 0.25 | (0.28 | ) | (0.03 | ) | (0.21 | ) | ||||||||||||
Year Ended June 30, 2015 | 15.76 | 0.23 | 0.66 | 0.89 | (0.15 | ) | ||||||||||||||
Class R5 | ||||||||||||||||||||
Year Ended June 30, 2019 | 19.50 | 0.29 | 0.79 | 1.08 | (0.26 | ) | ||||||||||||||
Year Ended June 30, 2018 | 18.30 | 0.26 | 1.16 | 1.42 | (0.22 | ) | ||||||||||||||
Year Ended June 30, 2017 | 16.28 | 0.26 | 2.02 | 2.28 | (0.26 | ) | ||||||||||||||
Year Ended June 30, 2016 | 16.51 | 0.24 | (0.24 | ) | — | (e) | (0.23 | ) | ||||||||||||
Year Ended June 30, 2015 | 15.76 | 0.26 | 0.66 | 0.92 | (0.17 | ) | ||||||||||||||
Class R6 | ||||||||||||||||||||
Year Ended June 30, 2019 | 19.49 | 0.31 | 0.79 | 1.10 | (0.27 | ) | ||||||||||||||
Year Ended June 30, 2018 | 18.29 | 0.27 | 1.16 | 1.43 | (0.23 | ) | ||||||||||||||
Year Ended June 30, 2017 | 16.28 | 0.25 | 2.03 | 2.28 | (0.27 | ) | ||||||||||||||
Year Ended June 30, 2016 | 16.52 | 0.27 | (0.27 | ) | — | (e) | (0.24 | ) | ||||||||||||
Year Ended June 30, 2015 | 15.76 | 0.27 | 0.67 | 0.94 | (0.18 | ) |
(a) | Calculated based upon average shares outstanding. |
(b) | 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. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(e) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (b) | Net assets, | Net expenses (c) | Net income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate | ||||||||||||||||||||
$ | 20.23 | 5.12 | % | $ | 296,242 | 0.85 | % | 1.02 | % | 0.87 | % | 48 | % | |||||||||||||
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 | (d) | 1.14 | (d) | 1.21 | (d) | 42 | |||||||||||||||||
20.10 | 4.60 | 158,602 | 1.35 | 0.55 | 1.37 | 48 | ||||||||||||||||||||
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 | (d) | 0.59 | (d) | 1.65 | (d) | 42 | |||||||||||||||||
20.28 | 5.39 | 4,214,453 | 0.60 | 1.30 | 0.61 | 48 | ||||||||||||||||||||
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 | (d) | 1.39 | (d) | 0.91 | (d) | 42 | |||||||||||||||||
20.32 | 5.57 | 1,893 | 0.45 | 1.46 | 0.95 | 48 | ||||||||||||||||||||
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 | (d) | 1.58 | (d) | 0.82 | (d) | 42 | |||||||||||||||||
20.32 | 5.69 | 384,616 | 0.35 | 1.56 | 0.37 | 48 | ||||||||||||||||||||
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 | (d) | 1.63 | (d) | 0.77 | (d) | 42 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 85 |
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 gains (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Large Cap Growth Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 42.44 | $ | (0.09 | ) | $ | 4.80 | $ | 4.71 | $ | — | $ | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 34.20 | (0.23 | ) | 3.64 | 3.41 | — | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 42.86 | 0.01 | 4.87 | 4.88 | — | (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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 41.17 | (0.18 | ) | 4.61 | 4.43 | — | (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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 42.64 | (0.08 | ) | 4.82 | 4.74 | — | (5.28 | ) | (5.28 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 38.39 | (0.08 | ) | 9.94 | 9.86 | — | (5.61 | ) | (5.61 | ) | ||||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 33.97 | (0.06 | ) | 7.62 | 7.56 | — | (3.14 | ) | (3.14 | ) | ||||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 42.85 | 0.01 | 4.87 | 4.88 | — | (5.28 | ) | (5.28 | ) | |||||||||||||||||||
Year Ended June 30, 2018 | 38.47 | 0.01 | 9.98 | 9.99 | — | (5.61 | ) | (5.61 | ) | |||||||||||||||||||
September 9, 2016 (f) through June 30, 2017 | 33.97 | 0.04 | 7.60 | 7.64 | — | (3.14 | ) | (3.14 | ) | |||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 43.65 | 0.07 | 5.00 | 5.07 | — | (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 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 43.95 | 0.11 | 5.03 | 5.14 | (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 | ) |
(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.
86 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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 (000’s) | Net expenses (e) | Net income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 41.87 | 13.67 | % | $ | 2,466,910 | 0.93 | % | (0.23 | )% | 1.10 | % | 50 | % | |||||||||||||
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 | |||||||||||||||||||
32.33 | 13.11 | 518,116 | 1.43 | (0.73 | ) | 1.59 | 50 | |||||||||||||||||||
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 | |||||||||||||||||||
42.46 | 13.95 | 4,691,515 | 0.68 | 0.02 | 0.84 | 50 | ||||||||||||||||||||
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 | |||||||||||||||||||
40.32 | 13.39 | 138,030 | 1.18 | (0.47 | ) | 1.34 | 50 | |||||||||||||||||||
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 | |||||||||||||||||||
42.10 | 13.68 | 45,376 | 0.93 | (0.21 | ) | 1.08 | 50 | |||||||||||||||||||
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 | |||||||||||||||||||
42.45 | 13.96 | 10,740 | 0.68 | 0.02 | 0.83 | 50 | ||||||||||||||||||||
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 | ||||||||||||||||||||
43.44 | 14.15 | 702,536 | 0.53 | 0.17 | 0.69 | 50 | ||||||||||||||||||||
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 | ||||||||||||||||||||
43.78 | 14.23 | 7,339,387 | 0.43 | 0.27 | 0.58 | 50 | ||||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 87 |
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 gains (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Large Cap Value Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 15.11 | $ | 0.17 | $ | (0.09 | ) | $ | 0.08 | $ | (0.17 | ) | $ | (0.91 | ) | $ | (1.08 | ) | ||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 14.51 | 0.10 | (0.10 | ) | — | (f) | (0.11 | ) | (0.91 | ) | (1.02 | ) | ||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 14.85 | 0.20 | (0.09 | ) | 0.11 | (0.20 | ) | (0.91 | ) | (1.11 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 14.99 | 0.14 | (0.10 | ) | 0.04 | (0.14 | ) | (0.91 | ) | (1.05 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
October 1, 2018 (g) through June 30, 2019 | 15.63 | 0.13 | (0.88 | ) | (0.75 | ) | (0.13 | ) | (0.91 | ) | (1.04 | ) | ||||||||||||||||
Class R4 | ||||||||||||||||||||||||||||
October 1, 2018 (g) through June 30, 2019 | 15.90 | 0.16 | (0.89 | ) | (0.73 | ) | (0.15 | ) | (0.91 | ) | (1.06 | ) | ||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 14.99 | 0.23 | (0.09 | ) | 0.14 | (0.22 | ) | (0.91 | ) | (1.13 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 14.90 | 0.24 | (0.10 | ) | 0.14 | (0.23 | ) | (0.91 | ) | (1.14 | ) | |||||||||||||||||
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 | ) |
(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.
88 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 14.11 | 1.07 | % | $ | 153,809 | 0.93 | % | 1.19 | % | 1.04 | % | 162 | % | |||||||||||||
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 | ||||||||||||||||||||
13.49 | 0.57 | 55,009 | 1.44 | 0.70 | 1.52 | 162 | ||||||||||||||||||||
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 | ||||||||||||||||||||
13.85 | 1.31 | 301,663 | 0.69 | 1.44 | 0.77 | 162 | ||||||||||||||||||||
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 | ||||||||||||||||||||
13.98 | 0.83 | 21,489 | 1.19 | 0.97 | 1.29 | 162 | ||||||||||||||||||||
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 | ||||||||||||||||||||
13.84 | (4.25 | ) | 19 | 0.94 | 1.28 | 1.17 | 162 | |||||||||||||||||||
14.11 | (4.05 | ) | 14,545 | 0.68 | 1.51 | 0.77 | 162 | |||||||||||||||||||
14.00 | 1.50 | 30,522 | 0.54 | 1.61 | 0.63 | 162 | ||||||||||||||||||||
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 | ||||||||||||||||||||
13.90 | 1.52 | 834,072 | 0.44 | 1.70 | 0.52 | 162 | ||||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 89 |
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 | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan U.S. Equity Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 16.48 | $ | 0.12 | (e) | $ | 1.17 | $ | 1.29 | $ | (0.12 | ) | $ | (1.79 | ) | $ | (1.91 | ) | ||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 15.99 | 0.04 | (e) | 1.13 | 1.17 | (0.06 | ) | (1.79 | ) | (1.85 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.51 | 0.16 | (e) | 1.18 | 1.34 | (0.15 | ) | (1.79 | ) | (1.94 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class L | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.53 | 0.18 | (e) | 1.18 | 1.36 | (0.17 | ) | (1.79 | ) | (1.96 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.34 | 0.08 | (e) | 1.16 | 1.24 | (0.09 | ) | (1.79 | ) | (1.88 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.43 | 0.12 | (e) | 1.16 | 1.28 | (0.12 | ) | (1.79 | ) | (1.91 | ) | |||||||||||||||||
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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.50 | 0.17 | (e) | 1.16 | 1.33 | (0.15 | ) | (1.79 | ) | (1.94 | ) | |||||||||||||||||
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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.54 | 0.19 | (e) | 1.17 | 1.36 | (0.17 | ) | (1.79 | ) | (1.96 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.56 | 0.20 | (e) | 1.19 | 1.39 | (0.19 | ) | (1.79 | ) | (1.98 | ) | |||||||||||||||||
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 | ) |
(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.
90 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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 (b) | ||||||||||||||||||||
$ | 15.86 | 9.18 | % | $ | 1,556,392 | 0.94 | % | 0.76 | % | 0.99 | % | 91 | % | |||||||||||||
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 | ||||||||||||||||||||
15.31 | 8.63 | 289,675 | 1.44 | 0.27 | 1.49 | 91 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.91 | 9.47 | 1,121,609 | 0.69 | 1.03 | 0.74 | 91 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.93 | 9.60 | 1,552,520 | 0.55 | 1.16 | 0.60 | 91 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.70 | 8.89 | 244,356 | 1.19 | 0.52 | 1.24 | 91 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.80 | 9.14 | 111,902 | 0.94 | 0.79 | 0.99 | 91 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.89 | 9.44 | 22,870 | 0.69 | 1.08 | 0.75 | 91 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.94 | 9.60 | 842,888 | 0.54 | 1.17 | 0.59 | 91 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.97 | 9.74 | 8,559,285 | 0.44 | 1.27 | 0.49 | 91 | ||||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 91 |
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) | gains | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan U.S. Large Cap Core Plus Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 30.10 | $ | 0.05 | (f) | $ | 1.53 | $ | 1.58 | $ | (0.05 | ) | $ | (4.12 | ) | $ | (4.17 | ) | ||||||||||
Year Ended June 30, 2018 | 30.35 | — | (f)(g) | 3.87 | 3.87 | — | (4.12 | ) | (4.12 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 26.06 | — | (f)(g) | 5.54 | 5.54 | (0.01 | ) | (1.24 | ) | (1.25 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 29.81 | 0.04 | (f) | (1.37 | ) | (1.33 | ) | — | (g) | (2.42 | ) | (2.42 | ) | |||||||||||||||
Year Ended June 30, 2015 | 29.50 | 0.06 | 2.49 | 2.55 | (0.11 | ) | (2.13 | ) | (2.24 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 28.65 | (0.08 | )(f) | 1.43 | 1.35 | — | (4.12 | ) | (4.12 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 29.21 | (0.15 | )(f) | 3.71 | 3.56 | — | (4.12 | ) | (4.12 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 25.23 | (0.14 | )(f) | 5.36 | 5.22 | — | (1.24 | ) | (1.24 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 29.07 | (0.10 | )(f) | (1.32 | ) | (1.42 | ) | — | (2.42 | ) | (2.42 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 28.85 | (0.09 | ) | 2.44 | 2.35 | — | (2.13 | ) | (2.13 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 30.51 | 0.13 | (f) | 1.54 | 1.67 | (0.12 | ) | (4.12 | ) | (4.24 | ) | |||||||||||||||||
Year Ended June 30, 2018 | 30.66 | 0.08 | (f) | 3.92 | 4.00 | (0.03 | ) | (4.12 | ) | (4.15 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 26.32 | 0.08 | (f) | 5.59 | 5.67 | (0.09 | ) | (1.24 | ) | (1.33 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 30.07 | 0.10 | (f) | (1.37 | ) | (1.27 | ) | (0.06 | ) | (2.42 | ) | (2.48 | ) | |||||||||||||||
Year Ended June 30, 2015 | 29.74 | 0.13 | 2.52 | 2.65 | (0.19 | ) | (2.13 | ) | (2.32 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 29.31 | (0.04 | )(f) | 1.47 | 1.43 | — | (4.12 | ) | (4.12 | ) | ||||||||||||||||||
Year Ended June 30, 2018 | 29.74 | (0.09 | )(f) | 3.78 | 3.69 | — | (4.12 | ) | (4.12 | ) | ||||||||||||||||||
Year Ended June 30, 2017 | 25.61 | (0.07 | )(f) | 5.44 | 5.37 | — | (1.24 | ) | (1.24 | ) | ||||||||||||||||||
Year Ended June 30, 2016 | 29.40 | (0.03 | )(f) | (1.34 | ) | (1.37 | ) | — | (2.42 | ) | (2.42 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 29.14 | (0.01 | ) | 2.46 | 2.45 | (0.06 | ) | (2.13 | ) | (2.19 | ) | |||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 30.65 | 0.14 | (f) | 1.55 | 1.69 | (0.14 | ) | (4.12 | ) | (4.26 | ) | |||||||||||||||||
Year Ended June 30, 2018 | 30.81 | 0.11 | (f) | 3.93 | 4.04 | (0.08 | ) | (4.12 | ) | (4.20 | ) | |||||||||||||||||
Year Ended June 30, 2017 | 26.44 | 0.13 | (f) | 5.62 | 5.75 | (0.14 | ) | (1.24 | ) | (1.38 | ) | |||||||||||||||||
Year Ended June 30, 2016 | 30.21 | 0.18 | (f) | (1.40 | ) | (1.22 | ) | (0.13 | ) | (2.42 | ) | (2.55 | ) | |||||||||||||||
Year Ended June 30, 2015 | 29.86 | 0.18 | 2.55 | 2.73 | (0.25 | ) | (2.13 | ) | (2.38 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 30.63 | 0.17 | (f) | 1.56 | 1.73 | (0.17 | ) | (4.12 | ) | (4.29 | ) | |||||||||||||||||
November 1, 2017 (i) through June 30, 2018 | 32.99 | 0.09 | (f) | 1.79 | 1.88 | (0.12 | ) | (4.12 | ) | (4.24 | ) |
(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% or unless otherwise noted. |
(e) | The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.09% and 1.34% for the year ended June 30, 2019, 1.15% and 1.40% for the year ended June 30, 2018, 1.25% and 1.43% for the year ended June 30, 2017, 1.26% and 1.49% for the year ended June 30, 2016 and 1.30% and 1.66% for the year ended June 30, 2015; for Class C are 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018, 1.75% and 1.94% for the year ended June 30, 2017, 1.76% and 2.00% for the year ended June 30, 2016 and 1.80% and 2.15% for the year ended June 30, 2015; for Class I are 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018, 0.98% and 1.16% for the year ended June 30, 2017, 1.00% and 1.21% for the year ended June 30, 2016 and 1.05% and 1.38% for the year ended June 30, 2015; for Class R2 are 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018, 1.50% and 1.76% for the year ended June 30, 2017, 1.51% and 1.84% for the year ended June 30, 2016 and 1.55% and 1.97% for the year ended June 30, 2015; for Class R5 are 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018, 0.80% and 0.96% for the year ended June 30, 2017, 0.80% and 0.97% for the year ended June 30, 2016 and 0.85% and 1.17% for the year ended June 30, 2015; for Class R6 are 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, respectively. |
(f) | Calculated based upon average shares outstanding. |
(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.
92 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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 (including dividend and interest expense for securities sold short) (d)(e) | Net income | Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e) | Portfolio turnover rate (excluding securities sold short) (b) | Portfolio turnover rate (including securities sold short) (b) | |||||||||||||||||||||||
$ | 27.51 | 6.84 | % | $ | 678,071 | 1.91 | % | 0.22 | % | 2.16 | % | 98 | % | 148 | % | |||||||||||||||
30.10 | 13.16 | 772,656 | 2.01 | 0.01 | 2.26 | 110 | 161 | |||||||||||||||||||||||
30.35 | 21.64 | 791,067 | 2.20 | 0.00 | (h) | 2.39 | 94 | 131 | ||||||||||||||||||||||
26.06 | (4.52 | ) | 890,217 | 2.21 | 0.14 | 2.44 | 88 | 127 | ||||||||||||||||||||||
29.81 | 9.05 | 943,586 | 2.33 | 0.18 | 2.69 | 94 | 127 | |||||||||||||||||||||||
25.88 | 6.31 | 108,332 | 2.42 | (0.29 | ) | 2.67 | 98 | 148 | ||||||||||||||||||||||
28.65 | 12.58 | 158,677 | 2.50 | (0.50 | ) | 2.75 | 110 | 161 | ||||||||||||||||||||||
29.21 | 21.05 | 201,031 | 2.70 | (0.50 | ) | 2.89 | 94 | 131 | ||||||||||||||||||||||
25.23 | (4.98 | ) | 212,879 | 2.71 | (0.37 | ) | 2.95 | 88 | 127 | |||||||||||||||||||||
29.07 | 8.51 | 263,257 | 2.83 | (0.31 | ) | 3.18 | 94 | 127 | ||||||||||||||||||||||
27.94 | 7.11 | 4,740,691 | 1.67 | 0.46 | 1.91 | 98 | 148 | |||||||||||||||||||||||
30.51 | 13.46 | 6,169,553 | 1.75 | 0.27 | 2.00 | 110 | 161 | |||||||||||||||||||||||
30.66 | 21.95 | 8,075,047 | 1.94 | 0.27 | 2.12 | 94 | 131 | |||||||||||||||||||||||
26.32 | (4.28 | ) | 8,175,603 | 1.95 | 0.38 | 2.16 | 88 | 127 | ||||||||||||||||||||||
30.07 | 9.32 | 10,354,676 | 2.08 | 0.45 | 2.41 | 94 | 127 | |||||||||||||||||||||||
26.62 | 6.45 | 5,304 | 2.27 | (0.14 | ) | 2.45 | 98 | 148 | ||||||||||||||||||||||
29.31 | 12.81 | 6,528 | 2.31 | (0.30 | ) | 2.52 | 110 | 161 | ||||||||||||||||||||||
29.74 | 21.33 | 6,207 | 2.45 | (0.24 | ) | 2.71 | 94 | 131 | ||||||||||||||||||||||
25.61 | (4.74 | ) | 5,987 | 2.46 | (0.11 | ) | 2.79 | 88 | 127 | |||||||||||||||||||||
29.40 | 8.79 | 5,821 | 2.58 | (0.05 | ) | 3.00 | 94 | 127 | ||||||||||||||||||||||
28.08 | 7.14 | 99,113 | 1.62 | 0.51 | 1.76 | 98 | 148 | |||||||||||||||||||||||
30.65 | 13.57 | 126,084 | 1.65 | 0.37 | 1.85 | 110 | 161 | |||||||||||||||||||||||
30.81 | 22.18 | 168,526 | 1.76 | 0.47 | 1.92 | 94 | 131 | |||||||||||||||||||||||
26.44 | (4.07 | ) | 591,379 | 1.75 | 0.73 | 1.92 | 88 | 127 | ||||||||||||||||||||||
30.21 | 9.54 | 301,894 | 1.88 | 0.65 | 2.20 | 94 | 127 | |||||||||||||||||||||||
28.07 | 7.30 | 787,497 | 1.52 | 0.59 | 1.67 | 98 | 148 | |||||||||||||||||||||||
30.63 | 6.10 | 1,795,125 | 1.54 | 0.44 | 1.74 | 110 | 161 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 93 |
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FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance | |||||||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (a) | 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 | ||||||||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 28.37 | $ | 0.34 | $ | 1.96 | $ | 2.30 | $ | (0.36 | ) | $ | (2.93 | ) | $ | — | $ | (3.29 | ) | |||||||||||||||
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 | ) | |||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 28.61 | 0.41 | 1.98 | 2.39 | (0.42 | ) | (2.93 | ) | — | (3.35 | ) | |||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||
Class L | ||||||||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 28.57 | 0.41 | 1.97 | 2.38 | (0.41 | ) | (2.93 | ) | — | (3.34 | ) | |||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 28.57 | 0.44 | 1.98 | 2.42 | (0.44 | ) | (2.93 | ) | — | (3.37 | ) | |||||||||||||||||||||||
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 | ) |
(a) | Calculated based upon average shares outstanding. |
(b) | 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. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
94 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (b) | Net assets, end of period (000’s) | Net expenses (c) | income | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate | ||||||||||||||||||||
$ | 27.38 | 9.39 | % | $ | 207,809 | 0.60 | % | 1.24 | % | 0.85 | % | 42 | % | |||||||||||||
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 | ||||||||||||||||||||
27.65 | 9.65 | 232,077 | 0.35 | 1.50 | 0.59 | 42 | ||||||||||||||||||||
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 | ||||||||||||||||||||
27.61 | 9.66 | 422,351 | 0.35 | 1.50 | 0.44 | 42 | ||||||||||||||||||||
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 | ||||||||||||||||||||
27.62 | 9.78 | 4,953,109 | 0.25 | 1.60 | 0.34 | 42 | ||||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 95 |
Table of Contents
AS OF JUNE 30, 2019
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”), asopen-end management investment companies.
The following are 9 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(1) | 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(2), Class R4(2), 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. Large Cap Core Plus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified | |||
JPMorgan U.S. Research Enhanced Equity Fund | Class A(3), Class I, Class L and Class R6 | JPM I | Diversified |
(1) | Class R6 commenced operations on October 1, 2018 for JPMorgan Equity Focus Fund. |
(2) | Class R3 and Class R4 commenced operations on October 1, 2018 for JPMorgan Large Cap Value Fund. |
(3) | Class A Shares are publicly offered on a limited basis for JPMorgan 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. Large Cap Core Plus Fund (“U.S. Large Cap Core Plus Fund”) is to seek to provide a 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 10 discussing the merger.
Class L Shares for U.S. Equity Fund and Class A and Class L Shares for U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in 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 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.
96 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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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 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 inopen-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
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) | $ | 106,748 | $ | — | $ | — | $ | 106,748 | ||||||||
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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) | $ | 23,660,237 | $ | — | $ | — | $ | 23,660,237 | ||||||||
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JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 97 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Growth and Income Fund | ||||||||||||||||
Level 1 | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 658,259 | $ | — | $ | — | $ | 658,259 | ||||||||
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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) | $ | 5,273,029 | $ | — | $ | — | $ | 5,273,029 | ||||||||
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Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 1,239 | $ | — | $ | — | $ | 1,239 | ||||||||
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Depreciation in Other Financial Instruments |
| |||||||||||||||
Options Written (a) | ||||||||||||||||
Call Option Written | $ | (57,339 | ) | $ | — | $ | — | $ | (57,339 | ) | ||||||
Put Option Written | (8,863 | ) | — | — | (8,863 | ) | ||||||||||
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Total Depreciation in Other Financial Instruments | $ | (66,202 | ) | $ | — | $ | — | $ | (66,202 | ) | ||||||
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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) | $ | 16,533,729 | $ | — | $ | — | $ | 16,533,729 | ||||||||
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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) | $ | 1,402,597 | $ | — | (c) | $ | — | $ | 1,402,597 | |||||||
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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) | $ | 14,342,913 | $ | — | (c) | $ | — | $ | 14,342,913 | |||||||
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Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 142 | $ | — | $ | — | $ | 142 | ||||||||
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U.S. Large Cap Core Plus 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) | $ | 7,872,571 | $ | — | $ | — | $ | 7,872,571 | ||||||||
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Total Liabilities for Securities Sold Short(a) | $ | (1,447,612 | ) | $ | — | $ | ��� | $ | (1,447,612 | ) | ||||||
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Depreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | (156 | ) | $ | — | $ | — | $ | (156 | ) | ||||||
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98 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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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) | $ | 5,813,824 | $ | – | $ | – | $ | 5,813,824 | ||||||||
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| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 636 | $ | – | $ | – | $ | 636 | ||||||||
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(a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. |
(b) | All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of a warrant. |
(c) | Amount rounds to less than one thousand. |
There were no significant transfers into and out of level 3 for the year ended June 30, 2019.
B. Futures Contracts — Hedged Equity Fund, U.S. Equity Fund, U.S. Large Cap Core Plus 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, while 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 year ended June 30, 2019 (amounts in thousands):
Hedged Equity Fund | U.S. Equity Fund | U.S. Large Cap Core Plus Fund | U.S. Research Enhanced Equity Fund | |||||||||||||
Futures Contracts — Equity: | ||||||||||||||||
Average Notional Balance Long | $ | 75,691 | $ | 67,161 | $ | 18,917 | $ | 49,605 | ||||||||
Ending Notional Balance Long | 76,838 | 8,832 | 38,125 | 39,450 |
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 record 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.
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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.
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 forover-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 year ended June 30, 2019:
Exchange-Traded Options: | ||||
Average Number of Contracts Purchased | 12,821 | |||
Average Number of Contracts Written | 25,641 | |||
Ending Number of Contracts Purchased | 17,210 | |||
Ending Number of Contracts Written | 34,420 |
D. Short Sales — The U.S. Large Cap Core Plus Fund engages in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.
The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund’s custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as Interest income or Interest expense on securities sold short on the Statements of Operations.
The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported onex-dividend date on the Statements of Operations as Dividend expense on securities sold short. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.
The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.
As of June 30, 2019, the Fund had outstanding short sales as listed on the SOI.
E. 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
100 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
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.
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), subject to certaindeminimis amounts.
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 June 30, 2019, 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 | ||||||||||
Large Cap Growth Fund | $ | 487,111 | $ | 503,073 | $ | 503,073 | ||||||
U.S. Equity Fund | 16,917 | 16,919 | 16,919 |
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 collateral received or posted by the Funds as of June 30, 2019 (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) | ||||||||||
Large Cap Growth Fund | $ | 487,111 | $ | (487,111 | ) | $ | — | |||||
U.S. Equity Fund | 16,917 | (16,917 | ) | — |
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 cash collateral 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 | 42 | |||
Large Cap Value Fund | 2 | |||
U.S. Equity Fund | 9 |
(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 Focus Fund and Large Cap Value Fund did not have any securities out on loan at June 30, 2019. Equity Income Fund, Growth and Income Fund, Hedged Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund did not lend out any securities during the year ended June 30, 2019.
F. 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.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 101 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Equity Focus Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 10,985 | $ | 8,206 | $— | (c) | $ | — | (c) | $ | 2,779 | 2,778 | $ | 21 | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares (a) | — | 11,453 | 11,453 | — | — | — | — | 5 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 10,204 | 57,716 | 67,920 | — | — | — | — | 92 | — | |||||||||||||||||||||||||||
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| |||||||||||||||||||||
Total | $ | 10,204 | $ | 80,154 | $ | 87,579 | $— | (c) | $ | — | (c) | $ | 2,779 | $ | 118 | $ | — | |||||||||||||||||||
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Equity Income Fund
| ||||||||||||||||||||||||||||||||||||
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 3,526,693 | $ | 2,474,483 | $ | 24 | $ | 81 | $ | 1,052,315 | 1,051,895 | $ | 4,324 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 608,619 | 3,982,683 | 4,591,302 | — | — | — | — | 9,765 | — | |||||||||||||||||||||||||||
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| |||||||||||||||||||||
Total | $ | 608,619 | $ | 7,509,376 | $ | 7,065,785 | $ | 24 | $ | 81 | $ | 1,052,315 | $ | 14,089 | $ | — | ||||||||||||||||||||
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Growth and Income Fund
| ||||||||||||||||||||||||||||||||||||
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 58,120 | $ | 37,723 | $— | (c) | $ | 1 | $ | 20,398 | 20,390 | $ | 93 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 27,866 | 91,766 | 119,632 | — | — | — | — | 313 | — | |||||||||||||||||||||||||||
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Total | $ | 27,866 | $ | 149,886 | $ | 157,355 | $— | (c) | $ | 1 | $ | 20,398 | $ | 406 | $ | — | ||||||||||||||||||||
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Hedged Equity Fund
| ||||||||||||||||||||||||||||||||||||
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (a)(b) | $ | 92,778 | $ | 2,758,859 | $ | 2,619,186 | $ | — | $ | — | $ | 232,451 | 232,451 | $ | 1,966 | $ | — | |||||||||||||||||||
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102 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
Large Cap Growth Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 2,051,543 | $ | 1,873,866 | $ | — | (c) | $ | 7 | $ | 177,684 | 177,612 | $ | 2,480 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b) | — | 1,519,500 | 1,113,501 | 72 | * | 37 | 406,108 | 406,028 | 5,034 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b) | — | 1,073,086 | 976,121 | — | — | 96,965 | 96,965 | 1,300 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 255,806 | 2,723,325 | 2,979,131 | — | — | — | — | 6,450 | — | |||||||||||||||||||||||||||
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Total | $ | 255,806 | $ | 7,367,454 | $ | 6,942,619 | $ | 72 | $ | 44 | $ | 680,757 | $ | 15,264 | $ | — | ||||||||||||||||||||
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Large Cap Value Fund
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For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 200,421 | $ | 188,904 | $ | 2 | $ | 1 | $ | 11,520 | 11,515 | $ | 130 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares (a) | — | 44,000 | 44,000 | — | — | — | — | 41 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares (a) | — | 89,208 | 89,208 | — | — | — | — | 48 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 90,740 | 744,328 | 835,068 | — | — | — | — | 602 | — | |||||||||||||||||||||||||||
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Total | $ | 90,740 | $ | 1,077,957 | $ | 1,157,180 | $ | 2 | $ | 1 | $ | 11,520 | $ | 821 | $ | — | ||||||||||||||||||||
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U.S. Equity Fund
| ||||||||||||||||||||||||||||||||||||
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 923,387 | $ | 834,609 | $ | 5 | $ | 9 | $ | 88,792 | 88,757 | $ | 1,175 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a)(b) | — | 457,000 | 444,000 | 16 | * | 1 | 13,017 | 13,015 | 799 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a)(b) | — | 401,894 | 397,992 | — | — | 3,902 | 3,902 | 256 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 152,987 | 2,252,416 | 2,405,403 | — | — | — | — | 1,949 | — | |||||||||||||||||||||||||||
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Total | $ | 152,987 | $ | 4,034,697 | $ | 4,082,004 | $ | 21 | $ | 10 | $ | 105,711 | $ | 4,179 | $ | — | ||||||||||||||||||||
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JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 103 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
U.S. Large Cap Core Plus Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 762,951 | $ | 684,869 | $ | 2 | $ | 2 | $ | 78,086 | 78,054 | $ | 363 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 126,714 | 2,000,754 | 2,127,468 | — | — | — | — | 1,257 | — | |||||||||||||||||||||||||||
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Total | $ | 126,714 | $ | 2,763,705 | $ | 2,812,337 | $ | 2 | $ | 2 | $ | 78,086 | $ | 1,620 | $ | — | ||||||||||||||||||||
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U.S. Research Enhanced Equity Fund
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For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a)(b) | $ | — | $ | 201,429 | $ | 161,757 | $ | 1 | $ | 4 | $ | 39,677 | 39,661 | $ | 317 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 106,088 | 436,306 | 542,394 | — | — | — | — | 748 | — | |||||||||||||||||||||||||||
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Total | $ | 106,088 | $ | 637,735 | $ | 704,151 | $ | 1 | $ | 4 | $ | 39,677 | $ | 1,065 | $ | — | ||||||||||||||||||||
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(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of June 30, 2019. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
G. 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 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.
H. 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.
104 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
Table of Contents
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2019 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) | $ | 5 | n/a | n/a | n/a | n/a | n/a | $ | — | (a) | $ | 6 | |||||||||||||||||||||||
Equity Income Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 363 | 63 | 85 | n/a | $ | 13 | $ | 3 | $ | 2 | $ | 21 | 100 | 650 | ||||||||||||||||||||||||||
Growth and Income Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 144 | 3 | 5 | n/a | 1 | — | (a) | — | (a) | — | (a) | 1 | 154 | |||||||||||||||||||||||||||
Hedged Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 11 | 6 | 27 | n/a | n/a | n/a | n/a | 2 | 6 | 52 | ||||||||||||||||||||||||||||||
Large Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 311 | 20 | 65 | n/a | 10 | 1 | — | (a) | 15 | 71 | 493 | |||||||||||||||||||||||||||||
Large Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 44 | 4 | 8 | n/a | 6 | — | (a) | — | (a) | 4 | 28 | 94 | ||||||||||||||||||||||||||||
U.S. Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 98 | 13 | 34 | $151 | 6 | 3 | 2 | 11 | 82 | 400 | ||||||||||||||||||||||||||||||
U.S. Large Cap Core Plus Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 38 | 8 | 86 | n/a | 2 | n/a | n/a | 6 | 16 | 156 | ||||||||||||||||||||||||||||||
U.S. Research Enhanced Equity Fund | ||||||||||||||||||||||||||||||||||||||||
Transfer agency fees | 25 | n/a | 8 | 10 | n/a | n/a | n/a | n/a | 44 | 87 |
��
(a) | Amount rounds to less than one thousand. |
I. 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 June 30, 2019, no liability for Federal 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.
J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly, except for Equity Focus Fund, Large Cap Growth Fund and U.S. Large Cap Core Plus 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 Federaltax-basis treatment.
The following amounts were reclassified within the capital accounts (amounts in thousands):
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | ||||||||||
Equity Focus Fund | $ | 8,535 | $ | (52 | ) | $ | (8,483 | ) | ||||
Equity Income Fund | 27,688 | 792 | (28,480 | ) | ||||||||
Growth and Income Fund | — | — | (a) | — | (a) | |||||||
Hedged Equity Fund | — | (a) | (741 | ) | 741 | |||||||
Large Cap Growth Fund | 110,471 | (1,087 | ) | (109,384 | ) | |||||||
Large Cap Value Fund | — | (860 | ) | 860 | ||||||||
U.S. Equity Fund | 105,697 | (8,204 | ) | (97,493 | ) | |||||||
U.S. Large Cap Core Plus Fund | 136,485 | (400 | ) | (136,085 | ) | |||||||
U.S. Research Enhanced Equity Fund | — | (2,100 | ) | 2,100 |
(a) | Amount rounds to less than one thousand. |
The reclassifications for the Funds relate primarily tonon-taxable dividends, redemptionsin-kind and tax equalization.
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 105 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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 | %(1) | ||
Equity Income Fund | 0.40 | |||
Growth and Income Fund | 0.40 | |||
Hedged Equity Fund | 0.25 | |||
Large Cap Growth Fund | 0.50 | (1) | ||
Large Cap Value Fund | 0.40 | |||
U.S. Equity Fund | 0.40 | |||
U.S. Large Cap Core Plus Fund | 0.70 | (1) | ||
U.S. Research Enhanced Equity Fund | 0.25 |
(1) | Effective August 1, 2019, the annual rate will change from 0.60% to 0.50% for Equity Focus Fund, 0.50% to 0.45% for Large Cap Growth Fund and 0.70% to 0.65% for U.S. Large Cap Core Plus Fund. |
Prior to November 19, 2018, the Investment Advisory fee for U.S. Large Cap Core Plus Fund was accrued daily and paid monthly at an annual rate of 0.80% of the 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 Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2019, the effective rate for Equity Focus Fund, Equity Income Fund, Growth and Income Fund, Hedged Equity Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund was 0.08%, 0.07%, 0.08%, 0.08%, 0.07%, 0.08%, 0.08%, 0.08% and 0.08%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived Administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services 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. 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. Large Cap Core Plus Fund | 0.25 | 0.75 | 0.50 | n/a | ||||||||||||
U.S. Research Enhanced Equity Fund | 0.25 | n/a | n/a | n/a |
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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 year ended June 30, 2019, JPMDS retained the following (amounts in thousands):
Front-End Sales Charge | CDSC | |||||||
Equity Focus Fund | $ | 3 | $ | — | ||||
Equity Income Fund | 667 | 2 | ||||||
Growth and Income Fund | 28 | — | (a) | |||||
Hedged Equity Fund | 147 | 6 | ||||||
Large Cap Growth Fund | 358 | — | (a) | |||||
Large Cap Value Fund | 14 | — | (a) | |||||
U.S. Equity Fund | 88 | — | (a) | |||||
U.S. Large Cap Core Plus Fund | 10 | — | (a) | |||||
U.S. Research Enhanced Equity Fund | 1 | — |
(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 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. Large Cap Core Plus Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 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, 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.
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, expenses related to trustee elections 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 | (1) | 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. Large Cap Core Plus Fund | 1.10 | 1.60 | 0.85 | n/a | 1.45 | n/a | n/a | 0.80 | 0.70 | |||||||||||||||||||||||||||
U.S. Research Enhanced Equity Fund | 0.60 | n/a | 0.35 | 0.45 | n/a | n/a | n/a | n/a | 0.25 |
(1) | 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. |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 107 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2019 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2019.
For the year ended June 30, 2019, 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 | $ | 282 | $ | 123 | $ | 5 | $ | 410 | $ | 3 | ||||||||||
Equity Income Fund | 39 | — | — | 39 | — | |||||||||||||||
Growth and Income Fund | 349 | 233 | 149 | 731 | 2 | |||||||||||||||
Hedged Equity Fund | 163 | 109 | 27 | 299 | 7 | |||||||||||||||
Large Cap Growth Fund | 12,584 | 8,365 | 409 | 21,358 | 61 | |||||||||||||||
Large Cap Value Fund | 699 | 464 | 82 | 1,245 | 24 | |||||||||||||||
U.S. Equity Fund | 4,132 | 2,734 | 167 | 7,033 | 82 | |||||||||||||||
U.S. Large Cap Core Plus Fund | 6,727 | 4,483 | 6,550 | 17,760 | 8 | |||||||||||||||
U.S. Research Enhanced Equity Fund | 3,474 | 2,316 | 752 | 6,542 | 44 |
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, except for investments of securities lending cash collateral.
The amounts of waivers resulting from investments in these money market funds for the year ended June 30, 2019 were as follows (amounts in thousands):
Equity Focus Fund | $ | 12 | ||
Equity Income Fund | 1,216 | |||
Growth and Income Fund | 40 | |||
Hedged Equity Fund | 165 | |||
Large Cap Growth Fund | 785 | |||
Large Cap Value Fund | 74 | |||
U.S. Equity Fund | 270 | |||
U.S. Large Cap Core Plus Fund | 152 | |||
U.S. Research Enhanced Equity Fund | 107 |
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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with 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 year ended June 30, 2019, the Hedged Equity Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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 year ended June 30, 2019, 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) | Securities Sold Short | Covers on Securities Sold Short | |||||||||||||
Equity Focus Fund | $ | 75,371 | $ | 222,889 | $ | — | $ | — | ||||||||
Equity Income Fund | 8,719,842 | 4,450,673 | — | — | ||||||||||||
Growth and Income Fund | 181,095 | 157,140 | — | — | ||||||||||||
Hedged Equity Fund | 3,907,485 | 1,673,586 | — | — | ||||||||||||
Large Cap Growth Fund | 7,163,975 | 7,303,886 | — | — | ||||||||||||
Large Cap Value Fund | 2,517,147 | 2,751,434 | — | — | ||||||||||||
U.S. Equity Fund | 12,908,149 | 14,703,169 | — | — | ||||||||||||
U.S. Large Cap Core Plus Fund | 9,605,141 | 13,390,214 | 4,134,474 | 4,919,846 | ||||||||||||
U.S. Research Enhanced Equity Fund | 2,652,914 | 4,029,296 | — | — |
During the year ended June 30, 2019, 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 June 30, 2019 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Equity Focus Fund | $ | 76,630 | $ | 30,635 | $ | 517 | $ | 30,118 | ||||||||
Equity Income Fund | 17,762,864 | 6,009,830 | 112,457 | 5,897,373 | ||||||||||||
Growth and Income Fund | 447,027 | 214,603 | 3,371 | 211,232 | ||||||||||||
Hedged Equity Fund | 4,689,788 | 580,058 | 61,780 | 518,278 | ||||||||||||
Large Cap Growth Fund | 9,601,587 | 6,943,705 | 11,563 | 6,932,142 | ||||||||||||
Large Cap Value Fund | 1,316,322 | 117,597 | 31,323 | 86,274 | ||||||||||||
U.S. Equity Fund | 10,813,815 | 3,659,451 | 130,211 | 3,529,240 | ||||||||||||
U.S. Large Cap Core Plus Fund* | 4,066,619 | 2,448,091 | 89,907 | 2,358,184 | ||||||||||||
U.S. Research Enhanced Equity Fund | 4,041,588 | 1,839,415 | 66,543 | 1,772,872 |
* | The tax cost includes the proceeds from short sales which may result in a net negative cost. |
For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, mark to market of options contracts andnon-taxable dividends.
The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Equity Focus Fund | $ | 1,517 | $ | 13,795 | $ | 15,312 | ||||||
Equity Income Fund | 429,818 | 505,510 | 935,328 | |||||||||
Growth and Income Fund | 12,960 | 24,851 | 37,811 | |||||||||
Hedged Equity Fund | 43,440 | — | 43,440 | |||||||||
Large Cap Growth Fund | 5,415 | 1,765,341 | 1,770,756 | |||||||||
Large Cap Value Fund | 69,943 | 49,369 | 119,312 | |||||||||
U.S. Equity Fund | 493,090 | 1,142,626 | 1,635,716 | |||||||||
U.S. Large Cap Core Plus Fund | 34,942 | 1,077,212 | 1,112,154 | |||||||||
U.S. Research Enhanced Equity Fund | 99,784 | 640,122 | 739,906 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
The tax character of distributions paid during the year ended June 30, 2018 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Equity Focus Fund | $ | 3,543 | $ | 7,523 | $ | 11,066 | ||||||
Equity Income Fund | 300,091 | 121,381 | 421,472 | |||||||||
Growth and Income Fund | 10,397 | 20,464 | 30,861 | |||||||||
Hedged Equity Fund | 16,679 | — | 16,679 | |||||||||
Large Cap Growth Fund | 82,305 | 1,573,061 | 1,655,366 | |||||||||
Large Cap Value Fund | 86,611 | 36,616 | 123,227 | |||||||||
U.S. Equity Fund | 300,992 | 988,613 | 1,289,605 | |||||||||
U.S. Large Cap Core Plus Fund | 12,761 | 1,178,256 | 1,191,017 | |||||||||
U.S. Research Enhanced Equity Fund | 103,632 | — | 103,632 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of June 30, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
Equity Focus Fund | $ | 1,354 | $ | 12,205 | $ | 30,118 | ||||||
Equity Income Fund | — | 60 | 5,897,373 | |||||||||
Growth and Income Fund | 356 | 13,478 | 211,232 | |||||||||
Hedged Equity Fund | 1,628 | (70,015 | ) | 518,278 | ||||||||
Large Cap Growth Fund | 5,204 | 1,242,930 | 6,932,142 | |||||||||
Large Cap Value Fund | 1,271 | (20,829 | ) | 86,274 | ||||||||
U.S. Equity Fund | 7,757 | 1,014,374 | 3,529,240 | |||||||||
U.S. Large Cap Core Plus Fund | 12,363 | 653,128 | 2,356,805 | |||||||||
U.S. Research Enhanced Equity Fund | 1,937 | 299,127 | 1,772,872 |
For the Funds, the cumulative timing differences primarily consist of mark to market of options contracts, post-October capital loss deferrals,non-taxable dividends and wash sale loss deferrals.
As of June 30, 2019, the following Funds had the following post-enactment net capital loss carryforwards (amounts in thousands):
Capital Loss Carryforward Character | ||||||||
Short-Term | Long-Term | |||||||
Hedged Equity Fund | $ | 30,463 | $ | 39,552 | ||||
Large Cap Value Fund | 20,829 | — |
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, 2019, the Funds deferred to July 1, 2019 the following net capital losses of (amounts in thousands):
Net Capital Losses | ||||||||
Short-Term | Long-Term | |||||||
Equity Income Fund | $ | 71,623 | $ | (42,715) | ||||
Growth and Income Fund | 498 | — | ||||||
Hedged Equity Fund | 64,453 | 80,038 | ||||||
Large Cap Growth Fund | 123,326 | — | ||||||
Large Cap Value Fund | 32,251 | (19,678 | ) | |||||
U.S. Equity Fund | 30,565 | — | ||||||
U.S. Large Cap Core Plus Fund | 84,150 | — | ||||||
U.S. Research Enhanced Equity Fund | 17,394 | — |
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
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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 June 30, 2019. Average borrowings from the Facility for the year ended June 30, 2019, were as follows (amounts in thousands, except number of days outstanding):
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 13, 2019, 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 June 30, 2019. Average borrowings from the Credit Facility for, or at any time during the year ended June 30, 2019 were as follows (amounts in thousands, except number of days outstanding):
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 June 30, 2019, the Funds had individual shareholder and/or 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 | 1 | 70.0 | % | 1 | 15.8 | % | ||||||||||
Equity Income Fund | 1 | 12.6 | 2 | 25.5 | ||||||||||||
Growth and Income Fund | 1 | 19.9 | 1 | 11.2 | ||||||||||||
Hedged Equity Fund | — | — | 3 | 41.0 | ||||||||||||
Large Cap Growth Fund | — | — | 1 | 20.8 | ||||||||||||
Large Cap Value Fund | 2 | 28.9 | — | — | ||||||||||||
U.S. Equity Fund | — | — | 1 | 11.4 | ||||||||||||
U.S. Large Cap Core Plus Fund | 1 | 14.6 | 2 | 51.0 | ||||||||||||
U.S. Research Enhanced Equity Fund | 2 | 21.4 | 1 | 11.5 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
As of June 30, 2019, 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 | 38.2 | % | n/a | |||||
U.S. Equity Fund | n/a | 27.0 | % | |||||
U.S. Research Enhanced Equity Fund | n/a | 63.2 |
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
8. Redemptionin-kind
On February 28, 2019, certain shareholders sold Class R6 Shares of Equity Income Fund. The portfolio securities were delivered primarily by means of a redemptionin-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):
Value | Realized Gains (Losses) | Type | ||||||||||
Equity Income Fund | $ | 54,694 | * | $ | 27,965 | Redemption in-kind |
* This amount includes cash of approximately $2,919,000 associated with the redemptionin-kind.
9. New Accounting Pronouncements
In August 2018, the Financial Accounting Standards 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. Management has 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 the 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. Management has 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.
10. 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 atax-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 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.
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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.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of 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. Large Cap Core Plus Fund and JPMorgan U.S. Research Enhanced Equity Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Equity Focus Fund, JPMorgan Growth and Income Fund, JPMorgan Hedged Equity Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund and JPMorgan U.S. Research Enhanced Equity Fund (six of the funds constituting JPMorgan Trust I) and JPMorgan Equity Income Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (three of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations and cash flows (for JPMorgan U.S. Large Cap Core Plus Fund) for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019, the results of each of their operations and cash flows (for JPMorgan U.S. Large Cap Core Plus Fund) for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 23, 2019
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 134 | Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trusts since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 134 | Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 134 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016). | |||
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999). | 134 | Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present). | |||
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 134 | None | |||
Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 134 | None |
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TRUSTEES
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trusts since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 134 | Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 134 | None | |||
Mary E. Martinez (1960); Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 134 | None | |||
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President of Administration and Planning, Northwestern University (1985-present). | 134 | None | |||
Mitchell M. Merin (1953); Trustee of Trusts since 2013. | Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006). | 134 | Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013). | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002). | 134 | Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006). | 134 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
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(1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eleven registered investment companies (134 funds). |
* | Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
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(Unaudited)
Name (Year of Birth), Positions Held with the Trusts (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016) | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014). | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016. | |
Gregory S. Samuels (1980), Secretary (2019)* (formerly Assistant Secretary since 2010) | Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015. | |
Keri E. Riemer (1976), Assistant Secretary (2019)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016). | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Lauren A. Paino (1973), Assistant Treasurer (2014)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006. | |
Gillian I. Sands (1969), Assistant Treasurer (2012)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
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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, January 1, 2019 and continued to hold your shares at the end of the reporting period, June 30, 2019.
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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Equity Focus Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,182.80 | $ | 5.90 | 1.09 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.39 | 5.46 | 1.09 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,179.70 | 8.59 | 1.59 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.91 | 7.95 | 1.59 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,184.20 | 4.55 | 0.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.63 | 4.21 | 0.84 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,186.00 | 3.20 | 0.59 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.87 | 2.96 | 0.59 | ||||||||||||
JPMorgan Equity Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,154.20 | 5.23 | 0.98 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.93 | 4.91 | 0.98 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,151.50 | 7.84 | 1.47 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.50 | 7.35 | 1.47 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,155.50 | 3.85 | 0.72 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.22 | 3.61 | 0.72 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,152.90 | 6.57 | 1.23 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.70 | 6.16 | 1.23 |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 119 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Equity Income Fund (continued) | ||||||||||||||||
Class R3 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,154.40 | $ | 5.18 | 0.97 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.98 | 4.86 | 0.97 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,155.60 | 3.90 | 0.73 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.17 | 3.66 | 0.73 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,156.90 | 3.10 | 0.58 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.92 | 2.91 | 0.58 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,156.90 | 2.51 | 0.47 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.46 | 2.36 | 0.47 | ||||||||||||
JPMorgan Growth and Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,151.50 | 4.96 | 0.93 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.18 | 4.66 | 0.93 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,148.50 | 7.62 | 1.43 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.70 | 7.15 | 1.43 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,152.90 | 3.63 | 0.68 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.42 | 3.41 | 0.68 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,150.10 | 6.29 | 1.18 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.94 | 5.91 | 1.18 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,151.30 | 4.96 | 0.93 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.18 | 4.66 | 0.93 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,152.90 | 3.63 | 0.68 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.42 | 3.41 | 0.68 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,153.70 | 2.83 | 0.53 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.17 | 2.66 | 0.53 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,154.50 | 2.30 | 0.43 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.66 | 2.16 | 0.43 | ||||||||||||
JPMorgan Hedged Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,077.20 | 4.43 | 0.86 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.53 | 4.31 | 0.86 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,074.20 | 6.99 | 1.36 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.05 | 6.81 | 1.36 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,078.90 | 3.14 | 0.61 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.77 | 3.06 | 0.61 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,079.50 | 2.32 | 0.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.56 | 2.26 | 0.45 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,079.90 | 1.86 | 0.36 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.01 | 1.81 | 0.36 |
120 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Large Cap Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,282.00 | $ | 5.26 | 0.93 | % | ||||||||
Hypothetical | 1,000.00 | 1,020.18 | 4.66 | 0.93 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,278.90 | 8.08 | 1.43 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.70 | 7.15 | 1.43 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,283.60 | 3.85 | 0.68 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.42 | 3.41 | 0.68 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,280.40 | 6.67 | 1.18 | ||||||||||||
Hypothetical | 1,000.00 | �� | 1,018.94 | 5.91 | 1.18 | |||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,282.00 | 5.26 | 0.93 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.18 | 4.66 | 0.93 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,283.60 | 3.85 | 0.68 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.42 | 3.41 | 0.68 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,284.40 | 3.00 | 0.53 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.17 | 2.66 | 0.53 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,285.00 | 2.44 | 0.43 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.66 | 2.16 | 0.43 | ||||||||||||
JPMorgan Large Cap Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,149.40 | 4.90 | 0.92 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.23 | 4.61 | 0.92 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,145.70 | 7.61 | 1.43 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.70 | 7.15 | 1.43 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,150.40 | 3.63 | 0.68 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.42 | 3.41 | 0.68 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,147.90 | 6.28 | 1.18 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.94 | 5.91 | 1.18 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,148.20 | 4.95 | 0.93 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.18 | 4.66 | 0.93 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,150.00 | 3.62 | 0.68 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.42 | 3.41 | 0.68 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,151.30 | 2.88 | 0.54 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.12 | 2.71 | 0.54 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,151.20 | 2.35 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.61 | 2.21 | 0.44 |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 121 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan U.S. Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,185.40 | $ | 5.09 | 0.94 | % | ||||||||
Hypothetical | 1,000.00 | 1,020.13 | 4.71 | 0.94 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,181.90 | 7.79 | 1.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.65 | 7.20 | 1.44 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,186.50 | 3.74 | 0.69 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.37 | 3.46 | 0.69 | ||||||||||||
Class L | ||||||||||||||||
Actual | 1,000.00 | 1,187.30 | 2.98 | 0.55 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.07 | 2.76 | 0.55 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,184.10 | 6.44 | 1.19 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.89 | 5.96 | 1.19 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,185.20 | 5.09 | 0.94 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.13 | 4.71 | 0.94 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,187.10 | 3.74 | 0.69 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.37 | 3.46 | 0.69 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,187.20 | 2.93 | 0.54 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.12 | 2.71 | 0.54 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,188.20 | 2.39 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.61 | 2.21 | 0.44 | ||||||||||||
JPMorgan U.S. Large Cap Core Plus Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,174.60 | 10.35 | 1.92 | ||||||||||||
Hypothetical | 1,000.00 | 1,015.27 | 9.59 | 1.92 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,171.60 | 13.03 | 2.42 | ||||||||||||
Hypothetical | 1,000.00 | �� | 1,012.79 | 12.08 | 2.42 | |||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,175.90 | 8.95 | 1.66 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.56 | 8.30 | 1.66 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,172.20 | 12.17 | 2.26 | ||||||||||||
Hypothetical | 1,000.00 | 1,013.59 | 11.28 | 2.26 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,175.90 | 8.74 | 1.62 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.76 | 8.10 | 1.62 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,176.90 | 8.20 | 1.52 | ||||||||||||
Hypothetical | 1,000.00 | 1,017.26 | 7.60 | 1.52 | ||||||||||||
JPMorgan U.S. Research Enhanced Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,179.90 | 3.24 | 0.60 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.82 | 3.01 | 0.60 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,180.80 | 1.89 | 0.35 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.06 | 1.76 | 0.35 |
122 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan U.S. Research Enhanced Equity Fund (continued) | ||||||||||||||||
Class L | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,181.10 | $ | 1.89 | 0.35 | % | ||||||||
Hypothetical | 1,000.00 | 1,023.06 | 1.76 | 0.35 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,181.60 | 1.35 | 0.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.55 | 1.25 | 0.25 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
JUNE 30, 2019 | J.P. MORGAN LARGE CAP FUNDS | 123 |
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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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2019:
Dividends Received Deduction | ||||
JPMorgan Equity Focus Fund | 100.00 | % | ||
JPMorgan Equity Income Fund | 100.00 | |||
JPMorgan Growth and Income Fund | 100.00 | |||
JPMorgan Hedged Equity Fund | 100.00 | |||
JPMorgan Large Cap Growth Fund | 100.00 | |||
JPMorgan Large Cap Value Fund | 39.56 | |||
JPMorgan U.S. Equity Fund | 42.16 | |||
JPMorgan U.S. Large Cap Core Plus Fund | 100.00 | |||
JPMorgan U.S. Research Enhanced Equity Fund | 100.00 |
Long Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Long-Term Capital Gain Distribution | ||||
JPMorgan Equity Focus Fund | $ | 22,330 | ||
JPMorgan Equity Income Fund | 505,510 | |||
JPMorgan Growth and Income Fund | 24,851 | |||
JPMorgan Large Cap Growth Fund | 1,875,811 | |||
JPMorgan Large Cap Value Fund | 49,369 | |||
JPMorgan U.S. Equity Fund | 1,247,880 | |||
JPMorgan U.S. Large Cap Core Plus Fund | 1,213,938 | |||
JPMorgan U.S. Research Enhanced Equity Fund | 640,122 |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Qualified Dividend Income | ||||
JPMorgan Equity Focus Fund | $ | 1,517 | ||
JPMorgan Equity Income Fund | 430,610 | |||
JPMorgan Growth and Income Fund | 12,960 | |||
JPMorgan Hedged Equity Fund | 43,484 | |||
JPMorgan Large Cap Growth Fund | 5,415 | |||
JPMorgan Large Cap Value Fund | 28,996 | |||
JPMorgan U.S. Equity Fund | 227,491 | |||
JPMorgan U.S. Large Cap Core Plus Fund | 34,942 | |||
JPMorgan U.S. Research Enhanced Equity Fund | 99,784 |
124 | J.P. MORGAN LARGE CAP FUNDS | JUNE 30, 2019 |
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Rev. January 2011
FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you areno longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. 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-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2019. All rights reserved. June 2019. | AN-LCE-619 |
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Annual Report
J.P. Morgan Equity Funds
June 30, 2019
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.
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July 31, 2019 (Unaudited)
Dear Shareholders,
Even as the pace of growth slowed, the global economic expansion continued and financial markets largely provided positive returns for the twelve months ended June 30, 2019. Central banks in the U.S. and elsewhere moved to support continued economic expansion in 2019, and low interest rates, growth in corporate profits and general investor optimism added further support to both equity and bond markets.
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“We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop.” |
The U.S. economy generally outpaced other developed market nations throughout the twelve month reporting period and the U.S. expansion became the longest on record by the end of June 2019. However, growth in U.S. gross domestic product (GDP) slowed significantly to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. At the same time, the U.S. unemployment rate remained below 4% for all but one month of the reporting period.
After reaching record highs in August and September 2018, U.S. equity prices tumbled sharply in December amid investor concerns about slowing global growth, unresolved U.S.-China trade tensions and expectations for further interest rate increases by the U.S. Federal Reserve (the “Fed”). For the month of December, the S&P 500 Index fell by 9.03%.
By the end of 2018, the Fed indicated it would enact fewer-than-expected interest rate increases in 2019. In January 2019, financial markets began to stabilize and started a rebound that would push equity prices back to record highs at the end of April and again by mid-June. For the twelve month reporting period, the S&P 500 returned 10.42%.
In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019. Notably, manufacturing data weakened in 2019. However, unemployment continued to fall throughout the reporting period and the 7.5% euro area jobless rate by the end June 2019 was the lowest since the 2008-09 financial crisis.
In response to slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth rebounded to 1.8% in the first quarter of 2019 from 1.4% in the final quarter of 2018. Political uncertainty surrounding negotiations for U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the twelve month reporting period, the MSCI EAFE Index returned 1.60%.
Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well certain of its trading partners across Asia. During the second half of the reporting period, emerging markets largely benefitted investor appetite for higher yielding assets. While the MSCI Emerging Markets Index returned 1.61% for reporting period, the Bloomberg Barclays Emerging Markets Aggregate Index returned 10.95%.
Subsequent to the end of the reporting period, the Fed cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.
We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,
Andrea L. Lisher
Head of Americas, J.P. Morgan Global Funds
J.P. Morgan Asset Management
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 1 |
Table of Contents
J.P. Morgan Index Funds
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
Global equity prices rebounded from two sharp sell-offs and U.S. equity largely outperformed both developed and emerging markets equity during the reporting period.
Growth in corporate profits, low interest rates and the continued growth in the global economy bolstered financial markets throughout the reporting period. However, investor concerns about the direction of U.S. interest rates, rising trade tensions and signs of slowing economic activity in China and Europe helped fuel significant market downturns in late 2018 and again in May 2019.
Leading equity indexes plummeted in the second half of December 2018 amid slowing global economic growth, unresolved U.S.-China trade tensions and investor concerns over rising interest rates.
However, financial market volatility stabilized in January and U.S. equity prices rebounded over the next few months and returned to record high levels by April 2019. Global equity markets slumped in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as emerging markets, dropped by more than 6%. However, global equity prices rebounded again in June.
Within U.S. equity, large cap and mid cap stocks generally outperformed small cap stocks and growth stocks continued to outperform value stocks. For the twelve month reporting period, the S&P 500 returned 10.41%.
2 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 10.16% | |||
S&P 500 Index** | 10.42% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 4,510,406 |
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 twelve months ended June 30, 2019, 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 positive returns for the reporting period despite market sell-offs in late 2018 and May 2019. While investors remained concerned about rising tariffs on exports and slowing economic growth in China and Europe, U.S. equity prices were largely supported by low interest rates, continued growth in the U.S. economy and better-than-expected corporate earnings.
During the reporting period, the information technology and health care sectors were leading contributors to performance for the Fund and the Benchmark, while the energy sector was the sole detractor from 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. | 4.1 | % | |||||
2. | Apple, Inc. | 3.5 | ||||||
3. | Amazon.com, Inc. | 3.2 | ||||||
4. | Facebook, Inc., Class A | 1.9 | ||||||
5. | Berkshire Hathaway, Inc., Class B | 1.7 | ||||||
6. | Johnson & Johnson | 1.5 | ||||||
7. | JPMorgan Chase & Co. | 1.5 | ||||||
8. | Alphabet, Inc., Class C | 1.3 | ||||||
9. | Alphabet, Inc., Class A | 1.3 | ||||||
10. | Exxon Mobil Corp. | 1.3 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Information Technology | 21.2 | % | ||
Health Care | 14.0 | |||
Financials | 12.9 | |||
Consumer Discretionary | 10.0 | |||
Communication Services | 10.0 | |||
Industrials | 9.2 | |||
Consumer Staples | 7.2 | |||
Energy | 5.0 | |||
Utilities | 3.3 | |||
Real Estate | 3.0 | |||
Materials | 2.8 | |||
Investment of cash collateral from securities loaned | 0.9 | |||
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. |
** | “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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 3 |
Table of Contents
JPMorgan Equity Index Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | ||||||||||||||
With Sales Charge* | February 18, 1992 | 4.10 | % | 9.03 | % | 13.57 | % | |||||||
Without Sales Charge | 9.87 | 10.21 | 14.18 | |||||||||||
CLASS C SHARES | ||||||||||||||
With CDSC** | November 4, 1997 | 8.23 | 9.47 | 13.37 | ||||||||||
Without CDSC | 9.23 | 9.47 | 13.37 | |||||||||||
CLASS I SHARES | July 2, 1991 | 10.16 | 10.48 | 14.47 | ||||||||||
CLASS R6 SHARES | September 1, 2016 | 10.33 | 10.58 | 14.52 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | (3.56)% | |||
S&P 1000 Index** | (0.60)% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 949,071 |
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- andmid-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 twelve months ended June 30, 2019. The Fund’s security selection in the retail and industrial cyclical sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and health services & systems sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Cooper Standard Holdings Corp. and Owens & Minor Inc. and its underweight position in MarketAxess Holdings Inc. Shares of Cooper Standard, a maker of automotive components, fell after the company reported lower-than-expected earnings for the first quarter of 2019. Shares of Owens & Minor, a distributor of health care products, fell after the company reduced its dividend, reported lower-than-expected earnings for the fourth quarter of 2018 and issued a downbeat outlook. Shares of MarketAxess Holdings, a financial securities trading platform operator, rose amid overseas growth and increased industry adoption of the company’s platform.
Leading individual contributors to relative performance included the Fund’s overweight positions in First BanCorp Puerto Rico, Arris International PLC and Evertec Inc. Shares of First BanCorp Puerto Rico, a bank, rose after the company reported earnings growth for the fourth quarter of 2018. Shares of Arris International, a maker of TVset-top devices, rose ahead of the company’s $5.9 billion acquisition by CommScope Holding Co. Shares of Evertec, an electronic payment and transactions provider mainly operating in the Caribbean, rose after the company reported several quarters of better-than-expected earnings and revenue.
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. | 0.7 | % | |||||
2. | NVR, Inc. | 0.7 | ||||||
3. | Molina Healthcare, Inc. | 0.7 | ||||||
4. | Fair Isaac Corp. | 0.6 | ||||||
5. | Carlisle Cos., Inc. | 0.6 | ||||||
6. | Camden Property Trust | 0.5 | ||||||
7. | American Financial Group, Inc. | 0.5 | ||||||
8. | East West Bancorp, Inc. | 0.5 | ||||||
9. | Perspecta, Inc. | 0.5 | ||||||
10. | Reliance Steel & Aluminum Co. | 0.5 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Information Technology | 15.5 | % | ||
Industrials | 15.4 | |||
Financials | 15.3 | |||
Health Care | 10.3 | |||
Consumer Discretionary | 10.1 | |||
Real Estate | 8.6 | |||
Investment of cash collateral from securities loaned | 7.1 | |||
Materials | 5.4 | |||
Utilities | 3.4 | |||
Energy | 3.2 | |||
Communication Services | 2.4 | |||
Consumer Staples | 2.4 | |||
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. |
** | “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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 5 |
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | ||||||||||||||
With Sales Charge* | July 31, 1998 | (8.74 | )% | 5.88 | % | 13.25 | % | |||||||
Without Sales Charge | (3.69 | ) | 7.03 | 13.86 | ||||||||||
CLASS C SHARES | ||||||||||||||
With CDSC** | March 22, 1999 | (5.21 | ) | 6.40 | 13.12 | |||||||||
Without CDSC | (4.21 | ) | 6.40 | 13.12 | ||||||||||
CLASS I SHARES | July 31, 1998 | (3.56 | ) | 7.29 | 14.14 | |||||||||
CLASS R2 SHARES | November 3, 2008 | (4.11 | ) | 6.75 | 13.53 | |||||||||
CLASS R6 SHARES | October 1, 2018 | (3.53 | ) | 7.29 | 14.14 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.4% |
| |||||||
Aerospace & Defense — 2.6% |
| |||||||
Arconic, Inc. | 73 | 1,891 | ||||||
Boeing Co. (The) | 96 | 34,943 | ||||||
General Dynamics Corp. | 50 | 9,058 | ||||||
Harris Corp. (a) | 22 | 4,099 | ||||||
Huntington Ingalls Industries, Inc. | 8 | 1,713 | ||||||
L3 Technologies, Inc. | 15 | 3,574 | ||||||
Lockheed Martin Corp. | 45 | 16,394 | ||||||
Northrop Grumman Corp. | 31 | 10,065 | ||||||
Raytheon Co. | 51 | 8,885 | ||||||
Textron, Inc. (a) | 43 | 2,265 | ||||||
TransDigm Group, Inc. * | 9 | 4,343 | ||||||
United Technologies Corp. | 149 | 19,375 | ||||||
|
| |||||||
116,605 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.5% |
| |||||||
CH Robinson Worldwide, Inc. | 25 | 2,113 | ||||||
Expeditors International of Washington, Inc. | 32 | 2,394 | ||||||
FedEx Corp. | 44 | 7,221 | ||||||
United Parcel Service, Inc., Class B | 128 | 13,216 | ||||||
|
| |||||||
24,944 | ||||||||
|
| |||||||
Airlines — 0.4% |
| |||||||
Alaska Air Group, Inc. | 23 | 1,448 | ||||||
American Airlines Group, Inc. (a) | 73 | 2,369 | ||||||
Delta Air Lines, Inc. | 109 | 6,202 | ||||||
Southwest Airlines Co. | 90 | 4,553 | ||||||
United Continental Holdings, Inc. * | 41 | 3,550 | ||||||
|
| |||||||
18,122 | ||||||||
|
| |||||||
Auto Components — 0.1% |
| |||||||
Aptiv plc | 47 | 3,824 | ||||||
BorgWarner, Inc. | 38 | 1,596 | ||||||
|
| |||||||
5,420 | ||||||||
|
| |||||||
Automobiles — 0.4% |
| |||||||
Ford Motor Co. | 719 | 7,355 | ||||||
General Motors Co. | 242 | 9,324 | ||||||
Harley-Davidson, Inc. (a) | 29 | 1,046 | ||||||
|
| |||||||
17,725 | ||||||||
|
| |||||||
Banks — 5.4% |
| |||||||
Bank of America Corp. | 1,622 | 47,046 | ||||||
BB&T Corp. | 141 | 6,904 | ||||||
Citigroup, Inc. | 424 | 29,710 | ||||||
Citizens Financial Group, Inc. | 84 | 2,973 | ||||||
Comerica, Inc. | 28 | 2,054 | ||||||
Fifth Third Bancorp | 133 | 3,722 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Banks — continued |
| |||||||
First Republic Bank | 30 | 2,952 | ||||||
Huntington Bancshares, Inc. | 192 | 2,653 | ||||||
JPMorgan Chase & Co. (b) | 595 | 66,537 | ||||||
KeyCorp | 185 | 3,283 | ||||||
M&T Bank Corp. | 25 | 4,263 | ||||||
People’s United Financial, Inc. | 72 | 1,214 | ||||||
PNC Financial Services Group, Inc. (The) | 83 | 11,370 | ||||||
Regions Financial Corp. | 186 | 2,777 | ||||||
SunTrust Banks, Inc. | 81 | 5,117 | ||||||
SVB Financial Group * | 10 | 2,156 | ||||||
US Bancorp | 275 | 14,387 | ||||||
Wells Fargo & Co. | 742 | 35,115 | ||||||
Zions Bancorp NA | 33 | 1,540 | ||||||
|
| |||||||
245,773 | ||||||||
|
| |||||||
Beverages — 1.9% |
| |||||||
Brown-Forman Corp., Class B (a) | 31 | 1,692 | ||||||
Coca-Cola Co. (The) | 704 | 35,868 | ||||||
Constellation Brands, Inc., Class A | 31 | 6,041 | ||||||
Molson Coors Brewing Co., Class B | 34 | 1,929 | ||||||
Monster Beverage Corp. * | 72 | 4,583 | ||||||
PepsiCo, Inc. | 257 | 33,724 | ||||||
|
| |||||||
83,837 | ||||||||
|
| |||||||
Biotechnology — 2.2% |
| |||||||
AbbVie, Inc. | 271 | 19,723 | ||||||
Alexion Pharmaceuticals, Inc. * | 41 | 5,388 | ||||||
Amgen, Inc. | 112 | 20,621 | ||||||
Biogen, Inc. * | 36 | 8,319 | ||||||
Celgene Corp. * | 129 | 11,961 | ||||||
Gilead Sciences, Inc. | 233 | 15,760 | ||||||
Incyte Corp. * | 33 | 2,774 | ||||||
Regeneron Pharmaceuticals, Inc. * | 14 | 4,516 | ||||||
Vertex Pharmaceuticals, Inc. * | 47 | 8,617 | ||||||
|
| |||||||
97,679 | ||||||||
|
| |||||||
Building Products — 0.3% |
| |||||||
Allegion plc | 17 | 1,906 | ||||||
AO Smith Corp. | 26 | 1,221 | ||||||
Fortune Brands Home & Security, Inc. | 26 | 1,466 | ||||||
Johnson Controls International plc | 146 | 6,031 | ||||||
Masco Corp. | 54 | 2,113 | ||||||
|
| |||||||
12,737 | ||||||||
|
| |||||||
Capital Markets — 2.7% |
| |||||||
Affiliated Managers Group, Inc. | 9 | 865 | ||||||
Ameriprise Financial, Inc. | 25 | 3,566 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 7 |
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Capital Markets — continued | ||||||||
Bank of New York Mellon Corp. (The) | 162 | 7,135 | ||||||
BlackRock, Inc. | 22 | 10,244 | ||||||
Cboe Global Markets, Inc. | 20 | 2,124 | ||||||
Charles Schwab Corp. (The) | 218 | 8,761 | ||||||
CME Group, Inc. | 66 | 12,748 | ||||||
E*TRADE Financial Corp. | 45 | 2,002 | ||||||
Franklin Resources, Inc. (a) | 54 | 1,879 | ||||||
Goldman Sachs Group, Inc. (The) (a) | 62 | 12,771 | ||||||
Intercontinental Exchange, Inc. | 103 | 8,890 | ||||||
Invesco Ltd. | 73 | 1,504 | ||||||
MarketAxess Holdings, Inc. | 7 | 2,223 | ||||||
Moody’s Corp. | 30 | 5,910 | ||||||
Morgan Stanley | 235 | 10,276 | ||||||
MSCI, Inc. | 16 | 3,710 | ||||||
Nasdaq, Inc. | 21 | 2,046 | ||||||
Northern Trust Corp. | 40 | 3,594 | ||||||
Raymond James Financial, Inc. | 23 | 1,960 | ||||||
S&P Global, Inc. | 45 | 10,284 | ||||||
State Street Corp. | 68 | 3,838 | ||||||
T. Rowe Price Group, Inc. | 43 | 4,760 | ||||||
|
| |||||||
121,090 | ||||||||
|
| |||||||
Chemicals — 2.0% |
| |||||||
Air Products & Chemicals, Inc. | 40 | 9,142 | ||||||
Albemarle Corp. (a) | 19 | 1,369 | ||||||
Celanese Corp. | 23 | 2,504 | ||||||
CF Industries Holdings, Inc. | 41 | 1,894 | ||||||
Corteva, Inc. * | 137 | 4,062 | ||||||
Dow, Inc. | 137 | 6,774 | ||||||
DuPont de Nemours, Inc. | 137 | 10,313 | ||||||
Eastman Chemical Co. | 25 | 1,979 | ||||||
Ecolab, Inc. | 47 | 9,188 | ||||||
FMC Corp. | 24 | 2,004 | ||||||
International Flavors & Fragrances, Inc. (a) | 19 | 2,698 | ||||||
Linde plc (United Kingdom) | 100 | 19,995 | ||||||
LyondellBasell Industries NV, Class A | 56 | 4,798 | ||||||
Mosaic Co. (The) | 65 | 1,630 | ||||||
PPG Industries, Inc. | 43 | 5,055 | ||||||
Sherwin-Williams Co. (The) | 15 | 6,830 | ||||||
|
| |||||||
90,235 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.4% |
| |||||||
Cintas Corp. | 16 | 3,687 | ||||||
Copart, Inc. * | 37 | 2,764 | ||||||
Republic Services, Inc. (a) | 40 | 3,425 | ||||||
Rollins, Inc. | 27 | 970 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — continued | ||||||||
Waste Management, Inc. | 72 | 8,270 | ||||||
|
| |||||||
19,116 | ||||||||
|
| |||||||
Communications Equipment — 1.2% |
| |||||||
Arista Networks, Inc. * | 10 | 2,518 | ||||||
Cisco Systems, Inc. | 785 | 42,982 | ||||||
F5 Networks, Inc. * | 11 | 1,595 | ||||||
Juniper Networks, Inc. | 63 | 1,682 | ||||||
Motorola Solutions, Inc. | 30 | 5,041 | ||||||
|
| |||||||
53,818 | ||||||||
|
| |||||||
Construction & Engineering — 0.1% |
| |||||||
Jacobs Engineering Group, Inc. | 21 | 1,777 | ||||||
Quanta Services, Inc. | 26 | 995 | ||||||
|
| |||||||
2,772 | ||||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
Martin Marietta Materials, Inc. (a) | 11 | 2,637 | ||||||
Vulcan Materials Co. | 24 | 3,328 | ||||||
|
| |||||||
5,965 | ||||||||
|
| |||||||
Consumer Finance — 0.7% |
| |||||||
American Express Co. | 126 | 15,507 | ||||||
Capital One Financial Corp. | 86 | 7,818 | ||||||
Discover Financial Services | 59 | 4,608 | ||||||
Synchrony Financial | 116 | 4,034 | ||||||
|
| |||||||
31,967 | ||||||||
|
| |||||||
Containers & Packaging — 0.4% |
| |||||||
Amcor plc (United Kingdom) * | 298 | 3,421 | ||||||
Avery Dennison Corp. | 15 | 1,792 | ||||||
Ball Corp. | 61 | 4,298 | ||||||
International Paper Co. | 73 | 3,158 | ||||||
Packaging Corp. of America | 17 | 1,652 | ||||||
Sealed Air Corp. | 29 | 1,222 | ||||||
Westrock Co. | 47 | 1,720 | ||||||
|
| |||||||
17,263 | ||||||||
|
| |||||||
Distributors — 0.1% |
| |||||||
Genuine Parts Co. | 27 | 2,776 | ||||||
LKQ Corp. * | 58 | 1,533 | ||||||
|
| |||||||
4,309 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.0% (c) |
| |||||||
H&R Block, Inc. (a) | 37 | 1,093 | ||||||
|
| |||||||
Diversified Financial Services — 1.7% |
| |||||||
Berkshire Hathaway, Inc., Class B * | 356 | 75,784 | ||||||
Jefferies Financial Group, Inc. | 46 | 894 | ||||||
|
| |||||||
76,678 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
8 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Diversified Telecommunication Services — 2.0% |
| |||||||
AT&T, Inc. | 1,339 | 44,866 | ||||||
CenturyLink, Inc. | 176 | 2,070 | ||||||
Verizon Communications, Inc. | 759 | 43,347 | ||||||
|
| |||||||
90,283 | ||||||||
|
| |||||||
Electric Utilities — 2.0% |
| |||||||
Alliant Energy Corp. | 43 | 2,128 | ||||||
American Electric Power Co., Inc. | 91 | 7,967 | ||||||
Duke Energy Corp. | 134 | 11,786 | ||||||
Edison International (a) | 60 | 4,029 | ||||||
Entergy Corp. | 35 | 3,587 | ||||||
Evergy, Inc. (a) | 45 | 2,694 | ||||||
Eversource Energy | 59 | 4,463 | ||||||
Exelon Corp. | 178 | 8,540 | ||||||
FirstEnergy Corp. | 93 | 3,965 | ||||||
NextEra Energy, Inc. | 88 | 18,000 | ||||||
Pinnacle West Capital Corp. | 21 | 1,938 | ||||||
PPL Corp. | 132 | 4,106 | ||||||
Southern Co. (The) | 191 | 10,556 | ||||||
Xcel Energy, Inc. | 94 | 5,617 | ||||||
|
| |||||||
89,376 | ||||||||
|
| |||||||
Electrical Equipment — 0.5% |
| |||||||
AMETEK, Inc. | 42 | 3,797 | ||||||
Eaton Corp. plc | 78 | 6,464 | ||||||
Emerson Electric Co. | 113 | 7,523 | ||||||
Rockwell Automation, Inc. | 22 | 3,558 | ||||||
|
| |||||||
21,342 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.5% |
| |||||||
Amphenol Corp., Class A | 55 | 5,258 | ||||||
Corning, Inc. | 144 | 4,784 | ||||||
FLIR Systems, Inc. | 25 | 1,344 | ||||||
IPG Photonics Corp. * (a) | 7 | 1,008 | ||||||
Keysight Technologies, Inc. * | 35 | 3,101 | ||||||
TE Connectivity Ltd. | 62 | 5,919 | ||||||
|
| |||||||
21,414 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.5% |
| |||||||
Baker Hughes a GE Co. | 94 | 2,327 | ||||||
Halliburton Co. | 160 | 3,646 | ||||||
Helmerich & Payne, Inc. | 20 | 1,026 | ||||||
National Oilwell Varco, Inc. | 71 | 1,574 | ||||||
Schlumberger Ltd. | 254 | 10,099 | ||||||
TechnipFMC plc (United Kingdom) (a) | 77 | 2,004 | ||||||
|
| |||||||
20,676 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Entertainment — 2.0% |
| |||||||
Activision Blizzard, Inc. | 141 | 6,633 | ||||||
Electronic Arts, Inc. * | 54 | 5,511 | ||||||
Netflix, Inc. * | 80 | 29,464 | ||||||
Take-Two Interactive Software, Inc. * (a) | 21 | 2,344 | ||||||
Viacom, Inc., Class B | 65 | 1,938 | ||||||
Walt Disney Co. (The) | 320 | 44,722 | ||||||
|
| |||||||
90,612 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 3.0% |
| |||||||
Alexandria Real Estate Equities, Inc. (a) | 21 | 2,923 | ||||||
American Tower Corp. | 81 | 16,580 | ||||||
Apartment Investment & Management Co., Class A | 27 | 1,369 | ||||||
AvalonBay Communities, Inc. | 26 | 5,196 | ||||||
Boston Properties, Inc. | 28 | 3,657 | ||||||
Crown Castle International Corp. | 76 | 9,942 | ||||||
Digital Realty Trust, Inc. | 38 | 4,501 | ||||||
Duke Realty Corp. | 66 | 2,084 | ||||||
Equinix, Inc. | 15 | 7,778 | ||||||
Equity Residential | 68 | 5,160 | ||||||
Essex Property Trust, Inc. | 12 | 3,520 | ||||||
Extra Space Storage, Inc. | �� | 23 | 2,481 | |||||
Federal Realty Investment Trust | 14 | 1,769 | ||||||
HCP, Inc. | 88 | 2,804 | ||||||
Host Hotels & Resorts, Inc. | 136 | 2,477 | ||||||
Iron Mountain, Inc. (a) | 53 | 1,647 | ||||||
Kimco Realty Corp. (a) | 77 | 1,431 | ||||||
Macerich Co. (The) | 19 | 651 | ||||||
Mid-America Apartment Communities, Inc. | 21 | 2,463 | ||||||
Prologis, Inc. | 116 | 9,270 | ||||||
Public Storage | 28 | 6,558 | ||||||
Realty Income Corp. | 58 | 3,983 | ||||||
Regency Centers Corp. | 31 | 2,046 | ||||||
SBA Communications Corp. * | 21 | 4,672 | ||||||
Simon Property Group, Inc. | 57 | 9,056 | ||||||
SL Green Realty Corp. | 15 | 1,243 | ||||||
UDR, Inc. | 52 | 2,321 | ||||||
Ventas, Inc. | 68 | 4,632 | ||||||
Vornado Realty Trust | 32 | 2,041 | ||||||
Welltower, Inc. | 74 | 6,057 | ||||||
Weyerhaeuser Co. | 137 | 3,599 | ||||||
|
| |||||||
133,911 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.5% |
| |||||||
Costco Wholesale Corp. | 81 | 21,321 | ||||||
Kroger Co. (The) | 148 | 3,213 | ||||||
Sysco Corp. | 87 | 6,135 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 9 |
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Food & Staples Retailing — continued | ||||||||
Walgreens Boots Alliance, Inc. | 143 | 7,795 | ||||||
Walmart, Inc. | 257 | 28,355 | ||||||
|
| |||||||
66,819 | ||||||||
|
| |||||||
Food Products — 1.1% |
| |||||||
Archer-Daniels-Midland Co. | 103 | 4,193 | ||||||
Campbell Soup Co. (a) | 35 | 1,417 | ||||||
Conagra Brands, Inc. | 89 | 2,364 | ||||||
General Mills, Inc. | 110 | 5,769 | ||||||
Hershey Co. (The) | 26 | 3,425 | ||||||
Hormel Foods Corp. (a) | 50 | 2,025 | ||||||
JM Smucker Co. (The) | 21 | 2,404 | ||||||
Kellogg Co. | 46 | 2,443 | ||||||
Kraft Heinz Co. (The) | 114 | 3,543 | ||||||
Lamb Weston Holdings, Inc. | 27 | 1,700 | ||||||
McCormick & Co., Inc.(Non-Voting) (a) | 22 | 3,482 | ||||||
Mondelez International, Inc., Class A | 264 | 14,244 | ||||||
Tyson Foods, Inc., Class A | 54 | 4,367 | ||||||
|
| |||||||
51,376 | ||||||||
|
| |||||||
Gas Utilities — 0.0% (c) |
| |||||||
Atmos Energy Corp. | 21 | 2,266 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 3.5% |
| |||||||
Abbott Laboratories | 324 | 27,220 | ||||||
ABIOMED, Inc. * | 8 | 2,157 | ||||||
Align Technology, Inc. * | 13 | 3,656 | ||||||
Baxter International, Inc. | 87 | 7,129 | ||||||
Becton Dickinson and Co. | 49 | 12,471 | ||||||
Boston Scientific Corp. * | 255 | 10,965 | ||||||
Cooper Cos., Inc. (The) | 9 | 3,059 | ||||||
Danaher Corp. | 116 | 16,519 | ||||||
Dentsply Sirona, Inc. | 43 | 2,505 | ||||||
Edwards Lifesciences Corp. * | 38 | 7,067 | ||||||
Hologic, Inc. * | 49 | 2,361 | ||||||
IDEXX Laboratories, Inc. * | 16 | 4,344 | ||||||
Intuitive Surgical, Inc. * | 21 | 11,110 | ||||||
Medtronic plc | 246 | 23,954 | ||||||
ResMed, Inc. | 26 | 3,210 | ||||||
Stryker Corp. | 57 | 11,680 | ||||||
Teleflex, Inc. | 8 | 2,804 | ||||||
Varian Medical Systems, Inc. * | 17 | 2,271 | ||||||
Zimmer Biomet Holdings, Inc. | 38 | 4,424 | ||||||
|
| |||||||
158,906 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Health Care Providers & Services — 2.7% |
| |||||||
AmerisourceBergen Corp. | 29 | 2,433 | ||||||
Anthem, Inc. | 47 | 13,316 | ||||||
Cardinal Health, Inc. | 55 | 2,575 | ||||||
Centene Corp. * | 76 | 3,977 | ||||||
Cigna Corp. | 70 | 10,968 | ||||||
CVS Health Corp. | 238 | 12,987 | ||||||
DaVita, Inc. * | 23 | 1,305 | ||||||
HCA Healthcare, Inc. | 49 | 6,621 | ||||||
Henry Schein, Inc. * | 27 | 1,912 | ||||||
Humana, Inc. | 25 | 6,573 | ||||||
Laboratory Corp. of America Holdings * | 18 | 3,124 | ||||||
McKesson Corp. | 35 | 4,683 | ||||||
Quest Diagnostics, Inc. | 25 | 2,510 | ||||||
UnitedHealth Group, Inc. | 174 | 42,543 | ||||||
Universal Health Services, Inc., Class B | 15 | 1,983 | ||||||
WellCare Health Plans, Inc. * | 9 | 2,631 | ||||||
|
| |||||||
120,141 | ||||||||
|
| |||||||
Health Care Technology — 0.1% |
| |||||||
Cerner Corp. | 60 | 4,376 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.9% |
| |||||||
Carnival Corp. | 73 | 3,420 | ||||||
Chipotle Mexican Grill, Inc. * | 4 | 3,279 | ||||||
Darden Restaurants, Inc. | 23 | 2,746 | ||||||
Hilton Worldwide Holdings, Inc. | 53 | 5,219 | ||||||
Marriott International, Inc., Class A | 51 | 7,113 | ||||||
McDonald’s Corp. | 140 | 29,090 | ||||||
MGM Resorts International | 94 | 2,675 | ||||||
Norwegian Cruise Line Holdings Ltd. * | 40 | 2,119 | ||||||
Royal Caribbean Cruises Ltd. | 32 | 3,823 | ||||||
Starbucks Corp. | 222 | 18,628 | ||||||
Wynn Resorts Ltd. | 18 | 2,204 | ||||||
Yum! Brands, Inc. | 56 | 6,212 | ||||||
|
| |||||||
86,528 | ||||||||
|
| |||||||
Household Durables — 0.3% |
| |||||||
DR Horton, Inc. | 62 | 2,687 | ||||||
Garmin Ltd. | 22 | 1,775 | ||||||
Leggett & Platt, Inc. (a) | 24 | 924 | ||||||
Lennar Corp., Class A | 52 | 2,538 | ||||||
Mohawk Industries, Inc. * | 11 | 1,666 | ||||||
Newell Brands, Inc. | 71 | 1,101 | ||||||
PulteGroup, Inc. (a) | 47 | 1,479 | ||||||
Whirlpool Corp. | 12 | 1,654 | ||||||
|
| |||||||
13,824 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
10 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Household Products — 1.7% |
| |||||||
Church & Dwight Co., Inc. | 45 | 3,300 | ||||||
Clorox Co. (The) | 23 | 3,578 | ||||||
Colgate-Palmolive Co. | 158 | 11,288 | ||||||
Kimberly-Clark Corp. | 63 | 8,406 | ||||||
Procter & Gamble Co. (The) | 460 | 50,459 | ||||||
|
| |||||||
77,031 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.1% |
| |||||||
AES Corp. | 122 | 2,041 | ||||||
NRG Energy, Inc. | 49 | 1,721 | ||||||
|
| |||||||
3,762 | ||||||||
|
| |||||||
Industrial Conglomerates — 1.4% |
| |||||||
3M Co. | 106 | 18,331 | ||||||
General Electric Co. | 1,600 | 16,799 | ||||||
Honeywell International, Inc. | 134 | 23,310 | ||||||
Roper Technologies, Inc. | 19 | 6,978 | ||||||
|
| |||||||
65,418 | ||||||||
|
| |||||||
Insurance — 2.5% |
| |||||||
Aflac, Inc. | 137 | 7,496 | ||||||
Allstate Corp. (The) | 61 | 6,214 | ||||||
American International Group, Inc. | 160 | 8,502 | ||||||
Aon plc | 44 | 8,515 | ||||||
Arthur J Gallagher & Co. | 34 | 2,977 | ||||||
Assurant, Inc. | 11 | 1,200 | ||||||
Chubb Ltd. | 84 | 12,373 | ||||||
Cincinnati Financial Corp. | 28 | 2,885 | ||||||
Everest Re Group Ltd. (a) | 7 | 1,847 | ||||||
Hartford Financial Services Group, Inc. (The) | 66 | 3,695 | ||||||
Lincoln National Corp. | 37 | 2,393 | ||||||
Loews Corp. | 49 | 2,691 | ||||||
Marsh & McLennan Cos., Inc. | 94 | 9,358 | ||||||
MetLife, Inc. | 174 | 8,660 | ||||||
Principal Financial Group, Inc. | 48 | 2,753 | ||||||
Progressive Corp. (The) | 107 | 8,564 | ||||||
Prudential Financial, Inc. | 74 | 7,523 | ||||||
Torchmark Corp. | 19 | 1,660 | ||||||
Travelers Cos., Inc. (The) | 48 | 7,184 | ||||||
Unum Group | 39 | 1,304 | ||||||
Willis Towers Watson plc | 24 | 4,541 | ||||||
|
| |||||||
112,335 | ||||||||
|
| |||||||
Interactive Media & Services — 4.7% |
| |||||||
Alphabet, Inc., Class A * | 55 | 59,484 | ||||||
Alphabet, Inc., Class C * | 56 | 60,775 | ||||||
Facebook, Inc., Class A * | 441 | 85,069 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Interactive Media & Services — continued | ||||||||
TripAdvisor, Inc. * (a) | 19 | 879 | ||||||
Twitter, Inc. * | 134 | 4,675 | ||||||
|
| |||||||
210,882 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 3.7% |
| |||||||
Amazon.com, Inc. * | 76 | 143,673 | ||||||
Booking Holdings, Inc. * | 8 | 14,889 | ||||||
eBay, Inc. | 150 | 5,937 | ||||||
Expedia Group, Inc. | 22 | 2,888 | ||||||
|
| |||||||
167,387 | ||||||||
|
| |||||||
IT Services — 5.3% |
| |||||||
Accenture plc, Class A | 117 | 21,621 | ||||||
Akamai Technologies, Inc. * | 30 | 2,413 | ||||||
Alliance Data Systems Corp. | 8 | 1,158 | ||||||
Automatic Data Processing, Inc. | 80 | 13,201 | ||||||
Broadridge Financial Solutions, Inc. | 21 | 2,720 | ||||||
Cognizant Technology Solutions Corp., Class A | 104 | 6,621 | ||||||
DXC Technology Co. | 49 | 2,714 | ||||||
Fidelity National Information Services, Inc. | 59 | 7,289 | ||||||
Fiserv, Inc. * (a) | 72 | 6,563 | ||||||
FleetCor Technologies, Inc. * | 16 | 4,441 | ||||||
Gartner, Inc. * | 17 | 2,660 | ||||||
Global Payments, Inc. | 29 | 4,603 | ||||||
International Business Machines Corp. | 163 | 22,431 | ||||||
Jack Henry & Associates, Inc. | 14 | 1,897 | ||||||
Mastercard, Inc., Class A | 165 | 43,618 | ||||||
Paychex, Inc. | 59 | 4,829 | ||||||
PayPal Holdings, Inc. * | 216 | 24,672 | ||||||
Total System Services, Inc. | 30 | 3,831 | ||||||
VeriSign, Inc. * | 19 | 4,025 | ||||||
Visa, Inc., Class A | 319 | 55,369 | ||||||
Western Union Co. (The) (a) | 79 | 1,572 | ||||||
|
| |||||||
238,248 | ||||||||
|
| |||||||
Leisure Products — 0.0% (c) |
| |||||||
Hasbro, Inc. | 21 | 2,245 | ||||||
|
| |||||||
Life Sciences Tools & Services — 1.1% |
| |||||||
Agilent Technologies, Inc. | 58 | 4,329 | ||||||
Illumina, Inc. * | 27 | 9,929 | ||||||
IQVIA Holdings, Inc. * | 29 | 4,658 | ||||||
Mettler-Toledo International, Inc. * | 5 | 3,822 | ||||||
PerkinElmer, Inc. | 20 | 1,960 | ||||||
Thermo Fisher Scientific, Inc. | 73 | 21,551 | ||||||
Waters Corp. * | 13 | 2,743 | ||||||
|
| |||||||
48,992 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 11 |
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Machinery — 1.6% |
| |||||||
Caterpillar, Inc. | 105 | 14,299 | ||||||
Cummins, Inc. | 27 | 4,555 | ||||||
Deere & Co. | 58 | 9,637 | ||||||
Dover Corp. | 27 | 2,671 | ||||||
Flowserve Corp. | 24 | 1,268 | ||||||
Fortive Corp. | 54 | 4,410 | ||||||
Illinois Tool Works, Inc. | 55 | 8,292 | ||||||
Ingersoll-Rand plc | 44 | 5,604 | ||||||
PACCAR, Inc. | 64 | 4,555 | ||||||
Parker-Hannifin Corp. | 24 | 4,001 | ||||||
Pentair plc (a) | 29 | 1,079 | ||||||
Snap-on, Inc. | 10 | 1,684 | ||||||
Stanley Black & Decker, Inc. | 28 | 4,020 | ||||||
Wabtec Corp. (a) | 30 | 2,130 | ||||||
Xylem, Inc. | 33 | 2,761 | ||||||
|
| |||||||
70,966 | ||||||||
|
| |||||||
Media — 1.4% |
| |||||||
CBS Corp.(Non-Voting), Class B | 65 | 3,222 | ||||||
Charter Communications, Inc., Class A * | 32 | 12,472 | ||||||
Comcast Corp., Class A | 831 | 35,133 | ||||||
Discovery, Inc., Class A * (a) | 29 | 889 | ||||||
Discovery, Inc., Class C * | 66 | 1,882 | ||||||
DISH Network Corp., Class A * | 42 | 1,626 | ||||||
Fox Corp., Class A | 65 | 2,382 | ||||||
Fox Corp., Class B | 30 | 1,088 | ||||||
Interpublic Group of Cos., Inc. (The) | 71 | 1,604 | ||||||
News Corp., Class A | 71 | 954 | ||||||
News Corp., Class B | 23 | 317 | ||||||
Omnicom Group, Inc. | 40 | 3,310 | ||||||
|
| |||||||
64,879 | ||||||||
|
| |||||||
Metals & Mining — 0.3% |
| |||||||
Freeport-McMoRan, Inc. | 266 | 3,090 | ||||||
Newmont Goldcorp Corp. | 150 | 5,785 | ||||||
Nucor Corp. | 56 | 3,081 | ||||||
|
| |||||||
11,956 | ||||||||
|
| |||||||
Multiline Retail — 0.5% |
| |||||||
Dollar General Corp. | 47 | 6,405 | ||||||
Dollar Tree, Inc. * | 44 | 4,681 | ||||||
Kohl’s Corp. | 30 | 1,413 | ||||||
Macy’s, Inc. | 57 | 1,216 | ||||||
Nordstrom, Inc. | 19 | 615 | ||||||
Target Corp. | 94 | 8,141 | ||||||
|
| |||||||
22,471 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Multi-Utilities — 1.1% |
| |||||||
Ameren Corp. | 45 | 3,384 | ||||||
CenterPoint Energy, Inc. | 92 | 2,638 | ||||||
CMS Energy Corp. (a) | 52 | 3,015 | ||||||
Consolidated Edison, Inc. | 60 | 5,262 | ||||||
Dominion Energy, Inc. (a) | 147 | 11,382 | ||||||
DTE Energy Co. | 34 | 4,298 | ||||||
NiSource, Inc. | 68 | 1,971 | ||||||
Public Service Enterprise Group, Inc. | 93 | 5,454 | ||||||
Sempra Energy | 50 | 6,918 | ||||||
WEC Energy Group, Inc. | 58 | 4,825 | ||||||
|
| |||||||
49,147 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.5% |
| |||||||
Anadarko Petroleum Corp. | 92 | 6,500 | ||||||
Apache Corp. | 69 | 1,998 | ||||||
Cabot Oil & Gas Corp. | 78 | 1,783 | ||||||
Chevron Corp. | 349 | 43,489 | ||||||
Cimarex Energy Co. | 19 | 1,104 | ||||||
Concho Resources, Inc. | 37 | 3,797 | ||||||
ConocoPhillips | 207 | 12,648 | ||||||
Devon Energy Corp. | 76 | 2,172 | ||||||
Diamondback Energy, Inc. | 28 | 3,094 | ||||||
EOG Resources, Inc. | 106 | 9,918 | ||||||
Exxon Mobil Corp. | 776 | 59,483 | ||||||
Hess Corp. | 47 | 2,973 | ||||||
HollyFrontier Corp. | 29 | 1,334 | ||||||
Kinder Morgan, Inc. | 357 | 7,458 | ||||||
Marathon Oil Corp. | 150 | 2,132 | ||||||
Marathon Petroleum Corp. | 122 | 6,793 | ||||||
Noble Energy, Inc. (a) | 88 | 1,965 | ||||||
Occidental Petroleum Corp. | 137 | 6,900 | ||||||
ONEOK, Inc. | 76 | 5,211 | ||||||
Phillips 66 | 77 | 7,168 | ||||||
Pioneer Natural Resources Co. | 31 | 4,754 | ||||||
Valero Energy Corp. | 77 | 6,553 | ||||||
Williams Cos., Inc. (The) | 222 | 6,234 | ||||||
|
| |||||||
205,461 | ||||||||
|
| |||||||
Personal Products — 0.2% |
| |||||||
Coty, Inc., Class A (a) | 55 | 739 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 40 | 7,366 | ||||||
|
| |||||||
8,105 | ||||||||
|
| |||||||
Pharmaceuticals — 4.6% |
| |||||||
Allergan plc | 57 | 9,465 | ||||||
Bristol-Myers Squibb Co. | 300 | 13,609 |
SEE NOTES TO FINANCIAL STATEMENTS.
12 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Pharmaceuticals — continued | ||||||||
Eli Lilly & Co. | 159 | 17,562 | ||||||
Johnson & Johnson | 487 | 67,843 | ||||||
Merck & Co., Inc. | 472 | 39,606 | ||||||
Mylan NV * | 95 | 1,800 | ||||||
Nektar Therapeutics * (a) | 32 | 1,138 | ||||||
Perrigo Co. plc | 23 | 1,093 | ||||||
Pfizer, Inc. | 1,019 | 44,123 | ||||||
Zoetis, Inc. | 88 | 9,966 | ||||||
|
| |||||||
206,205 | ||||||||
|
| |||||||
Professional Services — 0.3% |
| |||||||
Equifax, Inc. | 22 | 2,998 | ||||||
IHS Markit Ltd. * | 67 | 4,252 | ||||||
Nielsen Holdings plc | 65 | 1,474 | ||||||
Robert Half International, Inc. | 22 | 1,239 | ||||||
Verisk Analytics, Inc. | 30 | 4,398 | ||||||
|
| |||||||
14,361 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.1% |
| |||||||
CBRE Group, Inc., Class A * | 57 | 2,943 | ||||||
|
| |||||||
Road & Rail — 1.0% |
| |||||||
CSX Corp. | 141 | 10,911 | ||||||
JB Hunt Transport Services, Inc. | 16 | 1,459 | ||||||
Kansas City Southern | 18 | 2,248 | ||||||
Norfolk Southern Corp. | 49 | 9,726 | ||||||
Union Pacific Corp. | 130 | 21,961 | ||||||
|
| |||||||
46,305 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.7% |
| |||||||
Advanced Micro Devices, Inc. * | 163 | 4,941 | ||||||
Analog Devices, Inc. | 68 | 7,657 | ||||||
Applied Materials, Inc. | 172 | 7,713 | ||||||
Broadcom, Inc. | 73 | 20,905 | ||||||
Intel Corp. | 821 | 39,318 | ||||||
KLA-Tencor Corp. | 30 | 3,505 | ||||||
Lam Research Corp. | 28 | 5,167 | ||||||
Maxim Integrated Products, Inc. | 50 | 2,990 | ||||||
Microchip Technology, Inc. (a) | 44 | 3,784 | ||||||
Micron Technology, Inc. * | 203 | 7,835 | ||||||
NVIDIA Corp. | 112 | 18,349 | ||||||
Qorvo, Inc. * | 22 | 1,456 | ||||||
QUALCOMM, Inc. | 223 | 16,966 | ||||||
Skyworks Solutions, Inc. | 32 | 2,448 | ||||||
Texas Instruments, Inc. | 172 | 19,753 | ||||||
Xilinx, Inc. | 47 | 5,493 | ||||||
|
| |||||||
168,280 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — 6.7% |
| |||||||
Adobe, Inc. * | 90 | 26,377 | ||||||
ANSYS, Inc. * | 15 | 3,154 | ||||||
Autodesk, Inc. * | 40 | 6,564 | ||||||
Cadence Design Systems, Inc. * | 52 | 3,651 | ||||||
Citrix Systems, Inc. | 23 | 2,252 | ||||||
Fortinet, Inc. * | 27 | 2,046 | ||||||
Intuit, Inc. | 48 | 12,429 | ||||||
Microsoft Corp. | 1,406 | 188,324 | ||||||
Oracle Corp. | 445 | 25,361 | ||||||
Red Hat, Inc. * | 33 | 6,123 | ||||||
salesforce.com, Inc. * | 142 | 21,616 | ||||||
Symantec Corp. | 113 | 2,468 | ||||||
Synopsys, Inc. * | 28 | 3,539 | ||||||
|
| |||||||
303,904 | ||||||||
|
| |||||||
Specialty Retail — 2.3% |
| |||||||
Advance Auto Parts, Inc. | 13 | 2,029 | ||||||
AutoZone, Inc. * | 5 | 4,948 | ||||||
Best Buy Co., Inc. | 43 | 2,972 | ||||||
CarMax, Inc. * | 30 | 2,647 | ||||||
Foot Locker, Inc. | 21 | 864 | ||||||
Gap, Inc. (The) | 39 | 698 | ||||||
Home Depot, Inc. (The) | 202 | 41,981 | ||||||
L Brands, Inc. | 42 | 1,098 | ||||||
Lowe’s Cos., Inc. | 144 | 14,494 | ||||||
O’Reilly Automotive, Inc. * | 14 | 5,304 | ||||||
Ross Stores, Inc. | 67 | 6,682 | ||||||
Tiffany & Co. | 20 | 1,856 | ||||||
TJX Cos., Inc. (The) | 222 | 11,764 | ||||||
Tractor Supply Co. | 22 | 2,408 | ||||||
Ulta Beauty, Inc. * | 10 | 3,534 | ||||||
|
| |||||||
103,279 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.9% |
| |||||||
Apple, Inc. | 802 | 158,714 | ||||||
Hewlett Packard Enterprise Co. | 246 | 3,673 | ||||||
HP, Inc. | 276 | 5,745 | ||||||
NetApp, Inc. | 45 | 2,796 | ||||||
Seagate Technology plc | 46 | 2,178 | ||||||
Western Digital Corp. | 54 | 2,556 | ||||||
Xerox Corp. | 36 | 1,269 | ||||||
|
| |||||||
176,931 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.7% |
| |||||||
Capri Holdings Ltd. * | 28 | 960 | ||||||
Hanesbrands, Inc. | 66 | 1,142 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 13 |
Table of Contents
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Textiles, Apparel & Luxury Goods — continued | ||||||||
NIKE, Inc., Class B | 231 | 19,355 | ||||||
PVH Corp. | 14 | 1,301 | ||||||
Ralph Lauren Corp. | 10 | 1,088 | ||||||
Tapestry, Inc. | 53 | 1,689 | ||||||
Under Armour, Inc., Class A * (a) | 34 | 874 | ||||||
Under Armour, Inc., Class C * | 36 | 791 | ||||||
VF Corp. | 60 | 5,219 | ||||||
|
| |||||||
32,419 | ||||||||
|
| |||||||
Tobacco — 0.9% |
| |||||||
Altria Group, Inc. | 343 | 16,252 | ||||||
Philip Morris International, Inc. | 285 | 22,415 | ||||||
|
| |||||||
38,667 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
Fastenal Co. | 105 | 3,422 | ||||||
United Rentals, Inc. * | 14 | 1,913 | ||||||
WW Grainger, Inc. | 8 | 2,210 | ||||||
|
| |||||||
7,545 | ||||||||
|
| |||||||
Water Utilities — 0.1% |
| |||||||
American Water Works Co., Inc. | 33 | 3,843 | ||||||
|
| |||||||
Total Common Stocks | 4,482,965 | |||||||
|
| |||||||
Short-Term Investments — 0.5% |
| |||||||
Investment Companies — 0.5% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (d) (e) | 24,731 | 24,731 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral From Securities Loaned — 0.9% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (d) (e) | 30,012 | 30,018 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (d) (e) | 8,648 | 8,648 | ||||||
|
| |||||||
Total Investment of Cash Collateral From Securities Loaned | 38,666 | |||||||
|
| |||||||
Total Investments — 100.8% | 4,546,362 | |||||||
Liabilities in Excess of | (35,956 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 4,510,406 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $38,128,000. | |
(b) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500E-Mini Index | 187 | 09/2019 | USD | 27,526 | 461 | |||||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.9% |
| |||||||
Aerospace & Defense — 1.1% |
| |||||||
Aerojet Rocketdyne Holdings, Inc. * | 22 | 985 | ||||||
Axon Enterprise, Inc. * (a) | 22 | 1,393 | ||||||
Curtiss-Wright Corp. | 16 | 1,983 | ||||||
Moog, Inc., Class A (a) | 21 | 1,936 | ||||||
Teledyne Technologies, Inc. * | 13 | 3,670 | ||||||
Triumph Group, Inc. | 17 | 383 | ||||||
|
| |||||||
10,350 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.4% |
| |||||||
Echo Global Logistics, Inc. * | 10 | 215 | ||||||
Forward Air Corp. | 11 | 675 | ||||||
Hub Group, Inc., Class A * | 64 | 2,693 | ||||||
|
| |||||||
3,583 | ||||||||
|
| |||||||
Airlines — 0.5% |
| |||||||
Allegiant Travel Co. | 5 | 660 | ||||||
JetBlue Airways Corp. * | 141 | 2,599 | ||||||
SkyWest, Inc. | 31 | 1,875 | ||||||
|
| |||||||
5,134 | ||||||||
|
| |||||||
Auto Components — 0.9% |
| |||||||
Adient plc (a) | 30 | 721 | ||||||
American Axle & Manufacturing Holdings, Inc. * | 51 | 656 | ||||||
Cooper Tire & Rubber Co. (a) | 19 | 609 | ||||||
Cooper-Standard Holdings, Inc. * | 7 | 302 | ||||||
Dana, Inc. | 150 | 2,985 | ||||||
Delphi Technologies plc | 37 | 744 | ||||||
Gentex Corp. | 99 | 2,431 | ||||||
|
| |||||||
8,448 | ||||||||
|
| |||||||
Automobiles — 0.3% |
| |||||||
Thor Industries, Inc. | 42 | 2,434 | ||||||
Winnebago Industries, Inc. | 11 | 421 | ||||||
|
| |||||||
2,855 | ||||||||
|
| |||||||
Banks — 7.9% |
| |||||||
Ameris Bancorp (a) | 12 | 459 | ||||||
Associated Banc-Corp. | 131 | 2,771 | ||||||
BancorpSouth Bank (a) | 39 | 1,122 | ||||||
Bank OZK | 46 | 1,370 | ||||||
Banner Corp. | 52 | 2,834 | ||||||
Boston Private Financial Holdings, Inc. | 27 | 332 | ||||||
Brookline Bancorp, Inc. | 26 | 400 | ||||||
Cathay General Bancorp (a) | 28 | 1,021 | ||||||
Columbia Banking System, Inc. | 22 | 812 | ||||||
Commerce Bancshares, Inc. (a) | 55 | 3,304 | ||||||
Cullen/Frost Bankers, Inc. | 23 | 2,126 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Banks — continued | ||||||||
Customers Bancorp, Inc. * | 123 | 2,575 | ||||||
East West Bancorp, Inc. | 107 | 4,997 | ||||||
First BanCorp (Puerto Rico) | 269 | 2,972 | ||||||
First Commonwealth Financial Corp. | 39 | 529 | ||||||
First Financial Bancorp | 17 | 420 | ||||||
First Horizon National Corp. | 96 | 1,426 | ||||||
First Midwest Bancorp, Inc. (a) | 132 | 2,710 | ||||||
FNB Corp. (a) | 118 | 1,392 | ||||||
Fulton Financial Corp. | 74 | 1,207 | ||||||
Hancock Whitney Corp. | 77 | 3,097 | ||||||
Hanmi Financial Corp. | 50 | 1,117 | ||||||
International Bancshares Corp. | 20 | 739 | ||||||
LegacyTexas Financial Group, Inc. | 13 | 542 | ||||||
NBT Bancorp, Inc. (a) | 12 | 458 | ||||||
OFG Bancorp (Puerto Rico) | 108 | 2,560 | ||||||
Opus Bank | 7 | 152 | ||||||
Pacific Premier Bancorp, Inc. (a) | 82 | 2,532 | ||||||
PacWest Bancorp | 44 | 1,725 | ||||||
Pinnacle Financial Partners, Inc. | 27 | 1,537 | ||||||
Signature Bank | 37 | 4,507 | ||||||
Sterling Bancorp | 80 | 1,696 | ||||||
Synovus Financial Corp. | 42 | 1,460 | ||||||
TCF Financial Corp. | 208 | 4,318 | ||||||
Texas Capital Bancshares, Inc. * | 19 | 1,148 | ||||||
Trustmark Corp. (a) | 23 | 765 | ||||||
UMB Financial Corp. (a) | 13 | 869 | ||||||
Umpqua Holdings Corp. | 83 | 1,382 | ||||||
United Community Banks, Inc. | 100 | 2,847 | ||||||
Valley National Bancorp (a) | 120 | 1,296 | ||||||
Veritex Holdings, Inc. (a) | 7 | 182 | ||||||
Webster Financial Corp. | 34 | 1,629 | ||||||
Wintrust Financial Corp. | 49 | 3,586 | ||||||
|
| |||||||
74,923 | ||||||||
|
| |||||||
Beverages — 0.3% |
| |||||||
Coca-Cola Consolidated, Inc. (a) | 9 | 2,544 | ||||||
|
| |||||||
Biotechnology — 1.1% |
| |||||||
Acorda Therapeutics, Inc. * (a) | 50 | 383 | ||||||
Eagle Pharmaceuticals, Inc. * (a) | 48 | 2,672 | ||||||
Emergent BioSolutions, Inc.* (a) | 6 | 299 | ||||||
Momenta Pharmaceuticals, Inc. * | 171 | 2,128 | ||||||
Myriad Genetics, Inc. * | 24 | 678 | ||||||
REGENXBIO, Inc. * (a) | 32 | 1,644 | ||||||
Spectrum Pharmaceuticals, Inc. * | 137 | 1,183 | ||||||
United Therapeutics Corp. * | 17 | 1,317 | ||||||
|
| |||||||
10,304 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 15 |
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Building Products — 0.7% |
| |||||||
Apogee Enterprises, Inc. | 10 | 443 | ||||||
Gibraltar Industries, Inc. * | 11 | 456 | ||||||
Insteel Industries, Inc. | 8 | 156 | ||||||
Lennox International, Inc. | 9 | 2,491 | ||||||
Patrick Industries, Inc. * | 10 | 482 | ||||||
PGT Innovations, Inc. * (a) | 16 | 271 | ||||||
Quanex Building Products Corp. | 11 | 215 | ||||||
Universal Forest Products, Inc. | 54 | 2,061 | ||||||
|
| |||||||
6,575 | ||||||||
|
| |||||||
Capital Markets — 2.3% |
| |||||||
Blucora, Inc. * | 45 | 1,364 | ||||||
Donnelley Financial Solutions, Inc. * | 9 | 125 | ||||||
Evercore, Inc., Class A | 39 | 3,410 | ||||||
FactSet Research Systems, Inc. (a) | 14 | 4,126 | ||||||
Federated Investors, Inc., Class B (a) | 37 | 1,193 | ||||||
INTL. FCStone, Inc. * | 6 | 230 | ||||||
Janus Henderson Group plc (United Kingdom) (a) | 59 | 1,264 | ||||||
Legg Mason, Inc. | 78 | 2,982 | ||||||
MarketAxess Holdings, Inc. | 4 | 1,221 | ||||||
Piper Jaffray Cos. | 6 | 417 | ||||||
SEI Investments Co. | 49 | 2,774 | ||||||
Stifel Financial Corp. | 55 | 3,250 | ||||||
|
| |||||||
22,356 | ||||||||
|
| |||||||
Chemicals — 2.3% |
| |||||||
AdvanSix, Inc. * | 29 | 704 | ||||||
Ashland Global Holdings, Inc. (a) | 24 | 1,885 | ||||||
Cabot Corp. | 45 | 2,159 | ||||||
Chemours Co. (The) | 89 | 2,126 | ||||||
FutureFuel Corp. (a) | 39 | 450 | ||||||
Hawkins, Inc. | 4 | 161 | ||||||
HB Fuller Co. (a) | 20 | 905 | ||||||
Ingevity Corp. * | 15 | 1,609 | ||||||
Innophos Holdings, Inc. | 8 | 224 | ||||||
Innospec, Inc. | 15 | 1,378 | ||||||
Kraton Corp. * | 23 | 702 | ||||||
Minerals Technologies, Inc. | 14 | 730 | ||||||
PolyOne Corp. | 30 | 951 | ||||||
Rayonier Advanced Materials, Inc. (a) | 32 | 206 | ||||||
RPM International, Inc. | 48 | 2,951 | ||||||
Scotts Miracle-Gro Co. (The) | 15 | 1,507 | ||||||
Stepan Co. | 25 | 2,268 | ||||||
Valvoline, Inc. | 73 | 1,418 | ||||||
|
| |||||||
22,334 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — 1.3% |
| |||||||
ABM Industries, Inc. | 25 | 1,007 | ||||||
Brink’s Co. (The) | 18 | 1,486 | ||||||
Clean Harbors, Inc. * | 20 | 1,401 | ||||||
Herman Miller, Inc. | 36 | 1,621 | ||||||
HNI Corp. (a) | 15 | 523 | ||||||
Interface, Inc. (a) | 23 | 357 | ||||||
LSC Communications, Inc. (a) | 76 | 277 | ||||||
MSA Safety, Inc. (a) | 11 | 1,159 | ||||||
Pitney Bowes, Inc. | 65 | 278 | ||||||
RR Donnelley & Sons Co. | 69 | 136 | ||||||
Tetra Tech, Inc. | 21 | 1,656 | ||||||
UniFirst Corp. | 6 | 1,131 | ||||||
Viad Corp. (a) | 19 | 1,235 | ||||||
|
| |||||||
12,267 | ||||||||
|
| |||||||
Communications Equipment — 1.3% |
| |||||||
ADTRAN, Inc. | 84 | 1,278 | ||||||
Ciena Corp. * | 92 | 3,772 | ||||||
Digi International, Inc. * | 49 | 626 | ||||||
Extreme Networks, Inc. * | 170 | 1,099 | ||||||
InterDigital, Inc. (a) | 12 | 753 | ||||||
Lumentum Holdings, Inc. * | 44 | 2,355 | ||||||
NETGEAR, Inc. * | 53 | 1,333 | ||||||
Viavi Solutions, Inc. * (a) | 81 | 1,075 | ||||||
|
| |||||||
12,291 | ||||||||
|
| |||||||
Construction & Engineering — 1.5% |
| |||||||
AECOM * (a) | 109 | 4,109 | ||||||
Aegion Corp. * | 10 | 178 | ||||||
Comfort Systems USA, Inc. | 36 | 1,827 | ||||||
EMCOR Group, Inc. | 53 | 4,666 | ||||||
MasTec, Inc. * (a) | 26 | 1,319 | ||||||
MYR Group, Inc. * | 32 | 1,184 | ||||||
Valmont Industries, Inc. (a) | 8 | 1,015 | ||||||
|
| |||||||
14,298 | ||||||||
|
| |||||||
Construction Materials — 0.2% |
| |||||||
Eagle Materials, Inc. | 7 | 677 | ||||||
US Concrete, Inc. * (a) | 17 | 825 | ||||||
|
| |||||||
1,502 | ||||||||
|
| |||||||
Consumer Finance — 0.5% |
| |||||||
Enova International, Inc. * | 13 | 295 | ||||||
FirstCash, Inc. (a) | 17 | 1,671 | ||||||
Navient Corp. | 89 | 1,209 | ||||||
SLM Corp. | 158 | 1,539 | ||||||
|
| |||||||
4,714 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Containers & Packaging — 0.7% |
| |||||||
AptarGroup, Inc. | 6 | 783 | ||||||
Greif, Inc., Class A (a) | 19 | 632 | ||||||
Owens-Illinois, Inc. | 86 | 1,489 | ||||||
Silgan Holdings, Inc. | 80 | 2,457 | ||||||
Sonoco Products Co. | 22 | 1,424 | ||||||
|
| |||||||
6,785 | ||||||||
|
| |||||||
Distributors — 0.3% |
| |||||||
Core-Mark Holding Co., Inc. | 57 | 2,264 | ||||||
Pool Corp. | 1 | 248 | ||||||
|
| |||||||
2,512 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.2% |
| |||||||
American Public Education, Inc. * | 30 | 879 | ||||||
Graham Holdings Co., Class B | 2 | 1,173 | ||||||
|
| |||||||
2,052 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.3% |
| |||||||
ATN International, Inc. (a) | 4 | 225 | ||||||
Frontier Communications Corp. * (a) | 27 | 46 | ||||||
Vonage Holdings Corp. * | 232 | 2,630 | ||||||
|
| |||||||
2,901 | ||||||||
|
| |||||||
Electric Utilities — 1.6% |
| |||||||
ALLETE, Inc. | 43 | 3,536 | ||||||
Hawaiian Electric Industries, Inc. | 69 | 3,001 | ||||||
IDACORP, Inc. | 31 | 3,110 | ||||||
OGE Energy Corp. | 89 | 3,789 | ||||||
PNM Resources, Inc. | 30 | 1,548 | ||||||
|
| |||||||
14,984 | ||||||||
|
| |||||||
Electrical Equipment — 1.5% |
| |||||||
Acuity Brands, Inc. | 14 | 1,986 | ||||||
Encore Wire Corp. | 48 | 2,829 | ||||||
EnerSys (a) | 17 | 1,139 | ||||||
Hubbell, Inc. | 20 | 2,645 | ||||||
nVent Electric plc | 62 | 1,524 | ||||||
Regal Beloit Corp. | 48 | 3,934 | ||||||
|
| |||||||
14,057 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.9% |
| |||||||
Anixter International, Inc. * (a) | 11 | 645 | ||||||
Arrow Electronics, Inc. * | 55 | 3,923 | ||||||
Avnet, Inc. | 72 | 3,270 | ||||||
Bel Fuse, Inc., Class B | 27 | 457 | ||||||
Belden, Inc. | 14 | 841 | ||||||
Benchmark Electronics, Inc. (a) | 14 | 347 | ||||||
Cognex Corp. | 36 | 1,737 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Electronic Equipment, Instruments & Components — continued |
| |||||||
Coherent, Inc. * | 8 | 1,145 | ||||||
ePlus, Inc. * (a) | 16 | 1,069 | ||||||
Fabrinet (Thailand) * | 46 | 2,290 | ||||||
Insight Enterprises, Inc. * | 25 | 1,461 | ||||||
Jabil, Inc. | 97 | 3,071 | ||||||
KEMET Corp. (a) | 26 | 493 | ||||||
Littelfuse, Inc. | 8 | 1,381 | ||||||
Methode Electronics, Inc. | 60 | 1,704 | ||||||
National Instruments Corp. | 43 | 1,822 | ||||||
OSI Systems, Inc. * (a) | 6 | 698 | ||||||
Plexus Corp. * (a) | 13 | 730 | ||||||
Sanmina Corp. * | 104 | 3,161 | ||||||
ScanSource, Inc. * (a) | 33 | 1,078 | ||||||
SYNNEX Corp. | 15 | 1,505 | ||||||
Tech Data Corp. * (a) | 37 | 3,912 | ||||||
Trimble, Inc. * | 73 | 3,295 | ||||||
TTM Technologies, Inc. * | 31 | 320 | ||||||
Vishay Intertechnology, Inc. | 98 | 1,622 | ||||||
Zebra Technologies Corp., Class A * | 21 | 4,295 | ||||||
|
| |||||||
46,272 | ||||||||
|
| |||||||
Energy Equipment & Services — 1.1% |
| |||||||
Apergy Corp. * | 30 | 996 | ||||||
Archrock, Inc. | 50 | 529 | ||||||
C&J Energy Services, Inc. * | 24 | 285 | ||||||
Ensco Rowan plc, Class A (a) | 30 | 253 | ||||||
Era Group, Inc. * (a) | 32 | 265 | ||||||
Exterran Corp. * | 11 | 151 | ||||||
Helix Energy Solutions Group, Inc. * (a) | 31 | 271 | ||||||
KLX Energy Services Holdings, Inc. * (a) | 8 | 155 | ||||||
Matrix Service Co. * (a) | 23 | 456 | ||||||
McDermott International, Inc. * (a) | 117 | 1,132 | ||||||
Newpark Resources, Inc. * (a) | 33 | 246 | ||||||
Oceaneering International, Inc. * | 39 | 797 | ||||||
Oil States International, Inc. * | 23 | 430 | ||||||
Patterson-UTI Energy, Inc. | 81 | 932 | ||||||
ProPetro Holding Corp. * | 96 | 1,985 | ||||||
TETRA Technologies, Inc. * | 49 | 80 | ||||||
Transocean Ltd. * (a) | 188 | 1,206 | ||||||
|
| |||||||
10,169 | ||||||||
|
| |||||||
Entertainment — 0.7% |
| |||||||
Cinemark Holdings, Inc. | 40 | 1,433 | ||||||
Live Nation Entertainment, Inc. * (a) | 65 | 4,317 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 15 | 1,076 | ||||||
|
| |||||||
6,826 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 17 |
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Equity Real Estate Investment Trusts (REITs) — 8.8% |
| |||||||
Agree Realty Corp. | 20 | 1,262 | ||||||
Alexander & Baldwin, Inc. (a) | 27 | 633 | ||||||
American Assets Trust, Inc. | 55 | 2,582 | ||||||
American Campus Communities, Inc. | 75 | 3,474 | ||||||
Armada Hoffler Properties, Inc. | 184 | 3,042 | ||||||
Brixmor Property Group, Inc. | 192 | 3,431 | ||||||
Camden Property Trust | 51 | 5,277 | ||||||
CareTrust REIT, Inc. | 55 | 1,310 | ||||||
Chatham Lodging Trust (a) | 15 | 287 | ||||||
Chesapeake Lodging Trust | 22 | 614 | ||||||
CoreCivic, Inc. | 154 | 3,203 | ||||||
CoreSite Realty Corp. | 17 | 1,981 | ||||||
Corporate Office Properties Trust | 98 | 2,575 | ||||||
Cousins Properties, Inc. | 105 | 3,782 | ||||||
CyrusOne, Inc. | 43 | 2,459 | ||||||
DiamondRock Hospitality Co. | 214 | 2,208 | ||||||
Douglas Emmett, Inc. | 118 | 4,693 | ||||||
EPR Properties | 8 | 583 | ||||||
First Industrial Realty Trust, Inc. | 47 | 1,719 | ||||||
GEO Group, Inc. (The) | 114 | 2,392 | ||||||
Getty Realty Corp. | 93 | 2,866 | ||||||
Hersha Hospitality Trust | 14 | 230 | ||||||
Highwoods Properties, Inc. | 69 | 2,838 | ||||||
Hospitality Properties Trust | 63 | 1,584 | ||||||
Independence Realty Trust, Inc. (a) | 35 | 402 | ||||||
JBG SMITH Properties | 35 | 1,385 | ||||||
Kilroy Realty Corp. (a) | 33 | 2,440 | ||||||
Kite Realty Group Trust | 73 | 1,105 | ||||||
Liberty Property Trust | 75 | 3,743 | ||||||
Life Storage, Inc. | 18 | 1,749 | ||||||
Mack-Cali Realty Corp. (a) | 33 | 766 | ||||||
Medical Properties Trust, Inc. (a) | 138 | 2,412 | ||||||
National Storage Affiliates Trust | 39 | 1,126 | ||||||
Omega Healthcare Investors, Inc. | 76 | 2,804 | ||||||
Pebblebrook Hotel Trust (a) | 20 | 571 | ||||||
PotlatchDeltic Corp. (a) | 47 | 1,822 | ||||||
PS Business Parks, Inc. | 8 | 1,298 | ||||||
Rayonier, Inc. | 49 | 1,482 | ||||||
Sabra Health Care REIT, Inc. | 48 | 936 | ||||||
Saul Centers, Inc. | 4 | 240 | ||||||
Summit Hotel Properties, Inc. | 39 | 445 | ||||||
Taubman Centers, Inc. | 24 | 979 | ||||||
Uniti Group, Inc. (a) | 20 | 185 | ||||||
Urban Edge Properties | 62 | 1,080 | ||||||
Urstadt Biddle Properties, Inc., Class A | 12 | 246 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Weingarten Realty Investors | 16 | 443 | ||||||
Xenia Hotels & Resorts, Inc. | 43 | 886 | ||||||
|
| |||||||
83,570 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.3% |
| |||||||
Casey’s General Stores, Inc. | 13 | 2,084 | ||||||
SpartanNash Co. | 60 | 702 | ||||||
Sprouts Farmers Market, Inc. * | 8 | 142 | ||||||
United Natural Foods, Inc. * (a) | 19 | 170 | ||||||
|
| |||||||
3,098 | ||||||||
|
| |||||||
Food Products — 1.5% |
| |||||||
Darling Ingredients, Inc. * | 57 | 1,138 | ||||||
Flowers Foods, Inc. (a) | 92 | 2,148 | ||||||
Ingredion, Inc. | 26 | 2,167 | ||||||
John B Sanfilippo & Son, Inc. | 3 | 239 | ||||||
Post Holdings, Inc. * | 41 | 4,252 | ||||||
Sanderson Farms, Inc. | 7 | 972 | ||||||
Seneca Foods Corp., Class A * | 11 | 302 | ||||||
TreeHouse Foods, Inc. * (a) | 51 | 2,781 | ||||||
|
| |||||||
13,999 | ||||||||
|
| |||||||
Gas Utilities — 1.5% |
| |||||||
National Fuel Gas Co. | 38 | 2,011 | ||||||
New Jersey Resources Corp. | 33 | 1,664 | ||||||
Southwest Gas Holdings, Inc. | 18 | 1,600 | ||||||
Spire, Inc. | 20 | 1,687 | ||||||
UGI Corp. (a) | 132 | 7,043 | ||||||
|
| |||||||
14,005 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.4% |
| |||||||
Avanos Medical, Inc. * (a) | 18 | 763 | ||||||
CONMED Corp. (a) | 9 | 779 | ||||||
Globus Medical, Inc., Class A * (a) | 28 | 1,184 | ||||||
Haemonetics Corp. * (a) | 22 | 2,623 | ||||||
Hill-Rom Holdings, Inc. | 34 | 3,547 | ||||||
ICU Medical, Inc. * (a) | 6 | 1,436 | ||||||
Integer Holdings Corp. * | 31 | 2,635 | ||||||
Integra LifeSciences Holdings Corp. * (a) | 26 | 1,430 | ||||||
Lantheus Holdings, Inc. * | 57 | 1,599 | ||||||
LivaNova plc * | 16 | 1,151 | ||||||
Masimo Corp. * | 28 | 4,197 | ||||||
NuVasive, Inc. * | 18 | 1,030 | ||||||
OraSure Technologies, Inc. * | 20 | 188 | ||||||
Orthofix Medical, Inc. * | 18 | 941 | ||||||
STERIS plc (a) | 32 | 4,705 |
SEE NOTES TO FINANCIAL STATEMENTS.
18 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Health Care Equipment & Supplies — continued | ||||||||
Varex Imaging Corp. * | 14 | 426 | ||||||
West Pharmaceutical Services, Inc. (a) | 28 | 3,479 | ||||||
|
| |||||||
32,113 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.6% |
| |||||||
Acadia Healthcare Co., Inc. * (a) | 17 | 587 | ||||||
Amedisys, Inc. * | 11 | 1,323 | ||||||
AMN Healthcare Services, Inc. * | 18 | 958 | ||||||
BioTelemetry, Inc. * | 26 | 1,252 | ||||||
Chemed Corp. (a) | 11 | 3,789 | ||||||
Community Health Systems, Inc. * (a) | 54 | 144 | ||||||
Cross Country Healthcare, Inc. * | 92 | 867 | ||||||
Diplomat Pharmacy, Inc. * | 20 | 122 | ||||||
Encompass Health Corp. | 24 | 1,533 | ||||||
Ensign Group, Inc. (The) (a) | 60 | 3,393 | ||||||
HealthEquity, Inc. * | 16 | 1,053 | ||||||
LHC Group, Inc. * | 19 | 2,236 | ||||||
Magellan Health, Inc. * | 55 | 4,065 | ||||||
MEDNAX, Inc. * | 76 | 1,909 | ||||||
Molina Healthcare, Inc. * | 47 | 6,770 | ||||||
Owens & Minor, Inc. (a) | 194 | 620 | ||||||
Patterson Cos., Inc. (a) | 74 | 1,692 | ||||||
Select Medical Holdings Corp. * | 74 | 1,181 | ||||||
Tenet Healthcare Corp. * (a) | 47 | 979 | ||||||
|
| |||||||
34,473 | ||||||||
|
| |||||||
Health Care Technology — 0.5% |
| |||||||
Allscripts Healthcare Solutions, Inc. * | 71 | 820 | ||||||
HealthStream, Inc. * | 11 | 282 | ||||||
HMS Holdings Corp. * | 60 | 1,927 | ||||||
NextGen Healthcare, Inc. * | 19 | 368 | ||||||
Omnicell, Inc. * | 15 | 1,308 | ||||||
|
| |||||||
4,705 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.2% |
| |||||||
Boyd Gaming Corp. | 32 | 859 | ||||||
Brinker International, Inc. (a) | 14 | 546 | ||||||
Cheesecake Factory, Inc. (The) (a) | 18 | 778 | ||||||
Cracker Barrel Old Country Store, Inc. (a) | 6 | 995 | ||||||
Dine Brands Global, Inc. (a) | 6 | 601 | ||||||
Domino’s Pizza, Inc. | 16 | 4,397 | ||||||
Dunkin’ Brands Group, Inc. | 30 | 2,422 | ||||||
Eldorado Resorts, Inc. * (a) | 25 | 1,133 | ||||||
Marriott Vacations Worldwide Corp. | 21 | 1,976 | ||||||
Penn National Gaming, Inc. * | 31 | 599 | ||||||
Red Robin Gourmet Burgers, Inc. * (a) | 5 | 150 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Hotels, Restaurants & Leisure — continued | ||||||||
Texas Roadhouse, Inc. | 24 | 1,307 | ||||||
Wendy’s Co. (The) | 70 | 1,365 | ||||||
Wyndham Destinations, Inc. | 91 | 3,982 | ||||||
|
| |||||||
21,110 | ||||||||
|
| |||||||
Household Durables — 2.2% |
| |||||||
Helen of Troy Ltd. * | 13 | 1,696 | ||||||
KB Home | 129 | 3,322 | ||||||
La-Z-Boy, Inc. | 17 | 512 | ||||||
MDC Holdings, Inc. | 19 | 619 | ||||||
Meritage Homes Corp. * (a) | 14 | 719 | ||||||
NVR, Inc. * | 2 | 7,040 | ||||||
Toll Brothers, Inc. (a) | 113 | 4,131 | ||||||
TopBuild Corp. * (a) | 14 | 1,142 | ||||||
TRI Pointe Group, Inc. * (a) | 55 | 661 | ||||||
Tupperware Brands Corp. (a) | 55 | 1,055 | ||||||
|
| |||||||
20,897 | ||||||||
|
| |||||||
Household Products — 0.1% |
| |||||||
Central Garden & Pet Co., Class A * (a) | 17 | 412 | ||||||
Energizer Holdings, Inc. (a) | 22 | 855 | ||||||
|
| |||||||
1,267 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.6% |
| |||||||
Carlisle Cos., Inc. | 41 | 5,719 | ||||||
Raven Industries, Inc. | 12 | 423 | ||||||
|
| |||||||
6,142 | ||||||||
|
| |||||||
Insurance — 4.8% |
| |||||||
Alleghany Corp. * | 7 | 4,538 | ||||||
American Equity Investment Life Holding Co. | 32 | 880 | ||||||
American Financial Group, Inc. | 51 | 5,192 | ||||||
Brighthouse Financial, Inc. * (a) | 21 | 756 | ||||||
Brown & Brown, Inc. | 63 | 2,102 | ||||||
CNO Financial Group, Inc. | 63 | 1,044 | ||||||
First American Financial Corp. | 73 | 3,936 | ||||||
Hanover Insurance Group, Inc. (The) | 36 | 4,623 | ||||||
HCI Group, Inc. | 2 | 93 | ||||||
Kemper Corp. | 23 | 1,976 | ||||||
Mercury General Corp. | 11 | 681 | ||||||
Old Republic International Corp. | 201 | 4,507 | ||||||
Primerica, Inc. | 16 | 1,907 | ||||||
Reinsurance Group of America, Inc. | 24 | 3,698 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 15 | 2,741 | ||||||
Safety Insurance Group, Inc. | 5 | 457 | ||||||
Selective Insurance Group, Inc. (a) | 19 | 1,444 | ||||||
Stewart Information Services Corp. | 9 | 360 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 19 |
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Insurance — continued | ||||||||
Third Point Reinsurance Ltd. (Bermuda) * | 161 | 1,664 | ||||||
WR Berkley Corp. | 48 | 3,136 | ||||||
|
| |||||||
45,735 | ||||||||
|
| |||||||
Interactive Media & Services — 0.2% |
| |||||||
Cars.com, Inc. * (a) | 13 | 258 | ||||||
QuinStreet, Inc. * | 49 | 769 | ||||||
Yelp, Inc. * (a) | 28 | 954 | ||||||
|
| |||||||
1,981 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.0% (b) |
| |||||||
Stamps.com, Inc. * | 5 | 240 | ||||||
|
| |||||||
IT Services — 3.9% |
| |||||||
CACI International, Inc., Class A * | 9 | 1,926 | ||||||
Cardtronics plc, Class A * | 16 | 448 | ||||||
CoreLogic, Inc. * | 31 | 1,284 | ||||||
EVERTEC, Inc. (Puerto Rico) | 81 | 2,649 | ||||||
ExlService Holdings, Inc. * | 13 | 844 | ||||||
KBR, Inc. | 168 | 4,192 | ||||||
Leidos Holdings, Inc. | 55 | 4,360 | ||||||
ManTech International Corp., Class A | 12 | 757 | ||||||
MAXIMUS, Inc. (a) | 24 | 1,719 | ||||||
NIC, Inc. (a) | 25 | 404 | ||||||
Perficient, Inc. * | 57 | 1,963 | ||||||
Perspecta, Inc. | 212 | 4,972 | ||||||
Sabre Corp. (a) | 190 | 4,209 | ||||||
Science Applications International Corp. (a) | 18 | 1,601 | ||||||
Sykes Enterprises, Inc. * | 73 | 2,015 | ||||||
Virtusa Corp. * (a) | 10 | 435 | ||||||
WEX, Inc. * | 15 | 3,184 | ||||||
|
| |||||||
36,962 | ||||||||
|
| |||||||
Leisure Products — 0.4% |
| |||||||
Brunswick Corp. (a) | 33 | 1,501 | ||||||
Callaway Golf Co. (a) | 38 | 644 | ||||||
Nautilus, Inc. * | 14 | 31 | ||||||
Polaris Industries, Inc. | 21 | 1,895 | ||||||
|
| |||||||
4,071 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.3% |
| |||||||
Bio-Rad Laboratories, Inc., Class A * | 8 | 2,438 | ||||||
Bio-Techne Corp. | 14 | 2,940 | ||||||
Charles River Laboratories International, Inc. * | 20 | 2,810 | ||||||
PRA Health Sciences, Inc. * | 22 | 2,151 | ||||||
Syneos Health, Inc. * | 41 | 2,105 | ||||||
|
| |||||||
12,444 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Machinery — 5.1% |
| |||||||
Actuant Corp., Class A (a) | 21 | 521 | ||||||
AGCO Corp. | 60 | 4,656 | ||||||
Albany International Corp., Class A | 10 | 854 | ||||||
Barnes Group, Inc. | 18 | 1,015 | ||||||
Chart Industries, Inc. * | 12 | 915 | ||||||
Crane Co. | 55 | 4,616 | ||||||
Federal Signal Corp. (a) | 21 | 567 | ||||||
Greenbrier Cos., Inc. (The) | 52 | 1,565 | ||||||
Harsco Corp. * | 31 | 842 | ||||||
Hillenbrand, Inc. (a) | 25 | 981 | ||||||
IDEX Corp. | 22 | 3,821 | ||||||
ITT, Inc. | 73 | 4,787 | ||||||
Kennametal, Inc. | 27 | 999 | ||||||
Lincoln Electric Holdings, Inc. | 24 | 1,951 | ||||||
Mueller Industries, Inc. (a) | 22 | 647 | ||||||
Oshkosh Corp. | 55 | 4,584 | ||||||
SPX Corp. * | 13 | 439 | ||||||
SPX FLOW, Inc. * | 16 | 661 | ||||||
Standex International Corp. | 5 | 344 | ||||||
Terex Corp. (a) | 66 | 2,059 | ||||||
Timken Co. (The) | 77 | 3,951 | ||||||
Toro Co. (The) (a) | 29 | 1,927 | ||||||
Wabash National Corp. (a) | 141 | 2,291 | ||||||
Watts Water Technologies, Inc., Class A (a) | 10 | 932 | ||||||
Woodward, Inc. | 21 | 2,410 | ||||||
|
| |||||||
48,335 | ||||||||
|
| |||||||
Marine — 0.1% |
| |||||||
Matson, Inc. | 17 | 649 | ||||||
|
| |||||||
Media — 1.0% |
| |||||||
AMC Networks, Inc., Class A * | 30 | 1,640 | ||||||
EW Scripps Co. (The), Class A | 22 | 332 | ||||||
Gannett Co., Inc. (a) | 123 | 1,000 | ||||||
Meredith Corp. (a) | 56 | 3,075 | ||||||
New Media Investment Group, Inc. | 29 | 273 | ||||||
New York Times Co. (The), Class A | 17 | 541 | ||||||
TEGNA, Inc. | 207 | 3,135 | ||||||
|
| |||||||
9,996 | ||||||||
|
| |||||||
Metals & Mining — 1.7% |
| |||||||
AK Steel Holding Corp. * (a) | 118 | 279 | ||||||
Allegheny Technologies, Inc. * (a) | 47 | 1,187 | ||||||
Carpenter Technology Corp. | 7 | 322 | ||||||
Commercial Metals Co. | 68 | 1,208 | ||||||
Kaiser Aluminum Corp. | 6 | 630 |
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Metals & Mining — continued | ||||||||
Materion Corp. | 7 | 488 | ||||||
Reliance Steel & Aluminum Co. | 51 | 4,862 | ||||||
Royal Gold, Inc. | 5 | 502 | ||||||
Steel Dynamics, Inc. | 145 | 4,375 | ||||||
SunCoke Energy, Inc. * (a) | 24 | 215 | ||||||
Worthington Industries, Inc. (a) | 42 | 1,700 | ||||||
|
| |||||||
15,768 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.2% |
| |||||||
ARMOUR Residential REIT, Inc. (a) | 24 | 440 | ||||||
Invesco Mortgage Capital, Inc. | 47 | 753 | ||||||
PennyMac Mortgage Investment Trust | 30 | 644 | ||||||
|
| |||||||
1,837 | ||||||||
|
| |||||||
Multiline Retail — 0.1% |
| |||||||
Big Lots, Inc. | 20 | 581 | ||||||
Dillard’s, Inc., Class A (a) | 7 | 455 | ||||||
|
| |||||||
1,036 | ||||||||
|
| |||||||
Multi-Utilities — 0.5% |
| |||||||
Avista Corp. | 8 | 353 | ||||||
Black Hills Corp. | 23 | 1,814 | ||||||
MDU Resources Group, Inc. (a) | 71 | 1,834 | ||||||
NorthWestern Corp. | 16 | 1,136 | ||||||
|
| |||||||
5,137 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.3% |
| |||||||
Carrizo Oil & Gas, Inc. * | 31 | 312 | ||||||
Chesapeake Energy Corp. * (a) | 384 | 749 | ||||||
CNX Resources Corp. * | 75 | 545 | ||||||
CONSOL Energy, Inc. * | 37 | 978 | ||||||
Denbury Resources, Inc. * (a) | 367 | 455 | ||||||
EQT Corp. | 93 | 1,462 | ||||||
Equitrans Midstream Corp. (a) | 77 | 1,518 | ||||||
Gulfport Energy Corp. * (a) | 55 | 268 | ||||||
Matador Resources Co. * (a) | 19 | 384 | ||||||
Murphy Oil Corp. | 69 | 1,711 | ||||||
Oasis Petroleum, Inc. * (a) | 101 | 576 | ||||||
Par Pacific Holdings, Inc. * (a) | 81 | 1,654 | ||||||
PBF Energy, Inc., Class A | 97 | 3,030 | ||||||
PDC Energy, Inc. * (a) | 23 | 829 | ||||||
QEP Resources, Inc. * | 82 | 594 | ||||||
Range Resources Corp. (a) | 76 | 528 | ||||||
Renewable Energy Group, Inc. * | 53 | 837 | ||||||
REX American Resources Corp. * (a) | 2 | 175 | ||||||
SM Energy Co. (a) | 39 | 487 | ||||||
Southwestern Energy Co. * (a) | 183 | 578 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued | ||||||||
SRC Energy, Inc. * | 94 | 465 | ||||||
Unit Corp. * | 20 | 180 | ||||||
Whiting Petroleum Corp. * (a) | 35 | 648 | ||||||
World Fuel Services Corp. | 25 | 916 | ||||||
WPX Energy, Inc. * (a) | 190 | 2,183 | ||||||
|
| |||||||
22,062 | ||||||||
|
| |||||||
Paper & Forest Products — 1.0% |
| |||||||
Boise Cascade Co. | 67 | 1,883 | ||||||
Domtar Corp. | 62 | 2,760 | ||||||
Louisiana-Pacific Corp. (a) | 83 | 2,163 | ||||||
Mercer International, Inc. (Canada) | 18 | 282 | ||||||
Schweitzer-Mauduit International, Inc. | 63 | 2,101 | ||||||
|
| |||||||
9,189 | ||||||||
|
| |||||||
Personal Products — 0.3% |
| |||||||
Avon Products, Inc. (United Kingdom) * (a) | 169 | 654 | ||||||
Edgewell Personal Care Co. * | 21 | 566 | ||||||
Medifast, Inc. | 5 | 621 | ||||||
Nu Skin Enterprises, Inc., Class A | 19 | 922 | ||||||
|
| |||||||
2,763 | ||||||||
|
| |||||||
Pharmaceuticals — 1.2% |
| |||||||
Akorn, Inc. * (a) | 408 | 2,101 | ||||||
Assertio Therapeutics, Inc. * (a) | 161 | 555 | ||||||
Catalent, Inc. * (a) | 78 | 4,207 | ||||||
Lannett Co., Inc. * (a) | 134 | 812 | ||||||
Medicines Co. (The) * (a) | 95 | 3,464 | ||||||
|
| |||||||
11,139 | ||||||||
|
| |||||||
Professional Services — 1.9% |
| |||||||
ASGN, Inc. * | 18 | 1,091 | ||||||
Forrester Research, Inc. | 4 | 174 | ||||||
FTI Consulting, Inc. * | 16 | 1,356 | ||||||
Heidrick & Struggles International, Inc. | 46 | 1,376 | ||||||
Insperity, Inc. | 15 | 1,808 | ||||||
Kelly Services, Inc., Class A | 93 | 2,422 | ||||||
Korn Ferry | 54 | 2,144 | ||||||
ManpowerGroup, Inc. | 49 | 4,713 | ||||||
Navigant Consulting, Inc. | 17 | 396 | ||||||
Resources Connection, Inc. | 43 | 682 | ||||||
TrueBlue, Inc. * | 81 | 1,779 | ||||||
|
| |||||||
17,941 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
HFF, Inc., Class A | 13 | 590 | ||||||
Jones Lang LaSalle, Inc. (a) | 29 | 4,085 | ||||||
|
| |||||||
4,675 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 21 |
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Road & Rail — 1.0% |
| |||||||
ArcBest Corp. | 56 | 1,560 | ||||||
Avis Budget Group, Inc. * | 26 | 914 | ||||||
Landstar System, Inc. | 29 | 3,139 | ||||||
Old Dominion Freight Line, Inc. | 23 | 3,463 | ||||||
|
| |||||||
9,076 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.5% |
| |||||||
Advanced Energy Industries, Inc. * (a) | 15 | 872 | ||||||
Axcelis Technologies, Inc. * | 106 | 1,592 | ||||||
Cabot Microelectronics Corp. | 8 | 908 | ||||||
Cirrus Logic, Inc. * | 22 | 968 | ||||||
Cohu, Inc. | 60 | 927 | ||||||
Cree, Inc. * (a) | 25 | 1,377 | ||||||
Cypress Semiconductor Corp. | 136 | 3,027 | ||||||
First Solar, Inc. * | 45 | 2,923 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 129 | 2,898 | ||||||
MKS Instruments, Inc. | 28 | 2,202 | ||||||
Nanometrics, Inc. * | 9 | 324 | ||||||
Photronics, Inc. * (a) | 22 | 177 | ||||||
Rambus, Inc. * (a) | 123 | 1,482 | ||||||
Rudolph Technologies, Inc. * (a) | 69 | 1,909 | ||||||
Semtech Corp. * | 25 | 1,201 | ||||||
SMART Global Holdings, Inc. * (a) | 48 | 1,108 | ||||||
SolarEdge Technologies, Inc. * | 16 | 993 | ||||||
Synaptics, Inc. * | 13 | 367 | ||||||
Teradyne, Inc. | 76 | 3,651 | ||||||
Ultra Clean Holdings, Inc. * | 29 | 408 | ||||||
Universal Display Corp. (a) | 8 | 1,448 | ||||||
Veeco Instruments, Inc. * (a) | 2 | 29 | ||||||
Versum Materials, Inc. | 41 | 2,130 | ||||||
|
| |||||||
32,921 | ||||||||
|
| |||||||
Software — 3.0% |
| |||||||
8x8, Inc. * (a) | 39 | 930 | ||||||
ACI Worldwide, Inc. * | 46 | 1,566 | ||||||
Alarm.com Holdings, Inc. * (a) | 13 | 701 | ||||||
Bottomline Technologies DE, Inc. * (a) | 13 | 566 | ||||||
CDK Global, Inc. | 69 | 3,421 | ||||||
CommVault Systems, Inc. * | 19 | 918 | ||||||
Fair Isaac Corp. * | 19 | 6,015 | ||||||
j2 Global, Inc. | 18 | 1,573 | ||||||
LogMeIn, Inc. | 17 | 1,238 | ||||||
MicroStrategy, Inc., Class A * (a) | 14 | 2,014 | ||||||
Monotype Imaging Holdings, Inc. | 35 | 596 | ||||||
Progress Software Corp. | 18 | 767 | ||||||
PTC, Inc. * (a) | 15 | 1,311 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Software — continued | ||||||||
Qualys, Inc. * | 12 | 1,028 | ||||||
SPS Commerce, Inc. * | 7 | 716 | ||||||
Teradata Corp. * | 59 | 2,108 | ||||||
TiVo Corp. | 70 | 518 | ||||||
Tyler Technologies, Inc. * | 10 | 2,074 | ||||||
|
| |||||||
28,060 | ||||||||
|
| |||||||
Specialty Retail — 3.1% |
| |||||||
Aaron’s, Inc. | 25 | 1,519 | ||||||
Abercrombie & Fitch Co., Class A | 96 | 1,540 | ||||||
American Eagle Outfitters, Inc. | 103 | 1,747 | ||||||
AutoNation, Inc. * | 24 | 986 | ||||||
Caleres, Inc. | 15 | 303 | ||||||
Cato Corp. (The), Class A | 42 | 522 | ||||||
Chico’s FAS, Inc. (a) | 76 | 257 | ||||||
Children’s Place, Inc. (The) (a) | 7 | 623 | ||||||
Designer Brands, Inc., Class A | 31 | 588 | ||||||
Dick’s Sporting Goods, Inc. (a) | 31 | 1,064 | ||||||
Express, Inc. * | 26 | 71 | ||||||
Five Below, Inc. * | 21 | 2,520 | ||||||
GameStop Corp., Class A | 133 | 726 | ||||||
Genesco, Inc. * | 5 | 195 | ||||||
Group 1 Automotive, Inc. (a) | 8 | 643 | ||||||
Guess?, Inc. | 22 | 352 | ||||||
Haverty Furniture Cos., Inc. (a) | 6 | 101 | ||||||
Hibbett Sports, Inc. * (a) | 82 | 1,487 | ||||||
Lithia Motors, Inc., Class A | 26 | 3,064 | ||||||
MarineMax, Inc. * | 9 | 150 | ||||||
Michaels Cos., Inc. (The) * (a) | 38 | 331 | ||||||
Murphy USA, Inc. * | 12 | 966 | ||||||
Office Depot, Inc. | 535 | 1,102 | ||||||
Rent-A-Center, Inc. * | 92 | 2,461 | ||||||
RH * (a) | 7 | 855 | ||||||
Sally Beauty Holdings, Inc. * (a) | 48 | 642 | ||||||
Signet Jewelers Ltd. | 23 | 417 | ||||||
Tailored Brands, Inc. (a) | 17 | 97 | ||||||
Urban Outfitters, Inc. * | 55 | 1,247 | ||||||
Williams-Sonoma, Inc. (a) | 28 | 1,820 | ||||||
Zumiez, Inc. * | 31 | 809 | ||||||
|
| |||||||
29,205 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.2% |
| |||||||
Diebold Nixdorf, Inc. * (a) | 32 | 294 | ||||||
NCR Corp. * | 52 | 1,605 | ||||||
|
| |||||||
1,899 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Textiles, Apparel & Luxury Goods — 1.1% |
| |||||||
Carter’s, Inc. | 17 | 1,678 | ||||||
Crocs, Inc. * | 28 | 547 | ||||||
Deckers Outdoor Corp. * | 23 | 3,959 | ||||||
Fossil Group, Inc. * (a) | 20 | 230 | ||||||
G-III Apparel Group Ltd. * | 16 | 465 | ||||||
Movado Group, Inc. (a) | 6 | 159 | ||||||
Skechers U.S.A., Inc., Class A * | 50 | 1,560 | ||||||
Steven Madden Ltd. | 30 | 1,020 | ||||||
Wolverine World Wide, Inc. (a) | 36 | 1,000 | ||||||
|
| |||||||
10,618 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.7% |
| |||||||
Dime Community Bancshares, Inc. | 27 | 505 | ||||||
LendingTree, Inc. * | 3 | 1,092 | ||||||
Meta Financial Group, Inc. (a) | 12 | 339 | ||||||
New York Community Bancorp, Inc. | 97 | 966 | ||||||
NMI Holdings, Inc., Class A * | 25 | 696 | ||||||
TrustCo Bank Corp. | 154 | 1,221 | ||||||
Walker & Dunlop, Inc. | 27 | 1,421 | ||||||
|
| |||||||
6,240 | ||||||||
|
| |||||||
Tobacco — 0.0% (b) |
| |||||||
Universal Corp. | 8 | 480 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.9% |
| |||||||
Applied Industrial Technologies, Inc. | 14 | 886 | ||||||
DXP Enterprises, Inc. * | 5 | 178 | ||||||
Kaman Corp. | 37 | 2,338 | ||||||
MSC Industrial Direct Co., Inc., Class A | 17 | 1,255 | ||||||
NOW, Inc. * (a) | 120 | 1,768 | ||||||
Veritiv Corp. * | 25 | 486 | ||||||
Watsco, Inc. | 12 | 1,995 | ||||||
|
| |||||||
8,906 | ||||||||
|
| |||||||
Water Utilities — 0.0% (b) |
| |||||||
American States Water Co. | 1 | 49 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.3% |
| |||||||
Spok Holdings, Inc. (a) | 32 | 478 | ||||||
Telephone & Data Systems, Inc. (a) | 77 | 2,329 | ||||||
|
| |||||||
2,807 | ||||||||
|
| |||||||
Total Common Stocks | 938,636 | |||||||
|
|
INVESTMENTS | NO. OF RIGHTS (000) | VALUE ($000) | ||||||
Rights — 0.0% (b) | ||||||||
Food Products — 0.0% (b) |
| |||||||
A. Schulman, Inc., CVR * ‡ | 28 | — | (c) | |||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 1.0% |
| |||||||
Investment Companies — 1.0% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (d) (e) | 9,335 | 9,338 | ||||||
|
| |||||||
Investment of Cash Collateral From Securities Loaned — 7.6% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (d) (e) | 58,006 | 58,018 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (d) (e) | 14,456 | 14,456 | ||||||
|
| |||||||
Total Investment of Cash Collateral From Securities Loaned | 72,474 | |||||||
|
| |||||||
Total Investments — 107.5% | 1,020,448 | |||||||
Liabilities in Excess of | (71,377 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 949,071 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
CVR | Contingent Value Rights | |
REIT | Real Estate Investment Trust | |
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $71,143,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Amount rounds to less than one thousand. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 23 |
Table of Contents
JPMorgan Market Expansion Enhanced Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | �� | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||||||||||||
Long Contracts |
| |||||||||||||||||
Russell 2000E-Mini Index | 27 | 09/2019 | USD | 2,116 | 38 | |||||||||||||
S&P Midcap 400E-Mini Index | 32 | 09/2019 | USD | 6,249 | 117 | |||||||||||||
|
| |||||||||||||||||
155 | ||||||||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 25 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019
(Amounts in thousands, except per share amounts)
JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||
ASSETS: |
| |||||||
Investments innon-affiliates, at value | $ | 4,416,428 | $ | 938,636 | ||||
Investments in affiliates, at value | 91,268 | 9,338 | ||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | 38,666 | 72,474 | ||||||
Cash | 7 | 19 | ||||||
Deposits at broker for futures contracts | 1,794 | 378 | ||||||
Receivables: | ||||||||
Fund shares sold | 1,805 | 608 | ||||||
Dividends fromnon-affiliates | 3,655 | 1,049 | ||||||
Dividends from affiliates | 96 | 1 | ||||||
Securities lending income (See Note 2.C.) | 6 | 10 | ||||||
Variation margin on futures contracts | — | 106 | ||||||
Due from adviser | 10 | — | ||||||
|
|
|
| |||||
Total Assets | 4,553,735 | 1,022,619 | ||||||
|
|
|
| |||||
LIABILITIES: |
| |||||||
Payables: | ||||||||
Investment securities purchased | 2,223 | — | ||||||
Collateral received on securities loaned (See Note 2.C.) | 38,666 | 72,474 | ||||||
Fund shares redeemed | 1,468 | 748 | ||||||
Variation margin on futures contracts | 257 | — | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | — | 126 | ||||||
Administration fees | 112 | 16 | ||||||
Distribution fees | 180 | 49 | ||||||
Service fees | 194 | 38 | ||||||
Custodian and accounting fees | 56 | 18 | ||||||
Other | 173 | 79 | ||||||
|
|
|
| |||||
Total Liabilities | 43,329 | 73,548 | ||||||
|
|
|
| |||||
Net Assets | $ | 4,510,406 | $ | 949,071 | ||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||
NET ASSETS: |
| |||||||
Paid-in-Capital | $ | 2,821,261 | $ | 710,215 | ||||
Total distributable earnings (loss) (a) | 1,689,145 | 238,856 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 4,510,406 | $ | 949,071 | ||||
|
|
|
| |||||
Net Assets: |
| |||||||
Class A | $ | 602,186 | $ | 129,406 | ||||
Class C | 96,605 | 29,952 | ||||||
Class I | 791,881 | 264,415 | ||||||
Class R2 | — | 12,786 | ||||||
Class R6 | 3,019,734 | 512,512 | ||||||
|
|
|
| |||||
Total | $ | 4,510,406 | $ | 949,071 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) |
| |||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||
Class A | 13,411 | 13,103 | ||||||
Class C | 2,173 | 3,735 | ||||||
Class I | 17,609 | 26,276 | ||||||
Class R2 | — | 1,319 | ||||||
Class R6 | 67,130 | 51,228 | ||||||
Net Asset Value (b): | ||||||||
Class A — Redemption price per share | $ | 44.90 | $ | 9.88 | ||||
Class C — Offering price per share (c) | 44.45 | 8.02 | ||||||
Class I — Offering and redemption price per share | 44.97 | 10.06 | ||||||
Class R2 — Offering and redemption price per share | — | 9.69 | ||||||
Class R6 — Offering and redemption price per share | 44.98 | 10.00 | ||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | ||||
Class A maximum public offering price per share | $ | 47.39 | $ | 10.43 | ||||
|
|
|
| |||||
Cost of investments innon-affiliates | $ | 2,725,015 | $ | 735,759 | ||||
Cost of investments in affiliates | 64,128 | 9,338 | ||||||
Investment securities on loan, at value (See Note 2.C.) | 38,128 | 71,143 | ||||||
Cost of investment of cash collateral (See Note 2.C.) | 38,663 | 72,465 |
(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.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 27 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2019
(Amounts in thousands)
JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||
INVESTMENT INCOME: |
| |||||||
Interest income fromnon-affiliates | $ | 44 | $ | 24 | ||||
Interest income from affiliates | — | (a) | — | (a) | ||||
Dividend income fromnon-affiliates | 82,386 | 15,140 | ||||||
Dividend income from affiliates | 2,662 | 534 | ||||||
Income from securities lending (net) (See Note 2.C.) | 169 | 94 | ||||||
|
|
|
| |||||
Total investment income | 85,261 | 15,792 | ||||||
|
|
|
| |||||
EXPENSES: |
| |||||||
Investment advisory fees | 1,590 | 2,491 | ||||||
Administration fees | 3,095 | 779 | ||||||
Distribution fees: | ||||||||
Class A | 1,477 | 361 | ||||||
Class C | 656 | 246 | ||||||
Class R2 | — | 68 | ||||||
Service fees: | ||||||||
Class A | 1,477 | 361 | ||||||
Class C | 219 | 82 | ||||||
Class I | 1,807 | 1,225 | ||||||
Class R2 | — | 34 | ||||||
Custodian and accounting fees | 133 | 55 | ||||||
Interest expense to affiliates | — | (a) | — | |||||
Professional fees | 95 | 69 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 40 | 29 | ||||||
Printing and mailing costs | 74 | 77 | ||||||
Registration and filing fees | 22 | 97 | ||||||
Transfer agency fees (See Note 2.F.) | 229 | 74 | ||||||
Other | 79 | 25 | ||||||
|
|
|
| |||||
Total expenses | 10,993 | 6,073 | ||||||
|
|
|
| |||||
Less fees waived | (4,880 | ) | (2,264 | ) | ||||
Less expense reimbursements | (23 | ) | (5 | ) | ||||
|
|
|
| |||||
Net expenses | 6,090 | 3,804 | ||||||
|
|
|
| |||||
Net investment income (loss) | 79,171 | 11,988 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: |
| |||||||
Investments innon-affiliates | (9,536 | ) | 61,168 | |||||
Investments in affiliates | (377 | ) | — | (a) | ||||
Futures contracts | 9,216 | (1,106 | ) | |||||
|
|
|
| |||||
Net realized gain (loss) | (697 | ) | 60,062 | |||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation on: |
| |||||||
Investments innon-affiliates | 291,923 | (114,583 | ) | |||||
Investments in affiliates | 3,646 | 9 | ||||||
Futures contracts | 1,299 | 646 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation | 296,868 | (113,928 | ) | |||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | 296,171 | (53,866 | ) | |||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | 375,342 | $ | (41,878 | ) | |||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 79,171 | $ | 45,156 | $ | 11,988 | $ | 10,710 | ||||||||
Net realized gain (loss) | (697 | ) | 18,176 | 60,062 | 121,342 | |||||||||||
Change in net unrealized appreciation/depreciation | 296,868 | 219,935 | (113,928 | ) | 7,334 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 375,342 | 283,267 | (41,878 | ) | 139,386 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (10,894 | ) | (13,649 | ) | (17,379 | ) | (18,400 | ) | ||||||||
Class C | (1,200 | ) | (1,369 | ) | (4,564 | ) | (4,269 | ) | ||||||||
Class I | (15,256 | ) | (16,991 | ) | (38,817 | ) | (88,099 | ) | ||||||||
Class R2 | — | — | (1,606 | ) | (2,700 | ) | ||||||||||
Class R6 (b) | (59,940 | ) | (40,149 | ) | (57,201 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (87,290 | ) | (72,158 | ) | (119,567 | ) | (113,468 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 856,598 | 1,405,217 | 24,718 | 48,732 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 1,144,650 | 1,616,326 | (136,727 | ) | 74,650 | |||||||||||
Beginning of period | 3,365,756 | 1,749,430 | 1,085,798 | 1,011,148 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,510,406 | $ | 3,365,756 | $ | 949,071 | $ | 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.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 104,926 | $ | 76,579 | $ | 28,741 | $ | 45,244 | ||||||||
Distributions reinvested | 10,738 | 13,481 | 15,789 | 16,959 | ||||||||||||
Cost of shares redeemed | (150,518 | ) | (143,780 | ) | (62,068 | ) | (57,263 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | (34,854 | ) | $ | (53,720 | ) | $ | (17,538 | ) | $ | 4,940 | |||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 39,258 | $ | 16,727 | $ | 9,837 | $ | 10,500 | ||||||||
Distributions reinvested | 886 | 1,051 | 4,419 | 4,116 | ||||||||||||
Cost of shares redeemed | (30,024 | ) | (37,994 | ) | (14,664 | ) | (15,808 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | 10,120 | $ | (20,216 | ) | $ | (408 | ) | $ | (1,192 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 373,010 | $ | 169,466 | $ | 135,987 | $ | 170,059 | ||||||||
Distributions reinvested | 14,608 | 15,815 | 34,494 | 84,229 | ||||||||||||
Cost of shares redeemed | (340,701 | ) | (310,723 | ) | (683,948 | ) | (200,340 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 46,917 | $ | (125,442 | ) | $ | (513,467 | ) | $ | 53,948 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 5,659 | $ | 10,299 | ||||||||
Distributions reinvested | — | — | 1,476 | 2,524 | ||||||||||||
Cost of shares redeemed | — | — | (5,678 | ) | (21,787 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | — | $ | — | $ | 1,457 | $ | (8,964 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 1,219,905 | $ | 1,919,175 | $ | 516,387 | $ | — | ||||||||
Subscriptionsin-kind (See Note 8) | — | 67,453 | — | — | ||||||||||||
Distributions reinvested | 59,271 | 40,148 | 57,201 | — | ||||||||||||
Cost of shares redeemed | (444,761 | ) | (422,181 | ) | (18,914 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 834,415 | $ | 1,604,595 | $ | 554,674 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 856,598 | $ | 1,405,217 | $ | 24,718 | $ | 48,732 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Market Expansion Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Equity Index Fund | JPMorgan Market Expansion Enhanced Index Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 2,516 | 1,894 | 2,791 | 3,866 | ||||||||||||
Reinvested | 257 | 333 | 1,719 | 1,498 | ||||||||||||
Redeemed | (3,539 | ) | (3,573 | ) | (5,982 | ) | (4,922 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (766 | ) | (1,346 | ) | (1,472 | ) | 442 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 964 | 418 | 1,183 | 1,064 | ||||||||||||
Reinvested | 22 | 26 | 591 | 434 | ||||||||||||
Redeemed | (718 | ) | (958 | ) | (1,763 | ) | (1,583 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | 268 | (514 | ) | 11 | (85 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 8,890 | 4,144 | 13,208 | 14,517 | ||||||||||||
Reinvested | 349 | 391 | 3,691 | 7,337 | ||||||||||||
Redeemed | (8,135 | ) | (7,802 | ) | (63,152 | ) | (16,932 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 1,104 | (3,267 | ) | (46,253 | ) | 4,922 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | — | — | 530 | 898 | ||||||||||||
Reinvested | — | — | 164 | 227 | ||||||||||||
Redeemed | — | — | (548 | ) | (1,950 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | — | — | 146 | (825 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) |
| |||||||||||||||
Issued | 27,981 | 46,560 | 47,015 | — | ||||||||||||
Subscriptionsin-kind (See Note 8) | — | 1,764 | — | — | ||||||||||||
Reinvested | 1,409 | 986 | 6,146 | — | ||||||||||||
Redeemed | (10,460 | ) | (10,158 | ) | (1,933 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 18,930 | 39,152 | 51,228 | — | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Market Expansion Enhanced Index Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 41.64 | $ | 0.72 | $ | 3.33 | $ | 4.05 | $ | (0.65 | ) | $ | (0.14 | ) | $ | (0.79 | ) | |||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 41.27 | 0.46 | 3.30 | 3.76 | (0.44 | ) | (0.14 | ) | (0.58 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 41.68 | 0.83 | 3.34 | 4.17 | (0.74 | ) | (0.14 | ) | (0.88 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 41.68 | 0.90 | 3.33 | 4.23 | (0.79 | ) | (0.14 | ) | (0.93 | ) | ||||||||||||||||||
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 | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 44.90 | 9.87 | % | $ | 602,186 | 0.45 | % | 1.68 | % | 0.66 | % | 6 | % | |||||||||||||
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 | ||||||||||||||||||||
44.45 | 9.23 | 96,605 | 1.05 | 1.10 | 1.13 | 6 | ||||||||||||||||||||
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 | ||||||||||||||||||||
44.97 | 10.16 | 791,881 | 0.20 | 1.94 | 0.38 | 6 | ||||||||||||||||||||
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 | ||||||||||||||||||||
44.98 | 10.33 | 3,019,734 | 0.043 | 2.11 | 0.13 | 6 | ||||||||||||||||||||
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.
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 11.75 | $ | 0.10 | $ | (0.65 | ) | $ | (0.55 | ) | $ | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 9.83 | 0.04 | (0.56 | ) | (0.52 | ) | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 11.92 | 0.13 | (0.67 | ) | (0.54 | ) | (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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 11.56 | 0.07 | (0.65 | ) | (0.58 | ) | (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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
October 1, 2018 (f) through June 30, 2019 | 12.08 | 0.11 | (0.82 | ) | (0.71 | ) | (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) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 9.88 | (3.69 | )% | $ | 129,406 | 0.60 | % | 0.98 | % | 0.88 | % | 36 | % | |||||||||||||
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 | ||||||||||||||||||||
8.02 | (4.21 | ) | 29,952 | 1.10 | 0.49 | 1.38 | 36 | |||||||||||||||||||
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 | ||||||||||||||||||||
10.06 | (3.56 | ) | 264,415 | 0.34 | 1.14 | 0.61 | 36 | |||||||||||||||||||
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 | ||||||||||||||||||||
9.69 | (4.11 | ) | 12,786 | 0.93 | 0.66 | 1.35 | 36 | |||||||||||||||||||
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 | ||||||||||||||||||||
10.00 | (4.81 | ) | 512,512 | 0.25 | 1.51 | 0.37 | 36 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 35 |
Table of Contents
AS OF JUNE 30, 2019
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 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(1) | Diversified |
(1) | 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- andmid-capitalization equity markets.
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 R2 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 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/or 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.
Investments inopen-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
36 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
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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) | $ | 4,546,362 | $ | — | $ | — | $ | 4,546,362 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 461 | $ | — | $ | — | $ | 461 | ||||||||
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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) | $ | 1,020,448 | $ | — | $ | — | (c) | $ | 1,020,448 | |||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 155 | $ | — | $ | — | $ | 155 | ||||||||
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(a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. |
(b) | All portfolio holdings designated as level 1 and level 3 are disclosed individually on the SOI. Level 3 consists of rights. Please refer to the SOI for industry specifics of portfolio holdings. |
(c) | Amount rounds to less than one thousand. |
There were no transfers into and out of level 3 for the year ended June 30, 2019.
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, while 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
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 37 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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 year ended June, 30 2019 (amounts in thousands):
Equity Index Fund | Market Expansion Enhanced Index Fund | |||||||
Futures Contracts — Equity: | ||||||||
Average Notional Balance Long | $ | 50,137 | $ | 23,868 | ||||
Ending Notional Balance Long | 27,526 | 8,365 |
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.
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.
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), subject to certaindeminimis amounts.
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 June 30, 2019, 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 | $ | 38,128 | $ | 38,666 | $ | 38,666 | ||||||
Market Expansion Enhanced Index Fund | 71,143 | 72,474 | 72,474 |
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 collateral received or posted by the Funds as of June 30, 2019 (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 | $ | 38,128 | $ | (38,128 | ) | $ | — | |||||
Market Expansion Enhanced Index Fund | 71,143 | (71,143 | ) | — |
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.
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JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral 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 | $ | 8 | ||
Market Expansion Enhanced Index Fund | 8 |
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 year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Chase & Co. Shares (a) | $ | 51,166 | $ | 14,868 | $ | 2,763 | $ | (377 | ) | $ | 3,643 | $ | 66,537 | 595 | $ | 1,663 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | — | 398,000 | 368,000 | 15 | * | 3 | 30,018 | 30,012 | 774 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | — | 437,486 | 428,838 | — | — | 8,648 | 8,648 | 239 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.25% (b) (c) | 45,445 | 691,861 | 712,575 | — | — | 24,731 | 24,731 | 999 | — | |||||||||||||||||||||||||||
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Total | $ | 96,611 | $ | 1,542,215 | $ | 1,512,176 | $ | (362 | ) | $ | 3,646 | $ | 129,934 | $ | 3,675 | $ | — | |||||||||||||||||||
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Market Expansion Enhanced Index Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | $ | — | $ | 72,257 | $ | 62,919 | $ | — | (d) | $ | — | (d) | $ | 9,338 | 9,335 | $ | 87 | $ | — | |||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | — | 129,000 | 71,000 | 9 | * | 9 | 58,018 | 58,006 | 860 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | — | 180,149 | 165,693 | — | — | 14,456 | 14,456 | 252 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (b) | 31,498 | 181,864 | 213,362 | — | — | — | — | 447 | — | |||||||||||||||||||||||||||
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Total | $ | 31,498 | $ | 563,270 | $ | 512,974 | $ | 9 | $ | 9 | $ | 81,812 | $ | 1,646 | $ | — | ||||||||||||||||||||
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(a) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of June 30, 2019. |
(d) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
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 theex-dividend date or when a Fund first learns of the dividend.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 39 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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 share class of the Funds for the year ended June 30, 2019 are as follows (amounts in thousands):
Class A | Class C | Class I | Class R2 | Class R6 | Total | |||||||||||||||||||
Equity Index Fund | ||||||||||||||||||||||||
Transfer agency fees | $ | 183 | $ | 4 | $ | 19 | n/a | $ | 23 | $ | 229 | |||||||||||||
Market Expansion Enhanced Index Fund | ||||||||||||||||||||||||
Transfer agency fees | 23 | 5 | 12 | $ | 32 | 2 | 74 |
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 June 30, 2019, no liability for Federal 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 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.
The following amounts were reclassified within the capital accounts (amounts in thousands):
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized | ||||||||||
Equity Index Fund | $ | — | $ | (398 | ) | $ | 398 | |||||
Market Expansion Enhanced Index Fund | — | (294 | ) | 294 |
The reclassifications for the Funds relate primarily to non-taxable dividends.
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, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2019, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
40 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
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The Administrator waived Administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services 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 R2 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 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 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 year ended June 30, 2019, JPMDS retained the following amounts (amounts in thousands):
Front-End Sales Charge | CDSC | |||||||
Equity Index Fund | $ | 30 | $ | — | (a) | |||
Market Expansion Enhanced Index Fund | 20 | — | (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, 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.
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, expenses related to trustee elections 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 | %(1) | 0.25 |
(1) | 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 year ended June 30, 2019 and are in place until at least October 31, 2019.
For the year ended June 30, 2019, 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 | $ | 1,597 | $ | 1,737 | $ | 1,451 | $ | 4,785 | $ | 23 | ||||||||||
Market Expansion Enhanced Index Fund | 1,006 | 559 | 644 | 2,209 | 5 |
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 41 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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, except for investments of securities lending cash collateral.
The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2019 was as follows (amounts in thousands):
Equity Index Fund | $ | 95 | ||
Market Expansion Enhanced Index Fund | 55 |
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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with 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.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended June 30, 2019, 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 | $ | 1,114,539 | $ | 241,772 | ||||
Market Expansion Enhanced Index Fund | 346,539 | 391,476 |
During the year ended June 30, 2019, 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 June 30, 2019 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Equity Index Fund | $ | 2,871,079 | $ | 1,710,849 | $ | 35,105 | $ | 1,675,744 | ||||||||
Market Expansion Enhanced Index Fund | 822,209 | 256,992 | 58,598 | 198,394 |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.
The tax character of distributions paid during the fiscal year ended June 30, 2019 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Equity Index Fund | $ | 74,803 | $ | 12,487 | $ | 87,290 | ||||||
Market Expansion Enhanced Index Fund | 19,234 | 100,333 | 119,567 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the fiscal year ended June 30, 2018 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Equity Index Fund | $ | 62,098 | $ | 10,060 | $ | 72,158 | ||||||
Market Expansion Enhanced Index Fund | 10,142 | 103,326 | 113,468 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
42 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
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As of June 30, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
Equity Index Fund | $ | 6,379 | $ | 9,086 | $ | 1,675,744 | ||||||
Market Expansion Enhanced Index Fund | 5,658 | 44,839 | 198,394 |
The cumulative timing differences primarily consist of post-October capital loss deferrals and wash sale loss deferrals.
As of June 30, 2019, the Funds did not have any net capital loss carryforwards.
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, 2019, the Funds deferred to July 1, 2019 the following net capital losses of (amounts in thousands):
Net Capital Losses | ||||||||
Short-Term | Long-Term | |||||||
Equity Index Fund | $ | 1,986 | $ | — | ||||
Market Expansion Enhanced Index Fund | 9,985 | — |
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 year ended June 30, 2019.
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 13, 2019, 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 June 30, 2019. Average borrowings from the Credit Facility during the year ended June 30, 2019 were as follows (amounts in thousands, except number of days outstanding):
Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
Equity Index Fund | $ | 43,500 | 3.38 | % | 1 | $ | 4 |
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 43 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (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 June 30, 2019, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:
Number of individual shareholder and/or Affiliated Omnibus Accounts | % of the Fund | Number of individual shareholder and/orNon-Affiliated Omnibus Accounts | % of the Fund | |||||||||||||
Equity Index Fund | 1 | 10.5 | % | 1 | 12.4 | % | ||||||||||
Market Expansion Enhanced Index Fund | 3 | 44.1 | — | — |
As of June 30, 2019, 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 | — | 42.2 | % | |||||
Market Expansion Enhanced Index Fund | 48.8 | % | — |
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. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
8. Subscriptionin-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 subscriptionin-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 Standards 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 Statement Conceptual 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. Management has 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 the 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. Management has 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 | JUNE 30, 2019 |
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Tothe Board of Trustees of JPMorgan Trust IIand Shareholders of JPMorgan Equity Index Fund and
JPMorgan Market Expansion Enhanced Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Equity Index Fund and JPMorgan Market Expansion Enhanced Index Fund (two of the funds constituting JPMorgan Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2019and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019by correspondence with the custodian, transfer agentand brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
August 23, 2019
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 45 |
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 134 | Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trust since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 134 | Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 134 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016). | |||
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999). | 134 | Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present). | |||
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 134 | None | |||
Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 134 | None |
46 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
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Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trusts since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 134 | Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 134 | None | |||
Mary E. Martinez (1960); Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 134 | None | |||
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President of Administration and Planning, Northwestern University (1985-present). | 134 | None | |||
Mitchell M. Merin (1953); Trustee of Trusts since 2013. | Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006). | 134 | Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013). | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002). | 134 | Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006). | 134 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
JUNE 30, 2019 | J.P. MORGAN EQUITY FUNDS | 47 |
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TRUSTEES
(Unaudited) (continued)
(1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eleven registered investment companies (134 funds). |
* | Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
48 | J.P. MORGAN EQUITY FUNDS | JUNE 30, 2019 |
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(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016) | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014). | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016. | |
Gregory S. Samuels (1980), Secretary (2019)* (formerly Assistant Secretary since 2010) | Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015. | |
Keri E. Riemer (1976), Assistant Secretary (2019)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016). | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Lauren A. Paino (1973), Assistant Treasurer (2014)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006. | |
Gillian I. Sands (1969), Assistant Treasurer (2012)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
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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, January 1, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.
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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
JPMorgan Equity Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,182.80 | $ | 2.44 | 0.45 | % | ||||||||
Hypothetical | 1,000.00 | 1,022.56 | 2.26 | 0.45 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,179.30 | 5.62 | 1.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.64 | 5.21 | 1.04 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,184.20 | 1.08 | 0.20 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.80 | 1.00 | 0.20 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,185.00 | 0.22 | 0.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.60 | 0.20 | 0.04 | ||||||||||||
JPMorgan Market Expansion Enhanced Index Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,154.20 | 3.20 | 0.60 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.82 | 3.01 | 0.60 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,150.60 | 5.87 | 1.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.34 | 5.51 | 1.10 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,155.00 | 1.87 | 0.35 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.06 | 1.76 | 0.35 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,150.80 | 5.33 | 1.00 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.84 | 5.01 | 1.00 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,154.70 | 1.34 | 0.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.55 | 1.25 | 0.25 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2019:
Dividends Received Deduction | ||||
JPMorgan Equity Index Fund | 100.00 | % | ||
JPMorgan Market Expansion Enhanced Index Fund | 58.62 |
Long-Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Long-Term Capital Gain Distribution | ||||
JPMorgan Equity Index Fund | $ | 12,487 | ||
JPMorgan Market Expansion Enhanced Index Fund | 100,333 |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Qualified Dividend Income | ||||
JPMorgan Equity Index Fund | $ | 74,803 | ||
JPMorgan Market Expansion Enhanced Index Fund | 11,543 |
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Rev. January 2011
FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you areno longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. 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-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2019. All rights reserved. June 2019. | AN-INDEX-619 |
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Annual Report
J.P. Morgan Investor Funds
June 30, 2019
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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Letter to Shareholders | 1 | |||
Fund Facts | 2 | |||
Funds Commentary | 3 | |||
Schedules of Portfolio Investments | 8 | |||
Financial Statements | 12 | |||
Financial Highlights | 22 | |||
Notes to Financial Statements | 30 | |||
Report of Independent Registered Public Accounting Firm | 44 | |||
Trustees | 45 | |||
Officers | 48 | |||
Schedule of Shareholder Expenses | 49 | |||
Tax Letter | 51 | |||
Privacy Policy — Located at the back of this Annual Report |
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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July 31, 2019 (Unaudited)
Dear Shareholders,
Even as the pace of growth slowed, the global economic expansion continued and financial markets largely provided positive returns for the twelve months ended June 30, 2019. Central banks in the U.S. and elsewhere moved to support continued economic expansion in 2019, and low interest rates, growth in corporate profits and general investor optimism added further support to both equity and bond markets.
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“We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop.” |
The U.S. economy generally outpaced other developed market nations throughout the twelve month reporting period and the U.S. expansion became the longest on record by the end of June 2019. However, growth in U.S. gross domestic product (GDP) slowed significantly to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. At the same time, the U.S. unemployment rate remained below 4% for all but one month of the reporting period.
After reaching record highs in August and September 2018, U.S. equity prices tumbled sharply in December amid investor concerns about slowing global growth, unresolved U.S.-China trade tensions and expectations for further interest rate increases by the U.S. Federal Reserve (the “Fed”). For the month of December, the S&P 500 Index fell by 9.03%.
By the end of 2018, the Fed indicated it would enact fewer-than-expected interest rate increases in 2019. In January 2019, financial markets began to stabilize and started a rebound that would push equity prices back to record highs at the end of April and again by mid-June. For the twelve month reporting period, the S&P 500 returned 10.42%.
In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019. Notably, manufacturing data weakened in 2019. However, unemployment continued to fall throughout the reporting period and the 7.5% euro area jobless rate by the end June 2019 was the lowest since the 2008-09 financial crisis.
In response to slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth rebounded to 1.8% in the first quarter of 2019 from 1.4% in the final quarter of 2018. Political uncertainty surrounding negotiations for U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the twelve month reporting period, the MSCI EAFE Index returned 1.60%.
Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well certain of its trading partners across Asia. During the second half of the reporting period, emerging markets largely benefitted investor appetite for higher yielding assets. While the MSCI Emerging Markets Index returned 1.61% for reporting period, the Bloomberg Barclays Emerging Markets Aggregate Index returned 10.95%.
Subsequent to the end of the reporting period, the Fed cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.
We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,
Andrea L. Lisher
Head of Americas, J.P. Morgan Global Funds
J.P. Morgan Asset Management
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 1 |
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J.P. Morgan Investor Funds
TWELVE MONTHS ENDED JUNE 30, 2019 (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(1) Return | Fund Net Assets as of June 30, 2019 (in thousands) | ||||||||||||||||||
JPMorgan Investor Balanced Fund, Class A | 0.78% | 5.52% | 6.73% | 8.98% | 8.36% | ** | $ | 4,781,241 | ||||||||||||||||
JPMorgan Investor Conservative Growth Fund, Class A | 1.07% | 5.80% | 6.73% | 8.98% | 7.83% | *** | $ | 3,424,336 | ||||||||||||||||
JPMorgan Investor Growth Fund, Class A | 0.22% | 4.95% | 6.73% | 8.98% | 8.94% | **** | $ | 2,786,074 | ||||||||||||||||
JPMorgan Investor Growth & Income Fund, Class A | 0.71% | 5.45% | 6.73% | 8.98% | 8.74% | ***** | $ | 2,905,784 |
Portfolio Composition by Asset Class******
Investor Balanced Fund | ||||
Fixed Income | 48.1 | % | ||
U.S. Equity | 33.5 | |||
International Equity | 15.3 | |||
Short-Term Investments | 1.6 | |||
Alternative Assets | 1.5 | |||
Investor Conservative Growth Fund | ||||
Fixed Income | 67.8 | % | ||
U.S. Equity | 19.6 | |||
International Equity | 9.2 | |||
Alternative Assets | 2.1 | |||
Short-Term Investments | 1.3 | |||
Investor Growth Fund | ||||
U.S. Equity | 59.9 | % | ||
International Equity | 25.6 | |||
Fixed Income | 12.0 | |||
Short-Term Investments | 1.8 | |||
Alternative Assets | 0.7 | |||
Investor Growth & Income Fund | ||||
U.S. Equity | 46.2 | % | ||
Fixed Income | 32.1 | |||
International Equity | 19.1 | |||
Short-Term Investments | 1.5 | |||
Alternative Assets | 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 June 30, 2019. The Funds’ portfolio composition is subject to change. |
(1) | On July 1, 2019, the MSCI Europe, Australasia, Far East Index replaced the composite benchmarks of each of the Investor Funds. |
2 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
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J.P. Morgan Investor Funds
TWELVE MONTHS ENDED JUNE 30, 2019 (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?
Global equity prices rebounded from two sharp sell-offs and U.S. equity largely outperformed both developed and emerging markets equity during the reporting period.
Growth in corporate profits, low interest rates and the continued growth in the global economy bolstered financial markets throughout the reporting period. However, investor concerns about the direction of U.S. interest rates, rising trade tensions and signs of slowing economic activity in China and Europe helped fuel significant market downturns in late 2018 and again in May 2019.
Leading equity indexes plummeted in the second half of December 2018 amid slowing global economic growth, unresolved U.S.-China trade tensions and investor concerns over rising interest rates.
However, financial market volatility stabilized in January and U.S. equity prices rebounded over the next few months and returned to record high levels bymid-April 2019. Global equity markets slumped in May 2019 and leading indexes in the U.S. and Asian developed markets as well as emerging markets dropping by more than 6%. However, global equity prices rebounded again in June.
Within U.S. equity, large cap and mid cap stocks generally outperformed small cap stocks and growth stocks continued to outperform value stocks.
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 twelve months ended June 30, 2019, 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, mainly due to the Investor Funds’ exposure to international equity, which largely underperformed U.S. fixed income markets.
Each of the Investor Funds’ Class A shares also underperformed the Russell 3000 Index, the Investor Funds’ broad-based equity benchmark, mainly due to the Investor Funds’ allocation to international equity, which underperformed U.S. equity.
Each Investor Fund’s performance is also compared to composite benchmarks, which comprise different percentages of the Investor Funds’ broad-based fixed income and broad-based 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 the Investor Funds’ exposure to 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 amonglarge-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. |
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 3 |
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JPMorgan Investor Balanced Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | December 10, 1996 | |||||||||||||
With Sales Charge* | 0.78 | % | 4.05 | % | 7.39 | % | ||||||||
Without Sales Charge | 5.52 | 5.01 | 7.89 | |||||||||||
CLASS C SHARES | July 1, 1997 | |||||||||||||
With CDSC** | 3.89 | 4.43 | 7.30 | |||||||||||
Without CDSC | 4.89 | 4.43 | 7.30 | |||||||||||
CLASS I SHARES | December 10, 1996 | 5.71 | 5.27 | 8.15 | ||||||||||
CLASS R6 SHARES | July 31, 2017 | 5.96 | 5.33 | 8.18 |
* | Sales Charge for Class A Shares is 4.50%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 different than those shown because 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 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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
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JPMorgan Investor Conservative Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | December 10, 1996 | |||||||||||||
With Sales Charge* | 1.07 | % | 2.90 | % | 5.59 | % | ||||||||
Without Sales Charge | 5.80 | 3.85 | 6.08 | |||||||||||
CLASS C SHARES | July 1, 1997 | |||||||||||||
With CDSC** | 4.24 | 3.28 | 5.52 | |||||||||||
Without CDSC | 5.24 | 3.28 | 5.52 | |||||||||||
CLASS I SHARES | December 10, 1996 | 6.03 | 4.11 | 6.35 | ||||||||||
CLASS R6 SHARES | July 31, 2017 | 6.19 | 4.14 | 6.37 |
* | Sales Charge for Class A Shares is 4.50%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 different than those shown because 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 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 June 30, 2009 to June 30, 2019. 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.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 5 |
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JPMorgan Investor Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | December 10, 1996 | |||||||||||||
With Sales Charge* | 0.22 | % | 6.18 | % | 10.76 | % | ||||||||
Without Sales Charge | 4.95 | 7.16 | 11.27 | |||||||||||
CLASS C SHARES | July 1, 1997 | |||||||||||||
With CDSC** | 3.31 | 6.57 | 10.65 | |||||||||||
Without CDSC | 4.31 | 6.57 | 10.65 | |||||||||||
CLASS I SHARES | December 10, 1996 | 5.18 | 7.44 | 11.55 | ||||||||||
CLASS R6 SHARES | July 31, 2017 | 5.35 | 7.47 | 11.56 |
* | Sales Charge for Class A Shares is 4.50%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 different than those shown because 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 Investor Growth Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the Investor Growth Composite Benchmark and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index from June 30, 2009 to June 30, 2019. 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 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 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 (10%) and the Russell 3000 Index (90%). 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Investor Growth & Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | December 10, 1996 | |||||||||||||
With Sales Charge* | 0.71 | % | 5.01 | % | 9.05 | % | ||||||||
Without Sales Charge | 5.45 | 5.99 | 9.55 | |||||||||||
CLASS C SHARES | July 1, 1997 | |||||||||||||
With CDSC** | 3.78 | 5.41 | 8.95 | |||||||||||
Without CDSC | 4.78 | 5.41 | 8.95 | |||||||||||
CLASS I SHARES | December 10, 1996 | 5.62 | 6.26 | 9.83 | ||||||||||
CLASS R6 SHARES | July 31, 2017 | 5.85 | 6.30 | 9.85 |
* | Sales Charge for Class A Shares is 4.50%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 different than those shown because 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 Investor Growth & Income Fund, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Russell 3000 Index, the Investor Growth & Income Composite Benchmark and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2009 to June 30, 2019. 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 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 Growth & Income 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 (30%) and the Russell 3000 Index (70%). 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.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 7 |
Table of Contents
JPMorgan Investor Balanced Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment Companies — 98.5% |
| |||||||
Alternative Assets — 1.5% |
| |||||||
JPMorgan Systematic Alpha Fund Class R6 Shares * (a) | 5,142 | 72,859 | ||||||
|
| |||||||
Fixed Income — 48.1% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 86,706 | 1,022,269 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 58,755 | 494,130 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 5,905 | 48,363 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 10,844 | 99,110 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 19,929 | 144,086 | ||||||
JPMorgan Income Fund Class R6 Shares (a) | 9,013 | 86,074 | ||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 6,822 | 69,859 | ||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 20,258 | 204,605 | ||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 7,650 | 88,125 | ||||||
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | 4,268 | 42,039 | ||||||
|
| |||||||
Total Fixed Income | 2,298,660 | |||||||
|
| |||||||
International Equity — 15.3% | ||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 5,616 | 72,339 | ||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 3,410 | 103,229 | ||||||
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 3,364 | 83,133 | ||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 7,669 | 165,104 | ||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 3,325 | 57,620 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 14,139 | 250,550 | ||||||
|
| |||||||
Total International Equity | 731,975 | |||||||
|
| |||||||
U.S. Equity — 33.6% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 5,655 | 102,579 | ||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 8,231 | 305,956 | ||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 2,866 | 162,805 | ||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 3,570 | 156,297 | ||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 7,926 | 110,175 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
U.S. Equity — continued | ||||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | 15,781 | 157,807 | ||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | 1,067 | 41,715 | ||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 1,924 | 48,829 | ||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 26,282 | 419,721 | ||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 2,774 | 98,936 | ||||||
|
| |||||||
Total U.S. Equity | 1,604,820 | |||||||
|
| |||||||
Total Investment Companies | 4,708,314 | |||||||
|
| |||||||
Short-Term Investments — 1.6% | ||||||||
Investment Companies — 1.6% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | 75,914 | 75,914 | ||||||
|
| |||||||
Total Investments — 100.1% |
| 4,784,228 | ||||||
Liabilities in Excess of |
| (2,987 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 4,781,241 | ||||||
|
|
Percentages indicated are based on net assets.
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2019. | |
* | 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 portfolio holdings filed quarterly on FormN-PORT, 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Investor Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment Companies — 98.7% |
| |||||||
Alternative Assets — 2.1% |
| |||||||
JPMorgan Systematic Alpha Fund Class R6 Shares * (a) | 5,014 | 71,049 | ||||||
|
| |||||||
Fixed Income — 67.8% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 90,217 | 1,063,660 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 53,419 | 449,252 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 4,374 | 35,823 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 8,674 | 79,278 | ||||||
JPMorgan Government Bond Fund Class R6 Shares (a) | 3,530 | 37,739 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 13,893 | 100,446 | ||||||
JPMorgan Income Fund Class R6 Shares (a) | 10,922 | 104,309 | ||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 6,110 | 62,568 | ||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 28,639 | 289,258 | ||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 5,629 | 64,851 | ||||||
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | 3,424 | 33,730 | ||||||
|
| |||||||
Total Fixed Income | 2,320,914 | |||||||
|
| |||||||
International Equity — 9.2% | ||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 3,145 | 40,505 | ||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 1,726 | 52,237 | ||||||
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 1,021 | 25,239 | ||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 2,151 | 46,301 | ||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 1,568 | 27,175 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 7,069 | 125,255 | ||||||
|
| |||||||
Total International Equity | 316,712 | |||||||
|
| |||||||
U.S. Equity — 19.6% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 3,138 | 56,914 | ||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 4,197 | 156,000 | ||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 1,439 | 81,748 | ||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 986 | 43,152 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
U.S. Equity — continued | ||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 1,487 | 20,665 | ||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | 4,492 | 44,919 | ||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | 876 | 34,234 | ||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 1,095 | 27,792 | ||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 9,600 | 153,308 | ||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 1,488 | 53,069 | ||||||
|
| |||||||
Total U.S. Equity | 671,801 | |||||||
|
| |||||||
Total Investment Companies |
| 3,380,476 | ||||||
|
| |||||||
Short-Term Investments — 1.3% | ||||||||
Investment Companies — 1.3% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | 43,626 | 43,626 | ||||||
|
| |||||||
Total Investments — 100.0% | 3,424,102 | |||||||
Other Assets Less | 234 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 3,424,336 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2019. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
* | 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 portfolio holdings filed quarterly on FormN-PORT, 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.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 9 |
Table of Contents
JPMorgan Investor Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment Companies — 98.2% |
| |||||||
Alternative Assets — 0.7% |
| |||||||
JPMorgan Systematic Alpha Fund Class R6 Shares * (a) | 1,395 | 19,762 | ||||||
|
| |||||||
Fixed Income — 12.0% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 18,917 | 223,027 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 4,240 | 35,663 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 1,585 | 12,981 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 1,471 | 13,449 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 6,877 | 49,717 | ||||||
|
| |||||||
Total Fixed Income | 334,837 | |||||||
|
| |||||||
International Equity — 25.6% | ||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 4,633 | 59,679 | ||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 2,468 | 74,707 | ||||||
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 3,430 | 84,747 | ||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 4,127 | 88,852 | ||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 6,956 | 120,554 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 11,033 | 195,505 | ||||||
JPMorgan International Unconstrained Equity Fund Class R6 Shares (a) | 4,130 | 87,466 | ||||||
|
| |||||||
Total International Equity | 711,510 | |||||||
|
| |||||||
U.S. Equity — 59.9% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 3,038 | 55,107 | ||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 8,208 | 305,094 | ||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 2,455 | 139,445 | ||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 5,684 | 248,829 | ||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 18,404 | 255,817 | ||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | 15,115 | 151,149 | ||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | 1,108 | 43,329 | ||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 1,719 | 43,641 | ||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 23,256 | 371,400 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
U.S. Equity — continued | ||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 1,536 | 54,788 | ||||||
|
| |||||||
Total U.S. Equity | 1,668,599 | |||||||
|
| |||||||
Total Investment Companies | 2,734,708 | |||||||
|
| |||||||
Short-Term Investments — 1.8% | ||||||||
Investment Companies — 1.8% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | 51,367 | 51,367 | ||||||
|
| |||||||
Total Investments — 100.0% | 2,786,075 | |||||||
Liabilities in Excess of | (1 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 2,786,074 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2019. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
* | 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 portfolio holdings filed quarterly on FormN-PORT, 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Investor Growth & Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment Companies — 98.5% |
| |||||||
Alternative Assets — 1.1% |
| |||||||
JPMorgan Systematic Alpha Fund Class R6 Shares * (a) | 2,339 | 33,150 | ||||||
|
| |||||||
Fixed Income — 32.1% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 39,336 | 463,773 | ||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 22,507 | 189,282 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 1,737 | 14,230 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 4,900 | 44,786 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 11,429 | 82,635 | ||||||
JPMorgan Income Fund Class R6 Shares (a) | 3,081 | 29,419 | ||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 3,762 | 38,526 | ||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 4,284 | 43,271 | ||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 2,291 | 26,387 | ||||||
|
| |||||||
Total Fixed Income | 932,309 | |||||||
|
| |||||||
International Equity — 19.1% | ||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 4,003 | 51,555 | ||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 2,227 | 67,416 | ||||||
JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 2,748 | 67,904 | ||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 5,303 | 114,167 | ||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 3,428 | 59,410 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 8,620 | 152,749 | ||||||
JPMorgan International Unconstrained Equity Fund Class R6 Shares (a) | 1,983 | 41,989 | ||||||
|
| |||||||
Total International Equity | 555,190 | |||||||
|
| |||||||
U.S. Equity — 46.2% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 3,319 | 60,205 | ||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 7,580 | 281,749 | ||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 1,584 | 89,987 | ||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 4,601 | 201,436 | ||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 10,970 | 152,478 | ||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | 10,949 | 109,487 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
U.S. Equity — continued | ||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a) | 1,004 | 39,253 | ||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 1,861 | 47,232 | ||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 18,927 | 302,258 | ||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 1,630 | 58,138 | ||||||
|
| |||||||
Total U.S. Equity | 1,342,223 | |||||||
|
| |||||||
Total Investment Companies | 2,862,872 | |||||||
|
| |||||||
Short-Term Investments — 1.5% | ||||||||
Investment Companies — 1.5% | ||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | 42,608 | 42,608 | ||||||
|
| |||||||
Total Investments — 100.0% | 2,905,480 | |||||||
Other Assets Less | 304 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 2,905,784 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2019. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
* | 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 portfolio holdings filed quarterly on FormN-PORT, 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.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 11 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019
(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 | $ | 4,784,228 | $ | 3,424,102 | $ | 2,786,075 | $ | 2,905,480 | ||||||||
Cash | — | — | 95 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 5,127 | 1,385 | 1,446 | ||||||||||||
Fund shares sold | 4,111 | 3,497 | 3,054 | 4,841 | ||||||||||||
Dividends from affiliates | 374 | 450 | 3 | 129 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 4,788,713 | 3,433,176 | 2,790,612 | 2,911,896 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | 257 | 374 | — | 42 | ||||||||||||
Distributions | 76 | 23 | 27 | 57 | ||||||||||||
Investment securities purchased | — | 3,418 | 1,385 | 1,446 | ||||||||||||
Fund shares redeemed | 4,726 | 2,960 | 1,679 | 3,067 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 187 | 134 | 106 | 112 | ||||||||||||
Distribution fees | 1,163 | 1,124 | 545 | 636 | ||||||||||||
Service fees | 790 | 597 | 434 | 464 | ||||||||||||
Custodian and accounting fees | 8 | 8 | 8 | 8 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | — | — | |||||||||||
Other | 265 | 202 | 354 | 280 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 7,472 | 8,840 | 4,538 | 6,112 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 4,781,241 | $ | 3,424,336 | $ | 2,786,074 | $ | 2,905,784 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
12 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
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 | $ | 3,885,172 | $ | 2,971,169 | $ | 1,992,386 | $ | 2,189,341 | ||||||||
Total distributable earnings (loss) (a) | 896,069 | 453,167 | 793,688 | 716,443 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 4,781,241 | $ | 3,424,336 | $ | 2,786,074 | $ | 2,905,784 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 3,458,135 | $ | 2,170,888 | $ | 2,129,765 | $ | 2,430,409 | ||||||||
Class C | 758,346 | 1,113,797 | 191,971 | 237,376 | ||||||||||||
Class I | 478,250 | 138,655 | 454,039 | 224,050 | ||||||||||||
Class R6 | 86,510 | 996 | 10,299 | 13,949 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 4,781,241 | $ | 3,424,336 | $ | 2,786,074 | $ | 2,905,784 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding units of beneficial interest (shares) | ||||||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||||||
Class A | 230,614 | 172,539 | 105,670 | 143,493 | ||||||||||||
Class C | 51,435 | 88,963 | 10,281 | 14,464 | ||||||||||||
Class I | 31,834 | 10,953 | 22,022 | 13,463 | ||||||||||||
Class R6 | 5,761 | 78 | 500 | 838 | ||||||||||||
Net Asset Value (b): | ||||||||||||||||
Class A — Redemption price per share | $ | 15.00 | $ | 12.58 | $ | 20.15 | $ | 16.94 | ||||||||
Class C — Offering price per share (c) | 14.74 | 12.52 | 18.67 | 16.41 | ||||||||||||
Class I — Offering and redemption price per share | 15.02 | 12.66 | 20.62 | 16.64 | ||||||||||||
Class R6 — Offering and redemption price per share | 15.02 | 12.65 | 20.61 | 16.64 | ||||||||||||
Class A maximum sales charge | 4.50 | % | 4.50 | % | 4.50 | % | 4.50 | % | ||||||||
Class A maximum public offering price per share | $ | 15.71 | $ | 13.17 | $ | 21.10 | $ | 17.74 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in affiliates | $ | 3,958,876 | $ | 3,000,807 | $ | 2,068,787 | $ | 2,217,643 |
(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.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 13 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2019
(Amounts in thousands)
JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||
Dividend income from affiliates | $ | 116,766 | $ | 93,574 | $ | 49,210 | $ | 61,664 | ||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees | 2,338 | 1,689 | 1,329 | 1,407 | ||||||||||||
Administration fees | 1,372 | 1,048 | 856 | 900 | ||||||||||||
Distribution fees: | ||||||||||||||||
Class A | 8,373 | 5,261 | 5,040 | 5,834 | ||||||||||||
Class C | 5,763 | 8,523 | 1,465 | 1,839 | ||||||||||||
Service fees: | ||||||||||||||||
Class A | 8,373 | 5,261 | 5,040 | 5,834 | ||||||||||||
Class C | 1,921 | 2,841 | 488 | 613 | ||||||||||||
Class I | 1,182 | 340 | 1,094 | 573 | ||||||||||||
Custodian and accounting fees | 23 | 22 | 22 | 22 | ||||||||||||
Professional fees | 75 | 62 | 53 | 55 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 43 | 38 | 35 | 36 | ||||||||||||
Printing and mailing costs | 296 | 200 | 289 | 262 | ||||||||||||
Registration and filing fees | 164 | 156 | 163 | 129 | ||||||||||||
Transfer agency fees (See Note 2.D.) | 292 | 180 | 438 | 331 | ||||||||||||
Other | 77 | 56 | 46 | 49 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 30,292 | 25,677 | 16,358 | 17,884 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fees waived | (3,263 | ) | (2,090 | ) | (2,600 | ) | (2,507 | ) | ||||||||
Less expense reimbursements | — | — | (a) | — | (a) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 27,029 | 23,587 | 13,758 | 15,377 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 89,737 | 69,987 | 35,452 | 46,287 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on investments in affiliates | 37,713 | 10,717 | 14,651 | 18,602 | ||||||||||||
Distributions of capital gains received from investment company affiliates | 173,212 | 72,093 | 164,537 | 139,926 | ||||||||||||
Change in net unrealized appreciation/depreciation of investments in affiliates | (54,707 | ) | 28,942 | (85,789 | ) | (58,395 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 156,218 | 111,752 | 93,399 | 100,133 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 245,955 | $ | 181,739 | $ | 128,851 | $ | 146,420 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 89,737 | $ | 71,739 | $ | 69,987 | $ | 60,122 | ||||||||
Net realized gain (loss) on investments in affiliates | 37,713 | 127,340 | 10,717 | 69,443 | ||||||||||||
Distributions of capital gains received from investment company affiliates | 173,212 | 126,064 | 72,093 | 52,204 | ||||||||||||
Change in net unrealized appreciation/depreciation of investments in affiliates | (54,707 | ) | (23,178 | ) | 28,942 | (49,947 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 245,955 | 301,965 | 181,739 | 131,822 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (232,243 | ) | (236,178 | ) | (119,285 | ) | (118,112 | ) | ||||||||
Class C | (50,570 | ) | (48,722 | ) | (58,906 | ) | (58,140 | ) | ||||||||
Class I | (34,408 | ) | (31,225 | ) | (8,011 | ) | (7,467 | ) | ||||||||
Class R6 (b) | (6,281 | ) | (2,514 | ) | (56 | ) | (3 | ) | ||||||||
Class T (c) | — | (1 | ) | — | (1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (323,502 | ) | (318,640 | ) | (186,258 | ) | (183,723 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 74,192 | (170,845 | ) | (70,867 | ) | (239,055 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (3,355 | ) | (187,520 | ) | (75,386 | ) | (290,956 | ) | ||||||||
Beginning of period | 4,784,596 | 4,972,116 | 3,499,722 | 3,790,678 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,781,241 | $ | 4,784,596 | $ | 3,424,336 | $ | 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.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 35,452 | $ | 23,106 | $ | 46,287 | $ | 35,745 | ||||||||
Net realized gain (loss) on investments in affiliates | 14,651 | 48,795 | 18,602 | 90,932 | ||||||||||||
Distributions of capital gains received from investment company affiliates | 164,537 | 134,010 | 139,926 | 115,297 | ||||||||||||
Change in net unrealized appreciation/depreciation of investments in affiliates | (85,789 | ) | 70,222 | (58,395 | ) | 7,425 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 128,851 | 276,133 | 146,420 | 249,399 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||||||||||
Class A | (144,207 | ) | (173,357 | ) | (172,898 | ) | (197,243 | ) | ||||||||
Class C | (14,542 | ) | (17,453 | ) | (17,650 | ) | (20,021 | ) | ||||||||
Class I | (31,959 | ) | (32,701 | ) | (18,084 | ) | (20,236 | ) | ||||||||
Class R6 (b) | (635 | ) | (605 | ) | (131 | ) | (16 | ) | ||||||||
Class T (c) | — | (2 | ) | — | (1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (191,343 | ) | (224,118 | ) | (208,763 | ) | (237,517 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 146,730 | 91,735 | 78,414 | (94,761 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 84,238 | 143,750 | 16,071 | (82,879 | ) | |||||||||||
Beginning of period | 2,701,836 | 2,558,086 | 2,889,713 | 2,972,592 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,786,074 | $ | 2,701,836 | $ | 2,905,784 | $ | 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Investor Balanced Fund | JPMorgan Investor Conservative Growth Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 419,952 | $ | 460,817 | $ | 294,066 | $ | 442,260 | ||||||||
Distributions reinvested | 231,262 | 235,227 | 118,802 | 117,679 | ||||||||||||
Cost of shares redeemed | (575,307 | ) | (672,859 | ) | (414,742 | ) | (429,357 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 75,907 | $ | 23,185 | $ | (1,874 | ) | $ | 130,582 | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 129,028 | $ | 138,371 | $ | 143,401 | $ | 171,728 | ||||||||
Distributions reinvested | 50,322 | 48,466 | 58,642 | 57,915 | ||||||||||||
Cost of shares redeemed | (197,314 | ) | (472,053 | ) | (273,784 | ) | (602,825 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (17,964 | ) | $ | (285,216 | ) | $ | (71,741 | ) | $ | (373,182 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 106,093 | $ | 108,433 | $ | 31,399 | $ | 32,920 | ||||||||
Distributions reinvested | 34,018 | 29,635 | 7,805 | 6,927 | ||||||||||||
Cost of shares redeemed | (126,231 | ) | (135,249 | ) | (37,283 | ) | (36,461 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 13,880 | $ | 2,819 | $ | 1,921 | $ | 3,386 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 434 | $ | 86,464 | $ | 825 | $ | 177 | ||||||||
Distributions reinvested | 6,281 | 2,513 | 56 | 2 | ||||||||||||
Cost of shares redeemed | (4,346 | ) | (590 | ) | (54 | ) | — | (b) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 2,369 | $ | 88,387 | $ | 827 | $ | 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 | $ | 74,192 | $ | (170,845 | ) | $ | (70,867 | ) | $ | (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.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 28,470 | 29,180 | 23,834 | 33,945 | ||||||||||||
Reinvested | 16,469 | 15,208 | 9,899 | 9,180 | ||||||||||||
Redeemed | (38,906 | ) | (43,083 | ) | (33,557 | ) | (33,363 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 6,033 | 1,305 | 176 | 9,762 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 8,765 | 8,998 | 11,611 | 13,393 | ||||||||||||
Reinvested | 3,662 | 3,183 | 4,929 | 4,539 | ||||||||||||
Redeemed | (13,554 | ) | (30,384 | ) | (22,262 | ) | (46,658 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (1,127 | ) | (18,203 | ) | (5,722 | ) | (28,726 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 7,190 | 6,915 | 2,514 | 2,536 | ||||||||||||
Reinvested | 2,415 | 1,913 | 645 | 538 | ||||||||||||
Redeemed | (8,512 | ) | (8,609 | ) | (2,999 | ) | (2,821 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 1,093 | 219 | 160 | 253 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6(a) | ||||||||||||||||
Issued | 29 | 5,464 | 63 | 14 | ||||||||||||
Reinvested | 446 | 163 | 5 | — | (b) | |||||||||||
Redeemed | (303 | ) | (38 | ) | (4 | ) | — | (b) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 172 | 5,589 | 64 | 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Investor Growth Fund | JPMorgan Investor Growth & Income Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 295,028 | $ | 193,204 | $ | 294,835 | $ | 225,692 | ||||||||
Distributions reinvested | 143,072 | 172,014 | 171,732 | 195,946 | ||||||||||||
Cost of shares redeemed | (311,300 | ) | (293,109 | ) | (373,201 | ) | (389,174 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 126,800 | $ | 72,109 | $ | 93,366 | $ | 32,464 | ||||||||
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|
|
|
|
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|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 34,224 | $ | 45,931 | $ | 35,286 | $ | 47,513 | ||||||||
Distributions reinvested | 14,397 | 17,270 | 17,483 | 19,822 | ||||||||||||
Cost of shares redeemed | (55,653 | ) | (138,492 | ) | (68,604 | ) | (198,558 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (7,032 | ) | $ | (75,291 | ) | $ | (15,835 | ) | $ | (131,223 | ) | ||||
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|
|
|
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|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 82,376 | $ | 134,558 | $ | 35,550 | $ | 40,223 | ||||||||
Distributions reinvested | 31,144 | 31,813 | 17,565 | 19,287 | ||||||||||||
Cost of shares redeemed | (88,944 | ) | (79,570 | ) | (64,882 | ) | (56,132 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 24,576 | $ | 86,801 | $ | (11,767 | ) | $ | 3,378 | |||||||
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| |||||||||
Class R6(a) | ||||||||||||||||
Proceeds from shares issued | $ | 3,044 | $ | 8,361 | $ | 12,753 | $ | 662 | ||||||||
Distributions reinvested | 634 | 605 | 131 | 16 | ||||||||||||
Cost of shares redeemed | (1,292 | ) | (829 | ) | (234 | ) | (37 | ) | ||||||||
|
|
|
| �� |
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | 2,386 | $ | 8,137 | $ | 12,650 | $ | 641 | ||||||||
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|
|
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| |||||||||
Class T(b) | ||||||||||||||||
Distributions reinvested | — | 2 | — | 1 | ||||||||||||
Cost of shares redeemed | — | (23 | ) | — | (22 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class T capital transactions | $ | — | $ | (21 | ) | $ | — | $ | (21 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 146,730 | $ | 91,735 | $ | 78,414 | $ | (94,761 | ) | |||||||
|
|
|
|
|
|
|
|
(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. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 15,030 | 9,068 | 17,769 | 12,545 | ||||||||||||
Reinvested | 7,926 | 8,256 | 11,040 | 11,186 | ||||||||||||
Redeemed | (15,769 | ) | (13,900 | ) | (22,350 | ) | (21,923 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 7,187 | 3,424 | 6,459 | 1,808 | ||||||||||||
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|
| |||||||||
Class C | ||||||||||||||||
Issued | 1,838 | 2,319 | 2,154 | 2,749 | ||||||||||||
Reinvested | 861 | 886 | 1,166 | 1,166 | ||||||||||||
Redeemed | (3,007 | ) | (6,904 | ) | (4,230 | ) | (11,335 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (308 | ) | (3,699 | ) | (910 | ) | (7,420 | ) | ||||||||
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| |||||||||
Class I | ||||||||||||||||
Issued | 4,074 | 6,205 | 2,158 | 2,304 | ||||||||||||
Reinvested | 1,682 | 1,496 | 1,147 | 1,119 | ||||||||||||
Redeemed | (4,427 | ) | (3,692 | ) | (4,001 | ) | (3,199 | ) | ||||||||
|
|
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|
|
| |||||||||
Change in Class I Shares | 1,329 | 4,009 | (696 | ) | 224 | |||||||||||
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| |||||||||
Class R6(a) | ||||||||||||||||
Issued | 152 | 390 | 808 | 37 | ||||||||||||
Reinvested | 34 | 28 | 8 | 1 | ||||||||||||
Redeemed | (66 | ) | (38 | ) | (14 | ) | (2 | ) | ||||||||
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| |||||||||
Change in Class R6 Shares | 120 | 380 | 802 | 36 | ||||||||||||
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| |||||||||
Class T(b) | ||||||||||||||||
Reinvested | — | — | (c) | — | — | (c) | ||||||||||
Redeemed | — | (1 | ) | — | (1 | ) | ||||||||||
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| |||||||||
Change in Class T Shares | — | (1 | ) | — | (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 | JUNE 30, 2019 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 15.30 | $ | 0.29 | (g) | $ | 0.46 | $ | 0.75 | $ | (0.37 | ) | $ | (0.68 | ) | $ | (1.05 | ) | ||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 15.06 | 0.21 | (g) | 0.44 | 0.65 | (0.29 | ) | (0.68 | ) | (0.97 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 15.33 | 0.33 | (g) | 0.45 | 0.78 | (0.41 | ) | (0.68 | ) | (1.09 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 15.32 | 0.36 | (g) | 0.45 | 0.81 | (0.43 | ) | (0.68 | ) | (1.11 | ) | |||||||||||||||||
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 | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 15.00 | 5.52 | % | $ | 3,458,135 | 0.52 | % | 1.98 | % | 0.60 | % | 12 | % | |||||||||||||
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 | ||||||||||||||||||||
14.74 | 4.89 | 758,346 | 1.08 | 1.42 | 1.10 | 12 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.02 | 5.71 | 478,250 | 0.27 | 2.24 | 0.35 | 12 | ||||||||||||||||||||
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 | ||||||||||||||||||||
15.02 | 5.96 | 86,510 | 0.09 | 2.40 | 0.10 | 12 | ||||||||||||||||||||
15.32 | 5.07 | 85,614 | 0.12 | 2.03 | 0.12 | 9 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 12.61 | $ | 0.28 | (g) | $ | 0.41 | $ | 0.69 | $ | (0.32 | ) | $ | (0.40 | ) | $ | (0.72 | ) | ||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 12.55 | 0.21 | (g) | 0.41 | 0.62 | (0.25 | ) | (0.40 | ) | (0.65 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 12.69 | 0.31 | (g) | 0.41 | 0.72 | (0.35 | ) | (0.40 | ) | (0.75 | ) | |||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 12.68 | 0.35 | (g) | 0.38 | 0.73 | (0.36 | ) | (0.40 | ) | (0.76 | ) | |||||||||||||||||
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 | JUNE 30, 2019 |
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) | ||||||||||||||||||||
$ | 12.58 | 5.80 | % | $ | 2,170,888 | 0.52 | % | 2.25 | % | 0.60 | % | 10 | % | |||||||||||||
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 | ||||||||||||||||||||
12.52 | 5.24 | 1,113,797 | 1.08 | 1.69 | 1.10 | 10 | ||||||||||||||||||||
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 | ||||||||||||||||||||
12.66 | 6.03 | 138,655 | 0.27 | 2.51 | 0.36 | 10 | ||||||||||||||||||||
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 | ||||||||||||||||||||
12.65 | 6.19 | 996 | 0.12 | 2.78 | 0.12 | 10 | ||||||||||||||||||||
12.68 | 2.95 | 175 | 0.14 | 2.09 | 0.15 | 6 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 20.80 | $ | 0.27 | $ | 0.55 | $ | 0.82 | $ | (0.46 | ) | $ | (1.01 | ) | $ | (1.47 | ) | |||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 19.43 | 0.14 | 0.51 | 0.65 | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 21.24 | 0.32 | 0.58 | 0.90 | (0.51 | ) | (1.01 | ) | (1.52 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 21.23 | 0.36 | 0.57 | 0.93 | (0.54 | ) | (1.01 | ) | (1.55 | ) | ||||||||||||||||||
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 | JUNE 30, 2019 |
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| 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) | ||||||||||||||||||||
$ | 20.15 | 4.89 | % | $ | 2,129,765 | 0.52 | % | 1.33 | % | 0.62 | % | 7 | % | |||||||||||||
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 | ||||||||||||||||||||
18.67 | 4.31 | 191,971 | 1.09 | 0.77 | 1.12 | 7 | ||||||||||||||||||||
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 | ||||||||||||||||||||
20.62 | 5.18 | 454,039 | 0.27 | 1.59 | 0.36 | 7 | ||||||||||||||||||||
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 | ||||||||||||||||||||
20.61 | 5.35 | 10,299 | 0.11 | 1.77 | 0.12 | 7 | ||||||||||||||||||||
21.23 | 8.90 | 8,073 | 0.14 | 1.45 | 0.27 | 11 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 17.41 | $ | 0.28 | $ | 0.52 | $ | 0.80 | $ | (0.40 | ) | $ | (0.87 | ) | $ | (1.27 | ) | |||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 16.92 | 0.18 | 0.49 | 0.67 | (0.31 | ) | (0.87 | ) | (1.18 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 17.14 | 0.32 | 0.50 | 0.82 | (0.45 | ) | (0.87 | ) | (1.32 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 17.13 | 0.26 | 0.59 | 0.85 | (0.47 | ) | (0.87 | ) | (1.34 | ) | ||||||||||||||||||
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 | JUNE 30, 2019 |
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| 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) | ||||||||||||||||||||
$ | 16.94 | 5.45 | % | $ | 2,430,409 | 0.52 | % | 1.67 | % | 0.61 | % | 12 | % | |||||||||||||
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 | ||||||||||||||||||||
16.41 | 4.78 | 237,376 | 1.09 | 1.11 | 1.11 | 12 | ||||||||||||||||||||
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 | ||||||||||||||||||||
16.64 | 5.62 | 224,050 | 0.27 | 1.93 | 0.36 | 12 | ||||||||||||||||||||
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 | ||||||||||||||||||||
16.64 | 5.85 | 13,949 | 0.08 | 1.60 | 0.09 | 12 | ||||||||||||||||||||
17.13 | 7.04 | 619 | 0.13 | 1.42 | 0.14 | 11 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 29 |
Table of Contents
AS OF JUNE 30, 2019
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(1) | Diversified | ||
JPMorgan Investor Conservative Growth Fund | Class A, Class C, Class I, Class R6 and Class T(1) | Diversified | ||
JPMorgan Investor Growth Fund | Class A, Class C, Class I, Class R6 and Class T(1) | Diversified | ||
JPMorgan Investor Growth & Income Fund | Class A, Class C, Class I, Class R6 and Class T(1) | Diversified |
(1) | 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 (“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 | JUNE 30, 2019 |
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) | $ | 4,784,228 | $ | — | $ | — | $ | 4,784,228 | ||||||||
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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) | $ | 3,424,102 | $ | — | $ | — | $ | 3,424,102 | ||||||||
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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) | $ | 2,786,075 | $ | — | $ | — | $ | 2,786,075 | ||||||||
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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) | $ | 2,905,480 | $ | — | $ | — | $ | 2,905,480 | ||||||||
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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 into and out of level 3 for the year ended June 30, 2019.
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 calculating portfolio turnover. Amounts in the tables below are in thousands.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 31 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Investor Balanced Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | $ | 981,915 | $ | 77,412 | $ | 81,684 | $ | (3,359 | ) | $ | 47,985 | $ | 1,022,269 | 86,706 | $ | 29,647 | $ | 937 | ||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 475,808 | 22,782 | 25,272 | (1,047 | ) | 21,859 | 494,130 | 58,755 | 15,891 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 69,037 | 5,976 | — | — | (2,674 | ) | 72,339 | 5,616 | 2,128 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 48,007 | 2,343 | 4,473 | (358 | ) | 2,844 | 48,363 | 5,905 | 2,343 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 69,191 | 26,004 | — | — | 8,034 | 103,229 | 3,410 | 687 | — | |||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 95,291 | 5,001 | 3,750 | 29 | 6,008 | 102,579 | 5,655 | 2,387 | 2,615 | |||||||||||||||||||||||||||
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 | 13,502 | (1,954 | ) | 295 | 83,133 | 3,364 | 2,593 | — | ||||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 159,680 | 7,009 | 64,670 | (5,824 | ) | 2,915 | 99,110 | 10,844 | 7,008 | — | ||||||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 158,803 | 15,327 | 4,229 | 189 | (4,986 | ) | 165,104 | 7,669 | 4,628 | 10,700 | ||||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 115,120 | 29,325 | 933 | (6 | ) | 580 | 144,086 | 19,929 | 7,340 | — | ||||||||||||||||||||||||||
JPMorgan Income Fund Class R6 Shares (a) | — | 84,694 | — | — | 1,380 | 86,074 | 9,013 | 858 | — | |||||||||||||||||||||||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 71,937 | 1,826 | 4,725 | (243 | ) | 1,064 | 69,859 | 6,822 | 1,825 | — | ||||||||||||||||||||||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 71,380 | 4,846 | 17,860 | 863 | (1,609 | ) | 57,620 | 3,325 | 1,735 | 704 | ||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 255,800 | 13,213 | 10,123 | (1,385 | ) | (6,955 | ) | 250,550 | 14,139 | 8,399 | — | |||||||||||||||||||||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 334,210 | 53,467 | 53,081 | 1,477 | (30,117 | ) | 305,956 | 8,231 | 4,815 | 39,779 | ||||||||||||||||||||||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 166,954 | 19,411 | 18,688 | 4,098 | (8,970 | ) | 162,805 | 2,866 | 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 | 22,693 | 34,980 | 9,838 | (6,252 | ) | 156,297 | 3,570 | 109 | 18,209 | ||||||||||||||||||||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 120,562 | 9,257 | 12,175 | (19 | ) | (7,450 | ) | 110,175 | 7,926 | 1,881 | 7,376 | |||||||||||||||||||||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 198,725 | 12,288 | 8,812 | (41 | ) | 2,445 | 204,605 | 20,258 | 5,399 | — | ||||||||||||||||||||||||||
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) | — | 148,595 | 7,362 | (1,303 | ) | 17,877 | 157,807 | 15,781 | 2,311 | 17,446 | ||||||||||||||||||||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a) | — | 38,936 | 1,394 | (87 | ) | 4,260 | 41,715 | 1,067 | — | 2,085 | ||||||||||||||||||||||||||
JPMorgan Research Market Neutral Fund Class L Shares* (a) | 48,535 | 3,034 | 49,543 | (2,034 | ) | 8 | — | — | — | 3,033 |
32 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
Table of Contents
Investor Balanced Fund(continued)
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | $ | 36,773 | $ | 19,940 | $ | — | $ | — | $ | (7,884 | ) | $ | 48,829 | 1,924 | $ | 523 | $ | 3,946 | ||||||||||||||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 96,681 | 3,015 | 11,066 | (429 | ) | (76 | ) | 88,125 | 7,650 | 3,015 | — | |||||||||||||||||||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares* (a) | 93,933 | 28 | 19,003 | (1,473 | ) | (626 | ) | 72,859 | 5,142 | — | 27 | |||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 450,876 | 64,449 | 86,251 | 11,841 | (21,194 | ) | 419,721 | 26,282 | 5,088 | 46,549 | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | 51,163 | 291,567 | 266,816 | — | — | 75,914 | 75,914 | 1,151 | — | |||||||||||||||||||||||||||
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | 43,571 | 1,458 | 3,187 | (235 | ) | 432 | 42,039 | 4,268 | 1,460 | — | ||||||||||||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 91,976 | 6,126 | — | — | 834 | 98,936 | 2,774 | 1,758 | 4,369 | |||||||||||||||||||||||||||
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Total | $ | 4,783,032 | $ | 1,088,316 | $ | 1,070,126 | $ | 37,713 | $ | (54,707 | ) | $ | 4,784,228 | $ | 116,766 | $ | 173,212 | |||||||||||||||||||
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Investor Conservative Growth Fund |
| |||||||||||||||||||||||||||||||||||
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | $ | 1,035,932 | $ | 57,656 | $ | 76,388 | $ | (3,246 | ) | $ | 49,706 | $ | 1,063,660 | 90,217 | $ | 30,913 | $ | 984 | ||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 441,486 | 18,549 | 29,733 | (739 | ) | 19,689 | 449,252 | 53,419 | 14,573 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 39,407 | 2,591 | — | — | (1,493 | ) | 40,505 | 3,145 | 1,192 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 34,571 | 1,700 | 2,324 | (151 | ) | 2,027 | 35,823 | 4,374 | 1,701 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 39,084 | 9,151 | — | — | 4,002 | 52,237 | 1,726 | 380 | — | |||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 61,452 | 2,960 | 11,290 | 3,582 | 210 | 56,914 | 3,138 | 1,410 | 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 | 7,023 | (663 | ) | 278 | 25,239 | 1,021 | 867 | — | ||||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 140,635 | 5,968 | 64,899 | (6,249 | ) | 3,823 | 79,278 | 8,674 | 5,967 | — | ||||||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund Class R6 | 44,743 | 4,186 | 1,407 | 440 | (1,661 | ) | 46,301 | 2,151 | 1,264 | 2,922 |
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 33 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Investor Conservative Growth Fund(continued)
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Government Bond Fund Class R6 Shares (a) | $ | 39,915 | $ | 975 | $ | 4,679 | $ | (367 | ) | $ | 1,895 | $ | 37,739 | 3,530 | $ | 974 | $ | — | ||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 54,347 | 48,526 | 2,765 | 130 | 208 | 100,446 | 13,893 | 3,719 | — | |||||||||||||||||||||||||||
JPMorgan Income Fund Class R6 Shares (a) | 72,048 | 32,614 | 3,500 | (107 | ) | 3,254 | 104,309 | 10,922 | 4,134 | — | ||||||||||||||||||||||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 66,412 | 1,639 | 6,218 | (250 | ) | 985 | 62,568 | 6,110 | 1,639 | — | ||||||||||||||||||||||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 34,535 | 1,865 | 8,720 | 199 | (704 | ) | 27,175 | 1,568 | 828 | 336 | ||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 138,065 | 8,267 | 16,486 | (2,127 | ) | (2,464 | ) | 125,255 | 7,069 | 4,464 | — | |||||||||||||||||||||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 180,679 | 29,734 | 39,671 | 7,104 | (21,846 | ) | 156,000 | 4,197 | 2,509 | 20,724 | ||||||||||||||||||||||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 87,986 | 15,314 | 19,231 | 3,855 | (6,176 | ) | 81,748 | 1,439 | 971 | 8,391 | ||||||||||||||||||||||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 42,926 | 6,528 | 7,079 | 1,477 | (700 | ) | 43,152 | 986 | 29 | 4,888 | ||||||||||||||||||||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 22,685 | 1,739 | 2,333 | 132 | (1,558 | ) | 20,665 | 1,487 | 351 | 1,388 | ||||||||||||||||||||||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 291,305 | 17,075 | 22,491 | (53 | ) | 3,422 | 289,258 | 28,639 | 7,723 | — | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class I Shares (a) | 43,619 | — | 30,719 | 234 | (13,134 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a) | — | 41,266 | 2,983 | (113 | ) | 6,749 | 44,919 | 4,492 | 578 | 4,365 | ||||||||||||||||||||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a) | 32,967 | 6,555 | 8,769 | 1,451 | 2,030 | 34,234 | 876 | — | 1,964 | |||||||||||||||||||||||||||
JPMorgan Research Market Neutral Fund Class L Shares* (a) | 35,731 | 2,034 | 36,512 | (1,218 | ) | (35 | ) | — | — | — | 2,034 | |||||||||||||||||||||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 27,112 | 8,126 | 2,071 | 37 | (5,412 | ) | 27,792 | 1,095 | 337 | 2,761 | ||||||||||||||||||||||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 69,746 | 2,216 | 6,762 | (222 | ) | (127 | ) | 64,851 | 5,629 | 2,216 | — | |||||||||||||||||||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares* (a) | 86,705 | 24 | 13,714 | (1,058 | ) | (908 | ) | 71,049 | 5,014 | — | 25 | |||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 168,805 | 28,545 | 40,783 | 6,578 | (9,837 | ) | 153,308 | 9,600 | 1,849 | 17,188 | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | 34,913 | 270,385 | 261,672 | — | — | 43,626 | 43,626 | 790 | — | |||||||||||||||||||||||||||
JPMorgan Unconstrained Debt Fund Class R6 Shares (a) | 36,494 | 1,159 | 4,093 | (271 | ) | 441 | 33,730 | 3,424 | 1,160 | — | ||||||||||||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 58,233 | 3,608 | 9,241 | 2,332 | (1,863 | ) | 53,069 | 1,488 | 1,036 | 2,573 | ||||||||||||||||||||||||||
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Total | $ | 3,496,176 | $ | 663,602 | $ | 775,335 | $ | 10,717 | $ | 28,942 | $ | 3,424,102 | $ | 93,574 | $ | 72,093 | ||||||||||||||||||||
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34 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
Table of Contents
Investor Growth Fund |
| |||||||||||||||||||||||||||||||||||
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | 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 | 41,047 | 16,736 | (790 | ) | 10,190 | 223,027 | 18,917 | 6,008 | 185 | ||||||||||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 31,526 | 7,091 | 4,399 | (230 | ) | 1,675 | 35,663 | 4,240 | 1,068 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 55,382 | 6,354 | — | — | (2,057 | ) | 59,679 | 4,633 | 1,722 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 12,631 | 623 | 945 | (86 | ) | 758 | 12,981 | 1,585 | �� | 623 | — | |||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 55,999 | 12,736 | — | — | 5,972 | 74,707 | 2,468 | 554 | — | |||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 49,325 | 2,601 | — | — | 3,181 | 55,107 | 3,038 | 1,249 | 1,354 | |||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class L Shares (a) | 89,222 | 1,391 | 87,223 | — | (3,390 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan Europe Dynamic Fund (formerly JPMorgan Intrepid European Fund) Class R6 Shares (a) | — | 89,561 | 2,511 | (620 | ) | (1,683 | ) | 84,747 | 3,430 | 2,337 | — | |||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 26,864 | 1,068 | 13,987 | (514 | ) | 18 | 13,449 | 1,471 | 1,069 | — | ||||||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 78,941 | 12,415 | — | — | (2,504 | ) | 88,852 | 4,127 | 2,426 | 5,609 | ||||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 26,479 | 23,797 | 762 | (24 | ) | 227 | 49,717 | 6,877 | 1,872 | — | ||||||||||||||||||||||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 122,949 | 6,917 | 8,768 | (855 | ) | 311 | 120,554 | 6,956 | 2,954 | 1,199 | ||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 191,968 | 11,577 | 2,067 | (724 | ) | (5,249 | ) | 195,505 | 11,033 | 6,355 | — | |||||||||||||||||||||||||
JPMorgan International Unconstrained Equity Fund Class R6 Shares (a) | 81,140 | 7,740 | 4,481 | (365 | ) | 3,432 | 87,466 | 4,130 | 1,957 | — | ||||||||||||||||||||||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 312,260 | 42,907 | 23,420 | 1,276 | (27,929 | ) | 305,094 | 8,208 | 4,480 | 37,014 | ||||||||||||||||||||||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | 135,563 | 13,930 | 6,258 | 3,163 | (6,953 | ) | 139,445 | 2,455 | 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 | 28,308 | 19,366 | 8,561 | (3,340 | ) | 248,829 | 5,684 | 161 | 26,734 | ||||||||||||||||||||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 262,832 | 19,976 | 11,213 | (539 | ) | (15,239 | ) | 255,817 | 18,404 | 4,138 | 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) | — | 143,968 | — | — | 7,181 | 151,149 | 15,115 | 2,129 | 16,076 | |||||||||||||||||||||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a) | 36,325 | 3,117 | — | — | 3,887 | 43,329 | 1,108 | — | 2,174 | |||||||||||||||||||||||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 38,772 | 13,984 | 1,087 | 44 | (8,072 | ) | 43,641 | 1,719 | 505 | 4,047 | ||||||||||||||||||||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares* (a) | 31,444 | 9 | 10,941 | (919 | ) | 169 | 19,762 | 1,395 | — | 9 | ||||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 377,397 | 43,734 | 41,026 | 2,437 | (11,142 | ) | 371,400 | 23,256 | 4,341 | 39,393 |
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 35 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Investor Growth Fund(continued)
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | $ | 33,130 | $ | 139,445 | $ | 121,208 | $ | — | $ | — | $ | 51,367 | 51,367 | $ | 843 | $ | — | |||||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 50,934 | 3,393 | — | — | 461 | 54,788 | 1,536 | 974 | 2,419 | |||||||||||||||||||||||||||
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Total | $ | 2,704,547 | $ | 677,689 | $ | 525,023 | $ | 14,651 | $ | (85,789 | ) | $ | 2,786,075 | $ | 49,210 | $ | 164,537 | |||||||||||||||||||
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Investor Growth & Income Fund |
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For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at 2018 | Purchases at Cost | Proceeds Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at 2019 | Shares at June 30, 2019 | 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 | 61,824 | 32,692 | (1,434 | ) | 21,211 | 463,773 | 39,336 | 12,939 | 404 | ||||||||||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 180,555 | 17,595 | 16,733 | (534 | ) | 8,399 | 189,282 | 22,507 | 6,008 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Economies Fund Class R6 Shares (a) | 48,708 | 4,723 | — | — | (1,876 | ) | 51,555 | 4,003 | 1,517 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 14,695 | 695 | 1,889 | (138 | ) | 867 | 14,230 | 1,737 | 695 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 49,185 | 12,944 | — | — | 5,287 | 67,416 | 2,227 | 482 | — | |||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 54,937 | 2,886 | 1,109 | (12 | ) | 3,503 | 60,205 | 3,319 | 1,380 | 1,508 | ||||||||||||||||||||||||||
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 | 7,159 | (1,295 | ) | (2,447 | ) | 67,904 | 2,748 | 2,015 | — | |||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | 82,216 | 3,400 | 39,400 | (2,906 | ) | 1,476 | 44,786 | 4,900 | 3,400 | — | ||||||||||||||||||||||||||
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a) | 110,561 | 10,671 | 3,646 | (133 | ) | (3,286 | ) | 114,167 | 5,303 | 3,222 | 7,449 | |||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 56,289 | 29,183 | 3,129 | 127 | 165 | 82,635 | 11,429 | 3,598 | — | |||||||||||||||||||||||||||
JPMorgan Income Fund Class R6 Shares (a) | — | 28,930 | — | — | 489 | 29,419 | 3,081 | 338 | — | |||||||||||||||||||||||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) | 39,717 | 1,023 | 2,625 | (179 | ) | 590 | 38,526 | 3,762 | 1,024 | — | ||||||||||||||||||||||||||
JPMorgan International Equity Fund Class R6 Shares (a) | 72,997 | 3,618 | 16,402 | 652 | (1,455 | ) | 59,410 | 3,428 | 1,743 | 707 | ||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 153,200 | 7,951 | 3,522 | (639 | ) | (4,241 | ) | 152,749 | 8,620 | 5,031 | — | |||||||||||||||||||||||||
JPMorgan International Unconstrained Equity Fund Class R6 Shares (a) | 37,306 | 5,555 | 2,487 | (218 | ) | 1,833 | 41,989 | 1,983 | 948 | — | ||||||||||||||||||||||||||
JPMorgan Intrepid America Fund Class R6 Shares (a) | 305,105 | 44,544 | 42,476 | 9,014 | (34,438 | ) | 281,749 | 7,580 | 4,294 | 35,472 |
36 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
Table of Contents
Investor Growth & Income Fund(continued)
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at 2018 | Purchases at Cost | Proceeds Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Intrepid Growth Fund Class R6 Shares (a) | $ | 91,877 | $ | 9,070 | $ | 8,658 | $ | 4,758 | $ | (7,060 | ) | $ | 89,987 | 1,584 | $ | 941 | $ | 8,128 | ||||||||||||||||||
JPMorgan Large Cap Growth Fund Class R6 Shares (a) | 191,527 | 27,727 | 22,010 | 7,754 | (3,562 | ) | 201,436 | 4,601 | 133 | 22,173 | ||||||||||||||||||||||||||
JPMorgan Large Cap Value Fund Class R6 Shares (a) | 167,698 | 12,380 | 18,039 | 871 | (10,432 | ) | 152,478 | 10,970 | 2,530 | 9,850 | ||||||||||||||||||||||||||
JPMorgan Limited Duration Bond Fund Class R6 Shares (a) | 37,139 | 8,063 | 2,396 | (12 | ) | 477 | 43,271 | 4,284 | 1,045 | — | ||||||||||||||||||||||||||
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) | — | 100,822 | 3,569 | (643 | ) | 12,877 | 109,487 | 10,949 | 1,585 | 11,966 | ||||||||||||||||||||||||||
JPMorgan Mid Cap Growth Fund Class R6 Shares* (a) | 32,984 | 6,189 | 3,567 | (59 | ) | 3,706 | 39,253 | 1,004 | — | 2,150 | ||||||||||||||||||||||||||
JPMorgan Research Market Neutral Fund Class L Shares* (a) | 22,833 | 1,366 | 23,311 | (688 | ) | (200 | ) | — | — | — | 1,366 | |||||||||||||||||||||||||
JPMorgan Small Cap Value Fund Class R6 Shares (a) | 39,553 | 17,845 | 2,280 | 126 | (8,012 | ) | 47,232 | 1,861 | 523 | 4,092 | ||||||||||||||||||||||||||
JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a) | 28,798 | 921 | 3,164 | (140 | ) | (28 | ) | 26,387 | 2,291 | 921 | — | |||||||||||||||||||||||||
JPMorgan Systematic Alpha Fund Class R6 Shares* (a) | 49,414 | 14 | 15,124 | (1,274 | ) | 120 | 33,150 | 2,339 | — | 15 | ||||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 318,346 | 40,848 | 50,974 | 9,186 | (15,148 | ) | 302,258 | 18,927 | 3,542 | 32,079 | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | 28,619 | 169,726 | 155,737 | — | — | 42,608 | 42,608 | 777 | — | |||||||||||||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 54,048 | 3,601 | — | — | 489 | 58,138 | 1,630 | 1,033 | 2,567 | |||||||||||||||||||||||||||
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Total | $ | 2,885,706 | $ | 712,919 | $ | 653,352 | $ | 18,602 | $ | (58,395 | ) | $ | 2,905,480 | $ | 61,664 | $ | 139,926 | |||||||||||||||||||
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(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of June 30, 2019. |
* | 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.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 37 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2019 are as follows (amounts in thousands):
Class A | Class C | Class I | Class R6 | Total | ||||||||||||||||
Investor Balanced Fund | ||||||||||||||||||||
Transfer agency fees | $ | 249 | $ | 26 | $ | 16 | $ | 1 | $ | 292 | ||||||||||
Investor Conservative Growth Fund | ||||||||||||||||||||
Transfer agency fees | 137 | 26 | 17 | — | (a) | 180 | ||||||||||||||
Investor Growth Fund | ||||||||||||||||||||
Transfer agency fees | 394 | 21 | 22 | 1 | 438 | |||||||||||||||
Investor Growth & Income Fund | ||||||||||||||||||||
Transfer agency fees | 304 | 15 | 12 | — | (a) | 331 |
(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 June 30, 2019, no liability for Federal 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.
The following amounts were reclassified within the capital accounts (amounts in thousands):
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | ||||||||||
Investor Balanced Fund | $ | — | $ | 25,086 | $ | (25,086 | ) | |||||
Investor Conservative Growth Fund | — | 10,053 | (10,053 | ) | ||||||||
Investor Growth Fund | — | 26,681 | (26,681 | ) | ||||||||
Investor Growth & Income Fund | — | 21,459 | (21,459 | ) |
The reclassifications for the Funds relate primarily to investments in regulated investment companies.
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. Effective January 1, 2019, the Administrator does not receive a fee for these services. Prior to January 1, 2019, in consideration of these services, 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 year ended June 30, 2019, 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.
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.
38 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
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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 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 | % |
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 year ended June 30, 2019, JPMDS retained the following amounts (in thousands):
Front-End Sales Charge | CDSC | |||||||
Investor Balanced Fund | $ | 372 | $ | 1 | ||||
Investor Conservative Growth Fund | 194 | 2 | ||||||
Investor Growth Fund | 192 | 2 | ||||||
Investor Growth & Income Fund | 169 | — | (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 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, expenses related to trustee elections 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 year ended June 30, 2019 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.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 39 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
For the year ended June 30, 2019, 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 | $ | 10 | $ | — | $ | 3,177 | $ | 3,187 | $ | — | ||||||||||
Investor Conservative Growth Fund | 7 | — | 2,030 | 2,037 | — | (a) | ||||||||||||||
Investor Growth Fund | 78 | 48 | 2,420 | 2,546 | — | (a) | ||||||||||||||
Investor Growth & Income Fund | 19 | 8 | 2,430 | 2,457 | — |
(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 amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2019 were as follows (amounts in thousands):
Investor Balanced Fund | $ | 76 | ||
Investor Conservative Growth Fund | 53 | |||
Investor Growth Fund | 54 | |||
Investor Growth & Income Fund | 50 |
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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule381-1 under the 1940 Act. Each Fund, along with 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 year ended June 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):
Purchases (excluding U.S. | Sales (excluding U.S. | |||||||
Investor Balanced Fund | $ | 574,393 | $ | 580,955 | ||||
Investor Conservative Growth Fund | 332,127 | 452,574 | ||||||
Investor Growth Fund | 326,197 | 191,769 | ||||||
Investor Growth & Income Fund | 381,790 | 336,212 |
During the year ended June 30, 2019, 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 June 30, 2019 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Investor Balanced Fund | $ | 4,031,929 | $ | 768,563 | $ | 16,264 | $ | 752,299 | ||||||||
Investor Conservative Growth Fund | 3,027,317 | 409,716 | 12,931 | 396,785 | ||||||||||||
Investor Growth Fund | 2,128,277 | 661,236 | 3,438 | 657,798 | ||||||||||||
Investor Growth & Income Fund | 2,303,686 | 609,397 | 7,603 | 601,794 |
40 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
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The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.
The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Investor Balanced Fund | $ | 121,064 | $ | 202,438 | $ | 323,502 | ||||||
Investor Conservative Growth Fund | 83,221 | 103,037 | 186,258 | |||||||||
Investor Growth Fund | 68,910 | 122,433 | 191,343 | |||||||||
Investor Growth & Income Fund | 73,149 | 135,614 | 208,763 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2018 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term | Total Distributions Paid | ||||||||||
Investor Balanced Fund | $ | 91,248 | $ | 227,392 | $ | 318,640 | ||||||
Investor Conservative Growth Fund | 69,324 | 114,399 | 183,723 | |||||||||
Investor Growth Fund | 55,077 | 169,041 | 224,118 | |||||||||
Investor Growth & Income Fund | 62,233 | 175,284 | 237,517 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of June 30, 2019, the estimated components of net assets (excludingpaid-in-capital) on a tax basis were as follows (amounts in thousands):
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
Investor Balanced Fund | $ | 9,805 | $ | 134,145 | $ | 752,299 | ||||||
Investor Conservative Growth Fund | 5,064 | 51,421 | 396,785 | |||||||||
Investor Growth Fund | 1,734 | 134,250 | 657,798 | |||||||||
Investor Growth & Income Fund | 3,847 | 110,944 | 601,794 |
The cumulative timing differences primarily consist of wash sale loss deferrals.
As of June 30, 2019, 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 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 year ended June 30, 2019.
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
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 41 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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 13, 2019, 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 year ended June 30, 2019.
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 June 30, 2019, the Funds had individual shareholder and/or omnibus accounts, which owned more than 10% of the respective Fund’s outstanding shares as follows:
Number of individual shareholder and/or Affiliated Omnibus Accounts | % of the Fund | |||||||
Investor Balanced Fund | 1 | 82.2 | % | |||||
Investor Conservative Growth Fund | 1 | 85.1 | ||||||
Investor Growth Fund | 1 | 65.7 | ||||||
Investor Growth & Income Fund | 1 | 71.5 |
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
As of June 30, 2019, the Funds owned, in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:
% of Net Assets | ||||
JPMorgan Systematic Alpha Fund | 52.3 | % | ||
JPMorgan Market Expansion Enhanced Index Fund | 48.8 | |||
JPMorgan Limited Duration Bond Fund | 46.4 | |||
JPMorgan Europe Dynamic Fund | 45.6 | |||
JPMorgan Intrepid Growth Fund | 41.3 | |||
JPMorgan Intrepid America Fund | 40.4 | |||
JPMorgan Large Cap Value Fund | 38.2 | |||
JPMorgan International Unconstrained Equity Fund | 23.1 | |||
JPMorgan Emerging Economies Fund | 16.8 | |||
JPMorgan Income Fund | 16.8 | |||
JPMorgan Inflation Managed Bond Fund | 15.8 | |||
JPMorgan International Research Enhanced Equity Fund | 15.8 | |||
JPMorgan Floating Rate Income Fund | 15.1 | |||
JPMorgan Small Cap Value Fund | 10.7 |
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 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.
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8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standards 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 toFinancial 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. Management has 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 the 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. Management has 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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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Tothe Board of Trustees of JPMorgan Trust II and Shareholders of JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth Fund and JPMorgan Investor Growth & Income Fund (four of the funds constituting JPMorgan Trust II, hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2019and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 23, 2019
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 134 | Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trust since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 134 | Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trust since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 134 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016). | |||
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trust since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999). | 134 | Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present). | |||
Dennis P. Harrington* (1950); Trustee of Trust since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 134 | None | |||
Frankie D. Hughes (1952); Trustee of Trust since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 134 | None |
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 45 |
Table of Contents
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trust since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 134 | Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 134 | None | |||
Mary E. Martinez (1960); Trustee of Trust since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 134 | None | |||
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President of Administration and Planning, Northwestern University (1985-present). | 134 | None | |||
Mitchell M. Merin (1953); Trustee of Trust since 2013. | Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006). | 134 | Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013). | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002). | 134 | Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trust since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006). | 134 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
46 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
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(1) | The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes eleven registered investment companies (134 funds). |
* | Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 47 |
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(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016) | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014). | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016. | |
Gregory S. Samuels (1980), Secretary (2019)* (formerly Assistant Secretary since 2010) | Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015. | |
Keri E. Riemer (1976), Assistant Secretary (2019)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016). | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Lauren A. Paino (1973), Assistant Treasurer (2014)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006. | |
Gillian I. Sands (1969), Assistant Treasurer (2012)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
48 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
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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, January 1, 2019 and continued to hold your shares at the end of the reporting period, June 30, 2019.
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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
JPMorgan Investor Balanced Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,110.80 | $ | 2.72 | 0.52 | % | ||||||||
Hypothetical | 1,000.00 | 1,022.22 | 2.61 | 0.52 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,106.60 | 5.59 | 1.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.49 | 5.36 | 1.07 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,111.10 | 1.41 | 0.27 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.46 | 1.35 | 0.27 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,113.10 | 0.37 | 0.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.45 | 0.35 | 0.07 | ||||||||||||
JPMorgan Investor Conservative Growth Fund |
| |||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,085.00 | 2.69 | 0.52 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.22 | 2.61 | 0.52 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,082.50 | 5.52 | 1.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.49 | 5.36 | 1.07 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,086.70 | 1.40 | 0.27 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.46 | 1.35 | 0.27 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,087.60 | 0.52 | 0.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.30 | 0.50 | 0.10 |
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 49 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During | Annualized Expense Ratio | |||||||||||||
JPMorgan Investor Growth Fund |
| |||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,158.10 | $ | 2.78 | 0.52 | % | ||||||||
Hypothetical | 1,000.00 | 1,022.22 | 2.61 | 0.52 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,154.60 | 5.82 | 1.09 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.39 | 5.46 | 1.09 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,159.80 | 1.45 | 0.27 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.46 | 1.35 | 0.27 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,160.30 | 0.43 | 0.08 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.40 | 0.40 | 0.08 | ||||||||||||
JPMorgan Investor Growth & Income Fund |
| |||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,132.50 | 2.75 | 0.52 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.22 | 2.61 | 0.52 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,129.50 | 5.65 | 1.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.49 | 5.36 | 1.07 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,133.50 | 1.43 | 0.27 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.46 | 1.35 | 0.27 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,134.50 | 0.42 | 0.08 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.40 | 0.40 | 0.08 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
50 | J.P. MORGAN INVESTOR FUNDS | JUNE 30, 2019 |
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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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2019:
Dividends Received Deduction | ||||
JPMorgan Investor Balanced Fund | 22.38 | % | ||
JPMorgan Investor Conservative Growth Fund | 14.04 | |||
JPMorgan Investor Growth Fund | 34.79 | |||
JPMorgan Investor Growth & Income Fund | 28.30 |
Long-Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Long-Term Capital Gain Distribution | ||||
JPMorgan Investor Balanced Fund | $ | 202,438 | ||
JPMorgan Investor Conservative Growth Fund | 103,037 | |||
JPMorgan Investor Growth Fund | 122,433 | |||
JPMorgan Investor Growth & Income Fund | 135,614 |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Qualified Dividend Income | ||||
JPMorgan Investor Balanced Fund | $ | 67,237 | ||
JPMorgan Investor Conservative Growth Fund | 35,369 | |||
JPMorgan Investor Growth Fund | 53,048 | |||
JPMorgan Investor Growth & Income Fund | 47,322 |
Foreign Source Income and Foreign Tax Credit Pass Through
For the fiscal year ended June 30, 2019, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2019 will be disclosed in the semiannual report for the period ended December 31, 2019.
JUNE 30, 2019 | J.P. MORGAN INVESTOR FUNDS | 51 |
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Rev. January 2011
FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you areno longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
Table of Contents
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-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2019. All rights reserved. June 2019. | AN-INV-619 |
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Annual Report
J.P. Morgan Intrepid Funds
June 30, 2019
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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Letter to Shareholders | 1 | |||
Market Overview | 2 | |||
Fund Commentaries: | ||||
3 | ||||
5 | ||||
7 | ||||
9 | ||||
11 | ||||
Schedules of Portfolio Investments | 13 | |||
Financial Statements | 30 | |||
Financial Highlights | 46 | |||
Notes to Financial Statements | 56 | |||
Report of Independent Registered Public Accounting Firm | 68 | |||
Trustees | 69 | |||
Officers | 72 | |||
Schedule of Shareholder Expenses | 73 | |||
Tax Letter | 76 | |||
Privacy Policy — Located at the back of this Annual Report |
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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July 31, 2019 (Unaudited)
Dear Shareholders,
Even as the pace of growth slowed, the global economic expansion continued and financial markets largely provided positive returns for the twelve months ended June 30, 2019. Central banks in the U.S. and elsewhere moved to support continued economic expansion in 2019, and low interest rates, growth in corporate profits and general investor optimism added further support to both equity and bond markets.
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“We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop.” |
The U.S. economy generally outpaced other developed market nations throughout the twelve month reporting period and the U.S. expansion became the longest on record by the end of June 2019. However, growth in U.S. gross domestic product (GDP) slowed significantly to 2.1% in the second quarter of 2019 from 3.1% in the first quarter. At the same time, the U.S. unemployment rate remained below 4% for all but one month of the reporting period.
After reaching record highs in August and September 2018, U.S. equity prices tumbled sharply in December amid investor concerns about slowing global growth, unresolved U.S.-China trade tensions and expectations for further interest rate increases by the U.S. Federal Reserve (the “Fed”). For the month of December, the S&P 500 Index fell by 9.03%.
By the end of 2018, the Fed indicated it would enact fewer-than-expected interest rate increases in 2019. In January 2019, financial markets began to stabilize and started a rebound that would push equity prices back to record highs at the end of April and again by mid-June. For the twelve month reporting period, the S&P 500 returned 10.42%.
In certain other developed economies, economic growth remained sluggish. The 19-nation euro area experienced a decline in GDP growth from 1.2% in the first quarter of 2019 to 1.1% in the second quarter of 2019. Notably, manufacturing data weakened in 2019. However, unemployment continued to fall throughout the reporting period and the 7.5% euro area jobless rate by the end June 2019 was the lowest since the 2008-09 financial crisis.
In response to slowing economic expansion, the potential for slowing job growth and declining consumer confidence, European Central Bank President Mario Draghi said the bank would loosen monetary policy in the absence of improvement in the economy of the European Union. Meanwhile, the Bank of England held interest rates steady as U.K. GDP growth rebounded to 1.8% in the first quarter of 2019 from 1.4% in the final quarter of 2018. Political uncertainty surrounding negotiations for U.K.’s exit from the European Union continued throughout the reporting period and the inability of Theresa May to win Parliamentary support for her proposed Brexit plan preceded her resignation as prime minister in June. For the twelve month reporting period, the MSCI EAFE Index returned 1.60%.
Following signs of slowing growth, China unveiled a range of policies intended to stimulate domestic demand, including tax cuts, infrastructure spending and measures to support bank lending. However, slowing global demand and an increase in U.S. tariffs on Chinese-made goods continued to weigh on the economy of China as well certain of its trading partners across Asia. During the second half of the reporting period, emerging markets largely benefitted investor appetite for higher yielding assets. While the MSCI Emerging Markets Index returned 1.61% for reporting period, the Bloomberg Barclays Emerging Markets Aggregate Index returned 10.95%.
Subsequent to the end of the reporting period, the Fed cut its benchmark interest rate for the first time in eleven years. The central bank cited slowing global growth and “muted inflation pressures” in its accompanying statement.
We believe that a well-diversified portfolio and a patient outlook may best allow investors to benefit from market opportunities presented by the current economic backdrop. We look forward to managing your investment needs for years to come. Thank you for entrusting J.P. Morgan Asset Management to manage assets on your behalf. 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,
Andrea L. Lisher
Head of Americas, J.P. Morgan Global Funds
J.P. Morgan Asset Management
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 1 |
Table of Contents
J.P. Morgan Intrepid Funds
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
Global equity prices rebounded from two sharp sell-offs and U.S. equity largely outperformed both developed and emerging markets equity during the reporting period.
Growth in corporate profits, low interest rates and the continued growth in the global economy bolstered financial markets throughout the reporting period. However, investor concerns about the direction of U.S. interest rates, rising trade tensions and signs of slowing economic activity in China and Europe helped fuel significant market downturns in late 2018 and again in May 2019.
Leading equity indexes plummeted in the second half of December 2018 amid slowing global economic growth, unresolved U.S.-China trade tensions and investor concerns over rising interest rates.
However, financial market volatility stabilized in January and U.S. equity prices rebounded over the following months and returned to record high levels by April 2019. Global equity markets slumped in May 2019 and leading indexes in the U.S. and Asian developed markets, as well as emerging markets, dropped by more than 6%. However, global equity prices rebounded again in June.
Within U.S. equity, large cap and mid cap stocks generally outperformed small cap stocks, and growth stocks continued to outperform value stocks.
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 identified 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.
2 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid America Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 4.50% | |||
S&P 500 Index | 10.42% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 2,598,759 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the health care and consumer discretionary sector was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and information technology sectors was a leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included its overweight positions in Humana Inc., Walgreens Boots Alliance Inc. and Kohl’s Corp. Shares of Humana, a health insurance provider, fell along with its sector peers following the February introduction of the Medicare for All Act of 2019 in the U.S. House of Representatives. Shares of Walgreens, a retail pharmacy chain, fell amid price pressure on reimbursements from health insurers and shrinking profits in generic drugs. Shares of Kohl’s, a department store chain, fell after the company reported mixed results for the first quarter of 2019 and reduced its forecast for the full year 2019.
Leading individual contributors to the Fund’s relative performance included its overweight positions in VMware Inc. and Molina Healthcare Inc. and its underweight position in Nvidia Corp. 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 and fourth quarters of 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. Shares of Nvidia, a semiconductors manufacturer not held in the Fund, fell amid weak demand for its specialty semiconductors during the reporting period.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Microsoft Corp. | 3.5 | % | |||||
2. | Comcast Corp., Class A | 2.7 | ||||||
3. | Oracle Corp. | 2.6 | ||||||
4. | Chevron Corp. | 2.6 | ||||||
5. | Amgen, Inc. | 2.4 | ||||||
6. | Cisco Systems, Inc. | 2.4 | ||||||
7. | Bank of America Corp. | 2.3 | ||||||
8. | Citigroup, Inc. | 2.2 | ||||||
9. | American Express Co. | 2.2 | ||||||
10. | Anthem, Inc. | 2.2 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 20.9 | % | ||
Health Care | 13.9 | |||
Financials | 13.8 | |||
Consumer Discretionary | 10.7 | |||
Communication Services | 9.8 | |||
Industrials | 8.3 | |||
Consumer Staples | 6.3 | |||
Energy | 5.7 | |||
Real Estate | 3.3 | |||
Utilities | 3.1 | |||
Materials | 1.5 | |||
Investment of cash collateral from securities loaned | 0.3 | |||
Short-Term Investments | 2.4 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 3 |
Table of Contents
JPMorgan Intrepid America Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 19, 2005 | |||||||||||||
With Sales Charge* | (1.24 | )% | 7.47 | % | 13.16 | % | ||||||||
Without Sales Charge | 4.22 | 8.64 | 13.77 | |||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||
With CDSC** | 2.72 | 8.10 | 13.21 | |||||||||||
Without CDSC | 3.72 | 8.10 | 13.21 | |||||||||||
CLASS I SHARES | February 28, 2003 | 4.50 | 8.93 | 14.07 | ||||||||||
CLASS R2 SHARES | November 3, 2008 | 3.97 | 8.37 | 13.49 | ||||||||||
CLASS R5 SHARES | May 15, 2006 | 4.64 | 9.11 | 14.29 | ||||||||||
CLASS R6 SHARES | November 2, 2015 | 4.75 | 9.20 | 14.33 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 7.33% | |||
Russell 1000 Growth Index | 11.56% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 1,148,338 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the consumer discretionary and communication services sectors was a leading detractor from relative performance, while the Fund’s security selection in the information technology and financials sectors was a leading contributor to relative performance.
Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in Kohl’s Corp., Foot Locker Inc., and Align Technology Inc. Shares of Kohl’s, a department store chain not held in the Benchmark, fell after the company reported lower-than-expected results for the first quarter of 2019 and reduced its forecast for the full year 2019. Shares of Foot Locker, an athletic shoes and apparel retail chain not held in the Benchmark, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2019. Shares of Align Technology, a maker of dental devices, fell after the company issued a weaker-than-expected forecast for the fourth quarter of 2018.
Leading individual contributors to relative performance included the Fund’s overweight positions in VMware Inc. and Visa Inc., and its underweight position in Nvidia Corp. 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 2019 earnings forecast. Shares of Visa, a payment services provider, rose following several quarters of earnings growth. Shares of Nvidia, a semiconductor manufacturer not held in the Fund, fell amid weak demand for its specialty semiconductors during the reporting period.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Microsoft Corp. | 6.9 | % | |||||
2. | Amazon.com, Inc. | 4.2 | ||||||
3. | Apple, Inc. | 4.0 | ||||||
4. | Visa, Inc., Class A | 3.8 | ||||||
5. | PayPal Holdings, Inc. | 2.9 | ||||||
6. | Oracle Corp. | 2.9 | ||||||
7. | Alphabet, Inc., Class A | 2.5 | ||||||
8. | Amgen, Inc. | 2.4 | ||||||
9. | Cisco Systems, Inc. | 2.3 | ||||||
10. | Gilead Sciences, Inc. | 2.0 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 36.3 | % | ||
Consumer Discretionary | 15.1 | |||
Health Care | 13.7 | |||
Communication Services | 11.1 | |||
Industrials | 8.6 | |||
Consumer Staples | 4.7 | |||
Financials | 2.8 | |||
Real Estate | 2.5 | |||
Energy | 1.3 | |||
Materials | 1.1 | |||
Others (each less than 1.0%) | 0.5 | |||
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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 5 |
Table of Contents
JPMorgan Intrepid Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||
CLASS A SHARES | February 19, 2005 | |||||||||||
With Sales Charge* | 1.45% | 10.58 | % | 14.82 | % | |||||||
Without Sales Charge | 7.06 | 11.78 | 15.44 | |||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||
With CDSC** | 5.53 | 11.23 | 14.88 | |||||||||
Without CDSC | 6.53 | 11.23 | 14.88 | |||||||||
CLASS I SHARES | February 28, 2003 | 7.33 | 12.06 | 15.74 | ||||||||
CLASS R2 SHARES | November 3, 2008 | 6.78 | 11.50 | 15.16 | ||||||||
CLASS R5 SHARES | May 15, 2006 | 7.48 | 12.26 | 15.95 | ||||||||
CLASS R6 SHARES | November 2, 2015 | 7.59 | 12.32 | 15.98 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Mid Cap Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 1.00% | |||
Russell Midcap Index | 7.83% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 529,233 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the software & services sector and in the retail sector was a leading detractor from performance relative to the Benchmark. The Fund’s security selection in the finance and capital markets sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Foot Locker Inc., Sabre Corp. and Conduent Inc. Shares of Foot Locker, an athletic shoes and apparel retail chain, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2019. Shares of Sabre, a provider of software and services to the travel and tourism sector, fell after the company reduced its forecast for the full year 2019. Shares of Conduent, a provider of business process services, fell after the company reported lower-than-expected revenue for the third quarter of 2018 and reduced its earnings forecast.
Leading individual contributors to relative performance included the Fund’s overweight positions in Tribune Media Co., LPL Financial Holdings Inc. and Jacobs Engineering Group Inc. Shares of Tribune Media, a television broadcaster, rose after the company agreed to be acquired by Nexstar Media Group Inc. Shares of LPL Financial Holdings, a provider of services and technology to the financial sector, rose on better-than-expected earnings for the first quarter of 2019. Shares of Jacobs Engineering Group, a provider of services to the construction and aerospace industries, rose after the company reported better-than-expected earnings for the first quarter of 2019.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Tyson Foods, Inc., Class A | 2.2 | % | |||||
2. | Genpact Ltd. | 2.0 | ||||||
3. | Xerox Corp. | 2.0 | ||||||
4. | Wyndham Destinations, Inc. | 1.9 | ||||||
5. | Masco Corp. | 1.9 | ||||||
6. | Sinclair Broadcast Group, Inc., Class A | 1.8 | ||||||
7. | Best Buy Co., Inc. | 1.7 | ||||||
8. | Vistra Energy Corp. | 1.7 | ||||||
9. | Realty Income Corp. | 1.6 | ||||||
10. | MSCI, Inc. | 1.6 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 17.7 | % | ||
Industrials | 15.4 | |||
Consumer Discretionary | 10.4 | |||
Financials | 10.4 | |||
Health Care | 10.2 | |||
Real Estate | 9.7 | |||
Utilities | 6.3 | |||
Communication Services | 5.4 | |||
Materials | 4.5 | |||
Consumer Staples | 4.1 | |||
Energy | 3.5 | |||
Investment of cash collateral from securities loaned | 1.1 | |||
Short-Term Investments | 1.3 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 7 |
Table of Contents
JPMorgan Intrepid Mid Cap Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | May 1, 1992 | |||||||||||||
With Sales Charge* | (4.53 | )% | 4.65 | % | 12.62 | % | ||||||||
Without Sales Charge | 0.76 | 5.79 | 13.23 | |||||||||||
CLASS C SHARES | March 22, 1999 | |||||||||||||
With CDSC** | (0.71 | ) | 5.19 | 12.55 | ||||||||||
Without CDSC | 0.29 | 5.19 | 12.55 | |||||||||||
CLASS I SHARES | June 1, 1991 | 1.00 | 6.06 | 13.52 | ||||||||||
CLASS R3 SHARES | September 9, 2016 | 0.76 | 5.79 | 13.23 | ||||||||||
CLASS R4 SHARES | September 9, 2016 | 1.01 | 6.05 | 13.51 | ||||||||||
CLASS R6 SHARES | November 2, 2015 | 1.28 | 6.26 | 13.62 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 10.18% | |||
S&P 500 Index | 10.42% | |||
Net Assets as of 6/30/2019 (In Thousands) | $30,685 |
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 underperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2019. The Fund’s security selection in the health care and energy sectors was a leading detractor from relative performance, while the Fund’s security selection in the information technology and materials sectors was a leading contributor to relative performance.
Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Humana Inc., National-Oilwell Inc. and Walgreens Boots Alliance Inc. Shares of Humana, a health insurance provider, fell along with its sector peers after the February introduction of the Medicare for All Act of 2019 in the U.S. House of Representatives. Shares of National-Oilwell, a provider of equipment and technology to the oil and natural gas industry, fell after the company reported lower-than-expected results for the first quarter of 2019 amid weakness and volatility in global petroleum prices. Shares of Walgreens, a retail pharmacy chain, fell amid price pressure on reimbursements from health insurers and shrinking profits in generic drugs.
Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Ball Corp., Microsoft Corp. and eBay Inc. Shares of Ball, a packaging manufacturer, rose after the company reported better-than-expected revenue for the first quarter of 2019. Shares of Microsoft, a provider of software, services and devices, rose amid consistently better-than-expected quarterly earnings and revenue. Shares of eBay, an online auction platform operator, rose after the company reported better-than-expected earnings for the first quarter of 2019 and raised its forecast for the full year 2019.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Microsoft Corp. | 6.0 | % | |||||
2. | Cisco Systems, Inc. | 2.9 | ||||||
3. | Verizon Communications, Inc. | 2.8 | ||||||
4. | Alphabet, Inc., Class C | 2.7 | ||||||
5. | Citigroup, Inc. | 2.7 | ||||||
6. | PepsiCo, Inc. | 2.7 | ||||||
7. | Amgen, Inc. | 2.3 | ||||||
8. | American Express Co. | 2.3 | ||||||
9. | CSX Corp. | 2.2 | ||||||
10. | Travelers Cos., Inc. (The) | 2.2 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Information Technology | 20.2 | % | ||
Financials | 13.7 | |||
Health Care | 12.1 | |||
Consumer Discretionary | 9.8 | |||
Communication Services | 9.1 | |||
Industrials | 9.0 | |||
Consumer Staples | 6.6 | |||
Energy | 5.2 | |||
Utilities | 3.2 | |||
Real Estate | 3.1 | |||
Materials | 2.7 | |||
Short-Term Investments | 5.3 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 9 |
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 19, 2005 | |||||||||||||
With Sales Charge* | 4.13 | % | 8.21 | % | 13.93 | % | ||||||||
Without Sales Charge | 9.90 | 9.38 | 14.54 | |||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||
With CDSC** | 8.37 | 8.84 | 13.97 | |||||||||||
Without CDSC | 9.37 | 8.84 | 13.97 | |||||||||||
CLASS I SHARES | February 28, 2003 | 10.18 | 9.66 | 14.83 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE(6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 4.33% | |||
Russell 1000 Value Index | 8.46% | |||
Net Assets as of 6/30/2019 (In Thousands) | $ | 977,378 |
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 twelve months ended June 30, 2019. The Fund’s security selection in the health care and information technology sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and consumer discretionary sector was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Humana Inc. and Qualcomm Inc., and its underweight position in Exxon Mobil Corp. Shares of Humana, a health insurance provider, fell along with its sector peers following the February introduction of the Medicare for All Act of 2019 in the U.S. House of Representatives. Shares of Qualcomm, a digital telecommunications technology provider, fell after the U.S. cited national security concerns in halting domestic companies’ use of equipment from Huawei Technologies Co. Shares of Exxon Mobil, a petroleum and natural gas production and distribution company not held in the Fund, rose after the company reported better-than-expected earnings for the fourth quarter of 2018.
Leading individual contributors to relative performance included the Fund’s overweight position in Travelers Cos. and its underweight positions in Wells Fargo & Co. and Intel Corp. Shares of Travelers, a property and casualty insurer, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2019. Shares of Wells Fargo, a banking and financial services company not held in the Fund, fell on lower-than-expected results for the first quarter of 2019 and amid investor uncertainty due to the departure of the company’s chief executive. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell after the company issued a lower-than-expected forecast for the second quarter of 2019 and reduced its forecast for the full year 2019.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO*** | ||||||||
1. | Chevron Corp. | 3.4 | % | |||||
2. | Bank of America Corp. | 3.4 | ||||||
3. | Citigroup, Inc. | 3.2 | ||||||
4. | Comcast Corp., Class A | 2.7 | ||||||
5. | Exelon Corp. | 2.3 | ||||||
6. | Travelers Cos., Inc. (The) | 2.2 | ||||||
7. | ConocoPhillips | 2.2 | ||||||
8. | Verizon Communications, Inc. | 2.2 | ||||||
9. | Pfizer, Inc. | 2.0 | ||||||
10. | Allstate Corp. (The) | 2.0 |
PORTFOLIO COMPOSITION BY SECTOR*** | ||||
Financials | 21.7 | % | ||
Health Care | 13.4 | |||
Energy | 9.7 | |||
Industrials | 8.3 | |||
Information Technology | 8.0 | |||
Communication Services | 7.7 | |||
Consumer Staples | 7.4 | |||
Consumer Discretionary | 7.1 | |||
Utilities | 5.9 | |||
Real Estate | 5.0 | |||
Materials | 3.4 | |||
Short-Term Investments | 2.4 |
* | 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 June 30, 2019. The Fund’s portfolio composition is subject to change. |
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 11 |
Table of Contents
JPMorgan Intrepid Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED JUNE 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF JUNE 30, 2019 | ||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||
CLASS A SHARES | February 19, 2005 | |||||||||||
With Sales Charge* | (1.37)% | 5.05 | % | 11.89 | % | |||||||
Without Sales Charge | 4.08 | 6.20 | 12.49 | |||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||
With CDSC** | 2.57 | 5.67 | 11.93 | |||||||||
Without CDSC | 3.57 | 5.67 | 11.93 | |||||||||
CLASS I SHARES | February 28, 2003 | 4.33 | 6.39 | 12.70 | ||||||||
CLASS R2 SHARES | November 3, 2008 | 3.84 | 5.92 | 12.20 | ||||||||
CLASS R5 SHARES | May 15, 2006 | 4.50 | 6.59 | 12.90 | ||||||||
CLASS R6 SHARES | November 30, 2010 | 4.63 | 6.66 | 12.96 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (6/30/09 TO 6/30/19)
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 June 30, 2009 to June 30, 2019. 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 | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid America Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.2% |
| |||||||
Aerospace & Defense — 1.5% |
| |||||||
Boeing Co. (The) | 15 | 5,315 | ||||||
HEICO Corp. | 97 | 13,033 | ||||||
TransDigm Group, Inc.* | 45 | 21,771 | ||||||
|
| |||||||
40,119 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.1% |
| |||||||
Expeditors International of Washington, Inc. | 21 | 1,578 | ||||||
|
| |||||||
Airlines — 0.9% |
| |||||||
Spirit Airlines, Inc.* | 41 | 1,952 | ||||||
United Continental Holdings, Inc.* | 253 | 22,177 | ||||||
|
| |||||||
24,129 | ||||||||
|
| |||||||
Automobiles — 0.9% |
| |||||||
General Motors Co. | 610 | 23,511 | ||||||
|
| |||||||
Banks — 5.8% |
| |||||||
Bank of America Corp. | 2,049 | 59,427 | ||||||
Citigroup, Inc. | 828 | 57,992 | ||||||
M&T Bank Corp. | 24 | 4,133 | ||||||
Popular, Inc. (Puerto Rico) | 273 | 14,818 | ||||||
Regions Financial Corp. | 1,048 | 15,651 | ||||||
|
| |||||||
152,021 | ||||||||
|
| |||||||
Beverages — 1.5% |
| |||||||
PepsiCo, Inc. | 302 | 39,562 | ||||||
|
| |||||||
Biotechnology — 5.4% |
| |||||||
AbbVie, Inc. | 249 | 18,078 | ||||||
Amgen, Inc. | 342 | 63,014 | ||||||
Celgene Corp.* | 103 | 9,493 | ||||||
Gilead Sciences, Inc. | 737 | 49,785 | ||||||
|
| |||||||
140,370 | ||||||||
|
| |||||||
Building Products — 0.4% |
| |||||||
Armstrong World Industries, Inc. | 118 | 11,479 | ||||||
|
| |||||||
Capital Markets — 0.5% |
| |||||||
Ameriprise Financial, Inc. | 98 | 14,255 | ||||||
|
| |||||||
Chemicals — 1.2% |
| |||||||
CF Industries Holdings, Inc. | 435 | 20,338 | ||||||
Huntsman Corp. | 585 | 11,963 | ||||||
|
| |||||||
32,301 | ||||||||
|
| |||||||
Communications Equipment — 2.4% |
| |||||||
Cisco Systems, Inc. | 1,135 | 62,102 | ||||||
|
| |||||||
Consumer Finance — 3.7% |
| |||||||
American Express Co. | 465 | 57,387 | ||||||
Capital One Financial Corp. | 162 | 14,727 |
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Consumer Finance — continued | ||||||||
Credit Acceptance Corp.* | 44 | 21,204 | ||||||
Discover Financial Services | 40 | 3,088 | ||||||
|
| |||||||
96,406 | ||||||||
|
| |||||||
Containers & Packaging — 0.3% |
| |||||||
Ball Corp. | 102 | 7,104 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.8% |
| |||||||
Verizon Communications, Inc. | 352 | 20,098 | ||||||
|
| |||||||
Electric Utilities — 1.2% |
| |||||||
Exelon Corp. | 626 | 30,001 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.8% |
| |||||||
Tech Data Corp.* | 195 | 20,355 | ||||||
|
| |||||||
Entertainment — 0.8% |
| |||||||
Live Nation Entertainment, Inc.* | 312 | 20,683 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 3.3% |
| |||||||
American Tower Corp. | 143 | 29,257 | ||||||
Essex Property Trust, Inc. | 66 | 19,297 | ||||||
Medical Properties Trust, Inc. | 1,027 | 17,914 | ||||||
Ryman Hospitality Properties, Inc. | 3 | 251 | ||||||
SBA Communications Corp.* | 89 | 20,078 | ||||||
|
| |||||||
86,797 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.8% |
| |||||||
Walgreens Boots Alliance, Inc. | 360 | 19,698 | ||||||
|
| |||||||
Food Products — 2.6% |
| |||||||
General Mills, Inc. | 467 | 24,538 | ||||||
Hershey Co. (The) | 151 | 20,198 | ||||||
Pilgrim’s Pride Corp.* | 185 | 4,695 | ||||||
Post Holdings, Inc.* | 182 | 18,943 | ||||||
|
| |||||||
68,374 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.4% |
| |||||||
DexCom, Inc.* | 67 | 9,994 | ||||||
|
| |||||||
Health Care Providers & Services — 5.3% |
| |||||||
Anthem, Inc. | 198 | 55,906 | ||||||
Centene Corp.* | 246 | 12,890 | ||||||
Humana, Inc. | 58 | 15,308 | ||||||
McKesson Corp. | 153 | 20,615 | ||||||
Tenet Healthcare Corp.* | 516 | 10,650 | ||||||
UnitedHealth Group, Inc. | 89 | 21,668 | ||||||
|
| |||||||
137,037 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.1% |
| |||||||
Planet Fitness, Inc., Class A* | 145 | 10,497 | ||||||
Starbucks Corp. | 255 | 21,393 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 13 |
Table of Contents
JPMorgan Intrepid America Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Hotels, Restaurants & Leisure — continued |
| |||||||
Yum! Brands, Inc. | 198 | 21,946 | ||||||
|
| |||||||
53,836 | ||||||||
|
| |||||||
Household Durables — 1.2% |
| |||||||
Garmin Ltd. | 206 | 16,423 | ||||||
PulteGroup, Inc. | 463 | 14,653 | ||||||
|
| |||||||
31,076 | ||||||||
|
| |||||||
Household Products — 0.7% |
| |||||||
Procter & Gamble Co. (The) | 159 | 17,445 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 1.9% |
| |||||||
AES Corp. | 1,062 | 17,798 | ||||||
NRG Energy, Inc. | 499 | 17,514 | ||||||
Vistra Energy Corp. | 663 | 14,999 | ||||||
|
| |||||||
50,311 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.9% |
| |||||||
Carlisle Cos., Inc. | 97 | 13,620 | ||||||
Roper Technologies, Inc. | 25 | 9,193 | ||||||
|
| |||||||
22,813 | ||||||||
|
| |||||||
Insurance — 3.7% |
| |||||||
Allstate Corp. (The) | 201 | 20,419 | ||||||
Lincoln National Corp. | 301 | 19,387 | ||||||
Progressive Corp. (The) | 127 | 10,175 | ||||||
Travelers Cos., Inc. (The) | 301 | 44,946 | ||||||
|
| |||||||
94,927 | ||||||||
|
| |||||||
Interactive Media & Services — 2.7% |
| |||||||
Alphabet, Inc., Class A* | 29 | 31,076 | ||||||
Alphabet, Inc., Class C* | 36 | 38,913 | ||||||
|
| |||||||
69,989 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 2.8% |
| |||||||
Amazon.com, Inc.* | 22 | 40,903 | ||||||
eBay, Inc. | 270 | 10,673 | ||||||
Etsy, Inc.* | 143 | 8,794 | ||||||
Expedia Group, Inc. | 84 | 11,201 | ||||||
|
| |||||||
71,571 | ||||||||
|
| |||||||
IT Services — 3.3% |
| |||||||
Euronet Worldwide, Inc.* | 123 | 20,626 | ||||||
Leidos Holdings, Inc. | 271 | 21,615 | ||||||
Mastercard, Inc., Class A | 80 | 21,030 | ||||||
PayPal Holdings, Inc.* | 208 | 23,808 | ||||||
|
| |||||||
87,079 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.7% |
| |||||||
IQVIA Holdings, Inc.* | 114 | 18,278 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Machinery — 2.4% |
| |||||||
Allison Transmission Holdings, Inc. | 434 | 20,130 | ||||||
Caterpillar, Inc. | 87 | 11,898 | ||||||
Cummins, Inc. | 122 | 20,903 | ||||||
Dover Corp. | 105 | 10,481 | ||||||
|
| |||||||
63,412 | ||||||||
|
| |||||||
Media — 5.6% |
| |||||||
AMC Networks, Inc., Class A* (a) | 286 | 15,590 | ||||||
Comcast Corp., Class A | 1,672 | 70,696 | ||||||
Discovery, Inc., Class A* (a) | 145 | 4,462 | ||||||
Discovery, Inc., Class C* | 390 | 11,101 | ||||||
Nexstar Media Group, Inc., Class A | 184 | 18,548 | ||||||
Omnicom Group, Inc. | 47 | 3,819 | ||||||
Sinclair Broadcast Group, Inc., Class A | 383 | 20,546 | ||||||
|
| |||||||
144,762 | ||||||||
|
| |||||||
Multiline Retail — 0.5% |
| |||||||
Kohl’s Corp. | 299 | 14,232 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 5.7% |
| |||||||
Chevron Corp. | 534 | 66,414 | ||||||
ConocoPhillips | 749 | 45,658 | ||||||
CVR Energy, Inc. | 133 | 6,669 | ||||||
HollyFrontier Corp. | 302 | 13,953 | ||||||
PBF Energy, Inc., Class A | 58 | 1,806 | ||||||
Peabody Energy Corp. | 557 | 13,412 | ||||||
|
| |||||||
147,912 | ||||||||
|
| |||||||
Personal Products — 0.7% |
| |||||||
Herbalife Nutrition Ltd.* (a) | 420 | 17,938 | ||||||
|
| |||||||
Pharmaceuticals — 2.1% |
| |||||||
Allergan plc | 117 | 19,639 | ||||||
Eli Lilly & Co. | 65 | 7,146 | ||||||
Horizon Therapeutics plc* | 338 | 8,137 | ||||||
Jazz Pharmaceuticals plc* | 142 | 20,258 | ||||||
|
| |||||||
55,180 | ||||||||
|
| |||||||
Professional Services — 0.5% |
| |||||||
ManpowerGroup, Inc. | 129 | 12,413 | ||||||
|
| |||||||
Road & Rail — 1.5% |
| |||||||
CSX Corp. | 474 | 36,673 | ||||||
Lyft, Inc., Class A* (a) | 33 | 2,195 | ||||||
|
| |||||||
38,868 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.7% |
| |||||||
Applied Materials, Inc. | 687 | 30,839 | ||||||
Lam Research Corp. | 110 | 20,719 | ||||||
NXP Semiconductors NV (Netherlands) | 310 | 30,259 |
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Semiconductors & Semiconductor Equipment — continued |
| |||||||
QUALCOMM, Inc. | 197 | 14,986 | ||||||
|
| |||||||
96,803 | ||||||||
|
| |||||||
Software — 8.2% |
| |||||||
Atlassian Corp. plc, Class A* | 100 | 13,032 | ||||||
Fortinet, Inc.* | 116 | 8,897 | ||||||
Microsoft Corp. | 685 | 91,789 | ||||||
Oracle Corp. | 1,180 | 67,225 | ||||||
VMware, Inc., Class A | 189 | 31,586 | ||||||
|
| |||||||
212,529 | ||||||||
|
| |||||||
Specialty Retail — 3.3% |
| |||||||
Advance Auto Parts, Inc. | 40 | 6,089 | ||||||
AutoZone, Inc.* | 18 | 19,680 | ||||||
O’Reilly Automotive, Inc.* | 54 | 19,796 | ||||||
Ross Stores, Inc. | 160 | 15,849 | ||||||
TJX Cos., Inc. (The) | 209 | 11,052 | ||||||
Ulta Beauty, Inc.* | 36 | 12,349 | ||||||
|
| |||||||
84,815 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 2.4% |
| |||||||
Apple, Inc. | 178 | 35,269 | ||||||
HP, Inc. | 1,016 | 21,127 | ||||||
Xerox Corp. | 181 | 6,392 | ||||||
|
| |||||||
62,788 | ||||||||
|
| |||||||
Total Common Stocks | 2,526,951 | |||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 2.5% |
| |||||||
Investment Companies — 2.5% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 63,433 | 63,458 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.3% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (b) (c) | 2,004 | 2,004 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | 5,075 | 5,075 | ||||||
|
| |||||||
Total Investment of Cash Collateral from |
| 7,079 | ||||||
|
| |||||||
Total Investments — 100.0% | 2,597,488 | |||||||
Other Assets Less Liabilities — 0.0% (d) | 1,271 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 2,598,759 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $7,044,000. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
(d) | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
S&P 500E-Mini Index | 468 | 09/2019 | USD | 68,890 | 945 | |||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 15 |
Table of Contents
JPMorgan Intrepid Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 98.0% |
| |||||||
Aerospace & Defense — 2.3% |
| |||||||
Boeing Co. (The) | 15 | 5,278 | ||||||
HEICO Corp. | 70 | 9,353 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 18 | 1,457 | ||||||
TransDigm Group, Inc.* | 20 | 9,773 | ||||||
|
| |||||||
25,861 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.2% |
| |||||||
Expeditors International of Washington, Inc. | 34 | 2,594 | ||||||
|
| |||||||
Airlines — 0.8% |
| |||||||
United Continental Holdings, Inc.* | 105 | 9,228 | ||||||
|
| |||||||
Beverages — 1.3% |
| |||||||
PepsiCo, Inc. | 118 | 15,408 | ||||||
|
| |||||||
Biotechnology — 6.1% |
| |||||||
AbbVie, Inc. | 93 | 6,785 | ||||||
Amgen, Inc. | 152 | 28,056 | ||||||
Celgene Corp.* | 34 | 3,106 | ||||||
Gilead Sciences, Inc. | 335 | 22,659 | ||||||
Vertex Pharmaceuticals, Inc.* | 52 | 9,536 | ||||||
|
| |||||||
70,142 | ||||||||
|
| |||||||
Building Products — 0.8% |
| |||||||
Armstrong World Industries, Inc. | 98 | 9,565 | ||||||
|
| |||||||
Capital Markets — 0.8% |
| |||||||
MSCI, Inc. | 40 | 9,456 | ||||||
|
| |||||||
Chemicals — 0.9% |
| |||||||
CF Industries Holdings, Inc. | 211 | 9,842 | ||||||
|
| |||||||
Communications Equipment — 2.3% |
| |||||||
Cisco Systems, Inc. | 483 | 26,407 | ||||||
|
| |||||||
Consumer Finance — 1.3% |
| |||||||
Credit Acceptance Corp.* | 19 | 9,334 | ||||||
FirstCash, Inc. | 52 | 5,161 | ||||||
|
| |||||||
14,495 | ||||||||
|
| |||||||
Containers & Packaging — 0.2% |
| |||||||
Crown Holdings, Inc.* | 40 | 2,420 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.4% |
| |||||||
Keysight Technologies, Inc.* | 89 | 8,029 | ||||||
Tech Data Corp.* | 76 | 7,918 | ||||||
|
| |||||||
15,947 | ||||||||
|
| |||||||
Entertainment — 0.9% |
| |||||||
Live Nation Entertainment, Inc.* | 139 | 9,222 | ||||||
Netflix, Inc.* | 4 | 1,616 | ||||||
|
| |||||||
10,838 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Equity Real Estate Investment Trusts (REITs) — 2.5% |
| |||||||
American Tower Corp. | 22 | 4,539 | ||||||
Equity Commonwealth | 217 | 7,044 | ||||||
Medical Properties Trust, Inc. | 477 | 8,319 | ||||||
Ryman Hospitality Properties, Inc. | 2 | 186 | ||||||
SBA Communications Corp.* | 40 | 8,994 | ||||||
|
| |||||||
29,082 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.6% |
| |||||||
Walgreens Boots Alliance, Inc. | 89 | 4,838 | ||||||
Walmart, Inc. | 20 | 2,221 | ||||||
|
| |||||||
7,059 | ||||||||
|
| |||||||
Food Products — 2.2% |
| |||||||
General Mills, Inc. | 207 | 10,882 | ||||||
Hershey Co. (The) | 38 | 5,147 | ||||||
Post Holdings, Inc.* | 85 | 8,837 | ||||||
|
| |||||||
24,866 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.5% |
| |||||||
DexCom, Inc.* | 38 | 5,754 | ||||||
|
| |||||||
Health Care Providers & Services — 4.1% |
| |||||||
Anthem, Inc. | 59 | 16,594 | ||||||
Humana, Inc. | 10 | 2,759 | ||||||
McKesson Corp. | 52 | 7,002 | ||||||
Tenet Healthcare Corp.* | 225 | 4,638 | ||||||
UnitedHealth Group, Inc. | 64 | 15,592 | ||||||
|
| |||||||
46,585 | ||||||||
|
| |||||||
Health Care Technology — 0.8% |
| |||||||
Veeva Systems, Inc., Class A* | 53 | 8,640 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.9% |
| |||||||
Hilton Worldwide Holdings, Inc. | 27 | 2,649 | ||||||
Starbucks Corp. | 238 | 19,968 | ||||||
Wendy’s Co. (The) | 229 | 4,484 | ||||||
Yum! Brands, Inc. | 59 | 6,540 | ||||||
|
| |||||||
33,641 | ||||||||
|
| |||||||
Household Durables — 1.4% |
| |||||||
Garmin Ltd. | 104 | 8,323 | ||||||
PulteGroup, Inc. | 243 | 7,681 | ||||||
|
| |||||||
16,004 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.4% |
| |||||||
NRG Energy, Inc. | 132 | 4,639 | ||||||
|
| |||||||
Industrial Conglomerates — 0.1% |
| |||||||
Carlisle Cos., Inc. | 4 | 562 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Insurance — 0.7% |
| |||||||
Allstate Corp. (The) | 10 | 1,058 | ||||||
Everest Re Group Ltd. | 3 | 766 | ||||||
First American Financial Corp. | 41 | 2,218 | ||||||
Lincoln National Corp. | 36 | 2,288 | ||||||
Progressive Corp. (The) | 25 | 1,990 | ||||||
|
| |||||||
8,320 | ||||||||
|
| |||||||
Interactive Media & Services — 6.4% |
| |||||||
Alphabet, Inc., Class A* | 27 | 29,019 | ||||||
Alphabet, Inc., Class C* | 20 | 21,294 | ||||||
Facebook, Inc., Class A* | 84 | 16,231 | ||||||
IAC/InterActiveCorp* | 32 | 6,983 | ||||||
|
| |||||||
73,527 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 7.0% |
| |||||||
Amazon.com, Inc.* | 26 | 48,666 | ||||||
eBay, Inc. | 347 | 13,687 | ||||||
Etsy, Inc.* | 134 | 8,248 | ||||||
Expedia Group, Inc. | 76 | 10,084 | ||||||
|
| |||||||
80,685 | ||||||||
|
| |||||||
IT Services — 9.6% |
| |||||||
Euronet Worldwide, Inc.* | 59 | 9,993 | ||||||
Leidos Holdings, Inc. | 116 | 9,295 | ||||||
Mastercard, Inc., Class A | 21 | 5,529 | ||||||
PayPal Holdings, Inc.* | 289 | 33,033 | ||||||
VeriSign, Inc.* | 44 | 9,203 | ||||||
Visa, Inc., Class A | 251 | 43,509 | ||||||
|
| |||||||
110,562 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.9% |
| |||||||
IQVIA Holdings, Inc.* | 63 | 10,072 | ||||||
|
| |||||||
Machinery — 1.3% |
| |||||||
Allison Transmission Holdings, Inc. | 192 | 8,881 | ||||||
Cummins, Inc. | 18 | 2,998 | ||||||
Deere & Co. | 22 | 3,596 | ||||||
|
| |||||||
15,475 | ||||||||
|
| |||||||
Media — 3.8% |
| |||||||
Altice USA, Inc., Class A* | 210 | 5,108 | ||||||
AMC Networks, Inc., Class A* | 52 | 2,817 | ||||||
Comcast Corp., Class A | 228 | 9,644 | ||||||
Discovery, Inc., Class A* (a) | 135 | 4,154 | ||||||
Nexstar Media Group, Inc., Class A | 78 | 7,868 | ||||||
Omnicom Group, Inc. | 59 | 4,819 | ||||||
Sinclair Broadcast Group, Inc., Class A | 166 | 8,892 | ||||||
|
| |||||||
43,302 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — 1.3% | ||||||||
ConocoPhillips | 154 | 9,388 | ||||||
Peabody Energy Corp. | 227 | 5,475 | ||||||
|
| |||||||
14,863 | ||||||||
|
| |||||||
Personal Products — 0.6% |
| |||||||
Herbalife Nutrition Ltd.* | 169 | 7,235 | ||||||
|
| |||||||
Pharmaceuticals — 1.5% |
| |||||||
Allergan plc | 40 | 6,730 | ||||||
Horizon Therapeutics plc* | 112 | 2,695 | ||||||
Jazz Pharmaceuticals plc* | 54 | 7,670 | ||||||
|
| |||||||
17,095 | ||||||||
|
| |||||||
Professional Services — 0.8% |
| |||||||
ManpowerGroup, Inc. | 26 | 2,483 | ||||||
Robert Half International, Inc. | 114 | 6,499 | ||||||
|
| |||||||
8,982 | ||||||||
|
| |||||||
Road & Rail — 1.6% |
| |||||||
CSX Corp. | 183 | 14,128 | ||||||
Lyft, Inc., Class A* (a) | 15 | 992 | ||||||
Union Pacific Corp. | 16 | 2,706 | ||||||
|
| |||||||
17,826 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.8% |
| |||||||
Applied Materials, Inc. | 327 | 14,703 | ||||||
Lam Research Corp. | 53 | 9,918 | ||||||
Micron Technology, Inc.* | 23 | 880 | ||||||
NXP Semiconductors NV (Netherlands) | 187 | 18,234 | ||||||
|
| |||||||
43,735 | ||||||||
|
| |||||||
Software — 14.2% |
| |||||||
Atlassian Corp. plc, Class A* | 101 | 13,228 | ||||||
Fortinet, Inc.* | 104 | 7,983 | ||||||
Microsoft Corp. | 594 | 79,633 | ||||||
Oracle Corp. | 580 | 33,020 | ||||||
Palo Alto Networks, Inc.* | 25 | 5,053 | ||||||
VMware, Inc., Class A | 109 | 18,209 | ||||||
Zscaler, Inc.* | 74 | 5,694 | ||||||
|
| |||||||
162,820 | ||||||||
|
| |||||||
Specialty Retail — 3.5% |
| |||||||
Advance Auto Parts, Inc. | 17 | 2,543 | ||||||
AutoZone, Inc.* | 9 | 9,345 | ||||||
Foot Locker, Inc. | 90 | 3,777 | ||||||
Ross Stores, Inc. | 154 | 15,235 | ||||||
Ulta Beauty, Inc.* | 26 | 9,089 | ||||||
|
| |||||||
39,989 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 17 |
Table of Contents
JPMorgan Intrepid Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Technology Hardware, Storage & Peripherals — 5.1% |
| |||||||
Apple, Inc. | 232 | 45,868 | ||||||
Dell Technologies, Inc., Class C* | 75 | 3,784 | ||||||
HP, Inc. | 219 | 4,553 | ||||||
Xerox Corp. | 125 | 4,430 | ||||||
|
| |||||||
58,635 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.3% |
| |||||||
Under Armour, Inc., Class A* | 134 | 3,389 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.8% |
| |||||||
United Rentals, Inc.* | 72 | 9,536 | ||||||
|
| |||||||
Total Common Stocks |
| 1,125,083 | ||||||
|
| |||||||
Short-Term Investments — 2.3% |
| |||||||
Investment Companies — 2.3% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 26,669 | 26,680 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (b) (c) | 1,273 | 1,273 | ||||||
|
| |||||||
Total Investments — 100.4% |
| 1,153,036 | ||||||
Liabilities in Excess of |
| (4,698 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 1,148,338 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $1,263,000. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500E-Mini Index | 151 | 09/2019 | USD | 22,227 | 313 | |||||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
18 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Mid Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 99.2% | ||||||||
Aerospace & Defense — 1.7% | ||||||||
Huntington Ingalls Industries, Inc. | 23 | 5,128 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 25 | 2,010 | ||||||
Teledyne Technologies, Inc.* | 6 | 1,725 | ||||||
|
| |||||||
8,863 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.1% | ||||||||
CH Robinson Worldwide, Inc. | 8 | 708 | ||||||
|
| |||||||
Auto Components — 0.7% | ||||||||
Lear Corp. | 25 | 3,537 | ||||||
|
| |||||||
Banks — 2.9% | ||||||||
Comerica, Inc. | 17 | 1,242 | ||||||
East West Bancorp, Inc. | 20 | 931 | ||||||
KeyCorp | 82 | 1,452 | ||||||
Popular, Inc. (Puerto Rico) | 105 | 5,684 | ||||||
Regions Financial Corp. | 77 | 1,146 | ||||||
Signature Bank | 28 | 3,371 | ||||||
SVB Financial Group* | 7 | 1,617 | ||||||
|
| |||||||
15,443 | ||||||||
|
| |||||||
Biotechnology — 1.2% | ||||||||
Alkermes plc* | 35 | 784 | ||||||
Alnylam Pharmaceuticals, Inc.* | 22 | 1,560 | ||||||
BioMarin Pharmaceutical, Inc.* | 1 | 111 | ||||||
Bluebird Bio, Inc.* | 7 | 891 | ||||||
Exelixis, Inc.* | 45 | 964 | ||||||
Incyte Corp.* | 9 | 756 | ||||||
Moderna, Inc.* (a) | 89 | 1,302 | ||||||
|
| |||||||
6,368 | ||||||||
|
| |||||||
Building Products — 1.9% | ||||||||
Masco Corp. | 258 | 10,124 | ||||||
|
| |||||||
Capital Markets — 3.7% | ||||||||
E*TRADE Financial Corp. | 8 | 334 | ||||||
LPL Financial Holdings, Inc. | 100 | 8,153 | ||||||
MarketAxess Holdings, Inc. | 4 | 1,286 | ||||||
MSCI, Inc. | 36 | 8,525 | ||||||
Raymond James Financial, Inc. | 15 | 1,243 | ||||||
|
| |||||||
19,541 | ||||||||
|
| |||||||
Chemicals — 1.5% | ||||||||
Cabot Corp. | 53 | 2,528 | ||||||
Eastman Chemical Co. | 2 | 187 | ||||||
Huntsman Corp. | 170 | 3,483 | ||||||
Westlake Chemical Corp. | 26 | 1,834 | ||||||
|
| |||||||
8,032 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Commercial Services & Supplies — 0.2% | ||||||||
Clean Harbors, Inc.* | 16 | 1,152 | ||||||
|
| |||||||
Communications Equipment — 0.7% | ||||||||
CommScope Holding Co., Inc.* | 131 | 2,065 | ||||||
F5 Networks, Inc.* | 12 | 1,748 | ||||||
|
| |||||||
3,813 | ||||||||
|
| |||||||
Construction & Engineering — 2.1% | ||||||||
AECOM* | 156 | 5,905 | ||||||
Jacobs Engineering Group, Inc. | 62 | 5,257 | ||||||
|
| |||||||
11,162 | ||||||||
|
| |||||||
Containers & Packaging — 1.7% | ||||||||
Avery Dennison Corp. | 23 | 2,672 | ||||||
Berry Global Group, Inc.* | 117 | 6,153 | ||||||
|
| |||||||
8,825 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.5% | ||||||||
frontdoor, Inc.* | 26 | 1,143 | ||||||
ServiceMaster Global Holdings, Inc.* | 29 | 1,532 | ||||||
|
| |||||||
2,675 | ||||||||
|
| |||||||
Electrical Equipment — 0.8% | ||||||||
GrafTech International Ltd. (a) | 174 | 1,995 | ||||||
Regal Beloit Corp. | 26 | 2,100 | ||||||
|
| |||||||
4,095 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.8% |
| |||||||
CDW Corp. | 23 | 2,586 | ||||||
Coherent, Inc.* | 13 | 1,828 | ||||||
|
| |||||||
4,414 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.2% | ||||||||
Baker Hughes a GE Co. | 37 | 914 | ||||||
|
| |||||||
Entertainment — 2.0% | ||||||||
Activision Blizzard, Inc. | 24 | 1,114 | ||||||
Take-Two Interactive Software, Inc.* | 70 | 7,902 | ||||||
Viacom, Inc., Class B | 18 | 523 | ||||||
Zynga, Inc., Class A* | 181 | 1,111 | ||||||
|
| |||||||
10,650 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 9.6% |
| |||||||
American Homes 4 Rent, Class A | 48 | 1,167 | ||||||
Camden Property Trust | 6 | 616 | ||||||
CoreSite Realty Corp. | 2 | 242 | ||||||
Douglas Emmett, Inc. | 10 | 402 | ||||||
Duke Realty Corp. | 66 | 2,092 | ||||||
Equinix, Inc. | 16 | 8,170 | ||||||
Equity Commonwealth | 61 | 1,989 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 19 |
Table of Contents
JPMorgan Intrepid Mid Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Equity LifeStyle Properties, Inc. | 20 | 2,402 | ||||||
Equity Residential | 34 | 2,612 | ||||||
Gaming and Leisure Properties, Inc. | 81 | 3,138 | ||||||
Healthcare Trust of America, Inc., Class A | 56 | 1,533 | ||||||
Host Hotels & Resorts, Inc. | 79 | 1,445 | ||||||
Hudson Pacific Properties, Inc. | 18 | 589 | ||||||
Invitation Homes, Inc. | 111 | 2,975 | ||||||
Liberty Property Trust | 92 | 4,599 | ||||||
Mid-America Apartment Communities, Inc. | 7 | 856 | ||||||
Paramount Group, Inc. | 12 | 169 | ||||||
Realty Income Corp. | 124 | 8,566 | ||||||
Regency Centers Corp. | 10 | 647 | ||||||
Retail Properties of America, Inc., Class A | 90 | 1,052 | ||||||
SBA Communications Corp.* | 3 | 585 | ||||||
Sun Communities, Inc. | 27 | 3,423 | ||||||
VICI Properties, Inc. | 74 | 1,620 | ||||||
|
| |||||||
50,889 | ||||||||
|
| |||||||
Food Products — 4.0% | ||||||||
Archer-Daniels-Midland Co. | 63 | 2,566 | ||||||
Ingredion, Inc. | 14 | 1,163 | ||||||
Pilgrim’s Pride Corp.* | 149 | 3,773 | ||||||
Post Holdings, Inc.* | 21 | 2,152 | ||||||
Tyson Foods, Inc., Class A | 143 | 11,546 | ||||||
|
| |||||||
21,200 | ||||||||
|
| |||||||
Gas Utilities — 0.9% |
| |||||||
National Fuel Gas Co. | 11 | 554 | ||||||
UGI Corp. | 75 | 4,030 | ||||||
|
| |||||||
4,584 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.5% |
| |||||||
Cooper Cos., Inc. (The) | 1 | 202 | ||||||
Dentsply Sirona, Inc. | 39 | 2,288 | ||||||
Hill-Rom Holdings, Inc. | 50 | 5,179 | ||||||
Hologic, Inc.* | 43 | 2,084 | ||||||
STERIS plc | 2 | 342 | ||||||
Teleflex, Inc. | 4 | 1,391 | ||||||
Zimmer Biomet Holdings, Inc. | 61 | 7,217 | ||||||
|
| |||||||
18,703 | ||||||||
|
| |||||||
Health Care Providers & Services — 3.9% |
| |||||||
AmerisourceBergen Corp. | 45 | 3,820 | ||||||
Cardinal Health, Inc. | 54 | 2,543 | ||||||
Centene Corp.* | 101 | 5,286 | ||||||
DaVita, Inc.* | 91 | 5,114 | ||||||
Premier, Inc., Class A* (a) | 104 | 4,048 | ||||||
|
| |||||||
20,811 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Hotels, Restaurants & Leisure — 3.8% |
| |||||||
Chipotle Mexican Grill, Inc.* | 4 | 2,932 | ||||||
Hilton Worldwide Holdings, Inc. | 38 | 3,704 | ||||||
Wyndham Destinations, Inc. | 238 | 10,448 | ||||||
Yum China Holdings, Inc. (China) | 66 | 3,045 | ||||||
|
| |||||||
20,129 | ||||||||
|
| |||||||
Household Durables — 1.0% |
| |||||||
Garmin Ltd. | 15 | 1,173 | ||||||
NVR, Inc.* | — | (b) | 1,516 | |||||
PulteGroup, Inc. | 72 | 2,261 | ||||||
|
| |||||||
4,950 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 4.7% |
| |||||||
AES Corp. | 502 | 8,407 | ||||||
NRG Energy, Inc. | 215 | 7,554 | ||||||
Vistra Energy Corp. | 392 | 8,866 | ||||||
|
| |||||||
24,827 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.6% |
| |||||||
Carlisle Cos., Inc. | 21 | 2,991 | ||||||
|
| |||||||
Insurance — 3.9% |
| |||||||
American Financial Group, Inc. | 25 | 2,562 | ||||||
American National Insurance Co. | 2 | 210 | ||||||
Arch Capital Group Ltd.* | 16 | 592 | ||||||
Assurant, Inc. | 3 | 356 | ||||||
Assured Guaranty Ltd. | 16 | 682 | ||||||
Everest Re Group Ltd. | 9 | 2,299 | ||||||
Fidelity National Financial, Inc. | 17 | 695 | ||||||
First American Financial Corp. | 64 | 3,426 | ||||||
Hanover Insurance Group, Inc. (The) | 24 | 3,066 | ||||||
Hartford Financial Services Group, Inc. (The) | 15 | 830 | ||||||
Lincoln National Corp. | 15 | 973 | ||||||
Old Republic International Corp. | 15 | 331 | ||||||
Progressive Corp. (The) | 23 | 1,862 | ||||||
Willis Towers Watson plc | 15 | 2,835 | ||||||
|
| |||||||
20,719 | ||||||||
|
| |||||||
Interactive Media & Services — 0.7% |
| |||||||
Twitter, Inc.* | 98 | 3,406 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.4% |
| |||||||
Chewy, Inc., Class A* | 54 | 1,904 | ||||||
|
| |||||||
IT Services — 7.6% |
| |||||||
Akamai Technologies, Inc.* | 56 | 4,480 | ||||||
Black Knight, Inc.* | 52 | 3,153 | ||||||
Booz Allen Hamilton Holding Corp. | 28 | 1,874 | ||||||
Fidelity National Information Services, Inc. | 18 | 2,220 | ||||||
Genpact Ltd. | 285 | 10,867 |
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
IT Services — continued |
| |||||||
Leidos Holdings, Inc. | 56 | 4,448 | ||||||
Sabre Corp. | 147 | 3,268 | ||||||
Total System Services, Inc. | 39 | 4,977 | ||||||
Worldpay, Inc., Class A* | 40 | 4,951 | ||||||
|
| |||||||
40,238 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.6% |
| |||||||
Agilent Technologies, Inc. | 45 | 3,323 | ||||||
|
| |||||||
Machinery — 3.4% |
| |||||||
Allison Transmission Holdings, Inc. | 40 | 1,859 | ||||||
Crane Co. | 44 | 3,688 | ||||||
Gardner Denver Holdings, Inc.* | 102 | 3,515 | ||||||
Ingersoll-Rand plc | 47 | 5,928 | ||||||
Timken Co. (The) | 54 | 2,757 | ||||||
|
| |||||||
17,747 | ||||||||
|
| |||||||
Media — 2.6% |
| |||||||
Altice USA, Inc., Class A* | 57 | 1,378 | ||||||
DISH Network Corp., Class A* | 77 | 2,954 | ||||||
Sinclair Broadcast Group, Inc., Class A | 178 | 9,525 | ||||||
|
| |||||||
13,857 | ||||||||
|
| |||||||
Metals & Mining — 0.9% |
| |||||||
Reliance Steel & Aluminum Co. | 13 | 1,249 | ||||||
Steel Dynamics, Inc. | 115 | 3,485 | ||||||
|
| |||||||
4,734 | ||||||||
|
| |||||||
Multiline Retail — 1.0% |
| |||||||
Dollar General Corp. | 40 | 5,379 | ||||||
|
| |||||||
Multi-Utilities — 0.8% |
| |||||||
CenterPoint Energy, Inc. | 38 | 1,099 | ||||||
Consolidated Edison, Inc. | 36 | 3,139 | ||||||
|
| |||||||
4,238 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.4% |
| |||||||
Cabot Oil & Gas Corp. | 70 | 1,600 | ||||||
Devon Energy Corp. | 114 | 3,237 | ||||||
Marathon Oil Corp. | 294 | 4,184 | ||||||
Marathon Petroleum Corp. | 35 | 1,928 | ||||||
PBF Energy, Inc., Class A | 66 | 2,078 | ||||||
Valero Energy Corp. | 11 | 933 | ||||||
Williams Cos., Inc. (The) | 142 | 3,985 | ||||||
WPX Energy, Inc.* | 20 | 229 | ||||||
|
| |||||||
18,174 | ||||||||
|
| |||||||
Paper & Forest Products — 0.5% |
| |||||||
Domtar Corp. | 53 | 2,356 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Personal Products — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 14 | 705 | ||||||
|
| |||||||
Pharmaceuticals — 1.0% |
| |||||||
Elanco Animal Health, Inc.* | 46 | 1,538 | ||||||
Mylan NV* | 77 | 1,468 | ||||||
Nektar Therapeutics* | 26 | 921 | ||||||
Perrigo Co. plc | 32 | 1,505 | ||||||
|
| |||||||
5,432 | ||||||||
|
| |||||||
Professional Services — 2.9% |
| |||||||
CoStar Group, Inc.* | 5 | 2,604 | ||||||
IHS Markit Ltd.* | 95 | 6,072 | ||||||
ManpowerGroup, Inc. | 57 | 5,545 | ||||||
Nielsen Holdings plc | 50 | 1,137 | ||||||
|
| |||||||
15,358 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.3% |
| |||||||
CBRE Group, Inc., Class A* | 24 | 1,252 | ||||||
|
| |||||||
Road & Rail — 0.8% |
| |||||||
Landstar System, Inc. | 9 | 940 | ||||||
Lyft, Inc., Class A* (a) | 14 | 887 | ||||||
Schneider National, Inc., Class B | 132 | 2,413 | ||||||
|
| |||||||
4,240 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.9% |
| |||||||
KLA-Tencor Corp. | 17 | 1,986 | ||||||
Lam Research Corp. | 41 | 7,702 | ||||||
Marvell Technology Group Ltd. | 267 | 6,366 | ||||||
MKS Instruments, Inc. | 24 | 1,862 | ||||||
ON Semiconductor Corp.* | 131 | 2,637 | ||||||
Teradyne, Inc. | 5 | 244 | ||||||
|
| |||||||
20,797 | ||||||||
|
| |||||||
Software — 1.1% |
| |||||||
Fair Isaac Corp.* | 8 | 2,450 | ||||||
Nuance Communications, Inc.* | 199 | 3,181 | ||||||
|
| |||||||
5,631 | ||||||||
|
| |||||||
Specialty Retail — 2.8% |
| |||||||
AutoZone, Inc.* | 2 | 1,979 | ||||||
Best Buy Co., Inc. | 133 | 9,239 | ||||||
O’Reilly Automotive, Inc.* | 10 | 3,767 | ||||||
|
| |||||||
14,985 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.9% |
| |||||||
Dell Technologies, Inc., Class C* | 158 | 8,037 | ||||||
NCR Corp.* | 54 | 1,689 | ||||||
Xerox Corp. | 306 | 10,850 | ||||||
|
| |||||||
20,576 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 21 |
Table of Contents
JPMorgan Intrepid Mid Cap Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued | ||||||||
Textiles, Apparel & Luxury Goods — 0.5% |
| |||||||
Lululemon Athletica, Inc.* | 14 | 2,559 | ||||||
|
| |||||||
Trading Companies & Distributors — 1.2% |
| |||||||
HD Supply Holdings, Inc.* | 162 | 6,525 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 41 | 1,234 | ||||||
|
| |||||||
Total Common Stocks | 524,769 | |||||||
|
| |||||||
Short-Term Investments — 1.3% |
| |||||||
Investment Companies — 1.3% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (c) (d) | 7,090 | 7,093 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Investment of Cash Collateral from Securities Loaned — 1.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (c) (d) | 3,000 | 3,001 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (c) (d) | 2,904 | 2,904 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 5,905 | |||||||
|
| |||||||
Total Investments — 101.6% | 537,767 | |||||||
Liabilities in Excess of | (8,534 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 529,233 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
(a) | The security or a portion of this security is on loan at June 30, 2019. The total value of securities on loan at June 30, 2019 is approximately $5,804,000. | |
(b) | Amount rounds to less than one thousand. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P Midcap 400E-Mini Index | 23 | 09/2019 | USD | 4,491 | 84 | |||||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.5% |
| |||||||
Banks — 5.9% | ||||||||
Bank of America Corp. | 23 | 674 | ||||||
Citigroup, Inc. | 12 | 847 | ||||||
PNC Financial Services Group, Inc. (The) | 2 | 277 | ||||||
|
| |||||||
1,798 | ||||||||
|
| |||||||
Beverages — 2.7% | ||||||||
PepsiCo, Inc. | 6 | 839 | ||||||
|
| |||||||
Biotechnology — 5.4% | ||||||||
AbbVie, Inc. | 3 | 209 | ||||||
Amgen, Inc. | 4 | 740 | ||||||
Gilead Sciences, Inc. | 10 | 700 | ||||||
|
| |||||||
1,649 | ||||||||
|
| |||||||
Building Products — 1.1% | ||||||||
Armstrong World Industries, Inc. | 3 | 267 | ||||||
Johnson Controls International plc | 2 | 63 | ||||||
|
| |||||||
330 | ||||||||
|
| |||||||
Capital Markets — 0.4% | ||||||||
Bank of New York Mellon Corp. (The) | 3 | 128 | ||||||
|
| |||||||
Chemicals — 1.0% | ||||||||
Axalta Coating Systems Ltd.* | 11 | 314 | ||||||
|
| |||||||
Communications Equipment — 3.0% | ||||||||
Cisco Systems, Inc. | 17 | 907 | ||||||
|
| |||||||
Consumer Finance — 3.2% | ||||||||
Ally Financial, Inc. | 8 | 259 | ||||||
American Express Co. | 6 | 738 | ||||||
|
| |||||||
997 | ||||||||
|
| |||||||
Containers & Packaging — 1.7% | ||||||||
Ball Corp. | 6 | 406 | ||||||
International Paper Co. | 3 | 128 | ||||||
|
| |||||||
534 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.8% | ||||||||
H&R Block, Inc. | 9 | 258 | ||||||
|
| |||||||
Diversified Financial Services — 0.5% | ||||||||
Voya Financial, Inc. | 3 | 162 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.9% | ||||||||
Verizon Communications, Inc. | 16 | 892 | ||||||
|
| |||||||
Electric Utilities — 3.3% | ||||||||
Exelon Corp. | 13 | 618 | ||||||
NextEra Energy, Inc. | 2 | 394 | ||||||
|
| |||||||
1,012 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Energy Equipment & Services — 2.1% | ||||||||
Baker Hughes a GE Co. | 8 | 201 | ||||||
Halliburton Co. | 6 | 129 | ||||||
Schlumberger Ltd. | 1 | 30 | ||||||
TechnipFMC plc (United Kingdom) | 11 | 286 | ||||||
|
| |||||||
646 | ||||||||
|
| |||||||
Entertainment — 0.8% | ||||||||
Electronic Arts, Inc.* | 2 | 252 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.4% |
| |||||||
American Tower Corp. | 3 | 679 | ||||||
Host Hotels & Resorts, Inc. | 3 | 57 | ||||||
|
| |||||||
736 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.0% | ||||||||
Walgreens Boots Alliance, Inc. | 6 | 319 | ||||||
|
| |||||||
Food Products — 1.4% | ||||||||
General Mills, Inc. | 8 | 416 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.8% | ||||||||
Abbott Laboratories | 3 | 241 | ||||||
|
| |||||||
Health Care Providers & Services — 5.7% | ||||||||
Anthem, Inc. | 2 | 698 | ||||||
Centene Corp.* | 2 | 102 | ||||||
Cigna Corp. | 3 | 455 | ||||||
Humana, Inc. | 1 | 247 | ||||||
UnitedHealth Group, Inc. | 1 | 242 | ||||||
|
| |||||||
1,744 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.6% | ||||||||
Chipotle Mexican Grill, Inc.* | — | (a) | 257 | |||||
Yum! Brands, Inc. | 2 | 243 | ||||||
|
| |||||||
500 | ||||||||
|
| |||||||
Household Durables — 1.1% | ||||||||
Garmin Ltd. | 3 | 219 | ||||||
PulteGroup, Inc. | 4 | 117 | ||||||
|
| |||||||
336 | ||||||||
|
| |||||||
Household Products — 1.6% | ||||||||
Procter & Gamble Co. (The) | 5 | 502 | ||||||
|
| |||||||
Insurance — 4.1% | ||||||||
Lincoln National Corp. | 4 | 254 | ||||||
Prudential Financial, Inc. | 3 | 289 | ||||||
Travelers Cos., Inc. (The) | 5 | 703 | ||||||
|
| |||||||
1,246 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 23 |
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Interactive Media & Services — 4.4% | ||||||||
Alphabet, Inc., Class A* | — | (a) | 476 | |||||
Alphabet, Inc., Class C* | 1 | 865 | ||||||
|
| |||||||
1,341 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.6% | ||||||||
Amazon.com, Inc.* | — | (a) | 360 | |||||
eBay, Inc. | 4 | 138 | ||||||
|
| |||||||
498 | ||||||||
|
| |||||||
IT Services — 4.7% | ||||||||
Accenture plc, Class A | 2 | 418 | ||||||
Leidos Holdings, Inc. | 3 | 245 | ||||||
Mastercard, Inc., Class A | 1 | 346 | ||||||
PayPal Holdings, Inc.* | 4 | 419 | ||||||
|
| |||||||
1,428 | ||||||||
|
| |||||||
Machinery — 4.6% | ||||||||
AGCO Corp. | 2 | 137 | ||||||
Allison Transmission Holdings, Inc. | 6 | 267 | ||||||
Cummins, Inc. | 1 | 245 | ||||||
Dover Corp. | 1 | 125 | ||||||
Flowserve Corp. | 5 | 255 | ||||||
Ingersoll-Rand plc | 2 | 262 | ||||||
Xylem, Inc. | 2 | 125 | ||||||
|
| |||||||
1,416 | ||||||||
|
| |||||||
Media — 1.2% | ||||||||
Comcast Corp., Class A | 3 | 108 | ||||||
Omnicom Group, Inc. | 3 | 267 | ||||||
|
| |||||||
375 | ||||||||
|
| |||||||
Multiline Retail — 1.3% | ||||||||
Target Corp. | 5 | 397 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.3% | ||||||||
ConocoPhillips | 2 | 120 | ||||||
CVR Energy, Inc. | 3 | 144 | ||||||
Phillips 66 | 4 | 352 | ||||||
Valero Energy Corp. | 5 | 389 | ||||||
|
| |||||||
1,005 | ||||||||
|
| |||||||
Pharmaceuticals — 0.6% | ||||||||
Eli Lilly & Co. | 2 | 183 | ||||||
|
| |||||||
Professional Services — 0.8% | ||||||||
ManpowerGroup, Inc. | 3 | 245 | ||||||
|
| |||||||
Real Estate Management & Development — 0.8% | ||||||||
CBRE Group, Inc., Class A* | 5 | 247 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Road & Rail — 2.3% | ||||||||
CSX Corp. | 9 | 707 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.1% |
| |||||||
Applied Materials, Inc. | 15 | 682 | ||||||
Lam Research Corp. | 1 | 234 | ||||||
Teradyne, Inc. | 1 | 36 | ||||||
|
| |||||||
952 | ||||||||
|
| |||||||
Software — 7.1% | ||||||||
Cadence Design Systems, Inc.* | 4 | 260 | ||||||
Microsoft Corp. | 14 | 1,908 | ||||||
|
| |||||||
2,168 | ||||||||
|
| |||||||
Specialty Retail — 2.7% | ||||||||
Best Buy Co., Inc. | 3 | 229 | ||||||
Foot Locker, Inc. | 3 | 138 | ||||||
TJX Cos., Inc. (The) | 9 | 474 | ||||||
|
| |||||||
841 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.1% |
| |||||||
Apple, Inc. | 2 | 467 | ||||||
HP, Inc. | 11 | 224 | ||||||
Xerox Corp. | 7 | 247 | ||||||
|
| |||||||
938 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.9% | ||||||||
Deckers Outdoor Corp.* | 1 | 262 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.5% | ||||||||
United Rentals, Inc.* | 1 | 152 | ||||||
|
| |||||||
Total Common Stocks | 29,913 | |||||||
|
| |||||||
Short-Term Investments — 5.4% |
| |||||||
Investment Companies — 5.4% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (b) (c) | 1,668 | 1,669 | ||||||
|
| |||||||
Total Investments — 102.9% | 31,582 | |||||||
Liabilities in Excess of | (897 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 30,685 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Amount rounds to less than one thousand. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
Futures contracts outstanding as of June 30, 2019 (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 | 5 | 09/2019 | USD | 736 | 12 | |||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 25 |
Table of Contents
JPMorgan Intrepid Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — 97.8% |
| |||||||
Aerospace & Defense — 0.3% | ||||||||
TransDigm Group, Inc.* | 6 | 3,096 | ||||||
|
| |||||||
Airlines — 0.8% | ||||||||
United Continental Holdings, Inc.* | 88 | 7,739 | ||||||
|
| |||||||
Automobiles — 1.4% | ||||||||
General Motors Co. | 360 | 13,882 | ||||||
|
| |||||||
Banks — 10.4% | ||||||||
Bank of America Corp. | 1,138 | 33,008 | ||||||
CIT Group, Inc. | 152 | 7,981 | ||||||
Citigroup, Inc. | 443 | 31,015 | ||||||
Citizens Financial Group, Inc. | 190 | 6,708 | ||||||
M&T Bank Corp. | 48 | 8,129 | ||||||
Popular, Inc. (Puerto Rico) | 144 | 7,832 | ||||||
Regions Financial Corp. | 487 | 7,270 | ||||||
|
| |||||||
101,943 | ||||||||
|
| |||||||
Beverages — 0.8% | ||||||||
Molson Coors Brewing Co., Class B | 45 | 2,497 | ||||||
PepsiCo, Inc. | 42 | 5,534 | ||||||
|
| |||||||
8,031 | ||||||||
|
| |||||||
Biotechnology — 4.2% | ||||||||
AbbVie, Inc. | 107 | 7,788 | ||||||
Amgen, Inc. | 85 | 15,709 | ||||||
Biogen, Inc.* | 14 | 3,227 | ||||||
Celgene Corp.* | 15 | 1,350 | ||||||
Gilead Sciences, Inc. | 194 | 13,073 | ||||||
|
| |||||||
41,147 | ||||||||
|
| |||||||
Building Products — 0.8% | ||||||||
Armstrong World Industries, Inc. | 80 | 7,757 | ||||||
|
| |||||||
Capital Markets — 0.7% | ||||||||
Ameriprise Financial, Inc. | 48 | 6,939 | ||||||
|
| |||||||
Chemicals — 1.4% | ||||||||
CF Industries Holdings, Inc. | 182 | 8,496 | ||||||
Huntsman Corp. | 252 | 5,143 | ||||||
|
| |||||||
13,639 | ||||||||
|
| |||||||
Communications Equipment — 1.4% | ||||||||
Cisco Systems, Inc. | 216 | 11,833 | ||||||
Ubiquiti Networks, Inc. | 14 | 1,788 | ||||||
|
| |||||||
13,621 | ||||||||
|
| |||||||
Construction & Engineering — 0.8% | ||||||||
AECOM* | 85 | 3,206 | ||||||
EMCOR Group, Inc. | 50 | 4,405 | ||||||
|
| |||||||
7,611 | ||||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Consumer Finance — 2.7% | ||||||||
Ally Financial, Inc. | 111 | 3,434 | ||||||
American Express Co. | 55 | 6,826 | ||||||
Credit Acceptance Corp.* | 17 | 8,255 | ||||||
Discover Financial Services | 103 | 7,984 | ||||||
|
| |||||||
26,499 | ||||||||
|
| |||||||
Containers & Packaging — 1.1% | ||||||||
Ball Corp. | 79 | 5,543 | ||||||
Crown Holdings, Inc.* | 92 | 5,628 | ||||||
|
| |||||||
11,171 | ||||||||
|
| |||||||
Diversified Financial Services — 0.8% | ||||||||
Voya Financial, Inc. | 151 | 8,323 | ||||||
|
| |||||||
Diversified Telecommunication Services — 2.2% | ||||||||
Verizon Communications, Inc. | 369 | 21,087 | ||||||
|
| |||||||
Electric Utilities — 3.7% | ||||||||
American Electric Power Co., Inc. | 50 | 4,436 | ||||||
Entergy Corp. | 25 | 2,542 | ||||||
Exelon Corp. | 463 | 22,177 | ||||||
OGE Energy Corp. | 147 | 6,269 | ||||||
Southern Co. (The) | 17 | 951 | ||||||
|
| |||||||
36,375 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.3% |
| |||||||
Tech Data Corp.* | 31 | 3,190 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 5.0% |
| |||||||
American Tower Corp. | 36 | 7,278 | ||||||
Essex Property Trust, Inc. | 28 | 8,057 | ||||||
Extra Space Storage, Inc. | 31 | 3,332 | ||||||
GEO Group, Inc. (The) | 113 | 2,368 | ||||||
Medical Properties Trust, Inc. | 412 | 7,182 | ||||||
Park Hotels & Resorts, Inc. | 233 | 6,424 | ||||||
SBA Communications Corp.* | 35 | 7,757 | ||||||
SL Green Realty Corp. | 83 | 6,679 | ||||||
|
| |||||||
49,077 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.4% | ||||||||
Walgreens Boots Alliance, Inc. | 30 | 1,624 | ||||||
Walmart, Inc. | 112 | 12,319 | ||||||
|
| |||||||
13,943 | ||||||||
|
| |||||||
Food Products — 2.3% | ||||||||
Pilgrim’s Pride Corp.* | 291 | 7,386 | ||||||
Post Holdings, Inc.* | 74 | 7,683 | ||||||
Tyson Foods, Inc., Class A | 96 | 7,751 | ||||||
|
| |||||||
22,820 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Health Care Equipment & Supplies — 0.6% | ||||||||
Hologic, Inc.* | 112 | 5,393 | ||||||
|
| |||||||
Health Care Providers & Services — 4.0% | ||||||||
AmerisourceBergen Corp. | 44 | 3,786 | ||||||
Anthem, Inc. | 57 | 16,142 | ||||||
McKesson Corp. | 29 | 3,870 | ||||||
Tenet Healthcare Corp.* | 175 | 3,614 | ||||||
UnitedHealth Group, Inc. | 48 | 11,664 | ||||||
|
| |||||||
39,076 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.5% | ||||||||
Starbucks Corp. | 196 | 16,439 | ||||||
Wendy’s Co. (The) | 405 | 7,934 | ||||||
|
| |||||||
24,373 | ||||||||
|
| |||||||
Household Durables — 0.7% | ||||||||
PulteGroup, Inc. | 116 | 3,671 | ||||||
Toll Brothers, Inc. | 78 | 2,871 | ||||||
|
| |||||||
6,542 | ||||||||
|
| |||||||
Household Products — 1.5% | ||||||||
Procter & Gamble Co. (The) | 133 | 14,605 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 2.2% |
| |||||||
AES Corp. | 430 | 7,214 | ||||||
NRG Energy, Inc. | 223 | 7,835 | ||||||
Vistra Energy Corp. | 294 | 6,656 | ||||||
|
| |||||||
21,705 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.8% | ||||||||
Carlisle Cos., Inc. | 54 | 7,582 | ||||||
|
| |||||||
Insurance — 7.1% | ||||||||
Allstate Corp. (The) | 189 | 19,219 | ||||||
Aon plc | 28 | 5,326 | ||||||
Lincoln National Corp. | 116 | 7,457 | ||||||
Mercury General Corp. | 74 | 4,643 | ||||||
MetLife, Inc. | 86 | 4,287 | ||||||
Primerica, Inc. | 56 | 6,681 | ||||||
Travelers Cos., Inc. (The) | 144 | 21,501 | ||||||
|
| |||||||
69,114 | ||||||||
|
| |||||||
IT Services — 1.5% | ||||||||
Euronet Worldwide, Inc.* | 38 | 6,393 | ||||||
Leidos Holdings, Inc. | 99 | 7,905 | ||||||
|
| |||||||
14,298 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.9% | ||||||||
IQVIA Holdings, Inc.* | 54 | 8,624 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Machinery — 2.6% | ||||||||
Allison Transmission Holdings, Inc. | 166 | 7,671 | ||||||
Caterpillar, Inc. | 14 | 1,854 | ||||||
Cummins, Inc. | 45 | 7,710 | ||||||
Dover Corp. | 77 | 7,715 | ||||||
|
| |||||||
24,950 | ||||||||
|
| |||||||
Media — 5.5% | ||||||||
Altice USA, Inc., Class A* | 179 | 4,349 | ||||||
AMC Networks, Inc., Class A* | 73 | 3,994 | ||||||
Comcast Corp., Class A | 615 | 25,990 | ||||||
Nexstar Media Group, Inc., Class A | 76 | 7,686 | ||||||
Omnicom Group, Inc. | 56 | 4,581 | ||||||
Sinclair Broadcast Group, Inc., Class A | 143 | 7,653 | ||||||
|
| |||||||
54,253 | ||||||||
|
| |||||||
Metals & Mining — 0.1% | ||||||||
Steel Dynamics, Inc. | 45 | 1,344 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 9.7% | ||||||||
Cabot Oil & Gas Corp. | 92 | 2,105 | ||||||
Chevron Corp. | 266 | 33,145 | ||||||
ConocoPhillips | 352 | 21,466 | ||||||
CVR Energy, Inc. | 99 | 4,924 | ||||||
HollyFrontier Corp. | 115 | 5,332 | ||||||
PBF Energy, Inc., Class A | 148 | 4,623 | ||||||
Peabody Energy Corp. | 158 | 3,817 | ||||||
Phillips 66 | 102 | 9,532 | ||||||
Valero Energy Corp. | 114 | 9,751 | ||||||
|
| |||||||
94,695 | ||||||||
|
| |||||||
Paper & Forest Products — 0.7% | ||||||||
Domtar Corp. | 157 | 6,991 | ||||||
|
| |||||||
Personal Products — 0.7% | ||||||||
Herbalife Nutrition Ltd.* | 169 | 7,231 | ||||||
|
| |||||||
Pharmaceuticals — 3.8% | ||||||||
Allergan plc | 32 | 5,358 | ||||||
Eli Lilly & Co. | 11 | 1,241 | ||||||
Jazz Pharmaceuticals plc* | 57 | 8,154 | ||||||
Mylan NV* | 128 | 2,441 | ||||||
Pfizer, Inc. | 456 | 19,768 | ||||||
|
| |||||||
36,962 | ||||||||
|
| |||||||
Professional Services — 0.9% | ||||||||
ManpowerGroup, Inc. | 87 | 8,443 | ||||||
|
| |||||||
Road & Rail — 1.0% | ||||||||
CSX Corp. | 124 | 9,617 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | �� | 27 |
Table of Contents
JPMorgan Intrepid Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JUNE 30, 2019 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Common Stocks — continued |
| |||||||
Semiconductors & Semiconductor Equipment — 3.6% |
| |||||||
Applied Materials, Inc. | 139 | 6,229 | ||||||
Lam Research Corp. | 39 | 7,326 | ||||||
Micron Technology, Inc.* | 150 | 5,773 | ||||||
NXP Semiconductors NV (Netherlands) | 94 | 9,136 | ||||||
QUALCOMM, Inc. | 84 | 6,382 | ||||||
|
| |||||||
34,846 | ||||||||
|
| |||||||
Software — 1.3% | ||||||||
Oracle Corp. | 121 | 6,911 | ||||||
VMware, Inc., Class A | 33 | 5,551 | ||||||
|
| |||||||
12,462 | ||||||||
|
| |||||||
Specialty Retail — 2.1% | ||||||||
AutoZone, Inc.* | 5 | 5,717 | ||||||
O’Reilly Automotive, Inc.* | 40 | 14,625 | ||||||
|
| |||||||
20,342 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.5% | ||||||||
Deckers Outdoor Corp.* | 26 | 4,593 | ||||||
|
| |||||||
Tobacco — 0.6% | ||||||||
Altria Group, Inc. | 118 | 5,587 | ||||||
|
|
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Trading Companies & Distributors — 0.4% | ||||||||
United Rentals, Inc.* | 31 | 4,072 | ||||||
|
| |||||||
Total Common Stocks | 955,590 | |||||||
|
| |||||||
Short-term Investments — 2.4% |
| |||||||
Investment Companies — 2.4% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | 23,309 | 23,318 | ||||||
|
| |||||||
Total Investments — 100.2% | 978,908 | |||||||
Liabilities in Excess of | (1,530 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 977,378 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2019. | |
* | Non-income producing security. |
Futures contracts outstanding as of June 30, 2019 (amounts in thousands, except number of contracts): | ||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||
Long Contracts |
| |||||||||||||||||
S&P 500E-Mini Index | 142 | 09/2019 | USD | 20,902 | 127 | |||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 29 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019
(Amounts in thousands, except per share amounts)
JPMorgan Fund | JPMorgan Fund | JPMorgan Intrepid Mid Cap Fund | ||||||||||
ASSETS: | ||||||||||||
Investments innon-affiliates, at value | $ | 2,526,951 | $ | 1,125,083 | $ | 524,769 | ||||||
Investments in affiliates, at value | 63,458 | 26,680 | 7,093 | |||||||||
Investment of cash collateral received from securities loaned, at value (See Note 2.C.) | 7,079 | 1,273 | 5,905 | |||||||||
Cash | 148 | 36 | 19 | |||||||||
Deposits at broker for futures contracts | 2,909 | 1,169 | 325 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 4,861 | 67,866 | 49,949 | |||||||||
Fund shares sold | 242 | 357 | 515 | |||||||||
Dividends fromnon-affiliates | 1,475 | 412 | 601 | |||||||||
Dividends from affiliates | 4 | 2 | — | (a) | ||||||||
Securities lending income (See Note 2.C.) | 16 | 6 | 18 | |||||||||
Variation margin on futures contracts | 258 | 134 | 83 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,607,401 | 1,223,018 | 589,277 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | — | 72,388 | 51,612 | |||||||||
Collateral received on securities loaned (See Note 2.C.) | 7,079 | 1,273 | 5,905 | |||||||||
Fund shares redeemed | 549 | 481 | 2,006 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 641 | 292 | 220 | |||||||||
Administration fees | 30 | — | — | (a) | ||||||||
Distribution fees | 64 | 62 | 71 | |||||||||
Service fees | 86 | 85 | 91 | |||||||||
Custodian and accounting fees | 35 | 14 | 18 | |||||||||
Other | 158 | 85 | 121 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 8,642 | 74,680 | 60,044 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,598,759 | $ | 1,148,338 | $ | 529,233 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid America Fund | JPMorgan Intrepid Growth Fund | JPMorgan Intrepid Mid Cap Fund | ||||||||||
NET ASSETS: | ||||||||||||
Paid-in-Capital | $ | 1,862,332 | $ | 756,037 | $ | 405,027 | ||||||
Total distributable earnings (loss) (a) | 736,427 | 392,301 | 124,206 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 2,598,759 | $ | 1,148,338 | $ | 529,233 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 298,845 | $ | 106,993 | $ | 204,131 | ||||||
Class C | 3,739 | 35,931 | 42,429 | |||||||||
Class I | 126,734 | 163,324 | 188,694 | |||||||||
Class R2 | 1,540 | 45,086 | — | |||||||||
Class R3 | — | — | 15,456 | |||||||||
Class R4 | — | — | 1,202 | |||||||||
Class R5 | 6,748 | 194,550 | — | |||||||||
Class R6 | 2,161,153 | 602,454 | 77,321 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 2,598,759 | $ | 1,148,338 | $ | 529,233 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 8,121 | 1,890 | 11,194 | |||||||||
Class C | 102 | 648 | 2,898 | |||||||||
Class I | 3,337 | 2,836 | 9,689 | |||||||||
Class R2 | 43 | 816 | — | |||||||||
Class R3 | — | — | 853 | |||||||||
Class R4 | — | — | 62 | |||||||||
Class R5 | 178 | 3,424 | — | |||||||||
Class R6 | 58,135 | 10,604 | 3,967 | |||||||||
Net Asset Value (b): | ||||||||||||
Class A — Redemption price per share | $ | 36.80 | $ | 56.61 | $ | 18.24 | ||||||
Class C — Offering price per share (c) | 36.52 | 55.45 | 14.64 | |||||||||
Class I — Offering and redemption price per share | 37.98 | 57.60 | 19.48 | |||||||||
Class R2 — Offering and redemption price per share | 35.85 | 55.27 | — | |||||||||
Class R3 — Offering and redemption price per share | — | — | 18.12 | |||||||||
Class R4 — Offering and redemption price per share | — | — | 19.41 | |||||||||
Class R5 — Offering and redemption price per share | 37.88 | 56.82 | — | |||||||||
Class R6 — Offering and redemption price per share | 37.17 | 56.81 | 19.49 | |||||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | 5.25 | % | ||||||
Class A maximum public offering price per share | $ | 38.84 | $ | 59.75 | $ | 19.25 | ||||||
|
|
|
|
|
| |||||||
Cost of investments innon-affiliates | $ | 2,103,316 | $ | 837,138 | $ | 421,780 | ||||||
Cost of investments in affiliates | 63,452 | 26,678 | 7,093 | |||||||||
Investment securities on loan, at value (See Note 2.C.) | 7,044 | 1,263 | 5,804 | |||||||||
Cost of investment of cash collateral (See Note 2.C.) | 7,079 | 1,273 | 5,904 |
(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.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 31 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF JUNE 30, 2019 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Intrepid Sustainable Equity Fund | JPMorgan Intrepid Value Fund | |||||||
ASSETS: | ||||||||
Investments innon-affiliates, at value | $ | 29,913 | $ | 955,590 | ||||
Investments in affiliates, at value | 1,669 | 23,318 | ||||||
Cash | 2 | 37 | ||||||
Deposits at broker for futures contracts | 72 | 999 | ||||||
Receivables: | ||||||||
Investment securities sold | — | 55,039 | ||||||
Fund shares sold | 22 | 1,266 | ||||||
Dividends fromnon-affiliates | 16 | 661 | ||||||
Dividends from affiliates | — | (a) | 2 | |||||
Securities lending income (See Note 2.C.) | — | — | (a) | |||||
Variation margin on futures contracts | 3 | 102 | ||||||
Due from adviser | 2 | — | ||||||
|
|
|
| |||||
Total Assets | 31,699 | 1,037,014 | ||||||
|
|
|
| |||||
LIABILITIES: | ||||||||
Payables: | ||||||||
Investment securities purchased | 960 | 58,460 | ||||||
Fund shares redeemed | 1 | 603 | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | — | 215 | ||||||
Distribution fees | 4 | 28 | ||||||
Service fees | — | 166 | ||||||
Custodian and accounting fees | 11 | 12 | ||||||
Other | 38 | 152 | ||||||
|
|
|
| |||||
Total Liabilities | 1,014 | 59,636 | ||||||
|
|
|
| |||||
Net Assets | $ | 30,685 | $ | 977,378 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund | JPMorgan Intrepid Value Fund | |||||||
NET ASSETS: | ||||||||
Paid-in-Capital | $ | 24,088 | $ | 813,951 | ||||
Total distributable earnings (loss) (a) | 6,597 | 163,427 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 30,685 | $ | 977,378 | ||||
|
|
|
| |||||
Net Assets: | ||||||||
Class A | $ | 10,828 | $ | 72,888 | ||||
Class C | 2,949 | 19,139 | ||||||
Class I | 16,908 | 698,989 | ||||||
Class R2 | — | 4,438 | ||||||
Class R5 | — | 48,910 | ||||||
Class R6 | — | 133,014 | ||||||
|
|
|
| |||||
Total | $ | 30,685 | $ | 977,378 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) | ||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||
Class A | 259 | 2,320 | ||||||
Class C | 72 | 619 | ||||||
Class I | 401 | 22,107 | ||||||
Class R2 | — | 143 | ||||||
Class R5 | — | 1,541 | ||||||
Class R6 | — | 4,191 | ||||||
Net Asset Value (b): | ||||||||
Class A — Redemption price per share | $ | 41.85 | $ | 31.42 | ||||
Class C — Offering price per share (c) | 40.98 | 30.90 | ||||||
Class I — Offering and redemption price per share | 42.15 | 31.62 | ||||||
Class R2 — Offering and redemption price per share | — | 31.12 | ||||||
Class R5 — Offering and redemption price per share | — | 31.73 | ||||||
Class R6 — Offering and redemption price per share | — | 31.74 | ||||||
Class A maximum sales charge | 5.25 | % | 5.25 | % | ||||
Class A maximum public offering price per share | $ | 44.17 | $ | 33.16 | ||||
|
|
|
| |||||
Cost of investments innon-affiliates | $ | 25,325 | $ | 824,302 | ||||
Cost of investments in affiliates | �� | 1,669 | 23,318 |
(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.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 33 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2019
(Amounts in thousands)
JPMorgan Intrepid America Fund | JPMorgan Intrepid Growth Fund | JPMorgan Intrepid Mid Cap Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income fromnon-affiliates | $ | 45 | $ | 16 | $ | 9 | ||||||
Interest income from affiliates | — | (a) | — | (a) | — | (a) | ||||||
Dividend income fromnon-affiliates | 68,692 | 18,135 | 9,999 | |||||||||
Dividend income from affiliates | 1,719 | 593 | 227 | |||||||||
Income from securities lending (net) (See Note 2.C.) | 123 | 63 | 175 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 70,579 | 18,807 | 10,410 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 14,154 | 5,787 | 4,156 | |||||||||
Administration fees | 2,780 | 904 | 502 | |||||||||
Distribution fees: | ||||||||||||
Class A | 799 | 259 | 620 | |||||||||
Class C | 33 | 277 | 391 | |||||||||
Class R2 | 9 | 212 | — | |||||||||
Class R3 | — | — | 38 | |||||||||
Service fees: | ||||||||||||
Class A | 799 | 259 | 620 | |||||||||
Class C | 11 | 92 | 130 | |||||||||
Class I | 284 | 481 | 600 | |||||||||
Class R2 | 5 | 106 | — | |||||||||
Class R3 | — | — | 38 | |||||||||
Class R4 | — | — | 3 | |||||||||
Class R5 | 6 | 198 | — | |||||||||
Custodian and accounting fees | 110 | 39 | 49 | |||||||||
Professional fees | 97 | 70 | 61 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 39 | 29 | 28 | |||||||||
Printing and mailing costs | 152 | 48 | 113 | |||||||||
Registration and filing fees | 99 | 103 | 118 | |||||||||
Transfer agency fees (See Note 2.F.) | 53 | 84 | 59 | |||||||||
Other | 71 | 30 | 20 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 19,501 | 8,978 | 7,546 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (5,656 | ) | (3,205 | ) | (1,028 | ) | ||||||
Less expense reimbursements | (18 | ) | (6 | ) | (5 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 13,827 | 5,767 | 6,513 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 56,752 | 13,040 | 3,897 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments innon-affiliates | 537,942 | 136,872 | 68,111 | |||||||||
Investments in affiliates | 2 | — | (a) | — | (a) | |||||||
Futures contracts | 4,414 | 2,507 | (168 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | 542,358 | 139,379 | 67,943 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||
Investments innon-affiliates | (476,103 | ) | (70,149 | ) | (69,554 | ) | ||||||
Investments in affiliates | 6 | 2 | 1 | |||||||||
Futures contracts | 1,202 | 452 | 117 | |||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (474,895 | ) | (69,695 | ) | (69,436 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 67,463 | 69,684 | (1,493 | ) | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 124,215 | $ | 82,724 | $ | 2,404 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Sustainable Equity Fund | JPMorgan Intrepid Value Fund | |||||||
INVESTMENT INCOME: | ||||||||
Interest income fromnon-affiliates | $ | 1 | $ | 20 | ||||
Interest income from affiliates | — | — | (a) | |||||
Dividend income fromnon-affiliates | 507 | 24,592 | ||||||
Dividend income from affiliates | 19 | 698 | ||||||
Income from securities lending (net) (See Note 2.C.) | — | 49 | ||||||
|
|
|
| |||||
Total investment income | 527 | 25,359 | ||||||
|
|
|
| |||||
EXPENSES: | ||||||||
Investment advisory fees | 128 | 4,366 | ||||||
Administration fees | 20 | 853 | ||||||
Distribution fees: | ||||||||
Class A | 25 | 202 | ||||||
Class C | 24 | 160 | ||||||
Class R2 | — | 25 | ||||||
Service fees: | ||||||||
Class A | 25 | 202 | ||||||
Class C | 8 | 53 | ||||||
Class I | 31 | 1,945 | ||||||
Class R2 | — | 12 | ||||||
Class R5 | — | 82 | ||||||
Custodian and accounting fees | 28 | 37 | ||||||
Professional fees | 56 | 68 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 25 | 29 | ||||||
Printing and mailing costs | 2 | 72 | ||||||
Registration and filing fees | 37 | 96 | ||||||
Transfer agency fees (See Note 2.F.) | 5 | 34 | ||||||
Other | 11 | 25 | ||||||
|
|
|
| |||||
Total expenses | 425 | 8,261 | ||||||
|
|
|
| |||||
Less fees waived | (208 | ) | (1,935 | ) | ||||
Less expense reimbursements | (19 | ) | (10 | ) | ||||
|
|
|
| |||||
Net expenses | 198 | 6,316 | ||||||
|
|
|
| |||||
Net investment income (loss) | 329 | 19,043 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: | ||||||||
Investments innon-affiliates | 2,383 | 84,774 | ||||||
Investments in affiliates | — | (a) | 1 | |||||
Futures contracts | 9 | 4,207 | ||||||
|
|
|
| |||||
Net realized gain (loss) | 2,392 | 88,982 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation on: | ||||||||
Investments innon-affiliates | (192 | ) | (67,174 | ) | ||||
Investments in affiliates | — | (a) | — | (a) | ||||
Futures contracts | 12 | 1,005 | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation | (180 | ) | (66,169 | ) | ||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | 2,212 | 22,813 | ||||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | 2,541 | $ | 41,856 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 35 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Intrepid America Fund | JPMorgan Intrepid Growth Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 56,752 | $ | 64,578 | $ | 13,040 | $ | 8,774 | ||||||||
Net realized gain (loss) | 542,358 | 416,447 | 139,379 | 136,463 | ||||||||||||
Change in net unrealized appreciation/depreciation | (474,895 | ) | 233,270 | (69,695 | ) | 82,031 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 124,215 | 714,295 | 82,724 | 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 | (1,030,247 | ) | (259,821 | ) | 16,197 | (68,163 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (1,451,784 | ) | (32,314 | ) | (21,256 | ) | 150,471 | |||||||||
Beginning of period | 4,050,543 | 4,082,857 | 1,169,594 | 1,019,123 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,598,759 | $ | 4,050,543 | $ | 1,148,338 | $ | 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 Intrepid | JPMorgan Intrepid | |||||||
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.
36 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Mid Cap Fund | JPMorgan Intrepid Sustainable Equity Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 3,897 | $ | 7,332 | $ | 329 | $ | 285 | ||||||||
Net realized gain (loss) | 67,943 | 102,707 | 2,392 | 1,537 | ||||||||||||
Change in net unrealized appreciation/depreciation | (69,436 | ) | (9,650 | ) | (180 | ) | 343 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 2,404 | 100,389 | 2,541 | 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 | (168,175 | ) | (102,024 | ) | 8,039 | 3,037 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (287,290 | ) | (73,216 | ) | 8,739 | 3,902 | ||||||||||
Beginning of period | 816,523 | 889,739 | 21,946 | 18,044 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 529,233 | $ | 816,523 | $ | 30,685 | $ | 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 Intrepid Mid Cap Fund | 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.
JUNE 30, 2019 | 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 Value Fund | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||
Net investment income (loss) | $ | 19,043 | $ | 18,700 | ||||
Net realized gain (loss) | 88,982 | 127,733 | ||||||
Change in net unrealized appreciation/depreciation | (66,169 | ) | (7,903 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from operations | 41,856 | 138,530 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS:(a) | ||||||||
Class A | (9,987 | ) | (14,409 | ) | ||||
Class C | (2,585 | ) | (3,802 | ) | ||||
Class I | (96,496 | ) | (103,517 | ) | ||||
Class R2 | (579 | ) | (2,926 | ) | ||||
Class R5 | (10,610 | ) | (13,231 | ) | ||||
Class R6 | �� | (15,052 | ) | (23,984 | ) | |||
|
|
|
| |||||
Total distributions to shareholders | (135,309 | ) | (161,869 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: |
| |||||||
Change in net assets resulting from capital transactions | (27,032 | ) | (111,642 | ) | ||||
|
|
|
| |||||
NET ASSETS: |
| |||||||
Change in net assets | (120,485 | ) | (134,981 | ) | ||||
Beginning of period | 1,097,863 | 1,232,844 | ||||||
|
|
|
| |||||
End of period | $ | 977,378 | $ | 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.
38 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid America Fund | JPMorgan Intrepid Growth Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 240,679 | $ | 355,797 | $ | 23,602 | $ | 30,048 | ||||||||
Distributions reinvested | 46,624 | 10,595 | 6,926 | 308 | ||||||||||||
Cost of shares redeemed | (280,826 | ) | (75,779 | ) | (24,982 | ) | (36,549 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | $ | 6,477 | $ | 290,613 | $ | 5,546 | $ | (6,193 | ) | |||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | $ | 444 | $ | 268 | $ | 5,263 | $ | 5,393 | ||||||||
Distributions reinvested | 548 | 458 | 2,906 | — | ||||||||||||
Cost of shares redeemed | (1,487 | ) | (7,072 | ) | (8,391 | ) | (18,709 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | $ | (495 | ) | $ | (6,346 | ) | $ | (222 | ) | $ | (13,316 | ) | ||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | $ | 86,636 | $ | 56,178 | $ | 42,963 | $ | 25,110 | ||||||||
Distributions reinvested | 16,892 | 7,177 | 19,170 | 1,069 | ||||||||||||
Cost of shares redeemed | (55,962 | ) | (192,805 | ) | (86,816 | ) | (49,004 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | $ | 47,566 | $ | (129,450 | ) | $ | (24,683 | ) | $ | (22,825 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Class R2 | ||||||||||||||||
Proceeds from shares issued | $ | 497 | $ | 443 | $ | 13,480 | $ | 42,516 | ||||||||
Distributions reinvested | 90 | 91 | 3,834 | 3 | ||||||||||||
Cost of shares redeemed | (1,079 | ) | (1,855 | ) | (11,486 | ) | (8,188 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R2 capital transactions | $ | (492 | ) | $ | (1,321 | ) | $ | 5,828 | $ | 34,331 | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 | ||||||||||||||||
Proceeds from shares issued | $ | 3,797 | $ | 1,187 | $ | 22,080 | $ | 37,471 | ||||||||
Distributions reinvested | 499 | 334 | 19,502 | 1,534 | ||||||||||||
Cost of shares redeemed | (2,598 | ) | (752 | ) | (41,585 | ) | (69,349 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R5 capital transactions | $ | 1,698 | $ | 769 | $ | (3 | ) | $ | (30,344 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 32,233 | $ | 269,386 | $ | 52,907 | $ | 137,691 | ||||||||
Distributions reinvested | 480,065 | 467,260 | 56,881 | 5,125 | ||||||||||||
Cost of shares redeemed | (1,597,299 | ) | (1,150,732 | ) | (80,057 | ) | (172,632 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | $ | (1,085,001 | ) | $ | (414,086 | ) | $ | 29,731 | $ | (29,816 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (1,030,247 | ) | $ | (259,821 | ) | $ | 16,197 | $ | (68,163 | ) | |||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 America Fund | JPMorgan Intrepid Growth Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 6,157 | 8,663 | 427 | 539 | ||||||||||||
Reinvested | 1,373 | 265 | 136 | 6 | ||||||||||||
Redeemed | (7,761 | ) | (1,851 | ) | (436 | ) | (647 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (231 | ) | 7,077 | 127 | (102 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 12 | 6 | 97 | 99 | ||||||||||||
Reinvested | 16 | 12 | 58 | — | ||||||||||||
Redeemed | (41 | ) | (170 | ) | (152 | ) | (351 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (13 | ) | (152 | ) | 3 | (252 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 2,147 | 1,331 | 747 | 442 | ||||||||||||
Reinvested | 482 | 175 | 371 | 19 | ||||||||||||
Redeemed | (1,548 | ) | (4,665 | ) | (1,560 | ) | (898 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 1,081 | (3,159 | ) | (442 | ) | (437 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R2 |
| |||||||||||||||
Issued | 14 | 12 | 244 | 738 | ||||||||||||
Reinvested | 3 | 2 | 77 | — | (a) | |||||||||||
Redeemed | (30 | ) | (47 | ) | (208 | ) | (146 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R2 Shares | (13 | ) | (33 | ) | 113 | 592 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R5 |
| |||||||||||||||
Issued | 96 | 29 | 387 | 664 | ||||||||||||
Reinvested | 14 | 8 | 383 | 27 | ||||||||||||
Redeemed | (68 | ) | (18 | ) | (743 | ) | (1,235 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R5 Shares | 42 | 19 | 27 | (544 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 901 | 6,583 | 951 | 2,543 | ||||||||||||
Reinvested | 14,006 | 11,580 | 1,116 | 91 | ||||||||||||
Redeemed | (43,645 | ) | (27,858 | ) | (1,391 | ) | (3,065 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (28,738 | ) | (9,695 | ) | 676 | (431 | ) | |||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Mid Cap Fund | JPMorgan Intrepid Sustainable Equity Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 29,916 | $ | 64,235 | $ | 2,348 | $ | 2,195 | ||||||||
Distributions reinvested | 40,963 | 22,481 | 718 | 573 | ||||||||||||
Cost of shares redeemed | (134,149 | ) | (86,519 | ) | (1,953 | ) | (1,593 | ) | ||||||||
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Change in net assets resulting from Class A capital transactions | $ | (63,270 | ) | $ | 197 | $ | 1,113 | $ | 1,175 | |||||||
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Class C | ||||||||||||||||
Proceeds from shares issued | $ | 4,428 | $ | 6,057 | $ | 525 | $ | 273 | ||||||||
Distributions reinvested | 11,150 | 4,798 | 197 | 209 | ||||||||||||
Cost of shares redeemed | (23,180 | ) | (31,724 | ) | (1,137 | ) | (2,534 | ) | ||||||||
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Change in net assets resulting from Class C capital transactions | $ | (7,602 | ) | $ | (20,869 | ) | $ | (415 | ) | $ | (2,052 | ) | ||||
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Class I | ||||||||||||||||
Proceeds from shares issued | $ | 46,939 | $ | 76,578 | $ | 9,527 | $ | 4,981 | ||||||||
Distributions reinvested | 39,134 | 19,557 | 879 | 463 | ||||||||||||
Cost of shares redeemed | (146,883 | ) | (120,847 | ) | (3,065 | ) | (1,530 | ) | ||||||||
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Change in net assets resulting from Class I capital transactions | $ | (60,810 | ) | $ | (24,712 | ) | $ | 7,341 | $ | 3,914 | ||||||
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Class R3 | ||||||||||||||||
Proceeds from shares issued | $ | 5,800 | $ | 6,268 | $ | — | $ | — | ||||||||
Distributions reinvested | 2,914 | 989 | — | — | ||||||||||||
Cost of shares redeemed | (3,876 | ) | (2,523 | ) | — | — | ||||||||||
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Change in net assets resulting from Class R3 capital transactions | $ | 4,838 | $ | 4,734 | $ | — | $ | — | ||||||||
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Class R4 | ||||||||||||||||
Proceeds from shares issued | $ | 419 | $ | 1,277 | $ | — | $ | — | ||||||||
Distributions reinvested | 191 | 9 | — | — | ||||||||||||
Cost of shares redeemed | (417 | ) | (105 | ) | — | — | ||||||||||
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Change in net assets resulting from Class R4 capital transactions | $ | 193 | $ | 1,181 | $ | — | $ | — | ||||||||
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Class R6 | ||||||||||||||||
Proceeds from shares issued | $ | 52,306 | $ | 69,523 | $ | — | $ | — | ||||||||
Distributions reinvested | 12,629 | 17,215 | — | — | ||||||||||||
Cost of shares redeemed | (106,459 | ) | (149,293 | ) | — | — | ||||||||||
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Change in net assets resulting from Class R6 capital transactions | $ | (41,524 | ) | $ | (62,555 | ) | $ | — | $ | — | ||||||
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Total change in net assets resulting from capital transactions | $ | (168,175 | ) | $ | (102,024 | ) | $ | 8,039 | $ | 3,037 | ||||||
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SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | 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 Mid Cap Fund | JPMorgan Intrepid Sustainable Equity Fund | |||||||||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||||||||
SHARE TRANSACTIONS: |
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Class A |
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Issued | 1,581 | 2,794 | 58 | 53 | ||||||||||||
Reinvested | 2,426 | 1,000 | 19 | 14 | ||||||||||||
Redeemed | (6,614 | ) | (3,785 | ) | (48 | ) | (39 | ) | ||||||||
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Change in Class A Shares | (2,607 | ) | 9 | 29 | 28 | |||||||||||
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Class C |
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Issued | 287 | 313 | 14 | 6 | ||||||||||||
Reinvested | 821 | 253 | 5 | 5 | ||||||||||||
Redeemed | (1,483 | ) | (1,618 | ) | (28 | ) | (62 | ) | ||||||||
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Change in Class C Shares | (375 | ) | (1,052 | ) | (9 | ) | (51 | ) | ||||||||
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Class I |
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Issued | 2,306 | 3,189 | 235 | 119 | ||||||||||||
Reinvested | 2,168 | 824 | 23 | 11 | ||||||||||||
Redeemed | (7,149 | ) | (5,013 | ) | (78 | ) | (36 | ) | ||||||||
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Change in Class I Shares | (2,675 | ) | (1,000 | ) | 180 | 94 | ||||||||||
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Class R3 |
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Issued | 284 | 275 | — | — | ||||||||||||
Reinvested | 173 | 44 | — | — | ||||||||||||
Redeemed | (213 | ) | (111 | ) | — | — | ||||||||||
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Change in Class R3 Shares | 244 | 208 | — | — | ||||||||||||
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Class R4 |
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Issued | 23 | 51 | — | — | ||||||||||||
Reinvested | 11 | — | (a) | — | — | |||||||||||
Redeemed | (20 | ) | (4 | ) | — | — | ||||||||||
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Change in Class R4 Shares | 14 | 47 | — | — | ||||||||||||
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Class R6 |
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Issued | 2,722 | 2,860 | — | — | ||||||||||||
Reinvested | 698 | 724 | — | — | ||||||||||||
Redeemed | (4,759 | ) | (6,187 | ) | — | — | ||||||||||
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Change in Class R6 Shares | (1,339 | ) | (2,603 | ) | — | — | ||||||||||
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(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
JPMorgan Intrepid Value Fund | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
CAPITAL TRANSACTIONS: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 11,985 | $ | 19,635 | ||||
Distributions reinvested | 9,196 | 13,421 | ||||||
Cost of shares redeemed | (27,574 | ) | (40,025 | ) | ||||
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Change in net assets resulting from Class A capital transactions | $ | (6,393 | ) | $ | (6,969 | ) | ||
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Class C | ||||||||
Proceeds from shares issued | $ | 1,402 | $ | 1,990 | ||||
Distributions reinvested | 2,461 | 3,617 | ||||||
Cost of shares redeemed | (6,446 | ) | (17,911 | ) | ||||
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Change in net assets resulting from Class C capital transactions | $ | (2,583 | ) | $ | (12,304 | ) | ||
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Class I | ||||||||
Proceeds from shares issued | $ | 264,946 | $ | 195,675 | ||||
Distributions reinvested | 96,262 | 102,090 | ||||||
Cost of shares redeemed | (367,734 | ) | (396,689 | ) | ||||
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Change in net assets resulting from Class I capital transactions | $ | (6,526 | ) | $ | (98,924 | ) | ||
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Class R2 | ||||||||
Proceeds from shares issued | $ | 1,113 | $ | 7,759 | ||||
Distributions reinvested | 330 | 2,532 | ||||||
Cost of shares redeemed | (2,425 | ) | (23,607 | ) | ||||
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Change in net assets resulting from Class R2 capital transactions | $ | (982 | ) | $ | (13,316 | ) | ||
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Class R5 | ||||||||
Proceeds from shares issued | $ | 11,721 | $ | 16,647 | ||||
Distributions reinvested | 10,610 | 13,231 | ||||||
Cost of shares redeemed | (55,669 | ) | (23,522 | ) | ||||
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Change in net assets resulting from Class R5 capital transactions | $ | (33,338 | ) | $ | 6,356 | |||
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Class R6 | ||||||||
Proceeds from shares issued | $ | 30,950 | $ | 63,524 | ||||
Distributions reinvested | 15,044 | 23,588 | ||||||
Cost of shares redeemed | (23,204 | ) | (73,597 | ) | ||||
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Change in net assets resulting from Class R6 capital transactions | $ | 22,790 | $ | 13,515 | ||||
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Total change in net assets resulting from capital transactions | $ | (27,032 | ) | $ | (111,642 | ) | ||
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SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 43 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Intrepid Value Fund | ||||||||
Year Ended June 30, 2019 | Year Ended June 30, 2018 | |||||||
SHARE TRANSACTIONS: |
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Class A |
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Issued | 363 | 536 | ||||||
Reinvested | 314 | 392 | ||||||
Redeemed | (859 | ) | (1,124 | ) | ||||
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Change in Class A Shares | (182 | ) | (196 | ) | ||||
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Class C |
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Issued | 47 | 57 | ||||||
Reinvested | 85 | 107 | ||||||
Redeemed | (208 | ) | (493 | ) | ||||
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Change in Class C Shares | (76 | ) | (329 | ) | ||||
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Class I |
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Issued | 8,250 | 5,456 | ||||||
Reinvested | 3,260 | 2,964 | ||||||
Redeemed | (11,663 | ) | (11,003 | ) | ||||
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Change in Class I Shares | (153 | ) | (2,583 | ) | ||||
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Class R2 |
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Issued | 36 | 220 | ||||||
Reinvested | 11 | 74 | ||||||
Redeemed | (73 | ) | (683 | ) | ||||
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Change in Class R2 Shares | (26 | ) | (389 | ) | ||||
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Class R5 |
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Issued | 353 | 463 | ||||||
Reinvested | 358 | 383 | ||||||
Redeemed | (1,777 | ) | (647 | ) | ||||
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Change in Class R5 Shares | (1,066 | ) | 199 | |||||
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Class R6 |
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Issued | 992 | 1,778 | ||||||
Reinvested | 507 | 683 | ||||||
Redeemed | (719 | ) | (2,083 | ) | ||||
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Change in Class R6 Shares | 780 | 378 | ||||||
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SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
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JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 45 |
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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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 41.04 | $ | 0.43 | $ | 0.78 | $ | 1.21 | $ | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 40.76 | 0.25 | 0.79 | 1.04 | (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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 42.22 | 0.56 | 0.78 | 1.34 | (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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 40.14 | 0.35 | 0.74 | 1.09 | (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 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 42.11 | 0.62 | 0.78 | 1.40 | (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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 41.44 | 0.65 | 0.74 | 1.39 | (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.
46 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets(a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
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$ | 36.80 | 4.22 | % | $ | 298,845 | 0.84 | % | 1.11 | % | 1.00 | % | 98 | % | |||||||||||||
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 | ||||||||||||||||||||
36.52 | 3.72 | 3,739 | 1.34 | 0.67 | 1.51 | 98 | ||||||||||||||||||||
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 | ||||||||||||||||||||
37.98 | 4.48 | 126,734 | 0.59 | 1.42 | 0.75 | 98 | ||||||||||||||||||||
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 | ||||||||||||||||||||
35.85 | 3.97 | 1,540 | 1.09 | 0.92 | 1.33 | 98 | ||||||||||||||||||||
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 | ||||||||||||||||||||
37.88 | 4.64 | 6,748 | 0.44 | 1.58 | 0.59 | 98 | ||||||||||||||||||||
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 | ||||||||||||||||||||
37.17 | 4.72 | 2,161,153 | 0.34 | 1.66 | 0.50 | 98 | ||||||||||||||||||||
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.
JUNE 30, 2019 | 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 Growth Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 59.09 | $ | 0.45 | $ | 3.01 | $ | 3.46 | $ | (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 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 58.00 | 0.16 | 2.97 | 3.13 | (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 | — | (f) | 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 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 60.04 | 0.60 | 3.05 | 3.65 | (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 | ) | |||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 57.95 | 0.30 | 2.93 | 3.23 | (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 | ) | |||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 59.32 | 0.68 | 2.99 | 3.67 | (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 | ) | |||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 59.32 | 0.74 | 2.98 | 3.72 | (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 (h) 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) | Amount rounds to less than $0.005. |
(g) | Amount rounds to less than 0.005%. |
(h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets(a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses | Portfolio turnover rate (c) | ||||||||||||||||||||
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$ | 56.61 | 7.06 | % | $ | 106,993 | 0.84 | % | 0.79 | % | 1.12 | % | 95 | % | |||||||||||||
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 | ||||||||||||||||||||
55.45 | 6.51 | 35,931 | 1.34 | 0.29 | 1.61 | 95 | ||||||||||||||||||||
58.00 | 21.54 | 37,416 | 1.36 | (0.08 | ) | 1.61 | 69 | |||||||||||||||||||
47.72 | 20.52 | 42,811 | 1.41 | 0.00 | (g) | 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 | ||||||||||||||||||||
57.60 | 7.33 | 163,324 | 0.59 | 1.04 | 0.86 | 95 | ||||||||||||||||||||
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 | ||||||||||||||||||||
55.27 | 6.78 | 45,086 | 1.09 | 0.54 | 1.49 | 95 | ||||||||||||||||||||
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 | ||||||||||||||||||||
56.82 | 7.48 | 194,550 | 0.44 | 1.19 | 0.71 | 95 | ||||||||||||||||||||
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 | ||||||||||||||||||||
56.81 | 7.59 | 602,454 | 0.34 | 1.29 | 0.61 | 95 | ||||||||||||||||||||
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.
JUNE 30, 2019 | 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 Mid Cap Fund | ||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 22.76 | $ | 0.10 | $ | (0.28 | ) | $ | (0.18 | ) | $ | (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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 19.23 | — | (f) | (0.30 | ) | (0.30 | ) | (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 | ) | |||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 24.01 | 0.16 | (0.29 | ) | (0.13 | ) | (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 | ) | ||||||||||||||||||
Class R3 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 22.70 | 0.11 | (0.31 | ) | (0.20 | ) | (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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 23.95 | 0.16 | (0.29 | ) | (0.13 | ) | (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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 24.04 | 0.21 | (0.30 | ) | (0.09 | ) | (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 $0.005. |
(g) | Amount rounds to less than 0.005%. |
(h) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets(a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses | Portfolio turnover rate (c) | ||||||||||||||||||||
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$ | 18.24 | 0.81 | % | $ | 204,131 | 1.14 | % | 0.49 | % | 1.31 | % | 82 | % | |||||||||||||
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 | ||||||||||||||||||||
14.64 | 0.24 | 42,429 | 1.64 | 0.00 | (g) | 1.79 | 82 | |||||||||||||||||||
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 | |||||||||||||||||||
19.48 | 1.05 | 188,694 | 0.89 | 0.75 | 1.04 | 82 | ||||||||||||||||||||
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 | ||||||||||||||||||||
18.12 | 0.76 | 15,456 | 1.14 | 0.55 | 1.29 | 82 | ||||||||||||||||||||
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 | ||||||||||||||||||||
19.41 | 1.06 | 1,202 | 0.89 | 0.76 | 1.04 | 82 | ||||||||||||||||||||
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 | ||||||||||||||||||||
19.49 | 1.28 | 77,321 | 0.64 | 0.98 | 0.80 | 82 | ||||||||||||||||||||
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.
JUNE 30, 2019 | 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) (a) | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 41.28 | $ | 0.50 | $ | 3.21 | $ | 3.71 | $ | (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 | (d) | (0.87 | )(d) | (0.25 | ) | (0.56 | ) | — | (0.56 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 31.93 | 0.28 | 2.02 | 2.30 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 40.44 | 0.29 | 3.16 | 3.45 | (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 | (d) | (0.85 | )(d) | (0.41 | ) | (0.40 | ) | — | (0.40 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 31.38 | 0.12 | 1.98 | 2.10 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 41.56 | 0.60 | 3.23 | 3.83 | (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 | (d) | (0.86 | )(d) | (0.18 | ) | (0.64 | ) | — | (0.64 | ) | ||||||||||||||||
Year Ended June 30, 2015 | 32.07 | 0.37 | 2.04 | 2.41 | (0.26 | ) | — | (0.26 | ) |
(a) | Calculated based upon average shares outstanding. |
(b) | 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. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | 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.
52 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||
Net asset value, end of period | Total return sales charge) (b) | Net assets, end of period (000’s) | Net expenses (c) | Net investment income (loss) | Expenses | Portfolio turnover rate | ||||||||||||||||||||
$ | 41.85 | 9.90 | % | $ | 10,828 | 0.83 | % | 1.22 | % | 1.73 | % | 97 | % | |||||||||||||
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 | (d) | 1.95 | 31 | ||||||||||||||||||
34.01 | 7.22 | 10,933 | 1.15 | 0.85 | 1.87 | 35 | ||||||||||||||||||||
40.98 | 9.34 | 2,949 | 1.33 | 0.73 | 2.22 | 97 | ||||||||||||||||||||
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 | (d) | 2.46 | 31 | ||||||||||||||||||
33.29 | 6.71 | 6,874 | 1.65 | 0.36 | 2.36 | 35 | ||||||||||||||||||||
42.15 | 10.18 | 16,908 | 0.58 | 1.46 | 1.45 | 97 | ||||||||||||||||||||
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 | (d) | 1.65 | 31 | ||||||||||||||||||
34.22 | 7.51 | 4,833 | 0.90 | 1.10 | 1.59 | 35 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 53 |
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) (a) | 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 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | $ | 34.53 | $ | 0.49 | $ | 0.55 | $ | 1.04 | $ | (0.51 | ) | $ | (3.64 | ) | $ | (4.15 | ) | |||||||||||
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 | ) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 34.06 | 0.32 | 0.54 | 0.86 | (0.38 | ) | (3.64 | ) | (4.02 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 34.71 | 0.57 | 0.55 | 1.12 | (0.57 | ) | (3.64 | ) | (4.21 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class R2 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 34.26 | 0.40 | 0.54 | 0.94 | (0.44 | ) | (3.64 | ) | (4.08 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class R5 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 34.80 | 0.62 | 0.56 | 1.18 | (0.61 | ) | (3.64 | ) | (4.25 | ) | ||||||||||||||||||
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 | ) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended June 30, 2019 | 34.80 | 0.65 | 0.57 | 1.22 | (0.64 | ) | (3.64 | ) | (4.28 | ) | ||||||||||||||||||
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 | ) |
(a) | Calculated based upon average shares outstanding. |
(b) | 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. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
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| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (b) | Net assets, end of period (000’s) | Net expenses (c) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate | ||||||||||||||||||||
$ | 31.42 | 4.08 | % | $ | 72,888 | 0.82 | % | 1.49 | % | 1.01 | % | 88 | % | |||||||||||||
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 | ||||||||||||||||||||
30.90 | 3.57 | 19,139 | 1.32 | 0.99 | 1.52 | 88 | ||||||||||||||||||||
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 | ||||||||||||||||||||
31.62 | 4.33 | 698,989 | 0.58 | 1.74 | 0.76 | 88 | ||||||||||||||||||||
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 | ||||||||||||||||||||
31.12 | 3.81 | 4,438 | 1.08 | 1.22 | 1.62 | 88 | ||||||||||||||||||||
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 | ||||||||||||||||||||
31.73 | 4.50 | 48,910 | 0.43 | 1.89 | 0.61 | 88 | ||||||||||||||||||||
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 | ||||||||||||||||||||
31.74 | 4.63 | 133,014 | 0.33 | 1.99 | 0.51 | 88 | ||||||||||||||||||||
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 |
SEE NOTES TO FINANCIAL STATEMENTS.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 55 |
Table of Contents
AS OF JUNE 30, 2019
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”), asopen-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 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 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’ 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 inopen-end investment companies (“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. |
56 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
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• | 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) | $ | 2,597,488 | $ | — | $ | — | $ | 2,597,488 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 945 | $ | — | $ | — | $ | 945 | ||||||||
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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) | $ | 1,153,036 | $ | — | $ | — | $ | 1,153,036 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 313 | $ | — | $ | — | $ | 313 | ||||||||
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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) | $ | 537,767 | $ | — | $ | — | $ | 537,767 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 84 | $ | — | $ | — | $ | 84 | ||||||||
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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) | $ | 31,582 | $ | — | $ | — | $ | 31,582 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 12 | $ | — | $ | — | $ | 12 | ||||||||
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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) | $ | 978,908 | $ | — | $ | — | $ | 978,908 | ||||||||
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Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 127 | $ | — | $ | — | $ | 127 | ||||||||
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(a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. |
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 57 |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
There were no transfers into and out of level 3 for the year ended June 30, 2019.
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, while 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 year ended June 30, 2019 (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 | $ | 82,820 | $ | 27,746 | $ | 11,335 | $ | 771 | (a) | $ | 35,911 | |||||||||
Ending Notional Balance Long | 68,890 | 22,227 | 4,491 | 736 | 20,902 |
(a) | For the period November 1, 2018 through June 30, 2019. |
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.
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), subject to certaindeminimis amounts.
58 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
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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 June 30, 2019, 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 | $ | 7,044 | $ | 7,079 | $ | 7,079 | ||||||
Intrepid Growth Fund | 1,263 | 1,273 | 1,273 | |||||||||
Intrepid Mid Cap Fund | 5,804 | 5,905 | 5,905 |
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 collateral received or posted by the Funds as of June 30, 2019 (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 | $ | 7,044 | $ | (7,044 | ) | $ | — | |||||
Intrepid Growth Fund | 1,263 | (1,263 | ) | — | ||||||||
Intrepid Mid Cap Fund | 5,804 | (5,804 | ) | — |
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 cash collateral 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 | $ | 3 | ||
Intrepid Growth Fund | 1 | |||
Intrepid Mid Cap Fund | 1 | |||
Intrepid Value 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 in the Statements of Operations as Income from securities lending (net).
Intrepid Value Fund did not have any securities out on loan at June 30, 2019. Intrepid Sustainable Equity Fund did not lend out any securities during the year ended June 30, 2019.
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.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 59 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Intrepid America Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 427,939 | $ | 364,489 | $ | 2 | $ | 6 | $ | 63,458 | 63,433 | $ | 394 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 137,500 | 135,500 | 4 | * | — | 2,004 | 2,004 | 219 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 144,286 | 139,211 | — | — | 5,075 | 5,075 | 95 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 99,912 | 1,247,439 | 1,347,351 | — | — | — | — | 1,325 | — | |||||||||||||||||||||||||||
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Total | $ | 99,912 | $ | 1,957,164 | $ | 1,986,551 | $ | 6 | $ | 6 | $ | 70,537 | $ | 2,033 | $ | — | ||||||||||||||||||||
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Intrepid Growth Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 134,635 | $ | 107,957 | $ | — | (c) | $ | 2 | $ | 26,680 | 26,669 | $ | 166 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares (a) | — | 54,000 | 54,000 | — | — | — | — | 52 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 55,075 | 53,802 | — | — | 1,273 | 1,273 | 40 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 27,874 | 342,857 | 370,731 | — | — | — | — | 427 | — | |||||||||||||||||||||||||||
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Total | $ | 27,874 | $ | 586,567 | $ | 586,490 | $ | — | (c) | $ | 2 | $ | 27,953 | $ | 685 | $ | — | |||||||||||||||||||
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Intrepid Mid Cap Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 50,563 | $ | 43,471 | $ | — | (c) | $ | 1 | $ | 7,093 | 7,090 | $ | 51 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 5,001 | 2,000 | — | — | (c) | 3,001 | 3,000 | 20 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 30,522 | 27,618 | — | — | 2,904 | 2,904 | 39 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 7,288 | 251,145 | 258,433 | — | — | — | — | 176 | — | |||||||||||||||||||||||||||
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Total | $ | 7,288 | $ | 337,231 | $ | 331,522 | $ | — | (c) | $ | 1 | $ | 12,998 | $ | 286 | $ | — | |||||||||||||||||||
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60 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
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Intrepid Sustainable Equity Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 6,371 | $ | 4,702 | $ | — | (c) | $ | — | (c) | $ | 1,669 | 1,668 | $ | 6 | $ | — | |||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 976 | 10,846 | 11,822 | — | — | — | — | 13 | — | |||||||||||||||||||||||||||
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Total | $ | 976 | $ | 17,217 | $ | 16,524 | $ | — | (c) | $ | — | (c) | $ | 1,669 | $ | 19 | $ | — | ||||||||||||||||||
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Intrepid Value Fund
For the year ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2019 | Shares at June 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.46% (a) (b) | $ | — | $ | 301,613 | $ | 278,296 | $ | 1 | $ | — | (c) | $ | 23,318 | 23,309 | $ | 186 | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.52% (a) (b) | — | 57,001 | 57,004 | 3 | * | — | — | — | 132 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.31% (a) (b) | — | 83,136 | 83,136 | — | — | — | — | 77 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 47,528 | 268,433 | 315,961 | — | — | — | — | 512 | — | |||||||||||||||||||||||||||
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Total | $ | 47,528 | $ | 710,183 | $ | 734,397 | $ | 4 | $ | — | (c) | $ | 23,318 | $ | 907 | $ | — | |||||||||||||||||||
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(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of June 30, 2019. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
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 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.
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.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 61 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2019 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 | $ | 24 | $ | 1 | $ | 4 | $ | 2 | n/a | n/a | $ | — | (a) | $ | 22 | $ | 53 | |||||||||||||||||||
Intrepid Growth Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | 12 | 1 | 6 | 58 | n/a | n/a | 2 | 5 | 84 | |||||||||||||||||||||||||||
Intrepid Mid Cap Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | 45 | 2 | 7 | n/a | $ | — | (a) | $ | — | (a) | n/a | 5 | 59 | |||||||||||||||||||||||
Intrepid Sustainable Equity Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | 3 | 1 | 1 | n/a | n/a | n/a | n/a | n/a | 5 | |||||||||||||||||||||||||||
Intrepid Value Fund | ||||||||||||||||||||||||||||||||||||
Transfer agency fees | 2 | 1 | 10 | 17 | n/a | n/a | 2 | 2 | 34 |
(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 June 30, 2019, no liability for Federal 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 Federaltax-basis treatment.
The following amounts were reclassified within the capital accounts (amounts in thousands):
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | ||||||||||
Intrepid America Fund | $ | 83,939 | $ | 131 | $ | (84,070 | ) | |||||
Intrepid Growth Fund | 6,555 | (105 | ) | (6,450 | ) | |||||||
Intrepid Mid Cap Fund | 11,562 | (271 | ) | (11,291 | ) | |||||||
Intrepid Value Fund | 15,535 | 430 | (15,965 | ) |
The reclassifications for the Funds relate primarily to tax equalization.
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 | %(1) | ||
Intrepid Growth Fund | 0.50 | (1) | ||
Intrepid Mid Cap Fund | 0.65 | (1) | ||
Intrepid Sustainable Equity Fund | 0.50 | (1) | ||
Intrepid Value Fund | 0.40 | (1) |
(1) | Effective August 1, 2019, the annual rate will change from 0.40% to 0.30% for Intrepid America Fund, 0.50% to 0.30% for Intrepid Growth Fund, 0.65% to 0.55% for Intrepid Mid Cap Fund, 0.50% to 0.45% for Intrepid Sustainable Equity Fund and 0.40% to 0.30% for Intrepid Value Fund. |
62 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
Table of Contents
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, 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, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the year ended June 30, 2019, 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.
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 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 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 year ended June 30, 2019, JPMDS retained the following (amounts in thousands):
Front-End Sales Charge | CDSC | |||||||
Intrepid America Fund | $ | 2 | $ | — | (a) | |||
Intrepid Growth Fund | 19 | — | ||||||
Intrepid Mid Cap Fund | 8 | — | (a) | |||||
Intrepid Sustainable Equity Fund | 3 | — | ||||||
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, plusout-of-pocket expenses.
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 63 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
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.
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, expenses related to trustee elections 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 year ended June 30, 2019 and are in place until at least October 31, 2019.
For the year ended June 30, 2019, 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 | $ | 3,283 | $ | 2,187 | $ | 30 | $ | 5,500 | $ | 18 | ||||||||||
Intrepid Growth Fund | 2,179 | 904 | 69 | 3,152 | 6 | |||||||||||||||
Intrepid Mid Cap Fund | 576 | 378 | 53 | 1,007 | 5 | |||||||||||||||
Intrepid Sustainable Equity Fund | 128 | 20 | 58 | 206 | 19 | |||||||||||||||
Intrepid Value Fund | 1,110 | 732 | 26 | 1,868 | 10 |
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, except for investments of securities lending cash collateral.
The amounts of waivers resulting from investments in these money market funds for the year ended June 30, 2019 were as follows (amounts in thousands):
Intrepid America Fund | $ | 156 | ||
Intrepid Growth Fund | 53 | |||
Intrepid Mid Cap Fund | 21 | |||
Intrepid Sustainable Equity Fund | 2 | |||
Intrepid Value Fund | 67 |
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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. Each Fund, along with 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 year ended June 30, 2019, Intrepid America Fund, Intrepid Growth Fund and Intrepid Mid Cap Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were 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.
64 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
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4. Investment Transactions
During the year ended June 30, 2019, 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 | $ | 3,364,964 | $ | 4,858,840 | ||||
Intrepid Growth Fund | 1,073,656 | 1,157,919 | ||||||
Intrepid Mid Cap Fund | 519,292 | 804,841 | ||||||
Intrepid Sustainable Equity Fund | 30,782 | 24,042 | ||||||
Intrepid Value Fund | 917,643 | 1,023,143 |
During the year ended June 30, 2019, 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 June 30, 2019 were as follows (amounts in thousands):
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Intrepid America Fund | $ | 2,195,983 | $ | 452,713 | $ | 50,263 | $ | 402,450 | ||||||||
Intrepid Growth Fund | 868,007 | 304,132 | 18,790 | 285,342 | ||||||||||||
Intrepid Mid Cap Fund | 437,935 | 112,260 | 12,344 | 99,916 | ||||||||||||
Intrepid Sustainable Equity Fund | 27,146 | 5,034 | 586 | 4,448 | ||||||||||||
Intrepid Value Fund | 857,338 | 142,117 | 20,420 | 121,697 |
For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.
The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Intrepid America Fund | $ | 163,292 | $ | 382,460 | $ | 545,752 | ||||||
Intrepid Growth Fund | 10,743 | 109,434 | 120,177 | |||||||||
Intrepid Mid Cap Fund | 28,929 | 92,590 | 121,519 | |||||||||
Intrepid Sustainable Equity Fund | 385 | 1,456 | 1,841 | |||||||||
Intrepid Value Fund | 37,341 | 97,968 | 135,309 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2018 was as follows (amounts in thousands):
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
Intrepid America Fund | $ | 137,137 | $ | 349,651 | $ | 486,788 | ||||||
Intrepid Growth Fund | 8,634 | — | 8,634 | |||||||||
Intrepid Mid Cap Fund | 7,633 | 63,948 | 71,581 | |||||||||
Intrepid Sustainable Equity Fund | 311 | 989 | 1,300 | |||||||||
Intrepid Value Fund | 34,038 | 127,831 | 161,869 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
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NOTES TO FINANCIAL STATEMENTS
AS OF JUNE 30, 2019 (continued)
As of June 30, 2019, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain or (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
Intrepid America Fund | $ | 22,421 | $ | 319,939 | $ | 402,450 | ||||||
Intrepid Growth Fund | 6,333 | 100,669 | 285,342 | |||||||||
Intrepid Mid Cap Fund | 1,511 | 31,749 | 99,916 | |||||||||
Intrepid Sustainable Equity Fund | 450 | 1,721 | 4,448 | |||||||||
Intrepid Value Fund | 594 | 58,220 | 121,697 |
For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, post-October capital loss deferrals and trustee deferred compensation.
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, 2019, the Funds deferred to July 1, 2019 the following net capital losses of (amounts in thousands):
Net Capital Losses | ||||||||
Short-Term | Long-Term | |||||||
Intrepid America Fund | $ | 8,274 | $ | — | ||||
Intrepid Mid Cap Fund | 8,925 | — | ||||||
Intrepid Value Fund | 17,046 | — |
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 year ended June 30, 2019.
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 13, 2019, 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 year ended June 30, 2019.
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7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of June 30, 2019, the Funds had individual shareholder and/or 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 America Fund | 3 | 34.4 | % | — | — | % | ||||||||||
Intrepid Growth Fund | 2 | 26.3 | — | — | ||||||||||||
Intrepid Mid Cap Fund | 1 | 18.4 | 1 | 14.6 | ||||||||||||
Intrepid Sustainable Equity Fund | 1 | 17.6 | 3 | 39.5 | ||||||||||||
Intrepid Value Fund | — | — | 1 | 58.7 |
As of June 30, 2019, 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 | 40.4 | % | 42.3 | % | ||||
Intrepid Growth Fund | 41.3 | — |
Significant shareholder transactions by these shareholders may impact the Funds’ performance.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standards 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. Management has 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 the 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. Management has 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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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Tothe Board of Trustees of JPMorgan Trust I and JPMorgan Trust IIand Shareholders of JPMorgan Intrepid America Fund, JPMorgan Intrepid Growth Fund, JPMorgan Intrepid Mid Cap Fund, JPMorgan Intrepid Sustainable Equity Fund and JPMorgan Intrepid Value Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Intrepid America Fund, JPMorgan Intrepid Growth Fund, JPMorgan Intrepid Sustainable Equity Fund and JPMorgan Intrepid Value Fund (four of the funds constituting JPMorgan Trust I) and JPMorgan Intrepid Mid Cap Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2019, the related statements of operations for the year ended June 30, 2019, the statements of changes in net assets for each of the two years in the period ended June 30, 2019, including the related notes,and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2019and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2019by correspondence with the custodian, transfer agentand brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 23, 2019
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman and Chief Executive Officer, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 134 | Director, Greif, Inc. (GEF) (industrial package products and services)(2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trusts since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs)(2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 134 | Advisory Board Member, Scholarship Committee Member and Investment Committee Member, The First Tee of Plainfield(non-profit youth sports organization that provides need-based scholarships) (2014-present); Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 134 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, OCIO Board of State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd.(2007-2016). | |||
Dr. Matthew Goldstein (1941); Chairman since 2013; Trustee of Trusts since 2005; Trustee of heritage J.P. Morgan Funds since 2003. | Chancellor Emeritus, City University of New York (2015-present); Professor, City University of New York (2013-present); Chancellor, City University of New York (1999-2013); President, Adelphi University (New York) (1998-1999). | 134 | Trustee, Museum of Jewish Heritage(2011-present); Trustee, National Museum of Mathematics (present); Chair, Association of College and University Administrators (present). | |||
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 134 | None | |||
Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 134 | None |
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TRUSTEES
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds(1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trusts since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 134 | Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors OCIO Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, Blue Star Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985. | Self-employed business consultant (2002-present). | 134 | None | |||
Mary E. Martinez (1960); Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate(2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 134 | None | |||
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President of Administration and Planning, Northwestern University (1985-present). | 134 | None | |||
Mitchell M. Merin (1953); Trustee of Trusts since 2013. | Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006). | 134 | Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013). | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College(2002-2010); President, Kenyon College(1995-2002). | 134 | Trustee, Trout Unlimited(2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting)(2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager)(2003-2006). | 134 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
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(1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes eleven registered investment companies (134 funds). |
* | Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient ofnon-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
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(Unaudited)
Name (Year of Birth), Positions Held with the Trusts (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016) | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014). | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016. | |
Gregory S. Samuels (1980), Secretary (2019)* (formerly Assistant Secretary since 2010) | Executive Director and Assistant General Counsel, JPMorgan Chase since 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015; Associate, Willkie Farr & Gallagher (law firm) from 2007 to 2014. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015. | |
Keri E. Riemer (1976), Assistant Secretary (2019)* | Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (2016-2019); Associate, Seward & Kissel LLP (2011-2016). | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)* | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Lauren A. Paino (1973), Assistant Treasurer (2014)* | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2006. | |
Gillian I. Sands (1969), Assistant Treasurer (2012)* | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
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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, January 1, 2019, and continued to hold your shares at the end of the reporting period, June 30, 2019.
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 January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Intrepid America Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,149.60 | $ | 4.42 | 0.83 | % | ||||||||
Hypothetical | 1,000.00 | 1,020.68 | 4.16 | 0.83 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,146.60 | 7.08 | 1.33 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.20 | 6.66 | 1.33 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,150.60 | 3.15 | 0.59 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.87 | 2.96 | 0.59 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,147.90 | 5.75 | 1.08 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.44 | 5.41 | 1.08 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,151.70 | 2.35 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.61 | 2.21 | 0.44 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,152.20 | 1.81 | 0.34 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.11 | 1.71 | 0.34 | ||||||||||||
JPMorgan Intrepid Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,177.40 | 4.53 | 0.84 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.63 | 4.21 | 0.84 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,174.50 | 7.17 | 1.33 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.20 | 6.66 | 1.33 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,178.90 | 3.19 | 0.59 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.87 | 2.96 | 0.59 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Intrepid Growth Fund (continued) | ||||||||||||||||
Class R2 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,176.00 | $ | 5.83 | 1.08 | % | ||||||||
Hypothetical | 1,000.00 | 1,019.44 | 5.41 | 1.08 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,179.80 | 2.38 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.61 | 2.21 | 0.44 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,180.30 | 1.84 | 0.34 | ||||||||||||
Hypothetical | �� | 1,000.00 | 1,023.11 | 1.71 | 0.34 | |||||||||||
JPMorgan Intrepid Mid Cap Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,154.40 | 6.09 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.14 | 5.71 | 1.14 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,150.90 | 8.75 | 1.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,016.66 | 8.20 | 1.64 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,155.40 | 4.76 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.38 | 4.46 | 0.89 | ||||||||||||
Class R3 | ||||||||||||||||
Actual | 1,000.00 | 1,153.40 | 6.09 | 1.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.14 | 5.71 | 1.14 | ||||||||||||
Class R4 | ||||||||||||||||
Actual | 1,000.00 | 1,155.40 | 4.76 | 0.89 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.38 | 4.46 | 0.89 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,156.70 | 3.42 | 0.64 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.62 | 3.21 | 0.64 | ||||||||||||
JPMorgan Intrepid Sustainable Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,171.90 | 4.47 | 0.83 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.68 | 4.16 | 0.83 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,169.20 | 7.15 | 1.33 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.20 | 6.66 | 1.33 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,173.40 | 3.13 | 0.58 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.92 | 2.91 | 0.58 | ||||||||||||
JPMorgan Intrepid Value Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,148.40 | 4.37 | 0.82 | ||||||||||||
Hypothetical | 1,000.00 | 1,020.73 | 4.11 | 0.82 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,145.50 | 7.02 | 1.32 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.25 | 6.61 | 1.32 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,149.90 | 3.09 | 0.58 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.92 | 2.91 | 0.58 | ||||||||||||
Class R2 | ||||||||||||||||
Actual | 1,000.00 | 1,146.90 | 5.75 | 1.08 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.44 | 5.41 | 1.08 | ||||||||||||
Class R5 | ||||||||||||||||
Actual | 1,000.00 | 1,150.50 | 2.29 | 0.43 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.66 | 2.16 | 0.43 |
74 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
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Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Intrepid Value Fund (continued) | ||||||||||||||||
Class R6 | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,151.20 | $ | 1.76 | 0.33 | % | ||||||||
Hypothetical | 1,000.00 | 1,023.16 | 1.66 | 0.33 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
JUNE 30, 2019 | J.P. MORGAN INTREPID FUNDS | 75 |
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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, 2019. 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, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2019:
Dividends | ||||
JPMorgan Intrepid America Fund | 39.29 | % | ||
JPMorgan Intrepid Growth Fund | 100.00 | |||
JPMorgan Intrepid Mid Cap Fund | 25.08 | |||
JPMorgan Intrepid Sustainable Equity Fund | 100.00 | |||
JPMorgan Intrepid Value Fund | 56.72 |
Long Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Long-Term Capital Gain Distribution | ||||
JPMorgan Intrepid America Fund | $ | 466,390 | ||
JPMorgan Intrepid Growth Fund | 115,990 | |||
JPMorgan Intrepid Mid Cap Fund | 104,030 | |||
JPMorgan Intrepid Sustainable Equity Fund | 1,456 | |||
JPMorgan Intrepid Value Fund | 113,501 |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2019 (amounts in thousands):
Qualified Dividend Income | ||||
JPMorgan Intrepid America Fund | $ | 64,194 | ||
JPMorgan Intrepid Growth Fund | 10,743 | |||
JPMorgan Intrepid Mid Cap Fund | 7,880 | |||
JPMorgan Intrepid Sustainable Equity Fund | 385 | |||
JPMorgan Intrepid Value Fund | 21,452 |
76 | J.P. MORGAN INTREPID FUNDS | JUNE 30, 2019 |
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FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you areno longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. 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-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found 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 brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2019. All rights reserved. June, 2019. | AN-INT-619 |
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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.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of FormN-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C.80a-2(a)(19)).
The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
AUDIT FEES
2019 – $388,182
2018 – $411,932
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
AUDIT-RELATED FEES
2019 – $53,460
2018 – $58,400
Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
TAX FEES
2019 – $143,894
2018 – $153,003
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2019 and 2018, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
ALL OTHER FEES
2019 – Not applicable
2018 – Not applicable
(e) (1) Disclose the audit committee’spre-approval policies and procedures described in paragraph (c)(7) of Rule2-01 of RegulationS-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for thepre-approval of audit andnon-audit services (the“Pre-approval Policy”), the Audit Committeepre-approves all audit andnon-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committeepre-approves the auditor’s engagement fornon-audit services with the Registrant’s investment adviser (not including asub-adviser whose role is primarily portfolio management and issub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may bepre-approved either 1) without consideration of specificcase-by-case services or 2) require the specificpre-approval of the Audit Committee. Therefore, initially thePre-approval Policy listed a number of audit andnon-audit services that have been approved by the Audit Committee, or which were not subject topre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the“Pre-approval List”). The Audit Committee annually reviews andpre-approves the services included on thePre-approval List
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that may be provided by the independent public registered accounting firm without obtaining additional specificpre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of generalpre-approved services from time to time, based on subsequent determinations. All other audit andnon-audit services not on thePre-approval List must be specificallypre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Anypre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities topre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.
2019 – 0.0%
2018 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable - Less than 50%.
(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.
The aggregatenon-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2018 - $30.4 million
2017 - $32.2 million
(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.
The Registrant’s Audit Committee has considered whether the provision of thenon-audit services that were rendered to Service Affiliates that were notpre-approved (not requiringpre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to bepre-approved werepre-approved as required.
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.
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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.
Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
(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 | ||
August 30, 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 | ||
August 30, 2019 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
August 30, 2019 |